People's Utah Bancorp (PUB) has reported 33.89 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $6.54 million, or $0.36 a share in the quarter, compared with $4.89 million, or $0.27 a share for the same period last year. Revenue during the quarter grew 12.57 percent to $22.52 million from $20 million in the previous year period. Net interest income for the quarter rose 11.45 percent over the prior year period to $18.33 million. Non-interest income for the quarter rose 15.46 percent over the last year period to $4.33 million.
People's Utah Bancorp has made provision of $0.15 million for loan losses during the quarter, down 25 percent from $0.20 million in the same period last year.
Net interest margin improved 15 basis points to 4.58 percent in the quarter from 4.43 percent in the last year period. Efficiency ratio for the quarter improved to 55.33 percent from 62.48 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“PUB continues its positive trend by posting strong operating results for the year ended 2016 compared to the prior year. The current year’s net income is the highest in our history. Our current quarter’s net income, diluted earnings per share, return on average equity and return on average assets were all higher when compared to the prior quarter. We are also pleased with our overall loan and deposit growth and the continued improvement in our efficiency ratio. We continue to look for opportunities to utilize our capital and enhance shareholder value by adding new branches to expand our marketplace and reviewing potential acquisition opportunities.” said Richard Beard, President and Chief Executive Officer of People’s Utah Bancorp.
Assets outpace liabilities growth
Total assets stood at $1,665.98 million as on Dec. 31, 2016, up 7.07 percent compared with $1,555.98 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,437.46 million as on Dec. 31, 2016, up 6.75 percent from $1,346.57 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,103.16 million as on Dec. 31, 2016, up 6.85 percent compared with $1,032.42 million on Dec. 31, 2015. Deposits stood at $1,425.07 million as on Dec. 31, 2016, up 8.85 percent compared with $1,309.18 million on Dec. 31, 2015. Loans to deposits ratio was 78.87 percent for the quarter, down from 80.23 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $443.10 million or 31.09 percent of total deposits on Dec. 31, 2016, compared with $408.51 million or 31.20 percent of total deposits on Dec. 31, 2015.
Investments stood at $410.95 million as on Dec. 31, 2016, up 2.52 percent or $10.09 million from year-ago. Shareholders equity stood at $228.52 million as on Dec. 31, 2016, up 9.13 percent or $19.11 million from year-ago.
Return on average assets moved up 32 basis points to 1.56 percent in the quarter from 1.24 percent in the last year period. At the same time, return on average equity increased 215 basis points to 11.42 percent in the quarter from 9.27 percent in the last year period.
Nonperforming assets moved down 29.85 percent or $2.38 million to $5.60 million on Dec. 31, 2016 from $7.99 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, down from 0.51 percent in the last year period.
Tier-1 leverage ratio stood at 13.71 percent for the quarter, up from 13.42 percent for the previous year quarter. Average equity to average assets ratio was 13.83 percent for the quarter, up from 12.72 percent for the previous year quarter. Book value per share was $12.82 for the quarter, up 7.55 percent or $0.90 compared to $11.92 for the same period last year.
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