Efficiency ratio

The First Bancorp Announces First Quarter Results

Retrieved on: 
Wednesday, April 17, 2024
Banking, Professional Services, Finance, Common equity, Sale, Total, First National Bank, FHLB, FNLC, Tangible common equity, RESULTS, CRE, Growth, ACL, National bank, First Bancorp, Money market, Efficiency ratio, Bank

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2024.

Key Points: 
  • The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the three months ended March 31, 2024.
  • OPERATING RESULTS - First Quarter of 2024 vs. Fourth Quarter of 2023
    Net Income for the three months ended March 31, 2024, was $6.0 million, a decrease of $659,000 or 9.9% from the three months ended December 31, 2023.
  • The first quarter 2024 Pre-Tax, Pre-Provision Return on Average Assets was 0.92%, compared to 1.18% in the prior quarter.
  • The Company's Efficiency Ratio (non-GAAP) was 61.15% in the first quarter of 2024, up from 54.08% in the fourth quarter of 2023.

Freedom Financial Holdings Announces Earnings for First Quarter of 2024 and Reauthorization of Stock Buyback Program

Retrieved on: 
Thursday, April 25, 2024
Sale, OTCQX, Bank, Federal Home Loan Banks, Federal Reserve Bank, SBA, PPP, Asset, Real estate owned, FDICIA, Environment, Freedom, AOCI, Federal funds, Share repurchase, Calendar, Efficiency ratio

The Board approved and has implemented a refreshed stock repurchase program following the extinguishment of the prior buyback program in February 2024.

Key Points: 
  • The Board approved and has implemented a refreshed stock repurchase program following the extinguishment of the prior buyback program in February 2024.
  • Tangible Book Value per share1 increased during the quarter to $10.83 on March 31, 2024, compared to $10.78 on December 31, 2023.
  • Non-interest-bearing demand deposits decreased by $2.26 million from the linked quarter to $141.70 million and represented 15.85% of total deposits on March 31, 2024.
  • Yields on average earning assets were 5.99% in the first quarter of 2024, unchanged from the linked quarter and 5.38% in the calendar quarter.

The First Bancorp Reports Results for 2023

Retrieved on: 
Wednesday, January 24, 2024
Banking, Professional Services, Finance, PTPP, FDIC, ASC, CECL, Total, Bank, Insurance, Federal, Efficiency ratio, Federal Reserve, Environment, Sale, FNLC, Investment, Common equity, First Bancorp, First National Bank, Cryptocurrency

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2023.

Key Points: 
  • The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2023.
  • The Company also announced operating results for the three months ended December 31, 2023.
  • “The First Bancorp ended 2023 with annual earnings of $29.5 million," commented Tony C. McKim, the Company’s President and Chief Executive Officer.
  • Mr. McKim continued, "Results for the fourth quarter of 2023 were on trend with the year as a whole.

Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2023

Retrieved on: 
Friday, January 26, 2024
Freedom, Real estate owned, SBIC, Bank, Efficiency ratio, Federal funds, Fraud, Sale, Investment, Federal Home Loan Banks, Calendar, Comprehensive income, SBA, AOCI, OTCQX, Fidelity bond, Federal Reserve Bank, Asset, Collectable, PPP, Cryptocurrency

Pre-provision pretax income1 for the fourth quarter was $2,031,758 compared to pre-provision, pretax income of $1,730,376 in the prior quarter.

Key Points: 
  • Pre-provision pretax income1 for the fourth quarter was $2,031,758 compared to pre-provision, pretax income of $1,730,376 in the prior quarter.
  • Despite the loss in the fourth quarter, tangible book value per share2 increased by 2.70% during the quarter and by 2.01% in 2023.
  • Non-interest-bearing demand deposits decreased by $24.15 million during the fourth quarter and comprised 15.63% of total deposits at the end of the fourth quarter.
  • AOCI increased during the fourth quarter of 2023 due to a decline in unrealized losses related to available-for-sale securities.

Freedom Financial Holdings Announces Earnings for Third Quarter of 2023

Retrieved on: 
Friday, October 27, 2023
Asset, Insurance, Sale, Federal funds, Bank, Freedom, OTCQX, Allowance for Loan and Lease Losses, Efficiency ratio, PPP, AOCI, Environment, Growth, Comprehensive income, Real estate owned, Risk-weighted asset, Tier 1 capital, Fed, Current Expected Credit Losses, SBA, Calendar, Cryptocurrency, Security (finance), Rare-earth element, Life insurance, Coal, Real estate, Payment card

Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.

Key Points: 
  • Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.
  • Return on Average Assets ("ROAA") was 0.49% for the quarter ended September 30, 2023, compared to 0.69% for the linked quarter and 1.15% for the three months ended September 30, 2022.
  • The Efficiency Ratio3 was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.
  • The Efficiency Ratio was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.

The First Bancorp Announces Third Quarter Earnings

Retrieved on: 
Wednesday, October 18, 2023
Banking, Asset Management, Professional Services, Finance, Asset, World Bank Director-General Evaluation, Sale, Bank, ACL, CRE, W Holding Company, Efficiency ratio, PTPP, RESULTS, Growth, First National Bank, Common equity, CECL, First BanCorp, First Bancorp, Investment, Tangible common equity, FNLC, Cryptocurrency, Holding company, Rare-earth element, Beauty salon

Unaudited net income for the period was $7.5 million representing an increase of 1.1% from the second quarter of 2023.

