Summit State Coffer appear today that its assets rose about $100 actor over the accomplished year to about $611 actor on Dec. 31, up from $514 actor at the end of 2016.
For the fourth quarter, the coffer appear lower balance due abundantly to what it characterized as absolute factors. The Tax Cuts and Jobs Act allowable on Dec. 22 resulted in a write-down of deferred-tax assets of $292,000. The bank’s lath additionally awarded a account to non-executive advisers of $2,000 apiece, for a absolute of $144,000, additionally taken adjoin 2017 earnings. As a result, the coffer acquaint net assets of $478,000 for the quarter, bottomward from $1.2 actor for the fourth division of 2016. Long term, however, the bargain accumulated taxes from 35 percent to 21 percent will addition profitability.
Summit State Coffer declared adulterated balance per allotment of 8 cents for the fourth division of 2017, bottomward from 20 cents in the aforementioned division of 2016.
For the abounding year, net assets for the coffer was $3.3 million, bottomward from about $5 actor for all of 2016.
When a coffer grows its accommodation portfolio, federal regulators crave that it set abreast loan-loss accoutrement after allegorical absolutely how abundant allegation be set aside. “It’s not accompanying to losses,” said Jim Brush, CEO and admiral of Summit State Bank. “It’s accompanying to the actuality that we grew the accommodation portfolio by absolutely a bit. It’s a allegation to the earnings, but isn’t accompanying to losses. There’s not an exact claim — aloof a able urge” by regulators. “We had several of those hits in the fourth quarter.”
In the fourth quarter, Summit State Coffer had a 10.6 percent access in gross loans, and was up 23.2 percent for the year. The coffer recorded a loan-loss accouterment of $350,000 for the fourth division and $520,000 for the year. In 2016, no loan-loss accoutrement were made.
Brush attributed the advance in loans to adamantine assignment by the bank’s employees.
“We grew loans but bargain our advance portfolio by about $40 million,” Brush said. “We replaced some of our assets by absolution investments drain off. It sets us up able-bodied for the future.”
Though the abridgement in accumulated tax ante from 35 to 21 percent in the act will advice the coffer in 2018, added factors aggregate headwinds, such as the interest-rate increases by the Federal Reserve during 2017, additionally accepted this year. “The absorption amount increases brought on by the Federal Reserve during 2017 accepted arduous as net absorption assets beneath by $101,000 during 2017 compared to 2016,” the coffer said in a statement. The addition in absorption ante affects the bank’s interest-bearing liabilities.
Banks amid in automated areas accept added loans that are curve of credit, Brush said, such as allotment for manufacturing. “Those are about based on prime,” and acceleration with prevailing rates. “In our area, we accept a lot added commercial-real-estate loans that are anchored for up to bristles years. Our ante don’t alter as bound back ante go up, but our costs (for funds) do alter (go up). Our costs go up hardly faster than our income. We are liability-sensitive. Most banks are asset-sensitive,” and bound account from ascent absorption rates.
Most of the new Summit State Coffer loans were recorded in the additional bisected of 2017. “The coffer should acquaintance the absolute impacts on balance in 2018 from the added loans generated in 2017 by accepting a abounding year of absorption assets accompanying to the increase,” said Brush.
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