SBA

Mission Bancorp Reports Record Annual Earnings of $30.5 Million, Annual Loan Growth of 13.2% and Annual Deposit Growth of 7.3%

Retrieved on: 
Tuesday, January 30, 2024
OTC Markets Group, CECL, Credit, Total, ACL, Culture, Bank, Mission, Communication, Plan, Sale, Loss, SBA, Growth

While many of our peers faced shrinking net interest margins, deposits, and profits, Mission experienced an expanding margin, deposit growth, and record annual earnings.

Key Points: 
  • While many of our peers faced shrinking net interest margins, deposits, and profits, Mission experienced an expanding margin, deposit growth, and record annual earnings.
  • Between higher deposit rates and increased competition, driving deposit growth has not been easy but our team rose to the challenge.
  • Loan interest income and fee accretion from the fourth quarter of 2022 to the current quarter increased by $3.7 million.
  • The decrease in the Company's cash position over the past quarter is primarily due to loan growth, which outpaced deposit growth for the quarter.

Capital Southwest Announces Financial Results for Third Fiscal Quarter Ended December 31, 2023 and Announces Total Dividends of $0.63 per share for the Quarter Ended March 31, 2024

Retrieved on: 
Monday, January 29, 2024
Increment, Small Business Administration, Share repurchase, Deutsche Bank, Sale, Commitment, SBA, Growth, Assumption, IRR, Revenue recognition, Pediatric dentistry, Equity, Small business, Orthodontics, SIB, UTI, NAV, CDC, Investment, Acquisition, Exercise, Preferred stock, Credit, SBIC, Treasury, Common equity, I-45, Line of credit, Note, Security (finance)

For the quarter ended December 31, 2023, total operating expenses (excluding interest expense) were $7.3 million, compared to $5.9 million in the prior quarter.

Key Points: 
  • For the quarter ended December 31, 2023, total operating expenses (excluding interest expense) were $7.3 million, compared to $5.9 million in the prior quarter.
  • For the quarter ended December 31, 2023, interest expense was $11.5 million as compared to $10.5 million in the prior quarter.
  • For the quarter ended December 31, 2023, total pre-tax net investment income was $29.8 million, compared to $26.4 million in the prior quarter.
  • During the quarter ended December 31, 2023, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

Readout of SBA Administrator Guzman’s Visit to Las Vegas with Vice President Harris, Second Gentleman Emhoff

Retrieved on: 
Sunday, January 28, 2024
Enterprise software, MBDA, Employment, LAS, NV-04, Commerce, Native Hawaiians, Administration, Interview, Entrepreneurship, Second, AAPI, The Chef Jeff Project, SBA, Human, Small business, Sparkling wine, Minority Business Development Agency, American Dream, Hotel

Number: RO24-03 Follow us on X, LinkedIn , Facebook , & Instagram

Key Points: 
  • Number: RO24-03 Follow us on X, LinkedIn , Facebook , & Instagram
    Readout of SBA Administrator Guzman’s Visit to Las Vegas with Vice President Harris, Second Gentleman Emhoff
    Visit highlighted the Biden-Harris Administration’s Small Business Boom, celebrated new SBA rule to increase economic opportunity for returning citizens
    LAS VEGAS, NV – On Jan. 27, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, traveled to Las Vegas with Vice President Kamala Harris and Second Gentleman Douglas Emhoff to highlight the Biden-Harris Administration’s commitment to inclusive economic empowerment and opportunity for entrepreneurs and small business owners.
  • Upon arriving in Las Vegas, Administrator Guzman and Vice President Harris joined U.S. Rep. Steven Horsford (NV-04) and Eric Morrissette, Interim Under Secretary of Commerce for Minority Business Development Agency (MBDA), for a visit to The Chef Jeff Project.
  • As part of that rule change, the SBA will also remove questions about criminal history from its loan applications.
  • For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at [email protected] .

