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Mission Bancorp Reports Record Annual Earnings of $30.5 Million, Annual Loan Growth of 13.2% and Annual Deposit Growth of 7.3%

Retrieved on: 
Tuesday, January 30, 2024

While many of our peers faced shrinking net interest margins, deposits, and profits, Mission experienced an expanding margin, deposit growth, and record annual earnings.

Key Points: 
  • While many of our peers faced shrinking net interest margins, deposits, and profits, Mission experienced an expanding margin, deposit growth, and record annual earnings.
  • Between higher deposit rates and increased competition, driving deposit growth has not been easy but our team rose to the challenge.
  • Loan interest income and fee accretion from the fourth quarter of 2022 to the current quarter increased by $3.7 million.
  • The decrease in the Company's cash position over the past quarter is primarily due to loan growth, which outpaced deposit growth for the quarter.

Genel Energy PLC: Trading and operations update

Retrieved on: 
Tuesday, January 30, 2024

Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in advance of the Company's full-year 2023 results, which are scheduled for release on 26 March 2024.

Key Points: 
  • Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update in advance of the Company's full-year 2023 results, which are scheduled for release on 26 March 2024.
  • The information contained herein has not been audited and may be subject to further review.
  • We have cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales.
  • Genel’s claim is that the KRG’s termination of the PSCs was repudiatory and, as a consequence, is claiming substantial damages.

RBAZ Bancorp, Inc. Announces Unaudited Financial Results for the Quarter and Year Ending December 31, 2023

Retrieved on: 
Monday, January 29, 2024

Prior year earnings of $1.06 per share were comprised of $0.96 per share attributable to core operations and $0.10 per share due to impacts from the Paycheck Protection Program.

Key Points: 
  • Prior year earnings of $1.06 per share were comprised of $0.96 per share attributable to core operations and $0.10 per share due to impacts from the Paycheck Protection Program.
  • Ending 2023 with a strong earnings performance, 14% asset growth and excellent credit quality amid all the headwinds coming at us is a tremendous source of pride.
  • Total borrowings of $20,929,000 at December 31, 2023 included $15,000,000 in advances from the Federal Home Loan Bank to support significant loan growth that occurred late in the fourth quarter.
  • The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

Q4 & Full Year 2023 Production Results and Operating Highlights

Retrieved on: 
Monday, January 29, 2024

Q4-2023 gold production of 7,891 ounces; FY2023 gold production of 33,153 ounces, a 4.2% improvement to FY2022.

Key Points: 
  • Q4-2023 gold production of 7,891 ounces; FY2023 gold production of 33,153 ounces, a 4.2% improvement to FY2022.
  • Coringa contributed 2,694 ounces of gold production in Q4 at mined grades of 6.33 g/t gold.
  • Appointed Andrew Khov, CPA, CA, CFA as its new Vice President, Investor Relations & Business Development, based in Toronto, Ontario, Canada.
  • “A satisfactory fourth quarter means gold production for the year has been 33,153 ounces which is a 4.2% improvement to 2022.

First Hawaiian, Inc. Reports Fourth Quarter 2023 Financial Results and Declares Dividend

Retrieved on: 
Friday, January 26, 2024

Net income of $47.5 million, or $0.37 per diluted share

Key Points: 
  • Net income of $47.5 million, or $0.37 per diluted share
    Total assets were $24.9 billion at December 31, 2023 and September 30, 2023.
  • Net interest income for the fourth quarter of 2023 was $151.8 million, a decrease of $5.4 million, or 3.4%, compared to $157.1 million for the prior quarter.
  • The net interest margin was 2.81% in the fourth quarter of 2023, a decrease of 5 basis points compared to 2.86% in the prior quarter.
  • Noninterest income was $58.3 million in the fourth quarter of 2023, an increase of $12.3 million compared to noninterest income of $46.1 million in the prior quarter.

Middlefield Banc Corp. Reports 2023 Full-Year Financial Results

Retrieved on: 
Friday, January 26, 2024

MIDDLEFIELD, Ohio, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and twelve-months ended December 31, 2023.

