Village Bank and Trust Financial Corporation (VBFC) has reported a 441.67 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.52 million, or $0.23 a share in the quarter, compared with $0.10 million, or $0.06 a share for the same period last year. Revenue during the quarter dropped 16.17 percent to $6.28 million from $7.50 million in the previous year period. Net interest income for the quarter rose 7.25 percent over the prior year period to $3.45 million. Non-interest income for the quarter rose 24.32 percent over the last year period to $2.84 million.
Net interest margin contracted 2 basis points to 3.44 percent in the quarter from 3.46 percent in the last year period.
Bill Foster, president and chief executive officer, commented “Our team accomplished a great deal on many fronts during 2016, but I am most proud of the traction we established in growing relationships in consumer, commercial and mortgage banking and the success we had in attracting talented professionals to our team. We are relationship driven to our core. We build deep and lasting relationships on a foundation of trust, exceptionally professional and caring service, a genuine desire to help our clients thrive and the expertise to help them do just that. Our success in 2016 demonstrates to us that there are plenty of families, businesses, professional firms, nonprofits, business owners, referral sources and prospective team members who value what we offer. In 2017, we will continue to focus on executing our strategy in a disciplined manner and growing the business.”
Assets outpace liabilities growth
Total assets stood at $444.80 million as on Dec. 31, 2016, up 5.92 percent compared with $419.94 million on Dec. 31, 2015. On the other hand, total liabilities stood at $394.52 million as on Dec. 31, 2016, up 1.27 percent from $389.58 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $334.39 million as on Dec. 31, 2016, up 10.04 percent compared with $303.88 million on Dec. 31, 2015. Deposits stood at $383.28 million as on Dec. 31, 2016, up 5.05 percent compared with $364.85 million on Dec. 31, 2015. Investments stood at $43.89 million as on Dec. 31, 2016, up 15.76 percent or $5.98 million from year-ago. Shareholders equity stood at $43.61 million as on Dec. 31, 2016, up 43.66 percent or $13.25 million from year-ago.
Return on average assets moved up 37 basis points to 0.46 percent in the quarter from 0.09 percent in the last year period. At the same time, return on average equity increased 348 basis points to 4.70 percent in the quarter from 1.22 percent in the last year period.
Nonperforming assets moved down 46.54 percent or $4.64 million to $5.33 million on Dec. 31, 2016 from $9.97 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.20 percent in the quarter, down from 2.37 percent in the last year period.
Tier-1 leverage ratio stood at 10.47 percent for the quarter, up from 9.33 percent for the previous year quarter. Book value per share was $26.54 for the quarter, up 52.70 percent or $9.16 compared to $17.38 for the same period last year.
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