Current Expected Credit Losses

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2023 Results

Retrieved on: 
Thursday, February 15, 2024
Comparison, Total, Community Bank, Bank, CECL, Growth, Sale, OSB, ACL, FHLB, Current Expected Credit Losses, Result, Finance, Three Months, Environment, Face, Pressure, Cryptocurrency

OTTAWA, Ill., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.2 million, or $0.08 per basic and diluted common share for the three months ended December 31, 2023, compared to net income of $0.5 million, or $0.22 per basic and diluted common share for the three months ended December 31, 2022. For the year ended December 31, 2023, the Company announced net income of $1.7 million, or $0.66 per basic and diluted common share, compared to net income of $2.5 million, or $0.96 per basic and diluted common share for the year ended December 31, 2022. The loan portfolio, net of allowance, increased to $312.2 million as of December 31, 2023 from $307.8 million as of December 31, 2022. Non-performing loans increased from $2.3 million at December 31, 2022 to $4.8 million at December 31, 2023, which caused the ratio of non-performing loans to gross loans to increase from 0.73% at December 31, 2022 to 1.52% at December 31, 2023.  

Key Points: 
  • The loan portfolio, net of allowance, increased to $312.2 million as of December 31, 2023 from $307.8 million as of December 31, 2022.
  • Net recoveries during the fourth quarter of 2023 were $17,298 compared to net charge offs of $566,036 during the fourth quarter of 2022.
  • Total deposits decreased $8.6 million, or 3.0%, to $281.1 million at December 31, 2023 from $289.7 million at December 31, 2022.
  • Stockholders’ equity increased $0.2 million, or 0.5% to $41.7 million at December 31, 2023 from $41.5 million at December 31, 2022.

Bay Community Bancorp Earns $1.31 Million in Fourth Quarter 2023 and a Record $8.23 Million for the Year; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Monday, February 5, 2024
Federal, ECIP, Growth, ERP, Community Bank, CECL, FDIC, BEA, Common equity, Compact disc, DDA, Investment, Current Expected Credit Losses, Environmental protection, NOW, Bank, Community development financial institution, Share repurchase, Video game

For the year 2023, net income increased 2.1% to a record $8.23 million, compared to $8.06 million in 2022.

Key Points: 
  • For the year 2023, net income increased 2.1% to a record $8.23 million, compared to $8.06 million in 2022.
  • This marks the twelfth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Pre-tax, pre-provision, pre-CDFI grant income was $1.59 million in the fourth quarter of 2023, compared to $3.39 million in the year ago quarter, and $1.99 million in the third quarter of 2023.
  • Noninterest expense was $6.84 million in the fourth quarter of 2023, compared to $5.48 million in the fourth quarter of 2022, and $6.46 million in the third quarter of 2023.

Lake Shore Bancorp, Inc. Announces 2023 Fourth Quarter and Year End Financial Results

Retrieved on: 
Wednesday, January 31, 2024
Comptroller, CECL, FDIC, Bank, Environment, Marketing, Current Expected Credit Losses, Total, Sale, Currency, Insurance, Income tax, Cryptocurrency

2023 Full Year and Fourth Quarter Financial Highlights:

Key Points: 
  • 2023 Full Year and Fourth Quarter Financial Highlights:
    Net income decreased to $749,000 during the 2023 fourth quarter, a decrease of $443,000, or 37.2%, when compared to the 2022 fourth quarter.
  • 2023 fourth quarter net interest income decreased $990,000, or 15.1%, to $5.6 million from the 2022 fourth quarter.
  • Interest income for the 2023 fourth quarter was $8.6 million, an increase of $1.1 million, or 15.3%, compared to $7.5 million for the 2022 fourth quarter.
  • 2023 fourth quarter interest expense was $3.1 million, an increase of $2.1 million, or 231.0%, from $923,000 for the 2022 fourth quarter.

First Keystone Announces Fourth Quarter 2023 Earnings (Unaudited)

Retrieved on: 
Wednesday, January 31, 2024
Banking, Professional Services, Finance, Security (finance), Growth, SBA, OTC Markets Group, FKYS, Community Bank, Federal funds, Income tax, Fraud, Paycheck Protection Program, Disclosure, Trust, Current Expected Credit Losses, Asset, Dain Rauscher Wessels, Bank, Corporation, Tradition, ATM, Bank statement, Federal Home Loan Banks

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $5,560,000 for the year ended December 31, 2023.

Key Points: 
  • First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income of $5,560,000 for the year ended December 31, 2023.
  • Net income per share was $0.91 while dividends totaled $1.12 per share for the year ended December 31, 2023.
  • The net effect of the derivative on net interest income was $443,000 for the year ended December 31, 2023.
  • For more information on First Keystone Community Bank or its parent company, First Keystone Corporation, please contact Elaine A. Woodland at 570-752-3671.

USCB Financial Holdings, Inc. Reports Diluted EPS of $0.14 for Q4 2023

Retrieved on: 
Thursday, January 25, 2024
PTPP, NIM, U.S. Century Bank, USCB, ACL, Bank, Federal, Federal Reserve, History, Current Expected Credit Losses, Futures contract, Webcast, Century Bank, Cryptocurrency

Annualized return on average assets for the quarter ended December 31, 2023 was 0.48% compared to 0.86% for the fourth quarter of 2022.

Key Points: 
  • Annualized return on average assets for the quarter ended December 31, 2023 was 0.48% compared to 0.86% for the fourth quarter of 2022.
  • The efficiency ratio for the quarter ended December 31, 2023 was 68.27% compared to 59.81% for the fourth quarter of 2022.
  • Operating efficiency ratio (non-GAAP financial measure) for the quarter ended December 31, 2023 was 64.63% compared to 53.46% for the fourth quarter of 2022.
  • To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask to join the USCB Financial Holdings Call.

