First Sentry Bancshares posts record earnings and total assets
Huntington, W.Va., : Geoffrey S. Sheils, President & CEO, recently announced that First Sentry Bancshares, Inc. generated net earnings of $5.13 million in 2016. This is the highest net income in company history and represents a 9.9% increase from the previous record of $4.67 million in 2015. Earnings per share were also a company record as it amounted to $3.50 per share in 2016 versus $3.25 per share in 2015. December 31, 2016 also marked the date of the company paying its 57th consecutive quarterly cash dividend to its shareholders.
“This net revenue growth was the result of the combination of improvements in the bank’s net interest income, non interest income and loan loss provision expense. These favorable variances more than offset an increase in operating expenses, and one-time expenses, largely a result of our acquisition of Rock Branch Community Bank in 2016.,” said Sheils.
Total assets amounted to a company record $629.5 million on December 31, 2016 eclipsing the previous mark of $508.5 million on December 31, 2015. This $121 million, or 23.8%, growth was a result of the acquisition of $78 million assets from Rock Branch Community Bank plus $43 million in organic growth.
Sheils added, “We thank our constituents – our customers, our shareholders, and our communities – for helping us achieve such success. It is a testament to our staff and board of directors to continue to be ranked in the Top 200 Community Banks in the nation in American Banker Magazine, and we look to the future with much excitement and energy as we all work together to continue to build this great franchise.”
First Sentry Bancshares, Inc. is a one bank holding company headquartered in Huntington, West Virginia with full service banking offices in Huntington, Barboursville, Hamlin and Nitro, West Virginia. The company, which started in 1996 had $629.5 million in assets and $436 million in loans outstanding as of December 31, 2016. More information can be obtained at www.firstsentry.com.