FineMark Holdings, Inc. Reports Second Quarter 2022 Earnings

Rhea-AI Summary

FineMark Holdings reported Q2 2022 net income of $7 million ($0.59 per diluted share), up 29% from Q2 2021. Revenues rose to $27.3 million, a 20% year-over-year increase. The investment portfolio surged 60% to $1.2 billion. Deposits increased 25% to $3 billion, while net interest income climbed 18% to $18.4 million. Non-performing loans remain low at 0.03%. However, assets under management fell 4% to $5.5 billion. The bank maintains a strong balance sheet with a Tier 1 capital ratio of 9.16%.

Positive

• Net income increased 29% to $7 million.
• Investment portfolio grew 60% to $1.2 billion.
• Deposits rose 25% to $3 billion.
• Net interest income up 18% to $18.4 million.
• Pristine asset quality with non-performing loans at 0.03%.

Negative

• Assets under management decreased 4% to $5.5 billion.
• Book value per share declined 10% to $22.73.

FineMark Holdings Reports Second Quarter 2022 Net Income of $7 Million, Earnings Per Diluted Share of $.59

FORT MYERS, FL / ACCESSWIRE / July 19, 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 $27.3 million for the second quarter ended June 30, 2022, compared to $22.7 million in the second quarter of 2021. Net income was $7 million, or $.59 per diluted share, compared with net income of $5.4 million, or $.58 per diluted share, for the same period a year ago.

Joseph R. Catti, Chairman & Chief Executive Officer:

"FineMark again delivered strong results for the second quarter, despite the headwinds associated with the overall economy. High inflation; declines in the equity markets; the horrific Russian invasion of Ukraine; supply chain issues, and rising interest rates have shaken the overall economy. However, we continue to meet these challenges and achieve positive results by serving our clients at the highest level."

Financial Highlights

Year-over-year highlights for the second quarter of 2022 include:

• Net income increased 29% to $7 million.
• Investment portfolio increased 60% to $1.2 billion.
• Loan production increased by 3%.
• Deposits increased 25% to $3 billion.
• Net interest income increased 18% to $18.4 million.
• Cost of funds decreased 3% to $3.7 million.
• FHLB borrowings decreased 16%, resulting in interest expense savings of $689,000.
• Gains of $1.2 million realized on the extinguishment of debt (repayment of FHLB Advances).
• Trust fees increased 2% to $6.75 million.
• Assets under management and administration decreased 4% to $5.5 billion (including $139 million from new and expanded relationships, a 1% decrease).
• Asset quality remains pristine with non-performing loans to total loans at 0.03% (down from an already negligible 0.10% ).

Financial Summary
($ in thousands, except per share data)			Q2 2022				Q2 2021			% Change
Net Interest Income		$	18,386			$	15,640				18	%
Provision for Loan Losses		$	836			$	540				55	%
Trust Fees		$	6,752			$	6,628				2	%
Other Non-Interest Income		$	896			$	606				48	%
Salary & Benefits Expense		$	11,386			$	9,336				22	%
Other Non-Interest Expense		$	6,314			$	5,742				10	%
Pre-Gain/(Loss) Income		$	7,498			$	7,256				3	%
Gains/(Losses)		$	1,226			$	(157)				881	%
Pre-Tax Income		$	8,724			$	7,099				23	%
Net Income		$	6,977			$	5,396				29	%
Net Loans		$	2,115,137			$	1,945,541				9	%
Investments		$	1,181,247			$	737,991				60	%
Total Assets		$	3,527,841			$	2,982,969				18	%
Total Deposits		$	2,958,228			$	2,366,025				25	%
Subordinated Debt		$	40,961			$	40,876				0	%
FHLB Borrowings		$	240,000			$	284,144				-16	%
Total Equity		$	266,800			$	271,005				-2	%
Trust Assets Under Administration		$	5,464,847			$	5,688,110				-4	%
Net New Trust Business		$	139,467			$	140,623				-1	%
Tier 1 Capital Ratio			9.16	%			9.27	%
Return on Average Equity			10.28	%			9.89	%
Diluted Earnings per Common Share		$	0.59			$	0.58				2	%
Book Value Per Share		$	22.73			$	25.20				-10	%

Net Interest Income & Margin

For the second quarter of 2022, FineMark's net interest income totaled $18.4 million, up 18% from the year prior.

This increase was largely due to growth in the Bank's investment portfolio (a 60% increase year-over-year); continued loan growth, and the repayment of $45 million in Federal Home Loan Bank of Atlanta (FHLB) advances, which will reduce the Bank's quarterly interest expense by $242 thousand going forward.

