First South Bancorp, Inc (FSBK) has reported 28.16 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.87 million, or $0.20 a share in the quarter, compared with $1.46 million, or $0.15 a share for the same period last year. Revenue during the quarter grew 5 percent to $11.70 million from $11.14 million in the previous year period. Net interest income for the quarter rose 11.22 percent over the prior year period to $8.66 million. Non-interest income for the quarter fell 7.77 percent over the last year period to $3.30 million.
First South Bancorp has made provision of $0.26 million for loan losses during the quarter, up 17.78 percent from $0.22 million in the same period last year.
Net interest margin improved 8 basis points to 3.74 percent in the quarter from 3.66 percent in the last year period. Efficiency ratio for the quarter improved to 74.92 percent from 80.74 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Chief Executive Officer Bruce Elder said, “We are pleased to announce another quarter of solid financial results. We have again demonstrated our ability to grow the balance sheet in a profitable fashion while driving efficiencies by continuing to analyze how we deliver You First banking to our customer base. Our growth of loans and deposits over the last twelve months has generated increases in net interest income and core, non-interest income. Coupled with controlled non-interest expenses, our growth has translated into improved earnings, higher margins and dividend levels, greater efficiency and improved returns on average assets and equity from the prior year first quarter.”
Liabilities outpace assets growth
Total assets stood at $1,039.42 million as on Ma31, 2017, up 10.56 percent compared with $940.11 million on Mar. 31, 2016. On the other hand, total liabilities stood at $950.14 million as on Mar. 31, 2017, up 11.01 percent from $855.93 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $718.20 million as on Mar. 31, 2017, up 13.84 percent compared with $630.91 million on Mar. 31, 2016. Deposits stood at $919.87 million as on Mar. 31, 2017, up 12.36 percent compared with $818.67 million on Mar. 31, 2016. Loans to deposits ratio was 79.32 percent for the quarter, up from 78.36 percent for the previous year quarter.
Investments stood at $197.56 million as on Mar. 31, 2017, down 8.54 percent or $18.45 million from year-ago. Shareholders equity stood at $89.28 million as on Mar. 31, 2017, up 6.06 percent or $5.10 million from year-ago.
Return on average assets moved up 12 basis points to 0.75 percent in the quarter from 0.63 percent in the last year period. At the same time, return on average equity increased 155 basis points to 8.52 percent in the quarter from 6.97 percent in the last year period.
Nonperforming assets moved down 34.19 percent or $3.06 million to $5.89 million on Mar. 31, 2017 from $8.95 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.57 percent in the quarter, down from 0.95 percent in the last year period.
Equity to assets ratio was 8.59 percent for the quarter, down from 8.95 percent for the previous year quarter. Book value per share was $9.40 for the quarter, up 5.98 percent or $0.53 compared to $8.87 for the same period last year.
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