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29 November, 2023 20:05 IST
Stewardship Financial Corp first-quarter profit flat at $0.99 mn compared with the year ago period
Source: IRIS | 26 May, 2017, 01.48PM

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Stewardship Financial Corporation (SSFN) has said the profit for the quarter ended Mar. 31, 2017 was unchanged at $0.99 million or $0.16 a share, when compared with the last year period.

Revenue during the quarter grew 3.63 percent to $6.68 million from $6.44 million in the previous year period. Net interest income for the quarter rose 17.13 percent over the prior year period to $6.18 million. Non-interest income for the quarter was flat at $0.80 million, when compared with the prior year period.

Stewardship Financial Corp has made provision of $0.30 million for loan losses during the quarter, compared with a negative provision of $0.35 million in the same period last year.

Net interest margin improved 12 basis points to 3.23 percent in the quarter from 3.11 percent in the last year period.

"The current period results demonstrate the Corporation’s ability to report core earnings achieved through growing our loan portfolio, even with a related need to provide for a loan loss reserve," stated Paul Van Ostenbridge, Stewardship Financial Corporation's president and chief executive officer.


Liabilities outpace assets growth
Total assets stood at $844.40 million as on Mar. 31, 2017, up 16.20 percent compared with $726.66 million on Mar. 31, 2016. On the other hand, total liabilities stood at $791.98 million as on Mar. 31, 2017, up 16.90 percent from $677.46 million on Mar. 31, 2016.


Loans outpace deposit growth
Net loans stood at $646.20 million as on Mar. 31, 2017, up 24.41 percent compared with $519.41 million on Mar. 31, 2016. Deposits stood at $700.70 million as on Mar. 31, 2017, up 14.41 percent compared with $612.43 million on Mar. 31, 2016.

Noninterest-bearing deposit liabilities were $170.57 million or 24.34 percent of total deposits on Mar. 31, 2017, compared with $154.20 million or 25.18 percent of total deposits on Mar. 31, 2016.

Investments stood at $148.44 million as on Mar. 31, 2017, down 7.26 percent or $11.63 million from year-ago. Shareholders equity stood at $52.42 million as on Mar. 31, 2017, up 6.56 percent or $3.23 million from year-ago.

Return on average assets moved down 6 basis points to 0.49 percent in the quarter from 0.55 percent in the last year period. At the same time, return on average equity decreased 50 basis points to 7.71 percent in the quarter from 8.21 percent in the last year period.

Nonperforming assets moved down 70.06 percent or $2.32 million to $0.99 million on Mar. 31, 2017 from $3.32 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.12 percent in the quarter, down from 0.46 percent in the last year period.

Equity to assets ratio was 6.21 percent for the quarter, down from 6.77 percent for the previous year quarter. Book value per share was $8.55 for the quarter, up 6.21 percent or $0.50 compared to $8.05 for the same period last year.


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