Malvern-Based First Priority Bank Reports Dramatic Increases in First-Quarter Results
The Malvern-based First Priority Financial Corp. has reported net income for the first quarter of 2017 totaling $782,000 or $0.11 per basic and fully diluted share, a 47 percent increase compared to $531,000 or $0.05 per basic and fully diluted share in the first quarter of 2016.
It also reports a six percent increase compared to $737,000 or $0.10 per basic and fully diluted share in the fourth quarter of 2016.
Income to common shareholders totaled $705,000 in the current quarter, 99 percent increase over the first quarter of the prior year of $354,000 and a seven percent increase compared to $660,000 in the prior quarter.
“We are pleased to report the consistent level of earnings for First Priority, as compared to the fourth quarter of 2016, which was the initial full quarter reflecting the incremental impact of the $64 million loan and relationship purchase that was consummated in August of last year,” said David E. Sparks, Chairman and CEO.
“Additionally, our overall financial results continue to be impacted by the improvement experienced in asset quality. Non-performing loans totaled $711,000 or 0.15 percent of total loans, and non-performing assets were $1.4 million, or 0.23 percent of total assets. Non-performing assets declined 39 percent from year-end due to the liquidation of three other real estate owned properties with no additional losses incurred. As of March 31, 2017, the allowance for loan losses totaled $3.3 million, which represents 0.68 percent of total loans outstanding and a coverage ratio compared to non-performing loans of 469 percent.”
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