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First Resource Bancorp, Inc. (OTCQX: FRSB) is the holding company for First Resource Bank, a Pennsylvania state-chartered institution with deep roots in the Delaware Valley. The company provides a broad suite of deposit and credit services tailored to businesses, professionals, and individuals. Known for its personalized service, First Resource Bank operates with three full-service branches, emphasizing community banking and a hands-on customer approach.
In recent financial results, First Resource Bancorp has demonstrated robust performance amidst a challenging economic landscape. For the three months ended March 31, 2024, the company reported a net income of $1.3 million, or $0.43 per share, highlighting its resilience in an environment marked by rising interest rates and competitive pressures. Key achievements include a 4% growth in the loan portfolio to $550.0 million and a 3% increase in deposits to $513.2 million, showcasing the bank's ability to expand its asset base while managing costs effectively.
Leadership transitions are in progress, with Glenn Marshall, the company's long-serving CEO, set to retire in April 2024. Lauren Ranalli, the current President and CFO, is poised to take on the role of President and CEO, ensuring continuity and strategic growth. The transition aims to maintain the bank's focus on smart overhead growth and disciplined pricing strategies, critical in an era of margin compression.
Financial metrics remain strong, with an annualized return on average assets at 0.92% and an annualized return on average equity at 11.39% for the first quarter of 2024. The company has also increased its book value per share to $15.34, reflecting a 3% rise quarter-over-quarter.
First Resource Bancorp continues to experience healthy loan growth, driven by commercial real estate and business loans while maintaining a vigilant approach to credit quality. The provision for credit losses was $64 thousand in the first quarter of 2024, down from $66 thousand in the same period the prior year, indicating improved credit conditions.
The bank's investment securities portfolio stands at $17.4 million, with a mix of held-to-maturity and available-for-sale securities. Despite market challenges, the company has kept non-performing assets at zero as of March 31, 2024, underscoring its effective risk management practices.
Overall, First Resource Bancorp, Inc. continues to navigate the banking landscape with strategic foresight, ensuring growth and stability for its stakeholders. For more detailed information and updates, visit First Resource Bank's official website.
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.
First Resource Bank (OTCQX: FRSB) announces the promotion of three key executives to enhance leadership and customer satisfaction. Natalie Carrozza becomes Executive Vice President and Chief Risk Officer, while Bridget Moran steps up as Chief Operating Officer. Brian Jackson is appointed Executive Vice President and Chief Information Security Officer. This leadership expansion follows a year of record growth, reflecting increased loan volume and customer acquisition. The Bank aims to strengthen its commitment to customer service and operational efficiency.
First Resource Bancorp, Inc. (FRSB) reported strong financial results for Q2 2022, achieving a net income of $1.4 million, up 31% from the prior year. The bank successfully replaced Paycheck Protection Program (PPP) loan income with organic loan income, resulting in a 5% increase in total interest income. The company also formed a holding company, enhancing capital options. Key metrics include a return on average assets of 1.19% and a return on average equity of 15.03%. Total deposits increased by 1%, and the provision for loan losses decreased significantly, reflecting improved credit quality.
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