Welcome to our dedicated page for First Res Bank news (Ticker: FRSB), a resource for investors and traders seeking the latest updates and insights on First Res Bank stock.
First Resource Bank (FRSB) provides investors and community members with essential updates through this centralized news hub. Track all official announcements, financial disclosures, and strategic developments from Pennsylvania's community-focused banking institution.
Access timely information on quarterly earnings reports, leadership appointments, and community initiatives that shape the bank's operations in the Delaware Valley. Our curated collection ensures transparent access to press releases detailing loan portfolio updates, deposit growth strategies, and regulatory filings.
Key updates include insights into commercial lending expansions, risk management practices, and digital banking enhancements. Bookmark this page for immediate access to FRSB's financial communications and operational milestones that impact both shareholders and local customers.
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.
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.
