CenterState Banks, Inc. (CSFL) has reported 54.17 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $16.03 million, or $0.33 a share in the quarter, compared with $10.40 million, or $0.23 a share for the same period last year.
Revenue during the quarter grew 28.97 percent to $62.42 million from $48.40 million in the previous year period. Net interest income for the quarter rose 21.02 percent over the prior year period to $47.53 million. Non-interest income for the quarter rose 77.49 percent over the last year period to $17.16 million.
Centerstate Banks has made provision of $2.27 million for loan losses during the quarter, up 317.31 percent from $0.54 million in the same period last year.
Net interest margin contracted 17 basis points to 4.20 percent in the quarter from 4.37 percent in the last year period. Efficiency ratio for the quarter improved to 58.10 percent from 64.70 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growthTotal assets stood at $5,078.56 million as on Dec. 31, 2016, up 26.25 percent compared with $4,022.72 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,526.10 million as on Dec. 31, 2016, up 28.14 percent from $3,532.20 million on Dec. 31, 2015. Loans outpace deposit growthNet loans stood at $3,216.78 million as on Dec. 31, 2016, up 25.09 percent compared with $2,571.51 million on Dec. 31, 2015. Deposits stood at $4,152.54 million as on Dec. 31, 2016, up 29.15 percent compared with $3,215.18 million on Dec. 31, 2015.
Investments stood at $1,003.63 million as on Dec. 31, 2016, up 14.09 percent or $123.94 million from year-ago. Shareholders equity stood at $552.46 million as on Dec. 31, 2016, up 12.63 percent or $61.94 million from year-ago.
Return on average assets moved up 23 basis points to 1.25 percent in the quarter from 1.02 percent in the last year period. At the same time, return on average equity increased 299 basis points to 11.51 percent in the quarter from 8.52 percent in the last year period.
Tier-1 leverage ratio stood at 9.10 percent for the quarter, down from 10.50 percent for the previous year quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: email@example.com