Your Community Bankshares, Inc. (NASDAQ: YCB) reported the
results of operations for the three months ended March 31,
2016.
The following points summarize significant financial
information for the first quarter of 2016:
- Net income for the first quarter of
2016 was $3.7 million or $0.67 per diluted common share.
- Non-performing assets to total assets
decreased to 0.57% at March 31, 2016 from 0.90% at December 31,
2015. Non-accrual loans declined from $4.0 million at December 31,
2015 to $2.6 million at March 31, 2016. Foreclosed and repossessed
assets declined from $10.0 million to $6.2 million over the same
period.
- Tangible book value per common share
was $22.60 as of March 31, 2016 as compared to $21.57 at December
31, 2015.
- Net interest income declined to $13.0
million from $13.9 million in the fourth quarter of 2015 due to the
fourth quarter reclassification of $466,000 from non-accretable
yield into accretion income from one loan relationship and an
increase in borrowing costs.
- Fully tax equivalent net interest
margin was 3.91%, a decrease from 4.08% for the fourth quarter of
2015. The decrease in the margin was attributable to the same
factors that drove the decrease in net interest income.
- The Company did not record a provision
for loan losses during the quarter, a decrease from $330,000 for
the fourth quarter in 2015, primarily because of generally
improving credit quality metrics, including net charge-offs.
- Non-interest income declined to $2.6
million compared to $2.8 million for the fourth quarter of 2015
primarily because of an increase in the impairment on tax credit
investments.
- Non-interest expense was $11.2 million
as compared to $11.9 million for the fourth quarter of 2015,
primarily because of a reduction in expenses related to foreclosed
assets and problem credit relationships.
- Beginning March 31, 2015, the Company
and its subsidiaries were subject to the new Basel III capital
standards and met the definition of well-capitalized under the
revised rules as of March 31, 2016.
- Selected performance ratios for the
company are set out in the following table.
Three Months Ended
Twelve Months Ended March
December September
June March
December December 31,
31, 30, 30, 31, 31, 31,
2016 2015 2015 2015 2015
2015 2014 (Unaudited) (Unaudited) (Unaudited)
(Unaudited) (Unaudited) Return on average assets 0.95% 0.98%
0.99% 0.89% (0.23)% 0.65% 1.04% Return on average assets, excluding
merger and integration expenses and net loss on sale of loans, net
of income taxes 0.95% 1.05% 1.01% 0.92% 0.37% 0.83% 1.10% Return on
average equity 11.34% 10.30% 10.44% 9.75% (2.57)% 7.03% 9.54%
Return on average equity, excluding merger and integration expenses
and net loss on sale of loans, net of income taxes and gain on
recognition of life insurance benefit 11.34% 11.07% 10.65% 10.02%
4.16% 9.00% 10.03% Net interest margin, fully tax equivalent 3.91%
4.08% 3.94% 4.04% 3.87% 3.98% 4.29% Net interest margin excluding
accretion 3.66% 3.67% 3.61% 3.60% 3.53% 3.60% 4.17% Efficiency
ratio (1) 68.76% 64.63% 64.56% 58.85% 82.07% 67.35% 63.75%
(1) Net interest income on a
fully taxable equivalent basis. Excludes gains or losses
on sales of securities, foreclosed asset expenses, amortization of
intangible assets, and merger and integration expenses.
Your Community Bankshares, Inc.
