SVB&T Corporation, Parent Company of Springs Valley Bank & Trust Company, Reports 2024 Third Quarter and Year to Date Earnings
Rhea-AI Summary
SVB&T (OTCQX:SVBT) reported Q3 2024 unaudited earnings of $1.71 million or $1.56 EPS, showing a 6.12% increase year-over-year on a per share basis. The company maintained a Return on Average Assets (ROAA) of 1.11%. Net interest income was $4.34 million, slightly down from $4.39 million in Q3 2023. Total assets increased to $622.09 million, with total loans reaching $488.61 million. Book value per share grew 13.04% to $58.77. Year-to-date earnings reached $4.81 million or $4.38 EPS, representing a 5.54% increase over the same period last year.
Positive
- Q3 EPS increased 6.12% year-over-year to $1.56
- Book value per share grew 13.04% to $58.77
- Total assets increased to $622.09 million from $613.55 million
- Total deposits increased by $15.52 million to $548.98 million
- Noninterest income increased by $239,000 to $2.62 million
Negative
- Net interest income declined from $4.39M to $4.34M in Q3
- Noninterest expense increased by $286,000 to $5.00 million
- Noninterest-bearing deposits decreased by $2.66 million
- YTD net interest income decreased by $908,000 compared to 2023
News Market Reaction – SVBT
In the trading session that priced this news, SVBT gained 0.57%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
JASPER, IN / ACCESSWIRE / November 13, 2024 / SVB&T Corporation (OTCQX:SVBT), parent company of Springs Valley Bank & Trust Company, today announced 2024 third quarter unaudited earnings of
Net interest income before provision expense for the third quarter ended September 30, 2024 was
Quarter over trailing quarter earnings increased approximately
SVB&T Corporation book value has increased from
Total assets increased
Year to date (YTD) unaudited earnings for the nine months ended September 30, 2024 was
Net interest income before provision expense for the nine months ended September 30, 2024 was
President J. Craig Buse commented, "Springs Valley continues to focus on relationship-oriented community banking while following our Mission Statement and staying true to our Core Values. This approach has resulted in a healthy
CEO Jamie Shinabarger concurred and added, "It's been an eventful year in banking so far in 2024 given the inverted yield curve, elevated interest rates, stubborn inflation, international concerns, and the recent presidential election just to name a few things. Springs Valley continues to strategically pivot when necessary to reposition our balance sheet and realign our various initiatives to make the most of this ever-changing external environment. However, with that said, as President Buse noted, one thing that remains constant through it all is the Bank's Mission…to enhance the financial quality of life in our communities by focusing on you."
##
For more information contact: Ryan Heim, Treasurer & CFO, SVB&T Corporation, at 812.634.4889 or rheim@svbt.bank.
