ASB Bancorp Inc (ASBB) has reported a 63.60 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.83 million, or $0.50 a share in the quarter, compared with $1.12 million, or $0.30 a share for the same period last year. Revenue during the quarter grew 6.86 percent to $8 million from $7.48 million in the previous year period. Net interest income for the quarter rose 4.70 percent over the prior year period to $6.11 million. Non-interest income for the quarter fell 5.03 percent over the last year period to $1.95 million.
ASB Bancorp Inc has made provision of $0.06 million for loan losses during the quarter, down 85.71 percent from $0.40 million in the same period last year.
Net interest margin improved 12 basis points to 3.33 percent in the quarter from 3.21 percent in the last year period. Efficiency ratio for the quarter improved to 68.50 percent from 76.29 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Suzanne S. DeFerie, president and chief executive officer, commented: "We began the year with a very strong first quarter thanks to focused and successful execution of our strategic business plan and strong market fundamentals. One of our key priorities has been to establish new relationships with commercial clients and to diversify relationships with existing business clients. During the first quarter, we saw favorable growth in the number of new commercial relationships and a corresponding increase in new core deposit accounts and new loan originations, which exceeded loan repayments, prepayments and foreclosures. Overall, deposit growth was strong.
Deposits stood at $682.07 million as on Mar. 31, 2017, up 8.54 percent compared with $628.42 million on Mar. 31, 2016.
Investments stood at $101.11 million as on Mar. 31, 2017, down 17.38 percent or $21.27 million from year-ago. Shareholders equity was at $93.74 million as on Mar. 31, 2017.
Return on average assets moved up 35 basis points to 0.93 percent in the quarter from 0.58 percent in the last year period. At the same time, return on average equity increased 308 basis points to 8.01 percent in the quarter from 4.93 percent in the last year period.
Nonperforming assets moved down 27.04 percent or $2.15 million to $5.81 million on Mar. 31, 2017 from $7.96 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.72 percent in the quarter, down from 1.02 percent in the last year period.
Tier-1 leverage ratio stood at 11.89 percent for the quarter, down from 12.33 percent for the previous year quarter.
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