S T Bancorp, Inc. (STBA) has reported 1.35 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $17.66 million, or $0.51 a share in the quarter, compared with $17.42 million, or $0.50 a share for the same period last year. Revenue during the quarter went up marginally by 3 percent to $59.79 million from $58.05 million in the previous year period. Net interest income for the quarter rose 7.31 percent over the prior year period to $52.46 million. Non-interest income for the quarter fell 1.24 percent over the last year period to $12.92 million.
S T Bancorp has made provision of $5.59 million for loan losses during the quarter, up 42.68 percent from $3.92 million in the same period last year.
Net interest margin contracted 5 basis points to 3.45 percent in the quarter from 3.50 percent in the last year period. Efficiency ratio for the quarter improved to 53.04 percent from 53.17 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to announce record net income for 2016," said Todd Brice, president and chief executive officer of S T. "The investments that we have made in our markets over the past few years have made a big impact on our overall financial performance. Our assets grew organically almost 10% during 2016 which is a true testament to our team members and our ability to successfully execute our growth strategy. As we move into 2017, we believe that we are well positioned for continued growth."
Liabilities outpace assets growthTotal assets stood at $6,943.05 million as on Dec. 31, 2016, up 9.89 percent compared with $6,318.35 million on Dec. 31, 2015. On the other hand, total liabilities stood at $6,101.10 million as on Dec. 31, 2016, up 10.40 percent from $5,526.12 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $5,558.64 million as on Dec. 31, 2016, up 11.63 percent compared with $4,979.46 million on Dec. 31, 2015. Deposits stood at $5,272.38 million as on Dec. 31, 2016, up 8.12 percent compared with $4,876.61 million on Dec. 31, 2015. Investments stood at $693.49 million as on Dec. 31, 2016, up 4.92 percent or $32.52 million from year-ago. Shareholders equity stood at $841.96 million as on Dec. 31, 2016, up 6.28 percent or $49.72 million from year-ago.
Return on average assets moved down 6 basis points to 1.04 percent in the quarter from 1.10 percent in the last year period. At the same time, return on average equity decreased 38 basis points to 8.36 percent in the quarter from 8.74 percent in the last year period.
Credit quality deterioratesS T Bancorp, Inc. witnessed a deterioration in credit quality during the quarter. Nonperforming assets moved up 21.21 percent or $7.58 million to $43.31 million on Dec. 31, 2016 from $35.74 million on Dec. 31, 2015. Nonperforming assets to total loans was 0.77 percent in the quarter, up from 0.71 percent in the last year period. Tier-1 leverage ratio stood at 8.98 percent for the quarter, up from 8.96 percent for the previous year quarter. Book value per share was $24.12 for the quarter, up 5.98 percent or $1.36 compared to $22.76 for the same period last year.
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