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Granite Point Mortgage Trust Inc. Reports First Quarter 2024 Financial Results and Post Quarter-End Update

Retrieved on:

Dienstag, Mai 7, 2024

Professional Services, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Internet, Tenant, News, GPMT, CECL, Access, USPAP, Granite, GAAP, UPB, LTV, Bank

Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ending March 31, 2024, and provided an update on its activities subsequent to quarter-end.

Key Points:

Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ending March 31, 2024, and provided an update on its activities subsequent to quarter-end.
A presentation containing first quarter 2024 financial results can be viewed at www.gpmtreit.com .
Book value per common share was $11.14 as of March 31, 2024, inclusive of $(4.17) per common share of total CECL reserve.
Granite Point Mortgage Trust Inc. will host a conference call on May 8, 2024, at 11:00 a.m.

Claros Mortgage Trust, Inc. Reports First Quarter 2024 Results

Retrieved on:

Montag, Mai 6, 2024

Construction & Property, REIT, Sale, Internet, CECL, GAAP, Bank

Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter ended March 31, 2024.

Key Points:

Claros Mortgage Trust, Inc. (NYSE: CMTG) (the “Company” or “CMTG”) today reported its financial results for the quarter ended March 31, 2024.
The Company’s first quarter 2024 GAAP net loss was ($52.8 million), or ($0.39) per diluted share.
Paid a cash dividend of $0.25 per share of common stock for the first quarter of 2024.
The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 186136.

Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

Retrieved on:

Freitag, Mai 3, 2024

Real estate, CECL, OTCQX, Airline

In the linked quarter comparison, the bank’s net income decreased $1.0 million, or 17.55%, compared to net income of $5.9 million for the quarter ended December 31, 2023.

Key Points:

In the linked quarter comparison, the bank’s net income decreased $1.0 million, or 17.55%, compared to net income of $5.9 million for the quarter ended December 31, 2023.
Lower linked quarter net earnings were a result of higher salaries and employee benefits expense related to beginning of the year pay raises, bonuses, and equity-related benefits.
“We are pleased with the first quarter and the stability of our core earnings as evidenced by a solid net interest margin and net interest income.
The net interest margin was 3.99% for the first quarter of 2024 compared to 3.97% for the fourth quarter of 2023 and 3.98% for the first quarter of 2023.

Arbor Realty Trust Reports First Quarter 2024 Results and Declares Dividend of $0.43 per Share

Retrieved on:

Freitag, Mai 3, 2024

CECL, UPB, Bank

UNIONDALE, N.Y., May 03, 2024 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the first quarter ended March 31, 2024. Arbor reported net income for the quarter of $57.9 million, or $0.31 per diluted common share, compared to net income of $84.3 million, or $0.46 per diluted common share for the quarter ended March 31, 2023. Distributable earnings for the quarter was $96.7 million, or $0.47 per diluted common share, compared to $122.2 million, or $0.62 per diluted common share for the quarter ended March 31, 2023.

Key Points:

During the first quarter of 2024, the Company recorded a $17.8 million provision for loan losses associated with CECL.
The average cost of borrowings for the first quarter of 2024 was 7.50%, compared to 7.48% for the fourth quarter of 2023.
The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended March 31, 2024.
The dividend is payable on May 31, 2024 to common stockholders of record on May 17, 2024.

Great Ajax Corp. Announces Results for the Quarter Ended March 31, 2024

Retrieved on:

Freitag, Mai 3, 2024

Our net interest income for the quarter ended March 31, 2024, excluding any adjustment for expected credit losses was $1.6 million, a decrease of $1.5 million over the prior quarter.

Key Points:

Our net interest income for the quarter ended March 31, 2024, excluding any adjustment for expected credit losses was $1.6 million, a decrease of $1.5 million over the prior quarter.
Our interest expense for the quarter ended March 31, 2024 decreased $0.4 million compared to the prior quarter primarily as a result of a decrease in our average balance of interest bearing debt.
During the quarter ended March 31, 2024, we recorded a $3.1 million write-down on our beneficial interests.
We recorded $0.4 million in impairment on our REO held-for-sale portfolio in other expense for the quarter ended March 31, 2024.

Amalgamated Financial Corp. Reports First Quarter 2024 Financial Results; Stellar Deposit Growth; Net Interest Margin Rises to 3.49%

Retrieved on:

Donnerstag, April 25, 2024

Common equity, Sale, Total, Investment, Capital, ICS, AMAL, One-Way (novel), Earnings call, Tax, PACE, CECL, Optimism, Eastern Time Zone, Share repurchase, Amalgamated Bank, PACS, GAAP, Bank

Net interest income was $68.0 million for the first quarter of 2024, compared to $67.3 million for the fourth quarter of 2023.

Key Points:

Net interest income was $68.0 million for the first quarter of 2024, compared to $67.3 million for the fourth quarter of 2023.
Net interest margin was 3.49% for the first quarter of 2024, an increase of 5 basis points from 3.44% in the fourth quarter of 2023.
Prepayment penalties had no impact on our net interest margin in the first quarter of 2024, which is the same as in the prior quarter.
As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its first quarter 2024 results today, April 25, 2024 at 11:00am (Eastern Time).

Century Next Financial Corporation Reports Record 1st Quarter 2024 Results

Retrieved on:

Mittwoch, April 24, 2024

Sale, Comptroller, News, Family, CECL, Michael J. Hsu, Bank, EPS, Federal Reserve, Currency, Growth, Cryptocurrency

RUSTON, La., April 24, 2024 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $793.8 million in assets, today announced financial results for the 1st quarter ended March 31, 2024.

Key Points:

RUSTON, La., April 24, 2024 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $793.8 million in assets, today announced financial results for the 1st quarter ended March 31, 2024.
Investment securities, primarily available-for-sale, increased by $14.1 million to $50.2 million at March 31, 2024 from $36.1 million at December 31, 2023.
Total net loans at March 31, 2024 were $592.3 million compared to $587.2 million at December 31, 2023.
Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana.

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

Retrieved on:

Mittwoch, 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.

Stock Yards Bancorp Reports First Quarter Earnings of $25.9 Million or $0.88 Per Diluted Share

Retrieved on:

Mittwoch, April 24, 2024

“Total loans increased $607 million, or 12%, over the last 12 months, $79 million of which was generated during the first quarter of this year.

Key Points:

“Total loans increased $607 million, or 12%, over the last 12 months, $79 million of which was generated during the first quarter of this year.
Deposit balances declined $62 million, or 1%, on the linked quarter, as non-interest bearing demand accounts contracted $68 million, or 4%.
WM&T income ended the first quarter of 2024 at a record $10.8 million, increasing $1.2 million, or 13%, over the first quarter of 2023.
Total deposits decreased $62 million, or 1%, on the linked quarter primarily due to seasonal public funds runoff totaling $36 million.

Oak Valley Bancorp Reports 1st Quarter Results

Retrieved on:

Freitag, April 19, 2024

Community Bank, ACL, CECL, EPS, Bank

OAKDALE, Calif., April 19, 2024 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results for the first quarter of 2024.

Key Points:

OAKDALE, Calif., April 19, 2024 (GLOBE NEWSWIRE) -- Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results for the first quarter of 2024.
Average cost of funds increased to 68 bps as of March 31, 2024, compared to 55 bps for the prior quarter and 10 bps for the first quarter of 2023.
Non-interest expense totaled $11,529,000 for the quarter ended March 31, 2024, compared to $10,760,000 in the previous quarter and $9,757,000 in the same quarter a year ago.
Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses.