Federal Home Loan Banks

Endeavor Bancorp Reports Net Income of $407,000 for the First Quarter of 2024; Results Highlighted by Net Interest Margin Expansion

Retrieved on: 
Wednesday, April 24, 2024
CFO, Total, Federal Reserve, Investment, OTCQX, Federal Home Loan Banks, Federal, Insurance, Growth, NIM, Tax, Senior, Bank, Hughes, FDIC, Human, SAN

Higher costs associated with the company’s expansion also impacted first quarter 2024 results.

Key Points: 
  • Higher costs associated with the company’s expansion also impacted first quarter 2024 results.
  • “Our first quarter 2024 operating results were highlighted by net interest margin expansion and steady loan growth.
  • As a result, we strengthened our allowance for loan losses during the quarter by adding to our loan loss reserves.
  • “Higher asset yields outpaced the increase in our cost of funds during the quarter, contributing to net interest margin expansion.

Stock Yards Bancorp Reports First Quarter Earnings of $25.9 Million or $0.88 Per Diluted Share

Retrieved on: 
Wednesday, April 24, 2024
Sale, ASU, Total, Investment, Treasury, FHLB, Community, Commercial, Federal Home Loan Banks, Depreciation, Insurance, Collection, Condition, Unemployment, CECL, Bank, AUM, Construction, S&P Global, WM, Growth, C&I

“Total loans increased $607 million, or 12%, over the last 12 months, $79 million of which was generated during the first quarter of this year.

Key Points: 
  • “Total loans increased $607 million, or 12%, over the last 12 months, $79 million of which was generated during the first quarter of this year.
  • Deposit balances declined $62 million, or 1%, on the linked quarter, as non-interest bearing demand accounts contracted $68 million, or 4%.
  • WM&T income ended the first quarter of 2024 at a record $10.8 million, increasing $1.2 million, or 13%, over the first quarter of 2023.
  • Total deposits decreased $62 million, or 1%, on the linked quarter primarily due to seasonal public funds runoff totaling $36 million.

Veritex Holdings, Inc. Reports First Quarter 2024 Operating Results

Retrieved on: 
Tuesday, April 23, 2024
Sale, LHI, Total, Central Time, Investment, FHLB, AFS, PIN, Federal Home Loan Banks, Share repurchase, Tangibility, ACL, Webcast, Three Months, Acquisition, FDIC, Government, GAAP, Thrive, Bank

Compared to the three months ended March 31, 2023, noninterest income for the three months ended March 31, 2024 decreased by $6.9 million, or 50.8%.

Key Points: 
  • Compared to the three months ended March 31, 2023, noninterest income for the three months ended March 31, 2024 decreased by $6.9 million, or 50.8%.
  • The dividend will be paid on or after May 24, 2024 to stockholders of record as of the close of business on May 10, 2024.
  • Specifically, Veritex reviews and reports tangible book value per common share; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio.
  • The Company will host an investor conference call and webcast to review the results on Wednesday, April 24, 2024, at 8:30 a.m. Central Time.

Farmers and Merchants Bancshares, Inc. Reports Earnings of $1,219,987 or $0.39 per Share for the Three Months Ended March 31, 2024

Retrieved on: 
Tuesday, April 23, 2024
Sale, Federal Reserve, Investment, AFS, Federal Home Loan Banks, FleetBoston Financial, Insurance, Farmer, Growth, Farmers and Merchants Bank, Environment, Tax, Bank, FDIC, FRB

The Company’s return on average equity during the three months ended March 31, 2024 was 9.40% compared to 15.49% for the same period in 2023.

Key Points: 
  • The Company’s return on average equity during the three months ended March 31, 2024 was 9.40% compared to 15.49% for the same period in 2023.
  • The Company’s return on average assets during the three months ended March 31, 2024 was 0.61% compared to 1.05% for the same period in 2023.
  • In addition, average interest bearing liabilities increased by $83.7 million to $626.9 million for the three months ended March 31, 2024 from $543.2 million for the same period in 2023.
  • No provision was recorded for credit losses for the three months ended March 31, 2024.

Dime Community Bancshares, Inc. Reports First Quarter 2024 Results With Earnings Per Share Increasing By 11% Versus the Prior Quarter

Retrieved on: 
Tuesday, April 23, 2024
Federal Home Loan Banks, Common equity, Sale, Webcast, FDIC, Total, Investment, Telephone, FHLB, Lubów, News, Growth

HAUPPAUGE, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share, compared to $14.5 million, or $0.37 per diluted common share, for the quarter ended December 31, 2023, and $35.5 million, or $0.92 per diluted common share for the quarter ended March 31, 2023.

Key Points: 
  • Mr. Lubow commented, “Given the strong deposit growth, we proactively reduced our FHLB borrowings in the first quarter.
  • Total non-interest expense was $52.5 million during the first quarter of 2024, $53.9 million during the fourth quarter of 2023, and $47.5 million during the first quarter of 2023.
  • The efficiency ratio was 64.0% during the first quarter of 2024, compared to 65.0% during the linked quarter and 50.1% during the first quarter of 2023.
  • Book value per common share was $28.84 at March 31, 2024 compared to $28.58 at December 31, 2023.

