Community Bankers (ESXB) Reports In-Line Q2 EPS

Community Bankers (NASDAQ: ESXB) reported Q2 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenue for the quarter came in at $0 versus the consensus estimate of $12.7 million.

OPERATING HIGHLIGHTS

• Gross loans, excluding purchase credit impaired (PCI) loans, grew $52.0 million, or 5.8%, during the fourth quarter of 2017 and $105.7 million, or 12.6%, since year-end 2016.
• Commercial loans grew $22.4 million, or 16.4%, during the fourth quarter of 2017.
• Noninterest bearing deposits grew $24.1 million, or 18.7%, during 2017.
• Noninterest bearing deposits were 14.0% of total deposits at December 31, 2017 compared with 12.4% at December 31, 2016.
• Essex Bank opened three full-service banking facilities during 2017 in strong metropolitan areas.
• FINANCIAL HIGHLIGHTS
• Fourth quarter 2017 net loss was $640,000, or $0.03 per common share, after recording a one-time charge of $3.5 million to income tax expense due to the new 21% tax rate established by the Tax Cuts and Jobs Act of 2017 (the \"Act\") enacted in December 2017.
• For the year ended December 31, 2017, net income was $7.2 million, or $0.33 per common share basic and $0.32 fully diluted, compared with net income of $9.9 million, or $0.45 per common share basic and fully diluted for 2016.
• Pre-tax income was $3.6 million for the fourth quarter of 2017 compared with $3.3 million in the third quarter of 2017, an increase of $241,000, or 7.2%.
• For the year ended December 31, 2017, pre-tax income was $14.1 million, an increase of $368,000, or 2.7%, over pre-tax net income of $13.7 million for the year ended December 31, 2016.
• There was a provision for loan losses of $400,000 in the fourth quarter of 2017 to support strong loan growth. This compares with a provision for loan losses of $150,000 in the third quarter of 2017 and a credit of $284,000 to the provision in the fourth quarter of 2016.
• A reconciliation of net income and earnings per share before and after the effect of the Act are presented in a non-GAAP presentation at the end of this release.

For earnings history and earnings-related data on Community Bankers (ESXB) click here.

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