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| 8-K - PRIMARY DOCUMENT - COMMUNITY BANCORP /VT | form8kearnings093017.htm |
PRESS
RELEASE
Exhibit 99.1
Community
Bancorp. Reports Earnings and Dividend
|
October
16, 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 third quarter ended September
30, 2017, of $1,792,949 or $0.35 per share compared to $1,515,900
or $0.30 per share for the third quarter of 2016. Year to date
earnings for 2017 are $4,706,679 or $0.91 per share compared to
$3,980,593 or $0.78 per share a year ago.
Total
assets at September 30, 2017 were $661,539,071 compared to
$637,653,665 at year end and $605,790,430 at September 30, 2016.
Commercial loan originations continue to drive asset growth with
increases in loans in the amount of $18,798,893 year to date and
$35,861,224 year over year. The growth in loans has continued to
drive increases in interest income, resulting in an increase of
$566,067, or 9.10% for the third quarter. This increase, combined
with an increase of only $104,449, or 8.30%, in interest expense,
resulted in an increase in net interest income of $461,618, or
8.53%. Net Interest Income for the first nine months of 2017 was
$17,141,288 compared to $16,003,730 for the same period in 2016, an
increase of 7.68%. Funding for the loan growth came from a
combination of an increase in core deposits and use of wholesale
funds. Wholesale funds have been kept on short term in order to
minimize the Company’s cost of funds. Further contributing to
the Company’s performance was an increase in year to date
non-interest income of 3.99% as well as an increase in year to date
non-interest expenses of only 2.25%, resulting in the increase in
net income of 18.24%, compared to 2016.
President
and CEO Kathryn Austin commented, “We are pleased to report
these third quarter results. We continue to benefit from our loan
growth, primarily commercial loans, as well as growth in our core
deposits. This is attributable to the good work of our employees.
We remain committed to serving our customers and communities as
Vermont’s Community Bank.”
As
previously announced, the Company has declared a quarterly cash
dividend of $0.17 per share payable November 1, 2017 to
shareholders of record as of October 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.