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Community bank earnings: Meta Financial profit drops YOY on expenses

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Community bank earnings: Meta Financial profit drops YOY on expenses

In this feature, S&P Global Market Intelligence takes a look at earnings releases from a handful of community banks from around the country.

Midwest

Dubuque, Iowa-based Heartland Financial USA Inc. reported fourth-quarter 2016 net income available to common stockholders of $19.1 million, or 74 cents per share, up from $14.4 million, or 67 cents per share, in the last quarter of 2015. The S&P Capital IQ consensus normalized EPS estimate for the most recent quarter was 74 cents.

Heartland Chairman and CEO Lynn Fuller noted that 2016 had been the company's "best year on record." The company reported full-year net income available to common shareholders of $80.1 million, or $3.22 per share, compared to $59.2 million, or $2.83 per share, in 2015.

The company's total assets were $8.25 billion at Dec. 31, 2016.

* * *

Landmark Bancorp Inc. reported net earnings of $2.1 million, or 53 cents per share, for the 2016 fourth quarter, compared to $2.6 million, or 68 cents per share, for the 2015 fourth quarter.

The Manhattan, Kan.-based company's total assets were $911.4 million at Dec. 31, 2016.

President and CEO Michael Scheopner said the company is actively recruiting additional mortgage originators to address reduced mortgage activity following the departure of several mortgage lenders the past spring.

* * *

BNCCORP Inc. reported net income available to common shareholders of $1.4 million, or 41 cents per share, for the 2016 fourth quarter, compared to $1.6 million, or 46 cents per share, for the fourth quarter of 2015.

The Bismarck, N.D.-based company's total assets at 2016 year-end were $910.4 million.

* * *

Meta Financial Group Inc. reported net income of $1.2 million, or 14 cents per share, for the three months ended Dec. 31, 2016, compared to $4.1 million, or 49 cents per share, for the three months ended Dec. 31, 2015.

The drop in bottom line was due to an increase of $6.7 million in noninterest expense, partially offset by increases of $2.3 million in net interest income and $2.5 million in noninterest income.

The 2017 fiscal first quarter pretax results included $1.5 million in amortization of intangibles; $1.2 million in securities losses; $1.2 million in noncash stock-related compensation associated with employee agreements for three executives; $1.0 million in direct tax season startup expenses; and $1.0 million of acquisition-related expenses.

The Sioux Falls, S.D.-based company's total assets amounted to $4.21 billion as of Dec. 31, 2016.

Northeast

Camden, Maine-based Camden National Corp. reported net income of $10.9 million, or 70 cents per share, for the three months ended Dec. 31, 2016, compared to $1.7 million, or 11 cents per share, for the year-ago period.

Total assets at Dec. 31, 2016, were $3.86 billion.

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Pittsfield, Mass.-based Berkshire Hills Bancorp Inc. reported net income of $10.3 million, or 32 cents per share, for the three months ended Dec. 31, 2016. This compares to the year-ago quarter's net income of $16.0 million, or 52 cents per share.

The company had $9.16 billion in total assets at the end of the period.

For more information, see:

Berkshire Hills Bancorp ups dividend

Southeast

Birmingham, Ala.-based ServisFirst Bancshares Inc. reported net income available to common stockholders of $21.7 million, or 40 cents per share, for the fourth quarter of 2016, compared to $19.7 million, or 37 cents per share, for the final quarter of 2015.

The company had total assets of $6.37 billion as of Dec. 31, 2016.

Southwest

Lafayette, La.-based MidSouth Bancorp Inc. reported net earnings available to common shareholders of $1.4 million, or 12 cents per share, for the fourth quarter of 2016, compared to $1.7 million, or 15 cents per share, for the fourth quarter of 2015.

Consolidated assets totaled $1.9 billion at Dec. 31, 2016.

Puerto Rico

San Juan, Puerto Rico-based OFG Bancorp reported fourth-quarter 2016 net income available to shareholders of $12.1 million, or 27 cents per share, compared to a loss of $4.4 million, or 10 cents per share, in the last quarter of 2015.