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AND TRUST FINANCIAL CORP.
For Immediate Release
C. Harril Whitehurst, Jr.
Executive Vice President and CFO
VILLAGE BANK AND TRUST FINANCIAL CORP.
REPORTS EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR 2016
AND PARTIAL REDEMPTION OF PREFERRED STOCK
Midlothian, Virginia, January 27, 2017. Village Bank and Trust Financial Corp. (the “Company”) (NASDAQ symbol: VBFC), parent company of Village Bank (the “Bank”), today reported unaudited results for the three months and year ended December 31, 2016. All information for 2016 included in this release is unaudited and subject to change through the date of the filing of the Company’s Annual Report on Form 10-K.
Net income for the fourth quarter of 2016 amounted to $520,000, compared to net income of $11,932,000 for the third quarter of 2016 and net income of $96,000 for the fourth quarter of 2015. Net income available to common shareholders, which deducts from net income the dividends on preferred stock, amounted to net income of $330,000, or $0.23 per fully diluted share, for the fourth quarter of 2016, and a net loss of $78,000, or $0.06 per fully diluted share for the same period in 2015.
For the year ended December 31, 2016, the Company had net income of $13,513,000 and net income available to common shareholders of $12,776,000, or $8.99 per fully diluted share, compared to net income of $646,000 and net income available to common shareholders of $6,591,000, or $5.49 per fully diluted share, for the same period in 2015. Net income and net income available to common shareholders for the year ended December 31, 2016 were positively impacted by the reversal in the third quarter of 2016 of an $11,997,000 valuation allowance previously recorded against the net deferred tax asset. Netting this reversal against income tax expense for 2016 of $825,000 resulted in an income tax benefit of $11,172,000 for the year ended December 31, 2016. Net income available to common shareholders for the year ended December 31, 2015 was positively impacted by the forgiveness of principal and dividends on preferred stock amounting to $6,619,000 associated with the rights offering to shareholders and concurrent standby offering completed in March 2015.
The following information was filed by Village Bank Trust Financial Corp. (VBFC) on Friday, January 27, 2017 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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