Hamilton Bancorp (HBK) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.32 million, or $ 0.10 a share in the quarter, against a net loss of $0.20 million, or $0.06 a share in the last year period.
Revenue during the quarter surged 67.73 percent to $3.78 million from $2.26 million in the previous year period. Net interest income for the quarter rose 66.84 percent over the prior year period to $3.55 million. Non-interest income for the quarter rose 14.17 percent over the last year period to $0.28 million.
Hamilton Bancorp has made provision of $0.05 million for loan losses during the quarter, down 58.33 percent from $0.12 million in the same period last year.
Net interest margin contracted 1 basis points to 2.97 percent in the quarter from 2.98 percent in the last year period. Efficiency ratio for the quarter improved to 79.71 percent from 91.42 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our strategic initiatives resulted in a robust turnaround in earnings for the second quarter," said Robert DeAlmeida, president and chief executive officer of Hamilton Bank. "We will continue to focus on diversifying our revenue and improving our efficiency ratio even further going forward."
Liabilities outpace assets growthTotal assets stood at $517.18 million as on Sep. 30, 2016, up 42.13 percent compared with $363.89 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $330.68 million as on Sep. 30, 2016, up 47.89 percent compared with $223.60 million on Sep. 30, 2015. Deposits stood at $422.31 million as on Sep. 30, 2016, up 49.02 percent compared with $283.39 million on Sep. 30, 2015. Investments stood at $95.74 million as on Sep. 30, 2016, up 9.57 percent or $8.36 million from year-ago.
Return on average assets was at 0.25 percent in the quarter against a negative 0.26 percent in the last year period. Return on average equity was at 2.13 percent in the quarter against a negative 1.32 percent in the last year period.
Book value per share was $18.10 for the quarter, up 1.46 percent or $0.26 compared to $17.84 for the same period last year.
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