SVB&T Corporation is on pace to record the best six consecutive years in our 115-year history
SVB&T Corporation, parent company of Springs Valley Bank & Trust Company, is pleased to declare a dividend of $0.85 per share to all shareholders of record as of November 14, 2017, payable on or about December 15, 2017. This is a 13.33% increase over the annual dividend paid in December 2016.
The Corporation recorded unaudited YTD earnings of over $2.6 Million—an 11.33% increase over the same period in 2016. This translates to a YTD Return on Average Assets (ROAA) of 0.95%, Return on Average Equity (ROAE) of 9.66%, and tangible capital ratio of 9.82%. Comparatively, at September 30, 2016, our YTD ROAA, ROAE, and tangible capital ratio were 0.93%, 8.97%, and 10.31%, respectively. Net interest margin continued to contract from year-end 2016 due to funding cost increases and competitive market forces that have put constraints on rates for new loan originations.
The Corporation reported strong total loan growth YTD, which has increased to $285.1 Million (September 30, 2017) from $273.1 Million (December 31, 2016), resulting in an increase in net interest income before provision expense to $9.1 Million through September 30 compared to $8.7 Million through the same period in 2016 (a 3.96% increase).
The Corporation’s YTD income translates to YTD basic earnings per share of $4.62 compared to $4.07—a year-over-year increase of 13.51%.
“With 2017 operating results delivered through the 3rd quarter, SVB&T Corporation is on pace to record the best six consecutive years in our 115-year history,” stated Jamie Shinabarger, President & CEO. “With Springs Valley Bank & Trust, our customers receive a true community banking experience each time they interact with our staff, whether it’s in one of our banking centers, over the phone, or through our mobile banking platform.”
Contact Information
For 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.