White River Bancshares Co. Earns $788,000, or $0.79 Per Diluted Share, in Fourth Quarter 2023 and Earns $2.55 Million, or $2.56 Per Diluted Share for the Year; Highlighted by Double Digit Loan and Deposit Growth Year-Over-year

Retrieved on: 
Thursday, January 18, 2024
NIM, CECL, Total, 2020, Bank, FHLB, Current Expected Credit Losses, Tier 1, Signature Bank, Environment, Banco, AOCI, OTCQX, Small business, Marketing, Growth

Fourth Quarter 2023 Financial Highlights:

Key Points: 
  • Fourth Quarter 2023 Financial Highlights:
    Fourth quarter net income was $788,000, or $0.79 per diluted share, compared to $1.42 million, or $1.42 per diluted share, in the fourth quarter of 2022.
  • Fourth quarter net interest margin (“NIM”) was 3.00%, compared to 3.79% in the fourth quarter a year ago.
  • Net interest income was $7.8 million in the fourth quarter of 2023, compared to $8.8 million in the fourth quarter of 2022.
  • Total interest income increased 31.3% to $14.7 million in the fourth quarter of 2023, compared to $11.2 million in the fourth quarter of 2022.

BayCom Corp Reports 2023 Fourth Quarter Earnings of $6.4 Million

Retrieved on: 
Thursday, January 25, 2024
Small Business, Banking, Professional Services, Finance, FDIC, SBIC, Collection, Bank, Paycheck Protection Program, Trust, ICS, Insurance, FHLB, Forgiveness, Current Expected Credit Losses, Federal funds, Sale, Tax, Acquisition, SBA, Small business, Guarini, Government, FRB, PPP, Cryptocurrency

Net interest income decreased $1.3 million, or 5.2%, to $23.5 million for the fourth quarter of 2023 from $24.8 million in the prior quarter, and decreased $2.9 million, or 11.1%, from $26.5 million in the same quarter a year ago.

Key Points: 
  • Net interest income decreased $1.3 million, or 5.2%, to $23.5 million for the fourth quarter of 2023 from $24.8 million in the prior quarter, and decreased $2.9 million, or 11.1%, from $26.5 million in the same quarter a year ago.
  • Average interest-earning assets decreased $30.4 million, or 1.2%, and increased $34.2 million, or 1.36%, for the fourth quarter of 2023 compared to the third quarter of 2023 and the fourth quarter of 2022, respectively.
  • Noninterest income for the fourth quarter of 2023 increased $1.0 million, or 61.8%, to $2.7 million compared to $1.7 million in the prior quarter of 2023, and increased $1.8 million, or 196.0%, compared to $904,000 for the fourth quarter of 2022.
  • Noninterest expense for the fourth quarter of 2023 decreased $1.4 million, or 8.7%, to $15.1 million compared to $16.5 million for the prior quarter of 2023, and decreased $1.2 million, or 7.6%, compared to $16.3 million for the fourth quarter of 2022.

OTTAWA BANCORP, INC. Announces Third Quarter 2023 Results

Retrieved on: 
Monday, November 13, 2023
Sale, Community Bank, Pressure, Three Months, Current Expected Credit Losses, Comparison, FHLB, CECL, Finance, Nine Months, OSB, Result, Environment, ACL, Cryptocurrency, Bank

Net charge-offs during the third quarter of 2023 were $349 thousand compared to net recoveries of $147 thousand during the third quarter of 2022.

Key Points: 
  • Net charge-offs during the third quarter of 2023 were $349 thousand compared to net recoveries of $147 thousand during the third quarter of 2022.
  • Total deposits decreased $5.0 million, or 0.6%, to $284.7 million at September 30, 2023 from $289.7 million at December 31, 2022.
  • Stockholders’ equity decreased $0.5 million, or 0.01%, to $41.0 million at September 30, 2023 from $41.5 million at December 31, 2022.
  • The decreases were partially offset by net income of $1.5 million for the nine months ended September 30, 2023.

The Victory Bancorp, Inc., Announces 2023 Third Quarter Earnings

Retrieved on: 
Tuesday, November 7, 2023
OTCQX, ACL, Legislation, Victory Bank, CECL, Credit, Current Expected Credit Losses, Investment, Rare-earth element, Bank, Cryptocurrency

LIMERICK, Pa., Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended September 30, 2023.

Key Points: 
  • LIMERICK, Pa., Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB), the holding company for The Victory Bank, announced unaudited results for the quarter ended September 30, 2023.
  • The unprecedented and severe increases to interest rates have squeezed net interest income and non-interest income for most banking companies, and The Victory Bank is no exception.
  • As a result of these external forces, the bank’s balance sheet has shrunk modestly as deposits have declined and investments have gradually run off.
  • Non-performing assets to total assets decreased slightly from 0.09% in the linked quarter to 0.01% in the current quarter.

Bay Community Bancorp Earns $3.12 Million in Third Quarter 2023; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Tuesday, October 31, 2023
FDIC, Community development financial institution, Bank, SVP, Environmental protection, Share repurchase, Acquisition, United States Department of the Treasury, Community Development Financial Institutions Fund, Environment, Phase 10, Growth, Community Bank, NOW, Current Expected Credit Losses, Bay, CECL, Compact disc, Common equity, Federal, CDFI, BEA, San Francisco, ECIP, Failure, Holding company, Real estate, Video game, Rare-earth element, San Francisco Bay Area

The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.

Key Points: 
  • The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.
  • This marks the eleventh consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.36 in the third quarter of 2023, compared to $0.25 in the third quarter a year ago, and $0.21 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $1.99 million in the third quarter of 2023, compared to $3.14 million in the year ago quarter, and $2.54 million in the second quarter of 2023.