AFS

CSB Bancorp, Inc. Reports Fourth Quarter Earnings

Retrieved on: 
Mardi, janvier 23, 2024
Banking, Other Professional Services, Professional Services, Finance, OTC Markets Group, FDIC, Federal Reserve, AFS, ROA, CSB, Trust, ASU, ROE, Federal, FTE, Environment, Sale, Software, Investment, HTM, Fed, Federal Reserve Bank, Marketing, Video game

Loan yields for fourth quarter 2023 averaged 5.64%, an increase of 82 basis points from the 2022 fourth quarter average of 4.82%, while overnight funds and securities yields for fourth quarter 2023 averaged 5.54% and 2.20%, respectively, compared to 3.74% and 2.07% in the fourth quarter 2022.

Key Points: 
  • Loan yields for fourth quarter 2023 averaged 5.64%, an increase of 82 basis points from the 2022 fourth quarter average of 4.82%, while overnight funds and securities yields for fourth quarter 2023 averaged 5.54% and 2.20%, respectively, compared to 3.74% and 2.07% in the fourth quarter 2022.
  • Interest expense rose $2.0 million, or 172%, during fourth quarter 2023 as compared to fourth quarter 2022.
  • The cost to fund gross earning assets for the fourth quarter 2023 was 1.12% as compared to 0.41% for the fourth quarter of 2022.
  • Federal income tax expense was $912 thousand in the 2023 fourth quarter compared to $921 thousand in the 2022 fourth quarter.

Atlantic Union Bankshares Reports Fourth Quarter and Full Year Financial Results

Retrieved on: 
Mardi, janvier 23, 2024
Banking, Asset Management, Professional Services, Finance, Growth, Sale, Family, Insurance, Marketing, Investment, CFPB, AFS, ACL, Advertising, Video game

Net charge-offs were $1.2 million or 0.03% of total average LHFI on an annualized basis for the fourth quarter of 2023, compared to $294,000 or 0.01% (annualized) for the third quarter of 2023, and $810,000 or 0.02% (annualized) for the fourth quarter of 2022.

Key Points: 
  • Net charge-offs were $1.2 million or 0.03% of total average LHFI on an annualized basis for the fourth quarter of 2023, compared to $294,000 or 0.01% (annualized) for the third quarter of 2023, and $810,000 or 0.02% (annualized) for the fourth quarter of 2022.
  • The majority of net charge-offs in the fourth quarter of 2023 were related to overdrawn deposit accounts and third-party lending loans within the consumer portfolio.
  • For the fourth quarter of 2023, the Company recorded a provision for credit losses of $8.7 million, compared to a provision for credit losses of $5.0 million in the prior quarter, and a provision for credit losses of $6.3 million in the fourth quarter of 2022.
  • In addition, other service charges, commissions, and fees decreased $843,000 in the fourth quarter, primarily due to a merchant vendor contract signing bonus realized in the prior quarter.

Soft demand mutes parcel rate increases, cools LTL and keeps truckload rates flat: Q1 TD Cowen/AFS Freight Index

Retrieved on: 
Mercredi, janvier 17, 2024
Trucking, Air, Transport, Logistics, Supply Chain Management, FedEx, AFS, GRI, Quarter, Face, LTL, Federal Reserve, UPS, Stasis, XPO, Pressure, Index, Dust, Yoy, Cargo

AFS Logistics , an industry-leading third-party logistics (3PL) provider, and TD Cowen announce the first quarter (Q1) 2024 release of the TD Cowen/AFS Freight Index, a snapshot with predictive pricing for truckload, less-than-truckload (LTL) and parcel transportation markets.

Key Points: 
  • AFS Logistics , an industry-leading third-party logistics (3PL) provider, and TD Cowen announce the first quarter (Q1) 2024 release of the TD Cowen/AFS Freight Index, a snapshot with predictive pricing for truckload, less-than-truckload (LTL) and parcel transportation markets.
  • The latest release of the index expects LTL rates to remain relatively flat with subtle fluctuations and truckload rates to continue hovering near the floor established in Q2 of last year.
  • December 2023 saw UPS initiate an increase, FedEx follow suit, and then UPS implement another – all before the end of the month.
  • Discrepancies also emerged between the two carriers’ demand surcharges, and are significant enough to affect how shippers allocate volumes.

