Allowance for Loan and Lease Losses

INSBANK Parent InsCorp Reports Quarterly Profit Increase

Retrieved on:

Tuesday, October 31, 2023

FDIC, Sept, Tax, OTCQX, AOCI, Environment, Growth, Comprehensive income, CECL, YTD, Allowance for Loan and Lease Losses, Bank, Tutoring, Aluminium, Real estate

NASHVILLE, Tenn., Oct. 30, 2023 /PRNewswire/ -- Today InsCorp (OTCQX: IBTN) reported a third quarter net profit of $2,311,000 or, $0.80 per share, increasing year-to-date profits to $6,137,000, or $2.13 per share. Quarterly profits compared favorably to the prior quarter, increasing $0.18 cents, or 29% over the second quarter of 2023. A variety of factors contributed to the growth in earnings, including: an increase in net interest margin; quarterly growth in loan fee income; a modest reversal of loan loss reserve provision; and on-going contributions from hedging activities reducing the impact of increased funding costs. "We were pleased to demonstrate both balance sheet stability and operating income growth during this period of market volatility and industry uncertainty," said Jim Rieniets, President and CEO of INSBANK. "Our team remains focused on things we can control, including acquiring new customers, administering credit in a prudent fashion, and employing technology to better serve clients," Rieniets continued. Total assets as of September 30 were $813,465,000 consistent with the prior quarter, and a 12.3% increase over the prior year same period. During the quarter non-interest bearing deposits increased $1,629,000 or 8% on an annualized basis, while interest-bearing deposits were virtually unchanged. The mix of interest-bearing deposits continued to shift in favor of certificates of deposit, though that trend was slowing toward the end of the quarter.

Key Points:

Quarterly profits compared favorably to the prior quarter, increasing $0.18 cents, or 29% over the second quarter of 2023.
Total assets as of September 30 were $813,465,000 consistent with the prior quarter, and a 12.3% increase over the prior year same period.
Year-to-date net interest income of $18,949,000 represented a 7.3% increase over the same period for the prior year.
Quarterly earnings per share were $0.80 for the quarter ended Sept 30, 2023, compared to $0.89 for the quarter ended Sept 30, 2022.

Freedom Financial Holdings Announces Earnings for Third Quarter of 2023

Retrieved on:

Friday, October 27, 2023

Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.

Key Points:

Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter.
Return on Average Assets ("ROAA") was 0.49% for the quarter ended September 30, 2023, compared to 0.69% for the linked quarter and 1.15% for the three months ended September 30, 2022.
The Efficiency Ratio3 was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.
The Efficiency Ratio was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.

Truxton Corporation Reports Third Quarter 2023 Results

Retrieved on:

Thursday, October 19, 2023

Environment, Allowance for Loan and Lease Losses, Growth, Current Expected Credit Losses, WMS, Video game, Rare-earth element, Cryptocurrency

NASHVILLE, Tenn., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended September 30, 2023.

Key Points:

NASHVILLE, Tenn., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended September 30, 2023.
Wealth management services constituted 93% of non-interest income in the third quarter of 2023 compared to 93% in the second quarter of 2023 and 94% in the third quarter of 2022.
Cost of funds was 3.05% in the third quarter of 2023, up from 2.80% for the quarter ended June 30, 2023, and up from 1.02% for the quarter ended September 30, 2022.
Truxton had $1 thousand of recoveries in the third quarter of 2023 compared to no net charge-offs in the trailing quarter or in the third quarter of 2022.

Freedom Financial Holdings Announces Earnings for Second Quarter of 2023

Retrieved on:

Friday, July 28, 2023

Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.

Key Points:

Joseph J. Thomas, President, and CEO, commented, "We are encouraged by improvements in the Company's second quarter performance with pre-tax income increasing by 83.97% compared to the first quarter of 2023.
The increase in non-interest income in the second quarter of 2023 compared to the linked quarter was primarily due to a rebound in gain-on-sale revenue from mortgage loans.
Non-interest-bearing demand deposits decreased by $5.13 million during the second quarter and comprised 18.33% of total deposits at the end of the second quarter.
Retained earnings were $37.24 million on June 30, 2023, compared to $35.47 million on March 31, 2023, and $34.11 million on December 31, 2022.

OXFORD BANK CORPORATION ANNOUNCES SECOND QUARTER AND SIX MONTH 2023 OPERATING RESULTS

Retrieved on:

Wednesday, July 26, 2023

OXFORD, Mich., July 26, 2023 /PRNewswire/ -- Oxford Bank Corporation ("the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), today announced operating results for the second quarter ended June 30, 2023.

Key Points:

OXFORD, Mich., July 26, 2023 /PRNewswire/ -- Oxford Bank Corporation ("the Company") (OTC Bulletin Board: OXBC), the holding company for Oxford Bank ("the Bank"), today announced operating results for the second quarter ended June 30, 2023.
President and CEO, David Lamb, commented "We are very pleased with the Company's earnings trends including our second quarter results.
Net loans at second quarter-end 2023 were $484.8 million, compared to $421.8 million at second quarter-end 2022, an increase of $63.0 million.
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company.

