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First Resource Bancorp, Inc. (OTCQX: FRSB) is the holding company for First Resource Bank, a Pennsylvania state-chartered institution with deep roots in the Delaware Valley. The company provides a broad suite of deposit and credit services tailored to businesses, professionals, and individuals. Known for its personalized service, First Resource Bank operates with three full-service branches, emphasizing community banking and a hands-on customer approach.
In recent financial results, First Resource Bancorp has demonstrated robust performance amidst a challenging economic landscape. For the three months ended March 31, 2024, the company reported a net income of $1.3 million, or $0.43 per share, highlighting its resilience in an environment marked by rising interest rates and competitive pressures. Key achievements include a 4% growth in the loan portfolio to $550.0 million and a 3% increase in deposits to $513.2 million, showcasing the bank's ability to expand its asset base while managing costs effectively.
Leadership transitions are in progress, with Glenn Marshall, the company's long-serving CEO, set to retire in April 2024. Lauren Ranalli, the current President and CFO, is poised to take on the role of President and CEO, ensuring continuity and strategic growth. The transition aims to maintain the bank's focus on smart overhead growth and disciplined pricing strategies, critical in an era of margin compression.
Financial metrics remain strong, with an annualized return on average assets at 0.92% and an annualized return on average equity at 11.39% for the first quarter of 2024. The company has also increased its book value per share to $15.34, reflecting a 3% rise quarter-over-quarter.
First Resource Bancorp continues to experience healthy loan growth, driven by commercial real estate and business loans while maintaining a vigilant approach to credit quality. The provision for credit losses was $64 thousand in the first quarter of 2024, down from $66 thousand in the same period the prior year, indicating improved credit conditions.
The bank's investment securities portfolio stands at $17.4 million, with a mix of held-to-maturity and available-for-sale securities. Despite market challenges, the company has kept non-performing assets at zero as of March 31, 2024, underscoring its effective risk management practices.
Overall, First Resource Bancorp, Inc. continues to navigate the banking landscape with strategic foresight, ensuring growth and stability for its stakeholders. For more detailed information and updates, visit First Resource Bank's official website.
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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