Community Bankers (ESXB) Tops Q1 EPS by 1c

Community Bankers (NASDAQ: ESXB) reported Q1 EPS of $0.11, $0.01 better than the analyst estimate of $0.10. Revenue for the quarter came in at $12.95 million versus the consensus estimate of $11.9 million.

FINANCIAL HIGHLIGHTS

• Net income was $2.5 million for the quarter ended March 31, 2017, compared with $2.7 million and $2.4 million, respectively, for the quarters ended December 31, 2016 and March 31, 2016.
• Fully diluted earnings per common share was $0.11 for the quarter ended March 31, 2017, compared with $0.12 and $0.11, respectively, for the quarters ended December 31, 2016 and March 31, 2016.
• At March 31, 2017, tangible book value per share was $5.34, as compared with $5.17 at December 31, 2016 and $4.87 at March 31, 2016.

OPERATING HIGHLIGHTS

• Loans, excluding purchased credit impaired (PCI) loans, grew $15.9 million, or 1.9%, during the first quarter of 2017 and have grown $86.7 million, or 11.3%, since March 31, 2016.
• Demand deposit account balances of $129.0 million, or 12.3% of total deposits, have grown $24.9 million, or 23.9%, since March 31, 2016.
• Asset quality continues to improve as nonperforming assets to total loans and other real estate was 1.49% at March 31, 2017.
• There was no provision for loan losses in the first quarter of 2017 compared with a credit to the provision of $284,000 in the fourth quarter of 2016, which was related to the PCI portfolio.
• Net interest margin increased on a linked quarter basis, from 3.70% in the fourth quarter of 2016 to 3.88% in the first quarter of 2017, as a result of higher yields on both loans and securities.

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

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