Readout of SBA Administrator Guzman’s Attendance at Meeting of President's Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics Initiative

Retrieved on: 
Friday, January 26, 2024
Small Business Administration, Administration, Interview, SBA, Human, Small business, Growth, Bottled water

WASHINGTON, Jan. 26, 2024 (GLOBE NEWSWIRE) -- On Friday, January 26, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s 33 million small businesses, attended an official meeting of the President's Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics Initiative.

Key Points: 
  • WASHINGTON, Jan. 26, 2024 (GLOBE NEWSWIRE) -- On Friday, January 26, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s 33 million small businesses, attended an official meeting of the President's Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics Initiative.
  • Since President Biden took office, a record 16 million new business applications have been filed, and the share of Latino households owning a business has increased by 40%.
  • This Commission was established to provide advice to the President through the U.S. Secretary of Education on matters about educational equity and economic opportunity for Hispanic communities.
  • For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at [email protected] .

TOMORROW: SBA Administrator Guzman to Visit Las Vegas with Vice President Harris, Second Gentleman Emhoff

Retrieved on: 
Friday, January 26, 2024
Enterprise software, MBDA, Employment, NV-04, Commerce, Native Hawaiians, Administration, RSVP, Entrepreneurship, Second, AAPI, SBA, Human, Small business, Minority Business Development Agency

WASHINGTON, Jan. 26, 2024 (GLOBE NEWSWIRE) -- On Saturday, January 27, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, will join Vice President Kamala Harris and Second Gentleman Douglas Emhoff in Las Vegas to highlight the Biden-Harris Administration’s commitment to uplifting small businesses and supporting entrepreneurship.

Key Points: 
  • WASHINGTON, Jan. 26, 2024 (GLOBE NEWSWIRE) -- On Saturday, January 27, Administrator Isabel Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s cabinet for America’s more than 33 million small businesses, will join Vice President Kamala Harris and Second Gentleman Douglas Emhoff in Las Vegas to highlight the Biden-Harris Administration’s commitment to uplifting small businesses and supporting entrepreneurship.
  • There, the leaders will discuss a forthcoming SBA rule that makes it easier for America’s returning citizens to start and run a small business.
  • This event is open to credentialed members of the media who have already RSVPed with the Office of the Vice President.
  • Administrator Guzman will then join Second Gentleman Emhoff in visits to local Native Hawaiian and Pacific Islander-owned small businesses to learn about the state of the AAPI-owned small business landscape under this Administration.

Heritage Commerce Corp Declares Regular Quarterly Cash Dividend of $0.13 Per Share; Heritage Bank of Commerce Celebrates its 30th Anniversary

Retrieved on: 
Friday, January 26, 2024
SAN, Bank, Commerce, Heritage Bank, SBA, Security (finance), Growth

SAN JOSE, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce (the “Bank”), today announced that its Board of Directors had declared its regular quarterly cash dividend of $0.13 per share to holders of its common stock.

Key Points: 
  • SAN JOSE, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce (the “Bank”), today announced that its Board of Directors had declared its regular quarterly cash dividend of $0.13 per share to holders of its common stock.
  • The dividend will be payable on February 22, 2024, to shareholders of record at the close of the business day on February 8, 2024.
  • Heritage Commerce Corp has paid a cash dividend each quarter since 2013.
  • “Looking ahead, 2024 holds a special significance for the Bank as we celebrate our 30th Anniversary.

Chemung Financial Corporation Reports Annual Net Income of $25.0 million, or $5.28 per share, and Fourth Quarter 2023 Net Income of $3.8 million, or $0.80 per share

Retrieved on: 
Thursday, January 25, 2024
FDIC, CHMG, CECL, Total, ASU, CFO, Bank, Acceleration, Corporation, Insurance, Federal, FHLB, Interest, Share repurchase, Federal Reserve, Federal funds, Environment, Sale, GAAP, Investment, Federal Home Loan Banks, Discount window, Chemung Canal Trust Company, SBA, Projection, FOMC, GDP, Unemployment, Growth

Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter of 2023, and $7.4 million, or $1.58 per share, for the fourth quarter of 2022.

