“SVB&T Corporation, Parent Company of Springs Valley Bank & Trust Company, Reports 2018 Year to Date and Second Quarter Earnings”
July 31, 2018
SVB&T Corporation, parent company of Springs Valley Bank & Trust Company, today announced unaudited net income for the six months ended June 30, 2018 of $2.2 Million or $3.97 earnings per share (EPS)—a 33.67% increase over the same period 2017 EPS. This compares favorably in total dollars to $1.7 Million in 2017. This Year to Date (YTD) June 30, 2018 performance translates to a return on average assets (ROAA) of 1.14%, compared to the same period 2017 of 0.93%.
Book value has risen from $66.92 per share at December 31, 2017 to $69.82 at June 30, 2018 or 8.67% annualized increase. The SVB&T Corporation stock closed at $70.90 per share on July 30, 2018.
Total assets increased $15.9 Million to $396.7 Million at June 30, 2018 compared to December 31, 2017 assets of $380.8 Million. Total Loans before allowances increased $15.8 Million to $305.2 Million at June 30, 2018 from $289.3 Million at December 31, 2017. Total deposits increased $15.6 Million to $330.7 Million at June 30, 2018 from $315.0 Million at December 31, 2017.
Net interest income before provision expense for the six months ended June 30, 2018 was $6.4 Million compared to $6.0 Million for the same period 2017, an increase of $410,000. Total non-interest income increased $359,000 from $2.3 Million YTD June 2017 to $2.6 Million for the same period 2018. Non-interest expense increased $285,000 from $5.7 Million in first six months June 2017 to $6.0 Million for the same period 2018.
The net income increases are due in part to the change in effective tax yield from 25.09% YTD June 2017 to 15.53% YTD June 2018.
Second quarter 2018 unaudited earnings of $1.2 Million or $2.11 earnings per share (EPS)—a 32.70% increase over the same period 2017 EPS. This compares favorably in total dollars to $889,000 in 2017. This second quarter 2018 performance translates to a return on average assets (ROAA) of 1.19%, compared to the same period 2017 of 0.97%.
“Bolstered by tax reform on top of a vigorous, expanding economy, the prospects for turning in another strong year and extending SVB&T’s six consecutive year performance streak to seven is very favorable,” commented Jamie Shinabarger, President & CEO. “We are also pleased with the positive trading activity on our new stock trading platform, OTCQX, which has been in service for about two months. Early indications are that it has achieved anticipated results, both in terms of greater liquidity for shareholders and in trades reflecting true market value—both of which are a trademark of a convenient, free-market exchange,“ Mr. Shinabarger added.
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 is headquartered at 8482 West State Road 56, French Lick, Indiana 47432 with administrative offices at 1500 Main Street, Jasper, Indiana 47546. Springs Valley has two locations in both Dubois and Orange Counties. Its subsidiary Springs Valley Bank & Trust Company offers full-service bank and trust services. Springs Valley has products and services for all types of families and businesses: 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.