SI Financial Group, Inc. (SIFI) has reported 59.75 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.56 million, or $0.13 a share in the quarter, compared with $0.97 million, or $0.08 a share for the same period last year. Revenue during the quarter went up marginally by 2.77 percent to $11.94 million from $11.61 million in the previous year period. Net interest income for the quarter rose 2.81 percent over the prior year period to $10.16 million. Non-interest income for the quarter fell 3.39 percent over the last year period to $2.65 million.
SI Financial Group has made provision of $0.88 million for loan losses during the quarter, down 13.47 percent from $1.02 million in the same period last year.
Net interest margin contracted 8 basis points to 2.83 percent in the quarter from 2.91 percent in the last year period. Efficiency ratio for the quarter improved to 75.33 percent from 80.41 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We continue to execute on our 2016 business plan as loan growth and expense reductions are spearheading a significant year over year improvement in earnings and tangible book value," commented Rheo A. Brouillard, president and chief executive officer.
Liabilities outpace assets growthTotal assets stood at $1,538.08 million as on Sep. 30, 2016, up 5.81 percent compared with $1,453.65 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,378.25 million as on Sep. 30, 2016, up 6.05 percent from $1,299.67 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $1,206.53 million as on Sep. 30, 2016, up 5.56 percent compared with $1,143 million on Sep. 30, 2015. Deposits stood at $1,136.94 million as on Sep. 30, 2016, up 8.99 percent compared with $1,043.13 million on Sep. 30, 2015. Investments stood at $186.68 million as on Sep. 30, 2016, up 5.96 percent or $10.51 million from year-ago. Shareholders equity stood at $159.82 million as on Sep. 30, 2016, up 3.80 percent or $5.85 million from year-ago.
Return on average assets moved up 14 basis points to 0.41 percent in the quarter from 0.27 percent in the last year period. At the same time, return on average equity increased 133 basis points to 3.85 percent in the quarter from 2.52 percent in the last year period.
Nonperforming assets moved down 10.49 percent or $0.90 million to $7.69 million on Sep. 30, 2016 from $8.59 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, down from 0.59 percent in the last year period.
Book value per share was $13.08 for the quarter, up 3.81 percent or $0.48 compared to $12.60 for the same period last year.
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