FineMark Holdings, Inc. Reports First Quarter 2022 Reports Earnings
FineMark Holdings, Inc. (OTCQX: FNBT) reported strong Q1 2022 results with net revenues of $26.3 million, up from $22 million in Q1 2021. Net income rose to $6.9 million or $0.58 per diluted share, compared to $5.6 million or $0.61 per diluted share a year ago. Net interest income increased by 14% to $17.5 million, driven by a 78% growth in the investment portfolio. However, net interest margin decreased to 2.14% from 2.25% in Q1 2021. Non-interest income saw a 27% rise, indicating strong performance despite market volatility.
- Net revenues increased by 19% year-over-year.
- Net interest income rose by 14%, driven by significant investment portfolio growth.
- Non-interest income grew by 27%, reflecting strong client engagement.
- Maintained strong capital ratios, exceeding regulatory requirements.
- Net interest margin decreased to 2.14% from 2.25% in the prior year.
- Return on average equity (ROAE) dropped to 9.17% from 10.48% year-over-year.
- Unrealized losses on the investment portfolio reached $41 million due to rising interest rates.
FORT MYERS, FL / ACCESSWIRE / April 18, 2022 / FineMark Holdings, Inc. (the "Holding Company"); (OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today reported net revenues of
Joseph R. Catti, Chairman & Chief Executive Officer:
"FineMark delivered strong results for the first quarter, despite volatility in the equity markets and the horrific Russian invasion of Ukraine. The war has resulted in unthinkable human suffering and the global economic consequences are just beginning to materialize. Despite all of this uncertainty around the world and in the US, our people once again proved they are relentless in their focus to serve our clients and our communities, in any given situation."
Net Interest Income & Margin
For the first quarter of 2022, FineMark's net interest income totaled
The Bank also purchased
As a result of the overall low interest rate environment, the Bank ended the quarter with a net interest margin of
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Investment Income | $ | 3,679 | $ | 2,750 | 34 | % | ||||||
Loan Income | $ | 17,032 | $ | 16,475 | 3 | % | ||||||
Total Interest Income | $ | 20,711 | $ | 19,225 | 8 | % | ||||||
Deposit Expense | $ | 991 | $ | 1,041 | -5 | % | ||||||
FHLB Borrowing Expense | $ | 1,640 | $ | 2,094 | -22 | % | ||||||
Subordinated Debt | $ | 541 | $ | 692 | -22 | % | ||||||
Total Interest Expense | $ | 3,172 | $ | 3,827 | -17 | % | ||||||
Net Interest Income | $ | 17,539 | $ | 15,398 | 14 | % | ||||||
Net Interest Margin | 2.14 | % | 2.25 | % | ||||||||
Loan Yield | 3.45 | % | 3.53 | % | ||||||||
Investment Yield | 1.25 | % | 1.53 | % | ||||||||
Cost of Funds | 0.41 | % | 0.58 | % | ||||||||
Non-Interest Income
Due to our high-touch, relationship-driven approach to service, FineMark experienced significant growth in the trust and investment business, adding
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Trust Recurring Fees | $ | 6,710 | $ | 5,886 | 14 | % | ||||||
Estate Settlement Fees | $ | 288 | $ | 82 | 251 | % | ||||||
Other Non-Interest Income | $ | 1,193 | $ | 493 | 142 | % | ||||||
Total Non-Interest Income | $ | 8,191 | $ | 6,461 | 27 | % | ||||||
Debt Extinguishment Gains/(Losses) | $ | 618 | $ | (555 | ) | 211 | % | |||||
Securities Gains/(Losses) | $ | 0 | $ | 659 | -100 | % | ||||||
Total Gains/(Losses) | $ | 618 | $ | 104 | 494 | % | ||||||
Non-Interest Expense
Non-interest expense increased
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Salary Expense | $ | 9,056 | $ | 7,537 | 20 | % | ||||||
Employee Benefits Expense | $ | 1,445 | $ | 1,367 | 6 | % | ||||||
Occupancy Expense | $ | 1,908 | $ | 1,529 | 25 | % | ||||||
Information Systems Expense | $ | 1,522 | $ | 1,538 | -1 | % | ||||||
Other Non-Interest Expense | $ | 3,069 | $ | 2,399 | 28 | % | ||||||
Total Non-Interest Expense | $ | 17,000 | $ | 14,370 | 18 | % | ||||||
Tax Expense | $ | 2,027 | $ | 1,714 | 18 | % | ||||||
Credit Quality
FineMark maintained strong asset quality during the first quarter. Loan production totaled
The Bank remains committed to maintaining its high credit standards through our relationship-centered approach to banking. Loan decisions are always based on an in-depth understanding of each borrower's needs and unique financial situation. As a result, the Bank has experienced minimal loan defaults through various market cycles.