Key Points: 
  • Unaudited net income for the period was $7.5 million representing an increase of 1.1% from the second quarter of 2023.
  • Diluted earnings per share were $0.67, level with the prior quarter.
  • Our net interest margin declined slightly to begin the third quarter, however, we are encouraged by an uptick in the margin towards the latter part of the quarter.
  • The Company's Efficiency Ratio (non-GAAP) was 53.49% in the third quarter of 2023, up from 52.27% in the second quarter of 2023.

Freedom Financial Holdings Announces Earnings for Second Quarter of 2023

Retrieved on: 
Friday, July 28, 2023
Freedom, Total, Allowance for Loan and Lease Losses, Federal, Current Expected Credit Losses, Calendar, AOCI, Efficiency ratio, Sale, Asset, PPP, Federal Reserve, Real estate owned, OTCQX, SBA, Growth, Bank, Federal funds, Cryptocurrency, Life insurance, Security (finance), Rare-earth element, Real estate, Insurance

Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.

Key Points: 
  • Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.
  • The increase in non-interest income in the second quarter of 2023 compared to the linked quarter was primarily due to a rebound in gain-on-sale revenue from mortgage loans.
  • Non-interest-bearing demand deposits decreased by $5.13 million during the second quarter and comprised 18.33% of total deposits at the end of the second quarter.
  • Retained earnings were $37.24 million on June 30, 2023, compared to $35.47 million on March 31, 2023, and $34.11 million on December 31, 2022.

The First Bancorp Announces Second Quarter Earnings

Retrieved on: 
Wednesday, July 19, 2023
Banking, Professional Services, CD, PTPP, Insurance, FHLB, First Bancorp, Efficiency ratio, Common equity, FDIC, RESULTS, Sale, Asset, First BanCorp, First National Bank, Investment, CECL, FNLC, Tangible common equity, Bank, ACL, NOW, W Holding Company, Money market, Real estate, Rare-earth element, Cryptocurrency, Holding company, Beauty salon

Compared to prior periods, earnings for the second quarter of 2023 were down from the net income of $10.0 million and diluted earnings per share of $0.91 reported in the second quarter of 2022, and down from the net income of $8.0 million and diluted earnings per share of $0.72 reported for the first quarter of 2023.

Key Points: 
  • Compared to prior periods, earnings for the second quarter of 2023 were down from the net income of $10.0 million and diluted earnings per share of $0.91 reported in the second quarter of 2022, and down from the net income of $8.0 million and diluted earnings per share of $0.72 reported for the first quarter of 2023.
  • Turning to second quarter results, Mr. McKim remarked “Higher funding costs again negatively impacted our bottom line in the second quarter.
  • The Company’s Return on Average Assets of 1.04% for the quarter was down from 1.16%; the second quarter 2023 PTPP Return on Average Assets was 1.26%, down from 1.49% in the prior quarter.
  • The Company's Efficiency Ratio (non-GAAP) was 52.89% in the second quarter of 2023, up from 49.98% in the first quarter of 2023.

Credicorp Ltd.: Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results

Retrieved on: 
Saturday, May 6, 2023
Insurance, Net interest margin, Availability, Risk, MAU, International, NII, Sustainability reporting, Efficiency ratio, Woman, Public sector banks in India, BCP, USD, Basel, Wholesale banking, NYSE, P&L, BAP, Credicorp, Credit card, GDP, Retail banking, International Financial Reporting Standards, LCR, Financial result, Consumer, Yoy, ESG, Growth, Consolidated, Earnings, Environment, Quarter, Structure, Cryptocurrency, Bank, Renewable energy

Lima, May 05, 2023 (GLOBE NEWSWIRE) -- Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results

Key Points: 
  • Lima, May 05, 2023 (GLOBE NEWSWIRE) -- Credicorp Ltd. Reports First Quarter 2023 Financial and Operating Results
    Lima, Peru – May 5, 2023 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia and Panama today reported its unaudited results for the quarter ended March 31, 2023.
  • Financial results are expressed in Soles and are presented in accordance with International Financial Reporting Standards (IFRS).
  • Net Income attributable to Credicorp increased 18.1% YoY to stand at S/1,384 million, driven by an improvement in performance in Universal Banking and strong results in the Insurance business.
  • ROAE rose to 18.7% in the quarter, up from 17.0% in 1Q22 and seasonally higher than the 15.3% reported in 4Q22.

Freedom Financial Holdings Announces Earnings for First Quarter of 2023

Retrieved on: 
Thursday, April 27, 2023
Total, Federal, Current Expected Credit Losses, HTM, Calendar, AOCI, Efficiency ratio, Sale, Federal Home Loan Banks, PPP, Federal Reserve responses to the subprime crisis, Federal Reserve, Real estate owned, CECL, SBA, ASU, Bank, Fraud, ACL, Federal funds, Life insurance, Cryptocurrency

The first quarter of the year is also a seasonally low quarter for residential mortgage originations.

Key Points: 
  • The first quarter of the year is also a seasonally low quarter for residential mortgage originations.
  • Non-interest expense in the first quarter increased by 19.18% compared to the linked quarter and increased by 10.18% compared to the same period in 2022.
  • The Efficiency Ratio was 78.76% for the quarter ended March 31, 2023, compared to 58.44% for the linked quarter and 61.70% for the same period in 2022.
  • Retained earnings were $35.47 million on March 31, 2023, compared to $34.11 million at the end of the prior quarter.