Federal Reserve Board of Governors

Savi Financial Corporation Earns $559,000 in the Third Quarter of 2023; Results Reflect Robust Loan Growth and Strong Credit Quality

Retrieved on: 
Tuesday, October 31, 2023
Federal Deposit Insurance Corporation, OTC Markets Group, USDA, Federal Reserve Board of Governors, NIM, SBA, Book, Bank, Food industry, Video game, Rare-earth element, Cryptocurrency

Results for the third quarter of 2023 were driven by strong loan growth and continued improvements in the Company’s CECL modeling.

Key Points: 
  • Results for the third quarter of 2023 were driven by strong loan growth and continued improvements in the Company’s CECL modeling.
  • “Our third quarter 2023 operating results were driven by another strong quarter of loan and deposit growth,” said Michal D. Cann, Chairman and President of Savi Financial Corporation.
  • Another highlight during the quarter was receiving regulatory approval from the Federal Deposit Insurance Corporation for the formation of Orca Bank.
  • Due to strong credit quality and re-evaluation of our investment portfolio, the Company recorded a $350,000 credit to its reserves in the third quarter of 2023.

Customers Bancorp, Inc. Declares Quarterly Cash Dividend on Its Series E and Series F Preferred Stock

Retrieved on: 
Monday, October 30, 2023
Banking, Professional Services, Finance, Benchmark, Adjustable-rate mortgage, Customers Bancorp, Federal Deposit Insurance Corporation, CME, NYSE, Structure of the Federal Reserve System, Interest rate, Federal Reserve Board of Governors, C&I, Federal Reserve, LIBOR, American Banker, Series, Holding company, Security (finance)

Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68319767 per share.

Key Points: 
  • Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68319767 per share.
  • The dividend is payable on December 15, 2023, to shareholders of record on November 30, 2023.
  • The Board of Directors has also declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (NYSE: CUBIPrF) of $0.65931017 per share.
  • The company is reminding shareholders that, in accordance with Federal Reserve Board rules implementing the Adjustable Interest Rate (the “LIBOR Act”), after June 30, 2023, Customers Bancorp Inc. is no longer using the three-month LIBOR as a reference rate for determining the dividend rate of the Company’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share (“Series E Preferred Stock”), and Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share (“Series F Preferred Stock”).

NaaS Technology Inc. Reports Unaudited 2023 Third Quarter Financial Results

Retrieved on: 
Thursday, October 26, 2023
Research, CCB, RMB, EV, China Construction Bank, Food, EnergySolutions, Nippon Charge Service, PV, Energy, Network as a service, H.10, Anji County, CIID, LMR, Electricity, Maintenance, Bank statement, Federal Reserve Board of Governors, NAAS, Industrialisation, Growth, Marketing, Partnership, The Company, DCFC, Kilowatt-hour, EPC, USD, Rise (education program), Property Owned by the Central People's Government in the Hong Kong Special Administrative Region, Translation, Software as a service, Video game, Film industry, Cryptocurrency, Life insurance, Renewable energy, Reinsurance, Bank, Property management, Internet service provider

BEIJING, Oct. 26, 2023 /PRNewswire/ -- NaaS Technology Inc. ("NaaS" or the "Company") (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Key Points: 
  • BEIJING, Oct. 26, 2023 /PRNewswire/ -- NaaS Technology Inc. ("NaaS" or the "Company") (Nasdaq: NAAS), the first U.S. listed EV charging service company in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.
  • Third Quarter 2023 Financial Highlights:
    Revenues1 grew by 536% year over year to a record setting RMB170.9 million (US$23.4 million) in the third quarter of 2023.
  • Third Quarter 2023 Operational Highlights:
    Charging volume transacted through NaaS' network reached 1,383 GWh in the third quarter of 2023, representing an increase of 66% year over year.
  • Third Quarter 2023 Financial Results:
    Total revenues reached RMB170.9 million (US$23.4 million) in the third quarter of 2023, representing an increase of 536% year over year.

