BSB Bancorp (BLMT) has reported a 59.98 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $3.31 million, or $0.37 a share in the quarter, compared with $2.07 million, or $0.23 a share for the same period last year.
Revenue during the quarter grew 18.66 percent to $12.48 million from $10.51 million in the previous year period. Net interest income for the quarter rose 16.39 percent over the prior year period to $12.37 million. Non-interest income for the quarter fell 8.46 percent over the last year period to $0.70 million.
BSB Bancorp has made provision of $0.60 million for loan losses during the quarter, down 32.17 percent from $0.89 million in the same period last year.
Net interest margin contracted 9 basis points to 2.37 percent in the quarter from 2.46 percent in the last year period. Efficiency ratio for the quarter improved to 53.88 percent from 62.94 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Robert M. Mahoney, president and chief executive officer, said, "We had a strong finish in 2016. Revenue growth was fueled by increased loan demand funded by impressive core deposit gains. Solid expense control and excellent credit quality also contributed to our 14th consecutive quarter of net income growth."
Liabilities outpace assets growth
Total assets stood at $2,158.70 million as on Dec. 31, 2016, up 19.07 percent compared with $1,812.92 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,997.78 million as on Dec. 31, 2016, up 19.86 percent from $1,666.71 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,866.04 million as on Dec. 31, 2016, up 21.57 percent compared with $1,534.96 million on Dec. 31, 2015. Deposits stood at $1,469.42 million as on Dec. 31, 2016, up 15.75 percent compared with $1,269.52 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $208.08 million or 14.16 percent of total deposits on Dec. 31, 2016, compared with $192.48 million or 15.16 percent of total deposits on Dec. 31, 2015.
Investments stood at $152.24 million as on Dec. 31, 2016, down 4.25 percent or $6.75 million from year-ago. Shareholders equity stood at $160.92 million as on Dec. 31, 2016, up 10.07 percent or $14.72 million from year-ago.
Return on average assets moved up 16 basis points to 0.63 percent in the quarter from 0.47 percent in the last year period. At the same time, return on average equity increased 264 basis points to 8.28 percent in the quarter from 5.64 percent in the last year period.
Nonperforming assets moved down 49.93 percent or $1.82 million to $1.82 million on Dec. 31, 2016 from $3.64 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.08 percent in the quarter, down from 0.20 percent in the last year period.
Tier-1 leverage ratio stood at 7.64 percent for the quarter, down from 8.37 percent for the previous year quarter. Book value per share was $17.66 for the quarter, up 9.76 percent or $1.57 compared to $16.09 for the same period last year.
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