Virginia Partners Bank Announces 74% Increase in Earnings for First Six Months of 2017
FREDERICKSBURG, Va., July 25, 2017 /PRNewswire/ -- Virginia Partners Bank (OTCQX: PTRS) reported net income of $387,000 for the second quarter 2017, a 21.0% increase compared to $320,000 for the second quarter 2016. For the six months ended June 30, 2017, net income totaled $827,000, a 74.0% increase compared to $475,000 for the first six months of 2016.
Assets as of June 30, 2017 were $373.2 million, an increase of $49.9 million or 15.4% from June 30, 2016. Over the same period, gross loans increased 11.7% to $267.8 million, and deposits grew 10.3% to $297.7 million. Non-interest bearing deposits grew 38.3% to $42.7 million as of June 30, 2017. All capital ratios continue to exceed regulatory requirements, with total risk-based capital substantially above well-capitalized regulatory requirements.
"Earnings for the first half of 2017 are running well ahead of last year. We used the new capital injection from our $8.6 million capital raise in the fourth quarter of 2016 to lever the balance sheet to increase earnings in combination with continued organic growth in loans and deposits. Through the remainder of the year, we expect total footings to remain somewhat steady as we anticipate reallocating investments into loans, and borrowings into deposits," said Lloyd B. Harrison, III, Virginia Partners Bank President & CEO.
About Virginia Partners Bank
Virginia Partners Bank, headquartered in in Fredericksburg, Virginia, was founded in 2008 and has three branches in Fredericksburg, Virginia. In Maryland, the bank trades under the name Maryland Partners Bank (a division of Virginia Partners Bank), and operates a full service branch and commercial banking office in La Plata and a Loan Production Office in Annapolis.
Cautionary Statement Regarding Forward-Looking Statements
This earnings release may contain forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are not statements of historical fact and are based on assumptions and describe future plans, strategies, and expectations of management, and are inherently subject to risks and uncertainties. These statements are generally identifiable by use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," "may," "will" or similar expressions. Forward-looking statements in this earnings release may include, without limitation, statements regarding anticipated future financial performance, funding sources including loan portfolio composition, deposit and loan growth, adequacy of the allowance for loan losses and future provisions for loan losses, securities portfolio composition and future performance, and strategic business initiatives. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the effects of or changes in: management's efforts to maintain asset quality and control operating expenses; the quality, composition and growth of the loan and investment portfolios; interest rates; and general economic and financial market conditions. These risks and uncertainties should be considered in evaluating forward‑looking statements contained herein. We have based our forward-looking statements on management's beliefs, assumptions, expectations and projections based on information available as of the date of this earnings release. You should not place undue reliance on such statements, because the beliefs, assumptions, expectations and projections about future events on which they are based may, and often do, differ materially from actual events and, in many cases, are outside of our control. We undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
Virginia Partners Bank |
|||||
Balance Sheet |
|||||
As of June 30, 2016 and 2017 |
|||||
Unaudited |
|||||
Actual |
Actual |
||||
ASSETS |
|||||
Cash and due from banks |
5,743,914 |
4,130,302 |
|||
Fed Funds sold & repos |
2,565,000 |
4,101,000 |
|||
Interest bearing deposits with banks |
2,000,000 |
6,474,000 |
|||
Investment securities - taxable |
72,705,517 |
56,178,211 |
|||
Investment securities - tax-exempt |
11,260,361 |
3,675,075 |
|||
Loans, net of unearned income |
267,811,229 |
239,742,758 |
|||
Less: Allowance for loan losses |
(3,302,465) |
