New Peoples Bankshares, Inc. has reported an 84.91 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.35 million, or $0.01 a share in the quarter, compared with $2.29 million, or $0.10 a share for the same period last year.
Revenue during the quarter dropped 13.29 percent to $7.50 million from $8.64 million in the previous year period. Net interest income for the quarter dropped 3.79 percent over the prior year period to $5.45 million. Non-interest income for the quarter rose 14.97 percent over the last year period to $2.04 million.
Net interest margin contracted 7 basis points to 3.92 percent in the quarter from 3.99 percent in the last year period. Efficiency ratio for the quarter deteriorated to 95.45 percent from 84.95 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"During 2016, our primary focus has been threefold: (1) continuing the trend of improving asset quality, (2) adding high-caliber commercial bankers to our commercial lending team in order to grow our commercial loan and deposit portfolios and (3) investing in new technologies and processes, such as interactive teller machines (“ITMs”), that add more convenient banking for our existing customers while attracting new customers looking for these types of delivery channels", stated Todd Asbury, president and chief executive officer.
Loans to deposits ratio was 83.51 percent for the quarter, up from 77.67 percent for the previous year quarter.
Investments stood at $74.56 million as on Sep. 30, 2016. Shareholders equity was at $48.78 million as on Sep. 30, 2016.
Return on average assets moved down 121 basis points to 0.22 percent in the quarter from 1.43 percent in the last year period. At the same time, return on average equity decreased 1768 basis points to 2.84 percent in the quarter from 20.52 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 4.20 percent in the quarter, down from 5.22 percent in the last year period.
Tier-1 leverage ratio stood at 10 percent for the quarter, up from 9.66 percent for the previous year quarter. Book value per share was $2.09 for the quarter.
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