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About First Resource Bancorp, Inc.
First Resource Bancorp, Inc. (OTCQX: FRSB) is the holding company for First Resource Bank, a Pennsylvania state-chartered, locally owned, and operated financial institution headquartered in Exton, Pennsylvania. With a focus on personalized banking solutions, the Bank serves the diverse financial needs of businesses, professionals, and individuals across the Delaware Valley. Its core mission is to deliver high-quality, community-focused banking services while fostering long-term relationships with its customers.
Core Business and Market Position
First Resource Bank provides a comprehensive suite of deposit and credit services, including commercial real estate loans, business loans, construction loans, and consumer loans. It also offers a range of deposit products such as money market accounts, certificates of deposit, and non-interest-bearing accounts. The Bank differentiates itself through its commitment to personalized service, competitive pricing, and responsiveness to the unique needs of its local market.
Operating through three full-service branches, First Resource Bank has established itself as a trusted financial partner in the Delaware Valley. Its deep understanding of the local market, combined with disciplined loan pricing strategies and robust risk management practices, positions it as a key player in the regional banking landscape.
Revenue Streams and Business Model
First Resource Bank generates revenue primarily through interest income on its diverse loan portfolio, which includes commercial real estate, business, and construction loans. Non-interest income sources, such as SBA loan sales and swap referral fees, complement its core lending activities. Its disciplined approach to deposit growth and cost management ensures a stable funding base to support loan expansion. The Bank's ability to maintain a strong net interest margin, even in competitive rate environments, underscores its operational efficiency and financial stability.
Commitment to Community Banking
A hallmark of First Resource Bank is its dedication to community-focused banking. By prioritizing customer engagement and tailoring financial solutions to individual needs, the Bank fosters strong relationships with local businesses and residents. Its experienced leadership team, including recent strategic hires, brings decades of expertise to enhance customer service and drive growth initiatives.
Competitive Advantages
In a competitive regional banking market, First Resource Bank stands out for its combination of personalized service and robust product offerings. Its focus on commercial real estate lending and small business banking leverages its local market expertise, while its emphasis on credit quality and disciplined pricing ensures sustainable growth. The Bank's investment in technology and infrastructure, including a recent corporate headquarters relocation, supports its long-term operational goals.
Risk Management and Credit Quality
First Resource Bank maintains a strong commitment to credit quality, as evidenced by its comprehensive risk management practices and low levels of non-performing assets. Its proactive approach to loan provisioning and strict underwriting guidelines ensure the stability of its loan portfolio. The Bank's ability to balance growth with prudent risk management underscores its resilience in navigating economic and industry challenges.
Conclusion
First Resource Bancorp, Inc. exemplifies the strengths of a community-focused financial institution, combining personalized service with competitive banking solutions. Its strategic approach to growth, disciplined financial management, and commitment to customer satisfaction position it as a valuable partner for businesses and individuals in the Delaware Valley. By staying true to its mission of delivering excellence in banking, First Resource Bank continues to build on its legacy of trust and reliability in the financial industry.
First Resource Bancorp (OTCQX: FRSB) has announced the appointment of Jim Egan as Senior Vice President of Commercial Lending. Egan brings 40 years of banking industry experience, including 38 years at Bryn Mawr Trust where he served as Chief Commercial Lending Officer and Head of Commercial Real Estate.
In his new role at First Resource Bank, Egan will focus on developing new business opportunities, particularly in loans, cash management, and deposit solutions. His appointment aligns with the bank's community-focused approach and expansion in the Wayne, PA market. As a Chester County resident with over 40 years of community involvement, including service on the American Red Cross Golf Committee and Ardmore Rotary, Egan plans to continue his community engagement to strengthen First Resource Bank's local presence.
First Resource Bancorp (OTCQX: FRSB) reported financial results for Q4 and full-year 2024. Key highlights include 13% loan growth, 11% deposit growth, and 10% asset growth year-over-year. Net income for Q4 2024 was $1.0 million ($0.33 per share), down from $1.6 million ($0.53 per share) in Q4 2023. Full-year 2024 net income was $5.3 million ($1.73 per share), a 10% decrease from 2023.
The bank's net interest margin improved to 3.50% in Q4 2024, up from 3.43% in Q3. Total interest income grew 24% year-over-year. However, results were impacted by a $1.0 million specific reserve established for a non-performing commercial loan. The company implemented a 5% stock repurchase program and issued $2.5 million in subordinated debt during 2024. Book value per share increased 12% to $16.73.
First Resource Bancorp (OTCQX: FRSB) reported strong Q3 2024 financial results with net income of $1.6 million, up 20% from the previous quarter. Key highlights include a 22% year-over-year increase in total interest income, 13% growth in loans and deposits over the past 12 months, and maintained net interest margin at 3.43%. The company issued $2.5 million in subordinated debt and implemented a 5% stock repurchase program, under which 96,084 shares were repurchased. Credit quality remained excellent with no non-performing assets or loans past due. Book value per share grew 4% during Q3 to $16.45.
First Resource Bancorp, Inc. (OTCQX: FRSB) has announced a stock repurchase program of up to 155,922 shares, or 5% of its outstanding common stock. The program, set to expire on July 16, 2025, demonstrates the company's commitment to enhancing shareholder value. Key points include:
- Repurchases may occur in open market or private transactions
- The program is flexible, with no obligation to acquire a specific amount
- Timing and volume will be at management's discretion
- Repurchased shares will be held as treasury stock for general corporate purposes
Lauren C. Ranalli, President and CEO, emphasized the company's strong capitalization and growing profitability as factors enabling this initiative.
First Resource Bancorp (OTCQX: FRSB) reported strong Q2 2024 results, with net income of $1.3 million, up 1% from Q1. Key highlights include:
- Total interest income grew 27% year-over-year
- Net interest margin expanded to 3.43% from 3.35% in Q1
- Total loans grew 4% (17% annualized) during Q2
- Total deposits grew 5% (18% annualized) during Q2
- Book value per share increased 3% to $15.78
The bank's strategy of consistent balance sheet expansion delivered strong results, with loan and deposit growth surpassing expectations. Credit quality remained excellent with no non-performing assets or loans past due over 30 days.
First Resource Bancorp, holding company for First Resource Bank, has been recognized for the third consecutive year by American Banker as one of the top-performing publicly traded community banks with assets under $2 billion in the US. Compiled by Capital Performance Group, the list highlights institutions excelling in a challenging interest rate environment. First Resource Bank ranked among the top 100 banks based on three-year return on average equity, amidst a narrowing field due to industry consolidations. The median return for these top 100 banks was nearly 15%, compared to less than 11% for all banks in this asset class. CEO Lauren Ranalli expressed pride in this recognition, attributing it to the bank's commitment to clients and financial excellence.
First Resource Bancorp, Inc. appointed Pamela M. Cyr and Michael Hohl as new Directors, while John P. O'Connell retired. Cyr brings extensive financial services experience, and Hohl adds local market expertise. The Company aims to expand its market presence with their insights. First Resource Bancorp, Inc. expresses gratitude for O'Connell's dedicated service.
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