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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 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.
First Resource Bank (OTCQX: FRSB) has successfully reorganized as a wholly-owned subsidiary of First Resource Bancorp, Inc., effective May 11, 2022. This reorganization was approved by shareholders on April 27, 2022. Shareholders will retain the same rights in the new holding company, with common stock continuing to trade under FRSB. CEO Glenn B. Marshall highlighted that this structural change allows for enhanced capital options, particularly the issuance of debt to finance growth. Current bank operations will not be affected, ensuring customers continue to receive quality service.
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.
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