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Savi Financial Corp (SVVB) is a leading financial institution specializing in providing innovative banking solutions to individuals and businesses. With a strong focus on customer service and community involvement, Savi Financial Corp offers a wide range of financial products and services, including savings accounts, loans, mortgages, and investment opportunities.
The company has recently reported a decrease in non-interest income due to the high-interest rate environment affecting the mortgage market and SBA loan originations. Despite this, Savi Financial Corp remains optimistic about the future, anticipating a rebound in their lending businesses once rates stabilize.
With a commitment to financial stability and growth, Savi Financial Corp continues to expand its presence in the market through strategic partnerships and a dedicated team of professionals focused on delivering quality financial solutions to their clients.
Savi Financial (SVVB) reported net income of $205,000, or $0.05 per diluted share, in Q3 2024, compared to a net loss of $5,000 in Q2 2024 and net income of $558,000 in Q3 2023. The improved results were driven by increased net interest income, lower non-interest expense, and net interest margin expansion to 3.52%. Total loans remained relatively flat compared to the previous quarter at $509.5 million, while total deposits increased 4% to $512.9 million. The company's pending acquisition by Harborstone Credit Union, announced in March 2024, is expected to complete in spring 2025.
Savi Financial (OTC Pink: SVVB) reported a net loss of $5,000 for Q2 2024, compared to a net loss of $416,000 in Q1 2024 and net income of $561,000 in Q2 2023. The company's net interest margin expanded to 3.48%, surpassing the peer average of 3.14%. Despite challenges, Savi Financial saw strong loan growth of 3% from the previous quarter and 10% year-over-year. Total deposits increased by 1% to $492.1 million. The company announced a merger with Harborstone Credit Union, expected to close in Q1 2025. SaviBank maintained strong capital levels with a tier-1 leverage ratio of 8.27% at quarter-end.
Savi Financial , Inc. reported a net loss of $416,000 in the first quarter of 2024, impacted by higher interest expenses and lower noninterest income. Despite the net loss, the company saw solid growth in loans and deposits, with a focus on maintaining strong capital ratios. The merger with Harborstone Credit Union is expected to bring additional value to shareholders. The company's net interest margin contracted but remained above the peer average.
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