Sussex Bancorp (SBBX) has reported a 66.81 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.52 million, or $0.32 a share in the quarter, compared with $0.91 million, or $0.20 a share for the same period last year.
Revenue during the quarter grew 22.77 percent to $8.06 million from $6.56 million in the previous year period. Net interest income for the quarter rose 24.40 percent over the prior year period to $6.59 million. Non-interest income for the quarter rose 22.13 percent over the last year period to $1.70 million.
Sussex Bancorp has made provision of $0.24 million for loan losses during the quarter, up 82.31 percent from $0.13 million in the same period last year.
Net interest margin contracted 4 basis points to 3.35 percent in the quarter from 3.39 percent in the last year period. Efficiency ratio for the quarter improved to 69.05 percent from 77.69 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Viewed from a number of measures, I am excited to report that we had outstanding financial performance for the fourth quarter. We are reaching key milestones on our journey to build a better bank," stated Anthony Labozzetta, president and chief executive officer of Sussex Bank. "In 2016, each of our major business units grew in excess of 25%, which when paired with improved efficiency lead to substantial improvement in net income for the fourth quarter and fiscal 2016,” added Mr. Labozzetta. Mr. Labozzetta also stated, "How we attain our results is vital to us. So it is rewarding to see our Teams’ focus on the customer and deepening relationships result in such strong organic growth."
Liabilities outpace assets growth
Total assets stood at $847.08 million as on Dec. 31, 2016, up 23.75 percent compared with $684.50 million on Dec. 31, 2015. On the other hand, total liabilities stood at $787.01 million as on Dec. 31, 2016, up 24.81 percent from $630.56 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $688.56 million as on Dec. 31, 2016, up 28.03 percent compared with $537.83 million on Dec. 31, 2015. Deposits stood at $660.92 million as on Dec. 31, 2016, up 27.63 percent compared with $517.86 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $132.43 million or 20.04 percent of total deposits on Dec. 31, 2016, compared with $87.21 million or 16.84 percent of total deposits on Dec. 31, 2015.
Investments were almost stable over the past one year at $100.23 million on Dec. 31, 2016. Shareholders equity stood at $60.07 million as on Dec. 31, 2016, up 11.37 percent or $6.13 million from year-ago.
Return on average assets moved up 19 basis points to 0.74 percent in the quarter from 0.55 percent in the last year period. At the same time, return on average equity increased 335 basis points to 10.14 percent in the quarter from 6.79 percent in the last year period.
Nonperforming assets moved down 8.53 percent or $0.87 million to $9.35 million on Dec. 31, 2016 from $10.22 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.10 percent in the quarter, down from 1.49 percent in the last year period.
Equity to assets ratio was 7.09 percent for the quarter, down from 7.88 percent for the previous year quarter. Book value per share was $12.67 for the quarter, up 9.13 percent or $1.06 compared to $11.61 for the same period last year.
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