Sun Bancorp (SNBC) has reported a 73.12 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.43 million, or $0.07 a share in the quarter, compared with $0.83 million, or $0.04 a share for the same period last year.
Revenue during the quarter grew 3.13 percent to $18.20 million from $17.65 million in the previous year period. Non-interest income for the quarter rose 8.44 percent over the last year period to $3.43 million.
Net interest margin improved 2 basis points to 2.93 percent in the quarter from 2.91 percent in the last year period. Efficiency ratio for the quarter improved to 88 percent from 94 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"This quarter's results are a continuation of the positive direction we have seen in Sun's core profitability over the past two years,” stated president & chief executive officer Thomas M. O'Brien. "Our strategy continues to focus on growing relationship commercial real estate ("CRE") and commercial and industrial ("C&I") loans, funded with relationship deposits while maintaining a solid capital foundation and conservative risk management practices. We believe that this approach provides for consistently improved quality of earnings over time."
Assets outpace liabilities growth Total assets stood at $2,255.77 million as on Mar. 31, 2017, up 3.96 percent compared with $2,169.75 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,932.96 million as on Mar. 31, 2017, up 1.19 percent from $1,910.29 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $1,594.76 million as on Mar. 31, 2017, up 2.23 percent compared with $1,559.95 million on Mar. 31, 2016. Deposits stood at $1,733.99 million as on Mar. 31, 2017, up 1.77 percent compared with $1,703.90 million on Mar. 31, 2016.
Investments stood at $299.75 million as on Mar. 31, 2017, up 5.97 percent or $16.87 million from year-ago. Shareholders equity stood at $322.82 million as on Mar. 31, 2017, up 24.42 percent or $63.36 million from year-ago.
Return on average assets moved up 10 basis points to 0.30 percent in the quarter from 0.20 percent in the last year period. At the same time, return on average equity increased 50 basis points to 1.80 percent in the quarter from 1.30 percent in the last year period.
Nonperforming assets moved up 4.43 percent or $0.17 million to $4.08 million on Mar. 31, 2017 from $3.90 million on Mar. 31, 2016.
Tier-1 leverage ratio stood at 14.50 percent for the quarter, up from 13 percent for the previous year quarter. Book value per share was $16.94 for the quarter, up 22.66 percent or $3.13 compared to $13.81 for the same period last year.
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