Charter Financial Corporation (CHFN) has reported a 589.48 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.81 million, or $0.26 a share in the quarter, compared with $0.55 million, or $0.04 a share for the same period last year.
Revenue during the quarter surged 60 percent to $17.27 million from $10.79 million in the previous year period. Net interest income for the quarter rose 31.23 percent over the prior year period to $12.20 million. Non-interest income for the quarter rose 228.69 percent over the last year period to $4.92 million.
Net interest margin contracted 23 basis points to 3.82 percent in the quarter from 4.05 percent in the last year period.
Chairman and CEO Robert L. Johnson said, "Our fourth quarter results clearly show the transformative impact of the acquisition of CBS Financial Corporation on our earnings. With the acquisition now behind us, the Company can focus on its expanded market presence in Atlanta. "We have taken a major step toward our goal of increasing our earnings to the level that supports our stock price," Mr. Johnson continued. "Looking ahead to 2017, we believe our strategy of building bankcard and deposit fee income, in addition to net interest income, provides revenue diversification, which lowers risk to our earnings."
Liabilities outpace assets growth
Total assets stood at $1,443.01 million as on Sep. 30, 2016, up 40.50 percent compared with $1,027.08 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,239.86 million as on Sep. 30, 2016, up 50.81 percent from $822.15 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $994.05 million as on Sep. 30, 2016. Deposits stood at $1,161.84 million as on Sep. 30, 2016, up 57.25 percent compared with $738.86 million on Sep. 30, 2015.
Investments stood at $206.34 million as on Sep. 30, 2016, up 11.89 percent or $21.93 million from year-ago. Shareholders equity stood at $203.15 million as on Sep. 30, 2016, down 0.87 percent or $1.78 million from year-ago.
Return on assets moved up 85 basis points to 1.07 percent in the quarter from 0.22 percent in the last year period. At the same time, return on equity increased 649 basis points to 7.55 percent in the quarter from 1.06 percent in the last year period.
Nonperforming assets moved down 14.56 percent or $1.10 million to $6.44 million on Sep. 30, 2016 from $7.54 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 0.73 percent in the last year period.
Book value per share was $13.52 for the quarter, up 5.71 percent or $0.73 compared to $12.79 for the same period last year.
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