SVB&T Corporation Parent Company of Springs Valley Bank & Trust Company, Reports Unaudited Financial Data for First Quarter 2017JASPER, Indiana, May 1, 2017 |
SVB&T Corporation, parent company of Springs Valley Bank & Trust Company, today announced unaudited earnings of $792 Thousand (or $1.38 basic earnings per share) for first quarter 2017. This compares to March 31, 2016 of $882 Thousand ($1.54 basic earnings per share), and translates to YTD Return on Average Assets (ROAA) of 0.88%, Return on Average Equity (ROAE) of 8.94%, and Tangible Capital Ratio of 9.89%. Comparatively, at March 31, 2016 the Bank’s ROAA, ROAE, and Tangible Capital Ratio were 1.08%, 10.47%, and 10.28%, respectively. The Bank’s net interest margin (NIM) decreased slightly to 3.50% through March 31, 2017, as compared to year-end NIM of 3.65%. Total assets increased $3 Million from year-end 2016 of $353 Million, to $356 Million at March 31, 2017. Total deposits decreased $7 Million to $277 Million at March 31, 2017, from $284 Million at December 31, 2016. Over that same period, wholesale funds increased to $43 Million from $34 Million. Pricing to meet the competition on both sides of the balance sheet (loans and deposits) accounted for the 15 points of margin compression. We expect margins to stabilize and potentially show improvement throughout the remainder of the year as the Federal Reserve gradually increases interest rates. The Bank reported total loans of $276 Million at March 31, 2017, an increase of $3 Million or 1.1% over December 31, 2016 and $26 Million or 10.5% over the same period 2016. “We’re off to a respectable start for 2017 despite soft loan growth in the first quarter, with most asset quality indicators remaining fairly stable,” stated President and CEO Jamie Shinabarger. “Irrespective of the uncertainty in the market from the first 100 days of a new administration, the Directors, officers and employees of Springs Valley Bank & Trust Company remain committed to sustained financial performance and long-term core franchise value growth,” Mr. Shinabarger added. Contact InformationFor more information contact: Darrell Blocker, Senior Executive Vice President & CFO at 812.634.4803 or dblocker@svbt.com. Information conveyed in this press release regarding Springs Valley Bank & Trust Company’s anticipated future performance is forward-looking and therefore involves risks and uncertainties that could cause the results or developments to differ significantly from those indicated in these statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in general and local banking as well as mortgage conditions, competitive factors specific to markets in which the company and its subsidiaries operate, future interest rate levels, changes in local real estate markets, legislative and regulatory decisions or capital market conditions and other factors. |