SVB&T Corporation, parent company of Springs Valley Bank & Trust Company, declared a dividend of $0.85 per share to all shareholders of record as of November 14, 2017, payable on or about December 15, 2017. This is a 13.33% increase over the annual dividend paid in December 2016.
The corporation recorded unaudited year to date earnings of over $2.6 Million—an 11.33% increase over the same period in 2016. This translates to a year to date return on average assets (ROAA) of 0.95%, return on average equity (ROAE) of 9.66%, and tangible capital ratio of 9.82%. Last year, those numbers were 0.93%, 8.97%, and 10.31%, respectively.
Net interest margin continued to contract from year-end 2016 due to funding cost increases and competitive market forces that have put constraints on rates for new loan originations.
The corporation reported strong total loan growth which has increased to $285.1 million as of September 30, 2017 from $273.1 million as of December 31, 2016, resulting in an increase in net interest income before provision expense to $9.1 million through September 30 compared to $8.7 million through the same period in 2016; a 3.96% increase.
The Corporation’s YTD income translates to YTD basic earnings per share of $4.62 compared to $4.07—a year-over-year increase of 13.51%.
“With 2017 operating results delivered through the 3rd quarter, SVB&T Corporation is on pace to record the best six consecutive years in our 115-year history,” stated Jamie Shinabarger, President & CEO. “With Springs Valley Bank & Trust, our customers receive a true community banking experience each time they interact with our staff, whether it’s in one of our banking centers, over the phone, or through our mobile banking platform.”