Provident Financial Holdings Announces CEO Succession

Retrieved on: 
Wednesday, October 25, 2023
Bank, Federal Home Loan Banks, Inland Empire, CTBC Financial Holding, PROV, Federal Reserve Board of Governors, Provident, Retirement, Donavon, F.S.B, San Francisco, Management

RIVERSIDE, Calif., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company” or “Provident”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B.

Key Points: 
  • RIVERSIDE, Calif., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (“Company” or “Provident”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B.
  • (“Bank” or “Provident”), today announced that Craig G. Blunden, Chairman and Chief Executive Officer (“CEO”), is retiring from his management positions as CEO of the Company and the Bank effective January 1, 2024.
  • Mr. Ternes will continue to serve in his current role as President, Chief Operating Officer, and Chief Financial Officer until January 1, 2024.
  • Mr. Blunden commented, “Management succession is a significant responsibility of the Board of Directors and reflects many years of thoughtful consideration about the future leadership of Provident.

Origin Bancorp, Inc. Reports Earnings for Third Quarter 2023

Retrieved on: 
Wednesday, October 25, 2023
Sale, NYSE, Federal Home Loan Banks, Three Months, Federal Reserve, Federal Reserve Board of Governors, GAAP, Federal funds, PTPP, Federal, EPS, NIM, FHLB, Borrowing base, OBK, Rare-earth element, Bank, Payment card, Clothing, Video game

Diluted earnings per share (“EPS”) was $0.79 for the quarter ended September 30, 2023, reflecting an increase of $0.09, or 12.9%, compared to $0.70 for the linked quarter.

Key Points: 
  • Diluted earnings per share (“EPS”) was $0.79 for the quarter ended September 30, 2023, reflecting an increase of $0.09, or 12.9%, compared to $0.70 for the linked quarter.
  • The adjusted diluted earnings per share(1) was $0.71 for the quarter ended September 30, 2023, reflecting an increase of $0.02, or 2.9%, compared to $0.69 for the linked quarter.
  • The average rate on interest-bearing deposits increased to 3.47% for the quarter ended September 30, 2023, compared to 3.05% for the quarter ended June 30, 2023.
  • The yield on LHFI was 6.35% and 6.18% for the quarter ended September 30, 2023, and June 30, 2023, respectively, and average LHFI balances increased $86.8 million to $7.56 billion for the quarter ended September 30, 2023, compared to $7.47 billion for the linked quarter.

Greene County Bancorp, Inc. Reports Net Income of $6.5 million for the Three Months Ended September 30, 2023 and is Selected for the Piper Sandler Sm-All Stars Class of 2023 for the Seventh Consecutive Year

Retrieved on: 
Tuesday, October 24, 2023
Asset, Sale, Security (finance), Tax, Main Street, Federal Home Loan Banks, Bank, Federal Reserve, News, GAAP, Private banking, GCBC, Federal, Nature, Environment, Federal Reserve Board of Governors, Growth, NOW, Commercial bank, Current Expected Credit Losses, CECL, Lender option borrower option, Hudson Valley Regional Airport, Bank of Greene County, Calendar, Cryptocurrency, Airline, Life insurance, Rare-earth element, Historic district

Net income decreased $2.5 million, or 28.4%, when comparing the three months ended September 30, 2023 and 2022.

Key Points: 
  • Net income decreased $2.5 million, or 28.4%, when comparing the three months ended September 30, 2023 and 2022.
  • Selected highlights for the three months ended September 30, 2023 are as follows:
    Net interest income decreased $2.4 million to $13.4 million for the three months ended September 30, 2023 from $15.8 million for the three months ended September 30, 2022.
  • Tax equivalent net interest margin was 2.37% and 2.76% for the three months ended September 30, 2023 and 2022.
  • Total cash and cash equivalents for the Company were $130.3 million at September 30, 2023 and $196.4 million at June 30, 2023.

