SbtB Reviewed Episode 96: Zack, Lies and Videotapes
Remember that time that all the girls were smitten by a hunky,
golden-tressed teacher? Or when Zack used a video-based assignment to
sexually harass women? Well, we’re doing all that again, only this time
in college and with a 90s (GONG!) reference in the title!
So say hello to Professor Lasky by downloading & listening here, then rate & review us on iTunes or Stitcher, follow us on Twitter and like us on Facebook . And you can email us at firstname.lastname@example.org.
Don’t forget to check out our IndieGoGo campaign! In exchange for helping us cover our expenses, you can get some cool swag. Check out the page here!
Former Saved by the Bell teen idol Mark-Paul Gosselaar almost broke the Internet when word got out that he will appear on his former SBTB co-star Tiffani Thiessen’s cook show, Dinner at Tiffani’s. Thiessen said, “Everybody wanted him on.” [Mark-Paul Gosselaar’s Two Wives and Four Kids] But don’t expect any old sparks to fly, Gosselaar is bringing his wife Catriona McGinn. Thiessen remains…
SBT Bancorp, Inc. Reports Fourth Quarter 2015 Results
SIMSBURY, Conn.–(BUSINESS WIRE)–
SBT Bancorp, Inc., (SBTB), holding company for The Simsbury Bank
& Trust Company, Inc., today announced net income of $1.4 million or
$1.37 basic and $1.36 diluted earnings per share for the year ended
December 31, 2015, compared to a net income of $805,000 or $0.80 basic
and $0.79 diluted earnings per share, an increase of $0.57 diluted
earnings per share compared to the prior year. The increase in net
income of $604,000 is mainly due to a $620,000 increase in mortgage
banking activities, and a $370,000 increase in net interest and dividend
income. These increases were partially offset by increases in the
provision for loan losses of $223,000 and salaries and employee benefits
“The Bank’s 2015 performance showed strong improvement from 2014,” said
Martin J. Geitz, President and Chief Executive Officer. “Commercial loan
balances increased by $32.3 million or 37.1% since year-end 2014 while
mortgage banking activities income more than doubled to $1.2 million
from $581,000 in 2014. As we move into 2016, we are excited with the
contribution to continued growth that we expect from our new
full-service branch office in West Hartford, which is opening in April.
Our successful issuance of common stock and long-term subordinated debt
have given us the capital needed to continue on our path of improved
earnings performance and overall growth.”
In October 2015, SBT Bancorp, Inc. closed on the issuance of an
unsecured subordinated term note in the aggregate principal amount of
$7.5 million due October 1, 2025. In November 2015, the Company issued
451,473 shares of common stock at $21.00 per share. The Company used the
net proceeds from the two transactions to increase its capital base to
support future growth and redeem the 9,000 shares of the Company’s
Senior Non-Cumulative Perpetual Preferred Stock, Series C, which the
Company issued to the United States Department of the Treasury as part
of the Company’s participation in the Small Business Lending Fund
Key highlights for December 31, 2015 compared to December 31, 2014
Net loans grew $40.3 million or 14.2%.
Commercial loan balances increased 37.1%.
Total revenues for the quarter increased 10.7%.
Residential mortgage banking activities income for the quarter
Net interest margin of 3.09% for the quarter was 3 basis points higher
compared to the prior year’s quarter.
Total deposits increased $16.6 million or 4.7%, driven by increases in
demand deposits of $18.3 million and Savings Accounts of $2.7 million.
These were partially offset by a decrease in time deposit balances of
The allowance for loan losses at December 31, 2015 was 0.93% of total
Return on average assets for the twelve months ended December 31, 2015
was 0.34% compared to 0.20% for the twelve months ended December 31,
Return on average equity for the twelve months ended December 31, 2015
was 4.48% compared to 2.79% for the twelve months ended December 31,
On December 31, 2015, loans outstanding were $327 million, an increase
of $40.6 million, or 14.2% over a year ago. Commercial loans grew by
$32.3 million or 37.1% and consumer loans grew by $4.0 million or 6.4%
due principally to an increase home equity line of credit borrowings and
purchased auto loans. Residential mortgage loans increased by $4.3
million or 3.1% driven by an increase in jumbo mortgages which are being
held in the portfolio.
