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| 8-K - PRIMARY DOCUMENT - COMMUNITY BANCORP /VT | form8kearnings123116.htm |
Exhibit 99.1
PRESS RELEASE
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Community
Bancorp. Reports Earnings and Dividend
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January
19, 2017
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Derby,
Vermont
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For
immediate release
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For
more information, contact: Kathy Austin, President and CEO at (802)
334-7915
Community
Bancorp. has reported earnings for the fourth quarter ended
December 31, 2016, of $1,503,685 or $0.29 per share compared to
$1,198,255 or $0.24 per share for the fourth quarter of 2015. The
Company’s earnings of $5,484,278 or $1.07 per share for the
full year compares to $4,825,591 or $0.96 per share in
2015.
Total
assets for the Company at year-end 2016 were $637,653,665 compared
to $596,134,709 at year-end 2015, an increase of 6.96%. The
increase in assets was due to an increase in loans of $29.1 million
and an increase in the investment portfolios of $14.1 million, with
the increase in loans continuing to be attributable to growth in
commercial loans. On December 31, 2016 loans totaled $487,249,226
compared to $458,119,429 on December 31, 2015, an increase of
6.36%. Funding for the increase in earning assets was from a
combination of an increase in deposits of $9.2 million and an
increase in borrowed funds and repurchase agreements totaling 30.0
million. Capital grew to $54,451,517 with a book value of $10.27
per share on December 31, 2016 compared to $51,414,656 with a book
value of $9.79 per share on December 31, 2015.
In commenting on the Company’s earnings, Chief Executive
Officer Kathy Austin said “2016 was a year of
tremendous loan growth, particularly in the commercial loan
portfolio. This growth could not be achieved without the
dedication and hard work of the lenders and others throughout the
bank. It takes a team, and our employees are to be commended
for these results. The loan growth combined with a relatively
stable cost of funds resulted in an increase in our core earnings,
net interest income, of nearly 4%, year over year. I am
pleased to report a Return on Average Assets of .91% compared to
.82% for 2015.”
As
previously announced, the Company has declared a quarterly cash
dividend of $0.16 per share payable February 1, 2017 to
shareholders of record as of January 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.