Village Bank and Trust Financial Corp. (VBFC) has reported a 2,433.33 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $11.93 million, or $8.21 a share in the quarter, compared with $0.47 million, or $0.21 a share for the same period last year.
Revenue during the quarter went up marginally by 2.90 percent to $6.29 million from $6.11 million in the previous year period. Net interest income for the quarter rose 6.23 percent over the prior year period to $3.44 million. Non-interest income for the quarter fell 0.87 percent over the last year period to $2.84 million.
Net interest margin improved 5 basis points to 3.50 percent in the quarter from 3.45 percent in the last year period.
Bill Foster, president and chief executive officer, commented "We continued our positive momentum in growing loans, deposits and the mortgage banking business during the third quarter. We are focused on finishing the year strong and entering 2017 at full speed with a commitment to generating high quality earnings growth next year. I am proud of what our team is accomplishing."
Assets outpace liabilities growth
Total assets stood at $446.29 million as on Sep. 30, 2016, up 5.34 percent compared with $423.65 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $330.73 million as on Sep. 30, 2016, up 11.91 percent compared with $295.54 million on Sep. 30, 2015. Deposits stood at $379.22 million as on Sep. 30, 2016, up 2.76 percent compared with $369.04 million on Sep. 30, 2015.
Investments stood at $26.77 million as on Sep. 30, 2016, down 32.39 percent or $12.82 million from year-ago.
Return on average assets moved up 1061 basis points to 11.05 percent in the quarter from 0.44 percent in the last year period. At the same time, return on average equity increased 14053 basis points to 146.68 percent in the quarter from 6.15 percent in the last year period.
Nonperforming assets moved down 50.85 percent or $6.36 million to $6.15 million on Sep. 30, 2016 from $12.51 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.38 percent in the quarter, down from 2.37 percent in the last year period.
Tier-1 leverage ratio stood at 10.61 percent for the quarter, up from 8.93 percent for the previous year quarter. Book value per share was $26.41 for the quarter, up 51.96 percent or $9.03 compared to $17.38 for the same period last year.
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