Exhibit 99.1

 

 

AND TRUST FINANCIAL CORP.

 

News Release

For Immediate Release

 

VILLAGE BANK AND TRUST FINANCIAL CORP.

REPORTS RESULTS OF OPERATIONS FOR THE THIRD QUARTER 2017

 

Midlothian, Virginia, October 31, 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 third quarter of 2017. Net income for the third quarter of 2017 amounted to $273,000 and net income available to common shareholders, which deducts from net income the dividends on preferred stock, amounted to $160,000, or $0.11 per fully diluted share. For the first nine months of 2017, net income was $926,000 and net income available to common shareholders was $541,000, or $0.38 per fully diluted share.

 

Earnings by Segment

 

The following table presents operating results by segment for the indicated periods (in thousands):

 

Village Bank and Trust Financial Corp.
Earnings by Company
Three Months Ended June 30, 2017
                     
Operating Results by Segment
   Q3 2017   Q2 2017   Q1 2017   Q4 2016   Q3 2016 
Pretax earnings by segment                    
Commercial banking  $507   $293   $770   $421   $135 
Mortgage banking   (27)   137    (42)   414    572 
Holding Company   (101)   (99)   (179)   (135)   (127)
Total pretax income   379    331    549    700    580 
Income tax expense (benefit)   106    94    134    180    (11,352)
Net income  $273   $237   $415   $520   $11,932 

 

Commercial Banking Segment.

·Net interest income amounted to $3,691,000 for Q3 2017, an increase of $171,000, or 4.9%, over Q2 2017, and an increase of $302,000, or 8.9%, over Q3 2016. This was the result of continued organic growth in commercial loans and low cost relationship deposits, and improved net interest margin.

 


The following information was filed by Village Bank Trust Financial Corp. (VBFC) on Tuesday, October 31, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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