INSBANK Parent InsCorp Reports Second Quarter Profits

Retrieved on:

Monday, July 24, 2023

Insurance, CD, Comprehensive income, Tax, AOCI, FDIC, GAAP, Allowance for Loan and Lease Losses, Federal funds, CECL, OTCQX, C&I, Bank, Tutoring, Cryptocurrency, Rare-earth element

NASHVILLE, Tenn., July 24, 2023 /PRNewswire/ -- Today InsCorp (OTCQX: IBTN), reported a second quarter net profit of $1,776,000 or, $0.62 per share, increasing year-to-date profits to $3,826,000, or $1.33 per share. Net interest income for the quarter totaled $6,234,000, increasing an annualized 7.1% over the most recent quarter. Year-to-date net interest income of $12,359,000 represented a 12.8% increase over the same period for the prior year. Pre-tax operating income for the second quarter, excluding a $306,000 mark-to-market adjustment on hedging activities, was $3,026,000, and represented an increase over the first quarter of 2023. At the bank level, net interest margin for the second quarter was 3.38%, consistent with the first quarter measure of 3.37%. Yield on earning assets increased 29 basis points to 6.11%, while cost of funding increased 45 basis points to 3.05%. "Given historical industry measures of funding costs relative to Fed Funds, and the ease with which depositors can open accounts on their smartphones, we assume that the industry drifts toward commoditization of interest-bearing deposits as rates rise and stay at those levels," said Jim Rieniets, President and CEO of INSBANK. "For these reasons we have historically tried to minimize exposure to long-dated assets and focused on highly efficient operations to sustain earnings as long-term trends will see margin compress, regardless of rate cycles," Rieniets continued.

Key Points:

NASHVILLE, Tenn., July 24, 2023 /PRNewswire/ -- Today InsCorp (OTCQX: IBTN), reported a second quarter net profit of $1,776,000 or, $0.62 per share, increasing year-to-date profits to $3,826,000, or $1.33 per share.
Net interest income for the quarter totaled $6,234,000, increasing an annualized 7.1% over the most recent quarter.
Pre-tax operating income for the second quarter, excluding a $306,000 mark-to-market adjustment on hedging activities, was $3,026,000, and represented an increase over the first quarter of 2023.
At the bank level, net interest margin for the second quarter was 3.38%, consistent with the first quarter measure of 3.37%.

Truxton Corporation Reports Second Quarter 2023 Results

Retrieved on:

Thursday, July 20, 2023

Growth, Allowance for Loan and Lease Losses, Current Expected Credit Losses, Bank, Video game, Cryptocurrency

NASHVILLE, Tenn., July 20, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended June 30, 2023.

Key Points:

NASHVILLE, Tenn., July 20, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended June 30, 2023.
Wealth management services constituted 93% of non-interest income in the second quarter of 2023 compared to 94% in the first quarter of 2023 and 95% in the second quarter of 2022.
Cost of funds was 2.80% in the second quarter of 2023, up from 2.27% for the quarter ended March 31, 2023, and up from 0.50% for the quarter ended June 30, 2022.
Truxton had $0 of net charge-offs in the second quarter of 2023, $2 thousand in recoveries in the trailing quarter, and $0 of net charge-offs in the second quarter of 2022.

PBCO Financial Corporation Reports Q2 2023 Earnings

Retrieved on:

Wednesday, July 19, 2023

Banking, Professional Services, Finance, Federal Reserve Bank of St. Louis, Risk-weighted asset, Government, Allowance for Loan and Lease Losses, Philosophy, Retirement, Investment, OTC, Capital, Growth, Bank, Commerce, Real estate, Pharmaceutical industry, Management

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), today reported earnings of $1.65 million and earnings per diluted share of $0.31 for the quarter ended June 30, 2023, similar to $1.67 million and $0.31 per diluted share for the quarter ended March 31, 2023.

Key Points:

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), today reported earnings of $1.65 million and earnings per diluted share of $0.31 for the quarter ended June 30, 2023, similar to $1.67 million and $0.31 per diluted share for the quarter ended March 31, 2023.
The investment portfolio decreased 6.1% to $220.4 million in second quarter of 2023 from $234.6 million at the end of the first quarter 2023.
Second quarter 2023 non-interest income totaled $2.4 million, an increase of $183 thousand from the first quarter of 2023.
As of June 30, 2023, the Tier 1 Capital Ratio for PBCO Financial Corporation was 11.15% with total shareholder equity of $72.6 million.

Broadway Financial Corporation Announces Results for First Quarter 2023

Retrieved on:

Tuesday, May 16, 2023

Non-interest income for the first quarter of 2023 totaled $289 thousand, comparable to $281 thousand for the first quarter of 2022.

Key Points:

Non-interest income for the first quarter of 2023 totaled $289 thousand, comparable to $281 thousand for the first quarter of 2022.
Total non-interest expense was $6.2 million for the first quarter of 2023, comparable to $6.0 million for the first quarter of 2022.
The Company recorded income tax expense of $674 thousand for the first quarter of 2023 and $363 thousand for the first quarter of 2022.
The effective tax rate was 29.7% for the first quarter of 2023, compared to 27.0% for the first quarter of 2022.

PBCO Financial Corporation Reports Q1 2023 Earnings

Retrieved on:

Wednesday, April 19, 2023

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the first quarter of 2023.

Key Points:

PBCO Financial Corporation (OTC PINK: PBCO), the holding company (Company) of People’s Bank of Commerce (Bank), announced today its financial results for the first quarter of 2023.
The investment portfolio decreased to $234.6 million in Q1 2023 from $236.3 million at the end of Q4 2022, a 0.7% decrease.
During Q1 2023, Steelhead Finance factoring revenue decreased $90 thousand, a 5.8% decrease from the prior quarter.
As of March 31, 2023, the Tier 1 Capital Ratio for PBCO Financial Corporation was 10.98% with total shareholder equity of $73.6 million.