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Commerce Union Bancshares, Inc. Reports Record 2015 Results
Reports Record Loans and Net Income
BRENTWOOD, Tenn.--(BUSINESS WIRE)--February 2, 2016--Commerce Union Bancshares, Inc. (Nasdaq: CUBN), parent of Reliant Bank, announced today its results for the fourth quarter and year ended December 31, 2015. Net income attributable to common shareholders for the fourth quarter ended December 31, 2015 was $1.5 million, or $0.21 per fully diluted share, and loans, excluding mortgage loans held for sale, increased to $616.6 million. For the full year, net income increased to $5.6 million, or $0.86 per diluted share, in 2015. Results of operations were impacted by merger related expenses of approximately $207,000 in the fourth quarter of 2015 and $649,000 for the full year.
The fourth quarter’s results for 2015 are for Commerce Union Bancshares, Inc. (Company) and include the combined results of Reliant Bank and Commerce Union Bank following their merger that was effective April 1, 2015. Prior to the merger date, the consolidated financial statements presented in the accompanying tables are those of Reliant Bank only, and do not include the operations of Commerce Union Bancshares, Inc. since the transaction was treated as a reverse merger for accounting and financial presentation purposes. As a result, the consolidated financial statements for 2014 are those of Reliant Bank (pre-merger), and the results of operations for 2015 include those of Reliant Bank for the first quarter of 2015 added to the combined results of Commerce Union Bank, Reliant Bank and the Company for the second, third and fourth quarters of 2015.
“We are pleased to report record results following the combination of Reliant Bank and Commerce Union Bank,” stated William R. DeBerry, Chairman and Chief Executive Officer of the Company. “For 2015, we reported record assets, loans, deposits and net income. We also declared our first cash dividend at year-end of $.20 per share that highlights our Board’s continued focus on growing shareholder value. Our excellent results are a tribute to our combined team, the improved synergies of our operations and our strong market in middle Tennessee.”
“Our loan growth accelerated in the fourth quarter with solid contributions across business sectors in our five county market. We ended the year with a record $616.6 million in gross loans, excluding loans held for sale, up 15.2% on an annualized basis from the third quarter of 2015. Our outlook for loan growth in 2016 remains positive based on the strength of the economy in middle Tennessee and our loan pipeline leading into the first quarter,” continued DeBerry.
Fourth Quarter Revenue and Earnings
Total interest income rose to $8.7 million in the fourth quarter of 2015, up 2.7% compared with $8.5 million in the third quarter of 2015. The increase benefited from growth in earnings assets, including loans and investment securities. Net interest margin was 3.98% on a tax equivalent basis in the fourth quarter of 2015 and remained consistent with the third quarter of 2015.
Net interest income was a record $7.9 million in the fourth quarter of 2015, up 2.4% from $7.7 million in the third quarter of 2015. The increase benefited primarily from growth in earning assets.
Noninterest income totaled $3.5 million in the fourth quarter of 2015 compared with $4.0 million in the third quarter of 2015. The decline in noninterest income was due largely to a seasonal decrease in mortgage loans sold.
The following information was filed by Commerce Union Bancshares, Inc. (CUBN) on Tuesday, February 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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