ROA

IBC Reports 37% Increase in Earnings in 2023

Retrieved on: 
Monday, February 26, 2024

Our outstanding earnings performance continues to prove that our long-standing strategies and commitment to cost control and non-interest income growth continues to be timely and successful.

Key Points: 
  • Our outstanding earnings performance continues to prove that our long-standing strategies and commitment to cost control and non-interest income growth continues to be timely and successful.
  • Total assets at Dec. 31, 2023 were $15.1 billion compared to $15.5 billion at Dec. 31, 2022.
  • Total net loans were $7.9 billion at Dec. 31, 2023 compared to $7.3 billion at Dec. 31, 2022.
  • Deposits were $11.8 billion at Dec. 31, 2023 compared to $12.7 billion at Dec. 31, 2022.

Lundberg Becomes the Leading U.S. Regenerative Organic Certified® Food Brand

Retrieved on: 
Tuesday, March 5, 2024

RICHVALE, Calif., March 5, 2024 /PRNewswire/ -- Lundberg Family Farms, a leading grower of organic rice and maker of best-selling packaged rice and rice snacks, is now the leading U.S. Regenerative Organic Certified® food brand introducing 70+ products made with Regenerative Organic Certified® rice across its portfolio. Last year, Lundberg became the first U.S.-grown rice brand to launch Regenerative Organic Certified® rice.

Key Points: 
  • RICHVALE, Calif., March 5, 2024 /PRNewswire/ -- Lundberg Family Farms , a leading grower of organic rice and maker of best-selling packaged rice and rice snacks, is now the leading U.S. Regenerative Organic Certified® food brand introducing 70+ products made with Regenerative Organic Certified® rice across its portfolio.
  • Last year, Lundberg became the first U.S.-grown rice brand to launch Regenerative Organic Certified® rice.
  • Lundberg worked with the Regenerative Organic Alliance (ROA) to certify more than 8,500 acres of rice, which is 4x more than the previous year.
  • The California-based brand grows 70% of California's Regenerative Organic Certified® rice and plans to transition the rest of its organic acreage by 2027.

AgriBank Reports Fourth Quarter 2023 and Year-End Financial Results

Retrieved on: 
Friday, March 1, 2024

ST. PAUL, Minn., March 1, 2024 /PRNewswire/ -- Today, St. Paul-based AgriBank announced financial results for the fourth quarter and full year of 2023, with strong profitability, credit quality, and liquidity and capital.

Key Points: 
  • ST. PAUL, Minn., March 1, 2024 /PRNewswire/ -- Today, St. Paul-based AgriBank announced financial results for the fourth quarter and full year of 2023, with strong profitability, credit quality, and liquidity and capital.
  • Credit quality: Total loan portfolio credit quality remained strong, with 99.4 percent of loans classified as acceptable at December 31, 2023.
  • "We are pleased to report that AgriBank completed the year with strong financial performance, which reflects the effectiveness of our business model and the Farm Credit lenders we support," said Jeffrey Swanhorst, AgriBank chief executive officer.
  • Total loans were $148.7 billion at December 31, 2023, an increase of $15.3 billion, or 11.4 percent, compared to December 31, 2022.

KIA EV9 NAMED AMONG LIST OF 2024 PARENTS BEST FAMILY CARS

Retrieved on: 
Monday, February 26, 2024

IRVINE, Calif., Feb. 26, 2024 /PRNewswire/ -- PARENTS has recognized the Kia EV9 (best electric 3-row SUV) in its "Best Family Cars" awards for 2024.

Key Points: 
  • IRVINE, Calif., Feb. 26, 2024 /PRNewswire/ -- PARENTS has recognized the Kia EV9 (best electric 3-row SUV) in its "Best Family Cars" awards for 2024.
  • "PARENTS Best Family Cars awards exemplify Kia's position as a brand that meets the needs of their busy family," said Steven Center, COO & EVP, Kia America.
  • "We're honored to see the EV9 awarded for its technology, capability and comfort for the entire family."
  • PARENTS experts tested over 140 cars total, across categories from a field of new model vehicles.

AKUMIN ANNOUNCES PARTNERSHIP WITH NORTHERN NEVADA SIERRA MEDICAL CENTER FOR RADIATION ONCOLOGY SERVICES

Retrieved on: 
Wednesday, February 21, 2024

PLANTATION, Fla., Feb. 21, 2024 /PRNewswire/ - Akumin Inc., a national provider of outpatient radiology and oncology services, and Northern Nevada Sierra Medical Center (SMC) today announced a new partnership to expand radiation oncology services in the Nevada market.