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 |
| ||||||
|
| 30-Sep |
|
| 31-Dec |
| ||||||
|
| 2024 |
|
| 2023 |
|
| 2023 |
| |||
Assets |
|
|
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 16,174 |
|
| $ | 9,932 |
|
| $ | 13,180 |
|
Interest-bearing time deposits |
|
| 0 |
|
|
| 491 |
|
|
| 0 |
|
Fed funds sold |
|
| 22,236 |
|
|
| 11,174 |
|
|
| 26,705 |
|
Available for sale securities |
|
| 66,753 |
|
|
| 58,627 |
|
|
| 61,924 |
|
Other investments |
|
| 2,517 |
|
|
| 2,517 |
|
|
| 2,517 |
|
Loans held for sale |
|
| 3,175 |
|
|
| 426 |
|
|
| 576 |
|
Loans net of allowance for credit losses |
|
| 478,555 |
|
|
| 466,888 |
|
|
| 476,534 |
|
Premises and equipment |
|
| 6,092 |
|
|
| 6,505 |
|
|
| 6,341 |
|
Bank-owned life insurance |
|
| 10,669 |
|
|
| 10,462 |
|
|
| 10,513 |
|
Accrued interest receivable |
|
| 3,748 |
|
|
| 3,755 |
|
|
| 3,345 |
|
Foreclosed assets held for sale |
|
| 49 |
|
|
| 49 |
|
|
| 49 |
|
Mortgage servicing rights |
|
| 2,367 |
|
|
| 2,140 |
|
|
| 2,005 |
|
Lender risk account (FHLBI) |
|
| 1,621 |
|
|
| 1,617 |
|
|
| 1,637 |
|
Other assets |
|
| 8,131 |
|
|
| 8,799 |
|
|
| 8,224 |
|
Total assets |
| $ | 622,087 |
|
| $ | 583,382 |
|
| $ | 613,550 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
| 84,947 |
|
|
| 92,117 |
|
|
| 87,611 |
|
Interest-bearing deposits |
|
| 464,037 |
|
|
| 415,598 |
|
|
| 445,847 |
|
Borrowed funds |
|
| 0 |
|
|
| 5,000 |
|
|
| 5,000 |
|
Subordinated debentures |
|
| 0 |
|
|
| 5,000 |
|
|
| 5,000 |
|
Accrued interest payable and other liabilities |
|
| 8,690 |
|
|
| 8,537 |
|
|
| 9,812 |
|
Total liabilities |
| $ | 557,674 |
|
| $ | 526,252 |
|
| $ | 553,270 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stockholders' equity |
|
| 64,413 |
|
|
| 57,130 |
|
|
| 60,280 |
|
Total liabilities and stockholders' equity |
| $ | 622,087 |
|
| $ | 583,382 |
|
| $ | 613,550 |
|
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| 30-Sep |
|
| 30-Sep |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and dividend income |
| $ | 8,623 |
|
| $ | 7,551 |
|
| $ | 25,018 |
|
| $ | 21,709 |
|
Interest expense |
|
| 4,283 |
|
|
| 3,160 |
|
|
| 12,547 |
|
|
| 8,330 |
|
Net interest income |
| $ | 4,340 |
|
| $ | 4,391 |
|
| $ | 12,471 |
|
| $ | 13,379 |
|
Provision for credit losses |
|
| 12 |
|
|
| 137 |
|
|
| 106 |
|
|
| 481 |
|
Net interest income after provision for credit losses |
| $ | 4,328 |
|
| $ | 4,254 |
|
| $ | 12,365 |
|
| $ | 12,898 |
|
Fiduciary activities |
|
| 1,291 |
|
|
| 1,147 |
|
|
| 3,744 |
|
|
| 3,324 |
|
Customer service fees |
|
| 259 |
|
|
| 219 |
|
|
| 737 |
|
|
| 641 |
|
Increase in cash surrender value of life insurance |
|
| 52 |
|
|
| 45 |
|
|
| 155 |
|
|
| 126 |
|
Net gain/(loss) on loan sales |
|
| 346 |
|
|
| 352 |
|
|
| 807 |
|
|
| 697 |
|
Realized gain/(loss) on securities |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Other income |
|
| 674 |
|
|
| 620 |
|
|
| 2,312 |
|
|
| 1,494 |
|
Total noninterest income |
| $ | 2,622 |
|
| $ | 2,383 |
|
| $ | 7,755 |
|
| $ | 6,282 |
|
Salary and employee benefits |
|
| 3,053 |
|
|
| 2,851 |
|
|
| 8,969 |
|
|