At the end of the quarter, non-performing loans were
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Gross Loans | $ | 2,053,171 | $ | 1,910,865 | 7 | % | ||||||
Allowance for Loan Losses | $ | 20,745 | $ | 21,095 | -2 | % | ||||||
Net Loans | $ | 2,032,426 | $ | 1,889,770 | 8 | % | ||||||
Net Recoveries/(Charge-Offs) | $ | 13 | $ | 6 | 117 | % | ||||||
Non-Accrual Loans | $ | 714 | $ | 1,599 | -55 | % | ||||||
Non-Accrual Loans/Gross Loans | 0.04 | % | 0.08 | % | ||||||||
Past Due 30-89 Days | $ | 299 | $ | 6,874 | -96 | % | ||||||
Past Due Loans/Gross Loans | 0.01 | % | 0.36 | % | ||||||||
Capital
All capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. On March 31, 2022, FineMark's Tier 1 leverage ratio on a consolidated basis was
Rising interest rates toward the end of the quarter resulted in a
Return on average equity (ROAE) decreased to
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Tier 1 Capital | $ | 319,244 | $ | 209,471 | 52 | % | ||||||
Net Unrealized Gain/(Loss) | $ | (41,430 | ) | $ | 929 | -4560 | % | |||||
Total Capital | $ | 277,814 | $ | 210,400 | 32 | % | ||||||
Tier 1 Leverage Ratio | 9.22 | % | 7.37 | % | ||||||||
Risk-Based Capital Ratio | 20.25 | % | 17.36 | % | ||||||||
ROAE | 9.17 | % | 10.48 | % | ||||||||
Performance on the OTCQX Exchange
Shares of FineMark Holdings, Inc. (OTCQX:FNBT), the parent company of FineMark National Bank & Trust, are traded on the OTCQX exchange. Operated by the OTC Markets Group, the OTCQX allows investors to trade privately-held stock through their preferred broker. During the first quarter of 2022, FineMark's shares traded in a range between
Renovation & Expansion Updates
In spring 2022, FineMark will open two new locations in Florida. The Jupiter office is expected to open in May. In June, a second Naples location is slated to open in the heart of the historic downtown area.
Additionally, the buildout of the second-floor space at our headquarters location in Fort Myers, Florida, is nearly complete. Tenants will occupy half of the area and the Bank will reserve the remaining space for continued growth.
Closing Remarks from Chairman & Chief Executive Officer, Joseph R. Catti
"As we close the first quarter of 2022 - the first quarter of FineMark's fifteenth year in business - I am struck by our associates' enthusiasm and dedication and our clients' trust and confidence. Without such steadfast support, the achievements presented here would not be possible.
The results shared today are a testament to our associates unparalleled commitment to providing the highest level of personalized service to our clients and the strength of our balance sheet.
Since our founding in 2007, our mission and vision has never wavered. In everything we do, we strive to make a positive impact on the families, individuals, and communities we serve while also being good stewards of FineMark's resources. We believe that this intentional focus will continue to create shareholder value through various economic environments and across market cycles."
FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark National Bank & Trust is a nationally chartered bank, headquartered in Florida. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services including personal and business banking, lending services, trust, and investment services. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at www.finemarkbank.com .
