SVB&T Corporation, Parent Company of Springs Valley Bank & Trust Company, Reports 2022 First Quarter Earnings
SVB&T Corporation (OTCQX:SVBT) reported first-quarter 2022 unaudited earnings of $1.79 million, translating to earnings per share (EPS) of $1.63, marking an 18.50% decrease from the prior year. The return on average assets (ROAA) stood at 1.42%, down from 1.79% year-over-year. Net interest income fell to $4.43 million, while noninterest income rose to $2.39 million. Total assets increased to $515.80 million, with total loans reaching $399.90 million. The corporation completed a 2-for-1 stock split to boost stock liquidity. CEO Jamie Shinabarger emphasized focus on managing the balance sheet amid rising interest rates.
- Total assets increased by $25.70 million to $515.80 million.
- Total loans grew by $16.01 million to $399.90 million.
- Noninterest income rose by $220,000 to $2.39 million.
- Quarter-over-quarter earnings increased by $564,000 or 46.16%.
- Book value increased by 6.74% from $47.03 to $50.20 per share.
- Earnings per share decreased by 18.50% year-over-year.
- Return on average assets (ROAA) declined from 1.79% to 1.42%.
- Net interest income decreased from $4.58 million to $4.43 million.
- Noninterest expenses increased by $614,000 to $4.36 million.
JASPER, IN / ACCESSWIRE / May 6, 2022 / SVB&T Corporation (OTCQX:SVBT), parent company of Springs Valley Bank & Trust Company, today announced 2022 first quarter unaudited earnings of
Net interest income before provision expense for the first quarter ended March 31, 2022 was
Quarter over trailing quarter earnings increased approximately
SVB&T Corporation book value (adjusted for the 2022 stock split) has risen from
Total assets increased
"Coming off our best year in the company's 120-year franchise history, Springs Valley has maintained that momentum in 2022, generating a very healthy
For more information contact: Ryan Heim, Treasurer & CFO, SVB&T Corporation, at 812.634.4889 or rheim@svbt.com.
SVB&T Corporation is headquartered at 8482 West State Road 56, French Lick, Indiana 47432 with administrative offices at 1500 Main Street, Jasper, Indiana 47546. Its subsidiary, Springs Valley Bank & Trust Company, has locations in Dubois, Daviess, Gibson, and Orange Counties, offering full-service bank and financial services. Springs Valley has products and services for all types of families and businesses, including checking and savings accounts, certificates of deposit, electronic services, online consumer and mortgage applications, and a variety of other loan options. Springs Valley Bank is a member of FDIC and is an Equal Housing Lender.
In addition, the company has a full-service financial advisory group managed by experienced, talented professionals specializing in estate planning, tax planning, and wealth management. Investment services are also offered by a licensed, professional Springs Valley representative. Trust and investment products are not deposits; not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the depository institution; not insured by any Federal Government Agency; and may lose value - subject to investment risks, including possible loss of the principal amount invested.
More information can be found online at www.svbt.bank. The corporation's stock is traded on the OTCQX trading platform under ticker symbol SVBT (www.otcmarkets.com).
Information conveyed in this press release regarding SVB&T Corporation's and its subsidiaries' anticipated future performance is forward-looking and therefore involves risks and uncertainties that could cause the results or developments to differ significantly from those indicated in these statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in general and local banking, as well as mortgage conditions, competitive factors specific to markets in which the company and its subsidiaries operate, future interest rate levels, changes in local real estate markets, legislative and regulatory decisions, capital market conditions, and/or other factors.
