ASB Bancorp, Inc. (ASBB) has reported 51.05 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.72 million, or $0.48 a share in the quarter, compared with $1.14 million, or $0.28 a share for the same period last year.

Revenue during the quarter grew 13.62 percent to $8.49 million from $7.48 million in the previous year period. Net interest income for the quarter rose 9.48 percent over the prior year period to $6.11 million. Non-interest income for the quarter rose 9.88 percent over the last year period to $2.29 million.

ASB Bancorp, Inc. has made negative provision of $0.09 million for loan losses during the quarter, compared with a positive provision of $0.19 million in the same period last year.

Net interest margin improved 28 basis points to 3.28 percent in the quarter from 3.00 percent in the last year period. Efficiency ratio for the quarter improved to 69.96 percent from 76.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Suzanne S. DeFerie, president and chief executive officer, commented: "During the third quarter, we grew earnings and improved asset quality and expense efficiency, all while maintaining a strong balance sheet. These solid results demonstrate that our momentum has continued from the first half of the year."

Return on average assets moved up 29 basis points to 0.86 percent in the quarter from 0.57 percent in the last year period. At the same time, return on average equity increased 285 basis points to 7.48 percent in the quarter from 4.63 percent in the last year period.

Nonperforming assets moved down 48.65 percent or $5.68 million to $6 million on Sep. 30, 2016 from $11.69 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.75 percent in the quarter, down from 1.47 percent in the last year period.