| 8,290 |
|
Premises and equipment |
|
| 540 |
|
|
| 531 |
|
|
| 1,632 |
|
|
| 1,665 |
|
Data processing |
|
| 567 |
|
|
| 497 |
|
|
| 1,484 |
|
|
| 1,300 |
|
Deposit insurance premium |
|
| 68 |
|
|
| 66 |
|
|
| 203 |
|
|
| 197 |
|
Professional fees |
|
| 163 |
|
|
| 215 |
|
|
| 526 |
|
|
| 623 |
|
Other expenses |
|
| 609 |
|
|
| 554 |
|
|
| 1,787 |
|
|
| 1,784 |
|
Total noninterest expense |
| $ | 5,000 |
|
| $ | 4,714 |
|
| $ | 14,601 |
|
| $ | 13,859 |
|
Income before taxes |
|
| 1,950 |
|
|
| 1,923 |
|
|
| 5,519 |
|
|
| 5,321 |
|
Income tax expense |
|
| 239 |
|
|
| 303 |
|
|
| 712 |
|
|
| 764 |
|
Net income |
| $ | 1,711 |
|
| $ | 1,620 |
|
| $ | 4,807 |
|
| $ | 4,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares outstanding |
|
| 1,095,956 |
|
|
| 1,098,836 |
|
|
| 1,095,956 |
|
|
| 1,098,836 |
|
Average shares - basic |
|
| 1,095,956 |
|
|
| 1,098,836 |
|
|
| 1,096,779 |
|
|
| 1,098,631 |
|
Average shares - diluted |
|
| 1,095,956 |
|
|
| 1,098,836 |
|
|
| 1,096,779 |
|
|
| 1,098,631 |
|
Basic earnings per share |
| $ | 1.56 |
|
| $ | 1.47 |
|
| $ | 4.38 |
|
| $ | 4.15 |
|
Diluted earnings per share |
| $ | 1.56 |
|
| $ | 1.47 |
|
| $ | 4.38 |
|
| $ | 4.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on average assets |
|
| 5.61 | % |
|
| 5.17 | % |
|
| 5.48 | % |
|
| 5.00 | % |
Cost on average assets |
|
| 2.79 | % |
|
| 2.16 | % |
|
| 2.75 | % |
|
| 1.92 | % |
Interest rate spread |
|
| 2.82 | % |
|
| 3.01 | % |
|
| 2.73 | % |
|
| 3.08 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net interest margin |
|
| 2.90 | % |
|
| 3.10 | % |
|
| 2.82 | % |
|
| 3.20 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Number of full service banking centers |
|
| 6 |
|
|
| 6 |
|
|
| 6 |
|
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Return on average assets |
|
| 1.11 | % |
|
| 1.11 | % |
|
| 1.05 | % |
|
| 1.05 | % |
Average assets |
| $ | 615,020 |
|
| $ | 584,757 |
|
| $ | 608,488 |
|
| $ | 578,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Return on average equity |
|
| 10.90 | % |
|
| 11.23 | % |
|
| 10.45 | % |
|
| 10.73 | % |
Average equity |
| $ | 62,801 |
|
| $ | 57,687 |
|
| $ | 61,310 |
|
| $ | 56,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity to assets ratio (EOP) |
|
| 10.35 | % |
|
| 9.79 | % |
|
| 10.35 | % |
|
| 9.79 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Average total deposits |
| $ | 540,095 |
|
| $ | 507,884 |
|
| $ | 530,555 |
|
| $ | 497,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loans past due 30 to 89 days (still accruing) |
| $ | 1,819 |
|
| $ | 638 |
|
| $ | 1,819 |
|
| $ | 638 |
|
Loans past due 90 days or more (still accruing) |
| $ | 66 |
|
| $ | 834 |
|
| $ | 66 |
|
| $ | 834 |
|
Nonaccrual loans |
| $ | 1,489 |
|
| $ | 3,017 |
|
| $ | 1,489 |
|
| $ | 3,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Book value per share |
| $ | 58.77 |
|
| $ | 51.99 |
|
| $ | 58.77 |
|
| $ | 51.99 |
|
Market value per share - end of period close |
| $ | 42.20 |
|
| $ | 39.50 |
|
| $ | 42.20 |
|
| $ | 39.50 |
|
SOURCE: SVB&T Corporation
View the original press release on accesswire.com