Provident Financial Holdings, Inc. (PROV) has reported 53.16 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.50 million, or $0.18 a share in the quarter, compared with $0.98 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 11.05 percent to $17.27 million from $15.55 million in the previous year period. Net interest income for the quarter rose 19.71 percent over the prior year period to $9.08 million. Non-interest income for the quarter rose 3.08 percent over the last year period to $7.83 million.
Provident Financial Holdings, Inc. has made negative provision of $0.35 million for loan losses during the quarter, compared with a negative provision of $0.36 million in the same period last year.
Net interest margin improved 41 basis points to 3.09 percent in the quarter from 2.68 percent in the last year period. Efficiency ratio for the quarter improved to 86.71 percent from 91.26 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased with the current economic environment as it relates to our community banking business. Loan portfolio growth has accelerated from prior year levels, consistent with our investment and risk management objectives; credit quality remains strong; our net interest margin remains solid; and capital levels are robust. In short, community banking fundamentals are favorable," said Craig G. Blunden, chairman and chief executive officer of the Company.
Liabilities outpace assets growth
Total assets stood at $1,192.16 million as on Dec. 31, 2016, up 2.37 percent compared with $1,164.54 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,059.60 million as on Dec. 31, 2016, up 3.21 percent from $1,026.68 million on Dec. 31, 2015.
Deposits stood at $928.67 million as on Dec. 31, 2016, up 1.19 percent compared with $917.75 million on Dec. 31, 2015.
Investments stood at $43.65 million as on Dec. 31, 2016, up 84.62 percent or $20.01 million from year-ago. Shareholders equity stood at $132.56 million as on Dec. 31, 2016, down 3.85 percent or $5.31 million from year-ago.
Return on average assets moved up 16 basis points to 0.50 percent in the quarter from 0.34 percent in the last year period. At the same time, return on average equity increased 170 basis points to 4.53 percent in the quarter from 2.83 percent in the last year period.
Nonperforming assets moved down 23.89 percent or $4.09 million to $13.01 million on Dec. 31, 2016 from $17.10 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.09 percent in the quarter, down from 1.47 percent in the last year period.
Equity to assets ratio was 11.12 percent for the quarter, down from 11.84 percent for the previous year quarter. Book value per share was $16.75 for the quarter, up 1.39 percent or $0.23 compared to $16.52 for the same period last year.
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