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FIRST RESOURCE BANCORP, INC. ANNOUNCES 2024 THIRD QUARTER RESULTS; LOANS AND DEPOSITS GREW 13% OVER THE PAST 12 MONTHS

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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 (OTCQX: FRSB) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 1,6 milioni di dollari, in aumento del 20% rispetto al trimestre precedente. I punti salienti includono un aumento del 22% delle entrate totali da interessi rispetto all'anno precedente, una crescita del 13% nei prestiti e nei depositi negli ultimi 12 mesi, e il mantenimento del margine di interesse netto al 3,43%. L'azienda ha emesso 2,5 milioni di dollari in debito subordinato e ha implementato un programma di riacquisto di azioni del 5%, sotto il quale sono state riacquistate 96.084 azioni. La qualità del credito è rimasta eccellente, senza attività o prestiti in sofferenza. Il valore contabile per azione è cresciuto del 4% durante il terzo trimestre a 16,45 dollari.

First Resource Bancorp (OTCQX: FRSB) reportó sólidos resultados financieros para el tercer trimestre de 2024, con un ingreso neto de 1.6 millones de dólares, un 20% más que el trimestre anterior. Los aspectos destacados incluyen un aumento del 22% en los ingresos totales por intereses en comparación con el año anterior, un crecimiento del 13% en préstamos y depósitos en los últimos 12 meses, y se mantuvo el margen de interés neto en 3.43%. La compañía emitió 2.5 millones de dólares en deuda subordinada e implementó un programa de recompra de acciones del 5%, bajo el cual se recompraron 96,084 acciones. La calidad del crédito se mantuvo excelente, sin activos no productivos ni préstamos en mora. El valor contable por acción creció un 4% durante el tercer trimestre a 16.45 dólares.

퍼스트 리소스 뱅크(OTCQX: FRSB)는 2024년 3분기 동안 160만 달러의 순이익을 보고하며 전 분기 대비 20% 증가한 강력한 재무 결과를 발표했습니다. 주요 내용으로는 전년 대비 22% 증가한 총 이자 수익, 지난 12개월 동안 13% 증가한 대출 및 예금, 그리고 3.43%로 유지된 순이자 마진이 포함됩니다. 회사는 250만 달러의 후순위 채무를 발행하고 5% 주식 매입 프로그램을 시행하여 96,084 주를 재매입했습니다. 신용 품질은 우수하게 유지되었으며, 연체 자산이나 대출은 없었습니다. 3분기 동안 주당 장부 가치는 4% 증가하여 16.45달러에 달했습니다.

First Resource Bancorp (OTCQX: FRSB) a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec un bénéfice net de 1,6 million de dollars, en hausse de 20 % par rapport au trimestre précédent. Les faits marquants comprennent une augmentation de 22 % des revenus d'intérêts totaux par rapport à l'année précédente, une croissance de 13 % des prêts et des dépôts au cours des 12 derniers mois, et le maintien de la marge d'intérêt nette à 3,43 %. La société a émis 2,5 millions de dollars de dette subordonnée et a mis en place un programme de rachat d'actions de 5 %, selon lequel 96 084 actions ont été rachetées. La qualité du crédit est restée excellente, sans actifs douteux ni prêts en retard. La valeur comptable par action a augmenté de 4 % au cours du troisième trimestre pour atteindre 16,45 dollars.

First Resource Bancorp (OTCQX: FRSB) berichtete über starke Finanzergebnisse für das dritte Quartal 2024 mit einem Nettoeinkommen von 1,6 Millionen Dollar, was einem Anstieg von 20% gegenüber dem vorherigen Quartal entspricht. Zu den wichtigsten Höhepunkten gehören ein Anstieg der gesamten Zinseinnahmen um 22% im Jahresvergleich, ein Wachstum der Kredite und Einlagen um 13% im vergangenen Jahr und die Beibehaltung der Nettomarge bei 3,43%. Das Unternehmen emittierte 2,5 Millionen Dollar nachrangige Schulden und führte ein Aktienrückkaufprogramm über 5% ein, unter dem 96.084 Aktien zurückgekauft wurden. Die Kreditqualität blieb ausgezeichnet, ohne notleidende Vermögenswerte oder überfällige Kredite. Der Buchwert pro Aktie stieg im dritten Quartal um 4% auf 16,45 Dollar.

