Select Bancorp, Inc. (SLCT) has reported a 28.72 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.74 million, or $0.15 a share in the quarter, compared with $1.35 million, or $0.12 a share for the same period last year.
Revenue during the quarter grew 7.53 percent to $8.29 million from $7.71 million in the previous year period. Net interest income for the quarter rose 4.14 percent over the prior year period to $7.85 million. Non-interest income for the quarter rose 37.24 percent over the last year period to $0.78 million.
Select Bancorp, Inc. has made provision of $0.34 million for loan losses during the quarter, down 14.25 percent from $0.39 million in the same period last year.
Net interest margin contracted 7 basis points to 4.27 percent in the quarter from 4.34 percent in the last year period. Efficiency ratio for the quarter improved to 65.24 percent from 67.44 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"The third quarter of 2016 was a very good quarter for Select Bancorp as net income increased 28.7% over the third quarter of 2015," president and chief executive officer William L. Hedgepeth II said. "During the third quarter we celebrated the grand opening of our new office space in Raleigh." The Company relocated its Raleigh branch to 4505 Falls of Neuse Road on August 1 and celebrated a grand opening with the Raleigh Chamber of Commerce on August 24. The new branch is conveniently located just north of the beltline past Wake Forest Road.
Liabilities outpace assets growth
Total assets stood at $844.77 million as on Sep. 30, 2016, up 7.41 percent compared with $786.50 million on Sep. 30, 2015.
Deposits stood at $677.12 million as on Sep. 30, 2016, up 9.22 percent compared with $619.94 million on Sep. 30, 2015.
Shareholders equity stood at $103.19 million as on Sep. 30, 2016, down 0.34 percent or $0.35 million from year-ago.
Return on average assets moved up 16 basis points to 0.85 percent in the quarter from 0.69 percent in the last year period. At the same time, return on average equity increased 150 basis points to 6.71 percent in the quarter from 5.21 percent in the last year period.
Book value per share was $8.87 for the quarter, up 7.13 percent or $0.59 compared to $8.28 for the same period last year.
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