FIRST RESOURCE BANCORP, INC. ANNOUNCES 2024 THIRD QUARTER RESULTS; LOANS AND DEPOSITS GREW 13% OVER THE PAST 12 MONTHS
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.
- 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
- Non-interest-bearing deposits declined 10% quarter-over-quarter
- Interest expenses increased 46% year-over-year
- Non-interest expenses increased 10% year-over-year
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
, which exceeded the prior quarter by$1.6 million 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, or7% annualized (10% year-to-date) - Total deposits grew
2% during the third quarter, or8% annualized (10% year-to-date) - Total assets grew
, or$11.0 million 2% , ending the quarter at$651.7 million - Gain on sale of SBA loans and swap loan referral fee income collectively totaled
year-to-date, more than quadruple the entire prior year$304 thousand - 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
in subordinated debt$2.5 million - 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
Net income for the quarter ended September 30, 2024 was
Total interest income rose by
Total interest income rose by
Total interest income grew
Total interest expense rose by
Total interest expense increased by
Total interest expense increased by
In the third quarter of 2024, net interest income increased by
Net interest income for the nine months ended September 30, 2024, was
The provision for credit losses in the third quarter of 2024 was
As of September 30, 2024, the allowance for credit losses to total loans stood at
"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
Non-interest income for the nine months ended September 30, 2024, totaled
Non-interest expenses increased
"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
Non-interest expenses for the nine months ended September 30, 2024, totaled
Deposits experienced a net increase of
The loan portfolio expanded by
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
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
Total stockholders' equity increased by
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 | |||||
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 | |||||
Book value per share | |||||
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 | |||||||||
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 | 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 |
Income Statements (unaudited) | |||
Nine Months Ended 2024 | Nine Months Ended 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
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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