Selected Consolidated Financial Data of SVB&T Corporation
(In Thousands, Except Shares Outstanding and Per Share Data)
Unaudited | Audited | |||||||||||
31-Mar | 31-Dec | |||||||||||
2022 | 2021 | 2021 | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 12,865 | $ | 25,239 | $ | 10,026 | ||||||
Interest-bearing time deposits | 1,248 | 1,263 | 1,252 | |||||||||
Fed funds sold | 14,586 | 3,356 | 1,597 | |||||||||
Available for sale securities | 63,345 | 63,926 | 66,448 | |||||||||
Other investments | 2,517 | 2,738 | 2,738 | |||||||||
Loans held for sale | 659 | 2,704 | 1,377 | |||||||||
Loans net of allowance for loan losses | 391,703 | 374,181 | 378,572 | |||||||||
Premises and equipment | 6,720 | 6,073 | 6,668 | |||||||||
Bank-owned life insurance | 9,214 | 9,045 | 9,173 | |||||||||
Accrued interest receivable | 2,871 | 2,942 | 2,861 | |||||||||
Foreclosed assets held for sale | 49 | 570 | 49 | |||||||||
Mortgage servicing rights | 1,497 | 1,036 | 1,426 | |||||||||
Lender risk account (FHLBI) | 1,521 | 1,223 | 1,476 | |||||||||
Other assets | 7,002 | 4,889 | 6,434 | |||||||||
Total assets | $ | 515,797 | $ | 499,185 | $ | 490,097 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Noninterest-bearing deposits | 88,059 | 86,162 | 92,718 | |||||||||
Interest-bearing deposits | 329,475 | 315,011 | 294,191 | |||||||||
Borrowed funds | 32,500 | 37,000 | 34,500 | |||||||||
Subordinated debentures | 5,000 | 5,000 | 5,000 | |||||||||
Accrued interest payable and other liabilities | 5,533 | 4,279 | 7,066 | |||||||||
Total liabilities | $ | 460,567 | $ | 447,452 | $ | 433,475 | ||||||
Stockholders' equity - substantially restricted | 55,230 | 51,733 | 56,622 | |||||||||
Total liabilities and stockholders' equity | $ | 515,797 | $ | 499,185 | $ | 490,097 | ||||||
Three Months Ended | ||||||||
31-Mar | ||||||||
2022 | 2021 | |||||||
Operating Data: | ||||||||
Interest and dividend income | $ | 4,864 | $ | 5,113 | ||||
Interest expense | 436 | 534 | ||||||
Net interest income | $ | 4,428 | $ | 4,579 | ||||
Provision for loan losses | 287 | 312 | ||||||
Net interest income after provision for loan losses | $ | 4,141 | $ | 4,267 | ||||
Fiduciary activities | 1,076 | 928 | ||||||
Customer service fees | 193 | 119 | ||||||
Increase in cash surrender value of life insurance | 41 | 44 | ||||||
Net gain on loan sales | 368 | 810 | ||||||
Realized gain/(loss) on securities | 0 | 9 | ||||||
Other income | 710 | 258 | ||||||
Total noninterest income | $ | 2,388 | $ | 2,168 | ||||
Salary and employee benefits | 2,609 | 2,106 | ||||||
Premises and equipment | 522 | 557 | ||||||
Data processing | 469 | 405 | ||||||
Deposit insurance premium | 33 | 30 | ||||||
Professional fees | 197 | 190 | ||||||
Other expenses | 534 | 462 | ||||||
Total noninterest expense | $ | 4,364 | $ | 3,750 | ||||
Income before taxes | 2,165 | 2,685 | ||||||
Income tax expense | 378 | 457 | ||||||
Net income | $ | 1,787 | $ | 2,228 | ||||
Shares outstanding (adjusted for stock split) | 1,100,144 | 1,100,092 | ||||||
Average shares - basic (adjusted for stock split) | 1,099,628 | 1,112,495 | ||||||
Average shares - diluted (adjusted for stock split) | 1,099,628 | 1,112,495 | ||||||
Basic earnings per share (adjusted for stock split) | $ | 1.63 | $ | 2.00 | ||||
Diluted earnings per share (adjusted for stock split) | $ | 1.63 | $ | 2.00 | ||||
Other Data: | ||||||||
Yield on average assets | 3.86 | % | 4.12 | % | ||||
Cost on average assets | 0.35 | % | 0.43 | % | ||||
Interest rate spread | 3.51 | % | 3.69 | % | ||||
Net interest margin | 3.76 | % | 3.96 | % | ||||
Number of full service banking centers | 6 | 6 | ||||||
Return on average assets | 1.42 | % | 1.79 | % | ||||
Average assets | $ | 504,403 | $ | 496,641 | ||||
Return on average equity | 12.74 | % | 17.30 | % | ||||
Average equity | $ | 56,101 | $ | 51,507 | ||||
Equity to assets ratio (EOP) | 10.71 | % | 10.36 | % | ||||
Average total deposits | $ | 401,311 | $ | 397,729 | ||||
Loans past due 30 to 89 days (still accruing) | $ | 414 | $ | 785 | ||||
Loans past due 90 days or more (still accruing) | $ | 540 | $ | 383 | ||||
Nonaccrual loans | $ | 1,117 | $ | 1,109 | ||||
Book value per share (adjusted for stock split) | $ | 50.20 | $ | 47.03 | ||||
Market value per share - end of period close (adjusted for stock split) | $ | 51.66 | $ | 39.10 | ||||
SOURCE: SVB&T Corporation
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