Federal Reserve responses to the subprime crisis

Chemung Financial Corporation Reports Third Quarter 2023 Net Income of $7.6 million, or $1.61 per Share

Retrieved on: 
Tuesday, October 24, 2023
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“The Company again demonstrated solid financial performance in the third quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation."

Key Points: 
  • “The Company again demonstrated solid financial performance in the third quarter,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation."
  • Fully taxable equivalent net interest margin was 2.73% for the third quarter 2023, compared to 3.08% for the same period in the prior year.
  • The provision for credit losses decreased $0.8 million for the third quarter of 2023, when compared to the third quarter of 2022.
  • Income tax expense for the third quarter of 2023 increased to $2.1 million compared to $1.7 million in the third quarter of 2022.

CNB Financial Corporation Reports Third Quarter 2023 Results

Retrieved on: 
Monday, October 23, 2023
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CNB Financial Corporation ("CNB" or the "Corporation") (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2023, and disclosed quarterly growth in total deposits, loans, and assets.

Key Points: 
  • CNB Financial Corporation ("CNB" or the "Corporation") (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2023, and disclosed quarterly growth in total deposits, loans, and assets.
  • At September 30, 2023, the Corporation had $117.6 million of cash equivalents held in CNB Bank's interest-bearing deposit account at the Federal Reserve.
  • At September 30, 2023, June 30, 2023 and September 30, 2022, the Corporation had no outstanding short-term borrowings from the FHLB.
  • The $1.3 million decrease in the provision expense for the third quarter of 2023 compared to the second quarter of 2023 was primarily a result of lower loan portfolio growth in the third quarter of 2023 compared to the second quarter of 2023.

West Coast Community Bancorp, Parent Company of Santa Cruz County Bank, Reports Earnings For the Quarter Ended September 30, 2023

Retrieved on: 
Tuesday, October 24, 2023
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SANTA CRUZ, Calif., Oct. 24, 2023 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp", OTCQX: SCZC), the parent company of Santa Cruz County Bank (the "Bank"), announced unaudited earnings for the quarter ended September 30, 2023 of $9.1 million, an increase of 10% from $8.3 million in the prior quarter and a decrease of 1% from $9.2 million in the third quarter of 2022. Basic and diluted earnings per share in the third quarter of 2023 were $1.09 and $1.08, respectively, and both improved over the prior quarter by $0.10. Basic and diluted earnings per share in the third quarter of 2023 improved over the prior year comparative quarter by $0.01 and $0.04, respectively.

Key Points: 
  • Basic and diluted earnings per share in the third quarter of 2023 improved over the prior year comparative quarter by $0.01 and $0.04, respectively.
  • Year-to-date earnings for the nine-month period ended September 30, 2023 were $26.3 million, an increase of 26% from $20.9 million over 2022.
  • Deposits totaled $1.53 billion at September 30, 2023, an increase of $61.5 million or 4%, compared to June 30, 2023.
  • The Bank's cost of funds increased nine basis points from the second quarter of 2023 of 0.78%, to 0.87% in the third quarter of 2023.

Bank of Marin Bancorp Reports Third Quarter Earnings of $5.3 Million

Retrieved on: 
Monday, October 23, 2023
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Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $5.3 million for the third quarter of 2023, compared to $4.6 million for the second quarter of 2023.

Key Points: 
  • Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $5.3 million for the third quarter of 2023, compared to $4.6 million for the second quarter of 2023.
  • Loan originations for the third quarter were $22.7 million, compared to $22.8 million for the second quarter of 2023.
  • Loan payoffs were $12.7 million for the third quarter, compared to $24.6 million for the second quarter of 2023.
  • At September 30, 2023, the Bank had $120.0 million in outstanding borrowings, compared to $292.2 million at June 30, 2023, a reduction of $172.2 million.

RSM US Survey Data Details Impact of Rising Financing Costs on Middle Market Firms and Potential Risks to Economy

Retrieved on: 
Monday, October 23, 2023
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CHICAGO, Oct. 23, 2023 /PRNewswire/ -- Rising real interest rates are pushing up the cost of commercial and industrial loans, making it harder for middle market businesses to meet payrolls and finance their expansion, according to the RSM US Middle Market Business Index (MMBI) Funding Special Report, presented by RSM US LLP ("RSM").

Key Points: 
  • The survey found that middle market firms are paying between 10.9% and 15.5% for financing, and these rates are pushing the risk premiums on loans close to double digits.
  • The survey results show that middle market firms are casting a wider net for financing.
  • When asked about where they are getting funding, 36% of middle market executives said they have turned to the shadow banking market.
  • The survey data that informs this index reading was gathered from 416 respondents between July 5 and July 25, 2023.

