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| 8-K - PRIMARY DOCUMENT - COMMUNITY BANCORP /VT | form8kearnings063017.htm |
PRESS
RELEASE
Exhibit 99.1
Community
Bancorp. Reports Earnings and Dividend
|
July
18, 2017
|
For
immediate release
|
For
more information, contact: Kathryn M. Austin, President & CEO
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 second quarter ended June 30,
2017, of $1,499,513 or $0.29 per share compared to $1,295,199 or
$0.25 per share for the second quarter of 2016. Year to date
earnings for 2017 are $2,913,729 or $0.57 per share compared to
$2,464,693 or $0.48 per share a year ago.
Total
assets at June 30, 2017 were $648,174,342 compared to $637,653,665
at year end and $596,207,733 at June 30, 2016. The asset growth has
been driven in part by increases in loans in the amount of
$15,523,619 year to date and $31,205,490 year over year. The growth
in loans has continued to support asset yields, resulting in an
increase in net interest income of $675,939, or 6.5% for the first
six months of 2017 compared to the same period in 2016. Funding for
the loan growth came from a combination of an increase in deposits
and use of wholesale funds. Further contributing to the
Company’s performance was an increase in year to date
non-interest income of 7.64% as well as an increase in year to date
non-interest expenses of only 2.84%, resulting in the increase in
net income of 18.22%, compared to 2016.
President
and CEO Kathryn Austin commented on the second quarter results.
“We are pleased to report this increase in earnings that is
driven by strong commercial loan growth. We remain committed to
offering our business customers the products they need to achieve
their financial goals. These positive results are attributed to the
hard work and dedication of our employees. We continue to be
Vermont’s Community
Bank.”
As
previously announced, the Company has declared a quarterly cash
dividend of $0.17 per share payable August 1, 2017 to shareholders
of record as of July 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.