FCB Financial Holdings, Inc (FCB) has reported a 6.23 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $27.90 million, or $0.64 a share in the quarter, compared with $29.75 million, or $0.68 a share for the same period last year. Revenue during the quarter grew 14.22 percent to $76.74 million from $67.18 million in the previous year period. Net interest income for the quarter rose 14.68 percent over the prior year period to $71.07 million. Non-interest income for the quarter rose 4.98 percent over the last year period to $7.92 million.
FCB Financial Holdings, Inc has made provision of $2.25 million for loan losses during the quarter, down 3.43 percent from $2.33 million in the same period last year.
Net interest margin contracted 28 basis points to 3.41 percent in the quarter from 3.69 percent in the last year period. Efficiency ratio for the quarter improved to 42.27 percent from 47.19 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Kent Ellert, chief executive officer and president of FCB Financial Holdings, Inc., commented, “This was, yet again, a record quarter for FCB and a great way to punctuate our second full year as a public company. The fourth quarter of 2016 marks 16 consecutive quarters, or four straight years, of improving core operating results. We are pleased by our results this quarter highlighted by our organic growth, as record new loan fundings of $549 million and core deposit growth of $465 million continue our momentum into the New Year.”
Liabilities outpace assets growth
Total assets stood at $9,090.13 million as on Dec. 31, 2016, up 23.99 percent compared with $7,331.49 million on Dec. 31, 2015. On the other hand, total liabilities stood at $8,107.69 million as on Dec. 31, 2016, up 25.60 percent from $6,455.38 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $6,597 million as on Dec. 31, 2016, up 27.75 percent compared with $5,164.06 million on Dec. 31, 2015. Deposits stood at $7,305.67 million as on Dec. 31, 2016, up 34.53 percent compared with $5,430.64 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $905.90 million or 12.40 percent of total deposits on Dec. 31, 2016, compared with $637.05 million or 11.73 percent of total deposits on Dec. 31, 2015.
Investments stood at $1,979.75 million as on Dec. 31, 2016, up 20.45 percent or $336.17 million from year-ago. Shareholders equity stood at $982.44 million as on Dec. 31, 2016, up 12.14 percent or $106.33 million from year-ago.
Return on assets moved down 40 basis points to 1.26 percent in the quarter from 1.66 percent in the last year period. At the same time, return on average equity decreased 229 basis points to 11.36 percent in the quarter from 13.65 percent in the last year period.
Nonperforming assets to total loans was 0.39 percent in the quarter, up from 0.35 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, down from 0.79 percent in the last year period.
Tier-1 leverage ratio was stable at 10.30 percent in the quarter, when compared with the last year period. Average equity to average assets ratio was 11.10 percent for the quarter, down from 12.10 percent for the previous year quarter.
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