FIRST RESOURCE BANCORP, INC. ANNOUNCES 2025 FIRST QUARTER RESULTS; NET INCOME GREW 27% OVER PRIOR YEAR, NET INTEREST MARGIN EXPANDS
First Resource Bancorp (OTCQX: FRSB) reported strong Q1 2025 financial results, with net income reaching $1.7 million, up 27% year-over-year and 67% from the previous quarter. The bank achieved earnings per share of $0.56, a 30% increase from Q1 2024.
Key highlights include net interest margin expansion to 3.60%, total interest income growth of 16% year-over-year, and total deposits increasing by 4% during the quarter. The bank's total assets grew by $11.7 million to $675.3 million, while non-performing assets decreased to 0.04% from 0.19% in the previous quarter.
The loan portfolio expanded by 1% to $605.0 million, with growth in commercial business, construction, and consumer loans. Book value per share increased 4% to $17.34, and the company continued its stock repurchase program, buying back 9,248 shares at an average price of $14.62.
First Resource Bancorp (OTCQX: FRSB) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un utile netto di 1,7 milioni di dollari, in crescita del 27% su base annua e del 67% rispetto al trimestre precedente. La banca ha registrato un utile per azione di 0,56 dollari, con un aumento del 30% rispetto al primo trimestre 2024.
Tra i principali risultati si evidenziano l'espansione del margine di interesse netto al 3,60%, una crescita del 16% dei ricavi totali da interessi su base annua e un aumento del 4% dei depositi totali durante il trimestre. Gli attivi totali della banca sono cresciuti di 11,7 milioni di dollari, raggiungendo i 675,3 milioni, mentre gli attivi non performanti sono diminuiti allo 0,04% dallo 0,19% del trimestre precedente.
Il portafoglio prestiti è aumentato dell'1% raggiungendo i 605,0 milioni di dollari, con una crescita nei prestiti commerciali, edilizi e al consumo. Il valore contabile per azione è salito del 4% a 17,34 dollari e la società ha proseguito il programma di riacquisto azionario, acquistando 9.248 azioni a un prezzo medio di 14,62 dollari.
First Resource Bancorp (OTCQX: FRSB) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 1,7 millones de dólares, un aumento del 27% interanual y del 67% respecto al trimestre anterior. El banco logró un beneficio por acción de 0,56 dólares, un incremento del 30% en comparación con el primer trimestre de 2024.
Los aspectos destacados incluyen una expansión del margen de interés neto al 3,60%, un crecimiento del 16% en los ingresos totales por intereses año tras año y un aumento del 4% en los depósitos totales durante el trimestre. Los activos totales del banco crecieron 11,7 millones de dólares hasta 675,3 millones, mientras que los activos no rentables disminuyeron al 0,04% desde el 0,19% del trimestre anterior.
La cartera de préstamos se expandió un 1% hasta 605,0 millones de dólares, con crecimiento en préstamos comerciales, de construcción y de consumo. El valor contable por acción aumentó un 4% hasta 17,34 dólares y la compañía continuó con su programa de recompra de acciones, recomprando 9.248 acciones a un precio promedio de 14,62 dólares.
First Resource Bancorp (OTCQX: FRSB)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익이 170만 달러로 전년 동기 대비 27%, 전분기 대비 67% 증가했습니다. 은행은 주당순이익(EPS) 0.56달러를 기록해 2024년 1분기 대비 30% 상승했습니다.
주요 성과로는 순이자마진이 3.60%로 확대되었고, 총 이자 수익이 전년 대비 16% 증가했으며, 분기 동안 총 예금이 4% 증가했습니다. 은행의 총 자산은 1,170만 달러 증가한 6억7,530만 달러를 기록했으며, 부실 자산 비율은 이전 분기의 0.19%에서 0.04%로 감소했습니다.
대출 포트폴리오는 1% 증가한 6억500만 달러로 확대되었으며, 상업용 대출, 건설 대출, 소비자 대출 부문에서 성장했습니다. 주당 장부 가치는 4% 상승한 17.34달러를 기록했으며, 회사는 평균 가격 14.62달러에 9,248주를 재매입하는 주식 환매 프로그램을 계속 진행했습니다.
