Revenue during the quarter grew 3.43 percent to $7.86 million from $7.60 million in the previous year period. Net interest income for the quarter rose 6.94 percent over the prior year period to $6.06 million. Non-interest income for the quarter rose 5.09 percent over the last year period to $1.94 million.

ASB Bancorp, Inc. has made provision of $0.14 million for loan losses during the quarter, compared with a negative provision of $0.09 million in the same period last year.

Net interest margin improved 19 basis points to 3.23 percent in the quarter from 3.04 percent in the last year period. Efficiency ratio for the quarter deteriorated to 162.27 percent from 79.12 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

Suzanne S. DeFerie, President and Chief Executive Officer, commented: "We ended 2016 as we began it, with solid financial results and strong core earnings. This was a result of continued growth in core deposits and loans, growth in net interest margin, good cost control and improved credit quality." "As planned and as we disclosed during the last several earnings reports, we completed the settlement of our pension plan in the fourth quarter. The impact on results from this expense was in line with the Bank's expectations set forth during previous quarters. While we recognize this settlement had a one-time impact on our reported results, this was a prudent action as we expect to realize significant cost savings, which we believe will have a positive effect on future earnings."

Total assets stood at $795.82 million as on Dec. 31, 2016, up 1.66 percent compared with $782.85 million on Dec. 31, 2015. 

Deposits stood at $647.62 million as on Dec. 31, 2016, up 2.65 percent compared with $630.90 million on Dec. 31, 2015.

Investments stood at $103.58 million as on Dec. 31, 2016, down 26.73 percent or $37.78 million from year-ago. Shareholders equity stood at $91.14 million as on Dec. 31, 2016, up 1.62 percent or $1.45 million from year-ago.

Return on average assets was negative at 1.65 percent in the quarter against a positive 0.47 percent in the last year period. Return on average equity was negative at 14.43 percent in the quarter against a positive 3.96 percent in the last year period.

Nonperforming assets moved down 24.09 percent or $1.99 million to $6.27 million on Dec. 31, 2016 from $8.26 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.79 percent in the quarter, down from 1.06 percent in the last year period.

Tier-1 leverage ratio stood at 11.58 percent for the quarter, down from 11.87 percent for the previous year quarter.