Positive
  • Net income increased 20% quarter-over-quarter to $1.6 million
  • Total interest income grew 22% year-over-year
  • Loans and deposits both grew 13% year-over-year
  • Net interest margin maintained at 3.43%
  • Pristine credit quality with zero non-performing assets
  • Book value per share increased 4% to $16.45
Negative
  • Non-interest-bearing deposits declined 10% quarter-over-quarter
  • Interest expenses increased 46% year-over-year
  • Non-interest expenses increased 10% year-over-year

EXTON, Pa., Oct. 24, 2024 /PRNewswire/ -- First Resource Bancorp, Inc. (OTCQX: FRSB), the holding company for First Resource Bank, announced financial results for the three months ended September 30, 2024. 

Lauren C. Ranalli, President and CEO, stated, "During the third quarter we successfully expanded our balance sheet while maintaining pristine credit quality. Our net income has increased, thanks largely to our ability to preserve a strong net interest margin in a highly competitive environment. While deposit growth in this rate environment presents challenges, we have effectively sustained our net interest margin through a disciplined loan pricing approach, allowing us to prudently grow our portfolio."

Highlights for the third quarter of 2024 included:

  • Net income of $1.6 million, which exceeded the prior quarter by 20%
  • Total interest income grew 22% over the prior year third quarter
  • Net interest income grew 7% over the prior year third quarter
  • Provision for credit losses decreased 81% over the prior year third quarter
  • The net interest margin remained steady at 3.43% quarter over quarter
  • Total loans grew 2% during the third quarter, or 7% annualized (10% year-to-date)
  • Total deposits grew 2% during the third quarter, or 8% annualized (10% year-to-date)
  • Total assets grew $11.0 million, or 2%, ending the quarter at $651.7 million
  • Gain on sale of SBA loans and swap loan referral fee income collectively totaled $304 thousand year-to-date, more than quadruple the entire prior year
  • There were no loans past due greater than 30 days, non-accrual loans or non-performing assets as of September 30, 2024, consistent with the prior quarter
  • Book value per share grew 4% during the third quarter to $16.45
  • Issued $2.5 million in subordinated debt
  • Implemented a 5% stock repurchase program

Ranalli added, "In the third quarter, we embraced the opportunity to raise a modest amount of subordinated debt at the holding company level. This debt, with a 10-year term, includes a 5-year call option and carries an interest rate of 6.50%. Additionally, the Board of Directors approved a 5% common stock repurchase plan as a strategic initiative to enhance shareholder value. We are pleased to report that 96,084 shares have already been repurchased under this authorization."

Net income for the quarter ended September 30, 2024 was $1.6 million, or $0.53 per common share, up from $1.3 million, or $0.44 per common share, in the previous quarter, and consistent with $1.6 million, or $0.51 per common share, in the same quarter last year. The annualized return on average assets was 1.04% for the third quarter of 2024, slightly down from 1.12% for the third quarter of 2023. Similarly, the annualized return on average equity was 13.08% for the third quarter of 2024 compared to 14.19% during the same period last year. 

Total interest income rose by $479 thousand, or 5%, increasing from $9.0 million in the second quarter of 2024 to $9.5 million in the third quarter of 2024. This growth was primarily driven by a 2% expansion in loans during the third quarter.

Total interest income rose by $1.7 million, marking a 22% increase from $7.8 million in the third quarter of 2023 to $9.5 million in the corresponding period of 2024. This growth was driven by a 13% expansion in loans year-over-year, complemented by an increased rate environment, positively impacting interest-earning assets. 

Total interest income grew $5.6 million, or 26%, from $21.3 million for the nine months ended September 30, 2023, to $26.9 million for the corresponding period in 2024. The increase was directly related to the expansion of loans and an increased rate environment as previously noted.

