SI Financial Group, Inc. (SIFI) has reported 11.55 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1.72 million, or $0.14 a share in the quarter, compared with $1.54 million, or $0.13 a share for the same period last year.
Revenue during the quarter went up marginally by 2.24 percent to $12.85 million from $12.56 million in the previous year period. Net interest income for the quarter rose 3.18 percent over the prior year period to $10.50 million. Non-interest income for the quarter fell 7.14 percent over the last year period to $2.51 million.
SI Financial Group, Inc. has made provision of $0.16 million for loan losses during the quarter, down 48.55 percent from $0.31 million in the same period last year.
Net interest margin contracted 2 basis points to 2.89 percent in the quarter from 2.91 percent in the last year period. Efficiency ratio for the quarter improved to 79.51 percent from 79.73 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Earnings continue to trend positively as both loan and deposit growth remain strong. Branch and loan staff are actively involved in ongoing business development efforts as a result of improvements in local markets and consumer confidence," commented Rheo A. Brouillard, president and chief executive officer.
Assets outpace liabilities growthTotal assets stood at $1,592.90 million as on Mar. 31, 2017, up 5.62 percent compared with $1,508.21 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,426.83 million as on Mar. 31, 2017, up 5.58 percent from $1,351.36 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $1,239.31 million as on Mar. 31, 2017, up 6.93 percent compared with $1,159.02 million on Mar. 31, 2016. Deposits stood at $1,176.30 million as on Mar. 31, 2017, up 7.21 percent compared with $1,097.16 million on Mar. 31, 2016. Investments stood at $181.68 million as on Mar. 31, 2017, up 0.30 percent or $0.54 million from year-ago. Shareholders equity stood at $166.06 million as on Mar. 31, 2017, up 5.88 percent or $9.22 million from year-ago.
Return on average assets moved up 3 basis points to 0.44 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity increased 22 basis points to 4.18 percent in the quarter from 3.96 percent in the last year period.
Nonperforming assets moved down 18.95 percent or $1.48 million to $6.33 million on Mar. 31, 2017 from $7.81 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.40 percent in the quarter, down from 0.52 percent in the last year period.
Book value per share was $13.61 for the quarter, up 6.08 percent or $0.78 compared to $12.83 for the same period last year.
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