Welcome to our dedicated page for Partners Bancorp news (Ticker: PTRS), a resource for investors and traders seeking the latest updates and insights on Partners Bancorp stock.
Partners Bancorp (NASDAQ: PTRS) operates as the holding company for The Bank of Delmarva and Virginia Partners Bank, providing a wide array of financial services to individual and corporate clients within the United States. These services include time deposits, checking and savings accounts, money market accounts, cash management services, and Individual Retirement Accounts (IRAs). Additionally, the company offers advanced banking solutions such as remote deposit capture and mobile deposit services.
Partners Bancorp's lending portfolio encompasses a variety of loan products, including commercial real estate loans, small business administration (SBA) loans, term loans, business credit cards, as well as loans for mobile homes, boats, RVs, motorcycles, and automobiles. The company also offers mortgage-related products like purchase and refinance mortgage loans, bridge loans, equipment loans, and home equity loans. Furthermore, it provides construction and permanent mortgage loans, lot loans, and U.S. Department of Agriculture (USDA) loans.
In addition to its extensive loan and deposit services, Partners Bancorp provides a comprehensive range of online and mobile banking services, including internet banking, online bill payments, phone banking, merchant services, ATM/debit card services, and cash advance services. The company operates 14 branches, strategically located to serve its customer base effectively.
Founded in 1896, The Bank of Delmarva, a subsidiary of Partners Bancorp, operates eleven branches in Maryland and Delaware, alongside three branches in the South Jersey/Philadelphia metro market under the name Liberty Bell Bank. Virginia Partners Bank, established in 2008 and headquartered in Fredericksburg, Virginia, has three branches in Fredericksburg and additional branches and commercial offices in Reston, La Plata, and Annapolis, Maryland. Virginia Partners Bank also holds a controlling interest in Johnson Mortgage Company, LLC, a residential mortgage company based in Newport News, Virginia.
Recently, Partners Bancorp announced a significant merger with LINKBANCORP, Inc. (NASDAQ: LNKB), a transaction that has received regulatory approval and is expected to close on November 30, 2023. Post-merger, Partners Bancorp will merge into LINKBANCORP, creating a stronger entity aimed at delivering enhanced financial services across a broader geographical footprint. This merger represents a strategic move to leverage synergies, improve operational efficiencies, and expand the customer base collectively served by both organizations.
Partners Bancorp (NASDAQ: PTRS) announced a leadership transition, with John W. Breda succeeding Lloyd B. Harrison, III as CEO. This change is part of a strategic plan aimed at enhancing returns for shareholders. Lloyd B. Harrison remains with the company as Senior Executive Vice President, continuing to focus on strategic planning. The company operates through The Bank of Delmarva and Virginia Partners Bank, serving local communities with full-service banking. The transition aims to leverage Breda's leadership experience to drive successful execution of strategic initiatives.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $4.1 million ($0.23 per share) for Q3 2022, up 52.5% from $2.7 million ($0.15) in Q3 2021. Year-to-date, net income reached $9.4 million ($0.52 per share), a 58% increase year-over-year. The company is in a merger agreement with OceanFirst Financial, expected to finalize pending regulatory approvals. Positive impacts included increased net interest income and loan growth of 7.8%. However, provisions for credit losses increased, and losses were recorded on investment securities sales.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $3.2 million, or $0.18 per share, for Q2 2022, reflecting a 47% increase year-over-year. For the first half of 2022, net income reached $5.3 million, a 63% increase compared to the same period in 2021. The growth was largely driven by higher net interest income and lower provisions for credit losses. The company faces challenges including lower gains from investment securities and increased merger-related expenses. The board declared a cash dividend of $0.025 per share, payable on August 19, 2022.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $2.1 million, or $0.12 per share, for Q1 2022, marking a 93.5% increase from $1.1 million in Q1 2021. The rise was driven by improved net interest income despite a decrease in net interest margin to 3.01%. The ongoing merger with OceanFirst Financial is in progress, pending regulatory approvals. The company declared a cash dividend of $0.025 per share, payable May 16, 2022. Key metrics include a 3.4% growth in total deposits and 6.8% growth in average loan balances, reflecting strategic expansions in the Greater Washington market.
Partners Bancorp (NASDAQ: PTRS) reported net income of $1.5 million ($0.08 per share) for Q4 2021, a 31.6% increase from $1.1 million in Q4 2020. For the year, net income reached $7.4 million ($0.42 per share), up 30.7% from $5.7 million in 2020. The company’s merger with OceanFirst is pending regulatory approval. Positive factors included increased net interest income and lower credit loss provisions. Negative factors entailed lower net interest margins and increased expenses related to mergers and new hires. Total assets rose to $1.64 billion, with total deposits increasing 13.8% to $1.44 billion.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $2.7 million, or $0.15 per share, for Q3 2021, marking a 141.1% increase year-over-year. For the first nine months, net income reached $5.9 million, up 30.3% from 2020. The company announced a merger with OceanFirst Financial Corp. Subject to stockholder and regulatory approvals, this strategic move aims to enhance market presence. Despite positive net interest income growth, challenges included decreased net interest margins and lower gains on investment securities.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $2.2 million for Q2 2021, marking a 108% increase from $1.0 million in Q2 2020.
However, year-to-date net income fell 5.6% to $3.3 million compared to $3.4 million in 2020. Key drivers of the quarterly increase included higher net interest income driven by increased loan fees and reduced provisions for credit losses. Conversely, challenges included lower net interest margins and higher expenses linked to expansion efforts. The board declared a cash dividend of $0.025 per share, payable October 1, 2021.
Partners Bancorp (NASDAQ: PTRS) announced the granting of 29,412 shares of common stock each to new executives David A. Talebian and Adam G. Nalls as inducements for their acceptance of employment. This decision was sanctioned by the Board of Directors on April 28, 2021, following their appointments on December 7, 2020. The Bank operates under Virginia Partners Bank and The Bank of Delmarva, with a focus on providing superior customer service through multiple branches in Maryland and Virginia.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $1.1 million, or $0.06 per share, for Q1 2021, a significant decline of 54.7% from $2.4 million, or $0.14 per share, in Q1 2020. This decrease is attributed to reduced net interest income, lower net interest margins, and increased provisions for credit losses amid challenging economic conditions and the COVID-19 pandemic. The company declared a cash dividend of $0.025 per share, payable on July 1, 2021. Despite these challenges, there was an increase in other income, primarily from higher mortgage banking activities.
Partners Bancorp (NASDAQ: PTRS) reported a net income of $1.1 million ($0.06 per share) for Q4 2020, a 16.4% increase year-over-year. However, for the full year, net income fell 3.7% to $5.7 million ($0.32 per share), impacted by higher credit loss provisions due to COVID-19. The acquisition of Virginia Partners contributed to increased loan and investment balances, yet also led to higher operating expenses. The Company declared a cash dividend of $0.025 per share payable on April 1, 2021, highlighting a focus on shareholder returns amidst operational challenges.
FAQ
What is the market cap of Partners Bancorp (PTRS)?
What services does Partners Bancorp offer?
Where is Partners Bancorp located?
What recent achievements has Partners Bancorp made?
What are the core businesses of Partners Bancorp?
Who are the subsidiaries of Partners Bancorp?
What type of loans does Partners Bancorp offer?
How can I access Partners Bancorp’s online banking services?
What is the significance of the merger with LINKBANCORP?
When was The Bank of Delmarva founded?
Where is Virginia Partners Bank headquartered?
