Small Business Administration

Mission Valley Bancorp Reports Third Quarter 2023 Results

Retrieved on: 
Monday, October 30, 2023
Asset, Sale, OTCQX, Community development financial institution, Equitable, Growth, SUN, Community development, Small Business Administration, Risk-weighted asset, Common equity, CDFI, Current Expected Credit Losses, SBA, ERP, Tier 1 capital, Gross loan, O'Hara, U.S. Treasury, Cryptocurrency, Video game, Rare-earth element, Bank

SUN VALLEY, Calif., Oct. 30, 2023 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $4.6 million for the third quarter of 2023, or $1.40 per diluted share, compared to net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022.

Key Points: 
  • SUN VALLEY, Calif., Oct. 30, 2023 /PRNewswire/ -- Mission Valley Bancorp (OTCQX: MVLY, "Mission Valley", or the "Company") announced today net income of $4.6 million for the third quarter of 2023, or $1.40 per diluted share, compared to net income of $1.8 million, or $0.53 per diluted share, for the third quarter of 2022.
  • Net Interest Income was $6.3 million for the third quarter of 2023, an increase of $0.7 million, or 13.42%, compared to the third quarter of 2022.
  • Net Interest Margin was 4.54% for the third quarter of 2023 compared to 4.66% for the third quarter of 2022.
  • Loan Production of $23.1 million in the third quarter of 2023, compared to $71.0 million in the third quarter of 2022.

ConnectOne Bancorp, Inc. Reports Third Quarter 2023 Results; Declares Common and Preferred Dividends

Retrieved on: 
Thursday, October 26, 2023
Insurance, Sale, FDIC, Security (finance), Bank, Share repurchase, GAAP, Software, Advertising, Information technology, AOCI, Environment, Small Business Administration, Marketing, Webcast, Culture, Table, Investment, SBA, Video game, Cryptocurrency, Holding company

Diluted earnings per share were $0.51 for the third quarter of 2023, $0.51 for the second quarter of 2023 and $0.70 for the third quarter of 2022.

Key Points: 
  • Diluted earnings per share were $0.51 for the third quarter of 2023, $0.51 for the second quarter of 2023 and $0.70 for the third quarter of 2022.
  • A cash dividend on common stock of $0.17 will be paid on December 1, 2023, to common stockholders of record on November 15, 2023.
  • Noninterest income was $3.6 million in the third quarter of 2023, $3.4 million in the second quarter of 2023 and $3.3 million in the third quarter of 2022.
  • The effective tax rates for the third quarter of 2023, second quarter of 2023 and third quarter of 2022 were 25.2%, 25.8% and 26.5%, respectively.

Oak Ridge Financial Services, Inc. Announces Third Quarter 2023 Results and Quarterly Cash Dividend of $0.10 Per Share

Retrieved on: 
Thursday, October 26, 2023
Sale, Bank, Oak Ridge, Federal Home Loan Banks, Small business, Small Business Administration, OAK, Safety, Investment, Video game, Arms industry, Cryptocurrency, Real estate

OAK RIDGE, N.C., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the third quarter of 2023 and a quarterly cash dividend of $0.10 per common share.

Key Points: 
  • OAK RIDGE, N.C., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the third quarter of 2023 and a quarterly cash dividend of $0.10 per common share.
  • Earnings per share of $0.55, compared to $0.54 in the linked quarter and $0.59 for the third quarter of 2022.
  • Net interest margin of 3.84%, compared to 3.89% in the linked quarter and 4.10% for the third quarter of 2022.
  • Noninterest expense increased $198,000, or 4.5%, to $4.6 million for the third quarter of 2023 compared with the year-ago quarter.

Univest Financial Corporation Reports Third Quarter Results

Retrieved on: 
Wednesday, October 25, 2023
Insurance, Sale, Bank, Federal Home Loan Banks, Corporation, EST, Trust, Small Business Administration, Investment, SBA, Death, Security (finance), Rare-earth element, Life insurance, Video game, Clothing

SOUDERTON, Pa., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended September 30, 2023 was $17.0 million, or $0.58 diluted earnings per share, compared to net income of $20.8 million, or $0.71 diluted earnings per share, for the quarter ended September 30, 2022.

Key Points: 
  • SOUDERTON, Pa., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended September 30, 2023 was $17.0 million, or $0.58 diluted earnings per share, compared to net income of $20.8 million, or $0.71 diluted earnings per share, for the quarter ended September 30, 2022.
  • Noninterest income for the quarter ended September 30, 2023 was $18.7 million, an increase of $732 thousand, or 4.1%, compared to the third quarter of 2022.
  • Noninterest expense for the quarter ended September 30, 2023 was $49.0 million, an increase of $2.3 million, or 5.0%, compared to the third quarter of 2022.
  • Univest will host a conference call to discuss third quarter 2023 results on Thursday, October 26, 2023 at 9:00 a.m. EST.

Fidelity D & D Bancorp, Inc. Reports Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, October 25, 2023
Sale, Growth, ASC, Tax, Fidelity Bank, ASU, PPP, Maintenance, Interest, Partial return reverse swap, Advertising, FTE, Small Business Administration, Marketing, Natural borrowing limit, Depreciation, Discounting, Financial instrument, Current Expected Credit Losses, Investment, SBA, CECL, Cryptocurrency, Life insurance, Bank, Video game, FDIC

DUNMORE, Pa., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and nine-month periods ended September 30, 2023.

