Charter Financial Corporation (CHFN) has reported 9.35 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $5.05 million, or $0.33 a share in the quarter, compared with $4.61 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 11.72 percent to $17.93 million from $16.05 million in the previous year period. Net interest income for the quarter rose 32.30 percent over the prior year period to $12.20 million. Non-interest income for the quarter fell 27.05 percent over the last year period to $4.98 million.
Net interest margin contracted 32 basis points to 3.71 percent in the quarter from 4.03 percent in the last year period.
chairman and chief executive officer Robert L. Johnson said, "The CBS acquisition continued to make a positive impact on our results in the first quarter. Additionally, our historically conservative nature benefited us during the quarter, as we improved our asset quality while seeing the benefit of net recoveries on formerly charged off loans and interest, gains on the sales of OREO and a negative provision. While these recovery trends may continue, it will probably not be at the same remarkable rate."
Liabilities outpace assets growth
Total assets stood at $1,461.67 million as on Dec. 31, 2016, up 45.46 percent compared with $1,004.88 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,256.17 million as on Dec. 31, 2016, up 55.75 percent from $806.51 million on Dec. 31, 2015.
Deposits stood at $1,186.35 million as on Dec. 31, 2016, up 59.41 percent compared with $744.23 million on Dec. 31, 2015.
Investments stood at $196.28 million as on Dec. 31, 2016, up 11.53 percent or $20.29 million from year-ago. Shareholders equity stood at $205.50 million as on Dec. 31, 2016, up 3.60 percent or $7.13 million from year-ago.
Return on assets moved down 44 basis points to 1.39 percent in the quarter from 1.83 percent in the last year period. At the same time, return on equity increased 87 basis points to 9.84 percent in the quarter from 8.97 percent in the last year period.
Credit quality improves
Charter Financial Corporation recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 30.41 percent or $1.72 million to $3.93 million on Dec. 31, 2016 from $5.64 million on Dec. 31, 2015. Nonperforming assets to total loans was 0.39 percent in the quarter, down from 0.81 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.27 percent in the quarter, down from 0.56 percent in the last year period.
Book value per share was $13.67 for the quarter, up 4.91 percent or $0.64 compared to $13.03 for the same period last year.
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