Consolidated Balance Sheets
March 31,
2016
December 31,
2015
September 30,
2015 (1)
June 30,
2015 (1)
March 31,
2015 (1)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (As Recast) (As
Recast) (As Recast) (In thousands)
ASSETS Cash and due from
financial institutions $ 24,439 $ 30,425 $ 29,618 $ 28,947 $ 45,784
Interest-bearing deposits in other financial institutions 20,726
13,365 10,814 32,383 56,290 Securities available for sale 348,068
378,978 403,486 398,292 385,498 Loans held for sale 234 1,015
19,386 390 221 Loans 1,047,508 1,016,314 992,622 1,008,724
1,005,416 Allowance for loan losses (6,188 ) (6,851 ) (6,416 )
(8,045 ) (7,120 ) Federal Home Loan Bank and Federal Reserve stock
3,882 3,890 3,891 3,807 5,451 Accrued interest receivable 5,124
5,328 5,151 5,083 4,802 Premises and equipment, net 32,576 33,270
30,314 31,462 31,793 Premises and equipment held for sale - - 3,898
5,954 5,974 Company owned life insurance 33,381 33,127 32,828
33,348 33,095 Goodwill 4,945 4,945 4,945 4,945 4,945 Core deposit
intangible 4,716 5,015 5,321 5,634 5,951 Foreclosed and repossessed
assets 6,228 9,952 9,261 8,337 15,927 Other assets
24,828 27,242
27,568 29,804
28,328 Total Assets $
1,550,467 $ 1,556,015
$ 1,572,687 $
1,589,065 $ 1,622,355
LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits
Non-interest bearing $ 283,518 $ 286,739 $ 275,350 $ 292,179 $
285,634 Interest-bearing
954,446
975,325 968,620
1,014,357 1,052,089
Total deposits 1,237,964 1,262,064 1,243,970 1,306,536
1,337,723 Short-term borrowings 73,410 48,785 74,034 42,989 39,228
Other borrowings 97,551 108,347 93,974 84,737 85,611 Accrued
interest payable 840 451 375 703 462 Other liabilities
7,785 9,282
8,832 8,741
14,059 Total liabilities 1,417,550 1,428,929
1,421,185 1,443,706 1,477,083
SHAREHOLDERS’ EQUITY
Preferred stock - - 28,000 28,000 28,000 Common stock 578 578 578
578 578 Additional paid-in capital 91,159 90,869 90,459 89,791
89,342 Retained earnings 42,554 39,512 36,336 33,228 30,419
Accumulated other comprehensive income (loss) 4,183 2,089 2,489 150
3,788 Treasury stock
(5,557 )
(5,962 )
(6,360 )
(6,388 )
(6,855 ) Total
shareholders’ equity
132,917
127,086 151,502
145,359 145,272
Total Liabilities and Shareholders’ Equity
$ 1,550,467 $
1,556,015 $ 1,572,687
$ 1,589,065 $
1,622,355 Book value per common
share $ 24.36 $
23.41 $ 22.84
$ 21.53 $
21.81 Tangible book value per common
share $ 22.60 $
21.57 $ 21.10
$ 19.72 $
19.93
(1) Management obtained
information subsequent to the issuance of the September 30, 2015,
June 30, 2015 and March 31, 2015 financial statements about the
fair value of assets acquired and liabilities assumed from First
Financial Service Corporation which resulted in an adjustment to
the initial fair values established. The table below
details the adjustments to the September 30, 2015, June 30, 2015
and March 31, 2015 consolidated balance sheet; there were no
adjustments to the consolidated statement of operations for the
periods ending September 30, 2015, June 30, 2015 and March 31,
2015.
September 30, 2015 June
30, 2015 March 31, 2015
As Previously
Reported
Recast
Adjustments
As Recast
As Previously
Reported
Recast
Adjustments
As Recast
As Previously
Reported
Recast
Adjustments
As Recast (In thousands) Loans $
992,662 $ - $ 992,662 $ 1,005,016 $ 3,708 $ 1,008,724 $ 999,906 $
5,510 $ 1,005,416 Loans held for sale 20,896 (1,510 ) 19,386 390 -
390 221 - 221 Premises and equipment held for sale 3,898 - 3,898
5,635 319 5,954 6,155 (181 ) 5,974 Foreclosed and repossessed
assets 9,028 233 9,261 8,354 (17 ) 8,337 15,818 109 15,927 Other
assets (deferred tax asset) 27,121 447 27,568 30,647 (843 ) 29,804
29,430 (1,102 ) 28,328 Goodwill 4,115 830 4,945 6,375 (1,430 )
4,945 7,544 (2,599 ) 4,945 Other borrowings (subordinated debt)
93,974 - 93,974 83,000 1,737 84,737 83,874 1,737 85,611
Your Community Bankshares, Inc.