First Resource Bancorp (OTCQX : FRSB) a publié des résultats financiers solides pour le premier trimestre 2025, avec un revenu net atteignant 1,7 million de dollars, en hausse de 27 % sur un an et de 67 % par rapport au trimestre précédent. La banque a enregistré un bénéfice par action de 0,56 dollar, soit une augmentation de 30 % par rapport au premier trimestre 2024.
Les points clés incluent une expansion de la marge d'intérêt nette à 3,60 %, une croissance de 16 % des revenus d'intérêts totaux sur un an, et une augmentation de 4 % des dépôts totaux au cours du trimestre. Les actifs totaux de la banque ont augmenté de 11,7 millions de dollars pour atteindre 675,3 millions, tandis que les actifs non performants ont diminué à 0,04 % contre 0,19 % au trimestre précédent.
Le portefeuille de prêts s'est accru de 1 % pour atteindre 605,0 millions de dollars, avec une croissance des prêts commerciaux, de construction et à la consommation. La valeur comptable par action a augmenté de 4 % pour atteindre 17,34 dollars, et la société a poursuivi son programme de rachat d'actions, rachetant 9 248 actions à un prix moyen de 14,62 dollars.
First Resource Bancorp (OTCQX: FRSB) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoeinkommen von 1,7 Millionen US-Dollar, was einem Anstieg von 27 % im Jahresvergleich und 67 % gegenüber dem Vorquartal entspricht. Die Bank erzielte ein Gewinn je Aktie von 0,56 US-Dollar, ein Plus von 30 % gegenüber dem ersten Quartal 2024.
Zu den wichtigsten Highlights zählen die Ausweitung der Nettozinsmarge auf 3,60 %, ein Wachstum der gesamten Zinserträge um 16 % im Jahresvergleich sowie ein Anstieg der Gesamteinlagen um 4 % im Quartal. Die Gesamtaktiva der Bank wuchsen um 11,7 Millionen US-Dollar auf 675,3 Millionen US-Dollar, während sich die notleidenden Aktiva von 0,19 % im Vorquartal auf 0,04 % verringerten.
Das Kreditportfolio wuchs um 1 % auf 605,0 Millionen US-Dollar, mit Zuwächsen bei gewerblichen Krediten, Baufinanzierungen und Verbraucherkrediten. Der Buchwert je Aktie stieg um 4 % auf 17,34 US-Dollar, und das Unternehmen setzte sein Aktienrückkaufprogramm fort, indem es 9.248 Aktien zu einem Durchschnittspreis von 14,62 US-Dollar zurückkaufte.
- Net income increased 27% year-over-year to $1.7 million
- Net interest margin expanded to 3.60%, up 10 basis points
- Total deposits grew 4% during Q1 2025
- Non-performing assets decreased significantly to 0.04% from 0.19%
- Book value per share increased 4% to $17.34
- $1.1 million in loan charge-offs during Q1 2025
- Slow 1% loan growth described as 'anomaly' by management
- Non-interest expenses increased 9% quarter-over-quarter
- 12% decrease in non-interest income year-over-year
Lauren C. Ranalli, President and CEO, stated, "First Resource Bancorp achieved record profitability in the first quarter of 2025, driven by an improved net interest margin and robust deposit growth. Our disciplined approach to loan and deposit pricing continues to strengthen our bottom line, while our superior level of customer service has fueled continued balance sheet expansion. We are excited to start the year on such a strong note and look forward to building on this momentum."
Highlights for the first quarter of 2025 included:
- Net income of
$1.7 million 27% and the prior quarter by67% - Net interest margin expanded 10 basis points over the prior quarter to
3.60% - Total interest income grew
16% over the prior year first quarter - Net interest income grew
19% over the prior year first quarter - Earnings per share grew
30% over the prior year first quarter to$0.56 - Total deposits grew
4% during the first quarter, or16% annualized - Book value per share grew
4% to$17.34 - Total assets grew
$11.7 million 2% , ending the quarter at$675.3 million - Non-performing assets to total assets fell to
0.04% from0.19% from the prior quarter
Ranalli added, "Our performance is driven not only by consistent growth, but also the upward repricing of loans originated during periods of historically low interest rates —a trend we expect to persist through the remainder of this year and into next. We also saw a decline in deposit costs compared to the previous quarter, while still achieving
Net income for the quarter ended March 31, 2025, totaled
Total interest income was
Total interest income increased by
Total interest expense fell by
Total interest expense increased by
In the first quarter of 2025, net interest income grew by
The provision for credit losses in the first quarter of 2025 was
"The vast majority of the first quarter charge-offs had already been provided for through a specific reserve in the prior quarter, resulting in minimal impact on earnings this quarter," commented Ranalli. "Despite the charge-off decisions, we are actively pursuing all available collection options related to these loans."
