Equity Bancshares, Inc. (EQBK) has reported a 41.40 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.86 million, or $0.40 a share in the quarter, compared with $3.44 million, or $0.41 a share for the same period last year. On an adjusted basis, net profit for the quarter was $5.01 million, when compared with $3.50 million in the last year period.
Revenue during the quarter surged 50.25 percent to $22.14 million from $14.73 million in the previous year period. Net interest income for the quarter rose 55.93 percent over the prior year period to $19.89 million. Non-interest income for the quarter rose 23.76 percent over the last year period to $3.34 million.
Equity Bancshares, Inc. has made provision of $1.10 million for loan losses during the quarter, up 51.45 percent from $0.72 million in the same period last year.
Net interest margin improved 63 basis points to 3.96 percent in the quarter from 3.33 percent in the last year period. Efficiency ratio for the quarter improved to 61.59 percent from 64.05 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Brad Elliott, chairman and chief executive officer of Equity, said, "Equity has accomplished a lot during the past 17 months, including three mergers and integrations, which has led us to record earnings. We could not do this without considerable talent, leadership and hard work among our teams. We proudly welcomed communities in Hoxie, Grinnell and Quinter to our Equity footprint and we continue to serve our customers in Arkansas. Completing two mergers within four months is indicative of our mission and focus to merge and integrate swiftly while continuing organic growth within our markets."
Investments stood at $622.42 million as on Mar. 31, 2017. Shareholders equity was at $279.21 million as on Mar. 31, 2017.
Return on average assets moved up 5 basis points to 0.88 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity decreased 154 basis points to 7.45 percent in the quarter from 8.99 percent in the last year period.
Capital ratios improve
Equity Bancshares, Inc. recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 10.52 percent for the quarter, up from 9.10 percent for the previous year quarter. Equity to assets ratio was 11.64 percent for the quarter, up from 10.15 percent for the previous year quarter. Book value per share was $22.88 for the quarter, up 21.12 percent or $3.99 compared to $18.89 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