Blue Hills Bancorp, Inc. (BHBK) has reported a 349.13 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.49 million, or $0.31 a share in the quarter, compared with $1.67 million, or $0.07 a share for the same period last year. On an adjusted basis, the company has earned $2.65 million, or $0.11 a share for the quarter.
Revenue during the quarter surged 55.02 percent to $22.64 million from $14.60 million in the previous year period. Non-interest income for the quarter rose 394.99 percent over the last year period to $6.82 million.
Blue Hills Bancorp, Inc. has made provision of $0.06 million for loan losses during the quarter, compared with a negative provision of $0.03 million in the same period last year.
Net interest margin improved 9 basis points to 2.71 percent in the quarter from 2.62 percent in the last year period. Efficiency ratio for the quarter improved to 59 percent from 83 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on the Company's results, William Parent, president and chief executive officer of Blue Hills Bancorp, said, "We got off to a good start in 2017 with loan and deposit growth continuing at a solid pace. Compared to a year ago, loans are up 25% and deposits, excluding brokered deposits, are up 21% with deposit growth seen across all customer segments. Deposits at our newest branch in the Seaport District of Boston, which opened in October of last year, have grown to $51 million at the end of March. In-house mortgage originations in the first quarter increased compared to a year ago and this comes after in-house originations doubled in 2016 from 2015. During the first quarter, we also made a strategic decision to sell our portfolio of mutual fund investments, which allowed us to reduce wholesale funding and will help to alleviate some of the volatility we had experienced in our quarterly earnings with regard to mutual fund dividends. Finally, improving our operating leverage, returns and efficiency ratio continues to be a top priority for us. Progress this quarter is reflected in the improvement in our core net interest margin, which has benefited from Federal Reserve interest rate increases, and a linked-quarter decline in noninterest expense."
Liabilities outpace assets growth
Total assets stood at $2,496.61 million as on Mar. 31, 2017, up 15.46 percent compared with $2,162.23 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,099.67 million as on Mar. 31, 2017, up 18.71 percent from $1,768.67 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,968.47 million as on Mar. 31, 2017, up 25.38 percent compared with $1,569.97 million on Mar. 31, 2016. Deposits stood at $1,856.72 million as on Mar. 31, 2017, up 25.07 percent compared with $1,484.60 million on Mar. 31, 2016.
Investments stood at $375.52 million as on Mar. 31, 2017, down 13.52 percent or $58.73 million from year-ago. Shareholders equity stood at $396.94 million as on Mar. 31, 2017, up 0.86 percent or $3.39 million from year-ago.
Return on average assets moved up 91 basis points to 1.22 percent in the quarter from 0.31 percent in the last year period. At the same time, return on average equity increased 605 basis points to 7.74 percent in the quarter from 1.69 percent in the last year period.
Nonperforming assets moved up 19.82 percent or $2.17 million to $13.11 million on Mar. 31, 2017 from $10.94 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.53 percent in the quarter, up from 0.51 percent in the last year period.
Book value per share was $14.78 for the quarter, up 4.38 percent or $0.62 compared to $14.16 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
