Revenue during the quarter went down marginally by 0.82 percent to $6.67 million from $6.73 million in the previous year period. Non-interest income for the quarter rose 0.66 percent over the last year period to $1.06 million.

Net interest margin contracted 19 basis points to 2.94 percent in the quarter from 3.13 percent in the last year period. Efficiency ratio for the quarter deteriorated to 56.96 percent from 55.07 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

“The Company’s third quarter 2016 results reflect modest loan growth, strong asset quality, and continued pressure on our net interest margin as rates remain lower for longer,” said E.L. Spencer, Jr., President, Chief executive officer and Chairman of the Board.

Return on average assets moved down 3 basis points to 0.92 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity decreased 69 basis points to 9.06 percent in the quarter from 9.75 percent in the last year period.

Nonperforming assets moved down 57.97 percent or $2.28 million to $1.65 million on Sep. 30, 2016 from $3.93 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.19 percent in the quarter, down from 0.48 percent in the last year period.

Book value per share was $23.34 for the quarter, up 6.82 percent or $1.49 compared to $21.85 for the same period last year.