FIRST RESOURCE BANCORP, INC. ANNOUNCES 2024 SECOND QUARTER RESULTS; NET INTEREST MARGIN EXPANDS, LOANS GREW 14% AND DEPOSITS GREW 13% OVER THE PAST 12 MONTHS
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 (OTCQX: FRSB) ha riportato risultati solidi per il secondo trimestre del 2024, con un reddito netto di 1,3 milioni di dollari, in aumento dell'1% rispetto al primo trimestre. I principali punti salienti includono:
- Il reddito totale da interessi è cresciuto del 27% rispetto all'anno precedente
- Il margine d'interesse netto è aumentato a 3,43% rispetto al 3,35% del primo trimestre
- Il totale dei prestiti è aumentato del 4% (17% annualizzato) durante il secondo trimestre
- Il totale dei depositi è cresciuto del 5% (18% annualizzato) durante il secondo trimestre
- Il valore contabile per azione è aumentato del 3% a 15,78 dollari
La strategia della banca di espansione costante del bilancio ha prodotto risultati positivi, con una crescita di prestiti e depositi che ha superato le aspettative. La qualità del credito è rimasta eccellente, senza attivi non performanti o prestiti scaduti da oltre 30 giorni.
First Resource Bancorp (OTCQX: FRSB) informó resultados sólidos para el segundo trimestre de 2024, con un ingreso neto de 1,3 millones de dólares, un aumento del 1% en comparación con el primer trimestre. Los aspectos destacados incluyen:
- Los ingresos totales por intereses crecieron un 27% interanual
- El margen de interés neto se expandió a 3,43% desde el 3,35% en el primer trimestre
- Los préstamos totales aumentaron un 4% (17% anualizado) durante el segundo trimestre
- Los depósitos totales crecieron un 5% (18% anualizado) durante el segundo trimestre
- El valor contable por acción aumentó un 3% a 15,78 dólares
La estrategia del banco de expansión constante del balance ha dado resultados sólidos, con un crecimiento de préstamos y depósitos que superó las expectativas. La calidad crediticia se mantuvo excelente, sin activos no productivos ni préstamos vencidos por más de 30 días.
First Resource Bancorp (OTCQX: FRSB)가 2024년 2분기 강력한 실적을 보고했습니다. 순이익 130만 달러로 1분기 대비 1% 증가했습니다. 주요 하이라이트는 다음과 같습니다:
- 총 이자 수익이 전년 대비 27% 증가했습니다
- 순이자 마진이 1분기의 3.35%에서 3.43%으로 확대되었습니다
- 총 대출이 2분기에 4% (연률 17%) 증가했습니다
- 총 예금이 2분기에 5% (연률 18%) 증가했습니다
- 주당 장부가치는 15.78달러로 3% 증가했습니다
은행의 지속적인 대차대조표 확대 전략은 긍정적인 결과를 가져왔으며, 대출 및 예금 성장이 예상치를 초과했습니다. 신용 품질은 우수하며, 30일 이상 연체된 자산이나 대출이 없습니다.
First Resource Bancorp (OTCQX: FRSB) a rapporté de solides résultats pour le deuxième trimestre 2024, avec un revenu net de 1,3 million de dollars, en hausse de 1 % par rapport au premier trimestre. Les faits saillants incluent :
- Les revenus d'intérêts totaux ont augmenté de 27 % par rapport à l'année précédente
- La marge d'intérêt nette est passée à 3,43 % contre 3,35 % au premier trimestre
- Le total des prêts a augmenté de 4 % (17 % annualisé) durant le deuxième trimestre
- Le total des dépôts a crû de 5 % (18 % annualisé) durant le deuxième trimestre
- La valeur comptable par action a augmenté de 3 % pour atteindre 15,78 dollars
La stratégie de la banque d'expansion constante du bilan a produit de solides résultats, avec une croissance des prêts et des dépôts dépassant les attentes. La qualité du crédit est restée excellente, sans actifs non performants ni prêts en souffrance de plus de 30 jours.
