Entegra Financial Corp. (ENFC) has reported 16.86 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.80 million, or $0.28 a share in the quarter, compared with $2.16 million, or $0.33 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.87 million, or $0.29 a share compared with $1.72 million or $0.29 a share, a year ago. Revenue during the quarter grew 22.55 percent to $10.86 million from $8.86 million in the previous year period. Net interest income for the quarter rose 26.36 percent over the prior year period to $8.90 million. Non-interest income for the quarter rose 13.33 percent over the last year period to $2.07 million.
Efficiency ratio for the quarter deteriorated to 71.53 percent from 70.10 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Roger D. Plemens, President and Chief executive officer of the Company reported, “Our third quarter results reflect another successful quarter for the Company as we continue to deploy our capital and improve our return on equity. We remain focused on growing our margin income, which has increased significantly from the comparable periods in the prior year, while supplementing this growth with investments in our mortgage and SBA businesses. We will continue to seek opportunities to further leverage our capital and provide an appropriate return for our shareholders.”
Liabilities outpace assets growth
Total assets stood at $1,218.37 million as on Sep. 30, 2016, up 23.78 percent compared with $984.32 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,080.17 million as on Sep. 30, 2016, up 26.56 percent from $853.49 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $718.30 million as on Sep. 30, 2016, up 21.35 percent compared with $591.91 million on Sep. 30, 2015. Deposits stood at $837.28 million as on Sep. 30, 2016, up 22.58 percent compared with $683.07 million on Sep. 30, 2015.
Investments stood at $339.28 million as on Sep. 30, 2016, up 22.81 percent or $63.02 million from year-ago. Shareholders equity stood at $138.20 million as on Sep. 30, 2016, up 5.63 percent or $7.37 million from year-ago.
Return on average assets moved down 29 basis points to 0.60 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity decreased 145 basis points to 5.21 percent in the quarter from 6.66 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.23 percent in the quarter.
Book value per share was $20.08 for the quarter.
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