CONTACT:
Ryan Roberts, Investor Relations
8695 College Pkwy Suite 100
Fort Myers, FL 33919
239-461-3850
investorrelations@finemarkbank.com
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands, except share amounts)
March 31, | December 31, | |||||||
Assets | 2022 | 2021 | ||||||
(Unaudited) | ||||||||
Cash and due from banks | $ | 73,681 | 261,751 | |||||
Debt securities available for sale | 1,118,600 | 898,711 | ||||||
Debt securities held to maturity | 90,757 | 79,517 | ||||||
Loans, net of allowance for loan losses of | 2,032,426 | 1,996,362 | ||||||
Federal Home Loan Bank stock | 8,953 | 11,326 | ||||||
Federal Reserve Bank stock | 5,586 | 5,481 | ||||||
Premises and equipment, net | 43,077 | 42,287 | ||||||
Operating lease right-of-use assets | 11,066 | 11,207 | ||||||
Accrued interest receivable | 8,158 | 7,215 | ||||||
Deferred tax asset | 17,147 | 4,916 | ||||||
Bank-owned life insurance | 71,476 | 50,862 | ||||||
Other assets | 8,219 | 7,563 | ||||||
Total assets | $ | 3,489,146 | 3,377,198 | |||||
Liabilities and Shareholders' Equity | ||||||||
Liabilities: | ||||||||
Noninterest-bearing demand deposits | 597,166 | 521,459 | ||||||
Savings, NOW and money-market deposits | 2,307,358 | 2,151,635 | ||||||
Time deposits | 49,518 | 61,026 | ||||||
Total deposits | 2,954,042 | 2,734,120 | ||||||
Official checks | 3,307 | 9,420 | ||||||
Other borrowings | 1,507 | 1,873 | ||||||
Federal Home Loan Bank advances | 192,951 | 264,016 | ||||||
Operating lease liabilities | 11,138 | 11,311 | ||||||
Subordinated debt | 40,940 | 40,919 | ||||||
Other liabilities | 7,447 | 10,477 | ||||||
Total liabilities | 3,211,332 | 3,072,136 | ||||||
Shareholders' equity: | ||||||||
Common stock, $.01 par value 50,000,000 shares authorized, | ||||||||
11,663,757 and 11,603,781 shares issued and outstanding in 2022 and 2021 | 117 | 116 | ||||||
Additional paid-in capital | 207,108 | 205,907 | ||||||
Retained earnings | 112,019 | 105,147 | ||||||
Accumulated other comprehensive loss | (41,430 | ) | (6,108 | ) | ||||
Total shareholders' equity | 277,814 | 305,062 | ||||||
Total liabilities and shareholders' equity | $ | 3,489,146 | 3,377,198 | |||||
Book Value per Share | $ | 23.82 | 26.29 |
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (Unaudited)
($ in thousands, except per share amounts)
Three Months Ended | |||||||||
March 31, | |||||||||
2022 | 2021 | ||||||||
Interest income: | |||||||||
Loans | $ | 17,032 | 16,475 | ||||||
Debt securities | 3,510 | 2,468 | |||||||
Dividends on Federal Home Loan Bank stock | 117 | 165 | |||||||
Other | 52 | 117 | |||||||
Total interest income | 20,711 | 19,225 | |||||||
Interest expense: | |||||||||
Deposits | 991 | 1,041 | |||||||
Federal Home Loan Bank advances | 1,640 | 2,094 | |||||||
Subordinated debt | 541 | 692 | |||||||
Total interest expense | 3,172 | 3,827 | |||||||
Net interest income | 17,539 | 15,398 | |||||||
Provision for loan losses | 449 | 307 | |||||||
Net interest income after provision for loan losses | 17,090 | 15,091 | |||||||
Noninterest income: | |||||||||
Trust fees | 6,998 | 5,968 | |||||||
Income from bank-owned life insurance | 614 | 197 | |||||||
Income from solar farms | 74 | 64 | |||||||
Gain on sale of debt securities available for sale | - | 659 | |||||||
Gain (loss) on extinguishment of debt | 618 | (555 | ) | ||||||
Other fees and service charges | 505 | 232 | |||||||
Total noninterest income | 8,809 | 6,565 | |||||||
Noninterest expenses: | |||||||||
Salaries and employee benefits | 10,501 | 8,904 | |||||||
Occupancy | 1,908 | 1,529 | |||||||
Information systems | 1,522 | 1,538 | |||||||
Professional fees | 560 | 426 | |||||||
Marketing and business development | 693 | 185 | |||||||
Regulatory assessments | 456 | 393 | |||||||
Other | 1,360 | 1,395 | |||||||
Total noninterest expense | 17,000 | 14,370 | |||||||
Earnings before income taxes | 8,899 | 7,286 | |||||||
Income taxes | 2,027 | 1,714 | |||||||
Net earnings | $ | 6,872 | 5,572 | ||||||
Weighted average common shares outstanding - basic | 11,639 | 9,023 | |||||||
Weighted average common shares outstanding - diluted | 11,829 | 9,191 | |||||||
Per share information: | Basic earnings per common share | $ | 0.59 | 0.62 | |||||
Diluted earnings per common share | $ | 0.58 | 0.61 |
FineMark Holdings, Inc.
