Community Bankers Trust (BTC) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $2.46 million in the quarter, against a net loss of $7.72 million in the last year period.
Revenue during the quarter grew 4.51 percent to $11.60 million from $11.10 million in the previous year period. Net interest income for the quarter rose 6.68 percent over the prior year period to $10.50 million. Non-interest income for the quarter rose 7.34 percent over the last year period to $1.34 million.
Net interest margin improved 7 basis points to 3.82 percent in the quarter from 3.75 percent in the last year period.
Rex L. Smith, III, president and chief executive officer, stated, "The third quarter continues the Bank’s exciting progressive trend for 2016."
Assets outpace liabilities growthTotal assets stood at $1,204.23 million as on Sep. 30, 2016, up 4.79 percent compared with $1,149.18 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,089.50 million as on Sep. 30, 2016, up 4.14 percent from $1,046.23 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $855.30 million as on Sep. 30, 2016, up 14.98 percent compared with $743.89 million on Sep. 30, 2015. Deposits stood at $967.32 million as on Sep. 30, 2016, up 3.62 percent compared with $933.56 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $129.33 million or 13.37 percent of total deposits on Sep. 30, 2016, compared with $99.55 million or 10.66 percent of total deposits on Sep. 30, 2015.
Investments stood at $239.51 million as on Sep. 30, 2016, down 21.65 percent or $66.18 million from year-ago. Shareholders equity stood at $114.73 million as on Sep. 30, 2016, up 11.44 percent or $11.77 million from year-ago.
Return on assets was at 0.82 percent in the quarter against a negative 2.67 percent in the last year period. Return on equity was at 8.60 percent in the quarter against a negative 28.44 percent in the last year period.
Nonperforming assets moved down 3.21 percent or $0.54 million to $16.12 million on Sep. 30, 2016 from $16.65 million on Sep. 30, 2015.
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