First Priority Financial Corp (FPBK) has reported a 17.36 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.74 million, or $0.10 a share in the quarter, compared with $0.63 million, or $0.06 a share for the same period last year. Revenue during the quarter grew 9.79 percent to $4.68 million from $4.26 million in the previous year period. Net interest income for the quarter rose 9.85 percent over the prior year period to $4.51 million. Non-interest income for the quarter fell 47.35 percent over the last year period to $0.17 million.
Net interest margin contracted 6 basis points to 3.34 percent in the quarter from 3.40 percent in the last year period.
David E. Sparks, Chairman and CEO, stated: "We are pleased to report the improved level of increased earnings for First Priority. The results for both the fourth quarter and the full year of 2016 reflect the impact of the $64 million loan and relationship purchase that was consummated in the third quarter and the continued improvement in asset quality and deposit growth accomplished this year. Following the loan purchase, we have made ongoing progress in developing and broadening these relationships and we believe they will provide ongoing growth opportunities for the Bank."
Liabilities outpace assets growth
Total assets stood at $597.80 million as on Dec. 31, 2016, up 9.38 percent compared with $546.54 million on Dec. 31, 2015. On the other hand, total liabilities stood at $549.75 million as on Dec. 31, 2016, up 11.18 percent from $494.45 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $484.91 million as on Dec. 31, 2016, up 19.33 percent compared with $406.36 million on Dec. 31, 2015. Deposits stood at $467.69 million as on Dec. 31, 2016, up 14.44 percent compared with $408.69 million on Dec. 31, 2015. Loans to deposits ratio was 104.40 percent for the quarter, up from 100.10 percent for the previous year quarter.
Investments stood at $89.60 million as on Dec. 31, 2016, down 21.81 percent or $24.99 million from year-ago. Shareholders equity stood at $48.05 million as on Dec. 31, 2016, down 7.77 percent or $4.05 million from year-ago.
Nonperforming assets moved down 36.57 percent or $1.30 million to $2.26 million on Dec. 31, 2016 from $3.57 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.38 percent in the quarter, down from 0.65 percent in the last year period.
Equity to assets ratio was 8.04 percent for the quarter, down from 9.53 percent for the previous year quarter. Book value per share was $6.84 for the quarter, up 3.95 percent or $0.26 compared to $6.58 for the same period last year.
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