Benchmark Bankshares, Inc. Reports 2nd Quarter Results

July 23, 2018 - Benchmark Bankshares, Inc. (BMBN), the Kenbridge-based holding company for Benchmark Community Bank, announced unaudited results for the three months and six months ended June 30, 2018. Net income for the three months ended June 30, 2018 was $2,135,004, or $0.42 per share, up 19.6% from the $1,785,754, or $0.35 per share, earned during the second quarter last year. Net income through the first six months of the year amounted to $4,262,435, or $0.83 per share, a 23.4% increase from the $3,453,260, or $0.67 per share, posted through the first six months of 2017.

Return on average equity through the first six months of the year was 12.43%, up from the 10.58% reported one year ago while return on assets increased from 1.23% to 1.43%.

Total loans have increased by $28.8 million year-to-date and by $53.5 million over the past twelve months. This growth, along with an increase in loan yield from 5.30% to 5.40%, has increased interest and fees on loans from $11.9 million to $13.2 million when comparing the first six months of 2018 to the same period last year.

Total deposits of $544.1 million are up $20.2 million for the year and $36.7 million over the past twelve months. A total of $11.0 million of this growth is from noninterest-bearing accounts, which has helped keep the bank’s cost of funds, currently 0.41%, consistent with the 0.39% cost of funds last year. The result was an increase in interest expense from $964 thousand to $1.1 million through the first six months of the year.

Overall, the bank’s net interest margin of 4.70% increased from 4.50% one year ago, while net interest income increased from $11.6 million to $12.9 million through the first six months of the year.

Net charge offs for the first six months of the year amounted to $144 thousand, down from the $245 thousand charged off in the first half of last year. Asset quality remains very strong and past due loans remain steady; however, management provisioned a total of $519 thousand to the loan loss reserve to support recent loan growth. A total of $386 thousand was provisioned to the reserve during the first six months of last year. The current loan loss reserve of $5.1 million is up from $4.8 million one year ago and equates to 0.99% of total loans.

The common stock of Benchmark Bankshares, Inc. trades on the OTC Pink marketplace under the symbol BMBN. Any stockbroker can assist with purchases of the company's stock, as well as with sales of holdings.

Benchmark Community Bank, founded in 1971, is headquartered in Kenbridge, VA. It is the company's sole subsidiary which operates fourteen banking offices throughout central Southside Virginia and northern North Carolina. Additional information is available at the company’s website, www.BCBonline.com.


Contact: Helen Person, VP/Director of Marketing
434-676-2666 ext. 1103
helen.person@bcbonline.com

 

Back to News & Reports