PFHD - PFHD STOCK NEWS

Professional Holding Corp. (NASDAQ:PFHD) has appointed Abel L. Iglesias as the new CEO of both the Company and Professional Bank, effective immediately, following the departure of Daniel R. Sheehan. Iglesias, who has been with the bank since 2013, previously served as President and COO. Herbert Martens has also been elected as the non-executive Chairman. Iglesias emphasized a continued focus on traditional banking to support growth and customer satisfaction.

Professional Holding Corp. (NASDAQ:PFHD) reported a quarterly net income of $4.0 million or $0.30 per share for Q4 2021, a 37% decrease from $6.3 million in Q3 2021. For the year ending December 31, 2021, net income rose to $21.4 million, or $1.61 per share, up 157.2% from $8.3 million in 2020. The decline in Q4 net income was attributed to lower net interest income and increasing expenses. Total loans increased by 5.3% to $1.8 billion, while nonperforming assets decreased to $2.1 million. The company remains well-capitalized, with a total risk-based capital ratio of 12.7%.

Professional Holding Corp. (NASDAQ:PFHD) will disclose its fourth quarter and year-end 2021 financial results in a press release and investor presentation on January 27, 2022, after market close. The company operates Professional Bank, established in 2008, which specializes in providing commercial banking services to small and medium-sized businesses across Florida.

The announcement is significant for investors as it will provide insights into the company's financial health amidst ongoing challenges in the banking sector.

Professional Holding Corp. (NASDAQ: PFHD) has completed a private placement of $25 million in subordinated notes due 2032. The notes will have a fixed interest rate of 3.375% for the first five years, transitioning to a floating rate thereafter. The proceeds will be used for general corporate purposes, providing financial flexibility. Keefe, Bruyette & Woods acted as the sole placement agent. The company emphasizes that the notes are not deposits and are not insured by the FDIC.

Professional Holding Corp. (NASDAQ:PFHD) has partnered with Vouched to enhance its Banking-as-a-Service (BaaS) platform, significantly improving customer onboarding and identity verification processes. This collaboration allows clients to open personal checking accounts online in just minutes, utilizing Vouched's advanced AI technology for KYC compliance and fraud prevention. Professional Bank’s Chairman & CEO, Daniel R. Sheehan, emphasized the importance of Vouched in creating a transformative digital onboarding experience, contributing to the bank's growth and market share.

Professional Holding Corp. (PFHD) reported a net income of $6.3 million for Q3 2021, equating to $0.48 per share, maintaining consistency from Q2 2021. Compared to Q3 2020, net income surged by 529.7%, thanks to increased interest income due to the integration of Marquis Bancorp. Total assets reached $2.6 billion, with loans steady at $1.7 billion. Noninterest income fell by 35.9%, while expenses rose 6.1%. The company remains well-capitalized with a risk-based capital ratio of 14.0%.

Professional Holding Corp. (NASDAQ:PFHD) will release its financial results for the quarter ending September 30, 2021, on October 28, 2021. The report will include an investor slide presentation and will be available after market close. The company, which operates Professional Bank, focuses on relationship-driven commercial banking services primarily for small and medium-sized businesses in Florida, with multiple branch locations and a Digital Innovation Center in Cleveland, Ohio.

Professional Holding Corp. (NASDAQ:PFHD) announced a net income of $6.3 million for Q2 2021, marking a 32.3% increase from Q1 2021's $4.8 million. This rise is attributed to significant balance sheet expansion and improved noninterest income, largely from correspondent banking relationships. Total assets grew 14.7% to $2.6 billion, with total loans steady at $1.7 billion. However, net interest income dipped 3.8% to $17.2 million. The company maintains strong capital ratios and liquidity, positioning it well for continued growth in a competitive market.

The Board of Directors at Professional Holding Corp. (NASDAQ:PFHD) has authorized a $10 million increase to its existing stock repurchase program, effective May 6, 2021. This decision aims to enhance shareholder value by allowing the company to repurchase its Class A Common Stock based on market conditions and relevant securities laws. The repurchases can occur through various methods, including market transactions and negotiated deals, and the program can be amended or discontinued at any time.