Equity Bancshares, Inc. Reports Third Quarter Results; Including Net Interest Margin Growth Driven by Core Deposit Base

Retrieved on: 
Tuesday, October 17, 2023
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During the quarter, the Company realized linked period Net Interest Margin growth of 13 basis points, and Net Interest Income growth of $1.6 million.

Key Points: 
  • During the quarter, the Company realized linked period Net Interest Margin growth of 13 basis points, and Net Interest Income growth of $1.6 million.
  • Pre-tax, pre-provision net income for the quarter was $15.5 million up $2.3 million linked quarter driven by growth in both net interest income and non-interest income.
  • During the quarter, the Company received non-objection from the Federal Reserve Bank of Kansas City related to the repurchase plan.
  • During the third quarter, Equity announced two internal promotions to its executive management team.

Packaging Supplier Cuts Prices of Corrugated Boxes; Pinnacle Packaging Adapts to Economic Climate with a Bold Move

Retrieved on: 
Monday, September 25, 2023
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LOMBARD, Ill., Sept. 25, 2023 /PRNewswire-PRWeb/ -- Lombard, Illinois-based packaging supplier Pinnacle Packaging is making a bold move to address the challenging economic climate. As it adapts to prevailing market conditions, the company has reduced prices on its corrugated boxes, following a recent trend begun by wholesalers.

Key Points: 
  • Lombard, Illinois-based packaging supplier Pinnacle Packaging is making a bold move to address the challenging economic climate.
  • LOMBARD, Ill., Sept. 25, 2023 /PRNewswire-PRWeb/ -- Lombard, Illinois-based packaging supplier Pinnacle Packaging is making a bold move to address the challenging economic climate.
  • As it adapts to prevailing market conditions, the company has reduced prices on its corrugated boxes, following a recent trend begun by wholesalers.
  • Pinnacle Packaging President Nicole DeJoris shared insights into this strategic decision, emphasizing the company's commitment to its customers despite ongoing economic pressures.

Strive Launches Actively Managed Fixed Income Funds That Prioritize Maximizing Shareholder Value

Retrieved on: 
Friday, August 11, 2023
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Strive , an asset management firm on a mission to maximize shareholder value by leading companies to focus on excellence, is proud to announce the launch of its first actively managed fixed income funds – the Strive Total Return Bond ETF (STXT) and the Strive Enhanced Income Short Maturity ETF (BUXX).

Key Points: 
  • Strive , an asset management firm on a mission to maximize shareholder value by leading companies to focus on excellence, is proud to announce the launch of its first actively managed fixed income funds – the Strive Total Return Bond ETF (STXT) and the Strive Enhanced Income Short Maturity ETF (BUXX).
  • The Strive Total Return Bond ETF (STXT) is an actively managed bond fund that provides core fixed income exposure seeking to maximize total return over a full market cycle.
  • The Strive Enhanced Income Short Maturity ETF (BUXX) is an actively managed ultrashort bond fund with a duration of one year or less seeking to provide enhanced income while minimizing price volatility.
  • Both funds will be managed by Strive's CEO & CIO, Matt Cole, who previously oversaw more than $70 billion in actively managed Fixed Income portfolios at CalPERS.

Petal Closes New $200 Million Debt Facility from Victory Park Capital, Raises Additional Debt and Equity Funding

Retrieved on: 
Thursday, August 3, 2023
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NEW YORK, Aug. 3, 2023 /PRNewswire-PRWeb/ -- Credit card and financial technology company Petal announced today that it has closed a committed $200 million debt facility from Victory Park Capital ("VPC"), a global alternative investment firm specializing in private credit.

Key Points: 
  • In addition, Petal has raised more than $20 million in new equity financing from its existing investors, building on the $35 million in funding Petal announced in May .
  • To date, nearly 400,000 consumers have been approved for Petal credit cards, including more than 100,000 new cards approved in 2022.
  • We're thankful to Victory Park Capital, Trinity and our existing investors, whose support will be crucial to our growth in this next chapter."
  • With the addition of this new funding, Petal has raised more than $300 million in equity capital and more than $680 million in debt financing.

Boise Cascade Company Reports Second Quarter 2023 Results

Retrieved on: 
Monday, July 31, 2023
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BMD segment income decreased $55.7 million to $98.6 million for the three months ended June 30, 2023, from $154.3 million in the comparative prior year quarter.

Key Points: 
  • BMD segment income decreased $55.7 million to $98.6 million for the three months ended June 30, 2023, from $154.3 million in the comparative prior year quarter.
  • Boise Cascade ended second quarter 2023 with $1,080.9 million of cash and cash equivalents and $395.9 million of undrawn committed bank line availability, for total available liquidity of $1,476.8 million.
  • The Company had $444.8 million of outstanding debt at June 30, 2023.
  • On July 27, 2023, our board of directors declared a quarterly dividend of $0.20 per share on our common stock, payable on September 15, 2023, to stockholders of record on September 1, 2023.