Porter Bancorp, Inc (PBIB) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.39 million in the quarter, against a net loss of $1.08 million in the last year period. Revenue during the quarter dropped 21.69 percent to $9.31 million from $11.89 million in the previous year period. Net interest income for the quarter dropped 0.32 percent over the prior year period to $7.46 million. Non-interest income for the quarter fell 50 percent over the last year period to $1.10 million.
Porter Bancorp has made negative provision of $0.75 million for loan losses during the quarter, compared with a negative provision of $2.20 million in the same period last year.
Net interest margin improved 14 basis points to 3.47 percent in the quarter from 3.33 percent in the last year period. Efficiency ratio for the quarter improved to 92.32 percent from 133.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John T. Taylor, President and Chief executive officer of the Company noted, “More progress was made in the third quarter in reducing the overall levels of non-performing assets. Non-performing assets were reduced by $6.7 million from the previous quarter end and $16.1 million or 48% from the previous year end. We are also pleased to see a third consecutive profitable quarter supported by increasing net interest income versus the previous quarter.”
Assets, liabilities fall
Total assets stood at $915.28 million as on Sep. 30, 2016, down 3.80 percent compared with $951.48 million on Sep. 30, 2015. On the other hand, total liabilities stood at $871.66 million as on Sep. 30, 2016, down 5.01 percent from $917.67 million on Sep. 30, 2015.
Loans, deposits remain almost stable
Net loans stood at $612.21 million as on Sep. 30, 2016, up 0.33 percent compared with $610.22 million on Sep. 30, 2015. Deposits stood at $836.94 million as on Sep. 30, 2016, down 4.66 percent compared with $877.89 million on Sep. 30, 2015.
Investments stood at $184.32 million as on Sep. 30, 2016, down 2.47 percent or $4.66 million from year-ago. Shareholders equity stood at $43.62 million as on Sep. 30, 2016, up 29.03 percent or $9.81 million from year-ago.
Return on average assets was at 0.60 percent in the quarter against a negative 0.44 percent in the last year period. Return on average equity was at 13.14 percent in the quarter against a negative 13.81 percent in the last year period.
Nonperforming assets stood at $17.20 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 1.88 percent in the quarter.
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