Bay Bancorp, Inc. (BYBK) has reported a 44 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.74 million, or $0.07 a share in the quarter, compared with $0.51 million, or $0.05 a share for the same period last year.
Revenue during the quarter surged 41.10 percent to $8.38 million from $5.94 million in the previous year period. Net interest income for the quarter rose 14.85 percent over the prior year period to $5.86 million. Non-interest income for the quarter rose 163.63 percent over the last year period to $2.89 million.
Carrollton Bancorp has made provision of $0.37 million for loan losses during the quarter, up 41.49 percent from $0.26 million in the same period last year.
Net interest margin contracted 44 basis points to 4.05 percent in the quarter from 4.49 percent in the last year period.
Commenting on the announcement, Joseph J. Thomas, president and chief executive officer, said, "We are very proud of our team's accomplishments this year with over $100 million in new loan originations, successful completion of the Hopkins acquisitions, and leadership transition in numerous key banking, credit and operations roles. The efforts of our team have translated into significantly higher earnings momentum in the fourth quarter of 2016 with pre-tax, pre-provision earnings, increasing 52% compared to the same period in 2015 before consideration of merger-related costs. When combined with the Bank's 2016 stock repurchases, the Return on Equity increased a full 60% over the same period in 2015. We are well positioned with talent and technology to entrepreneurially serve our small business, private real estate and professional clients in the dynamic and robust Baltimore Washington Corridor and sustain and extend this higher level of earnings in 2017 to continue growing our tangible book value from its $6.30 per share level at year-end 2016."
Liabilities outpace assets growth
Total assets stood at $620.42 million as on Dec. 31, 2016, up 26.32 percent compared with $491.16 million on Dec. 31, 2015. On the other hand, total liabilities stood at $554.67 million as on Dec. 31, 2016, up 30.98 percent from $423.48 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $484.28 million as on Dec. 31, 2016, up 23.71 percent compared with $391.47 million on Dec. 31, 2015. Deposits stood at $526.46 million as on Dec. 31, 2016, up 43.29 percent compared with $367.42 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $111.38 million or 21.16 percent of total deposits on Dec. 31, 2016, compared with $101.84 million or 27.72 percent of total deposits on Dec. 31, 2015.
Investments stood at $61.39 million as on Dec. 31, 2016, up 75.78 percent or $26.47 million from year-ago. Shareholders equity stood at $65.75 million as on Dec. 31, 2016, down 2.86 percent or $1.93 million from year-ago.
Return on average assets moved up 10 basis points to 0.53 percent in the quarter from 0.43 percent in the last year period. At the same time, return on average equity increased 186 basis points to 4.96 percent in the quarter from 3.10 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 2.55 percent in the quarter, up from 2.10 percent in the last year period.
Book value per share was $6.30 for the quarter, up 2.77 percent or $0.17 compared to $6.13 for the same period last year.
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