Total interest expense rose by 8% in the third quarter of 2024 compared to the second quarter. This increase stemmed from a 4 basis point uptick in the cost of money market accounts and a 10 basis point increase in the cost of time deposits, alongside a higher volume of time deposits quarter over quarter. Interest expense on FHLB borrowings increased by 42% due to an increase in the average balance of overnight advances during the third quarter of 2024 compared to the second quarter. Additionally, interest expense on subordinated debt rose by 30%, following the issuance of $2.5 million of additional subordinated debt on August 1, 2024.

Total interest expense increased by 46%, climbing from $3.0 million in the third quarter of 2023 to $4.3 million in the third quarter of 2024. This increase was primarily driven by a 48 basis point rise in the cost of money market deposits and a 107 basis point increase in the cost of time deposits, coupled with a greater volume of both money market accounts and time deposits year-over-year. Interest expense on FHLB borrowings increased by 26%, while interest expense on subordinated debt increased by 30% when compared to the third quarter of 2023.

Total interest expense increased by 62%, growing from $7.4 million for the nine months ended September 30, 2023, to $12.1 million for the same period in 2024. This sharp increase was primarily driven by a 79 basis point rise in the cost of money market deposits and a 152 basis point increase in the cost of time deposits, along with higher volumes of both money market accounts and time deposits compared to the same period last year.

In the third quarter of 2024, net interest income increased by $166 thousand, or 3%, compared to the previous quarter. The net interest margin remained stable at 3.43% for both the second and third quarters of 2024. The overall yield on interest-earning assets rose by 12 basis points during the third quarter, primarily driven by a 12 basis point rise in loan yields and higher  loan volume, resulting in a total yield on loans of 6.44% for the quarter. Conversely, the cost of interest-bearing deposits rose 6 basis points to 3.61% during the third quarter, driven by increased costs for money market and time deposit accounts, as well as a higher volume of time deposits. Consequently, the total cost of deposits increased by 9 basis points, climbing from 2.86% in the second quarter of 2024 to 2.95% in the third quarter.

Net interest income for the nine months ended September 30, 2024, was $14.8 million, reflecting a 7% increase from $13.8 million for the same period in 2023. This growth was fueled by a $5.7 million, or 27% increase in loan interest income, offset by a $4.5 million, or 66%, increase in deposit interest expense. 

The provision for credit losses in the third quarter of 2024 was $13 thousand, a significant decrease from $246 thousand in the second quarter. Year over year, the provision for credit losses fell $58 thousand from $71 thousand in the third quarter of 2023 to $13 thousand in the third quarter of 2024. 

As of September 30, 2024, the allowance for credit losses to total loans stood at 0.76%, down from the 0.81% recorded on December 31, 2023, and lower than the 0.88% reported on September 30, 2023. As of both September 30, 2024 and December 31, 2023, there were no non-performing assets. Also, there were no loans past due greater than 30 days as of September 30, 2024.

"Credit quality remains excellent as we maintain strict underwriting guidelines while we continue to grow the loan portfolio," commented Ranalli.

Non-interest income in the third quarter of 2024 amounted to $286 thousand, compared to $291 thousand in the previous quarter and $297 thousand in the third quarter of the prior year. Specifically, no swap referral fee income was received in the third quarter of 2024, compared to $62 thousand in the second quarter of 2024, and $76 thousand in the third quarter of 2023. However, gains on the sale of SBA loans totaled $59 thousand in the third quarter of 2024, compared to none in both the second quarter of 2024 and the third quarter of 2023.

Non-interest income for the nine months ended September 30, 2024, totaled $973 thousand, up from $710 thousand for the same period in the previous year. Swap referral fee income rose significantly to $245 thousand in the nine months ended September 30, 2024, compared to $76 thousand in the nine months ended September 30, 2023. Additionally, gains on the sale of SBA loans amounted to $59 thousand for the nine months ended September 30, 2024, whereas there were no gains recorded in the corresponding period of 2023.

Non-interest expenses increased $49 thousand, or 1%, in the third quarter of 2024 compared to the prior quarter. This increase was driven by higher salaries and employee benefits, occupancy & equipment, and data processing expenses. However, these increases were partially offset by reductions in professional fees, advertising, and other costs. 

