CU Bancorp (CUNB) has reported an 18.21 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $7.78 million, or $0.42 a share in the quarter, compared with $6.58 million, or $0.36 a share for the same period last year. Revenue during the quarter grew 13.05 percent to $29.03 million from $25.68 million in the previous year period. Net interest income for the quarter rose 11.56 percent over the prior year period to $26.19 million. Non-interest income for the quarter rose 0.53 percent over the last year period to $2.84 million.
Net interest margin contracted 10 basis points to 3.67 percent in the quarter from 3.77 percent in the last year period. Efficiency ratio was stable at 58 percent in the quarter, when compared with the last year period.
Liabilities outpace assets growthTotal assets stood at $3,143.27 million as on Mar. 31, 2017, up 14.74 percent compared with $2,739.53 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,796.82 million as on Mar. 31, 2017, up 15.40 percent from $2,423.54 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $2,026.53 million as on Mar. 31, 2017, up 9.39 percent compared with $1,852.63 million on Mar. 31, 2016. Deposits stood at $2,754.78 million as on Mar. 31, 2017, up 15.95 percent compared with $2,375.88 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $1,485.73 million or 53.93 percent of total deposits on Mar. 31, 2017, compared with $1,312.30 million or 55.23 percent of total deposits on Mar. 31, 2016.
Investments stood at $510.34 million as on Mar. 31, 2017, up 43.45 percent or $154.59 million from year-ago. Shareholders equity stood at $346.45 million as on Mar. 31, 2017, up 9.64 percent or $30.46 million from year-ago.
Return on average assets moved up 4 basis points to 0.97 percent in the quarter from 0.93 percent in the last year period.
Nonperforming assets moved down 58.13 percent or $1.06 million to $0.76 million on Mar. 31, 2017 from $1.82 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.02 percent in the quarter, down from 0.07 percent in the last year period.
Tier-1 leverage ratio stood at 9.63 percent for the quarter, down from 9.81 percent for the previous year quarter. Book value per share was $18.48 for the quarter, up 7.50 percent or $1.29 compared to $17.19 for the same period last year.
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