SVB&T Corporation, parent company of Springs Valley Bank & Trust Company, today announced first quarter 2018 unaudited earnings of $1.0 Million or $1.86 earnings per share (EPS)—a 34.78% increase over the same period 2017 EPS. This compares favorably in total dollars to $792,000 in 2017. This first quarter 2018 performance translates to a return on average assets (ROAA) of 1.09%, compared to the same period 2017 of 1.08%.
Book value has risen from $66.92 per share at December 31, 2017 to $67.75 at March 31, 2018 or 4.96% annualized increase.
Total assets increased $3.3 Million to $384.1 Million at March 31, 2018 compared to December 31, 2017 assets of $380.8 Million. Total deposits increased $4.0 Million to $319.0 Million at March 31, 2018 from $315.0 Million at December 31, 2017.
Net interest income for the first quarter 2018 was $3.2 Million compared to $2.9 Million for the same quarter 2017, an increase of $240,000. Total non-interest income increased $148,000 from $1.1 Million first quarter 2017 to $1.3 Million for the same quarter 2018. Non-interest expense increased $133,000 from $2.9 Million in first quarter 2017 to $3.0 Million for the same quarter 2018.
The net income increases are due in part to the change in effective tax yield from 21.89% first quarter 2017 to 15.10% first quarter 2018.
“The Directors, officers and employees of Springs Valley Bank & Trust are very gratified by the robust start to the current calendar year. We are even prouder of the 6 year mini-run (six best consecutive years of financial performance in the 116-year history of the company, 2012-2017!),” commented Jamie Shinabarger, President & CEO. “Sustaining and incrementally improving these operating results will continue to be a key focus with our recent transition from an in-house stock trading platform to OTCQX, a premium public market exchange. Our new partnership with OTCQX, and with transfer agent Pacific Stock Transfer Company, perfectly aligns with our Board’s 2018 directive and Management’s commitment to improved liquidity and increased franchise value.”
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 SVB&T Corporation and its subsidiaries’ 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.
SVB&T Corporation through its subsidiary Springs Valley Bank & Trust Company offers full-service bank and trust services. The Bank has locations in Dubois and Orange Counties. The Bank has products and services for all types of families and businesses. Springs Valley offers a variety of checking and savings accounts, certificates of deposit, electronic services, online mortgage applications, and a variety of other loan options. In addition, the company has a full-service trust department managed by experienced, talented professionals specializing in estate planning, tax planning and wealth management. Investment Services are also offered by a licensed, professional Springs Valley Representative. Springs Valley Bank & Trust’s online address is www.svbt.com, and phone number is 800.843.4947.
Springs Valley Bank is a member of FDIC and is an Equal Housing Lender.