The investment portfolio grew by $443 million year-over-year, resulting in $1.3 million in additional interest income for the quarter. The investment portfolio now represents 33% of total assets.

Interest rates continued to rise in the second quarter, however the Bank's interest expense declined due to the prepayment of both FHLB advances and subordinated debt. The latter resulted in a savings of $190 thousand for the quarter. The Bank's net interest margin increased to 2.22%, up from 2.14% in first quarter 2022, but down from 2.24% in second quarter 2021.

($ in thousands)			Q2 2022				Q2 2021				% Change
Investment Income		$	$3,956			$	$2,613				51	%
Loan Income		$	$18,145			$	$16,860				8	%
Total Interest Income		$	$22,101			$	$19,473				13	%
Deposit Expense		$	$1,784			$	$1,023				74	%
FHLB Borrowing Expense		$	$1,389			$	$2,078				-33	%
Subordinated Debt		$	$542			$	$732				-26	%
Total Interest Expense		$	$3,715			$	$3,833				-3	%
Net Interest Income		$	18,386			$	15,640				18	%
Net Interest Margin			2.22	%			2.24	%
Loan Yield			3.51	%			3.54	%
Investment Yield			1.29	%			1.41	%
Cost of Funds			0.46	%			0.57	%

Non-Interest Income

As of June 30, 2022, assets under management and administration totaled $5.5 billion, down slightly from $5.7 billion in the second quarter of 2021.

The Bank's trust and investment earnings were impacted by the decline in the U.S. equity markets (the S&P 500 was down 16%), which resulted in a 1% decrease in recurring trust fees for the quarter.

Despite market volatility, $139.5 million was added from new and existing clients, which is a testament to the exceptional level of expertise and service provided by our associates.

($ in thousands)			Q2 2022				Q2 2021				% Change
Trust Recurring Fees		$	6,413			$	6,509				-1	%
Estate Settlement Fees		$	339			$	119				185	%
Other Non-Interest Income		$	896			$	606				48	%
Total Non-Interest Income		$	7,648			$	7,234				6	%
Debt Extinguishment Gains/(Losses)		$	1,226			$	(400)				407	%
Securities Gains/(Losses)		$	0			$	243				-100	%
Total Gains/(Losses)		$	1,226			$	(157)				881	%

Non-Interest Expense

Non-interest expense increased 17% for a total of $17.7 million in the second quarter of 2022, compared to $15.1 million in second quarter of 2021. This increase is primarily due to salary expense and costs associated with the opening of two new locations in the second quarter. As FineMark continued to grow, additional expenses were incurred to maintain high service levels, which included hiring 10 new associates in the second quarter. Despite these increasing operating expenses, FineMark was able to reduce its efficiency ratio to 64.9%, compared to 66.4% in the second quarter of last year.

($ in thousands)			Q2 2022				Q2 2021				% Change
Salary Expense		$	9,882			$	8,168				21	%
Employee Benefits Expense		$	1,504			$	1,168				29	%
Occupancy Expense		$	1,991			$	1,506				32	%
Information Systems Expense		$	1,574			$	1,548				2	%
Other Non-Interest Expense		$	2,749			$	2,688				2	%
Total Non-Interest Expense		$	17,700			$	15,078				17	%
Tax Expense		$	1,747			$	1,703				3	%

Credit Quality

Asset quality remained pristine, and the Bank remains committed to maintaining its high credit standards through a relationship-centered approach to lending. Loan decisions are 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 economic cycles.

As of June 30, 2022, non-performing loans totaled $706 thousand, or 0.03% of total loans, a decrease from $2 million or 0.10% in the second quarter of 2021. The current allowance for loan losses is $21.6 million (or 1.01% of gross loans).

($ in thousands)			Q2 2022				Q2 2021				% Change
Gross Loans		$	2,136,742			$	1,967,177				9	%
Allowance for Loan Losses		$	21,605			$	21,636				0	%
Net Loans		$	2,115,137			$	1,945,541				9	%
Net Recoveries/(Charge-Offs)		$	24			$	1				2300	%
Non-Accrual Loans		$	706			$	2,001				-65	%
Non-Accrual Loans/Gross Loans			0.03	%			0.10	%
Past Due 30-89 Days		$	1,400			$	1,350				4	%
Past Due Loans/Gross Loans			0.07	%			0.07	%

Balance Sheet Highlights

Despite rising interest rates, loan production continued to be strong in the second quarter, increasing by 3% to $268 million for the quarter, compared to $260 million last year. Additionally, deposits continued to grow from both existing and new clients, increasing 25% or $592 million compared to the second quarter of 2021. The investment portfolio increased to approximately $1.2 billion from $740 million a year ago, which is a 60% or $443 million increase over this time last year. Lastly, FHLB advances are down $44 million or 16%.