"Effective management of overhead expenses is more crucial than ever due to pressure on our net interest margin. As a growth-oriented company, we must continue investing in our infrastructure prudently. Notably, the ratio of non-interest expense to average assets has steadily declined this year as we adapt to increased expenses, including the move to a new corporate office," commented Ranalli.

Non-interest expenses increased $316 thousand, or 10%, when comparing the third quarter of 2024 to the third quarter of 2023. However, the ratio of non-interest expenses to average assets improved to 2.17% in the third quarter of 2024, down from 2.21% in the previous quarter and 2.19% in the third quarter of the prior year.

Non-interest expenses for the nine months ended September 30, 2024, totaled $10.0 million compared to $9.0 million for the same period in the prior year. The increase of $1.0 million, or 11%, was mostly attributed to increases in salaries and employee benefits associated with a higher headcount, occupancy costs, and other expenses.

Deposits experienced a net increase of $10.6 million, or 2%, rising from $536.6 million on June 30, 2024, to $547.1 million on September 30, 2024. During the third quarter, non-interest-bearing deposits declined by $11.0 million, or 10%, from $104.7 million on June 30, 2024, to $93.7 million on September 30, 2024. This decline is attributed to normal fluctuations in existing customer accounts. Conversely, interest-bearing checking balances grew by $8.6 million, or 24%, from $36.2 million on June 30, 2024, to $44.7 million on September 30, 2024. Money market deposits increased $829 thousand, or 0%, from $235.3 million on June 30, 2024, to $236.1 million on September 30, 2024. Additionally, certificates of deposit increased $12.1 million, or 8%, from $160.4 million on June 30, 2024, to $172.6 million on September 30, 2024. Between September 30, 2023 and September 30, 2024, total deposits grew 13%, driven by strong increases in interest-bearing checking accounts, money markets, and time deposits, which were partially offset by a decline in non-interest-bearing checking. Deposits increased 10% year-to-date, primarily due to robust growth in interest-bearing checking, money markets, and time deposits, which were partially offset by a decrease in non-interest bearing checking. As of September 30, 2024, approximately 82% of total deposits were insured or otherwise collateralized, up from 81% in the prior quarter.

The loan portfolio expanded by $9.7 million, representing a 2% increase, from $573.6 million on June 30, 2024, to $583.2 million on September 30, 2024. While there was robust growth in commercial real estate and commercial business loans, this was partially offset by decreases in construction loans and consumer loans when comparing loan balances over the same period. The decrease in construction loans was largely attributed to projects reaching completion and transitioning to permanent financing within the commercial real estate portfolio. Total loans grew 10% year-to-date, with strong growth in commercial real estate and commercial business loans partially offset by declines in construction and consumer loans.

The following table illustrates the composition of the loan portfolio:


Sep. 30,

2024


Dec. 31,

2023


Sep. 30,

2023







Commercial real estate

$   469,508,986


$   413,221,898


$   398,628,133

Commercial construction

37,500,214


48,838,199


55,305,574

Commercial business

57,963,287


50,224,869


46,657,956

Consumer

18,276,277


19,099,155


17,714,146







Total loans

$   583,248,764


$   531,384,121


$   518,305,809

Investment securities totaled $16.8 million on September 30, 2024, compared to $17.0 million on June 30, 2024. As of September 30, 2024, the held-to-maturity investment portfolio had a book value of $8.6 million and a fair market value of $7.7 million, resulting in an unrealized loss of $887 thousand, compared to an unrealized loss of $1.1 million as of June 30, 2024. This unrealized loss, net of tax, amounts to $701 thousand, representing approximately 1.4% of total equity as of September 30, 2024. The remainder of the investment portfolio was classified as available for sale, with a book value of $9.2 million and a fair value of $8.2 million, resulting in an unrealized loss of $1.0 million, down from $1.3 million as of June 30, 2024. This unrealized loss, net of tax, totals $802 thousand and is reflected in accumulated other comprehensive loss on the balance sheet.