Consolidated Statements of
Operations
Three Months Ended Twelve Months Ended
March December
September June
March December
December 31, 31,
30, 30, 31,
31, 31,
2016 2015 2015
2015 2015
2015 2014 (Unaudited)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (In Thousands)
Interest and dividend income Loans, including fees $ 12,373 $
12,956 $ 12,361 $ 12,787 $ 12,523 $ 50,627 $ 28,950 Investment
securities and other
2,268
2,307 2,334
2,319 2,233
9,193 5,324 Interest
and dividend income
14,641
15,263 14,695
15,106 14,756
59,820 34,274
Interest expense Deposits 560 575 570 580 574 2,299 1,020 Borrowed
funds
1,085 795
731 612
698 2,836
921 Total interest expense
1,645 1,370
1,301 1,192
1,272 5,135
1,941 Net interest income 12,996 13,893 13,394
13,914 13,484 54,685 32,333 Provision for loan losses
- 330
- 2,155
106 2,591
1,275 Net interest income after provision for
loan losses
12,996
13,563 13,394
11,759 13,378
52,094 31,058
Non-interest income Service charges on deposit accounts 1,478 1,634
1,655 1,669 1,391 6,349 3,355 Interchange income 572 700 575 476
444 2,195 1,168 Earnings on company owned life insurance 254 298
226 253 252 1,029 672 Net gain (loss) on sales of available for
sale securities 297 204 (1 ) - 51 254 468 Net loss on sale of loans
- (316 ) - - - (316 ) - Mortgage banking income 78 104 70 74 117
365 126 Commission income 46 46 48 50 47 191 194 Gain on
recognition of life insurance benefit - - 835 - - 835 - Impairment
on tax credit investments (350 ) (63 ) (119 ) (92 ) (86 ) (360 )
(72 ) Other income
189
136 220
222 196
837 534 Non-interest
income
2,564 2,806
3,509 2,652
2,412 11,379
6,445 Non-interest expense
Salaries and employee benefits 6,026 6,065 5,619 5,086 9,119 25,889
13,878 Occupancy & equipment 1,752 1,681 2,640 1,672 2,208
8,201 3,814 Data processing 1,089 1,152 1,567 921 1,814 5,454 2,617
Amortization of intangible assets 299 307 312 318 397 1,334 322
Foreclosed assets, net (110 ) 90 119 (95 ) 344 458 162 Other
expense
2,180 2,589
2,395 2,573
4,042 11,599
5,696 Total non-interest expense
11,236 11,884
12,652 10,475
17,924 52,935
26,489 Income (loss) before income taxes
4,324 4,485 4,251 3,936 (2,134 ) 10,538 11,014 Income tax expense
(benefit)
629 627
334 371
(1,198 )
134 2,001 Net income
(loss) 3,695 3,858 3,917 3,565 (936 ) 10,404 9,013 Preferred stock
dividend
- (91
) (110 )
(109
)
(110 )
(420
) (439 ) Net income
(loss) available (attributable) to common shareholders
$ 3,695 $
3,767 $ 3,807
$ 3,456 $
(1,046 ) $
9,984 $ 8,574
Earnings (loss) per basic common share $ 0.68 $ 0.70 $ 0.70
$ 0.64 $ (0.19 ) $ 1.85 $ 2.49 Earnings (loss) per diluted common
share $ 0.67 $ 0.68 $ 0.70 $ 0.64 $ (0.19 ) $ 1.82 $ 2.46 Dividend
per common share $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 $ 0.48
Average number of basic common shares 5,449,364 5,413,914 5,405,691
5,383,887 5,374,819 5,394,712 3,437,643 Average number of dilutive
common shares 5,548,210 5,505,757 5,470,557 5,437,602 5,374,819
5,492,405 3,487,117 Merger and integration expenses
contained in: Salaries and employee benefits $ - $ - $ - $ 60 $
2,105 $ 2,165 $ - Occupancy & equipment - 21 972 - 310 1,303 -
Data processing - 59 413 27 719 1,218 - Other expense
- 44
20 69
633 766
697 Total merger and integration expenses - 124
1,405 156 3,767 5,452 697 Total merger and integration expenses,
net of income taxes - 81 913 101 2,449 3,544 460
Your Community Bankshares,
Inc.