First Resource Bancorp (OTCQX: FRSB) hat für das zweite Quartal 2024 starke Ergebnisse gemeldet, mit einem Nettogewinn von 1,3 Millionen Dollar, was einem Anstieg von 1% im Vergleich zum ersten Quartal entspricht. Zu den wichtigsten Highlights gehören:
- Die gesamten Zinseinnahmen wuchsen um 27% im Vergleich zum Vorjahr
- Die Zinsspanne erhöhte sich auf 3,43% von 3,35% im ersten Quartal
- Die gesamten Kredite erhöhten sich um 4% (annualisiert 17%) im zweiten Quartal
- Die Gesamteinlagen stiegen um 5% (annualisiert 18%) im zweiten Quartal
- Der Buchwert pro Aktie stieg um 3% auf 15,78 Dollar
Die Strategie der Bank zur ständigen Bilanzexpansion hat starke Ergebnisse geliefert, wobei das Wachstum von Krediten und Einlagen die Erwartungen übertroffen hat. Die Kreditqualität blieb ausgezeichnet, ohne nicht-leistungsfähige Vermögenswerte oder Kredite, die über 30 Tage überfällig sind.
- Net income increased 1% quarter-over-quarter to $1.3 million
- 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
- No non-performing assets or loans past due over 30 days
- Swap loan referral income tripled compared to the entire prior year
- Provision for credit losses increased to $246,000 in Q2 2024, up from $64,000 in Q1 2024 and $20,000 in Q2 2023
- Non-interest expenses increased 9% year-over-year
- Return on average assets decreased to 0.89% from 1.08% in Q2 2023
- Return on average equity decreased to 11.27% from 13.78% in Q2 2023
Lauren C. Ranalli, President and CEO, stated, "Our strategy of consistent balance sheet expansion delivered strong results in the second quarter. Loan growth surpassed our original expectations as our markets continue to thrive and competitors scale back on lending. Deposit growth is keeping pace with funding needs, and we continue to win new customers with our free banking services and award-winning customer service. Our net interest margin appears to have reached an inflection point due to pricing discipline implemented across the balance sheet."
Highlights for the second quarter of 2024 included:
- Net income of
$1.3 million 1% - Total interest income grew
27% over the prior year second quarter - The net interest margin expanded from
3.35% in the first quarter to3.43% in the second quarter - Total loans grew
4% during the second quarter, or17% annualized (8% year-to-date) - Total deposits grew
5% during the second quarter, or18% annualized (7% year-to-date) - Swap loan referral income was
$62 thousand $245 thousand - There were no loans past due greater than 30 days, non-accrual loans or non-performing assets as of June 30, 2024
- Book value per share grew
3% during the second quarter to$15.78 - Named a "Best Places to Work" company by the Philadelphia Business Journal
- Named Best Commercial Bank and Best Community Bank by the readers of the Main Line Times
- Recognized as one of the top 100 performing community banks in 2023 with under
$2 billion
Net income for the quarter ended June 30, 2024 was
Total interest income rose by
Total interest income increased
Total interest income grew
Total interest expense rose by
Total interest expense increased by
Total interest expense increased by
In the second quarter of 2024, net interest income increased by
Net interest income for the six months ended June 30, 2024 was
The provision for credit losses was
As of June 30, 2024, the allowance for credit losses to total loans stood at
"Credit quality remains excellent, despite the charge-off recorded during the second quarter. This specific charge-off is considered an anomaly as the loan transitioned from current to charge-off within a quarter. Originating in 2006 as a second-lien home equity loan, it had occasionally shown signs of stress over the years, finally concluding with a sheriff sale in the second quarter. Our current exposure to similar loans is minimal, as we exited this line of business over a decade ago." commented Ranalli.
Non-interest income in the second quarter of 2024 amounted to
Non-interest income for the six months ended June 30, 2024, totaled
Non-interest expenses increased
"Our outstanding results over the past several years have put us on a growth trajectory. As the bank grows, so does our need for additional office space to support our expanding team. We are excited to share that in April, we relocated our corporate headquarters to a larger space, which we believe will meet our needs for many years to come," commented Ranalli. "This move contributed to the increase in occupancy and equipment for the second quarter; however, we fully expect this number to decline and level out by the end of the fourth quarter with the satisfaction of our former lease."