Key Points: 
  • PLANTATION, Fla., Feb. 21, 2024 /PRNewswire/ - Akumin Inc., a national provider of outpatient radiology and oncology services, and Northern Nevada Sierra Medical Center (SMC) today announced a new partnership to expand radiation oncology services in the Nevada market.
  • The partnership is a joint venture inclusive of two local, independent oncology physician groups, Radiation Oncology Associates (ROA) and Cancer Care Specialists (CCS).
  • "We are pleased to begin this partnership with local physicians who have an interest in growing oncology services in northern Nevada," said Helen Lidholm, interim CEO at Northern Nevada Sierra Medical Center.
  • "Our partnership with SMC and local partners, Radiation Oncology Associates and Cancer Care Specialists, will immediately provide additional leading-edge radiology oncology services to the communities of Reno and northern Nevada."

What drives banks’ credit standards? An analysis based on a large bank-firm panel

Retrieved on: 
Wednesday, February 7, 2024

An analysis based on a large

Key Points: 
    • An analysis based on a large
      bank-firm panel

      No 2902

      Disclaimer: This paper should not be reported as representing the views of the European Central Bank
      (ECB).

    • We find
      that weaker capitalised banks adjust their credit standards more than healthier banks, especially for
      firms with a higher default risk.
    • Here we find t hat w eaker b anks r espond m ore f orcefully by
      tightening their credit standards more than better capitalised banks.
    • On the contrary, weaker banks
      may be more prone to adopt looser credit standards, with the aim of increasing their revenues.
    • To answer these questions, we analyse the determinants of banks? credit standards, i.e., their internal
      guidelines or loan approval criteria applied when deciding on granting credit.
    • 2 Altavilla

      ECB Working Paper Series No 2902

      2

      area banks tighten their credit standards more when linked to riskier firms, measured via firms? leverage
      and default risk.

    • We assess how euro area banks adjusted their credit standards in response to
      the negative COVID-19 pandemic shock, after accounting for government support measures.
    • When deciding on their credit standards, banks assess risks
      based on both their own loss absorption capacity and the credit risk of their borrowers.
    • On the contrary,
      weaker banks may be more prone to adopt looser credit standards, with the aim of increasing their
      revenues.
    • We provide evidence that
      euro area banks tighten their credit standards more when linked to riskier firms, measured via firms?
      leverage and default risk based on the Altman Z-score.
    • In
      addition, they focus on a different research question and use data from the IBLS only as a control.
    • ECB Working Paper Series No 2902

      5

      capital position implies less tightening of lending criteria, possibly reflecting the fact that banks can
      afford to adjust their credit standards more moderately.

    • Based on our results, this implies a stronger deterioration of their lending conditions compared
      with less vulnerable firms.
    • We assess how euro area banks adjusted their credit standards in response to
      the negative COVID-19 pandemic shock, after accounting for government support measures.
    • This is in line with the role of government support
      measures such as loan guarantees mitigating banks? exposure to firms? credit risks as they shield banks
      from firms? increased credit risks.
    • 2

      Related literature

      Our paper is closely related to studies analysing credit supply based on BLS indicators and the impact
      of monetary policy shocks on bank lending conditions in the euro area.

    • Hempell and Kok (2010) disentangle
      pure loan supply based on the BLS factors and investigate the role played by such factors for loan growth.
    • Several other studies link confidential individual BLS data with actual bank-level data, but not firm
      data, allowing an analysis of bank characteristics relevant for bank lending conditions.
    • They find that a short-term interest rate shock decreases both loan supply
      and demand, but more for less healthy banks.
    • Their findings are consistent with the results of our paper on the favourable impact of bank health on lending standards.
    • Both papers tend to find no evidence of higher risk taking of banks as a result
      of accommodative monetary policy.
    • More recent studies are based on
      confidential bank and firm-level data from national credit registers.
    • (2012) who focus on the bank-firm-relationship in Spain, based on credit register data.
    • Ferrero, Nobili, and Sene (2019) arrive at a corresponding conclusion on the risk-taking
      channel based on a confidential loan-level dataset of Italian banks.
    • In another paper, Altavilla, Boucinha, and Bouscasse (2022)
      disentangle credit demand and supply based on euro area credit register data (AnaCredit) for the period
      of the pandemic.
    • Our results emphasise the
      mitigating impact of government guarantees on a tightening of credit standards during the pandemic.
    • This mitigating impact played a major role in loan demand and not credit supply being decisive for lending volumes during the pandemic.
    • Based on their model, accommodative monetary policy is part of the optimal policy mix, combined with social insurance.
    • To keep the wealth of information
      available in the BLS, we run our analysis at the quarterly frequency of the survey.
    • of employees

      101.4

      2456.9

      2.0

      4.0

      12.0

      37.0

      116.0

      14944589

      Panel (a): Banks
      Credit standards

      Loan loss provisions
      Panel (b): Firms

      Notes: Descriptive statistics for the bank-firm sample included in the regression analysis.

