Sunshine Bancorp, Inc (SBCP) has reported 397.96 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $0.24 million, or $0.05 a share in the quarter, compared with $0.05 million, or $0.01 a share for the same period last year. Revenue during the quarter grew 18.14 percent to $4.98 million from $4.21 million in the previous year period. Net interest income for the quarter rose 13.73 percent over the prior year period to $4.31 million. Non-interest income for the quarter rose 57.41 percent over the last year period to $0.67 million.
Net interest margin contracted 3 basis points to 3.69 percent in the quarter from 3.72 percent in the last year period.
Andrew Samuel, President and Chief executive officer, commented, “We are excited to close the Florida Bank of Commerce deal in the next few days. Our focus on organic growth and improved performance metrics continues to show results. We are excited about our momentum and as an organization we are focused on integration and continued improvement in top line growth as well as maximizing the combined company expense structure.”
Liabilities outpace assets growth
Total assets stood at $563.99 million as on Sep. 30, 2016, up 27.58 percent compared with $442.08 million on Sep. 30, 2015. On the other hand, total liabilities stood at $491.28 million as on Sep. 30, 2016, up 28.99 percent from $380.86 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $395.99 million as on Sep. 30, 2016, up 23.61 percent compared with $320.36 million on Sep. 30, 2015. Deposits stood at $438.77 million as on Sep. 30, 2016, up 23.95 percent compared with $353.98 million on Sep. 30, 2015.
Investments stood at $63.73 million as on Sep. 30, 2016, up 29.47 percent or $14.51 million from year-ago. Shareholders equity stood at $72.71 million as on Sep. 30, 2016, up 18.76 percent or $11.48 million from year-ago.
Return on average assets was at 0.20 percent in the quarter. At the same time, return on average equity increased 130 basis points to 1.40 percent in the quarter from 0.10 percent in the last year period.
Nonperforming assets moved down 6.35 percent or $0.07 million to $0.99 million on Sep. 30, 2016 from $1.06 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was stable at 0.18 percent in the quarter, when compared with the last year period.
Tier-1 leverage ratio stood at 12.40 percent for the quarter, up from 10.60 percent for the previous year quarter.
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