Non-interest expenses increased
Non-interest expenses for the six months ended June 30, 2024 were
Deposits increased a net
With robust growth across all loan categories, the loan portfolio expanded by
The following table illustrates the composition of the loan portfolio:
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Commercial real estate | $ 457,437,009 | $ 413,221,898 | $ 390,330,435 |
Commercial construction | 42,138,883 | 48,838,199 | 50,482,296 |
Commercial business | 55,316,506 | 50,224,869 | 46,023,011 |
Consumer | 18,697,974 | 19,099,155 | 17,843,210 |
Total loans | $ 573,590,372 | $ 531,384,121 | $ 504,678,952 |
Investment securities totaled
Total stockholders' equity increased by
Selected Financial Data: Balance Sheets (unaudited) | ||
June 30, 2024 | December 31, 2023 | |
Cash and due from banks | $ 28,564,047 | $ 23,820,615 |
Time deposits at other banks | 100,000 | 100,000 |
Investments | 16,956,492 | 25,840,840 |
Loans | 573,590,372 | 531,384,121 |
Allowance for credit losses | (4,430,320) | (4,311,306) |
Premises & equipment | 7,724,875 | 7,639,939 |
Other assets | 18,180,562 | 18,142,682 |
Total assets | $ 640,686,028 | $ 602,616,891 |
Noninterest-bearing deposits | $ 104,706,183 | $ 95,384,366 |
Interest-bearing checking | 36,162,105 | 39,760,054 |
Money market | 235,266,392 | 231,407,653 |
Time deposits | 160,425,520 | 132,738,973 |
Total deposits | 536,560,200 | 499,291,046 |
Short term borrowings | 33,000,000 | 35,000,000 |
Long term borrowings | 9,530,000 | 9,530,000 |
Subordinated debt | 5,984,381 | 5,978,134 |
Other liabilities | 6,733,643 | 6,682,220 |
Total liabilities | 591,808,224 | 556,481,400 |
Common stock | 3,098,431 | 3,093,414 |
Surplus | 19,824,098 | 19,767,634 |
Accumulated other comprehensive loss | (1,037,024) | (1,038,486) |
Retained earnings | 26,992,299 | 24,312,929 |
Total stockholders' equity | 48,877,804 | 46,135,491 |
Total liabilities & stockholders' equity | $ 640,686,028 | $ 602,616,891 |
Performance Statistics (unaudited) | Qtr Ended Jun. 30, 2024 | Qtr Ended Mar. 31, 2024 | Qtr Ended Dec. 31, 2023 | Qtr Ended Sep. 30, 2023 | Qtr Ended Jun. 30, 2023 |
Net interest margin | 3.43 % | 3.35 % | 3.39 % | 3.57 % | 3.64 % |
Nonperforming loans/ total loans | 0.00 % | 0.00 % | 0.00 % | 0.14 % | 0.15 % |
Nonperforming assets/ total assets | 0.00 % | 0.00 % | 0.00 % | 0.13 % | 0.14 % |
Allowance for credit losses/ total loans | 0.77 % | 0.80 % | 0.81 % | 0.88 % | 0.89 % |
Average loans/average assets | 92.7 % | 92.4 % | 91.1 % | 92.2 % | 91.6 % |
Non-interest expenses*/ average assets | 2.21 % | 2.28 % | 2.15 % | 2.19 % | 2.29 % |
Efficiency ratio | 63.3 % | 65.5 % | 63.1 % | 60.1 % | 62.5 % |
Earnings per share – basic and diluted** | |||||
Book value per share** | |||||
Total shares outstanding** | 3,098,431 | 3,096,138 | 3,093,414 | 3,090,838 | 3,088,019 |
Weighted average shares outstanding** | 3,097,433 | 3,094,951 | 3,092,277 | 3,089,441 | 3,086,782 |
* Annualized |
Income Statements (unaudited) | |||||
Qtr. Ended Jun. 30, 2024 | Qtr. Ended Mar. 31, 2024 | Qtr. Ended Dec. 31, 2023 | Qtr. Ended Sep. 30, 2023 | Qtr. Ended Jun. 30, 2023 | |
INTEREST INCOME | |||||
Loans, including fees | |||||
Securities | 122,082 | 120,713 | 133,125 | 125,882 | 120,133 |
Other | 34,964 | 31,735 | 105,679 | 33,221 | 67,207 |