Average Balances, Interest Yields and
Costs
Three Months
Ending,
3/31/2016
12/31/2015
9/30/2015
6/30/2015
3/31/2015 Average
Balance
Average
Yield/ Cost
Average
Balance
Average
Yield/ Cost
Average
Balance
Average
Yield/ Cost
Average
Balance
Average Yield/
Cost Average
Balance
Average
Yield/ Cost
ASSETS Earning assets: Interest-bearing deposits with banks
$ 12,327 1.24 % $ 24,233 0.36 % $ 17,489 0.73 % $ 48,008 0.41 % $
63,092 0.36 % Taxable securities 244,685 1.90 261,870 1.86 283,885
1.78 288,420 1.84 318,695 1.70 Tax-exempt securities 118,927 5.34
117,447 5.27 112,408 5.35 98,423 5.52 83,217 5.49 Total loans and
fees 1,037,140 4.89 1,019,794 5.13 1,001,041 4.96 1,000,865 5.17
993,536 5.15 FHLB and Federal Reserve stock 3,886
5.07 3,890 4.18 3,837 4.65 4,860
5.69 6,484 5.94 Total earning assets 1,416,965
4.38 1,427,234 4.46 1,418,660 4.30 1,440,576 4.37 1,465,024 4.22
Less: Allowance for loan losses (6,318 ) (7,301 ) (7,757 ) (7,532 )
(6,838 ) Non-earning assets: Cash and due from banks 27,396 28,007
32,263 35,902 38,987 Bank premises and equipment, net 33,078 33,712
36,869 37,778 38,136 Other assets
90,794
87,095 92,150
96,967 124,855
Total assets $ 1,561,915 $ 1,568,747 $
1,572,185 $ 1,603,691 $ 1,660,164
LIABILITIES AND SHAREHOLDERS’ EQUITY Interest-bearing
liabilities: Savings and other $ 653,364 0.16 % $ 656,227 0.16 % $
652,860 0.15 % $ 688,831 0.15 % $ 697,094 0.15 % Time deposits
307,936 0.38 324,026 0.38 339,480 0.37 352,394 0.36 377,230 0.33
Short-term borrowings 62,788 0.43 59,004 0.34 50,067 0.32 39,033
0.24 38,253 0.23 Other borrowings 111,685 3.67
92,274 3.20 86,752 3.16 83,170
2.84 87,999 3.12 Total interest-bearing liabilities
1,135,773 0.58 1,131,531 0.48 1,129,159 0.46 1,163,428 0.41
1,200,576 0.43 Non-interest bearing liabilities:
Non-interest demand deposits 283,859 277,333 285,743 283,101
279,879 Accrued interest payable and other liabilities 11,288
11,366 8,478 10,453 32,251 Shareholders’ equity 130,995
148,517 148,805 146,709
147,457 Total liabilities and shareholders’
equity $ 1,561,915 $ 1,568,747 $ 1,572,185 $
1,603,691 $ 1,660,164 Net interest spread 3.80
% 3.98 % 3.84 % 3.96 % 3.79 % Net interest margin 3.91 4.08 3.94
4.04 3.87
Accretion and Amortization of Fair
Value Adjustments
Three Months
Ending,
3/31/2016
12/31/2015
9/30/2015
6/30/2015
3/31/2015 Fair Value
Accretion
Impact on
Net Interest Margin
Fair Value
Accretion
Impact on
Net Interest Margin
Fair Value
Accretion
Impact on
Net Interest Margin
Fair Value
Accretion
Impact on
Net Interest Margin
Fair Value
Accretion
Impact on
Net Interest Margin
Loans $ 417 0.12 % $ 984 0.27 % $ 648 0.18 % $ 1,016 0.28 %
$ 601 0.17 % Interest-bearing deposits 359 0.10 397 0.11 432 0.12
475 0.13 542 0.15 FHLB advances 63 0.02 63 0.02 63 0.02 62 0.02 62
0.02 Subordinated debentures 38 0.01 38 0.01
40 0.01 36 0.01 33 0.01 Total fair value accretion $
877 0.25 % $ 1,482 0.41 % $ 1,183 0.33 % $ 1,589 0.44 % $ 1,238
0.34 %
Your Community Bankshares, Inc.
