Porter Bancorp, Inc. (PBIB) has reported a 13.51 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.68 million, or $0.27 a share in the quarter, compared with $1.48 million, or $0.27 a share for the same period last year.
Revenue during the quarter dropped 8.16 percent to $8.81 million from $9.59 million in the previous year period. Net interest income for the quarter rose 1.18 percent over the prior year period to $7.74 million. Non-interest income for the quarter fell 23.22 percent over the last year period to $1.07 million.
Net interest margin improved 2 basis points to 3.55 percent in the quarter from 3.53 percent in the last year period. Efficiency ratio for the quarter improved to 80.93 percent from 91.54 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased with the favorable financial results for the first quarter of 2017 which were largely driven by quality loan production and deposit growth," said John T. Taylor, president and chief executive officer. "Non-interest expenses also continued to decline and normalize commensurate with improving asset quality trends. The $1.6 million in net income for the first quarter of 2017 compares favorably to net income of $1.4 million in the first quarter of 2016. Core earnings for the first quarter of 2017 outperformed the first quarter of 2016 as the first quarter of 2016 benefitted from $550,000 in negative loan loss provisioning and $203,000 in gains on security sales and calls."
Assets, liabilities remain almost stable
Total assets stood at $942.35 million as on Mar. 31, 2017, up 0.45 percent compared with $938.16 million on Mar. 31, 2016. On the other hand, total liabilities stood at $906.85 million as on Mar. 31, 2017, up 0.37 percent from $903.55 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $655.22 million as on Mar. 31, 2017, up 7.68 percent compared with $608.49 million on Mar. 31, 2016. Deposits stood at $860.70 million as on Mar. 31, 2017, down 0.57 percent compared with $865.61 million on Mar. 31, 2016.
Investments stood at $197.75 million as on Mar. 31, 2017, up 7.75 percent or $14.22 million from year-ago. Shareholders equity stood at $35.50 million as on Mar. 31, 2017, up 2.59 percent or $0.90 million from year-ago.
Return on average assets moved up 9 basis points to 0.73 percent in the quarter from 0.64 percent in the last year period. At the same time, return on average equity increased 246 basis points to 20.20 percent in the quarter from 17.74 percent in the last year period.
Nonperforming assets moved down 49.37 percent or $14.31 million to $14.67 million on Mar. 31, 2017 from $28.98 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.56 percent in the quarter, down from 3.09 percent in the last year period.
Tier-1 leverage ratio stood at 6.37 percent for the quarter, down from 6.39 percent for the previous year quarter. Book value per share was $5.24 for the quarter, down 11.34 percent or $0.67 compared to $5.91 for the same period last year.
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