First Priority Reports Fourth-Quarter, Year-End Results and Ends 2016 on High Note
First Priority Financial Corp., parent of First Priority Bank, has reported net income for the fourth quarter of 2016 totaling $737,000 or $0.10 per basic and fully diluted share.
That represents a 17 percent increase compared to $628,000 or $0.06 per basic and fully diluted share in the fourth quarter of 2015, and a 55 percent increase compared to $476,000 or $0.06 per basic and fully diluted share in the third quarter of 2016.
Net income for the year ended Dec. 31, 2016 totaled $2.3 million or $0.29 per basic and fully diluted common share versus $2.11 million or $0.20 per basic and fully diluted common share for the same period in 2015.
The results reflected a 45 percent increase in earnings per share in 2016 compared to 2015.
Income to common shareholders totaled $1.89 million in 2016, a 44 percent increase over the prior year of $1.31 million.
“We are pleased to report the improved level of increased earnings for First Priority,” said David E. Sparks, Chairman and CEO.
“The results for both the fourth quarter and the full year of 2016 reflect the impact of the $64 million loan and relationship purchase that was consummated in the third quarter and the continued improvement in asset quality and deposit growth accomplished this year.
“Following the loan purchase, we have made ongoing progress in developing and broadening these relationships, and we believe they will provide ongoing growth opportunities for the bank.
“The company’s operating performance continues to improve, asset quality is sound, and the balance sheet remains strong. Our efforts to strengthen our core deposit base are succeeding, and we continue to broaden our relevance as the company continues to grow.”
Sparks also noted that First Priority’s new loan production office in Bala Cynwyd “provides an important step in continuing to broaden our franchise and allows our staff to better serve our customers within that market.”
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