Superior Bancorp in Birmingham, Ala., said Friday that first-quarter earnings were up 75% from the year earlier, to $2.3 million and per-share earnings rose 43%, to 7 cents.
The $2.5 billion-asset Superior attributed the earnings gain to both acquisitions and "healthy internal growth." In November it bought Community Bancshares Inc. in Blountsville, Ala., and Kensington Bankshares Inc. in Tampa; combined, they added $700 million of deposits and $470 million of loans.
Excluding the acquisitions, Superior said that its loan portfolio grew by 22% and deposits by 8% in the 12 months through March 31.
The company's net interest margin rose 21 basis points, to 3.54%, compared to the year earlier. Return on average assets was up 14 basis points, to 0.38%, and return on equity grew 10 basis points, to 3.37%.
The efficiency ratio improved to 78.79%, from 85.87% a year earlier.
