FIRST RESOURCE BANCRP INC - FRSB STOCK NEWS

First Resource Bank (OTCQX: FRSB) reported a record-setting net income of $1,327,079 for Q1 2022, a 47% increase year-over-year. Loan growth was strong, with a 5% rise from Q4 2021, totaling $405.5 million. Total assets grew to $475 million, and non-interest income rose significantly due to gains from SBA loan sales and referral fees. Interest expense decreased by 22% compared to the previous year, enhancing profitability. The provision for loan losses dropped to $21,560, reflecting improved asset quality. However, non-performing loans increased slightly, indicating minor risks.

First Resource Bank (OTCQX: FRSB) reported a remarkable year-end performance for 2021, with net income up by 28% to $4.17 million. Total loans grew 15%, with a 26% increase in traditional loans excluding PPP activities. The bank experienced a 12% increase in total deposits and successfully prepaid $5.9 million in FHLB advances, saving $384,000 in future interest expenses. However, net income for Q4 was $916,127, a decrease from the prior quarter. Notably, there were no non-accrual loans, and the bank was named the best in Chester County for the fifth consecutive year.

First Resource Bank (OTCQX: FRSB) will hold its 2022 Annual Meeting of Shareholders on April 27, 2022, at 9:00 a.m. in Exton, PA. Shareholders will consider a proposal to form a bank holding company. Annual meeting materials will be mailed on or about March 21, 2022. Shareholders wishing to propose agenda items must notify the Bank by January 27, 2022. Nominations for directors also require notice by that date, starting from December 28, 2021. First Resource Bank offers a full range of banking services for businesses and individuals in the Delaware Valley.

First Resource Bank (OTCQX: FRSB) reported record financial results for the three and nine months ended September 30, 2021. The bank achieved a net income of $1.3 million, marking the highest quarterly profit in its history. Key highlights include a 28% year-over-year loan growth, excluding PPP loans, and a 51% increase in total checking deposits. The bank's net interest margin decreased to 3.67%, but net interest income saw a 26% improvement year-to-date. Total stockholder's equity rose to $34.7 million, up 4% from the previous quarter, indicating solid business growth.

First Resource Bank (OTCQX: FRSB) aims to protect its customers from identity theft and cyber scams through community initiatives. This fall, the bank will host two free shred events on September 25 and October 23, allowing residents to securely dispose of documents. Additionally, a cyber security seminar led by Brian Jackson, Senior VP of IT, will be held on October 1 to educate the public on protecting personal information from cyber threats. The bank emphasizes community responsibility in safeguarding information.

First Resource Bank (OTCQX: FRSB) reported a net income of $1.1 million for Q2 2021, a 56% increase from the same quarter last year. Loan growth was 7%, excluding PPP loans, with total interest income up 19% year-over-year. The bank's net interest margin improved by 18 basis points, reaching 3.77%. Notably, non-performing loans decreased by 57% from the previous quarter. The bank completed a 5% stock dividend and was recognized as the Best Community Bank. However, provisions for loan losses rose significantly due to strong organic loan growth.

First Resource Bank (OTCQX: FRSB) has been recognized as the Best Community Bank and Wayne Branch Manager Joe DiTommaso as Best Bank Manager by Main Line Times. This follows their recent accolade as the Best Place to Work in the Philadelphia region. CEO Glenn Marshall noted the bank's commitment to customer satisfaction and community involvement since establishing the Wayne Branch in 2019. The bank has contributed nearly $80,000 to local educational programs through the EITC initiative, further solidifying its community ties.

First Resource Bank (OTCQX: FRSB) has been recognized as a Best Places to Work company for the third consecutive year by the Philadelphia Business Journal. This accolade highlights the bank's continued commitment to employee satisfaction amidst challenges. CEO Glenn Marshall credited the dedicated team for fostering an inclusive and rewarding work environment. The bank recently introduced an employee mentorship program based on last year's survey feedback to enhance professional development. First Resource Bank serves businesses and individuals in the Delaware Valley with personalized banking services.

First Resource Bank (OTCQX: FRSB), based in Pennsylvania, has reached a milestone of $2 million in cumulative donations to local schools and non-profits since its inception in 2005. In the past year, the bank contributed $200,000 in educational support and helped secure a $160,000 grant for a local non-profit. The bank emphasizes community engagement through volunteerism, food drives, and educational initiatives, reflecting its commitment to fostering strong community relationships.