Key Points: 
  • MIDDLEFIELD, Ohio, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three and twelve-months ended December 31, 2023.
  • Net interest income for the 2023 fourth quarter increased 9.2% to $15.4 million, compared to $14.1 million for the 2022 fourth quarter.
  • For the 2023 twelve-month period, noninterest income was $6.7 million, compared to $6.7 million for the same period last year.
  • At December 31, 2023, the Company had brokered deposits of $90.3 million, compared to $5.0 million at December 31, 2022.

First Western Reports Fourth Quarter 2023 Financial Results

Retrieved on: 
Thursday, January 25, 2024

DENVER, Jan. 25, 2024 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2023.

Key Points: 
  • Gross revenue(1) was $22.5 million for the fourth quarter of 2023, a decrease of 2.7%, from $23.1 million for the third quarter of 2023.
  • The yield on interest-earning assets increased 16 basis points to 5.51% in the fourth quarter of 2023 from 5.35% in the third quarter of 2023 and the cost of interest-bearing deposits increased 19 basis points to 3.94% in the fourth quarter of 2023 from 3.75% in the third quarter of 2023.
  • The Company’s efficiency ratio(1) was 80.8% in the fourth quarter of 2023, compared with 78.8% in the third quarter of 2023 and 67.7% in the fourth quarter of 2022.
  • During the fourth quarter of 2023 the Company recorded a provision expense of $3.9 million, compared to a provision expense of $0.3 million in the third quarter of 2023 and a $1.2 million provision expense in the fourth quarter of 2022.

Enterprise Bancorp, Inc. Announces Fourth Quarter Financial Results

Retrieved on: 
Thursday, January 25, 2024

LOWELL, Mass., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months and year ended December 31, 2023.

Key Points: 
  • LOWELL, Mass., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months and year ended December 31, 2023.
  • Selected financial results at or for the three months ended December 31, 2023, were as follows:
    The return on average assets and average equity were 0.69% and 10.21%, respectively.
  • He continued, "Net interest margin was a solid 3.29% for the fourth quarter, a decrease from the third quarter principally because of higher deposit costs.
  • Margin was stable during the fourth quarter with December monthly results at 3.30%.

Chemung Financial Corporation Reports Annual Net Income of $25.0 million, or $5.28 per share, and Fourth Quarter 2023 Net Income of $3.8 million, or $0.80 per share

Retrieved on: 
Thursday, January 25, 2024

Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter of 2023, and $7.4 million, or $1.58 per share, for the fourth quarter of 2022.

Key Points: 
  • Net income was $3.8 million, or $0.80 per share, for the fourth quarter of 2023, compared to $7.6 million, or $1.61 per share, for the third quarter of 2023, and $7.4 million, or $1.58 per share, for the fourth quarter of 2022.
  • Fully taxable equivalent net interest margin was 2.85% for the year ended December 31, 2023, compared to 3.05% for the prior year.
  • Fully taxable equivalent net interest margin was 2.69% in the current quarter compared to 2.73% in the prior quarter.
  • Income tax expense for the fourth quarter of 2023 decreased to $0.8 million compared to $2.1 million in the fourth quarter of 2022.

Seacoast Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, January 25, 2024

STUART, Fla., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2023 of $29.5 million, or $0.35 per diluted share, compared to $31.4 million, or $0.37 per diluted share in the third quarter of 2023 and $23.9 million, or $0.34 per diluted share in the fourth quarter of 2022. For the year ended December 31, 2023, net income was $104.0 million, or $1.23 per diluted share, compared to $106.5 million, or $1.66 per diluted share, for the year ended December 31, 2022.

Key Points: 
  • Pre-tax pre-provision earnings1 were $42.0 million in the fourth quarter of 2023, a decrease of 3% compared to the third quarter of 2023 and a decrease of 9% compared to the fourth quarter of 2022.
  • Accretion on acquired loans totaled $11.3 million in the fourth quarter of 2023, $14.8 million in the third quarter of 2023, and $9.7 million in the fourth quarter of 2022.
  • Seacoast recorded $8.3 million of income tax expense in the fourth quarter of 2023, compared to $9.1 million in the third quarter of 2023, and $7.8 million in the fourth quarter of 2022.
  • SBA originations were $25.0 million during the fourth quarter of 2023, compared to $12.5 million in the third quarter of 2023 and $7.4 million in the fourth quarter of 2022.