Consolidated Financial Highlights
First Quarter 2022}
Unaudited
$ in thousands except for share data | 1st Qtr 2022 | 4th Qtr 2021 | 3rd Qtr 2021 | 2nd Qtr 2021 | 1st Qtr 2021 | 2022 | 2021 | |||||||||||||||||||||
$ Earnings | ||||||||||||||||||||||||||||
Net Interest Income | $ | 17,539 | 17,155 | 16,496 | 15,640 | 15,398 | 17,539 | 15,398 | ||||||||||||||||||||
Provision for loan loss | $ | 449 | 18 | (834 | ) | 540 | 307 | 449 | 307 | |||||||||||||||||||
Non-interest Income | $ | 8,191 | 7,712 | 7,617 | 7,234 | 6,461 | 8,191 | 6,461 | ||||||||||||||||||||
Gain on sale of securities available for sale | $ | - | - | - | 243 | 659 | - | 659 | ||||||||||||||||||||
Loss on extinguishment of debt | $ | 618 | (244 | ) | - | (400 | ) | (555 | ) | 618 | (555 | ) | ||||||||||||||||
Gain on termination of swap | $ | - | 1,212 | - | - | - | - | - | ||||||||||||||||||||
Non-interest Expense | $ | 17,000 | 17,161 | 15,599 | 15,078 | 14,370 | 17,000 | 14,370 | ||||||||||||||||||||
Earnings before income taxes | $ | 8,899 | 8,656 | 9,348 | 7,099 | 7,286 | 8,899 | 7,286 | ||||||||||||||||||||
Taxes | $ | 2,027 | 1,653 | 2,292 | 1,703 | 1,714 | 2,027 | 1,714 | ||||||||||||||||||||
Net Income | $ | 6,872 | 7,003 | 7,056 | 5,396 | 5,572 | 6,872 | 5,572 | ||||||||||||||||||||
Basic earnings per share | $ | 0.59 | 0.60 | 0.62 | 0.59 | 0.62 | 0.59 | 0.62 | ||||||||||||||||||||
Diluted earnings per share | $ | 0.58 | 0.59 | 0.61 | 0.58 | 0.61 | 0.58 | 0.61 | ||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||
Return on average assets* | 0.80 | % | 0.88 | % | 0.92 | % | 0.74 | % | 0.78 | % | 0.80 | % | 0.78 | % | ||||||||||||||
Return on risk weighted assets* | 1.46 | % | 1.55 | % | 1.56 | % | 1.28 | % | 1.37 | % | 1.46 | % | 1.37 | % | ||||||||||||||
Return on average equity* | 9.17 | % | 9.22 | % | 9.39 | % | 9.89 | % | 10.48 | % | 9.17 | % | 10.48 | % | ||||||||||||||
Yield on earning assets* | 2.52 | % | 2.67 | % | 2.71 | % | 2.79 | % | 2.81 | % | 2.52 | % | 2.81 | % | ||||||||||||||
Cost of funds* | 0.41 | % | 0.46 | % | 0.51 | % | 0.57 | % | 0.58 | % | 0.41 | % | 0.58 | % | ||||||||||||||
Net Interest Margin* | 2.14 | % | 2.24 | % | 2.24 | % | 2.24 | % | 2.25 | % | 2.14 | % | 2.25 | % | ||||||||||||||
Efficiency ratio | 64.52 | % | 69.70 | % | 64.69 | % | 66.37 | % | 65.43 | % | 64.52 | % | 65.43 | % | ||||||||||||||
Capital | ||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 9.22 | % | 9.73 | % | 9.88 | % | 9.27 | % | 7.37 | % | 9.22 | % | 7.37 | % | ||||||||||||||
Common equity risk-based capital ratio | 16.96 | % | 17.24 | % | 16.80 | % | 15.96 | % | 12.91 | % | 16.96 | % | 12.91 | % | ||||||||||||||
Tier 1 risk-based capital ratio | 16.96 | % | 17.24 | % | 16.80 | % | 15.96 | % | 12.91 | % | 16.96 | % | 12.91 | % | ||||||||||||||
