Consumers Bancorp, Inc. (CBKM) has reported a 12.99 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.72 million, or $0.27 a share in the quarter, compared with $0.64 million, or $0.23 a share for the same period last year.
Revenue during the quarter grew 5.70 percent to $4.19 million from $3.97 million in the previous year period. Net interest income for the quarter rose 2.88 percent over the prior year period to $3.54 million. Non-interest income for the quarter rose 10.39 percent over the last year period to $0.80 million.
Consumers Bancorp, Inc. has made provision of $0.14 million for loan losses during the quarter, down 27.08 percent from $0.19 million in the same period last year.
"The bank continues to realize consistent growth in commercial loan and deposit balances. Annualized loan and deposit growth of 6.7% and 5.1%, respectively, has improved the bank’s asset mix and increased the loan to deposit ratio to 75%. We expect continued loan growth, a gradual increase in short and long term market rates, and a steepening yield curve will positively impact net interest income. For the first time in many years we are beginning to see higher repricing of yields on adjustable rate loans," stated Ralph J. Lober, president and chief executive officer. He added that, “improved asset quality metrics reflect stronger economic conditions and the resolution of problem credits."
Deposits stood at $355.44 million as on Dec. 31, 2016, up 3.73 percent compared with $342.67 million on Dec. 31, 2015.
Investments stood at $135.58 million as on Dec. 31, 2016, down 3.70 percent or $5.22 million from year-ago. Shareholders equity was at $42.21 million as on Dec. 31, 2016.
Meanwhile, nonperforming assets to total assets was 0.36 percent in the quarter, down from 0.86 percent in the last year period.
Average equity to average assets ratio was 10.08 percent for the quarter, down from 10.18 percent for the previous year quarter. Book value per share for quarter was almost stable at $15.49, when compared with the previous year period.
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