SBT Bancorp Inc (SBTB) has reported a 65.93 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.60 million, or $0.45 a share in the quarter, compared with $0.36 million, or $0.30 a share for the same period last year. Revenue during the quarter grew 12.31 percent to $4.22 million from $3.75 million in the previous year period. Net interest income for the quarter rose 20.91 percent over the prior year period to $3.68 million. Non-interest income for the quarter fell 0.24 percent over the last year period to $0.84 million.
SBT Bancorp Inc has made provision of $0.30 million for loan losses during the quarter, up 129.32 percent from $0.13 million in the same period last year.
“We are very pleased to report significantly improved earnings for the fourth quarter of 2016 resulting principally from commercial loan growth and increase in gain on sale of mortgages,” said Simsbury Bank president and chief executive officer Martin J. Geitz. “Our net income for the year ended December 31, 2016 increased $83 thousand (5.9%) over the prior year ended December 31, 2015. We were able to achieve this significant growth in income even as we incurred increased costs related to the opening of our new branch in West Hartford, interest on the subordinated debt issuance as part of our capital raise in late 2015, the reorganization of our mortgage business, and the replacement of all customer cards with EMV chip enabled cards. Most of our balance sheet growth came from a 49.4% increase in commercial loans since the end of the prior year as our focus on serving the needs of privately owned businesses continues to gain momentum.”
Liabilities outpace assets growth
Total assets stood at $510 million as on Dec. 31, 2016, up 14.66 percent compared with $444.78 million on Dec. 31, 2015. On the other hand, total liabilities stood at $479.71 million as on Dec. 31, 2016, up 15.58 percent from $415.04 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $405.40 million as on Dec. 31, 2016, up 25.24 percent compared with $323.70 million on Dec. 31, 2015. Deposits stood at $413.76 million as on Dec. 31, 2016, up 11.04 percent compared with $372.64 million on Dec. 31, 2015. Investments stood at $58.73 million as on Dec. 31, 2016, down 17.88 percent or $12.79 million from year-ago. Shareholders equity stood at $30.29 million as on Dec. 31, 2016, up 1.83 percent or $0.54 million from year-ago.
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