Lake Shore Bancorp, Inc. Announces 2024 First Quarter Financial Results

Retrieved on: 
Monday, April 22, 2024
Sale, Total, Federal Home Loan Banks, Federal Reserve Bank, Insurance, Bank, Marketing, MHC, FDIC

2024 First Quarter Financial Highlights:

Key Points: 
  • 2024 First Quarter Financial Highlights:
    Total deposits increased by $3.8 million, or 0.6% since December 31, 2023.
  • Net interest income for the 2024 first quarter decreased $1.2 million, or 18.4%, to $5.1 million as compared to $6.3 million for the 2023 first quarter.
  • Interest income for the 2024 first quarter was $8.6 million, an increase of $658,000, or 8.3%, compared to $8.0 million for the 2023 first quarter.
  • Interest expense for the 2024 first quarter was $3.5 million, an increase of $1.8 million, or 109.4%, from $1.7 million for the 2023 first quarter.

Capital City Bank Group, Inc. Reports First Quarter 2024 Results

Retrieved on: 
Monday, April 22, 2024
Sale, HFI, Investment, Federal Home Loan Banks, Insurance, Growth, Environment, Bank, 401(k), FED, Calendar, NOW

Further, the first quarter of 2024 had one less calendar day compared to the fourth quarter of 2023 and one additional calendar day compared to the first quarter of 2023.

Key Points: 
  • Further, the first quarter of 2024 had one less calendar day compared to the fourth quarter of 2023 and one additional calendar day compared to the first quarter of 2023.
  • We recorded a provision for credit losses of $0.9 million for the first quarter of 2024 compared to $2.0 million for the fourth quarter of 2023 and $3.1 million for the first quarter of 2023.
  • Noninterest income for the first quarter of 2024 totaled $18.1 million compared to $17.2 million for the fourth quarter of 2023 and $17.8 million for the first quarter of 2023.
  • Noninterest expense for the first quarter of 2024 totaled $40.2 million compared to $40.0 million for the fourth quarter of 2023 and $37.7 million for the first quarter of 2023.

CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results

Retrieved on: 
Friday, April 19, 2024
Sale, FHLB, Average cost, Risk, Federal Home Loan Banks, Mortgage loan, Gross domestic product, SBA, Environment, Unemployment, CIB, Bank, Bank statement, Growth

BROOKFIELD, Wis., April 19, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2024.

Key Points: 
  • BROOKFIELD, Wis., April 19, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2024.
  • Income before tax was $0.2 million for the first quarter of 2024, nominally higher than the fourth quarter of 2023.
  • Net income for the first quarter of 2023 was $0.2 million or $0.17 basic or $0.13 diluted net income per share.
  • Net interest income was down $0.2 million from the fourth quarter of 2023 and down $0.9 million from the first quarter of 2023.

Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for First Quarter 2024

Retrieved on: 
Friday, April 19, 2024
Sale, HFI, Investment, OTCQX, AFS, Federal Home Loan Banks, Trust, SBA, CDARS, Risk management, Environment, Culture, Unemployment, Tax, Client, Bank, Acquisition, Marketing, Government agency, Team, Growth, LTV

LA JOLLA, Calif., April 19, 2024 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the first fiscal quarter ended March 31, 2024. The Company reported net income of $7.9 million, or $1.36 per diluted share, for the first quarter of 2024, compared to $7.9 million, or $1.36, in the prior quarter, and $9.0 million, or $1.57, in the first quarter of 2023.

Key Points: 
  • Net income for the first quarter of 2024 of $7.9 million, compared to $7.9 million in the prior quarter and $9.0 million in the first quarter of 2023.
  • The Company reported net income of $7.9 million, or $1.36 per diluted share, for the first quarter of 2024, compared to $7.9 million, or $1.36, in the prior quarter, and $9.0 million, or $1.57, in the first quarter of 2023.
  • The cost of total deposits was 2.61% for the first quarter of 2024 compared to 2.41% in the prior quarter.
  • Provision for income tax expense was $3.3 million for the first quarter of 2024, compared to $3.3 million for the prior quarter.

First Western Reports First Quarter 2024 Financial Results

Retrieved on: 
Thursday, April 18, 2024
Family, Sale, GAAP, Risk management, Federal Reserve, FHLB, Commercial, Federal Home Loan Banks, Bankruptcy, Insurance, Trust, Income tax, Development, Pressure, Bank, AUM, Subordination, Interest, Video game

DENVER, April 18, 2024 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2024.

Key Points: 
  • Gross revenue(1) was $23.5 million for the first quarter of 2024, an increase of 4.6%, from $22.5 million for the fourth quarter of 2023.
  • Net interest income for the first quarter of 2024 was $16.1 million, a decrease of 1.6% from $16.3 million in the fourth quarter of 2023.
  • Non-interest expense for the first quarter of 2024 was $19.7 million compared to $18.3 million for the fourth quarter of 2023.
  • The Company’s efficiency ratio(1) was 83.4% in the first quarter of 2024, compared with 80.9% in the fourth quarter of 2023 and 78.4% in the first quarter of 2023.