Capital

All capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. On June 30, 2022, FineMark's Tier 1 leverage ratio on a consolidated basis was 9.16%, and the total risk-based capital ratio was 20.03%.

Rising interest rates during the quarter resulted in a $61 million net unrealized loss on the Bank's investment portfolio. This unrealized loss does not reflect bond credit quality; rather, it shows how rapidly interest rates have increased. These losses will likely remain unrealized since the Bank intends to hold these bonds to maturity.

Return on average equity (ROAE) increased to 10.28% this quarter, compared to 9.89% for the second quarter of 2021.

($ in thousands)			Q2 2022				Q2 2021				% Change
Tier 1 Capital		$	327,643			$	269,351				22	%
Net Unrealized Gain/(Loss)		$	(60,843)			$	1,654				-3779	%
Total Capital		$	266,800			$	271,005				-2	%
Tier 1 Leverage Ratio			9.16	%			9.27	%
Risk-Based Capital Ratio			20.03	%			19.68	%
ROAE			10.28	%			9.89	%

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 second quarter of 2022, FineMark's shares traded in a range between $28.90 and $33.25, and at an average volume of 268 shares trading per day. The shares closed the quarter trading at $29.05, a 12% decrease compared to the end of the second quarter of 2021, for a price-to-tangible book value multiple of 1.28.

Renovation & Expansion Updates

• In June 2022, FineMark opened two new Florida locations. The new offices in Jupiter and downtown Naples are fully operational and, combined, produced $11 million in new loans and $6.7 million in deposits in their first month.
• Two tenants now occupy space on the second floor of FineMark's Fort Myers office. The Bank will reserve the remaining space for continued growth.
• The Bank sold its former Fort Myers (Riverwalk) location in the second quarter, realizing a gain of $384,000 on the sale.

Closing Remarks from Chairman & Chief Executive Officer, Joseph R. Catti

"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 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)

		June 30,				December 31,
Assets		2022				2021
		(Unaudited)
Cash and due from banks		$	67,291				261,751
Debt securities available for sale			1,073,314				898,711
Debt securities held to maturity			91,135				79,517
Loans, net of allowance for loan losses of $21,605 in 2022 and $20,283 in 2021			2,115,137				1,996,362
Federal Home Loan Bank stock			10,687				11,326
Federal Reserve Bank stock			6,111				5,481
Premises and equipment, net			40,426				42,287
Operating lease right-of-use assets			11,278				11,207
Accrued interest receivable			8,843				7,215
Deferred tax asset			24,135				4,916
Bank-owned life insurance			71,874				50,862
Other assets			7,610				7,563
Total assets		$	3,527,841				3,377,198
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing demand deposits			647,220				521,459
Savings, NOW and money-market deposits			2,265,152				2,151,635
Time deposits			39,284				61,026
Total deposits			2,951,656				2,734,120
Official checks			6,572				9,420
Other borrowings			2,543				1,873
Federal Home Loan Bank advances			240,000				264,016
Operating lease liabilities			11,386				11,311
Subordinated debt			40,961				40,919
Other liabilities			7,923				10,477
Total liabilities			3,261,041				3,072,136
Shareholders' equity:
Common stock, $.01 par value 50,000,000 shares authorized,
11,738,237 and 11,603,781 shares issued and outstanding in 2022 and 2021			117				116
Additional paid-in capital			208,530				205,907
Retained earnings			118,996				105,147
Accumulated other comprehensive loss			(60,843)				(6,108)
Total shareholders' equity			266,800				305,062
Total liabilities and shareholders' equity		$	3,527,841				3,377,198
Book Value per Share		$	22.73				26.29

FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (Unaudited)
($ in thousands, except per share amounts)

