Kentucky Bancshares, Inc. (KTYB) has reported a 53.47 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2.36 million, or $0.79 a share in the quarter, compared with $1.54 million, or $0.52 a share for the same period last year.
Revenue during the quarter grew 7.61 percent to $10.99 million from $10.21 million in the previous year period. Net interest income for the quarter rose 6.16 percent over the prior year period to $8.07 million. Non-interest income for the quarter rose 3.65 percent over the last year period to $3.10 million.
Kentucky Bancshares, Inc. has made provision of $0.18 million for loan losses during the quarter, down 53.33 percent from $0.38 million in the same period last year.
Assets outpace liabilities growth
Total assets stood at $991.14 million as on Sep. 30, 2016, up 6.17 percent compared with $933.54 million on Sep. 30, 2015. On the other hand, total liabilities stood at $894.76 million as on Sep. 30, 2016, up 5.89 percent from $844.95 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $652.56 million as on Sep. 30, 2016, up 7.62 percent compared with $606.36 million on Sep. 30, 2015. Deposits stood at $734.20 million as on Sep. 30, 2016, up 3.26 percent compared with $711 million on Sep. 30, 2015.
Noninterest-bearing deposit liabilities were $197.23 million or 26.86 percent of total deposits on Sep. 30, 2016, compared with $204.09 million or 28.70 percent of total deposits on Sep. 30, 2015.
Investments stood at $261.31 million as on Sep. 30, 2016, up 7.06 percent or $17.23 million from year-ago. Shareholders equity stood at $96.38 million as on Sep. 30, 2016, up 8.80 percent or $7.80 million from year-ago.
Return on average assets moved up 28 basis points to 0.94 percent in the quarter from 0.66 percent in the last year period. At the same time, return on average equity increased 269 basis points to 9.83 percent in the quarter from 7.14 percent in the last year period.
Book value per share was $32.28 for the quarter, up 8.87 percent or $2.63 compared to $29.65 for the same period last year.
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