Salisbury Bancorp (SAL) has reported 3.17 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $1.92 million, or $0.69 a share in the quarter, compared with $1.98 million, or $0.71 a share for the same period last year. Revenue during the quarter went up marginally by 2.46 percent to $9.23 million from $9.01 million in the previous year period. Net interest income for the quarter dropped 2.72 percent over the prior year period to $7.68 million. Non-interest income for the quarter rose 7.12 percent over the last year period to $1.90 million.
Salisbury Bancorp has made provision of $0.34 million for loan losses during the quarter, down 47.48 percent from $0.66 million in the same period last year.
Net interest margin contracted 34 basis points to 3.57 percent in the quarter from 3.91 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.13 percent from 60.40 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Richard J. Cantele, Jr., president and chief executive officer, stated, "Our third quarter results reflect the continued positive momentum achieved during the first half of the year. Our teams achieved strong growth in our core businesses as deposits and assets under administration in our Trust and Wealth Advisory business posted solid gains. That growth, combined with more efficient operations, assisted in increasing tangible book value by $0.35 for the quarter reflecting our continued focus on enhancing the value of our franchise.
Investments stood at $76.80 million as on Sep. 30, 2016. Shareholders equity was at $93.55 million as on Sep. 30, 2016.
Return on average assets moved down 6 basis points to 0.81 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity decreased 44 basis points to 8.20 percent in the quarter from 8.64 percent in the last year period.
Nonperforming assets moved down 12.69 percent or $2.11 million to $14.50 million on Sep. 30, 2016 from $16.60 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.56 percent in the quarter, down from 1.84 percent in the last year period.
Tier-1 leverage ratio stood at 8.47 percent for the quarter, down from 10.31 percent for the previous year quarter. Book value per share was $33.92 for the quarter, up 3.67 percent or $1.20 compared to $32.72 for the same period last year.
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