The Company’s loan portfolio remains strong. The Company’s allowance for
loan losses at December 31, 2015 was 0.93% of total loans. The Company
had non-accrual loans totaling $4.1 million or 1.27% of total loans on
December 31, 2015, compared to non-accrual loans totaling $2.0 million
or 0.72% of total loans a year ago. Total non-accrual and delinquent
loans on December 31, 2015 was 1.44% of loans outstanding compared to
1.08% on December 31, 2014.
The increase in non-accrual loans is due primarily to the addition of a
commercial credit to the non-accrual classification in the amount of
Total deposits on December 31, 2015 were $373 million, an increase of
$16.6 million or 4.7% over a year ago primarily due to an increase in
demand deposits of $18.3 million and a $2.7 million increase in savings
and NOW deposits. These increases were partially offset by a decrease in
time deposits of $4.4 million. At quarter-end, 36% of total deposits
were in non-interest bearing demand accounts, 48% were in low-cost
savings, money market and NOW accounts and 16% were in time deposits.
For the fourth quarter 2015, total revenues, consisting of net interest
and dividend income plus noninterest income, were $3.9 million compared
to $3.5 million a year ago, an increase of $376,000 or 10.7%.
Noninterest income increased by $159,000 or 23.2%, primarily due to an
increase in mortgage banking activities of $136,000, partially offset by
a reduction of deposit fee revenue of $24,000. For the twelve months
ended December 31, 2015, total revenues were $14.9 million compared to
$13.9 million for the twelve months ended December 31, 2014, an increase
of $1.0 million or 7.4%. Noninterest income increased by $652,000 or
26.4%, primarily due to an increase in mortgage banking activities of
The Company’s year-to-date 2015 taxable-equivalent net interest margin
(taxable-equivalent net interest and dividend income divided by average
earning assets) was 3.03% compared to 2.99% for the 2014 period. The
Company’s yield on earning assets remained at 3.21%, while the cost of
funds decreased 5 basis points to 0.27% for the twelve months ended
December 31, 2015 compared to the same period of 2014. The Company’s
taxable-equivalent net interest margin for the three months ended
December 31, 2015 was 3.09% compared to 3.06% for the three months ended
December 31, 2014.
Total noninterest expense for the fourth quarter 2015 was $3.3 million,
an increase of $239,000 or 7.7% above the fourth quarter of 2014. The
increase was primarily driven by an increase in salary and benefits
expense of $216,000 and data processing costs of $57,000. These were
partially offset by decreases in professional fees of $38,000 and a
decrease in advertising and promotions expenses of $55,000. For the
twelve months ended December 31, 2015, total noninterest expense was
$13.0 million, a decrease of $50,000 or 0.4% compared to the twelve
months ended December 30, 2014. The decrease was primarily driven by a
decrease in advertising and promotions of $152,000 and a reduction in
FDIC assessment of $62,000. These were partially offset by an increase
of salaries and benefits expense of $136,000, and increases in data
processing fees of $97,000.
Capital levels for The Simsbury Bank & Trust Company on December 31,
2015 were above those required to meet the regulatory “well-capitalized”
designation. Capital ratios are calculated under Basel III rules, which
became effective January 1, 2015.
Simsbury Bank is an independent, community bank for consumers and
businesses based in Connecticut. Simsbury Bank Home Loans is a division
of Simsbury Bank serving the home financing needs of consumers
throughout Southern New England. Simsbury Bank is wholly-owned by
publicly traded SBT Bancorp, Inc. Its stock is traded on the OTCQX
marketplace under the ticker symbol of SBTB. For more information, visit www.simsburybank.com.
Certain statements in this press release, including statements regarding
the intent, belief or current expectations of SBT Bancorp, Inc., The
Simsbury Bank & Trust Company, or their directors or officers, are
“forward-looking” statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995). Because such statements are
subject to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.