Federal

BayFirst Financial Corp. Reports First Quarter 2024 Results; Highlighted by Strong Loan and Deposit Growth with Higher Provision for Credit Losses

Retrieved on: 
Thursday, April 25, 2024
Core, Sale, Federal Reserve, FHLB, Risk, Federal Home Loan Banks, Federal, SBA, ACL, Conference, Bolt, Environment, Bank, FRB, Government

“We were successful in growing deposit balances by $22.2 million during the quarter, and by $74.4 million year-over-year.

Key Points: 
  • “We were successful in growing deposit balances by $22.2 million during the quarter, and by $74.4 million year-over-year.
  • Balance sheet liquidity remains strong, with $60.5 million in cash balances and time deposits with other banks as of March 31, 2024.
  • This was partially offset by increases in provision for credit losses of $2.1 million and noninterest expense of $2.4 million.
  • On April 23, 2024, BayFirst’s Board of Directors declared a second quarter 2024 cash dividend of $0.08 per common share.

NorthEast Community Bancorp, Inc. Reports Results for the Three Months Ended March 31, 2024

Retrieved on: 
Thursday, April 25, 2024
Community Bank, FHLB, Federal Reserve Bank, Federal Home Loan Banks, Compass (drawing tool), Depreciation, Insurance, Federal, Environment, Exercise, Tax, Atlantic Ocean, Bank, Advertising, Investment

In addition, during the three months ended March 31, 2024, we originated $9.5 million in commercial and industrial loans.

Key Points: 
  • In addition, during the three months ended March 31, 2024, we originated $9.5 million in commercial and industrial loans.
  • Net interest income totaled $25.0 million for the three months ended March 31, 2024, as compared to $22.8 million for the three months ended March 31, 2023.
  • We charged-off $21,000 during the three months ended March 31, 2024 as compared to charge-offs of $21,000 during the three months ended March 31, 2023.
  • Non-interest income for the three months ended March 31, 2024 was $554,000 compared to non-interest income of $1.1 million for the three months ended March 31, 2023.

Southside Bancshares, Inc. Announces Financial Results for the First Quarter Ended March 31, 2024

Retrieved on: 
Thursday, April 25, 2024
Sale, Investment, FHLB, FTE, AFS, Death, Software, SBSI, Insurance, Federal, Webcast, ETR, Retirement, Three Months, Loss, CDT, Workforce, FDIC, File, GAAP, Bank

TYLER, Texas, April 25, 2024 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended March 31, 2024.

Key Points: 
  • TYLER, Texas, April 25, 2024 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended March 31, 2024.
  • Earnings per diluted common share were $0.71 and $0.83 for the three months ended March 31, 2024 and 2023, respectively.
  • Linked quarter, net interest income decreased $1.1 million, or 2.1%, compared to $54.5 million during the three months ended December 31, 2023.
  • Southside's management team will host a conference call to discuss its first quarter ended March 31, 2024 financial results on Thursday, April 25, 2024 at 11:00 a.m. CDT.

Precision Optics Announces Receipt of $1.26 Million Follow On Production Order from Large Defense Company

Retrieved on: 
Thursday, April 25, 2024
POC, Traction, Heel, Optics, Federal, Growth, POCI, Telescopic sight

Approximately half of the order is expected to be delivered in the next 6 months, with the remainder to be delivered over the following 6 to 12 months.

Key Points: 
  • Approximately half of the order is expected to be delivered in the next 6 months, with the remainder to be delivered over the following 6 to 12 months.
  • Precision Optics has supplied this complex assembly to this customer since 2018.
  • “We are excited to have received yet another sizeable follow-on production order from this leading U.S. defense contractor,” commented Dr. Joe Forkey, CEO of Precision Optics.
  • When size and weight are critical to mission success, Precision Optics’ engineering and U.S.-based manufacturing can meet challenging program requirements.

Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2024

Retrieved on: 
Wednesday, April 24, 2024
Sale, Agreement, Federal Reserve, FHLB, Bank holding company, ACL, Federal, Purchasing, CECL, Property, Bank, Transaction, FDIC, GAAP

The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2024, was 2.57%, compared to 2.80% for the quarter ended December 31, 2023 and 3.23% for the quarter ended March 31, 2023.

Key Points: 
  • The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2024, was 2.57%, compared to 2.80% for the quarter ended December 31, 2023 and 3.23% for the quarter ended March 31, 2023.
  • The yield on the securities portfolio decreased to 2.37% for the quarter ended March 31, 2024, down from 2.39% for the quarter ended March 31, 2023.
  • During the quarter ended March 31, 2024, the Bank originated $47.9 million in new commercial loans, compared to $63.7 million during the quarter ended March 31, 2023.
  • Operating Expenses - Non-interest expense as a percent of average assets was 2.86% for the quarter ended March 31, 2024, as compared to 2.75% for quarter ended March 31, 2023.

Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2024

Retrieved on: 
Wednesday, April 24, 2024
ASU, Federal Reserve, OTCQX, Investment, Nature, Housing, Federal Home Loan Banks, Security (finance), Federal, Partnership, Insurance, Disclosure, Financial instrument, Result, Analysis, Acquisition, Trust, Bank statement, FDIC, Growth, Operation, Cryptocurrency

Annualized return on average equity for the three months ended March 31, 2024 was 12.98%, compared to 18.80% for the three months ended March 31, 2023.

Key Points: 
  • Annualized return on average equity for the three months ended March 31, 2024 was 12.98%, compared to 18.80% for the three months ended March 31, 2023.
  • Net interest income was $5.5 million for the three months ended March 31, 2024 compared to $5.8 million for the three months ended March 31, 2023.
  • The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fifteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties.
  • More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com.

Endeavor Bancorp Reports Net Income of $407,000 for the First Quarter of 2024; Results Highlighted by Net Interest Margin Expansion

Retrieved on: 
Wednesday, April 24, 2024
CFO, Total, Federal Reserve, Investment, OTCQX, Federal Home Loan Banks, Federal, Insurance, Growth, NIM, Tax, Senior, Bank, Hughes, FDIC, Human, SAN

Higher costs associated with the company’s expansion also impacted first quarter 2024 results.

Key Points: 
  • Higher costs associated with the company’s expansion also impacted first quarter 2024 results.
  • “Our first quarter 2024 operating results were highlighted by net interest margin expansion and steady loan growth.
  • As a result, we strengthened our allowance for loan losses during the quarter by adding to our loan loss reserves.
  • “Higher asset yields outpaced the increase in our cost of funds during the quarter, contributing to net interest margin expansion.

Western New England Bancorp, Inc. Reports Results for Three Months Ended March 31, 2024 and Declares Quarterly Cash Dividend

Retrieved on: 
Tuesday, April 23, 2024
Sale, Investment, AFS, Safety, ICS, Commercial, HTM, Snow, Federal, ATM, CDARS, Software, Environment, Pressure, Three Months, FDIC, GAAP, Certificate

The net interest margin was 2.57% for the three months ended March 31, 2024 compared to 2.64% for the three months ended December 31, 2023.

Key Points: 
  • The net interest margin was 2.57% for the three months ended March 31, 2024 compared to 2.64% for the three months ended December 31, 2023.
  • The net interest margin, on a tax-equivalent basis, was 2.59% for the three months ended March 31, 2024, compared to 2.66% for the three months ended December 31, 2023.
  • Net Income for the Three Months Ended March 31, 2024 Compared to the Three Months Ended December 31, 2023.
  • Net Income for the Three Months Ended March 31, 2024 Compared to the Three Months Ended March 31, 2023.

Morgan Stanley (MS) Falls After WSJ Report on Multiple Regulatory Probes into Wealth Management Business – Hagens Berman

Retrieved on: 
Monday, April 22, 2024
Federal Reserve, Risk, Treasury, Federal, Risk management, Fed, Hagens Berman, WSJ, OCC, SAN, Person, Cryptocurrency

SAN FRANCISCO, April 22, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Morgan Stanley (NYSE: MS) investors who suffered substantial losses to submit your losses now .

Key Points: 
  • SAN FRANCISCO, April 22, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Morgan Stanley (NYSE: MS) investors who suffered substantial losses to submit your losses now .
  • “We are investigating whether Morgan Stanley may have potentially put wealth-management growth ahead of its compliance and internal control responsibilities,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
  • Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
  • For more information, call Reed Kathrein at 844-916-0895 or email [email protected] .

Loans Reach Another All-Time High, Credit Quality Remains Solid; TrustCo Reports Net Income of $12.1 Million and Capital Up 3%

Retrieved on: 
Monday, April 22, 2024
Loan, Bank, NPAS, Federal, Safety, Growth, Airline

GLENVILLE, N.Y., April 22, 2024 (GLOBE NEWSWIRE) --

Key Points: 
  • Average loan growth increased 5.2% or $249.4 million for the first quarter 2024 over the same period in 2023.
  • Non-performing loans are steady and charge-offs resulted in a net recovery this quarter, consistent with our commitment to excellent credit quality.
  • Average residential loans, our primary lending focus, were up $146.6 million, or 3.5%, in the first quarter 2024 over the same period in 2023.
  • The allowance for credit losses on loans was $49.2 million at March 31, 2024, compared to $46.7 million at March 31, 2023.