(3,134,359) |
|||
Premises and equipment, net |
4,060,064 |
4,148,402 |
|||
Accrued interest receivable |
796,995 |
671,263 |
|||
Deferred income taxes, net |
1,554,354 |
1,158,927 |
|||
Bank owned life insurance |
7,269,996 |
5,104,717 |
|||
Other real estate owned |
- |
438,514 |
|||
Other assets |
776,555 |
644,751 |
|||
Total Assets |
373,241,520 |
323,333,561 |
|||
LIABILITIES |
|||||
Non-interest bearing deposits |
42,729,439 |
30,898,145 |
|||
Interest bearing demand deposits |
16,814,700 |
19,161,602 |
|||
Savings and money market deposits |
87,487,758 |
90,712,599 |
|||
Time deposits - retail |
118,877,965 |
108,397,187 |
|||
Time deposits - wholesale |
31,750,000 |
20,762,000 |
|||
Total Deposits |
297,659,862 |
269,931,533 |
|||
FHLB Advances |
37,000,000 |
24,000,000 |
|||
Other borrowings |
1,515,835 |
1,557,794 |
|||
Accrued expenses and other liabilities |
748,074 |
612,848 |
|||
Total Liabilities |
336,923,771 |
296,102,175 |
|||
EQUITY |
|||||
Common stock |
17,104,145 |
12,458,385 |
|||
Capital surplus |
16,479,906 |
13,266,571 |
|||
Retained earnings |
2,028,691 |
806,836 |
|||
Accumulated other comprehensive income |
(121,983) |
224,187 |
|||
Net income |
826,990 |
475,407 |
|||
Total Equity |
36,317,749 |
27,231,386 |
|||
Total Liabilities and Equity |
373,241,520 |
323,333,561 |
|||
Virginia Partners Bank |
|||||||
Statement of Income |
|||||||
As of June 30, 2016 and 2017 |
|||||||
Unaudited |
|||||||
For the Quarter Ending June 30, |
For the Six Months ending June 30, |
||||||
2017 |
2016 |
2017 |
2016 |
||||
INTEREST INCOME |
|||||||
Interest on loans |
2,984,717 |
2,680,748 |
5,922,000 |
5,320,617 |
|||
Fees on loans |
118,765 |
72,814 |
185,139 |
110,032 |
|||
Interest on federal funds sold |
3,481 |
4,849 |
9,081 |
22,054 |
|||
Interest on deposits with banks |
10,116 |
25,154 |
20,758 |
51,850 |
|||
Investment securities - taxable |
476,694 |
288,742 |
970,206 |
531,682 |
|||
Investment securities - tax-exempt |
64,091 |
12,613 |
117,746 |
20,305 |
|||
Total Interest Income |
3,657,864 |
3,084,920 |
7,224,931 |
6,056,540 |
|||
INTEREST EXPENSE |
|||||||
Interest bearing demand deposits |
8,139 |
7,256 |
16,167 |
14,039 |
|||
Savings and money market deposits |
89,403 |
83,831 |
176,412 |
180,920 |
|||
Time deposits - retail |
418,623 |
396,504 |
799,628 |
794,967 |
|||
Time deposits - wholesale |
118,529 |
37,665 |
179,340 |
75,265 |
|||
Total Interest expense on deposits |
634,694 |
525,256 |
1,171,547 |
1,065,191 |
|||
FHLB Advances |
111,676 |
67,741 |
245,952 |
133,468 |
|||
Interest on other borrowings |
28,928 |
26,937 |
57,866 |
55,259 |
|||
Total interest expense |
775,298 |
619,934 |
1,475,364 |
1,253,918 |
|||
Net interest income |
2,882,566 |
2,464,986 |
5,749,567 |
4,802,622 |
|||
Provision for loan losses |
34,845 |
10,000 |
90,845 |
46,896 |
|||
Net interest income after provision |
2,847,721 |
2,454,986 |
5,658,722 |
4,755,726 |
|||
NONINTEREST INCOME |
|||||||
Service charges and fees |
70,177 |
58,332 |
142,076 |
103,452 |
|||
Securities gains, net |
1,898 |
4,518 |
5,384 |
4,518 |
|||
Gain (loss) on the sale of assets |
(1,520) |
25,169 |
47,934 |
25,169 |
|||
Other noninterest income |
60,304 |
100,091 |
126,812 |
182,756 |
|||
Total noninterest income |
130,859 |
188,110 |
322,206 |
315,895 |
|||
NONINTEREST EXPENSE |
|||||||
Salaries and employee benefits |
1,286,693 |
1,088,352 |
2,537,812 |
2,233,980 |
|||
Occupancy and equipment expense |
222,912 |
243,113 |
459,940 |
464,454 |
|||
Professional services |
348,490 |
296,337 |
678,996 |
592,992 |
|||
Data processing |
127,773 |
116,813 |
258,889 |
237,936 |
|||
Promotion and marketing |
46,275 |
57,999 |
95,550 |
115,998 |
|||
FDIC assessment |
43,558 |
57,526 |
54,114 |
110,019 |
|||
Other operating expense |
365,415 |
303,384 |
729,386 |
585,850 |
|||
Total noninterest expense |
2,441,116 |
2,163,524 |
4,814,687 |
4,341,229 |
|||
Income before income taxes |
537,464 |
479,572 |
1,166,241 |
730,392 |
|||
Income tax expense |
150,209 |
159,730 |
339,251 |
254,985 |
|||
Net income |
387,255 |
319,842 |
826,990 |
475,407 |
|||
SOURCE Virginia Partners Bank
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article