Blue Hills Bancorp, Inc (BHBK) has reported 65.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4 million, or $0.17 a share in the quarter, compared with $2.41 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 25.98 percent to $18.83 million from $14.95 million in the previous year period. Non-interest income for the quarter rose 63.81 percent over the last year period to $3.81 million.
Blue Hills Bancorp has made provision of $0.93 million for loan losses during the quarter, down 52.44 percent from $1.95 million in the same period last year.
Net interest margin contracted 22 basis points to 2.82 percent in the quarter from 3.04 percent in the last year period. Efficiency ratio for the quarter improved to 68 percent from 70 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the Company's results, William Parent, President and Chief Executive Officer of Blue Hills Bancorp, said, "We continued to make significant progress in 2016 in what was a very competitive environment. Through the efforts of our talented and dedicated employees, all three of our key businesses, retail banking, commercial banking and mortgage banking turned in strong performances, enabling the Company to drive bottom line improvement for our shareholders while continuing to make the necessary investments in our businesses and infrastructure that will allow for future growth. We also continued to return capital to our shareholders through our share repurchase program and increasing quarterly cash dividends. We look forward to 2017 with great anticipation as we continue to transform Blue Hills Bank into one of New England's premier diversified full-service community banks."
Liabilities outpace assets growthTotal assets stood at $2,469.69 million as on Dec. 31, 2016, up 16.81 percent compared with $2,114.34 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,082.78 million as on Dec. 31, 2016, up 21.41 percent from $1,715.51 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $1,912.87 million as on Dec. 31, 2016, up 25.58 percent compared with $1,523.28 million on Dec. 31, 2015. Deposits stood at $1,808.69 million as on Dec. 31, 2016, up 26.14 percent compared with $1,433.85 million on Dec. 31, 2015.
Investments stood at $405.86 million as on Dec. 31, 2016, down 6.01 percent or $25.97 million from year-ago. Shareholders equity stood at $386.91 million as on Dec. 31, 2016, down 2.99 percent or $11.92 million from year-ago.
Return on average assets moved up 19 basis points to 0.67 percent in the quarter from 0.48 percent in the last year period. At the same time, return on average equity increased 172 basis points to 4.10 percent in the quarter from 2.38 percent in the last year period.
Nonperforming assets moved down 16.40 percent or $1.76 million to $8.98 million on Dec. 31, 2016 from $10.74 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.36 percent in the quarter, down from 0.51 percent in the last year period.
Book value per share was $14.46 for the quarter, up 3.29 percent or $0.46 compared to $14 for the same period last year.
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