Peoples Utah Bancorp (PUB) has reported 24.38 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.52 million, or $0.36 a share in the quarter, compared with $5.24 million, or $0.29 a share for the same period last year. Revenue during the quarter grew 7.18 percent to $21.72 million from $20.26 million in the previous year period. Net interest income for the quarter rose 6.54 percent over the prior year period to $17.79 million. Non-interest income for the quarter rose 9.62 percent over the last year period to $4.12 million.
Net interest margin contracted 3 basis points to 4.55 percent in the quarter from 4.58 percent in the last year period. Efficiency ratio for the quarter improved to 56.83 percent from 59.30 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Our operating results for the first quarter of 2017 were comparable to the fourth quarter of 2016, our best quarter to-date. It also was a 24.4% increase over the first quarter of 2016. Our current quarters return on average equity was over 11% and return on average assets was 1.59%. We are also pleased with our overall loan growth of over 7.7% year-over-year and 2.9% on a linked quarter basis, and our efficiency ratio of 56.83% for the quarter." said Richard Beard, president and chief executive officer of Peoples Utah Bancorp.
Liabilities outpace assets growthTotal assets stood at $1,717.65 million as on Mar. 31, 2017, up 10.41 percent compared with $1,555.67 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,483.40 million as on Mar. 31, 2017, up 10.68 percent from $1,340.29 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $1,135.39 million as on Mar. 31, 2017, up 7.68 percent compared with $1,054.42 million on Mar. 31, 2016. Deposits stood at $1,468.66 million as on Mar. 31, 2017, up 10.90 percent compared with $1,324.32 million on Mar. 31, 2016. Loans to deposits ratio was 78.20 percent for the quarter, down from 80.61 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $462.89 million or 31.52 percent of total deposits on Mar. 31, 2017, compared with $407.85 million or 30.80 percent of total deposits on Mar. 31, 2016.
Investments stood at $414.25 million as on Mar. 31, 2017, up 9.09 percent or $34.51 million from year-ago. Shareholders equity stood at $234.24 million as on Mar. 31, 2017, up 8.76 percent or $18.86 million from year-ago.
Return on average assets moved up 23 basis points to 1.59 percent in the quarter from 1.36 percent in the last year period. At the same time, return on average equity increased 151 basis points to 11.39 percent in the quarter from 9.88 percent in the last year period.
Nonperforming assets moved up 2.01 percent or $0.12 million to $5.95 million on Mar. 31, 2017 from $5.83 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.35 percent in the quarter, down from 0.37 percent in the last year period.
Tier-1 leverage ratio stood at 14.10 percent for the quarter, up from 13.85 percent for the previous year quarter. Average equity to average assets ratio was 13.93 percent for the quarter, up from 13.80 percent for the previous year quarter. Book value per share was $13.07 for the quarter, up 7.48 percent or $0.91 compared to $12.16 for the same period last year.
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