January 30, 2017
CBT Financial Corp. (OTC:Pink - CBTC), the parent company of CBT Bank, today announced net income of $3,295,985, which is down slightly from 2015. Net income available to common shareholders did increase by 1.8%. Earnings per common share for 2016 were $2.28 compared to $2.86 for 2015. The decline in earnings per share is the result of the average number of shares outstanding increasing by 313,000.
Fourth quarter net income was $790,490, a decrease of 21.9% or $221,300 from net income of
$1,011,790 for the fourth quarter of 2015. Earnings per common share for the fourth quarter of 2016 were $0.55 compared to $0.64 for the same period of 2015.
Because of the increase in loans, net interest income increased $1,031,088 from $13,782,378 to
$14,813,466 year over year. The increase was partially offset by an increase in the provision for loan losses of $207,000 thousand. In 2017 we did not experience the benefit of nonrecurring income that was experienced in 2016. As a result the Corporation saw a decline in Noninterest income of $356,987 thousand. The decline was the result of lower trust fees because of fewer estates; fewer commissions on other financial products; earnings from bank owned life insurance because of the lack of death benefits and gains on the sale of securities.
The Bank's return on assets and return on equity ratios were 0.71% and 6.85% for 2016 compared to 0.77% and 8.24% for 2015.
Total assets increased $25.1 million to $480.7 million, net loans increased by 11.7% or $40.0 million and deposits increased $35.6 million or 9.8% year-over-year. The Bank's loan to deposit ratio is 91.03% at December 31, 2016. Asset quality continues to be very good with the non- performing asset ratio at a very low 0.52% and a charge off ratio of only 0.07%.
Michael J. Bibak, President & CEO, stated that "2016 represented a year of continued growth and expansion at CBT. With a continued challenging rate environment the Bank remained focused on efficiency. Several improvements to core operations, coupled with a new process to acknowledge troubled loans within the portfolio impacted the profitability of the Bank but they are expected to result in much improved earnings in the future. CBT remains committed to its employees, customers and shareholders. The plan provides these groups with a positive work environment, a competitive and useful platform of products and services and a strong return on investment."
CBT Financial Corp. is the holding company of CBT Bank, which operates twelve community offices throughout Blair, Centre, Clearfield and Huntingdon Counties. They provide a full range of consumer and business banking services along with trust services and financial planning. For more information, contact their headquarters at 814-765-7551 or log onto www.CBTbank.bank.
Certain statements in this news release that relate to CBT Financial Corp's plans, objectives, or future performance may be deemed to be forward-looking statements. Such statements are based on management's current expectations. Actual strategies and results in future periods may differ materially from those currently expected because of various risks and uncertainties.
