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Total assets increased $127.8 million, or 14.1%, to $1.03 billion at December 31, 2015 compared to $903.6 million at December 31, 2014.
Entegra Financial Corp. (NASDAQ:ENFC), the holding company for Entegra Bank, today announced earnings for the three months and year ended December 31, 2015.
Roger D. Plemens, President and CEO of the Company, reported, “Our fourth quarter and annual results reflect a successful year for the Company as we continue to execute upon our strategic plan of positioning the Company for long-term independence. In January, we entered the Upstate South Carolina market with a loan production office in Greenville, which is now a full-service branch. During the fourth quarter, we furthered our expansion in the Upstate with the acquisition of two branch locations in Anderson and Chesnee. In addition, we announced our intention to acquire Oldtown Bank to build on our already strong presence in Western North Carolina. We expect this transaction to close early in the second quarter of 2016. These strategic initiatives along with our continued strong loan growth, improved asset quality, and enhanced core profitability illustrate our commitment to providing long-term shareholder value and executing on our strategic plan.”
Highlights:
– Fourth quarter net income of $1.9 million ($0.30 per share) compared to $1.3 million ($0.20 per share) for the same period in 2014. Net income of $23.8 million ($3.64 per share) for the year ended December 31, 2015 compared to $5.9 million ($0.91 per share) for the same period in 2014. Results for the three months and year ended December 31, 2015 include a non-cash income tax benefit of $0.8 million and $18.9 million, respectively, resulting from the reversal of the valuation allowance on the Company’s net deferred tax asset.
– Book value increased $3.74, or 22.8%, to $20.13 per share at December 31, 2015 compared to $16.39 at December 31, 2014, due primarily to the $2.81 per share impact of the reversal of the valuation allowance on the Company’s net deferred tax asset.
– Loans receivable increased to $624.1 million at December 31, 2015 compared to $540.5 million at December 31, 2014, a growth rate of 15.5% for the year.
– Total assets were $1.03 billion at December 31, 2015, reflecting growth of $127.8 million or 14.1% during the year.
– Non-performing assets decreased $8.6 million, or 40.3%, to $12.6 million at December 31, 2015 compared to $21.2 million at December 31, 2014 and totaled 1.23% of total assets at December 31, 2015 compared to 2.35% at December 31, 2014.
– Net interest income increased to $7.4 million in the fourth quarter of 2015 compared to $6.3 million for the same period in 2014, an increase of 17.1%.
– Core return on average equity was 4.71% for the fourth quarter of 2015 compared to 3.88% for the same period in 2014.
– Core efficiency ratio improved to 72.64% in the fourth quarter of 2015 compared to 79.74% for the same period in 2014.
