Regional Bankshares Inc., the holding company for Heritage Community Bank, today released unaudited results of operations and other financial information for the third quarter of 2013. In addition, its board of directors has declared a regular quarterly cash dividend to its common shareholders of $0.04 per common share, payable on November 25 to all shareholders of record as of the close of business on November 18. Future dividends will be subject to board approval.
Highlights at and for the three months ended September 30 include:
• Net Income of $253,406 or $0.35 per diluted share for the third quarter of 2013, compared with Net Income of $56,205, or $0.09 per diluted share, reported for the third quarter of 2012. Year to date earnings through the first nine months of 2013 were $659,836, or $0.90 per diluted share, compared to $220,741, or $0.30 per diluted share, for the first nine months of 2012.
• The bank’s capital ratios comfortably exceeded federal regulatory thresholds for classification as “well capitalized,” and remain strong.
• Liquidity remained strong as the bank remained well-positioned to take advantage of lending opportunities in its local communities.
• Non-interest bearing checking accounts grew by $3 million or 18.9 percent during the first nine months of 2013.
• Non-interest income increased by 23 percent and non-interest expense declined by 8 percent from the third quarter of 2012.
“The Company’s third quarter results demonstrate that our common sense community bank business model is producing strong core operating earnings and effectively building franchise and shareholder value,” CEO Curtis A. Tyner said. “These results reflect improvement in overall performance and highlight another quarter of success in delivering sustainable profitability to our shareholders. Our strategies continue to produce strong core deposit growth and improvements in asset quality.
“During the remainder of 2013, our priorities include continued reductions in the level of non-performing assets, positive results from our initiatives to increase non-interest income, and continuing to control core operating expenses. We feel we are well-positioned for a strong 2013 and beyond. We are focused on building economic value for our shareholders for the long term.”