On August 12, 2024, the Company announced a stock repurchase program authorizing the repurchase of up to 155,922 shares of its common stock. During the quarter ended September 30, 2024, the Company repurchased 96,084 shares at a total cost of $1.3 million and an average price of $13.96 per share. As of September 30, 2024, there were 59,838 shares remaining available for repurchase under the program.

Total stockholders' equity increased by $554 thousand, or 1%, rising from $48.9 million on June 30, 2024, to $49.4 million on September 30, 2024. This growth was largely driven by net income, which was partially offset by the repurchase of 96,084 shares with a cost basis of $1.3 million. During the quarter ended September 30, 2024, book value per share increased by 67 cents, or 4%, reaching $16.45. Over the nine months ended September 30, 2024, book value per share has grown $1.54, or 10%.

 


Selected Financial Data:

Balance Sheets (unaudited)



September 30,   

2024


December 31,   

2023







Cash and due from banks

$    27,447,406


$    23,820,615


Time deposits at other banks

100,000


100,000


Investments

16,801,730


25,840,840


Loans

583,248,764


531,384,121


Allowance for credit losses

(4,444,746)


(4,311,306)


Premises & equipment

7,646,648


7,639,939


Other assets

20,891,169


18,142,682







Total assets

$  651,690,971


$  602,616,891







Noninterest-bearing deposits

$    93,726,935


$    95,384,366


Interest-bearing checking

44,747,452


39,760,054


Money market

236,095,089


231,407,653


Time deposits

172,560,787


132,738,973


  Total deposits

547,130,263


499,291,046


Short term borrowings

34,000,000


35,000,000


Long term borrowings

6,250,000


9,530,000


Subordinated debt

8,469,159


5,978,134


Other liabilities

6,410,124


6,682,220







Total liabilities

602,259,546


556,481,400







Common stock

3,100,773


3,093,414


Surplus

19,852,352


19,767,634

  Treasury stock

(1,334,936)


-


Accumulated other comprehensive loss

(802,137)


(1,038,486)


Retained earnings

28,615,373


24,312,929







Total stockholders' equity

49,431,425


46,135,491







Total liabilities &

     stockholders' equity

$  651,690,971


$  602,616,891






 

Performance Statistics
(unaudited)


Qtr Ended

Sep. 30,

2024

Qtr Ended

Jun. 30,

2024

Qtr Ended

Mar. 31,

2024

Qtr Ended

Dec. 31,

2023

Qtr Ended

Sep. 30,

2023







Net interest margin

3.43 %

3.43 %

3.35 %

3.39 %

3.57 %







Nonperforming loans/

   total loans

0.00 %

0.00 %

0.00 %

0.00 %

0.14 %







Nonperforming assets/

   total assets

0.00 %

0.00 %

0.00 %

0.00 %

0.13 %







Allowance for credit losses/

   total loans

0.76 %

0.77 %

0.80 %

0.81 %

0.88 %







Average loans/average

   assets

92.9 %

92.7 %

92.4 %

91.1 %

92.2 %







Non-interest expenses*/

   average assets

2.17 %

2.21 %

2.28 %

2.15 %

2.19 %







Efficiency ratio

62.3 %

63.3 %

65.5 %

63.1 %

60.1 %







Earnings per share – basic

   and diluted

$0.53

$0.44

$0.43

$0.53

$0.51







Book value per share

$16.45

$15.78

$15.34

$14.91

$14.31







Total shares outstanding

3,004,689

3,098,431

3,096,138

3,093,414

3,090,838







Weighted average shares

outstanding

3,055,157

3,097,433

3,094,951

3,092,277

3,089,441







*  Annualized






 

 

Income Statements (unaudited)


