Entegra Financial Corp. (ENFC) has reported a 27.45 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.74 million, or $0.27 a share in the quarter, compared with $1.37 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.03 million, or $0.31 a share compared with $1.28 million or $0.19 a share, a year ago.
Revenue during the quarter grew 16.71 percent to $11.09 million from $9.50 million in the previous year period. Net interest income for the quarter rose 26.15 percent over the prior year period to $9.62 million. Non-interest income for the quarter fell 4.91 percent over the last year period to $1.78 million.
Efficiency ratio for the quarter improved to 75.49 percent from 76.63 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Roger D. Plemens, president and chief executive officer of the Company reported, "The first quarter represents another successful quarter for the Company as we continue to grow net income and improve return on equity. Although the first quarter is usually our slowest period, we are pleased with the significant improvement over the first quarter of 2016. The market is beginning to recognize our intrinsic value with our stock trading above book value. We successfully closed the previously announced acquisition of two branches in February expanding our footprint into northern Georgia which provides critical deposits to fund asset growth and increase net interest income. We will continue to execute our strategy and look for opportunities for growth within our contiguous markets."
Investments stood at $450.06 million as on Mar. 31, 2017. Shareholders equity was at $135.40 million as on Mar. 31, 2017.
Return on average assets moved down 1 basis points to 0.52 percent in the quarter from 0.53 percent in the last year period. At the same time, return on average equity increased 108 basis points to 5.18 percent in the quarter from 4.10 percent in the last year period.
Nonperforming assets was at $11.34 million on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.82 percent in the quarter.
Book value per share was $20.97 for the quarter.
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