Paycheck Protection Program

Ark Restaurants Announces Financial Results for the First Quarter of 2024

Retrieved on: 
Monday, February 12, 2024

Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 30, 2023.

Key Points: 
  • Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 30, 2023.
  • Total revenues for the 13 weeks ended December 30, 2023 were $47,487,000 versus $47,445,000 for the 13 weeks ended December 31, 2022.
  • On February 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on March 13, 2024 to shareholders of record of the Company's common stock at the close of business on February 29, 2024.
  • As of December 30, 2023, the Company had a cash balance of $12,122,000 and total outstanding debt of $6,742,000.

SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $4.4 MILLION FOR THE FOURTH QUARTER AND $25.9 MILLION FOR THE FULL YEAR OF 2023

Retrieved on: 
Tuesday, January 30, 2024

San Diego, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces its consolidated financial results for the fourth quarter and full year of 2023.

Key Points: 
  • Southern California Bancorp reported net income of $4.4 million for the fourth quarter of 2023, or $0.24 per diluted share, compared to net income of $8.5 million, or $0.46 per diluted share in the fourth quarter of 2022, and net income of $6.6 million, or $0.35 per diluted share in the third quarter of 2023.
  • Pre-tax, pre-provision income (non-GAAP) for the fourth quarter was $7.1 million, a decrease of $2.2 million or 23.4% from the prior quarter.
  • Net interest income for the fourth quarter of 2023 was $22.6 million, compared to $23.3 million in the prior quarter.
  • In the fourth quarter of 2023, the Company’s income tax expense was $1.9 million, compared with $2.8 million in the third quarter of 2023.

First Keystone Announces Fourth Quarter 2023 Earnings (Unaudited)

Retrieved on: 
Wednesday, January 31, 2024

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $5,560,000 for the year ended December 31, 2023.

Key Points: 
  • First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $5,560,000 for the year ended December 31, 2023.
  • Net income per share was $0.91 while dividends totaled $1.12 per share for the year ended December 31, 2023.
  • The net effect of the derivative on net interest income was $443,000 for the year ended December 31, 2023.
  • For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Elaine A. Woodland at 570-752-3671.

Former White House Economists to Discuss Social Security, National Debt to Kick Off 'Finance Grand Challenges' Series at UMD Smith

Retrieved on: 
Friday, February 2, 2024

Swagel, CBO director since 2019, previously served on the UMD School of Public Policy faculty and as a senior fellow for Smith's Center for Financial Policy .

Key Points: 
  • Swagel, CBO director since 2019, previously served on the UMD School of Public Policy faculty and as a senior fellow for Smith's Center for Financial Policy .
  • Goodspeed, like Faulkender and Swagel, served in the White House — on the Council of Economic Advisers, including as acting chairman from 2020-2021.
  • He previously served on the council as chief economist for macroeconomic policy and senior economist for tax, public finance and macroeconomics.
  • To register to attend the free event and for more information, go to the Finance Grand Challenges Speaker Series website.

RBAZ Bancorp, Inc. Announces Unaudited Financial Results for the Quarter and Year Ending December 31, 2023

Retrieved on: 
Monday, January 29, 2024

Prior year earnings of $1.06 per share were comprised of $0.96 per share attributable to core operations and $0.10 per share due to impacts from the Paycheck Protection Program.

Key Points: 
  • Prior year earnings of $1.06 per share were comprised of $0.96 per share attributable to core operations and $0.10 per share due to impacts from the Paycheck Protection Program.
  • Ending 2023 with a strong earnings performance, 14% asset growth and excellent credit quality amid all the headwinds coming at us is a tremendous source of pride.
  • Total borrowings of $20,929,000 at December 31, 2023 included $15,000,000 in advances from the Federal Home Loan Bank to support significant loan growth that occurred late in the fourth quarter.
  • The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

CNB Financial Corporation Reports Fourth Quarter and Full-Year 2023 Results

Retrieved on: 
Tuesday, January 23, 2024

CLEARFIELD, Pa., Jan. 23, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and twelve months ended December 31, 2023.