Key Points: 
  • Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter of 2023, and $7.4 million, or $1.58 per share, for the fourth quarter of 2022.
  • Fully taxable equivalent net interest margin was 2.85% for the year ended December 31, 2023, compared to 3.05% for the prior year.
  • Fully taxable equivalent net interest margin was 2.69% in the current quarter compared to 2.73% in the prior quarter.
  • Income tax expense for the fourth quarter of 2023 decreased to $0.8 million compared to $2.1 million in the fourth quarter of 2022.

Seacoast Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, January 25, 2024
IOTA, Woman, FDIC, CRA, Credit, Research, Total, Insurance, Federal, FHLB, Share repurchase, Federal Reserve, Workplace, American City Business Journals, Risk, Sale, GAAP, Investment, Federal Home Loan Banks, Common equity, Depreciation, SBA, SBCF, Workforce, Government, The Company, Growth, Video game

STUART, Fla., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2023 of $29.5 million, or $0.35 per diluted share, compared to $31.4 million, or $0.37 per diluted share in the third quarter of 2023 and $23.9 million, or $0.34 per diluted share in the fourth quarter of 2022. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022.

Key Points: 
  • Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022.
  • Accretion on acquired loans totaled $11.3 million in the fourth quarter of 2023, $14.8 million in the third quarter of 2023, and $9.7 million in the fourth quarter of 2022.
  • Seacoast recorded $8.3 million of income tax expense in the fourth quarter of 2023, compared to $9.1 million in the third quarter of 2023, and $7.8 million in the fourth quarter of 2022.
  • SBA originations were $25.0 million during the fourth quarter of 2023, compared to $12.5 million in the third quarter of 2023 and $7.4 million in the fourth quarter of 2022.

SBA Announces Empower to Grow, a Revitalization of the 7(j) Training Program to Enhance Small Disadvantaged Business Contract Readiness

Retrieved on: 
Thursday, January 25, 2024
Local, State, Government, SBA, Human, Counselor, Development aid, Empower, Growth, Property management

“We’ve launched Empower to Grow to revitalize our 7(j) program with improved coaching, training, and technology tools to get more disadvantaged businesses contract-ready and build a diversified supplier base – creating competition, innovation, and strong performance in federal spending.

Key Points: 
  • “We’ve launched Empower to Grow to revitalize our 7(j) program with improved coaching, training, and technology tools to get more disadvantaged businesses contract-ready and build a diversified supplier base – creating competition, innovation, and strong performance in federal spending.
  • Upgrades to the Empower to Grow program will include:
    Enhancement of customized 1:1 training tailored to develop the critical skillset needed to win government contracts.
  • Launch of the enhanced Federal Market Acceleration Program (FedMAP), a three-month training program in government contracting led by government business development experts.
  • More than 6,000 small businesses participated in the program and, on average, firms that received training self-reported that their percentage growth in annual revenue had increased by 45%.

BayFirst Financial Corp. Reports Fourth Quarter 2023 Results; Highlighted by Net Interest Margin Expansion and Strong SBA Loan Originations

Retrieved on: 
Thursday, January 25, 2024
CECL, C&I, ACL, Bank, Federal, FHLB, CRE, Federal Reserve, Government, Sale, Federal Home Loan Banks, Conference, SBA, Bolt, FRB, PPP, Growth

Earnings benefited from higher net interest income and lower provision for credit losses during the fourth quarter, as compared to the third quarter of 2023.

Key Points: 
  • Earnings benefited from higher net interest income and lower provision for credit losses during the fourth quarter, as compared to the third quarter of 2023.
  • Net interest margin including discontinued operations increased by 12 bps to 3.48% in the fourth quarter of 2023, from 3.36% in the third quarter of 2023, primarily due to increases in loan yields.
  • Net income was $1.7 million for the fourth quarter of 2023, compared to $1.9 million in the third quarter of 2023 and $1.3 million in the fourth quarter of 2022.
  • The net interest margin expanded by 12 bps to 3.48% in the fourth quarter of 2023, from 3.36% in the third quarter of 2023.