Financial HighlightsQuarter | Year to Date | ||||||||
12/2016 | 9/2016 | 6/2016 | 3/2016 | 12/2015 | 12/2016 | 12/2015 | 12/2014 | 12/2013 | 12/2012 |
Return on average assets | 0.67% | 0.76% | 0.75% | 0.67% | 0.91% | 0.71% | 0.77% | 0.74% | 0.60% | 0.77% |
Core return on average assets | 0.67% | 0.76% | 0.75% | 0.67% | 0.92% | 0.71% | 0.78% | 0.77% | 0.66% | 0.71% |
Return on average shareholders' equity | 6.48% | 7.27% | 7.24% | 6.39% | 8.61% | 6.85% | 7.58% | 7.19% | 5.87% | 7.37% |
Core return on average shareholders' equity | 6.48% | 7.27% | 7.24% | 6.39% | 8.68% | 6.85% | 7.69% | 7.51% | 6.45% | 6.78% |
Net interest margin | 3.57% | 3.57% | 3.51% | 3.56% | 3.66% | 3.48% | 3.47% | 3.41% | 3.57% | 3.78% |
Efficiency ratio | 70.17% | 71.72% | 71.78% | 73.30% | 65.50% | 72.06% | 71.60% | 74.24% | 75.05% | 71.07% |
Net income per common share | 0.55 | 0.61 | 0.60 | 0.52 | 0.64 | 2.28 | 2.86 | 3.10 | 2.37 | 3.05 |
Dividends Declared | 0.30 | 0.30 | 0.30 | 0.30 | 0.33 | 1.20 | 1.23 | 1.23 | 1.23 | 1.22 |
CAPITAL ADEQUACY | ||||||||||
Tier 1 common equity | 40,723 | 40,302 | 39,790 | 39,306 | 38,917 | 40,723 | 38,917 | N/A | N/A | N/A |
Tier 1 capital | 49,723 | 49,302 | 48,790 | 48,306 | 47,917 | 49,723 | 47,917 | 45,043 | 42,785 | 41,319 |
Tier 2 capital | 3,617 | 3,340 | 3,336 | 3,350 | 3,225 | 3,617 | 3,225 | N/A | N/A | N/A |
Total capital | 53,340 | 52,642 | 52,126 | 51,656 | 51,142 | 53,340 | 51,142 | 48,340 | 45,893 | 44,549 |
Tier 1 common capital ratio | 11.14% | 11.61% | 11.73% | 11.92% | 12.04% | 11.14% | 12.04% | N/A | N/A | N/A |
Tier 1 ratio | 13.60% | 14.20% | 14.38% | 14.65% | 14.83% | 13.60% | 14.83% | 15.99% | 15.94% | 15.77% |
Total capital ratio | 14.59% | 15.16% | 15.36% | 15.66% | 15.83% | 14.59% | 15.83% | 17.16% | 17.10% | 17.01% |
Leverage ratio | 10.69% | 10.88% | 10.77% | 10.78% | 11.02% | 10.69% | 11.02% | 10.61% | 10.23% | 10.30% |
Tangible common equity/Tangible assets | 8.82% | 9.02% | 8.89% | 8.87% | 9.03% | 8.82% | 9.03% | 6.14% | 5.34% | 5.57% |
Nonperforming assets/Total assets | 1.27% | 1.27% | 1.30% | 1.38% | 1.32% | 1.27% | 1.32% | 1.25% | 1.25% | 1.65% |
Nonperforming assets excluding restructured loans | 0.54% | 0.27% | 0.27% | 0.32% | 0.24% | 0.54% | 0.24% | 0.30% | 0.21% | 0.52% |
Net loss to average loans | 0.08% | 0.10% | 0.12% | 0.02% | 0.46% | 0.07% | 0.17% | -0.15% | 0.16% | 0.42% |
Loan loss reserve/Total loans | 0.94% | 0.91% | 0.92% | 0.95% | 0.93% | 0.94% | 0.93% | 1.10% | 1.10% | 1.19% |
Reserves/Nonperforming assets | 61.02% | 55.97% | 55.01% | 52.67% | 53.44% | 61.02% | 53.44% | 61.06% | 58.53% | 46.22% |
Past due loans/Total loans | 0.46% | 0.42% | 0.44% | 0.60% | 0.51% | 0.46% | 0.51% | 1.01% | 1.19% | 1.27% |
Classified loans/Total loans | 0.89% | 0.95% | 0.91% | 1.72% | 1.41% | 0.89% | 1.41% | 3.14% | 1.92% | 2.81% |
12/2016 9/2016 6/2016 3/2016 12/2015 12/2014 12/2013 12/2012
Cash and due from financial institutions | $2,465 | $6,764 | $5,381 | $4,768 | $2,532 | $2,847 | $3,206 | $7,338 |
Interest bearing deposits in other financial institutions | 3,350 | 2,232 | 3,559 | 4,940 | 3,363 | 4,408 | 12,099 | 18,742 |
