In this feature, S&PGlobal Market Intelligence takes a look at a handful of community banksreporting results for the three months ended March 31 around the country onApril 28.
Honolulu-basedCentral Pacific FinancialCorp. said that net income for the first quarter was $11.2million, or 35 cents per share. It was $10.4 million, or 29 cents per share, ayear ago.
During the first quarter, Central Pacific repurchased 233,722 shares of commonstock, or about 0.7% of its common stock outstanding as of Dec. 31, 2015, for$4.7 million. The remaining repurchase authority under the common stockrepurchase program at March 31 is $25.3 million.
Honolulu-based Territorial Bancorp Inc. that first-quarter net incomeincreased to $3.8 million, or 41 cents per share, from the year-ago period's$3.5 million, or 38 cents per share.
Wilmington,Del.-based WSFS FinancialCorp. reported net income of $15.8 million, or 52 cents pershare, for the first quarter, compared to $12.9 million, or 45 cents per share,for the year-ago period.
Meanwhile,another Wilmington-based TheBancorp Inc. reported a net loss available to common shareholders of$10.9 million, or 29 cents per share, for the first quarter. This compares tonet income of $214,000, or $0.00 net income per share, for the same period ayear ago.
For more information, see:
Bismarck,N.D.-based BNCCORPInc. reported net income available to common shareholders of$1.4 million, or 40 cents per share, for the first quarter, compared to $2.7million, or 78 cents per share, for the year-ago period.
Thecompany said that as of March 31, the decrease in oil and agriculturalcommodity prices have yet to have a significant negative effect on its creditquality. But it added that prolonged depressed oil prices could have an adverseeconomic impact on the North Dakota economy, commodity dependent businesses,and its loan portfolio. The company said that oil prices most directly impactthe underlying collateral for its oil exploration and production loans.
SiouxFalls, S.D.-based Meta FinancialGroup Inc. recorded net income of $14.3 million, or $1.68 pershare, for the three months ended March 31, compared to $5.2 million, or 78cents per share, for the same period in fiscal year 2015. Theincrease in net income was primarily due to increases of $25.9 million innon-interest income and $4.6 million in net interest income, partially offsetby an increase of $18.4 million in noninterest expense.
Clayton,Mo.-based Enterprise FinancialServices Corp said first-quarter net income increased 18% compared to$9.3 million for the prior-year period, and earnings per share increased 17%from the 46 cents reported a year ago. The increase in net income was largelydue to an increase in net interest income from strong loan growth, and adecrease in provision for loan losses on portfolio loans from improved creditquality.
SouthBurlington, Vt.-based MerchantsBancshares Inc. announced net income of $3.5 million, or 50 cents per sharefor the first quarter. Excluding merger costs and severance expense, net oftax, the company's core net income was $3.8 million, or 55 cents per share.This compares to core net income of $3.9 million or 61 cents per share on alinked-quarter basis.
Thecompany has completed the integration of NUVO Bank into Merchants.
BarHarbor, Maine-based Bar HarborBankshares reported net income of $4.4 million, or 72 cents pershare, for the first quarter, compared to $3.9 million, or 64 cents per share,for the year-ago quarter.
that net income available to commonshareholders for the first quarter was $17.8 million, or 35 cents per share,compared to $14.5 million, or 29 cents per share, in the first quarter of 2015.