Top-News

Diese Aktie hebt ab: +130,67% Kursgewinn in 1 Monat – das sind die Gründe(Anzeige)

Ein Analyst beim Betrachten von Charts (Symbolbild).

Mittwoch, 26.04.2017 14:05 von PR Newswire | Aufrufe: 36

Community Bankers Trust Corporation Reports Results for First Quarter of 2017

Ein Analyst beim Betrachten von Charts (Symbolbild). © NicoElNino / iStock / Getty Images Plus / Getty Images

PR Newswire

RICHMOND, Va., April 26, 2017

RICHMOND, Va., April 26, 2017 /PRNewswire/ -- Community Bankers Trust Corporation (the "Company") (NASDAQ: ESXB), the holding company for Essex Bank (the "Bank"), today reported results for the first quarter of 2017.

OPERATING HIGHLIGHTS

Loans, excluding purchased credit impaired (PCI) loans, grew $15.9 million, or 1.9%, during the first quarter of 2017 and have grown $86.7 million, or 11.3%, since March 31, 2016.
Demand deposit account balances of $129.0 million, or 12.3% of total deposits, have grown $24.9 million, or 23.9%, since March 31, 2016.
Asset quality continues to improve as nonperforming assets to total loans and other real estate was 1.49% at March 31, 2017.
There was no provision for loan losses in the first quarter of 2017 compared with a credit to the provision of $284,000 in the fourth quarter of 2016, which was related to the PCI portfolio.
Net interest margin increased on a linked quarter basis, from 3.70% in the fourth quarter of 2016 to 3.88% in the first quarter of 2017, as a result of higher yields on both loans and securities.

FINANCIAL HIGHLIGHTS

Net income was $2.5 million for the quarter ended March 31, 2017, compared with $2.7 million and $2.4 million, respectively, for the quarters ended December 31, 2016 and March 31, 2016.
Fully diluted earnings per common share was $0.11 for the quarter ended March 31, 2017, compared with $0.12 and $0.11, respectively, for the quarters ended December 31, 2016 and March 31, 2016.
At March 31, 2017, tangible book value per share was $5.34, as compared with $5.17 at December 31, 2016 and $4.87 at March 31, 2016.

MANAGEMENT COMMENTS

Rex L. Smith, III, President and Chief Executive Officer, stated, "We continue to improve our core earnings while expanding the footprint of the franchise. We believe that the growth in branches and markets we have targeted will add value to the Company, especially when we can continue to increase earnings from that growth. Year over year, the Company grew its loan portfolio by $87 million, an 11.3% increase, since March 31, 2016. This was accomplished while increasing yields, as our overall loan yield, excluding PCI loans, increased from 4.56% in the fourth quarter of 2016 to 4.64% in the first quarter of 2017. Asset quality also continued to improve as the ratio of nonperforming assets to total loans and other real estate owned is at a seven-year low."

Smith added, "Our core deposit base also continues to show significant growth in demand deposits accounts as evidenced by the $24.9 million, or 23.9%, increase year over year. These accounts represent customer relationship growth, which is what we strive to accomplish through our increasing branch network. We are scheduled to open two new branches this year, both in the second quarter. One is in the Short Pump area of Richmond, which is a high growth market for central Virginia, and the other is in Lynchburg, Virginia, complementing our loan production office there."

ARIVA.DE Börsen-Geflüster

Kurse

COMMUNITY BKERS TR.

0,00%

Smith concluded, "We are excited for what we can accomplish in 2017. We believe we can balance the growth of the franchise with increased earnings and reduced the interest rate risk profile of the Bank. So far, we have been able to improve our loan yields, maintain deposit costs and hold overhead costs below our current growth rate. This will bode well for us in the future as margin pressures continue to burden our industry."

RESULTS OF OPERATIONS

Net income was $2.5 million for the first quarter of 2017, compared with $2.7 million in the fourth quarter of 2016 and $2.4 million in the first quarter of 2016. Earnings per common share, basic and fully diluted, were $0.11 per share, $0.12 per share and $0.11 per share for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively.

The increase in net income of $73,000, or 3.0%, for the first quarter of 2017 compared with the first quarter of 2016 was due to a $910,000 increase in interest income. Offsetting this increase was an increase of $420,000 in noninterest expenses, a decrease of $168,000 in noninterest income, an increase of $156,000 in interest expense and an increase of $93,000 in income tax expense. Details on the drivers of these year-over-year changes are presented below.

The decrease in net income of $233,000 on a linked quarter basis was driven by an increase of $239,000 in noninterest expenses and a decline of $43,000 in net interest income after provision for loan losses. The provision was positively affected in the fourth quarter of 2016 by a credit of $284,000. Linked quarter details are also provided below.

