Exhibit 99.1

 

 

Your Community Bankshares, Inc. reports 1st quarter net income of $3.7 million, or $0.67 per diluted common share

 

New Albany, Ind. (April 28, 2016) — Your Community Bankshares, Inc. reported the results of operations for the three months ended March 31, 2016.

 

The following points summarize significant financial information for the first quarter of 2016:

 

·                  Net income for the first quarter of 2016 was $3.7 million or $0.67 per diluted common share.

·                  Non-performing assets to total assets decreased to 0.57% at March 31, 2016 from 0.90% at December 31, 2015.  Non-accrual loans declined from $4.0 million at December 31, 2015 to $2.6 million at March 31, 2016.  Foreclosed and repossessed assets declined from $10.0 million to $6.2 million over the same period.

·                  Tangible book value per common share was $22.60 as of March 31, 2016 as compared to $21.57 at December 31, 2015.

·                  Net interest income declined to $13.0 million from $13.9 million in the fourth quarter of 2015 due to the fourth quarter reclassification of $466,000 from non-accretable yield into accretion income from one loan relationship and an increase in borrowing costs.

·                  Fully tax equivalent net interest margin was 3.91%, a decrease from 4.08% for the fourth quarter of 2015.  The decrease in the margin was attributable to the same factors that drove the decrease in net interest income.

·                  The Company did not record a provision for loan losses during the quarter, a decrease from $330,000 for the fourth quarter in 2015, primarily because of generally improving credit quality metrics, including net charge-offs.

·                  Non-interest income declined to $2.6 million compared to $2.8 million for the fourth quarter of 2015 primarily because of an increase in the impairment on tax credit investments.

·                  Non-interest expense was $11.2 million as compared to $11.9 million for the fourth quarter of 2015, primarily because of a reduction in expenses related to foreclosed assets and problem credit relationships.

·                  Beginning March 31, 2015, the Company and its subsidiaries were subject to the new Basel III capital standards and met the definition of well-capitalized under the revised rules as of March 31, 2016.

·                  Selected performance ratios for the company are set out in the following table.

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

March

 

December

 

September

 

June

 

March

 

December

 

December

 

 

 

31,

 

31,

 

30,

 

30,

 

31,

 

31,

 

31,

 

 

 

2016

 

2015

 

2015

 

2015

 

2015

 

2015

 

2014

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.95

%

0.98

%

0.99

%

0.89

%

(0.23

)%

0.65

%

1.04

%

Return on average assets, excluding merger and integration expenses and net loss on sale of loans, net of income taxes

 

0.95

%

1.05

%

1.01

%

0.92

%

0.37

%

0.83

%

1.10

%

Return on average equity

 

11.34

%

10.30

%

10.44

%

9.75

%

(2.57

)%

7.03

%

9.54

%

Return on average equity, excluding merger and integration expenses and net loss on sale of loans, net of income taxes and gain on recognition of life insurance benefit

 

11.34

%

11.07

%

10.65

%

10.02

%

4.16

%

9.00

%

10.03

%

Net interest margin, fully tax equivalent

 

3.91

%

4.08

%

3.94

%

4.04

%

3.87

%

3.98

%

4.29

%

Net interest margin excluding accretion

 

3.66

%

3.67

%

3.61

%

3.60

%

3.53

%

3.60

%

4.17

%

Efficiency ratio (1)

 

68.76

%

64.63

%

64.56

%

58.85

%

82.07

%

67.35

%

63.75

%

 


The following information was filed by Your Community Bankshares, Inc. (YCB) on Thursday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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