As of March 31, 2025, the allowance for credit losses to total loans stood at
Non-interest income totaled
Non-interest expenses increased
Non-interest expenses increased
Deposits for the first quarter experienced a net increase of
Between March 31, 2024, and March 31, 2025, total deposits grew
The loan portfolio expanded by
Ranalli noted, "Robust loan fundings in the first quarter were offset by several large loan payoffs. We consider the resulting relatively slow net loan growth in the first quarter to be an anomaly, with stronger growth expected for the remainder of the year."
Between March 31, 2024 and March 31, 2025, total loans expanded by
The following table illustrates the composition of the loan portfolio:
Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | |||
Commercial real estate | $ 476,539,433 | $ 480,933,654 | $ 444,909,373 | ||
Commercial construction | 46,800,635 | 39,760,197 | 35,337,226 | ||
Commercial business | 63,018,850 | 59,862,802 | 51,780,407 | ||
Consumer | 18,681,505 | 17,907,914 | 17,979,804 | ||
Total loans | $ 605,040,423 | $ 598,464,567 | $ 550,006,810 |
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 March 31, 2025, the Company repurchased 9,248 shares at a total cost of
Total stockholders' equity increased by
Selected Financial Data: Consolidated Balance Sheets (unaudited) | |||
March 31, | December 31, | ||
Cash and due from banks | $ 32,001,499 | $ 17,837,920 | |
Time deposits at other banks | 100,000 | 100,000 | |
Investments | 16,832,703 | 26,611,867 | |
Loans | 605,040,423 | 598,464,567 | |
Allowance for credit losses | (4,649,701) | (5,574,679) | |
Premises & equipment | 7,612,821 | 7,551,410 | |
Other assets | 18,343,387 | 18,593,449 | |
Total assets | $ 675,281,132 | $ 663,584,534 | |
Noninterest-bearing deposits | $ 93,370,878 | $ 86,581,276 | |
Interest-bearing checking | 46,765,157 | 40,119,102 | |
Money market | 250,128,786 | 239,828,130 | |
Time deposits | 183,711,945 | 185,697,340 | |
Total deposits | 573,976,766 | 552,225,848 | |
Short term borrowings | 30,000,000 | 40,000,000 | |
Long term borrowings | 4,250,000 | 6,250,000 | |
Subordinated debt | 8,477,273 | 8,473,216 | |
Other liabilities | 6,574,889 | 6,341,010 | |
Total liabilities | 623,278,928 | 613,290,074 | |
Common stock | 3,100,773 | 3,100,773 | |
Surplus | 19,854,676 | 19,852,352 | |
Treasury stock | (1,422,978) | (1,316,876) | |
Accumulated other comprehensive loss | (840,523) | (964,821) | |
Retained earnings | 31,310,256 | 29,623,032 | |
Total stockholders' equity | 52,002,204 | 50,294,460 | |
Total liabilities & stockholders' equity | $ 675,281,132 | $ 663,584,534 | |
Performance Statistics | |||||
Qtr Ended Mar. 31, 2025 | Qtr Ended Dec. 31, 2024 | Qtr Ended Sep. 30, 2024 | Qtr Ended Jun. 30, 2024 | Qtr Ended Mar. 31, 2024 | |
Net interest margin | 3.60 % | 3.50 % | 3.43 % | 3.43 % | 3.35 % |
Nonperforming loans/ total loans | 0.04 % | 0.21 % | 0.00 % | 0.00 % | 0.00 % |
Nonperforming assets/ total assets | 0.04 % | 0.19 % | 0.00 % | 0.00 % | 0.00 % |
