New Albany, Ind: Community Bank Shares of Indiana, Inc. announced fourth quarter net income available to common shareholders of $2.3 million and earnings per diluted common share of $0.66.
For the year ended December 31, 2014, net income available to common shareholders was $8.6 million, a 9.01% increase from $7.9 million in 2013 while earnings per diluted common share increased to $2.46 from $2.32, a 6.03% increase. Fully tax equivalent net interest margin was 4.47%, an increase from 4.20% for the same period in 2013; net interest income increased to $8.7 million from $7.9 million. The increase in net interest income and margin in 2014 was due to the recognition of $632,000 in accretion income for a loan acquired as part of Your Community Bank’s acquisition of First Federal Bank of Lexington, Kentucky in 2013. The loan was refinanced at another financial institution during the fourth quarter which led to the Company recognizing the remaining accretable and non-accretable yield into interest income.
James Rickard, President and Chief Executive Officer, said, “2014 was another great year for the Company. We were able to grow our loan portfolio, improve our credit quality, and increase earnings. As a result, we continue to deliver results for customers and shareholders. We are also excited by our acquisition of First Financial Service Corporation of Elizabethtown, which increases our market presence in the region and positions us for growth in 2015. Our team members are working diligently to successfully integrate First Financial while providing excellent service to our new and existing customers.”
