Sunshine Bancorp, Inc (SBCP) saw its loss narrow to $0.51 million, or $0.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.78 million, or $0.42 a share. Revenue during the quarter surged 68.31 percent to $7.42 million from $4.41 million in the previous year period. Net interest income for the quarter rose 70.64 percent over the prior year period to $6.72 million. Non-interest income for the quarter rose 48.83 percent over the last year period to $0.70 million.
Net interest margin was stable at 3.78 percent in the quarter, when compared with the last year period.
Andrew Samuel, President and Chief executive officer, commented, “A little over two years ago the organization set course to build a dominant community bank in Florida. With the acquisition of Florida Bank of Commerce fully integrated we have achieved the critical mass needed to begin to produce appropriate returns for our shareholders. The strategic and organic achievements of the past two years have produced a well-positioned balance sheet as of December 31, 2016, and will substantially increase the earnings power of our franchise in 2017.”
Liabilities outpace assets growth
Total assets stood at $931.44 million as on Dec. 31, 2016, up 83.62 percent compared with $507.26 million on Dec. 31, 2015. On the other hand, total liabilities stood at $819.33 million as on Dec. 31, 2016, up 87.98 percent from $435.87 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $683.78 million as on Dec. 31, 2016, up 109.58 percent compared with $326.27 million on Dec. 31, 2015. Deposits stood at $729.95 million as on Dec. 31, 2016, up 82.89 percent compared with $399.11 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $217.42 million or 29.79 percent of total deposits on Dec. 31, 2016, compared with $89.11 million or 22.33 percent of total deposits on Dec. 31, 2015.
Investments stood at $112.46 million as on Dec. 31, 2016, up 59.85 percent or $42.11 million from year-ago. Shareholders equity stood at $112.10 million as on Dec. 31, 2016, up 57.02 percent or $40.71 million from year-ago.
Return on average assets for the quarter stood at negative 0.30 percent as compared to a negative 1.50 percent for the previous year period. Return on average equity for the quarter stood at negative 2.20 percent as compared to a negative 11.20 percent for the previous year period.
Nonperforming assets moved down 58.75 percent or $0.46 million to $0.32 million on Dec. 31, 2016 from $0.78 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.03 percent in the quarter, down from 0.15 percent in the last year period.
Tier-1 leverage ratio stood at 10 percent for the quarter, up from 9.80 percent for the previous year quarter.
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