Key Points: 
  • CLEARFIELD, Pa., Jan. 23, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and twelve months ended December 31, 2023.
  • At December 31, 2023, the Corporation had $164.4 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve.
  • At December 31, 2023 and September 30, 2023, the Corporation had no outstanding short-term borrowings from the FHLB, while at December 31, 2022, the Corporation had $132.4 million in outstanding short-term borrowings from the FHLB.
  • The $186 thousand increase in the provision expense for the fourth quarter of 2023 compared to the third quarter of 2023 was primarily a result of higher net charge-offs, as discussed above.

United Bankshares, Inc. Announces Earnings for the Fourth Quarter and Year of 2023

Retrieved on: 
Friday, January 26, 2024

Net interest income for the fourth quarter of 2023 increased $1.2 million, or 1%, from the third quarter of 2023.

Key Points: 
  • Net interest income for the fourth quarter of 2023 increased $1.2 million, or 1%, from the third quarter of 2023.
  • Noninterest income for the fourth quarter of 2023 was flat from the third quarter of 2023, increasing $14 thousand, or less than 1%.
  • Noninterest expense for the fourth quarter of 2023 increased $17.1 million, or 13%, from the third quarter of 2023.
  • United’s effective tax rate was 23.8% and 20.5% for the fourth quarter of 2023 and third quarter of 2023, respectively.

BayCom Corp Reports 2023 Fourth Quarter Earnings of $6.4 Million

Retrieved on: 
Thursday, January 25, 2024

Net interest income decreased $1.3 million, or 5.2%, to $23.5 million for the fourth quarter of 2023 from $24.8 million in the prior quarter, and decreased $2.9 million, or 11.1%, from $26.5 million in the same quarter a year ago.

Key Points: 
  • Net interest income decreased $1.3 million, or 5.2%, to $23.5 million for the fourth quarter of 2023 from $24.8 million in the prior quarter, and decreased $2.9 million, or 11.1%, from $26.5 million in the same quarter a year ago.
  • Average interest-earning assets decreased $30.4 million, or 1.2%, and increased $34.2 million, or 1.36%, for the fourth quarter of 2023 compared to the third quarter of 2023 and the fourth quarter of 2022, respectively.
  • Noninterest income for the fourth quarter of 2023 increased $1.0 million, or 61.8%, to $2.7 million compared to $1.7 million in the prior quarter of 2023, and increased $1.8 million, or 196.0%, compared to $904,000 for the fourth quarter of 2022.
  • Noninterest expense for the fourth quarter of 2023 decreased $1.4 million, or 8.7%, to $15.1 million compared to $16.5 million for the prior quarter of 2023, and decreased $1.2 million, or 7.6%, compared to $16.3 million for the fourth quarter of 2022.

Premier Financial Corp. Announces Full Year 2023 Results

Retrieved on: 
Tuesday, January 23, 2024

Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2023 fourth quarter and full year results.

Key Points: 
  • Premier Financial Corp. (Nasdaq: PFC) (“Premier” or the “Company”) announced today 2023 fourth quarter and full year results.
  • Total average interest-bearing deposit costs increased 29 basis points to 2.83% for the fourth quarter of 2023.
  • Insurance commissions were $8.9 million in 2023, down from $16.2 million in 2022 due to the insurance agency sale on June 30, 2023.
  • Brokered deposits were $341.9 million at December 31, 2023, compared to $392.2 million at September 30, 2023 and $143.7 million at December 31, 2022.

From the Tax Law Offices of David W. Klasing - Maryland Business Owner and Texas Tax Preparer Charged with Conspiracy & Tax Fraud, Face Decades in Federal Prison

Retrieved on: 
Wednesday, January 10, 2024

Court documents reveal that a business owner from Maryland and his tax preparer from Texas, were recently charged with numerous offenses including conspiracy to defraud the United States, filing false tax returns, and theft of government funds.

Key Points: 
  • Court documents reveal that a business owner from Maryland and his tax preparer from Texas, were recently charged with numerous offenses including conspiracy to defraud the United States, filing false tax returns, and theft of government funds.
  • According to the indictment, the business owner from Maryland filed at least 15 false tax returns between 2017 and 2022, fraudulently claiming nearly $65 million in false refunds.
  • Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here for you.
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    SOURCE Tax Law Offices of David W. Klasing, PC