SVB&T Corporation Reports Second Quarter 2024 Earnings and Year-to-Date Earnings, Declares Quarterly Dividend

JASPER, IN / ACCESSWIRE / August 13, 2024 / SVB&T Corporation (OTCQX:SVBT), parent company of Springs Valley Bank & Trust Company, today reported unaudited second quarter 2024 earnings of $1.70 million, or $1.55 earnings per share (EPS), an increase of 14.81% from EPS in the same period last year. This second quarter 2024 performance translates to a return on average assets (ROAA) of 1.12%, compared to the same period last year of 1.01%. SVB&T Corporation also announced that its board of directors has declared a quarterly dividend of $0.20 per share of the company’s common stock. The quarterly dividend is payable on or about October 15, 2024, to shareholders of record as of the close of business on September 16, 2024. The declared dividend represents an annual increase of 11.11% over the total dividend declared for fiscal year 2023.

Net interest income before provision expense for the second quarter ended June 30, 2024 was $4.07 million, compared to $4.47 million for the same period in 2023. Interest income increased $890,000 compared to the second quarter of the prior year, primarily due to higher loan balances and higher interest rates on loans as a result of higher interest rates and asset revaluations. Interest expense increased $1.29 million compared to the same quarter of the prior year, again due to higher interest rates and higher deposit balances, as well as the mix of interest-bearing and non-interest-bearing deposits. Provisions decreased $20,000 compared to the second quarter of the prior year. Additionally, non-interest income increased approximately $922,000 from $1.92 million to $2.84 million. The higher revenues can be attributed to higher revenues versus the prior year second quarter from several areas, including the Financial Advisory Group, loan sales service fees, mortgage sales revenues and a gain on the sale of other owned real estate. As in the past, generating non-interest income remains a strategic focus for SVB&T by growing the Financial Advisory Group, increasing loan sales revenues, expanding electronic banking services and other avenues to continue to reduce margin dependency. Non-interest expenses increased $277,000 from $4.57 million to $4.85 million, attributable to increases in general corporate expenses, the largest of which were increased core processing costs, health insurance expenses and electronic banking fees in the second quarter of 2024.