Provident Bancorp, Inc. (PVBC) has reported a 19.09 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.73 million in the quarter, compared with $1.45 million for the same period last year.
Revenue during the quarter grew 10.73 percent to $7.72 million from $6.97 million in the previous year period. Net interest income for the quarter rose 9.73 percent over the prior year period to $6.77 million. Non-interest income for the quarter rose 21.50 percent over the last year period to $1.17 million.
Provident Bancorp, Inc. has made provision of $0.22 million for loan losses during the quarter, up 36.87 percent from $0.16 million in the same period last year.
Net interest margin improved 3 basis points to 3.68 percent in the quarter from 3.65 percent in the last year period. Efficiency ratio for the quarter improved to 66.28 percent from 68.34 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
David P. Mansfield, chief executive officer, said, "This has been an incredible time for The Provident. In addition to marking the one-year anniversary since our successful partial offering on the Nasdaq, we've been named New Hampshire's 7-A SBA Leading Lender in terms of dollars for the third year in a row. We've also embarked upon a number of exciting public private partnerships focused on economic development, including a partnership with the New England Export Expansion Fund and New Hampshire's Department of Resources and Economic Development. This earnings report reflects our commitment to our customers and the communities we serve and we look forward to continuing to deliver future success to the businesses who work with us."
Assets outpace liabilities growth
Total assets stood at $795.54 million as on Dec. 31, 2016, up 7.01 percent compared with $743.40 million on Dec. 31, 2015. On the other hand, total liabilities stood at $686.39 million as on Dec. 31, 2016, up 6.92 percent from $641.99 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $624.42 million as on Dec. 31, 2016, up 12.52 percent compared with $554.93 million on Dec. 31, 2015. Deposits stood at $627.98 million as on Dec. 31, 2016, up 8.79 percent compared with $577.24 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $158.08 million or 25.17 percent of total deposits on Dec. 31, 2016, compared with $153.09 million or 26.52 percent of total deposits on Dec. 31, 2015.
Investments stood at $117.87 million as on Dec. 31, 2016, down 6.16 percent or $7.74 million from year-ago. Shareholders equity stood at $109.15 million as on Dec. 31, 2016, up 7.64 percent or $7.74 million from year-ago.
Return on average assets moved up 8 basis points to 0.89 percent in the quarter from 0.81 percent in the last year period. At the same time, return on average equity increased 135 basis points to 6.35 percent in the quarter from 5 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.20 percent in the quarter, down from 0.31 percent in the last year period.
Average equity to average assets ratio was 14.06 percent for the quarter, up from 13.71 percent for the previous year quarter.
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