Suffolk Bancorp (SCNB) has reported a 2.64 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $3.73 million, or $0.31 a share in the quarter, compared with $3.64 million, or $0.31 a share for the same period last year.
Revenue during the quarter grew 3.23 percent to $20.48 million from $19.84 million in the previous year period. Net interest income for the quarter rose 1.34 percent over the prior year period to $18.06 million. Non-interest income for the quarter rose 0.10 percent over the last year period to $2.03 million.
Net interest margin contracted 16 basis points to 3.68 percent in the quarter from 3.84 percent in the last year period. Efficiency ratio for the quarter deteriorated to 73.55 percent from 71.87 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
President & chief executive Officer Howard C. Bluver stated: "I am pleased to report a strong fourth quarter. Most importantly, we made significant progress during the quarter toward ensuring a smooth and successful integration in connection with our pending merger with People’s United Financial. When the merger was announced on June 27, 2016, I stated my belief that we could leverage the strengths of our combined institutions for the benefit of all our current and future stakeholders. After seeing how closely and cooperatively our respective teams have worked together over the past seven months, I am even more confident today that we will hit the ground running on day one. It is also gratifying to see that our continued Company-wide focus on high quality execution has not been compromised as a result of the pending merger."
Assets, liabilities fall
Total assets stood at $2,091.50 million as on Dec. 31, 2016, down 3.55 percent compared with $2,168.59 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,875.34 million as on Dec. 31, 2016, down 4.87 percent from $1,971.33 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,656.45 million as on Dec. 31, 2016, up 0.65 percent compared with $1,645.76 million on Dec. 31, 2015. Deposits stood at $1,838.18 million as on Dec. 31, 2016, up 3.23 percent compared with $1,780.62 million on Dec. 31, 2015. Loans to deposits ratio was 87.76 percent for the quarter, down from 88.50 percent for the previous year quarter.
Investments stood at $198.02 million as on Dec. 31, 2016, down 35.79 percent or $110.39 million from year-ago. Shareholders equity stood at $216.16 million as on Dec. 31, 2016, up 9.58 percent or $18.91 million from year-ago.
Return on average assets moved down 1 basis points to 0.68 percent in the quarter from 0.69 percent in the last year period. At the same time, return on average equity decreased 43 basis points to 6.90 percent in the quarter from 7.33 percent in the last year period.
Nonperforming assets moved up 12.34 percent or $0.68 million to $6.21 million on Dec. 31, 2016 from $5.53 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.30 percent in the quarter, up from 0.25 percent in the last year period.
Capital ratios improve
Suffolk Bancorp recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 10.31 percent for the quarter, up from 9.77 percent for the previous year quarter. Equity to assets ratio was 10.27 percent for the quarter, up from 8.91 percent for the previous year quarter. Book value per share was $18.11 for the quarter, up 8.31 percent or $1.39 compared to $16.72 for the same period last year.
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