County Bank Corp (OTC: CBNC) Announces December 31, 2017 Year End Results
County Bank Corp (OTC Market Place: CBNC) (“the Company”), the holding company for Lakestone Bank & Trust, announced unaudited results for the annual period ended December 31, 2017.
The Company reported net income of $5,345,000 or $3.06 per common share for 2017 compared to net income of $2,911,000 or $2.28 per share for 2016. The results include the impact of $258,000 in additional tax expense related to the recently passed Tax Cut and Jobs Act (H.R. 1). Net income on an adjusted basis, excluding the effect of the one-time tax expense was $5,603,000 or $3.20 per common share.
Chairman and Chief Executive Officer, Bruce J. Cady, issued the results and commented: “We are extremely pleased with our performance. This represents the first full year of consolidated results for the combined banks and the transaction has achieved many of our target objectives. We have improved core earnings, created a more efficient operating structure and increased shareholder value. In 2017, we reported an ROA of 0.90%, grew tangible book value by 8.9%, experienced meaningful growth in our stock price and paid $1.62 per share in dividends resulting in a yield of 4.0%. We are very proud of the results and look forward to 2018.”
The Company reported total revenue of $25.7 million for the full year period ending December 31, 2017. This is comprised of $20.1 million in net interest income and $5.6 million in service charges and other fee income. The results were positively impacted by margin expansion due to a more favorable mix in earning assets and additional income generated from bank related services and products. Net interest margin for the year to date period was 3.79% and non-interest income relative to average assets was 0.94%.
Total non-interest expense for 2017 was $18.0 million, an increase of 15.4% relative to the same period of the prior year. The additional expense was the result of merger related costs and investments in infrastructure to support key, long term strategic initiatives.
Total assets as of December 31, 2017 were $602.0 million, an increase of $18.2 million from December 31, 2016. Total portfolio loans reached $344.5 million at the end of the quarter, an increase of $29.2 million or 9.3% for the year to date period. The positive growth was the result of better economic fundamentals, an expanded footprint and dedicated marketing efforts. Book value per share as of December 31, 2017 was $33.92 and total Shareholders’ Equity was $59.3 million, an increase of 7.7% from December 31, 2016.
County Bank Corp is the holding company for Lakestone Bank & Trust, a full-service community bank serving Lapeer, Macomb and St. Clair counties. The primary Market Maker is Boenning & Scattergood.
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include: changes in interest rates and interest-rate relationships; changes in the national and local economy; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; our ability to successfully integrate acquisitions into our existing operations, and the availability of new acquisitions, joint ventures and alliance opportunities; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and other factors. The Company assumes no responsibility to update forward-looking statements.
(Unaudited Consolidated Financial Statements Follow)