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| 8-K - PRIMARY DOCUMENT - COMMUNITY BANCORP /VT | form8kearnings093016.htm |
Exhibit 99.1
PRESS RELEASE
Community
Bancorp. Reports Earnings and Dividend
|
October
18, 2016
|
For
immediate release
|
For
more information, contact: Stephen Marsh, CEO & Board Chair at
(802) 334-7915
Trading
Symbol: CMTV
(traded
on the OTCQX)
Derby,
VT: Community Bancorp., the parent company of Community National
Bank, has reported earnings for the third quarter ended September
30, 2016, of $1,515,900 or $0.30 per share compared to $1,439,822
or $0.29 per share for the third quarter of 2015. Year to date
earnings for 2016 were $3,980,593 or $0.78 per share compared to
$3,627,366 or $0.72 per share a year ago.
Total
assets at September 30, 2016 were $605,790,430 compared to
$596,134,709 at year end and $588,960,139 at September 30, 2015.
The asset growth has been driven by increases in loans in the
amount of $12,067,466 and $14,768,763 respectively. The growth in
loans has continued to support asset yields during this low rate
environment when opportunities to increase net-interest-margin
spreads are limited. Funding for the loan growth came from a
combination of a decrease in cash and use of wholesale funds
resulting in an increase in net interest income of $478,299, or
3.08% for the quarter ended September 30, 2016 compared to the same
quarter in 2015. Adding to the margin, an increase in non-interest
income of 5.85% and an increase in non-interest expenses of only 1%
resulted in the increase in net income of 9.74%.
CEO and
Board Chair Stephen Marsh commented on the third quarter results.
“We are pleased to report these excellent earnings that are
driven by strong loan growth, which is at the core of community
banking. We remain committed to offering our customers the products
they need to achieve their financial goals. The staff of Community
National Bank is to be commended for their hard work and dedication
to serving our customers and our communities.”
As
previously announced, the Company has declared a quarterly cash
dividend of $0.16 per share payable November 1, 2016 to
shareholders of record as of October 15, 2016.
Community
National Bank is an independent bank that has been serving its
communities since 1851, with offices located in Derby, Derby Line,
Island Pond, Barton, Newport, Troy, St. Johnsbury, Montpelier,
Barre, Lyndonville, Morrisville and Enosburg Falls.
Forward Looking Statements
This press release contains forward-looking statements, including,
without limitation, statements about the Company’s financial
condition, capital status, dividend payment practices, business
outlook and affairs. Although these statements are based on
management’s current expectations and estimates, actual
conditions, results, and events may differ materially from those
contemplated by such forward-looking statements, as they could be
influenced by numerous factors which are unpredictable and outside
the Company’s control. Factors that may cause actual results
to differ materially from such statements include, among others,
the following: (1) general economic or monetary conditions, either
nationally or regionally, continue to decline, resulting in a
deterioration in credit quality or diminished demand for the
Company’s products and services; (2) changes in laws or
government rules, or the way in which courts interpret those laws
or rules, adversely affect the financial industry generally or the
Company’s business in particular, or may impose additional
costs and regulatory requirements; (3) interest rates change in
such a way as to reduce the Company’s interest margins and
its funding sources; and (4) competitive pressures increase among
financial services providers in the Company’s northern New
England market area or in the financial services industry
generally, including pressures from nonbank financial service
providers, from increasing consolidation and integration of
financial service providers and from changes in technology and
delivery systems.