Qtr. Ended

Sep. 30,

2024


Qtr. Ended

Jun. 30,

2024


Qtr. Ended

Mar. 31,

2024


Qtr. Ended

Dec. 31,

2023


Qtr. Ended

Sep. 30,

2023











INTEREST INCOME










Loans, including fees

$9,346,895


$8,859,695


$8,228,102


$7,941,483


$7,633,163

Securities

123,678


122,082


120,713


133,125


125,882

Other

25,135


34,964


31,735


105,679


33,221

 Total interest income

9,495,708


9,016,741


8,380,550


8,180,287


7,792,266











INTEREST EXPENSE










Deposits

3,979,691


3,767,011


3,519,176


3,277,096


2,696,301

Borrowings

245,596


173,198


105,860


98,901


195,150

Subordinated debt

120,829


93,124


93,124


93,124


93,124

 Total interest expense

4,346,116


4,033,333


3,718,160


3,469,121


2,984,575











Net interest income

5,149,592


4,983,408


4,662,390


4,711,166


4,807,691











Provision for credit losses

13,317


246,273


63,651


(263,073)


71,017











Net interest income after

provision for credit losses

5,136,275


4,737,135


4,598,739


4,974,239


4,736,674











NON-INTEREST INCOME










Service charges and other fees

94,812


104,748


100,164


94,656


109,894

BOLI income

65,800


59,613


51,356


50,730


50,237

Gain on sale of SBA loans

59,296


-


-


-


-

Swap referral fee income

-


62,460


182,060


-


75,649

Other

65,944


64,085


62,548


62,701


61,527

 Total non-interest income

285,852


290,906


396,128


208,087


297,307











NON-INTEREST EXPENSE










Salaries & benefits

1,999,957


1,944,755


2,045,083


1,873,831


1,893,558

Occupancy & equipment

368,339


362,850


289,202


289,361


282,025

Professional fees

128,748


130,767


137,482


123,336


119,258

Advertising

76,383


81,510


81,745


83,506


58,354

Data processing

189,429


180,257


176,685


167,921


172,288

Other

622,590


636,589


584,926


567,428


543,465

Total non-interest expense

3,385,446


3,336,728


3,315,123


3,105,383


3,068,948











Income before federal income
tax expense

2,036,681


1,691,313


1,679,744


2,076,943


1,965,033











Federal income tax expense

413,607


342,880


348,807


429,920


401,490











Net income

$1,623,074


$1,348,433


$1,330,937


$1,647,023


$1,563,543

 

Income Statements (unaudited)


Nine Months

Ended
Sep. 30,

2024


Nine Months

Ended
Sep. 30,

2023





INTEREST INCOME




Loans, including fees

$  26,434,692


$  20,779,493

Securities

366,473


377,365

Other

91,834


128,602

 Total interest income

26,892,999


21,285,460





INTEREST EXPENSE




Deposits

11,265,878


6,782,959

Borrowings

524,654


386,037

Subordinated debt

307,077


279,371

 Total interest expense

12,097,609


7,448,367





Net interest income

14,795,390


13,837,093





Provision for credit losses

323,241


157,643





Net interest income after

provision for credit losses

14,472,149


13,679,450





NON-INTEREST INCOME




Service charges and other fees

299,724


317,305

BOLI income

176,769


147,209

Gain on sale of SBA loans

59,296


-

Swap referral fee income

244,520


75,649

Other

192,577


170,280

 Total non-interest income

972,886


710,443





NON-INTEREST EXPENSE




Salaries & benefits

5,989,795


5,572,835

Occupancy & equipment

1,020,391


800,050

Professional fees

396,997


354,008

Advertising

239,638


191,466

Data processing

546,371


479,891

Other

1,844,105


1,623,026

Total non-interest expense

10,037,297


9,021,276





Income before federal income tax expense

5,407,738


5,368,617





Federal income tax expense

1,105,294


1,089,645





Net income

$    4,302,444


$    4,278,972

 

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 Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

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

FAQ

What was First Resource Bancorp's (FRSB) net income for Q3 2024?

First Resource Bancorp reported net income of $1.6 million for Q3 2024, representing $0.53 per common share.

How much did FRSB's loans and deposits grow in the past 12 months?

Both loans and deposits grew by 13% over the past 12 months as of September 30, 2024.

What was FRSB's net interest margin in Q3 2024?

The net interest margin remained stable at 3.43% for Q3 2024.

How many shares did FRSB repurchase in Q3 2024?

FRSB repurchased 96,084 shares at an average price of $13.96 per share, totaling $1.3 million.

FIRST RESOURCE BANCRP INC

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