WashingtonFirst Bankshares, Inc. (WFBI) has reported a 33.94 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4.74 million, or $0.36 a share in the quarter, compared with $3.54 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 19.01 percent to $20.31 million from $17.06 million in the previous year period. Net interest income for the quarter rose 11.49 percent over the prior year period to $15.98 million. Non-interest income for the quarter rose 46.30 percent over the last year period to $5.57 million.
WashingtonFirst Bankshares, Inc. has made provision of $1.24 million for loan losses during the quarter, up 15.35 percent from $1.08 million in the same period last year.
Net interest margin contracted 13 basis points to 3.40 percent in the quarter from 3.53 percent in the last year period. Efficiency ratio for the quarter improved to 60.81 percent from 65.69 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
In commenting on the Company's 2016 performance, Shaza Andersen, the Company's president and chief executive officer, said "I am very excited to report our record performance. Our team was charged with high expectations and goals in 2016 and we achieved them. Looking to the future, WashingtonFirst remains committed to growing long-term shareholder value through a continued focus on customer relationships, high standards of quality and service, and strong financial performance."
Liabilities outpace assets growth
Total assets stood at $2,002.91 million as on Dec. 31, 2016, up 19.61 percent compared with $1,674.47 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,810.25 million as on Dec. 31, 2016, up 21.02 percent from $1,495.87 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,520.96 million as on Dec. 31, 2016, up 17.38 percent compared with $1,295.79 million on Dec. 31, 2015. Deposits stood at $1,522.74 million as on Dec. 31, 2016, up 14.21 percent compared with $1,333.24 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $381.89 million or 25.08 percent of total deposits on Dec. 31, 2016, compared with $304.42 million or 22.83 percent of total deposits on Dec. 31, 2015.
Investments stood at $291.93 million as on Dec. 31, 2016, up 29.03 percent or $65.69 million from year-ago. Shareholders equity stood at $192.66 million as on Dec. 31, 2016, up 7.88 percent or $14.06 million from year-ago.
Return on average assets moved up 14 basis points to 1 percent in the quarter from 0.86 percent in the last year period. At the same time, return on average equity increased 76 basis points to 9.69 percent in the quarter from 8.93 percent in the last year period.
Nonperforming assets moved down 41.12 percent or $5.96 million to $8.54 million on Dec. 31, 2016 from $14.50 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.43 percent in the quarter, down from 0.86 percent in the last year period.
Tier-1 leverage ratio stood at 10.14 percent for the quarter, down from 10.67 percent for the previous year quarter. Book value per share was $14.94 for the quarter, up 7.10 percent or $0.99 compared to $13.95 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
