Efficiency ratio

The First Bancorp Announces First Quarter Earnings

Retrieved on: 
Wednesday, April 19, 2023
Banking, Professional Services, Finance, PTPP, Pressure, ASC, Current Expected Credit Losses, First Bancorp, Efficiency ratio, FDIC, Common equity, RESULTS, Sale, Asset, PPP, First BanCorp, First National Bank, Investment, CECL, FNLC, Tangible common equity, Growth, Bank, ACL, W Holding Company, Video game, Cryptocurrency, Holding company, Real estate

Earnings were down from the fourth quarter of 2022 when the Company reported net income of $9.2 million and diluted earnings per share of $0.83.

Key Points: 
  • Earnings were down from the fourth quarter of 2022 when the Company reported net income of $9.2 million and diluted earnings per share of $0.83.
  • Our decrease in earnings from the fourth quarter is the result of a lower net interest margin due to increased funding costs.
  • The Company adopted ASC 326, the CECL standard, in the first quarter of 2023, incurring a retained earnings adjustment of $6.3 million.
  • Non-interest expense for the quarter ended March 31, 2023 was $10.9 million, a decrease of $861,000, or 7.4% from the fourth quarter of 2022.

Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2022

Retrieved on: 
Friday, January 27, 2023
Government, Tier 1 capital, Comprehensive income, Inter-satellite service, Bank, CECL, Federal Home Loan Banks, Federal Reserve, Current Expected Credit Losses, Calendar, Sale, OTCQX, Risk-weighted asset, PPP, Total, Real estate owned, Credit, Privacy and the US government, Freedom, Efficiency ratio, ASU, Federal, SBA, Federal funds, AOCI, Investment, Cryptocurrency, Video game, Life insurance, Security (finance), Real estate, Insurance

Available for sale investment securities were unchanged during the fourth quarter and increased by $10.04 million in 2022.

Key Points: 
  • Available for sale investment securities were unchanged during the fourth quarter and increased by $10.04 million in 2022.
  • Additional paid-in capital was $58.24 million on December 31, 2022, compared to $58.45 million as of September 30, 2022.
  • Retained earnings were $34.11 million on December 31, 2022, compared to $31.25 million at the end of the prior quarter.
  • Total shares issued and outstanding were 7,184,259 as of December 31, 2022, compared to 7,281,606 shares as of September 30, 2022.

The First Bancorp Reports Results for 2022

Retrieved on: 
Wednesday, January 18, 2023
Banking, Other Professional Services, Professional Services, Finance, State, PPP, Bank, COVID-19, Piper Sandler Companies, Efficiency ratio, First Bancorp, W Holding Company, PTPP, Sale, FDIC, NOW, FNLC, Common equity, Investment, First National Bank, Video game, Airline, Lithium

The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2022.

Key Points: 
  • The First Bancorp (Nasdaq: FNLC), parent company of First National Bank, today announced operating results for the year ended December 31, 2022.
  • Net of non-recurring Payroll Protection Program (PPP) revenue, unaudited net income for 2022 was up 14.6% over 2021.
  • The Company also announced operating results for the three months ended December 31, 2022.
  • “I'm pleased to report that The First Bancorp closed 2022 with record annual earnings of $39.0 million," commented Tony C. McKim, the Company’s President and Chief Executive Officer.

Mission Valley Bancorp Reports Third Quarter 2022 Results

Retrieved on: 
Monday, October 31, 2022
North Valley Bancorp, Capital requirement, Efficiency, Efficiency ratio, Total, View, Multimedia, SUN, Bank, Private Securities Litigation Reform Act, OTCQX, Sale, Forward-looking statement, NIM, Mission, Common equity, Risk-weighted asset, Company, SBA, News, San Fernando, Capital, Small Business Administration, Video game, Security (finance), Income

SUN VALLEY, Calif., Oct. 31, 2022 /PRNewswire/ --Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022, compared to net income of $ 1.7 million, or $0.52 per diluted share, for the third quarter of 2021.

Key Points: 
  • SUN VALLEY, Calif., Oct. 31, 2022 /PRNewswire/ --Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022, compared to net income of $ 1.7 million, or $0.52 per diluted share, for the third quarter of 2021.
  • Net Interest Margin was 4.66% for the third quarter of 2022 compared to 3.84% for the third quarter of 2021.
  • There was no grant income in the third quarter of 2022 compared to $1.8 million in the third quarter of 2021.
  • Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, California with two wholly owned subsidiaries Mission Valley Bank (the "Bank") and Mission SBA Loan Servicing LLC ("Mission SBA").