			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2022				2021				2022				2021
Interest income:
Loans			$	18,145				16,860			$	35,177				33,335
Debt securities				3,762				2,398				7,272				4,866
Dividends on Federal Home Loan Bank stock				100				114				217				279
Other				94				101				146				218
Total interest income				22,101				19,473				42,812				38,698
Interest expense:
Deposits				1,784				1,023				2,775				2,064
Federal Home Loan Bank advances				1,389				2,078				3,029				4,172
Subordinated debt				542				732				1,083				1,424
Total interest expense				3,715				3,833				6,887				7,660
Net interest income				18,386				15,640				35,925				31,038
Provision for loan losses				836				540				1,285				847
Net interest income after provision for loan losses				17,550				15,100				34,640				30,191
Noninterest income:
Trust fees				6,752				6,628				13,750				12,596
Income from bank-owned life insurance				399				200				1,013				397
Income from solar farms				96				97				170				161
Gain on sale of debt securities available for sale				-				243				-				902
Gain (loss) on extinguishment of debt				1,226				(400)				1,844				(955)
Other fees and service charges				401				309				906				541
Total noninterest income				8,874				7,077				17,683				13,642
Noninterest expenses:
Salaries and employee benefits				11,386				9,336				21,887				18,240
Occupancy				1,991				1,506				3,899				3,035
Information systems				1,574				1,548				3,096				3,086
Professional fees				592				446				1,152				872
Marketing and business development				559				492				1,252				677
Regulatory assessments				439				395				895				788
Other				1,159				1,355				2,519				2,750
Total noninterest expense				17,700				15,078				34,700				29,448
Earnings before income taxes				8,724				7,099				17,623				14,385
Income taxes				1,747				1,703				3,774				3,417
Net earnings			$	6,977				5,396			$	13,849				10,968
Weighted average common shares outstanding - basic				11,723				9,162				11,681				9,093
Weighted average common shares outstanding - diluted				11,906				9,331				11,857				9,265
Per share information:	Basic earnings per common share		$	0.60				0.59			$	1.19				1.21
Diluted earnings per common share			$	0.59				0.58			$	1.17				1.18

FineMark Holdings, Inc.
Consolidated Financial Highlights
Second Quarter 2022
Unaudited