Selected Loan Information
March 31,
2016
December 31,
2015
September 30,
2015
June 30,
2015
March 31,
2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (As recast) (As
recast) (As recast)
(In thousands) ACQUIRED LOANS
Loans on non-accrual status $ 963 $ 1,323 $ 2,257 $ 5,922 $ 10,122
Loans past due 90 days or more and still accruing - 68 - - -
Foreclosed and repossessed assets
3,867
7,825 6,023
4,849 12,409
Total non-performing assets 4,830 9,216 8,047 10,771 22,531
Allowance for loan losses 72 59 205 - - Non-accretable yield on
acquired loans 5,063 5,293 10,949 16,246 16,752
LEGACY
LOANS Loans on non-accrual status 1,609 2,694 2,229 6,016 7,354
Loans past due 90 days or more and still accruing - - - 220 803
Foreclosed and repossessed assets
2,361
2,127 3,238
3,505 3,535
Total non-performing assets 3,969 4,821 5,467 9,741 11,692
Total Legacy Loans 751,202 704,549 667,281 625,624 588,076
Allowance for loan losses 6,116 6,792 6,211 8,045 7,120
Allowance for loan losses to legacy loans 0.81 % 0.96 % 0.93 % 1.29
% 1.21 %
TOTAL LOANS Loans on non-accrual status $
2,572 $ 4,017 $ 4,486 $ 11,938 $ 17,476 Loans past due 90 days or
more and still accruing - 68 - 220 803 Foreclosed and repossessed
assets
6,228 9,952
9,261 8,354
15,944 Total non-performing
assets $ 8,800 $ 14,037 $ 13,747 $ 20,512 $ 34,223
Non-performing assets to total assets 0.57 % 0.90 % 0.87 % 1.29 %
2.11 % Allowance for loan losses to total loans 0.59 % 0.65 % 0.80
% 0.71 % 0.71 %
Reconciliation of Fully Tax Equivalent
Adjustments to GAAP Net Interest Income
3/31/2016 12/31/2015
9/30/2015 6/30/2015
3/31/2015 Net
Interest
Income
Yield Net
Interest
Income
Yield Net
Interest
Income
Yield Net
Interest
Income
Yield Net
Interest
Income
Yield GAAP net interest income $
12,996 3.69 % $ 13,893 3.86 % $ 13,394 3.75 % $ 13,914 3.87 % $
13,484 3.73 % Tax equivalent adjustment Investment
securities 552 0.16 546 0.15 530 0.15 474 0.14 400 0.11 Loans
226 0.06 225 0.07 154 0.04
115 0.03 102 0.03 Total tax
equivalent adjustment 778 0.22 771 0.21 684 0.19 589 0.17 502 0.14
Tax equivalent net interest income $ 13,774 3.91 % $ 14,664
4.08 % $ 14,078 3.94 % $ 14,503 4.04 % $ 13,986 3.87 %
About Your Community Bankshares,
Inc.
Your Community Bankshares, Inc. is a bank holding company
headquartered in New Albany, Indiana and includes its wholly owned,
state-chartered subsidiary bank, Your Community Bank. The Company
operates 36 financial centers in Indiana and Kentucky. The Bank is
engaged primarily in the business of attracting deposits from the
general public and using such funds for the origination of
commercial business and real estate loans and secured consumer
loans such as home equity lines of credit and automobile loans.
Additionally, the Bank originates and sells into the secondary
market mortgage loans for the purchase of single-family homes. For
more information visit www.yourcommunitybank.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 2015 Form 10-K and subsequent 10-Q filed
with the Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160428007105/en/
Your Community Bankshares, Inc.Paul Chrisco, 812-981-7375CFO
Your Community Bankshares, Inc. (NASDAQ:YCB)
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