Securities available for sale | 56,003 | 59,730 | 62,354 | 67,405 | 73,189 | 95,743 | 98,228 | 94,563 |
Loans Held for Sale | - | - | - | - | - | 114 | - | - |
Loans | 386,280 | 366,234 | 358,857 | 350,968 | 345,925 | 298,474 | 282,065 | 268,065 |
Unearned Interest | (3,617) | (3,316) | (3,307) | (3,328) | (3,219) | (3,292) | (3,108) | (3,187) |
Federal Home Loan Bank stock, net of cost | 976 | 348 | 288 | 288 | 1,724 | 616 | 818 | 885 |
Foreclosed assets, net | 699 | 614 | 653 | 558 | 558 | - | 77 | 303 |
Premises and fixed assets | 10,518 | 10,439 | 10,381 | 10,529 | 10,638 | 11,279 | 11,967 | 9,801 |
Goodwill | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 |
Other intangible assets | - | - | - | - | - | 153 | 357 | 570 |
Bank Owned life insurance | 11,489 | 11,407 | 11,322 | 8,260 | 8,204 | 8,575 | 8,341 | 8,105 |
Accrued income receivable and other assets | 2,775 | 2,844 | 3,120 | 3,246 | 2,885 | 3,033 | 2,368 | 3,179 |
Total assets | $480,698 | $467,056 | $462,368 | $457,394 | $455,559 | $431,710 | $426,178 | $418,124 |
Deposits
Noninterest-bearing | $66,894 | $71,114 | $65,601 | $67,977 | $67,321 | $60,634 | $53,237 | $49,928 |
Interest-bearing | 332,844 | 331,204 | 331,328 | 324,214 | 296,819 | 302,460 | 311,988 | 305,548 |
Total deposits | 399,738 | 402,318 | 396,929 | 392,191 | 364,140 | 363,094 | 365,225 | 355,476 |
Federal Home Loan Bank Advances | 16,500 | - | 2,000 | 2,000 | 28,700 | 8,800 | 4,000 | 4,000 |
Subordinated debentures | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 |
Accrued interest payable and other liabilities | 7,024 | 7,355 | 6,621 | 6,843 | 6,784 | 6,285 | 5,622 | 6,638 |
Total liabilities | 432,262 | 418,673 | 414,550 | 410,034 | 408,624 | 387,179 | 383,847 | 375,114 |
Preferred stock ($1 par value; non-cumulative; $10.000 liquidation value; 10,000 shares authorized; 10 shares issued)
- - - - - 9,993 9,987 9,981
Common stock (No par value; 10,000 shares authorized; 1,285 shares issued at 2015; 1,034 shares at 2014) | - | - | - | - | - | - | - | - |
Additional paid in capital | 15,081 | 15,095 | 15,095 | 15,095 | 15,095 | 4,309 | 4,309 | 4,309 |
Retained earnings | 34,618 | 34,247 | 33,800 | 33,382 | 33,057 | 31,335 | 29,483 | 28,354 |
Accumulated other comprehensive income | 304 | 608 | 490 | 450 | 350 | 461 | 119 | 1,933 |
Treasury stock at cost (40 shares) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) |
Total shareholder's equity | 48,436 | 48,383 | 47,818 | 47,360 | 46,935 | 44,531 | 42,331 | 43,010 |
Total liabilities and shareholders' equity | $480,698 | $467,056 | $462,368 | $457,394 | $455,559 | $431,710 | $426,178 | $418,124 |
Quarter | Year to Date | ||||||||
12/2016 | 9/2016 | 6/2016 | 3/2016 | 12/2015 | 12/2016 | 12/2015 | 12/2014 | 12/2013 | 12/2012 |
Cash and due from financial institutions | $5,791 | $5,290 | $5,308 | $6,314 | $5,434 | $5,451 | $5,843 | $6,083 | $5,982 | $5,550 |
Interest bearing deposits in other financial institutions | 185 | 2,089 | 4,028 | 822 | 165 | 1,710 | 224 | 12,115 | 12,191 | 8,594 |
Securities available for sale | 58,203 | 61,085 | 65,294 | 70,446 | 75,499 | 63,649 | 83,521 | 96,168 | 97,330 | 107,698 |