$ in thousands except for share data		2nd Qtr 2022				1st Qtr 2022				4th Qtr 2021				3rd Qtr 2021				2nd Qtr 2021				2022				2021
$ Earnings
Net Interest Income		$	18,386			$	17,539				17,155				16,496				15,640			$	35,925			$	31,038
Provision (credit) for loan loss		$	836			$	449				18				(834	)			540			$	1,285			$	847
Non-interest Income (excl. gains and losses)		$	7,648			$	8,191				7,712				7,617				7,234			$	15,839			$	13,695
Gain on sale of debt securities available for sale						$	-				-				-				243			$	-			$	902
Gains and losses on debt extinguishment		$	1,226			$	618				(244)				-				(400)			$	1,844			$	(955)
Gain on termination of swap						$	-				1,212				-				-			$	-			$	-
Non-interest Expense		$	17,700			$	17,000				17,161				15,599				15,078			$	34,700			$	29,448
Earnings before income taxes		$	8,724			$	8,899				8,656				9,348				7,099			$	17,623			$	14,385
Income Taxes		$	1,747			$	2,027				1,653				2,292				1,703			$	3,774			$	3,417
Net Earnings		$	6,977			$	6,872				7,003				7,056				5,396			$	13,849			$	10,968
Basic earnings per share		$	0.60			$	0.59				0.60				0.62				0.59			$	1.19			$	1.21
Diluted earnings per share		$	0.59			$	0.58				0.59				0.61				0.58			$	1.17			$	1.18
Performance Ratios
Return on average assets*			0.80	%			0.80	%			0.88	%			0.92	%			0.74	%			0.80	%			0.76	%
Return on risk weighted assets*			1.43	%			1.46	%			1.55	%			1.56	%			1.28	%			1.42	%			1.30	%
Return on average equity*			10.28	%			9.17	%			9.22	%			9.39	%			9.89	%			9.70	%			10.18	%
Yield on earning assets*			2.66	%			2.52	%			2.67	%			2.71	%			2.79	%			2.61	%			2.80	%
Cost of funds*			0.46	%			0.41	%			0.46	%			0.51	%			0.57	%			0.44	%			0.58	%
Net Interest Margin*			2.22	%			2.14	%			2.24	%			2.24	%			2.24	%			2.19	%			2.25	%
Efficiency ratio			64.93	%			64.52	%			69.70	%			64.69	%			66.37	%			64.73	%			65.91	%
Capital
Tier 1 leverage capital ratio			9.16	%			9.22	%			9.73	%			9.88	%			9.27	%			9.16	%			9.27	%
Common equity risk-based capital ratio			16.81	%			16.96	%			17.24	%			16.80	%			15.96	%			16.81	%			15.96	%
Tier 1 risk-based capital ratio			16.81	%			16.96	%			17.24	%			16.80	%			15.96	%			16.81	%			15.96	%
Total risk-based capital ratio			20.03	%			20.25	%			20.64	%			20.22	%			19.68	%			20.03	%			19.68	%
Book value per share		$	22.73			$	23.82			$	26.29			$	26.32			$	25.20			$	22.73			$	25.20
Tangible book value per share		$	22.73			$	23.82			$	26.29			$	26.32			$	25.20			$	22.73			$	25.20
Asset Quality
Net charge-offs (recoveries)		$	(24)			$	(13)				541				(4)				(1)			$	(37)			$	(7)
Net charge-offs (recoveries) to average total loans			-0.00	%			-0.00	%			0.03	%			-0.00	%			-0.00	%			-0.00	%			-0.00	%
Allowance for loan losses		$	21,605			$	20,745				20,283				20,806				21,636			$	21,605			$	21,636
Allowance to total loans			1.01	%			1.01	%			1.01	%			1.03	%			1.10	%			1.01	%			1.10	%
Nonperforming loans		$	706			$	714				729				928				2,001			$	706			$	2,001
Other real estate owned		$	-			$	-				-				-				-			$	-			$	-
Nonperforming loans to total loans			0.03	%			0.04	%			0.04	%			0.05	%			0.10	%			0.03	%			0.10	%
Nonperforming assets to total assets			0.02	%			0.02	%			0.02	%			0.03	%			0.07	%			0.02	%			0.07	%
Loan Composition (% of Total Gross Loans)
1-4 Family			49.5	%			50.7	%			51.8	%			52.0	%			53.6	%			49.5	%			53.6	%
Commercial Loans			9.5	%			10.4	%			10.2	%			11.0	%			11.2	%			9.5	%			11.2	%
Commercial Real Estate			24.3	%			23.2	%			21.7	%			21.0	%			21.1	%			24.3	%			21.1	%
Construction Loans			8.5	%			7.8	%			8.3	%			8.2	%			6.7	%			8.5	%			6.7	%
Other Loans			8.2	%			7.9	%			8.0	%			7.8	%			7.4	%			8.2	%			7.4	%
End of Period Balances
Assets		$	3,527,841			$	3,489,146				3,377,198				3,083,569				2,982,969			$	3,527,841			$	2,982,969
Debt securities		$	1,164,449			$	1,209,357				978,228				887,244				720,893			$	1,164,449			$	720,893
Loans, net of allowance		$	2,115,137			$	2,032,426				1,996,362				2,002,778				1,945,541			$	2,115,137			$	1,945,541
Deposits		$	2,951,656			$	2,954,042				2,734,120				2,429,920				2,358,263			$	2,951,656			$	2,358,263
Other borrowings		$	2,543			$	1,507				1,873				3,456				5,790			$	2,543			$	5,790
Subordinated Debt		$	40,961			$	40,940				40,919				40,898				40,876			$	40,961			$	40,876
FHLB Advances		$	240,000			$	192,951				264,016				284,080				284,144			$	240,000			$	284,144
Shareholders' Equity		$	266,800			$	277,814				305,062				304,782				271,005			$	266,800			$	271,005
Trust and Investment
Fee Income		$	6,752			$	6,998				7,030				7,012				6,628			$	13,750			$	12,596
Assets Under Administration
Balance at beginning of period		$	6,009,657			$	6,200,406				5,739,551				5,688,110				5,304,562			$	6,200,406			$	5,091,408
Net investment appreciation (depreciation) & income		$	(684,277)			$	(395,124)				279,391				(71,467)				242,924			$	(1,079,401)			$	318,123
Net client asset flows		$	139,467			$	204,375				181,465				122,908				140,623			$	343,842			$	278,578
Balance at end of period		$	5,464,847			$	6,009,657				6,200,406				5,739,551				5,688,110			$	5,464,847			$	5,688,110
Percentage of AUA that are managed			88	%			88	%			88	%			88	%			89	%			88	%			89	%
Stock Valuation
Closing Market Price (OTCQX)		$	29.05			$	33.25				33.60				34.00				33.00			$	29.05			$	33.00
Multiple of Tangible Book Value			1.28				1.40				1.28				1.29				1.31				1.28				1.31

*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.

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FAQ

What were FineMark Holdings' Q2 2022 earnings results?

FineMark Holdings reported net income of $7 million, or $0.59 per diluted share, for Q2 2022.

How did FineMark Holdings perform in terms of revenue for Q2 2022?

The company recorded revenues of $27.3 million in Q2 2022, a 20% increase from the previous year.

What is the current state of FineMark Holdings' asset quality?

FineMark Holdings reported non-performing loans at 0.03%, indicating strong asset quality.

What is FineMark Holdings' Tier 1 capital ratio as of Q2 2022?

The Tier 1 capital ratio for FineMark Holdings is 9.16% as of June 30, 2022.

How much did FineMark Holdings' deposits increase in Q2 2022?

Deposits increased by 25% to $3 billion in Q2 2022.