Bay Banks of Virginia (BAYK)
The parent of Virginia Commonwealth Bank posted an investor presentation. See the full slideshow here.
C&F Financial (CFFI)
The parent of C&F Bank posted its fourth quarter and yearend earnings. For the full year 2017, its net income was $6.6 million, down from $13.5 million at the end of 2016. For the fourth quarter it posted a loss of $3.3 million, compared with net income of $3.1 million in the same period in 2016. It said the results were affected by the Tax Cuts and Jobs Act, which was signed into law Dec. 22. The law lowers the federal corporate income tax rate from 35 percent to 21 percent and requires a re-measurement of deferred tax assets and deferred tax liabilities related. That resulted in a $6.6 million reduction in the value of C&F’s net deferred tax asset, equating to an income tax expense of $6.6 million for the fourth quarter. Despite the near-term loss, the bank said it expects long-term benefits from the lower corporate tax rate. Its total assets grew to $1.5 billion, up from $1.45 billion at the end of 2016. Click here for the full earnings release.
Executive VP Eric Margolin exercised options for 20,000 shares of common stock, selling them at $71.78 per share for a total of $1,435,600.
Community Bankers Trust (ESXB)
The parent of Essex Bank cited a similar effect from the tax law in its fourth quarter and yearend results. Its net loss for the quarter was $640,000, thanks to a one-time income tax expense of $3.5 million. It posted a $7.2 million profit for the year, down from $9.9 million in 2016. Its total assets reached $1.33 billion. The company also said it expects long-term benefits from the new tax rate. Click here for the full earnings release.
The power utility reported its fourth quarter and full-year earnings for 2017. Revenue for the quarter totaled $3.21 billion, up from $3.08 billion the three months of 2016. Profits for the quarter totaled $1.44 billion, up from $457 million the same quarter the year before. Year-end revenue totaled $12.58 billion, up from $11.73 billion the year before. Year-end profits totaled $3.13 billion, up from $2.12 billion the year before.
New Market (NEU)
The petroleum-focused holding company compensation committee approved bonuses for five executives. CEO Thomas Gottwald received $575,000. View the report here.
Village Bank and Trust Financial (VBFC)
The parent of Village Bank also reported an end-of-year loss from the tax law due to a $4.18 million write down of its deferred tax asset. Its loss for the quarter was $4.02 million, compared with a profit in the same period last year of $520,000. Its loss for the full year was $3.09 million, compared to a $13 million profit in 2016. Its total assets were $477 million, up from $444 million. Village, like its peers, expects long-term benefits from the law. Click here for the full report.