Pacific West Bancorp ("PWBK") Announces Fourth Quarter 2023 Earnings

Retrieved on: 
Vendredi, janvier 26, 2024
CFO, Bank, Sale, NIM, Growth, Environment, As a service, AOCI, AFS, PWB

PORTLAND, Ore., Jan. 26, 2024 /PRNewswire/ -- Pacific West Bancorp, the holding company of Pacific West Bank ("PWB"), today announced a fourth quarter net loss of ($151) thousand or ($0.06) per diluted share.

Key Points: 
  • PORTLAND, Ore., Jan. 26, 2024 /PRNewswire/ -- Pacific West Bancorp, the holding company of Pacific West Bank ("PWB"), today announced a fourth quarter net loss of ($151) thousand or ($0.06) per diluted share.
  • Net interest margin ("NIM") increased by 2 basis points to 3.08% compared to the third quarter of 2023.
  • "We are pleased with the growth and continued momentum achieved in the fourth quarter and throughout 2023.
  • The unrealized loss in the fourth quarter improved by $1.1 million compared to the end of the third quarter.

West Coast Community Bancorp, Parent Company of Santa Cruz County Bank, Reports Record Annual Earnings For 2023

Retrieved on: 
Jeudi, janvier 25, 2024
Silicon, FDIC, AFS, ACL, ABL, Bank, Insurance, Housing, Sale, SBA, OTCQX, Tourism, PPP, Cryptocurrency

SANTA CRUZ, Calif., Jan. 25, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited record earnings for the year ended December 31, 2023 of $35.2 million, a $4.2 million or 14% increase over 2022. Basic and diluted earnings per share in 2023 improved over 2022 by $0.55 and $0.54, respectively, to $4.18 and $4.16. Unaudited earnings for the quarter ended December 31, 2023 were $8.8 million, a decrease of 3% from $9.1 million in the prior quarter and a decrease of 12% from $10.0 million in the fourth quarter of 2022. Basic and diluted earnings per share in the fourth quarter of 2023 were both $1.05, and decreased over the prior quarter by $0.04 and $0.03, respectively. Both basic and diluted earnings per share in the fourth quarter of 2023 decreased over the prior year comparative quarter by $0.13.

Key Points: 
  • SANTA CRUZ, Calif., Jan. 25, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited record earnings for the year ended December 31, 2023 of $35.2 million, a $4.2 million or 14% increase over 2022.
  • Basic and diluted earnings per share in 2023 improved over 2022 by $0.55 and $0.54, respectively, to $4.18 and $4.16.
  • Both basic and diluted earnings per share in the fourth quarter of 2023 decreased over the prior year comparative quarter by $0.13.
  • Tangible common equity to tangible asset ratio increased from 10.89% at September 30, 2023 to 11.47% at December 31, 2023.

Martin Marietta Completes Acquisition of Albert Frei & Sons, Inc.

Retrieved on: 
Mardi, janvier 16, 2024
Acquisition, Martin Marietta, AFS, Martin Marietta Materials

RALEIGH, N.C., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that it completed the acquisition of Albert Frei & Sons, Inc. (“AFS”), a leading aggregates producer in Colorado.

Key Points: 
  • RALEIGH, N.C., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that it completed the acquisition of Albert Frei & Sons, Inc. (“AFS”), a leading aggregates producer in Colorado.
  • The transaction, which closed on January 12, 2024, provides more than 60 years of high-quality, hard rock reserves to better serve new and existing customers.
  • Ward Nye, Chairman, President and CEO of Martin Marietta stated, “We are delighted to announce the acquisition of AFS and welcome such a talented team to our company.
  • We expect this transaction to be immediately accretive to earnings, margins and cash flow as we redeploy proceeds from prior divestitures.”