Key Points: 
  • DUNMORE, Pa., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and nine-month periods ended September 30, 2023.
  • Net interest income was $14.6 million for the third quarter of 2023, a 21% decrease from the $18.5 million earned for the third quarter of 2022.
  • The cost of funds increased 134 basis points to 1.63% for the third quarter of 2023 from 0.29% for the third quarter of 2022.
  • Non-interest expenses decreased $0.3 million, or 2%, for the third quarter of 2023 to $12.8 million from $13.1 million for the same quarter of 2022.

Janover Launches Enhanced AI Capabilities Focused on Business Development and a Standalone Chatbot Interface

Retrieved on: 
Wednesday, October 25, 2023
SMS, System, Human, Artificial intelligence, Small Business Administration, Arthur Janov, AI, SBA, Sales

Additionally, Janover launched chat.janover.co , a standalone AI chatbot interface optimized to enhance business development and lead generation, with the goal of helping Janover continue to scale its platform.

Key Points: 
  • Additionally, Janover launched chat.janover.co , a standalone AI chatbot interface optimized to enhance business development and lead generation, with the goal of helping Janover continue to scale its platform.
  • The AI answers questions, provides customer resources, and connects with backend sales tools designed to increase closure rates.
  • Its capabilities include introducing borrowers and lenders to relevant humans inside the organization, based on qualification processes within the conversation.
  • We continue to make significant advancements on our AI platform to meet our goal of becoming the go-to marketplace for commercial financing.”

Chemung Financial Corporation Reports Third Quarter 2023 Net Income of $7.6 million, or $1.61 per Share

Retrieved on: 
Tuesday, October 24, 2023
DDA, Federal Reserve responses to the subprime crisis, Sale, FRB, ATM, Bank, Federal Home Loan Banks, Pressure, CHMG, Federal government of the United States, Federal Reserve, Share repurchase, Federal Open Market Committee, ASU, Maintenance, Acceleration, FOMC, Federal, Chemung Canal Trust Company, Environment, Growth, Small business, Small Business Administration, FHLB, Corporation, CECL, Borrowing base, Discount window, Unemployment, Investment, Pharmaceutical industry, Real estate, Cryptocurrency, Life insurance, Insurance, Video game, Security (finance)

“The Company again demonstrated solid financial performance in the third quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation."

Key Points: 
  • “The Company again demonstrated solid financial performance in the third quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation."
  • Fully taxable equivalent net interest margin was 2.73% for the third quarter 2023, compared to 3.08% for the same period in the prior year.
  • The provision for credit losses decreased $0.8 million for the third quarter of 2023, when compared to the third quarter of 2022.
  • Income tax expense for the third quarter of 2023 increased to $2.1 million compared to $1.7 million in the third quarter of 2022.

First Commonwealth Announces Third Quarter 2023 Earnings; Declares Quarterly Dividend

Retrieved on: 
Tuesday, October 24, 2023
ROA, Sale, FDIC, AFS, Polish–Lithuanian Commonwealth, Real estate, ACL, Commercial property, Share repurchase, Acquisition, Centric, Bank statement, FTE, AOCI, Growth, ID, Tangibility, Small Business Administration, Commercial, Common equity, Total, Hospital, SBA, Bank, Video game, Rare-earth element, Trust

Total average deposits grew $48.4 million in the third quarter of 2023 as compared to the previous quarter.

Key Points: 
  • Total average deposits grew $48.4 million in the third quarter of 2023 as compared to the previous quarter.
  • Provision expense in the third quarter of 2023 totaled $5.9 million as compared to $2.8 million in the previous quarter.
  • First Commonwealth declared a common stock quarterly dividend of $0.125 per share, which represents a 4.2% increase from the third quarter of 2022.
  • First Commonwealth will host a quarterly conference call to discuss its financial results for the third quarter of 2023 on Wednesday, October 25, 2023 at 2:00 PM (ET).

Northeast Bank Reports First Quarter Results and Declares Dividend

Retrieved on: 
Monday, October 23, 2023
Meal, Insurance, Sale, Bank, About us, Exercise, Small Business Administration, Income tax, Webcast, CECL, Total, SBA, Real estate, Cryptocurrency, Rare-earth element, Financial adviser, Northeast Bank

The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter.

Key Points: 
  • The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter.
  • Provision for credit losses decreased by $660 thousand to a provision of $190 thousand for the quarter ended September 30, 2023, compared to a provision of $850 thousand in the quarter ended September 30, 2022.
  • In the first quarter of fiscal year 2024, the Bank adopted CECL, effective July 1, 2023.
  • For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

New Survey of Small Business Owners Shows a Credit Crunch is Hindering Growth

Retrieved on: 
Wednesday, October 25, 2023
Finance, Business, Banking, Professional Services, Small Business, Squeeze, Goldman Sachs, Policy, Small business, Goldman, United States Chamber of Commerce, Basel, Tell, National Urban League, Bipartisan Policy Center, Federal Reserve, Face, Commerce, NAACP, Federal, Growth, Small Business Administration, Fed, SBA, Bank, Cryptocurrency, Real estate

A credit crunch has descended upon small business owners nationwide hindering their growth and causing some to say that if it continues, they’ll be forced to close altogether.

Key Points: 
  • A credit crunch has descended upon small business owners nationwide hindering their growth and causing some to say that if it continues, they’ll be forced to close altogether.
  • While 78% of all small business owners said it was difficult to access capital, the challenge is more pronounced among minority small business owners.
  • 81% of Hispanic small business owners and 85% of Black small business owners are concerned about their ability to access capital.
  • According to the Goldman Sachs 10,000 Small Businesses Voices survey, 81% of Hispanic small business owners and 85% of Black small business owners are concerned about their ability to access capital.