FNB Bancorp (FNBG) has reported 20.34 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.09 million, or $0.62 a share in the quarter, compared with $2.57 million, or $0.52 a share for the same period last year. Revenue during the quarter grew 3.62 percent to $12.20 million from $11.78 million in the previous year period. Net interest income for the quarter rose 4.43 percent over the prior year period to $11.19 million. Non-interest income for the quarter fell 10.93 percent over the last year period to $1.01 million.
Net interest margin contracted 12 basis points to 3.98 percent in the quarter from 4.10 percent in the last year period.
“During the first quarter of 2017, the Company was able to grow our net loan portfolio by $25 million. This growth was funded with a combination of increased deposit balances of $5 million and an increase in short term FHLB borrowings of $15 million. Net interest income was also helped as the adjustable rate portion of our loan portfolio has begun to reset to higher yields. The current low rate environment has put pressure on our net interest margin, but we have added interest earning assets at spreads that have allowed us to expand our net interest income. Our net interest margin has continued to remain healthy at 3.98% and our increased earnings coupled with a flattening yield curve have allowed our capital base to increase by $4 million during the quarter. We are proud of our accomplishments, which are the result of our hard work and opportunities that allow us to meet our customers’ needs and provide them with the products they want at the time they want them”, stated chief executive officer Tom McGraw.
Deposits stood at $1,024.99 million as on Mar. 31, 2017, down 0.51 percent compared with $1,030.25 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $287.03 million or 28 percent of total deposits on Mar. 31, 2017, compared with $265.95 million or 25.81 percent of total deposits on Mar. 31, 2016.
Investments stood at $360.58 million as on Mar. 31, 2017, up 7.27 percent or $24.42 million from year-ago. Shareholders equity was at $114.33 million as on Mar. 31, 2017.
Return on average assets moved up 10 basis points to 1 percent in the quarter from 0.90 percent in the last year period. At the same time, return on average equity increased 157 basis points to 11.24 percent in the quarter from 9.67 percent in the last year period.
Average equity to average assets ratio was 8.91 percent for the quarter, down from 9.26 percent for the previous year quarter.
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