Total risk-based capital ratio | 20.25 | % | 20.64 | % | 20.22 | % | 19.68 | % | 17.36 | % | 20.25 | % | 17.36 | % | ||||||||||||||
Book value per share | $ | 23.82 | $ | 26.29 | $ | 26.32 | $ | 25.20 | $ | 23.20 | $ | 23.82 | $ | 23.20 | ||||||||||||||
Tangible book value per share | $ | 23.82 | $ | 26.29 | $ | 26.32 | $ | 25.20 | $ | 23.20 | $ | 23.82 | $ | 23.20 | ||||||||||||||
Asset Quality | ||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | (13 | ) | 541 | (4 | ) | (1 | ) | (6 | ) | $ | (13 | ) | (6 | ) | |||||||||||||
Net charge-offs (recoveries) to average total loans | -0.00 | % | 0.03 | % | -0.00 | % | -0.00 | % | -0.00 | % | -0.00 | % | -0.00 | % | ||||||||||||||
Allowance for loan losses | $ | 20,745 | 20,283 | 20,806 | 21,636 | 21,095 | 20,745 | 21,095 | ||||||||||||||||||||
Allowance to total loans | 1.01 | % | 1.01 | % | 1.03 | % | 1.10 | % | 1.10 | % | 1.01 | % | 1.10 | % | ||||||||||||||
Nonperforming loans | $ | 714 | 729 | 928 | 2,001 | 1,599 | 714 | 1,599 | ||||||||||||||||||||
Other real estate owned | $ | - | - | - | - | - | - | - | ||||||||||||||||||||
Nonperforming loans to total loans | 0.04 | % | 0.04 | % | 0.05 | % | 0.10 | % | 0.08 | % | 0.04 | % | 0.08 | % | ||||||||||||||
Nonperforming assets to total assets | 0.02 | % | 0.02 | % | 0.03 | % | 0.07 | % | 0.06 | % | 0.02 | % | 0.06 | % | ||||||||||||||
Loan Composition (% of Total Gross Loans) | ||||||||||||||||||||||||||||
1-4 Family | 50.7 | % | 51.8 | % | 52.0 | % | 53.6 | % | 52.4 | % | 50.7 | % | 52.4 | % | ||||||||||||||
Commercial Loans | 10.4 | % | 10.2 | % | 11.0 | % | 11.2 | % | 13.1 | % | 10.4 | % | 13.1 | % | ||||||||||||||
Commercial Real Estate | 23.2 | % | 21.7 | % | 21.0 | % | 21.1 | % | 19.5 | % | 23.2 | % | 19.5 | % | ||||||||||||||
Construction Loans | 7.8 | % | 8.3 | % | 8.2 | % | 6.7 | % | 7.7 | % | 7.8 | % | 7.7 | % | ||||||||||||||
Other Loans | 7.9 | % | 8.0 | % | 7.8 | % | 7.4 | % | 7.3 | % | 7.9 | % | 7.3 | % | ||||||||||||||
End of Period Balances | ||||||||||||||||||||||||||||
Total Assets | $ | 3,489,146 | 3,377,198 | 3,083,569 | 2,982,969 | 2,874,148 | 3,489,146 | 2,874,148 | ||||||||||||||||||||
Investments | $ | 1,209,357 | 978,228 | 887,244 | 720,893 | 668,823 | 1,209,357 | 668,823 | ||||||||||||||||||||
Loans, net of allowance | $ | 2,032,426 | 1,996,362 | 2,002,778 | 1,945,541 | 1,889,770 | 2,032,426 | 1,889,770 | ||||||||||||||||||||
Total Deposits | $ | 2,954,042 | 2,734,120 | 2,429,920 | 2,358,263 | 2,297,031 | 2,954,042 | 2,297,031 | ||||||||||||||||||||
Other borrowings | $ | 1,507 | 1,873 | 3,456 | 5,790 | 12,144 | 1,507 | 12,144 | ||||||||||||||||||||
Subordinated Debt | $ | 40,940 | 40,919 | 40,898 | 40,876 | 50,737 | 40,940 | 50,737 | ||||||||||||||||||||
FHLB Advances | $ | 192,951 | 264,016 | 284,080 | 284,144 | 284,207 | 192,951 | 284,207 | ||||||||||||||||||||