Allowance for credit losses/ total loans | 0.77 % | 0.93 % | 0.76 % | 0.77 % | 0.80 % |
Average loans/average assets | 93.0 % | 93.2 % | 92.9 % | 92.7 % | 92.4 % |
Non-interest expenses*/ average assets | 2.25 % | 2.07 % | 2.17 % | 2.21 % | 2.28 % |
Efficiency ratio | 61.0 % | 58.3 % | 62.3 % | 63.3 % | 65.5 % |
Earnings per share – basic and diluted | |||||
Book value per share | |||||
Total shares outstanding | 2,998,977 | 3,006,039 | 3,004,689 | 3,098,431 | 3,096,138 |
Weighted average shares | 3,003,194 | 3,005,408 | 3,055,157 | 3,097,433 | 3,094,951 |
* Annualized | |||||
Consolidated Income Statements (unaudited) | |||||||||
Qtr. Ended Mar. 31, 2025 | Qtr. Ended Dec. 31, 2024 | Qtr. Ended Sep. 30, 2024 | Qtr. Ended Jun. 30, 2024 | Qtr. Ended Mar. 31, 2024 | |||||
INTEREST INCOME | |||||||||
Loans, including fees | |||||||||
Securities | 116,372 | 115,291 | 123,678 | 122,082 | 120,713 | ||||
Other | 47,421 | 24,256 | 25,135 | 34,964 | 31,735 | ||||
Total interest income | 9,746,886 | 9,652,236 | 9,495,708 | 9,016,741 | 8,380,550 | ||||
INTEREST EXPENSE | |||||||||
Deposits | 4,002,995 | 4,057,530 | 3,979,691 | 3,767,011 | 3,519,176 | ||||
Borrowings | 77,303 | 90,767 | 245,596 | 173,198 | 105,860 | ||||
Subordinated debt | 134,682 | 134,681 | 120,829 | 93,124 | 93,124 | ||||
Total interest expense | 4,214,980 | 4,282,978 | 4,346,116 | 4,033,333 | 3,718,160 | ||||
Net interest income | 5,531,906 | 5,369,258 | 5,149,592 | 4,983,408 | 4,662,390 | ||||
Provision for credit losses | 174,097 | 1,127,547 | 13,317 | 246,273 | 63,651 | ||||
Net interest income after provision for credit losses | 5,357,809 | 4,241,711 | 5,136,275 | 4,737,135 | 4,598,739 | ||||
NON-INTEREST INCOME | |||||||||
Service charges and other fees | 109,360 | 114,958 | 94,812 | 104,748 | 100,164 | ||||
BOLI income | 65,850 | 66,248 | 65,800 | 59,613 | 51,356 | ||||
Gain on sale of SBA loans | 86,860 | (367) | 59,296 | - | - | ||||
Swap referral fee income | 24,201 | 31,030 | - | 62,460 | 182,060 | ||||
Other | 62,843 | 77,225 | 65,944 | 64,085 | 62,548 | ||||
Total non-interest income | 349,114 | 289,094 | 285,852 | 290,906 | 396,128 | ||||
NON-INTEREST EXPENSE | |||||||||
Salaries & benefits | 2,127,037 | 1,948,007 | 1,999,957 | 1,944,755 | 2,045,083 | ||||
Occupancy & equipment | 334,698 | 336,629 | 368,339 | 362,850 | 289,202 | ||||
Professional fees | 150,176 | 109,819 | 128,748 | 130,767 | 137,482 | ||||
Advertising | 108,721 | 77,809 | 76,383 | 81,510 | 81,745 | ||||
Data processing | 204,492 | 201,671 | 189,429 | 180,257 | 176,685 | ||||
Other | 664,334 | 625,603 | 622,590 | 636,589 | 584,926 | ||||
Total non-interest expense | 3,589,458 | 3,299,538 | 3,385,446 | 3,336,728 | 3,315,123 | ||||
Income before federal income | 2,117,465 | 1,231,267 | 2,036,681 | 1,691,313 | 1,679,744 | ||||
Federal income tax expense | 430,241 | 223,486 | 413,607 | 342,880 | 348,807 | ||||
Net income | |||||||||
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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