Two River Bancorp (CPBC) has reported 56.26 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $2.64 million, or $0.33 a share in the quarter, compared with $1.69 million, or $0.21 a share for the same period last year. Revenue during the quarter grew 12.83 percent to $8.98 million from $7.96 million in the previous year period. Net interest income for the quarter rose 3.09 percent over the prior year period to $7.47 million. Non-interest income for the quarter rose 137.20 percent over the last year period to $1.98 million.
Two River Bancorp has made provision of $0.47 million for loan losses during the quarter, up 291.67 percent from $0.12 million in the same period last year.
Net interest margin contracted 10 basis points to 3.55 percent in the quarter from 3.65 percent in the last year period.
William D. Moss, President and Chief executive officer, stated, “Our third quarter core results are indicative of a continued commitment to achieving long-term sustainable growth, profitability, and shareholder value without compromising asset quality. We experienced annualized loan growth of 11.7% and deposit growth of 5.8%, reflecting our strong commitment to fostering customer relationships within our core markets. The increase in net interest income over the past several quarters primarily reflects this growth in the loan portfolio despite a challenging rate environment. The tax-free BOLI benefit positively affected our non-interest income and earnings during the quarter; however, we achieved strong growth in core operations excluding this item. Non-interest income increased by over 34%, excluding the BOLI benefit, and we continued positive momentum in our core earnings. The Bank concluded the third quarter with a favorable credit profile, ample liquidity, and a strong pipeline of potential new business.”
Liabilities outpace assets growth
Total assets stood at $909.17 million as on Sep. 30, 2016, up 7.94 percent compared with $842.27 million on Sep. 30, 2015. On the other hand, total liabilities stood at $810.58 million as on Sep. 30, 2016, up 8.86 percent from $744.63 million on Sep. 30, 2015. Loans outpace deposit growth
Net loans stood at $744.53 million as on Sep. 30, 2016, up 11.60 percent compared with $667.16 million on Sep. 30, 2015. Deposits stood at $739.25 million as on Sep. 30, 2016, up 7.03 percent compared with $690.66 million on Sep. 30, 2015. Investments stood at $77.72 million as on Sep. 30, 2016, down 1.03 percent or $0.81 million from year-ago. Shareholders equity stood at $98.59 million as on Sep. 30, 2016, up 0.98 percent or $0.95 million from year-ago.
Return on average assets moved up 37 basis points to 1.16 percent in the quarter from 0.79 percent in the last year period. At the same time, return on average equity increased 386 basis points to 10.81 percent in the quarter from 6.95 percent in the last year period.
Nonperforming assets moved down 55.78 percent or $2.33 million to $1.85 million on Sep. 30, 2016 from $4.18 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.20 percent in the quarter, down from 0.50 percent in the last year period.
Book value per share was $12.39 for the quarter, up 7.09 percent or $0.82 compared to $11.57 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
