CU Bancorp (CUNB) has reported 30.20 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.17 million, or $0.39 a share in the quarter, compared with $5.51 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 15.55 percent to $27.61 million from $23.89 million in the previous year period. Net interest income for the quarter rose 9.65 percent over the prior year period to $25.33 million. Non-interest income for the quarter rose 3.95 percent over the last year period to $3.16 million.
CU Bancorp has made provision of $0.88 million for loan losses during the quarter, down 60.78 percent from $2.25 million in the same period last year.
Net interest margin contracted 12 basis points to 3.60 percent in the quarter from 3.72 percent in the last year period. Efficiency ratio was stable at 58 percent in the quarter, when compared with the last year period.
"2016 was another year of strong financial performance for the Company," said David Rainer, chairman and chief executive officer of CU Bancorp and California United Bank. "Our return on average tangible common equity increased to more than 11%, return on average assets increased to 0.92% and our efficiency ratio was 58%. Momentum was maintained throughout the year, with fourth quarter 2016 performance resulting in net income and diluted earnings per share each up 30% over the year-ago quarter."
Liabilities outpace assets growth
Total assets stood at $2,994.76 million as on Dec. 31, 2016, up 13.67 percent compared with $2,634.64 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,656.58 million as on Dec. 31, 2016, up 14.12 percent from $2,327.84 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $2,030.85 million as on Dec. 31, 2016, up 11.74 percent compared with $1,817.48 million on Dec. 31, 2015. Deposits stood at $2,607.39 million as on Dec. 31, 2016, up 14.02 percent compared with $2,286.79 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $1,400.10 million or 53.70 percent of total deposits on Dec. 31, 2016, compared with $1,288.08 million or 56.33 percent of total deposits on Dec. 31, 2015.
Investments stood at $511.98 million as on Dec. 31, 2016, up 43.08 percent or $154.16 million from year-ago. Shareholders equity stood at $338.18 million as on Dec. 31, 2016, up 10.23 percent or $31.38 million from year-ago.
Return on average assets moved up 14 basis points to 0.91 percent in the quarter from 0.77 percent in the last year period.
Nonperforming assets moved down 52.78 percent or $1.25 million to $1.12 million on Dec. 31, 2016 from $2.38 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.04 percent in the quarter, down from 0.09 percent in the last year period.
Tier-1 leverage ratio stood at 9.72 percent for the quarter, up from 9.67 percent for the previous year quarter. Book value per share was $18.09 for the quarter, up 7.23 percent or $1.22 compared to $16.87 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: editor@irisindia.net