CBOA Financial, Inc. Reports Consolidated Earnings of $1,005,000 in 3Q 2022

Retrieved on: 
Wednesday, October 26, 2022
Commerce, Bank, Growth, CBOF, Efficiency ratio, Policy, Fed, Net interest margin, Company, Commerce Bank, Small Business Administration, SBA, Solution, Renewable energy, Video game

Excellent net loan growth and the Bank's increasing net interest margin supported strong earnings growth."

Key Points: 
  • Excellent net loan growth and the Bank's increasing net interest margin supported strong earnings growth."
  • Webster also said, "Our customers continue to work through the challenges of inflation and the Fed's interest rising rate policy.
  • The Allowance for Loan Losses totaled $3.7 million at September 2022, or 1.46% of loans, up slightly from the previous quarter.
  • At September 30, 2022, tangible book value was $2.71 per share compared to $2.79 per share at June 30, 2022 and $2.96 per share a year ago.

CBOA Financial, Inc. Reports Consolidated Earnings of $747,000 in 2Q 2022

Retrieved on: 
Friday, July 29, 2022
Efficiency ratio, Bank, Federal Reserve, CEO, Solution, Small Business Administration, Commerce, Federal Reserve responses to the subprime crisis, Commerce Bank, Policy, CBOF, Company, Net interest margin, SBA, Basel

Total assets increased by 2.4% to $363.5 million during the quarter ended June 30, 2022, and increased 8.0% compared to $336.5 million a year ago.

Key Points: 
  • Total assets increased by 2.4% to $363.5 million during the quarter ended June 30, 2022, and increased 8.0% compared to $336.5 million a year ago.
  • Gross loans increased $19.4 million since first quarter 2022, ending the second quarter 2022 at $257 million.
  • The Allowance for Loan Losses totaled $3.7 million at June 2022, or 1.44% of loans, unchanged from the previous quarter.
  • At June 30, 2022, tangible book value was $2.79 per share compared to $2.89 per share at March 31, 2022 and $3.16 per share a year ago.

Laurentian Bank Financial Group reports third quarter 2019 results

Retrieved on: 
Thursday, August 29, 2019
Amortization, Loans, Real estate, Efficiency ratio

For the third quarter of 2019, amortization of net premium on purchased financial instruments amounted to $0.3million, compared with $0.5million for the third quarter of 2018.

Key Points: 
  • For the third quarter of 2019, amortization of net premium on purchased financial instruments amounted to $0.3million, compared with $0.5million for the third quarter of 2018.
  • Premises and technology costs were $48.7 million for the third quarter of 2019, essentially unchanged from the third quarter of 2018.
  • The adjusted efficiency ratio was 70.6% for the third quarter of 2019, compared with 69.7% for the third quarter of 2018.
  • Laurentian Bank Financial Group invites media representatives and the public to listen to the conference call to be held at 9:00a.m.

Bladex Announces Profit for the Second Quarter 2019 of $22.3 Million, or $0.56 Per Share; Half-Year 2019 Profit of $43.5 Million, or $1.10 Per Share

Retrieved on: 
Friday, July 19, 2019
Financial ratios, Dividend, Shareholders, Yoy, Efficiency ratio

The 5% profit improvement QoQ was mainly driven by higher fees and commissions, while maintaining a stable Net Interest Income ("NII").

Key Points: 
  • The 5% profit improvement QoQ was mainly driven by higher fees and commissions, while maintaining a stable Net Interest Income ("NII").
  • 2Q19 operating expenses were $10.6 million, +7% QoQ due to business-related expenses, and -7% YoY on lower salaries and other expenses.
  • Efficiency Ratio stood at 31% for both the 2Q19 (stable QoQ; -4 pts YoY) and 6M19 (-10 pts YoY).
  • Quarterly dividend payment: The Bank's Board of Directors (the "Board") approved a quarterly common dividend of $0.385 per share corresponding to the second quarter 2019.

First Reliance Bancshares, Inc. Reports 2nd Quarter 2018 Results and Announces Stock Repurchase Initiative

Retrieved on: 
Friday, August 10, 2018
Financial ratios, Efficiency ratio

We are a purpose driven company and remain focused on our business model that outlines our value proposition.

Key Points: 
  • We are a purpose driven company and remain focused on our business model that outlines our value proposition.
  • While we are aware of the expense associated with expansion we have instituted an efficiency improvement initiative to remove legacy cost from our operations.
  • Excluding noninterest expenses associated with our three office expansion in 2018, our efficiency ratio would have been 77%.
  • For the second quarter of 2018, loan charge offs were nominal and largely offset by the bank recoveries.