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25 March, 2017 09:33 IST
EQUITY BANCSHARES fourth-quarter earnings plunge by 83.67 percent on a YOY basis
Source: IRIS | 20 Mar, 2017, 10.07PM

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Equity Bancshares, Inc. (EQBK) has reported 83.67 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.42 million, or $0.04 a share in the quarter, compared with $2.55 million, or $0.34 a share for the same period last year. On an adjusted basis, net profit for the quarter was $0.52 million, when compared with $2.57 million in the last year period.

Revenue during the quarter grew 22.37 percent to $17.69 million from $14.46 million in the previous year period. Net interest income for the quarter rose 27.21 percent over the prior year period to $15.66 million. Non-interest income for the quarter fell 16.12 percent over the last year period to $2.79 million.

EQUITY BANCSHARES has made provision of $0.76 million for loan losses during the quarter, down 35.59 percent from $1.18 million in the same period last year.

Net interest margin improved 34 basis points to 3.60 percent in the quarter from 3.26 percent in the last year period. Efficiency ratio for the quarter improved to 63.16 percent from 68.98 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Brad Elliott, chairman and chief executive officer of Equity, said, "Our Equity Bank markets and team members have grown during 2016 as a result of continued opportunities to expand into vibrant, diverse markets like our Ozark Mountain region in Arkansas, and upcoming additions to our Western Kansas market. Our results and success directly reflect talent, commitment, and collaboration of Equity Bank employees and their work to deliver the best banking experience to consumer, commercial, and community customers throughout our region. In 2017, well continue to be innovative with our processes, products, and delivery to customers, and we’ll continue to search for partnerships that are a fit with our culture and communities."

Assets outpace liabilities growthTotal assets stood at $2,192.19 million as on Dec. 31, 2016, up 38.25 percent compared with $1,585.73 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,934.23 million as on Dec. 31, 2016, up 36.36 percent from $1,418.49 million on Dec. 31, 2015.   Loans outpace deposit growthNet loans stood at $1,377.17 million as on Dec. 31, 2016, up 44.23 percent compared with $954.85 million on Dec. 31, 2015. Deposits stood at $1,630.45 million as on Dec. 31, 2016, up 34.09 percent compared with $1,215.91 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $207.67 million or 12.74 percent of total deposits on Dec. 31, 2016, compared with $157.83 million or 12.98 percent of total deposits on Dec. 31, 2015.

Investments stood at $561.44 million as on Dec. 31, 2016, up 27.21 percent or $120.09 million from year-ago. Shareholders equity stood at $257.96 million as on Dec. 31, 2016, up 54.25 percent or $90.73 million from year-ago.

Return on average assets moved down 54 basis points to 0.09 percent in the quarter from 0.63 percent in the last year period. At the same time, return on average equity decreased 642 basis points to 0.81 percent in the quarter from 7.23 percent in the last year period.

Nonperforming assets moved up 123.57 percent or $17.30 million to $31.30 million on Dec. 31, 2016 from $14 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.43 percent in the quarter, up from 0.89 percent in the last year period.

Capital ratios improveEquity Bancshares, Inc. recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 11.80 percent for the quarter, up from 9.47 percent for the previous year quarter. Equity to assets ratio was 11.77 percent for the quarter, up from 10.55 percent for the previous year quarter. Book value per share was $22.09 for the quarter, up 20.25 percent or $3.72 compared to $18.37 for the same period last year.   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: editor@irisindia.net



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