The following table presents summary income statements for the three months ended March 31, 2017, December 31, 2016 and March 31, 2016.

SUMMARY INCOME STATEMENT
(Dollars in thousands)		For the three months ended
		31-Mar-17		31-Dec-16		31-Mar-16
Interest income	$	12,948	$	12,717	$	12,038
Interest expense		2,081		2,091		1,925
Net interest income		10,867		10,626		10,113
Provision (credit) for loan losses		-		(284)		-
Net interest income after provision for loan losses		10,867		10,910		10,113
Noninterest income		1,153		1,118		1,321
Noninterest expense		8,451		8,212		8,031
Income before income taxes		3,569		3,816		3,403
Income tax expense		1,076		1,090		983
Net income	$	2,493	$	2,726	$	2,420

EPS Basic	$	0.11	$	0.12	$	0.11
EPS Diluted	$	0.11	$	0.12	$	0.11

Return on average assets, annualized		0.82%		0.83%		0.83%
Return on average equity, annualized		8.74%		8.92%		9.02%

Net Interest Income

Linked Quarter Basis
Net interest income was $10.9 million for the quarter ended March 31, 2017 compared with $10.6 million for the quarter ended December 31, 2016. This is an increase of 2.3%, or $241,000.

Interest income on a linked quarter basis increased $231,000, or 1.8%, to $12.9 million for the first quarter of 2017. Interest income with respect to loans, excluding PCI loans, increased $181,000, or 1.9%, during the first quarter when compared with the fourth quarter of 2016. This increase, quarter over quarter, was partially attributed to continued loan growth, excluding PCI loans, coupled with higher rates. The yield on loans increased from 4.56% in the fourth quarter of 2016 to 4.64% in the first quarter of 2017. Interest income with respect to PCI loans declined $47,000, or 3.1%, during the first quarter, due to lower average balances in the loan portfolio precipitated by continued repayments. Interest income on securities increased $127,000 on a linked quarter basis.

Securities income equaled $2.2 million on a tax-equivalent basis for the first quarter of 2017, which represented an increase of $152,000 from the fourth quarter of 2016. The increase in income was both volume and rate driven as average securities balances were up $8.8 million and the return on the securities portfolio increased 13 basis points on a linked quarter basis. The overall tax-equivalent yield on the securities portfolio improved from 3.09% for the fourth quarter of 2016 to 3.22% for the first quarter of 2017.

Interest expense was virtually unchanged on a linked quarter basis, decreasing $10,000, or 0.5%. Average interest bearing liability balances decreased slightly, by $3.5 million, from the fourth quarter of 2016 to the first quarter of 2017. The Company's cost of interest bearing liabilities of 0.85% was an increase of two basis points in the first quarter of 2017 from the prior quarter.

With the changes in interest income noted above, the tax-equivalent net interest margin improved from 3.70% in the fourth quarter of 2016 to 3.88% in the first quarter of 2017. Likewise, the interest spread increased from 3.58% to 3.76% on a linked quarter basis.

Year-Over-Year
Net interest income increased $754,000, or 7.5%, from the first quarter of 2016 to the first quarter of 2017. Interest income increased $910,000, or 7.6%, over this time period. The increase in interest income was generated by a combination of an increase of 6.9%, or $74.9 million, in the level of earning assets, coupled with an increase of eight basis points in the tax-equivalent yield earned on those assets. The yield on earning assets increased from 4.53% in the first quarter of 2016 to 4.61% in the first quarter of 2017. The average balance of loans, excluding PCI loans, increased $85.5 million, or 11.3%, from $753.6 million in the first quarter of 2016 to $839.2 million in the first quarter of 2017. Interest income on securities was $2.2 million on a tax-equivalent basis in both of the first quarters of 2016 and 2017.

Interest on PCI loans was $1.5 million in the first quarter of 2017 compared with $1.6 million in the first quarter of 2016. The average balance of the PCI portfolio declined $7.1 million during the year-over-year comparison period.

Interest expense increased $156,000, or 8.1%, when comparing the first quarter of 2016 and the first quarter of 2017. Interest expense on deposits increased $228,000, or 14.7%, as the average balance of interest bearing deposits increased $64.9 million, or 7.7%. The increase in deposit cost was driven by higher cost time deposits to fund loan growth. Overall the Bank's cost of interest bearing liabilities increased only four basis points from 0.81% in the first quarter of 2016 to 0.85% in the first quarter of 2017.

The tax-equivalent net interest margin increased five basis points from 3.83% in the first quarter of 2016 to 3.88% in the first quarter of 2017. Likewise, the interest spread increased from 3.72% to 3.76% over the same time period. The increase in the margin was precipitated by the increase in earning asset yields of eight basis points.

Mehr Nachrichten zur COMMUNITY BKERS TR. Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.