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About First Resource Bancorp, Inc.
First Resource Bancorp, Inc. (OTCQX: FRSB) is the holding company for First Resource Bank, a Pennsylvania state-chartered, locally owned, and operated financial institution headquartered in Exton, Pennsylvania. With a focus on personalized banking solutions, the Bank serves the diverse financial needs of businesses, professionals, and individuals across the Delaware Valley. Its core mission is to deliver high-quality, community-focused banking services while fostering long-term relationships with its customers.
Core Business and Market Position
First Resource Bank provides a comprehensive suite of deposit and credit services, including commercial real estate loans, business loans, construction loans, and consumer loans. It also offers a range of deposit products such as money market accounts, certificates of deposit, and non-interest-bearing accounts. The Bank differentiates itself through its commitment to personalized service, competitive pricing, and responsiveness to the unique needs of its local market.
Operating through three full-service branches, First Resource Bank has established itself as a trusted financial partner in the Delaware Valley. Its deep understanding of the local market, combined with disciplined loan pricing strategies and robust risk management practices, positions it as a key player in the regional banking landscape.
Revenue Streams and Business Model
First Resource Bank generates revenue primarily through interest income on its diverse loan portfolio, which includes commercial real estate, business, and construction loans. Non-interest income sources, such as SBA loan sales and swap referral fees, complement its core lending activities. Its disciplined approach to deposit growth and cost management ensures a stable funding base to support loan expansion. The Bank's ability to maintain a strong net interest margin, even in competitive rate environments, underscores its operational efficiency and financial stability.
Commitment to Community Banking
A hallmark of First Resource Bank is its dedication to community-focused banking. By prioritizing customer engagement and tailoring financial solutions to individual needs, the Bank fosters strong relationships with local businesses and residents. Its experienced leadership team, including recent strategic hires, brings decades of expertise to enhance customer service and drive growth initiatives.
Competitive Advantages
In a competitive regional banking market, First Resource Bank stands out for its combination of personalized service and robust product offerings. Its focus on commercial real estate lending and small business banking leverages its local market expertise, while its emphasis on credit quality and disciplined pricing ensures sustainable growth. The Bank's investment in technology and infrastructure, including a recent corporate headquarters relocation, supports its long-term operational goals.
Risk Management and Credit Quality
First Resource Bank maintains a strong commitment to credit quality, as evidenced by its comprehensive risk management practices and low levels of non-performing assets. Its proactive approach to loan provisioning and strict underwriting guidelines ensure the stability of its loan portfolio. The Bank's ability to balance growth with prudent risk management underscores its resilience in navigating economic and industry challenges.
Conclusion
First Resource Bancorp, Inc. exemplifies the strengths of a community-focused financial institution, combining personalized service with competitive banking solutions. Its strategic approach to growth, disciplined financial management, and commitment to customer satisfaction position it as a valuable partner for businesses and individuals in the Delaware Valley. By staying true to its mission of delivering excellence in banking, First Resource Bank continues to build on its legacy of trust and reliability in the financial industry.
First Resource Bancorp, Inc. (OTCQX: FRSB) reported its financial results for Q1 2023, showing substantial growth amidst economic challenges. Key figures include:
- Total interest income increased 41% year-over-year, reaching $6.4 million.
- Net interest income stood at $4.3 million, down 6% sequentially.
- Total deposits grew by 8% to $466.2 million.
- Total loans increased 5%, amounting to $483.1 million.
- Net income was $1.3 million, or $0.43 per share.
- Book value per share rose to $14.10.
Despite the increases, net interest margin compressed to 3.57%, and total interest expense jumped significantly due to rising rates.
First Resource Bancorp, Inc. (OTCQX: FRSB) reported strong financial results for the year ended December 31, 2022, achieving a 35% increase in net income to $5.6 million, or $1.92 per share. Total assets exceeded $500 million, with total loans and deposits growing by 18% and 8% respectively. The return on equity reached 14.91%, marking a significant improvement. Total interest income rose 14% to $20.7 million, and net interest margin expanded to 3.74%. The bank navigated rising deposit costs while managing an efficiency ratio of 58%, showcasing effective management amidst industry challenges.
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