Stewardship Financial Corp (SSFN) has reported a 27.05 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $1.35 million, or $0.22 a share in the quarter, compared with $1.06 million, or $0.17 a share for the same period last year.
Revenue during the quarter grew 8.50 percent to $7.13 million from $6.58 million in the previous year period. Net interest income for the quarter rose 8.30 percent over the prior year period to $5.90 million. Non-interest income for the quarter rose 9.59 percent over the last year period to $0.94 million.
Stewardship Financial Corp has made negative provision of $0.30 million for loan losses during the quarter, compared with a negative provision of $0.28 million in the same period last year.
Net interest margin was stable at 3.18 percent in the quarter, when compared with the last year period.
In commenting on the performance, Paul Van Ostenbridge, Stewardship Financial Corporation's president and chief executive officer, stated, "We are proud to demonstrate our continuing ability to improve earnings. Specifically, for 2016, we achieved 14.7% of growth in our loan portfolio while keeping expenses relatively flat."
Liabilities outpace assets growth
Total assets stood at $795.54 million as on Dec. 31, 2016, up 10.82 percent compared with $717.89 million on Dec. 31, 2015. On the other hand, total liabilities stood at $744.15 million as on Dec. 31, 2016, up 11.01 percent from $670.32 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $595.95 million as on Dec. 31, 2016, up 15.15 percent compared with $517.56 million on Dec. 31, 2015. Deposits stood at $658.93 million as on Dec. 31, 2016, up 8.96 percent compared with $604.75 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $169.31 million or 25.69 percent of total deposits on Dec. 31, 2016, compared with $147.83 million or 24.44 percent of total deposits on Dec. 31, 2015.
Investments stood at $150.91 million as on Dec. 31, 2016, down 2.06 percent or $3.18 million from year-ago. Shareholders equity stood at $51.39 million as on Dec. 31, 2016, up 8.02 percent or $3.81 million from year-ago.
Return on average assets moved up 11 basis points to 0.69 percent in the quarter from 0.58 percent in the last year period. At the same time, return on average equity increased 151 basis points to 10.40 percent in the quarter from 8.89 percent in the last year period.
Nonperforming assets moved down 63.54 percent or $1.76 million to $1.01 million on Dec. 31, 2016 from $2.76 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.13 percent in the quarter, down from 0.38 percent in the last year period.
Equity to assets ratio was 6.46 percent for the quarter, down from 6.63 percent for the previous year quarter. Book value per share was $8.39 for the quarter, up 7.29 percent or $0.57 compared to $7.82 for the same period last year.
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