Coastway Bancorp, Inc. (CWAY) has reported an 18.78 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.72 million, or $0.18 a share in the quarter, compared with $0.61 million, or $0.14 a share for the same period last year.
Revenue during the quarter grew 9.44 percent to $6.28 million from $5.74 million in the previous year period. Net interest income for the quarter rose 11.64 percent over the prior year period to $4.74 million. Non-interest income for the quarter rose 3.14 percent over the last year period to $1.68 million.
Coastway Bancorp, Inc. has made provision of $0.13 million for loan losses during the quarter, up 2.33 percent from $0.13 million in the same period last year.
Net interest margin contracted 21 basis points to 3.18 percent in the quarter from 3.39 percent in the last year period. Efficiency ratio for the quarter improved to 79.24 percent from 80.36 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Return on average assets moved up 1 basis points to 0.45 percent in the quarter from 0.44 percent in the last year period. At the same time, return on average equity increased 75 basis points to 4.16 percent in the quarter from 3.41 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.79 percent in the quarter, down from 0.88 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