    • Specifically, a one
      standard deviation increase in the CET1 ratio leads to 0.2 standard deviations lower credit standards,
      i.e., easier credit standards.
    • In their lending decisions, banks assess risks based on both their own
      loss absorption capacity and the credit risk of their borrowers.
    • ?Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications.? American Economic
      Review 102 (5):2301?2326.
    • ?Hazardous times for monetary policy: What do twenty-three million bank loans say
      about the effects of monetary policy on credit risk-taking?? Econometrica 82 (2):463?505.
    • ?The credit cycle and the business cycle: new findings using
      the loan officer opinion survey.? Journal of Money, Credit and Banking 38 (6):1575?1597.
    • guarantees: proxy from BLS, bank level

      0

      .1

      .2

      .3

      .4

      Government guarantees exposure

      -.5

      -.25

      0

      .25

      .5

      Government guarantees exposure

      Notes: Based on results from columns (3) and (6) of Table 4.

First Bancorp of Indiana, Inc. Announces Financial Results

Retrieved on: 
Tuesday, February 6, 2024

This compares to an annualized ROA of 0.64% and an annualized ROE of 11.51% for the corresponding period last fiscal year.

Key Points: 
  • This compares to an annualized ROA of 0.64% and an annualized ROE of 11.51% for the corresponding period last fiscal year.
  • Proceeds from the Company’s $12 million subordinated debt offering and wholesale deposits acquired by the Bank funded additional growth.
  • At 8.11%, First Federal’s tier one capital ratio exceeded the five percent regulatory standard for “well-capitalized” financial institutions.
  • Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results.

Medallion Bank Reports 2023 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend

Retrieved on: 
Tuesday, January 30, 2024

Total provision for credit losses was $9.7 million, compared to $8.4 million in the prior year quarter.

Key Points: 
  • Total provision for credit losses was $9.7 million, compared to $8.4 million in the prior year quarter.
  • Net medallion loan recoveries were $12.0 million, compared to $1.2 million during the prior year quarter.
  • Net medallion loan recoveries reduced annualized net charge-offs by 226 basis points, compared to 27 basis points in the prior year quarter.
  • Contributing to our fourth quarter results were $12.0 million of medallion loan recoveries that reduced our provision for credit losses.

POTOMAC BANCSHARES, INC. REPORTS 2023 FOURTH QUARTER AND FULL YEAR RESULTS

Retrieved on: 
Thursday, February 1, 2024

In the fourth quarter, we hired a Director of Government Lending to build this unit and expand our government lending strategy.

Key Points: 
  • In the fourth quarter, we hired a Director of Government Lending to build this unit and expand our government lending strategy.
  • Excluding this loss, the earnings for the fourth quarter of 2023 would have been $1.830 million or $0.44 per share.
  • Net unrealized losses in the AFS portfolio were $8.7 million as of Q4 2023 and $11.9 million as of Q3 2023.
  • The allowance for credit losses was 1.02% of total loans outstanding as of Q4 2023 and 1.04% as of Q3 2023.

Valley National Bancorp Reports Fourth Quarter 2023 Results

Retrieved on: 
Thursday, January 25, 2024

During the fourth quarter 2023, the provision for credit losses for loans was $20.7 million as compared to $9.1 million and $7.3 million for the third quarter 2023 and fourth quarter 2022, respectively.

Key Points: 
  • During the fourth quarter 2023, the provision for credit losses for loans was $20.7 million as compared to $9.1 million and $7.3 million for the third quarter 2023 and fourth quarter 2022, respectively.
  • Credit Quality: Net loan charge-offs totaled $17.5 million for the fourth quarter 2023 as compared to $5.5 million and $22.4 million for the third quarter 2023 and fourth quarter 2022, respectively.
  • Efficiency Ratio: Our efficiency ratio was 60.70 percent for the fourth quarter 2023 as compared to 56.72 percent and 49.30 percent for the third quarter 2023 and fourth quarter 2022, respectively.
  • Net interest income on a tax equivalent basis totaling $398.6 million for the fourth quarter 2023 decreased $15.1 million and $68.7 million as compared to the third quarter 2023 and fourth quarter 2022, respectively.