Attached files
| file | filename |
|---|---|
| 8-K - Your Community Bankshares, Inc. | v210108_8k.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
Community
Bank Shares of Indiana, Inc. reports 4th quarter net income available to common
shareholders of $1.4 million and full year net income available to common
shareholders of $5.9 million and $1.77 per diluted common share
Community
Bank Shares of Indiana, Inc. reported fourth quarter net income available to
common shareholders of $1.4 million and earnings per diluted common share of
$0.42, an increase of 31% over the same quarter in 2009. Net income
available to common shareholders for 2010 increased to $5.9 million, or $1.77
per diluted common share.
The
Company’s unaudited consolidated condensed statements of operations and credit
quality metrics are as follows:
|
Three
Months Ended
December
31,
|
Twelve
Months Ended
December
31,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
(In
thousands, except per share data)
|
(In
thousands, except per share data)
|
|||||||||||||||
|
Interest
income
|
$ | 8,649 | $ | 9,678 | $ | 35,894 | $ | 39,262 | ||||||||
|
Interest
expense
|
1,929 | 3,095 | 8,180 | 15,318 | ||||||||||||
|
Net
interest income
|
6,720 | 6,583 | 27,714 | 23,944 | ||||||||||||
|
Provision
for loan losses
|
925 | 485 | 3,833 | 15,925 | ||||||||||||
|
Non-interest
income
|
1,912 | 1,562 | 7,414 | 6,326 | ||||||||||||
|
Non-interest
expense
|
5,582 | 6,100 | 22,461 | 41,168 | ||||||||||||
|
Income
(loss) before income taxes
|
2,125 | 1,560 | 8,834 | (26,823 | ) | |||||||||||
|
Income
tax expense (benefit)
|
421 | 239 | 1,846 | (4,854 | ) | |||||||||||
|
Net
income (loss)
|
$ | 1,704 | $ | 1,321 | $ | 6,988 | $ | (21,969 | ) | |||||||
|
Preferred
stock dividends and discount accretion
|
(266 | ) | (262 | ) | (1,065 | ) | (618 | ) | ||||||||
|
Net
income (loss) available to common shareholders
|
$ | 1,438 | $ | 1,059 | $ | 5,923 | $ | (22,587 | ) | |||||||
|
Basic
earnings (loss) per common share
|
$ | 0.43 | $ | 0.32 | $ | 1.80 | $ | (6.93 | ) | |||||||
|
Diluted
earnings (loss) per common share
|
$ | 0.42 | $ | 0.32 | $ | 1.77 | $ | (6.93 | ) | |||||||
|
As
of
|
||||||||
|
December 31, 2010
|
December 31, 2009
|
|||||||
|
Non-Performing
Assets to Total Assets
|
3.63 | % | 4.44 | % | ||||
|
Allowance
for Loan Losses to Total Loans
|
2.12 | 2.80 | ||||||
The
Company’s unaudited condensed consolidated balance sheets are as
follows:
|
December
31,
2010
|
December
31,
2009
|
|||||||
|
(In
thousands)
|
||||||||
|
ASSETS
|
||||||||
|
Cash
and due from financial institutions
|
$ | 11,658 | $ | 24,474 | ||||
|
Interest-bearing
deposits in other financial institutions
|
23,818 | 29,941 | ||||||
|
Securities
available for sale
|
204,188 | 172,723 | ||||||
|
Loans
held for sale
|
1,080 | 979 | ||||||
|
Loans,
net of allowance for loan losses of $10,864 and $15,236
|
502,223 | 528,183 | ||||||
|
Federal
Home Loan Bank and Federal Reserve stock
|
6,808 | 7,670 | ||||||
|
Accrued
interest receivable
|
3,089 | 3,216 | ||||||
|
Premises
and equipment, net
|
13,659 | 14,388 | ||||||
|
Cash
surrender value of life insurance
|
19,210 | 18,490 | ||||||
|
Other
intangible assets
|
1,106 | 1,352 | ||||||
|
Foreclosed
and repossessed assets
|
3,633 | 5,190 | ||||||
|
Other
assets
|
9,290 | 12,553 | ||||||
|
Total
Assets
|
$ | 799,762 | $ | 819,159 | ||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Deposits
|
||||||||
|
Non
interest-bearing
|
$ | 113,309 | $ | 110,247 | ||||
|
Interest-bearing
|
503,807 | 482,176 | ||||||
|
Total
deposits
|
617,116 | 592,423 | ||||||
|
Other
borrowings
|
49,426 | 76,996 | ||||||
|
Federal
Home Loan Bank advances
|
50,000 | 68,482 | ||||||
|
Subordinated
debentures
|
17,000 | 17,000 | ||||||
|
Accrued
interest payable
|
615 | 818 | ||||||
|
Other
liabilities
|
2,440 | 3,490 | ||||||
|
Total
liabilities
|
736,597 | 759,209 | ||||||
|
STOCKHOLDERS’
EQUITY
|
||||||||
|
Total
stockholders’ equity
|
63,165 | 59,950 | ||||||
|
Total
Liabilities and Stockholders’ Equity
|
$ | 799,762 | $ | 819,159 | ||||
The
following points summarize significant financial statement items as of and for
the three months ended December 31st,
2010.