Loans Held for Sale | 28 | 55 | 59 | 5 | 16 | 31 | 21 | 62 | 164 | 77 |
Loans | 375,884 | 359,961 | 356,238 | 349,341 | 331,990 | 360,432 | 314,227 | 289,534 | 275,886 | 256,603 |
Unearned Interest | (3,369) | (3,304) | (3,327) | (3,252) | (3,295) | (3,313) | (3,313) | (3,072) | (3,268) | (3,366) |
Federal Home Loan Bank stock, net of cost | 841 | 316 | 289 | 1,000 | 806 | 612 | 705 | 834 | 913 | 961 |
Foreclosed assets, net | 608 | 629 | 597 | 588 | 194 | 596 | 51 | 32 | 99 | 770 |
Premises and fixed assets | 10,485 | 10,511 | 10,476 | 10,590 | 10,729 | 10,515 | 10,963 | 11,809 | 11,141 | 9,316 |
Goodwill | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 | 9,760 |
Other intangible assets | - | - | - | - | 1 | - | 64 | 260 | 455 | 672 |
Bank Owned life insurance | 11,440 | 11,363 | 9,118 | 8,234 | 8,350 | 10,044 | 8,583 | 8,460 | 8,223 | 7,984 |
Accrued income receivable and other assets | 2,745 | 3,033 | 2,847 | 1,646 | 2,676 | 2,941 | 2,810 | 2,590 | 2,248 | 2,592 |
otal assets | $472,601 | $460,788 | $460,687 | $455,494 | $442,325 | $462,428 | $433,459 | $434,635 | $421,124 | $407,211 |
Deposits
Noninterest-bearing | $66,655 | $65,057 | $66,732 | $65,839 | $68,905 | $65,972 | $63,316 | $59,180 | $52,049 | $48,675 |
Interest-bearing | 327,980 | 329,915 | 328,702 | 311,346 | 297,561 | 324,501 | 301,376 | 312,814 | 307,258 | 296,886 |
Total deposits | 394,635 | 394,972 | 395,434 | 377,185 | 366,466 | 390,473 | 364,692 | 371,994 | 359,307 | 345,561 |
Federal Home Loan Bank Advances | 13,204 | 1,582 | 2,011 | 15,925 | 13,777 | 8,220 | 9,509 | 4,474 | 4,000 | 4,000 |
Subordinated debentures | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 |
Accrued interest payable and other liabilities | 6,943 | 6,794 | 6,425 | 5,931 | 6,095 | 6,590 | 6,408 | 5,523 | 5,833 | 6,082 |
Total liabilities | 423,782 | 412,348 | 412,870 | 408,041 | 395,338 | 414,283 | 389,609 | 390,991 | 378,140 | 364,643 |
Preferred stock ($1 par value; non-cumulative; $10.000 liquidation value; 10,000 shares authorized; 10 shares
issued) Common stock (No par value; 10,000 shares authorized; | - | - | - | - | - | - | 4,581 | 9,990 | 9,984 | 9,978 |
1,285 shares issued at 2015; 1,034 shares at 2014) | - | - | - | - | - | - | - | - | - | |
Additional paid in capital | 15,095 | 15,095 | 15,095 | 15,095 | 15,095 | 15,095 | 7,634 | 4,309 | 4,309 | 4,309 |
Retained earnings | 34,684 | 34,289 | 33,810 | 33,541 | 33,053 | 33,982 | 32,746 | 30,497 | 29,970 | 28,863 |
Accumulated other comprehensive income | 607 | 623 | 479 | 384 | 406 | 635 | 456 | 415 | 288 | 985 |
Treasury stock at cost (40 shares) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) | (1,567) |
Total shareholder's equity | 48,819 | 48,440 | 47,817 | 47,453 | 46,987 | 48,145 | 43,850 | 43,644 | 42,984 | 42,568 |
Total liabilities and shareholders' equity | $472,601 | $460,788 | $460,687 | $455,494 | $442,325 | $462,428 | $433,459 | $434,635 | $421,124 | $407,211 |
CBT Financial Corp. published this content on 30 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 January 2017 18:14:04 UTC.
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