Community Bank Shares of Indiana, Inc. Reports 1st Quarter Net Income Available to Common Shareholders of $2.0 Million, or $0.59 Per Diluted Common Share and 2nd Quarter Dividend Business Wire NEW ALBANY, Ind. -- April 17, 2014 Community Bank Shares of Indiana, Inc. reported first quarter net income available to common shareholders of $2.0 million and earnings per diluted common share of $0.59, an increase of 18.7% and 18.0% from the same periods in 2013, respectively. The Company also announced today that on April 15^th, its board of directors declared a quarterly cash dividend on the Company’s common stock of $0.12 per share payable on May 16, 2014 to shareholders of record at the close of business on May 2, 2014. “Our first quarter net income represents a continuation of the positive momentum in the Company’s earnings beginning with the fourth quarter of 2009. During the quarter we were able to improve our net income compared to 2013 while also increasing our net loans by approximately $12 million. Our first quarter earnings have provided a great start to 2014,” stated James Rickard, President and Chief Executive Officer. The following points summarize significant financial information for the first quarter of 2014: *Net income available to common shareholders was $2.0 million. *Tangible book value per common share of $17.29 as of March 31, 2014. *Fully tax equivalent net interest margin was 4.09%, an increase from 4.06% for the same period in 2013; net interest income increased to $7.5 million from $7.1 million. *Provision for loan losses was $282,000, a slight increase from $247,000 for the same quarter in 2013. *Non-interest income increased to $1.7 million for the first quarter of 2014 compared to $1.4 million in 2013. The increase was due to net gains on sales of securities of $295,000 recognized in 2014 compared to $6,000 in 2013. *Non-interest expense was $6.6 million in the first quarter of 2014 compared to $6.1 million in 2013 due to increases in several categories of expenses associated with the acquisition of First Federal of Lexington, Kentucky in the second quarter of 2013. The Company’s unaudited consolidated condensed statements of income and credit quality metrics are as follows: Three Months Ended March 31, December 31, 2014 2013 2013 (In thousands, except per share data) Interest income $ 8,001 $ 7,724 $ 8,422 Interest expense 476 638 546 Net interest income 7,525 7,086 7,876 Provision for loan losses 282 247 618 Non-interest income 1,677 1,424 1,711 Non-interest expense 6,551 6,086 6,240 Income before income taxes 2,369 2,177 2,729 Income tax expense 257 270 433 Net income $ 2,112 $ 1,907 $ 2,296 Preferred stock dividends (110 ) (221 ) (72 ) Net income available to common $ 2,002 $ 1,686 $ 2,224 shareholders Basic earnings per common share $ 0.59 $ 0.50 $ 0.66 Diluted earnings per common share $ 0.59 $ 0.50 $ 0.66 Credit quality metrics are as follows (in thousands): As of March 31, 2014 December 31, March 31, 2013 2013 Loans on non-accrual status $ 9,638 $ 7,787 $ 15,160 Loans past due 90 days or - - - more and still accruing Foreclosed and repossessed 6,334 5,988 6,242 assets Total non-performing assets $ 15,972 $ 13,775 $ 21,402 Non-performing assets to 1.89 % 1.62 % 2.64 % total assets Allowance for Loan Losses to 1.46 1.43 1.63 Total Loans The Company’s unaudited condensed consolidated balance sheets are as follows: March 31, December 31, 2014 2013 (In thousands) ASSETS Cash and due from financial institutions $ 18,197 $ 15,393 Interest-bearing deposits in other financial 4,403 10,896 institutions Securities available for sale 194,506 195,327 Loans held for sale - 68 Loans, net of allowance for loan losses of $8,378 565,265 552,926 and $8,009 Federal Home Loan Bank and Federal Reserve stock 5,954 5,955 Accrued interest receivable 2,990 3,149 Premises and equipment, net 18,431 18,557 Cash surrender value of life insurance 21,550 21,386 Other intangible assets 920 1,004 Foreclosed and repossessed assets 6,334 5,988 Other assets 7,532 16,086 Total Assets $ 846,082 $ 846,735 LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits Non interest-bearing $ 192,749 $ 187,207 Interest-bearing 462,327 456,418 Total deposits 655,076 643,625 Other borrowings 41,056 45,722 Federal Home Loan Bank advances 40,000 50,000 Subordinated debentures 17,000 17,000 Accrued interest payable 94 106 Other liabilities 1,964 1,943 Total liabilities 755,190 758,396 STOCKHOLDERS’ EQUITY Total stockholders’ equity 90,892 88,339 Total Liabilities and Stockholders’ Equity $ 846,082 $ 846,735 About Community Bank Shares of Indiana, Inc. Community Bank Shares of Indiana, Inc. is Southeastern Indiana’s largest locally owned and headquartered bank holding company and includes Your Community Bank and The Scott County State Bank. The Company’s stock trades on the NASDAQ Global Select Market under the symbol “CBIN.” The mission statement of Community Bank Shares of Indiana reflects its purpose: “Achieving financial goals through exceptional people and exceptional service.” Community Bank Shares of Indiana strives to help shareholders, customers, employees, and our communities achieve their respective financial goals by empowering talented individuals to provide a level of unmatched customer service. To learn more about us, please visit www.yourcommunitybank.com and www.scottcountystatebank.com. Statements in this press release relating to the Company’s plans, objectives, or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations. The Company’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed in the Company’s 2013 Form 10-K filed with the Securities and Exchange Commission. Contact: Community Bank Shares of Indiana, Inc. Paul Chriscom, CFO, 812-981-7375
Community Bank Shares of Indiana, Inc. Reports 1st Quarter Net Income Available to Common Shareholders of $2.0 Million, or $0.59
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