|
·
|
Net
income available to common shareholders was $1.4
million
|
|
·
|
Tangible
book value per common share is $13.36 as of December 31st,
2010
|
|
·
|
Net
interest margin, on a tax equivalent basis, decreased slightly to 3.63%,
primarily due to the lower yield earned on cash reinvested in investment
securities.
|
|
·
|
Provision
for loan losses was $925,000 and total net charge-offs were $2.8 million
for the quarter ended December 31,
2010.
|
|
·
|
Non-performing
assets ended the quarter at 3.60% of total assets, an increase from 3.42%
at the end of the third quarter, but a decrease from 4.44% at the end of
December, 2009.
|
|
·
|
The
allowance for loan losses ended the year at 2.12% of total
loans
|
|
·
|
Gains
of $313,000 were realized on the sale of available for sale
securities
|
The
following points summarize significant financial statement items for the year
ended December 31, 2010.
|
·
|
Net
income available to common shareholders was $5.9
million
|
|
·
|
Provision
for loan losses for the year was $3.8
million
|
|
·
|
Net
interest margin, on a taxable equivalent basis, increased to 3.90% for the
year
|
|
·
|
Gains
on sales of available for sale securities totaled $1.8 million for the
year, partially offset by other-than-temporary impairment charges of
$360,000.
|
James
Rickard, President and Chief Executive Officer, commented, “Our Company is
positioned to carry the momentum of 2010 into a new year. Our forward
progress has been led by repositioning the funding side of our balance
sheet. Less reliance on wholesale funding, initiated by our culture
of relationship building and exceptional service, has provided a steady trend of
growth in core low-cost deposit accounts. Our core deposit base now
funds 77% of the assets on our balance sheet. Two short years ago,
borrowings from the Federal Home Loan Bank funded 13% of the asset side of our
balance sheet. Today, the same borrowings fund 6% of our balance
sheet. In short, we have a stronger funding mix that provides the
flexibility to better navigate interest rate movements outside of our
control.”
Rickard
continued, “Our team realizes we can accomplish more. One of our key
strategic initiatives for the coming year will continue to be focusing on
reducing non-performing assets. Our credit department continues to be
very engaged and proactive in this area. Headwinds remain given the
housing recovery is lagging the macro economy, which is still suffering from
elevated levels of unemployment. Those two factors, in my view, are
the two most critical for this lengthy recovery. Our initiative to
continuously improve remains within our control. Investing in our
service culture, the skill-sets of our team members, technology, and processes
will be our unwavering commitment to all stakeholders as we press
forward.”
About Community Bank
Shares of
Indiana,
Inc.
Community
Bank Shares of Indiana, Inc. was formed in 1991 as the nation’s first ever
mutual holding company. In 1995 the company went public under the
NASDAQ symbol CBIN. Today, Community Bank Shares of Indiana ,Inc. is
Southeastern Indiana’s largest locally owned and headquartered bank holding
company and includes Your Community Bank and The Scott County State
Bank. The mission statement of Community Bank Shares of Indiana
reflects its purpose: “Achieving financial goals through exceptional people and
exceptional service.” Community Bank Shares of Indiana strives to help
shareholders, customers, employees, and our communities achieve their respective
financial goals by empowering talented individuals to provide a level of
unmatched customer service. To learn more about us, please visit
www.yourcommunitybank.com
and www.scottcountystatebank.com.
Statements
in this press release relating to the Company’s plans, objectives, or future
performance are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based on
management's current expectations. The Company’s actual strategies and results
in future periods may differ materially from those currently expected due to
various risks and uncertainties, including those discussed in the Company’s 2009
Form 10-K and subsequent 10-Qs filed with the Securities and Exchange
Commission.
###
CONTACT:
Paul
Chrisco
CFO
Community
Bank Shares of Indiana, Inc.
812-981-7375