Suffolk Bancorp (SCNB) has reported 11.21 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $5.48 million, or $0.46 a share in the quarter, compared with $4.92 million, or $0.42 a share for the same period last year. Revenue during the quarter grew 8.25 percent to $21.06 million from $19.46 million in the previous year period. Non-interest income for the quarter fell 4.33 percent over the last year period to $2.32 million.
Suffolk Bancorp has made negative provision of $0.35 million for loan losses during the quarter, compared with a positive provision of $0.35 million in the same period last year.
Net interest margin contracted 17 basis points to 3.72 percent in the quarter from 3.89 percent in the last year period. Efficiency ratio for the quarter deteriorated to 63.68 percent from 61.16 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
President and chief executive officer Howard C. Bluver stated: "I am very pleased to report an outstanding third quarter. While we continue to make significant progress toward ensuring a smooth and successful integration in connection with the pending merger with Peoples United Financial, it is gratifying to see that our continuing Company-wide focus on high quality execution resulted in strong financial performance during the quarter.
Assets outpace liabilities growthTotal assets stood at $2,196.48 million as on Sep. 30, 2016, up 6.27 percent compared with $2,066.84 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,981.78 million as on Sep. 30, 2016, up 5.96 percent from $1,870.30 million on Sep. 30, 2015. Loans outpace deposit growthNet loans stood at $1,690.32 million as on Sep. 30, 2016, up 9.82 percent compared with $1,539.20 million on Sep. 30, 2015. Deposits stood at $1,944.20 million as on Sep. 30, 2016, up 8.26 percent compared with $1,795.83 million on Sep. 30, 2015. Investments stood at $213.17 million as on Sep. 30, 2016, down 34.94 percent or $114.49 million from year-ago. Shareholders equity stood at $214.70 million as on Sep. 30, 2016, up 9.24 percent or $18.16 million from year-ago.
Return on average assets moved up 2 basis points to 0.99 percent in the quarter from 0.97 percent in the last year period. At the same time, return on average equity increased 6 basis points to 10.21 percent in the quarter from 10.15 percent in the last year period.
Nonperforming assets moved down 7.15 percent or $0.54 million to $6.96 million on Sep. 30, 2016 from $7.50 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.32 percent in the quarter, down from 0.36 percent in the last year period.
Capital ratios improveSuffolk Bancorp recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 9.94 percent for the quarter, up from 9.78 percent for the previous year quarter. Equity to assets ratio was 9.77 percent for the quarter, up from 9.51 percent for the previous year quarter. Book value per share was $18.03 for the quarter, up 8.16 percent or $1.36 compared to $16.67 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
