TGR Financial, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
TGR Financial, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the three months, the company reported total interest income was $10,014,000 compared to $8,780,000 a year ago. Net interest income was $8,582,000 compared to $7,636,000 a year ago. Income before income taxes was $2,362,000 compared to $2,000,000 a year ago. Net income was $1,526,000 compared to $1,300,000 a year ago. Diluted income per common share was $0.08 compared to $0.07 a year ago. The return on average assets increased to 0.48% during the third quarter of 2016 compared to 0.45% during the third quarter of 2015. Return on average equity was 5.68% compared to 5.17% a year ago.
For the nine months, the company reported total interest income was $29,033,000 compared to $24,908,000 a year ago. Net interest income was $25,187,000 compared to $21,741,000 a year ago. Income before income taxes was $6,550,000 compared to $4,962,000 a year ago. Net income was $4,213,000 compared to $3,197,000 a year ago. Diluted income per common share was $0.23 compared to $0.17 a year ago. On a year to date basis the return on average assets increased to 0.47% in 2016 from 0.40% in 2015. Return on average equity was 3.41% compared to 3.31% a year ago. Book value per share was $5.89 compared to $5.53 a year ago. Tangible book value per share was $5.58 compared to $5.21 a year ago.