Total Shareholders Equity | $ | 277,814 | 305,062 | 304,782 | 271,005 | 210,400 | 277,814 | 210,400 | ||||||||||||||||||||
Wealth Management | ||||||||||||||||||||||||||||
Trust fees | $ | 6,998 | 7,030 | 7,012 | 6,628 | 5,968 | 6,998 | 5,968 | ||||||||||||||||||||
Assets Under Administration | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,200,406 | 5,739,551 | 5,688,110 | 5,304,562 | 5,091,408 | 6,200,406 | 5,091,408 | ||||||||||||||||||||
Net investment appreciation (depreciation) & income | $ | (395,124 | ) | 279,391 | (71,467 | ) | 242,924 | 75,199 | (395,124 | ) | 75,199 | |||||||||||||||||
Net client asset flows | $ | 204,375 | 181,465 | 122,908 | 140,623 | 137,955 | 204,375 | 137,955 | ||||||||||||||||||||
Balance at end of period | $ | 6,009,657 | 6,200,406 | 5,739,551 | 5,688,110 | 5,304,562 | 6,009,657 | 5,304,562 | ||||||||||||||||||||
Percentage of AUA that are managed | 88 | % | 88 | % | 88 | % | 89 | % | 89 | % | 88 | % | 89 | % | ||||||||||||||
Stock Valuation | ||||||||||||||||||||||||||||
Closing Market Price (OTCQX) | $ | 33.25 | 33.60 | 34.00 | 33.00 | 30.00 | $ | 33.25 | $ | 30.00 | ||||||||||||||||||
Multiple of Tangible Book Value | 1.40 | 1.28 | 1.29 | 1.31 | 1.29 | $ | 1.40 | $ | 1.29 |
*annualized
Background
FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark National Bank & Trust is a nationally chartered bank, headquartered in Florida. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services including personal and business banking, lending services, trust, and investment services. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at www.finemarkbank.com .
Forward-Looking Statements
This press release contains statements that are "forward-looking statements." You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends, and which do not relate to historical matters. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectability, default and charge-off rates; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; occurrences of cyber-attacks, hacking and identity theft; natural disasters; and changes in the assumptions used in making such forward-looking statements. You should carefully review all of these factors and you should be aware that there might be other factors that could cause these differences.
These forward-looking statements were based on information, plans and estimates at the date of this report. We assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
SOURCE: FineMark Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/697806/FineMark-Holdings-Inc-Reports-First-Quarter-2022-Reports-Earnings
FAQ
What were FineMark Holdings' Q1 2022 earnings results?
How did FineMark's net interest income perform in the first quarter of 2022?
What is the current stock price of FineMark Holdings (FNBT)?
What are the key financial ratios for FineMark Holdings as of March 2022?