PacWest Bancorp and Banc of California Receive Final Regulatory Approval for Merger

Retrieved on: 
Friday, October 20, 2023
Banc of California, Structure of the Federal Reserve System, Federal Reserve, PacWest Bancorp, Federal Reserve Board of Governors, California Department of Financial Protection and Innovation, Federal, PacWest, California Department, Banq, Bank

LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. (“Banc of California”) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A.

Key Points: 
  • LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. (“Banc of California”) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A.
  • In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of Banc of California acquiring control of Pacific Western Bank and of the merger of Banc of California, N.A.
  • No further regulatory approvals are required to complete the proposed transaction.
  • “The receipt of regulatory approvals marks an important milestone on our transaction timeline,” said Paul Taylor, President and Chief Executive Officer of PacWest.

Century Next Financial Corporation Reports Strong Results for 3rd Quarter 2023

Retrieved on: 
Thursday, October 19, 2023
Sale, FDIC, Bank, History of the Federal Reserve System, Comptroller, Family, Currency, Bloomberg L.P. v. Board of Governors of the Federal Reserve System, News, Federal Open Market Committee, Federal Reserve Board of Governors, Growth, Internet, EPS, Federal Reserve, CECL, Michael J. Hsu, Cryptocurrency, Real estate

RUSTON, La., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $716.5 million in assets, today announced financial results for the 3rd quarter ended September 30, 2023.

Key Points: 
  • RUSTON, La., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $716.5 million in assets, today announced financial results for the 3rd quarter ended September 30, 2023.
  • This growth continued to provide added strength to the Company’s liquidity position during the nine months ending September 30, 2023.
  • Noninterest-bearing checking increased $120.1 million and interest-bearing checking accounts increased $2.1 million for the nine months ended September 30, 2023.
  • Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana.

United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2023

Retrieved on: 
Wednesday, October 25, 2023
Banking, Professional Services, Finance, United Bank (West Virginia), Insurance, Sale, FDIC, AFS, Paycheck Protection Program, Microsoft, ASU, PPP, Federal Reserve Board of Governors, Corus Bankshares, Growth, COVID-19, MSR, Common equity, CECL, Lender option borrower option, Investment, Video game, Bank, Real estate, Security (finance), United

Net interest income for the third quarter of 2023 increased $992 thousand, or less than 1%, from the second quarter of 2023.

Key Points: 
  • Net interest income for the third quarter of 2023 increased $992 thousand, or less than 1%, from the second quarter of 2023.
  • Noninterest income for the third quarter of 2023 decreased $1.5 million, or 4%, from the second quarter of 2023.
  • Noninterest expense for the third quarter of 2023 decreased $58 thousand, or less than 1%, from the second quarter of 2023.
  • United’s effective tax rate was 20.5% and 20.2% for the third quarter of 2023 and second quarter of 2023, respectively.

SMBC Opens Representative Office in Washington D.C. as Growth in U.S. Deepens

Retrieved on: 
Wednesday, October 25, 2023
Banking, Professional Services, Finance, Government, Executive officer, Public policy, Financial services, Structure of the Federal Reserve System, Policy, Federal Reserve Board of Governors, Credit Suisse, European Central Bank, Central bank, Legislature, Environment, Sumitomo Mitsui Banking Corporation, Federal Reserve, Althea, Head, Washington, D.C., SMBC, Drug, Management, D.C

Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, today announced the opening of a representative office in Washington, D.C. to deepen ties with key stakeholders in the nation’s capital as the bank continues to expand its support of the U.S. economy.

Key Points: 
  • Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, today announced the opening of a representative office in Washington, D.C. to deepen ties with key stakeholders in the nation’s capital as the bank continues to expand its support of the U.S. economy.
  • The debut of the bank’s representative office coincides with recent key hires, including Randy Ross as Head of Government Affairs and Public Policy, and Althea Pieters as Head of Regulatory Strategy.
  • Mr. Ross and Ms. Pieters bring years of experience both in government and in representing the financial services sector to strengthen SMBC’s relationships with regulators, industry groups, and lawmakers.
  • Before that, he managed Nomura’s Washington D.C. operations and served as the Financial Services Committee Designee and Legislative Director to U.S.