Total interest income | 9,016,741 | 8,380,550 | 8,180,287 | 7,792,266 | 7,110,517 |
INTEREST EXPENSE | |||||
Deposits | 3,767,011 | 3,519,176 | 3,277,096 | 2,696,301 | 2,267,015 |
Borrowings | 173,198 | 105,860 | 98,901 | 195,150 | 64,267 |
Subordinated debt | 93,124 | 93,124 | 93,124 | 93,124 | 93,123 |
Total interest expense | 4,033,333 | 3,718,160 | 3,469,121 | 2,984,575 | 2,424,405 |
Net interest income | 4,983,408 | 4,662,390 | 4,711,166 | 4,807,691 | 4,686,112 |
Provision for credit losses | 246,273 | 63,651 | (263,073) | 71,017 | 20,327 |
Net interest income after provision for credit losses | 4,737,135 | 4,598,739 | 4,974,239 | 4,736,674 | 4,665,785 |
NON-INTEREST INCOME | |||||
Service charges and other fees | 104,748 | 100,164 | 94,656 | 109,894 | 107,841 |
BOLI income | 59,613 | 51,356 | 50,730 | 50,237 | 49,281 |
Swap referral fee income | 62,460 | 182,060 | - | 75,649 | - |
Other | 64,085 | 62,548 | 62,701 | 61,527 | 55,740 |
Total non-interest income | 290,906 | 396,128 | 208,087 | 297,307 | 212,862 |
NON-INTEREST EXPENSE | |||||
Salaries & benefits | 1,944,755 | 2,045,083 | 1,873,831 | 1,893,558 | 1,844,356 |
Occupancy & equipment | 362,850 | 289,202 | 289,361 | 282,025 | 260,284 |
Professional fees | 130,767 | 137,482 | 123,336 | 119,258 | 119,447 |
Advertising | 81,510 | 81,745 | 83,506 | 58,354 | 65,917 |
Data processing | 180,257 | 176,685 | 167,921 | 172,288 | 159,795 |
Other | 636,589 | 584,926 | 567,428 | 543,465 | 611,336 |
Total non-interest expense | 3,336,728 | 3,315,123 | 3,105,383 | 3,068,948 | 3,061,135 |
Income before federal income tax expense | 1,691,313 | 1,679,744 | 2,076,943 | 1,965,033 | 1,817,512 |
Federal income tax expense | 342,880 | 348,807 | 429,920 | 401,490 | 366,371 |
Net income | |||||
Income Statements (unaudited) | ||
Six Months Ended 2024 | Six Months Ended 2023 | |
INTEREST INCOME | ||
Loans, including fees | $ 17,087,797 | $ 13,146,330 |
Securities | 242,795 | 251,483 |
Other | 66,699 | 95,381 |
Total interest income | 17,397,291 | 13,493,194 |
INTEREST EXPENSE | ||
Deposits | 7,286,187 | 4,086,658 |
Borrowings | 279,058 | 190,887 |
Subordinated debt | 186,248 | 186,247 |
Total interest expense | 7,751,493 | 4,463,792 |
Net interest income | 9,645,798 | 9,029,402 |
Provision for credit losses | 309,924 | 86,626 |
Net interest income after provision for credit losses | 9,335,874 | 8,942,776 |
NON-INTEREST INCOME | ||
Service charges and other fees | 204,912 | 207,411 |
BOLI income | 110,969 | 96,972 |
Swap referral fee income | 244,520 | - |
Other | 126,633 | 108,753 |
Total non-interest income | 687,034 | 413,136 |
NON-INTEREST EXPENSE | ||
Salaries & benefits | 3,989,838 | 3,679,277 |
Occupancy & equipment | 652,052 | 518,025 |
Professional fees | 268,249 | 234,750 |
Advertising | 163,255 | 133,112 |
Data processing | 356,942 | 307,603 |
Other | 1,221,515 | 1,079,561 |
Total non-interest expense | 6,651,851 | 5,952,328 |
Income before federal income tax expense | 3,371,057 | 3,403,584 |
Federal income tax expense | 691,687 | 688,155 |
Net income | $ 2,679,370 | $ 2,715,429 |
About First Resource Bancorp, Inc.
First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated
This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.
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SOURCE First Resource Bank
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