Exhibit 99.1

 

 

Your Community Bankshares, Inc. reports 4th quarter net income available to common shareholders of $3.8 million, or $0.68 per diluted common share, and 1st quarter dividend

 

New Albany, Ind. (January 25, 2016) — Your Community Bankshares, Inc. (YCB) reported fourth quarter net income available to common shareholders of $3.8 million and earnings per diluted common share of $0.68, compared to $2.3 million, or $0.66 per diluted common share, for the same period in 2014.  Excluding merger and integration expenses resulting from the acquisition of First Financial Service Corporation of Elizabethtown, Kentucky (“FFKY”), the consolidation of the Company’s two subsidiary banks, and a net loss on the sale of loans, net income available to common shareholders for the quarter would have been $4.1 million or $0.74 per diluted common share (see “Regulation G Disclosure” below).  The Company also announced today that on January 19, 2016, its board of directors declared a quarterly cash dividend on the Company’s common stock of $0.12 per share payable on February 25, 2016 to shareholders of record at the close of business on February 8, 2016.

 

“We made substantial progress integrating First Financial Service Corporation’s operations into our Company during 2015,” stated James Rickard, President and Chief Executive Officer. “We are actually ahead of where we thought we would be in the process as we enter 2016.  This gives us a very strong foundation on which to continue to build shareholder value as we look ahead to the next few years.”

 

Mr. Rickard continued, “Core earnings continues to grow, but we are even more pleased with the improvement in credit quality during the last half of the year.  Completing the bulk loan sale was a big step forward for the Company.  We expect that this will have a meaningful impact on our non-interest expense as we reduce resources allocated to dealing with problem loan relationships.”

 

The following points summarize significant financial information for the fourth quarter of 2015:

 

·                  Net income for the fourth quarter of 2015 was $3.9 million while net income available to common shareholders was $3.8 million.  Excluding merger and integration expenses of $124,000 ($81,000, net of tax) and loss on sale of loans of $316,000 ($205,000, net of tax), net income would have been $4.1 million (see “Regulation G Disclosure” below).

·                  Non-performing assets to total assets increased to 0.90% at December 31, 2015 from 0.87% at September 30, 2015.  Non-accrual loans declined from $4.5 million at September 30, 2015 to $4.0 million at December 31, 2015.  Foreclosed and repossessed assets increased from $9.3 million to $10.0 million over the same period.

·                  During the fourth quarter the Company completed a bulk loan sale in which the Company sold 54 loans to third party investors netting proceeds of $15.6 million after costs to sell.  The Company recorded a net loss of $316,000 as a result of loan sale transactions in the fourth quarter.  The loans sold were excluded from the Company’s credit quality metrics as of September 30, 2015.

·                  Tangible book value per common share was $21.57 as of December 31, 2015 as compared to $20.55 at December 31, 2014.

·                  The Company is closing its financial center located at 12629 Taylorsville Road, Louisville, KY 40299 on February 19, 2016.  The Company leases the land and owns the building.  During the third quarter, the Company entered into a sublease with a third party and took a charge of $972,000 related to the transaction.  Consequently, the Company expects to recognize approximately $400,000 in annual pre-tax cost savings starting on March 1, 2016.

·                  The Company closed its drive through located at 401 E. Spring Street, New Albany, IN 47150 on November 20, 2015, which will allow the Company to avoid approximately $60,000 in non-interest expense per year starting on the closing date.

·                  The Company closed the lobby of its location located at 1671 N. Wilson Road, Radcliff, KY 40160 effective November 20, 2015.   The Company continues to operate a drive through and an ATM at this location.    The Company expects to avoid approximately $70,000 in non-interest expense per year starting on the closing date.

·                  Net interest income increased to $13.9 million from $13.4 million in the fourth quarter of 2015 due primarily to the reclassification of $466,000 from non-accretable yield into accretion income from one loan relationship.  The loan was acquired in the acquisition of First Federal Savings Bank of Elizabethtown in January 2015.

 


The following information was filed by Your Community Bankshares, Inc. (YCB) on Monday, January 25, 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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