Two River Bancorp (CPBC) has reported 46.60 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.57 million, or $0.30 a share in the quarter, compared with $1.75 million, or $0.20 a share for the same period last year. Revenue during the quarter grew 14.73 percent to $9.39 million from $8.18 million in the previous year period. Net interest income for the quarter rose 4.21 percent over the prior year period to $7.59 million. Non-interest income for the quarter rose 47.05 percent over the last year period to $1.45 million.
Two River Bancorp has made negative provision of $0.34 million for loan losses during the quarter, compared with a positive provision of $0.09 million in the same period last year.
Net interest margin contracted 22 basis points to 3.43 percent in the quarter from 3.65 percent in the last year period.
William D. Moss, President and Chief executive officer, stated, “The Company reported excellent results for the year, which included record net income driven by improvements in non-interest income while continuing our core growth. We were pleased to maintain a stable expense structure while simultaneously achieving loan growth of 8.6% and deposit growth of 9.6% during 2016. This is largely a result of our team continuing to drive loan production in our core markets. Loan growth was relatively flat during the fourth quarter as originations were offset by higher than expected payoffs, which included approximately $4.1 million of adversely classified credits. The fourth quarter was also positively impacted by a recovery of a previously charged off credit, along with the collection of several loan prepayments.”
Liabilities outpace assets growth
Total assets stood at $940.21 million as on Dec. 31, 2016, up 8.86 percent compared with $863.70 million on Dec. 31, 2015. On the other hand, total liabilities stood at $839.50 million as on Dec. 31, 2016, up 8.93 percent from $770.69 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $743.53 million as on Dec. 31, 2016, up 8.63 percent compared with $684.44 million on Dec. 31, 2015. Deposits stood at $776.57 million as on Dec. 31, 2016, up 9.62 percent compared with $708.44 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $160.10 million or 20.62 percent of total deposits on Dec. 31, 2016, compared with $144.63 million or 20.41 percent of total deposits on Dec. 31, 2015.
Investments stood at $92.31 million as on Dec. 31, 2016, up 20.35 percent or $15.61 million from year-ago. Shareholders equity stood at $100.72 million as on Dec. 31, 2016, up 8.29 percent or $7.71 million from year-ago.
Return on average assets moved up 27 basis points to 1.08 percent in the quarter from 0.81 percent in the last year period. At the same time, return on average equity increased 311 basis points to 10.25 percent in the quarter from 7.14 percent in the last year period.
Nonperforming assets moved down 49.65 percent or $1.78 million to $1.81 million on Dec. 31, 2016 from $3.59 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.19 percent in the quarter, down from 0.42 percent in the last year period.
Book value per share was $12.04 for the quarter, up 7.79 percent or $0.87 compared to $11.17 for the same period last year.
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