Attached files
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| 8-K - PRIMARY DOCUMENT - COMMUNITY BANCORP /VT | form8kearnings033117.htm |
Exhibit
99.1
PRESS RELEASE
|
Community
Bancorp. Reports Earnings and Dividend
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April
18, 2017
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Derby,
Vermont
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For
immediate release
|
For
more information, contact: Kathryn Austin, President and CEO at
(802) 334-7915
Community
Bancorp., the parent company of Community National Bank, has
reported earnings for the first quarter ended March 31, 2017, of
$1,414,216 or $0.27 per share compared to $1,169,494 or $0.23 per
share for the first quarter of 2016.
Total
assets for the Company at the end of the quarter were $642,900,050
compared to $637,653,665 at year-end 2016 and $593,409,328 at the
end of the quarter a year ago. The increase in total consolidated
assets from year-end is a result of an increase in cash and the
securities portfolio of $3.2 million and $4.0 million,
respectively, offset by a decrease in loan balances of $1.5
million, which was due to fluctuating utilization of commercial
lines of credits. The $49.5 million increase in assets, year over
year, was mainly due to an increase in loans of $30.7 million
during 2016.
In
commenting on the Company’s earnings, President and CEO
Kathryn Austin said “The loan growth we experienced in 2016
and the increases in the prime rate both had a direct impact on our
earnings for the first quarter of 2017 driving an increase in net
interest income of $216,990 year-over-year. Also driving our
earnings is an increase in service fees collected and the ability
to manage operating expenses to an increase of only 1%
year-over-year.”
As
previously announced, the Company has declared a quarterly cash
dividend of $0.17 per share payable May 1, 2017 to shareholders of
record as of April 15, 2017.
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.