SI Financial Group, Inc. (SIFI) has reported a 347.86 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $6.48 million, or $0.55 a share in the quarter, compared with $1.45 million, or $0.12 a share for the same period last year.
Revenue during the quarter surged 61.70 percent to $19.57 million from $12.10 million in the previous year period. Net interest income for the quarter rose 20.08 percent over the prior year period to $12.34 million. Non-interest income for the quarter rose 191.21 percent over the last year period to $7.65 million.
SI Financial Group has made provision of $0.42 million for loan losses during the quarter, down 47.68 percent from $0.80 million in the same period last year.
Net interest margin improved 44 basis points to 3.42 percent in the quarter from 2.98 percent in the last year period. Efficiency ratio for the quarter improved to 52.73 percent from 77.30 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Results for 2016 continue to demonstrate the Company's successful execution of its business plan, which provided positive results in a number of key areas. Loan and deposit growth continued the trends from recent years and efforts to reduce certain operating expenses contributed to record earnings during 2016," commented Rheo A. Brouillard, President and Chief Executive Officer.
Assets outpace liabilities growth
Total assets stood at $1,550.89 million as on Dec. 31, 2016, up 4.66 percent compared with $1,481.83 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,386.16 million as on Dec. 31, 2016, up 4.42 percent from $1,327.50 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,220.32 million as on Dec. 31, 2016, up 4.72 percent compared with $1,165.37 million on Dec. 31, 2015. Deposits stood at $1,130.68 million as on Dec. 31, 2016, up 6.87 percent compared with $1,058.02 million on Dec. 31, 2015.
Investments stood at $175.15 million as on Dec. 31, 2016, down 8.60 percent or $16.47 million from year-ago. Shareholders equity stood at $164.73 million as on Dec. 31, 2016, up 6.74 percent or $10.40 million from year-ago.
Return on average assets moved up 130 basis points to 1.69 percent in the quarter from 0.39 percent in the last year period. At the same time, return on average equity increased 1228 basis points to 15.97 percent in the quarter from 3.69 percent in the last year period.
Nonperforming assets moved down 10.06 percent or $0.77 million to $6.90 million on Dec. 31, 2016 from $7.67 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.44 percent in the quarter, down from 0.52 percent in the last year period.
Book value per share was $13.49 for the quarter, up 6.81 percent or $0.86 compared to $12.63 for the same period last year.
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