Procurant Signs Associated Food Stores

Retrieved on: 
Jeudi, janvier 11, 2024
Technology, Transport, Supermarket, Software, Food, Beverage, Data Management, Logistics, Supply Chain Management, Retail, Food Tech, FSMA, Collection, Partnership, Food safety, AFS, Associated Food Stores, Trust

Procurant, a collaborative software platform for retail grocers, has been selected to provide perishables purchasing and source-to-pay order management by Associated Food Stores (AFS), a collection of more than 450 independent retailers across the western United States.

Key Points: 
  • Procurant, a collaborative software platform for retail grocers, has been selected to provide perishables purchasing and source-to-pay order management by Associated Food Stores (AFS), a collection of more than 450 independent retailers across the western United States.
  • Procurant is a web-based procurement and food safety platform, connecting all suppliers and stakeholders across the perishable goods supply chain.
  • Procurant also enables the collection and reporting of traceability data required in the new Food Safety Modernization Act (FSMA) Rule 204 regulations.
  • We’re honored by the trust and confidence AFS places in Procurant, and we look forward to a long and productive partnership with their exceptional team and their fantastic network of suppliers – many of whom are already on Procurant,” said Eric Peters, CEO, Procurant.

Alerus Financial Corporation Sells $172.3M of Debt Securities and Uses Proceeds to Fund Loan Growth, Cut Borrowings

Retrieved on: 
Mardi, décembre 19, 2023
Professional Services, Finance, Share repurchase, Investment, AFS, Financial system, Sale, Bank

On December 15, 2023, Alerus Financial Corporation (NASDAQ: ALRS) completed the sale of $172.3 million of available-for-sale securities (“AFS”).

Key Points: 
  • On December 15, 2023, Alerus Financial Corporation (NASDAQ: ALRS) completed the sale of $172.3 million of available-for-sale securities (“AFS”).
  • The sale resulted in a one-time pre-tax net loss of $24.7 million.
  • Proceeds from the sale will be reinvested into loans to new and existing clients throughout the communities the Company serves in addition to paying down borrowings.
  • The restructuring has no impact on tangible capital, improves the net interest margin and positions the company for higher earnings in 2024.

Pye-Barker Fire & Safety Caps Year of High-Growth Acquisitions with Addition of American Fire & Safety Supply

Retrieved on: 
Mardi, décembre 19, 2023
AFS, Partnership

Pye-Barker's footprint continues to grow with key acquisitions that expand its full-service customer base.

Key Points: 
  • Pye-Barker's footprint continues to grow with key acquisitions that expand its full-service customer base.
  • With more than 30 acquisitions in 2023, Pye-Barker is the top choice in the industry for sellers of fire and life safety businesses.
  • American Fire sells and services fire extinguishers and cabinets, fire suppression systems, emergency lighting, exit signage and fire sprinkler systems.
  • "American Fire is a leader in the north Florida region because they prioritize customer satisfaction," said Bart Proctor, CEO at Pye-Barker.

AFS Logistics announces agreement with Leverage Supply Chain Group

Retrieved on: 
Mercredi, décembre 13, 2023
Professional Services, Trucking, Air, Logistics, Supply Chain Management, Transport, Consulting, Other Transport, Leverage, AFS, Movement, LTL, Supply, Organization, Face, COVID, Cargo

AFS Logistics , an industry-leading third-party logistics (3PL) provider, announces an agreement with Leverage Supply Chain Group , an Atlanta-based supply chain firm that offers advisory, consulting and management services.

Key Points: 
  • AFS Logistics , an industry-leading third-party logistics (3PL) provider, announces an agreement with Leverage Supply Chain Group , an Atlanta-based supply chain firm that offers advisory, consulting and management services.
  • "Leverage Supply Chain Group was created to address the gaps we knew existed in the global supply chain.
  • Our approach is to leverage our own experience and a consortium of expert supply chain organizations to address those gaps, and we’re proud to call AFS part of that group," says Mike Borgerson, Executive Vice President, Leverage Supply Chain Group.
  • "We put over a century of combined multi-functional supply chain experience to work so that customers can focus on their core business.”
    Leverage Supply Chain Group was founded by David Quintilio, bringing together executive advisors with a wealth of experience leading supply chains, from multinational corporations to agile startups.