Paycheck Protection Program

Government support was key for thousands of US nonprofits battered by COVID-19's early costs − new research

Retrieved on: 
Friday, August 11, 2023
Organic, Unemployment, Employment, Small Business Administration, Average revenue per user, Internal Revenue Service, Hospice, COVID-19, Paycheck Protection Program, Research, MIT, Government, PPP, Museum, Small business, Pharmaceutical industry, Management

Spending by charities fell by 34%, as many of those groups struggled to keep going.

Key Points: 
  • Spending by charities fell by 34%, as many of those groups struggled to keep going.
  • At the same time, many governments around the world stepped in to provide additional support to businesses and nonprofits alike.
  • A lot has changed since late 2020 in terms of economic conditions and the way nonprofits adapted to the pandemic.
  • We believe further research is needed to determine how changes in the scale of donations, combined with a relatively brief surge in government support, affected the delivery of nonprofit services.

New Polling Suggests 'No Growth' Economy for Small Businesses

Retrieved on: 
Wednesday, August 9, 2023
Quotient, Main Street, Small business, Paycheck Protection Program, PPP, Fraud, Freezing, Fatigue, Reading, Creative industries, Cryptocurrency

The Small Business Intelligence Quotient (SBIQ), an index tracking sentiment about the economy, dropped nearly a point to 54.8—the second lowest reading recorded this year.

Key Points: 
  • The Small Business Intelligence Quotient (SBIQ), an index tracking sentiment about the economy, dropped nearly a point to 54.8—the second lowest reading recorded this year.
  • Small business sentiment has remained relatively flat since 2021—economic fatigue that is having a chilling effect on Main Street growth.
  • According to July's polling, 72 percent of small employers are either pressing pause on hiring or cutting staff.
  • Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
    "For the better part of two years, small business sentiment has remained relatively flat—indicating a no growth small business economy.

Five Star Bank Expands Small Business Lending Solutions Through Partnership with Numerated

Retrieved on: 
Wednesday, August 9, 2023
Small business, Partnership, Star Bank, Five Star Bank, Paycheck Protection Program, Financial institution, Star, History of numerical control, PPP, Growth, Bank

WARSAW, N.Y., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Five Star Bank (“Five Star” or the “Bank”), the wholly-owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), announced an expansion to its suite of small business products and services.

Key Points: 
  • WARSAW, N.Y., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Five Star Bank (“Five Star” or the “Bank”), the wholly-owned community bank subsidiary of Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), announced an expansion to its suite of small business products and services.
  • Through its partnership with Numerated, Five Star is now offering digital loan origination for small businesses.
  • New or existing New York State small business customers with a Five Star Bank business checking account may apply for term loans and lines of credit, for total lending exposure of up to $250,000, online at www.five-starbank.com .
  • By leveraging the business banking fintech’s online loan origination capabilities, Five Star is expanding its suite of solutions dedicated to supporting small businesses.

Santa Cruz County Bank Announces New Chief Credit Officer Shawn Lipman

Retrieved on: 
Monday, August 7, 2023
New Markets Tax Credit Program, Senior, Team leader, Paycheck Protection Program, Paycheck Protection Program and Health Care Enhancement Act, Business administration, OTCQX, Knowledge, Bank, Credit, Union Bank, San Diego State University, Shawn, Management

SANTA CRUZ, Calif., Aug. 7, 2023 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC) www.sccountybank.com with assets over $1.75 billion, is a top-rated community bank headquartered in Santa Cruz County.

Key Points: 
  • SANTA CRUZ, Calif., Aug. 7, 2023 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC) www.sccountybank.com with assets over $1.75 billion, is a top-rated community bank headquartered in Santa Cruz County.
  • Today the Bank announced Shawn Lipman, who has worked for the Bank since 2011, will succeed Susan Just as Executive Vice President and Chief Credit Officer.
  • Ms. Just has served in the Chief Credit Officer role for the past two years and is leaving the Bank in late August.
  • In his 12-year career at Santa Cruz County Bank, Mr. Lipman was promoted multiple times and served for the past two years as Senior Vice President and Director of Credit Administration.

M&T Bank Promotes Mark Hutton to Delaware Regional President

Retrieved on: 
Thursday, August 3, 2023
Goodwill, Wilmington Trust, Beach House, American Red Cross, Delmarva Peninsula, Senior, M&T Bank, Culture, Paycheck Protection Program, PNC Financial Services, Paycheck Protection Program and Health Care Enhancement Act, University college, Strategic planning, Commercial bank, PPP, Retirement, MTB, Acquisition, Delaware Community Foundation, M&T, NYSE, Commerce, Management, Road, Child

WILMINGTON, Del., Aug. 3, 2023 /PRNewswire/ -- M&T Bank (NYSE:MTB) has named Mark Hutton as Delaware Regional President -- assuming the role following the July 7 retirement of the bank's former top executive in the state, Nick Lambrow.

Key Points: 
  • WILMINGTON, Del., Aug. 3, 2023 /PRNewswire/ -- M&T Bank (NYSE:MTB) has named Mark Hutton as Delaware Regional President -- assuming the role following the July 7 retirement of the bank's former top executive in the state, Nick Lambrow.
  • Hutton, who joined the bank in 2008, has served as M&T's executive vice president for commercial banking in Delaware since March 2022.
  • As a leader in Delaware's business community, Hutton co-founded the Delaware State Chamber of Commerce's Intern Delaware program and serves on the chamber's board of directors.
  • Before joining M&T, Hutton, a 26-year banking industry veteran, worked for PNC Bank and Mercantile County Bank.

Partners Bancorp Reports Results of Operations for the Second Quarter 2023

Retrieved on: 
Monday, July 31, 2023
Liberty Bell Bank, Lender option borrower option, Federal Home Loan Banks, Insurance, Maintenance, Total, Partnership, OceanFirst Bank, Small Business Administration, Tax, Paycheck Protection Program, FDIC, Sale, PPP, ATM, Disposable household and per capita income, Bank, LINK, Small business, Growth, Depreciation, Forgiveness, Environment, Breda, Cryptocurrency, Airline, Rare-earth element, Real estate, Renting, Life insurance, Video game, Delmarva Peninsula, Washington metropolitan area

While the Company’s net interest margin for the second quarter of 2023 improved by 0.84% compared to the same period of 2022, we experienced a decline of 0.11% when compared to the first quarter of 2023.

Key Points: 
  • While the Company’s net interest margin for the second quarter of 2023 improved by 0.84% compared to the same period of 2022, we experienced a decline of 0.11% when compared to the first quarter of 2023.
  • Interest Income and Expense – Three Months Ended June 30, 2023 and 2022
    Net interest income in the second quarter of 2023 increased by $2.0 million, or 15.1%, when compared to the second quarter of 2022.
  • Other income in the second quarter of 2023 decreased by $378 thousand, or 26.0%, when compared to the second quarter of 2022.
  • Other expenses in the second quarter of 2023 increased by $978 thousand, or 9.9%, when compared to the second quarter of 2022.

First Keystone Announces Second Quarter 2023 Earnings (Unaudited)

Retrieved on: 
Monday, July 31, 2023
Banking, Professional Services, Lender option borrower option, OTC Markets Group, Federal Home Loan Banks, FKYS, Income tax, Dain Rauscher Wessels, Tradition, Bank statement, Disclosure, Paycheck Protection Program, Securities and Exchange Commission (Nigeria), Asset, ATM, Corporation, SBA, Community Bank, Growth, Security (finance), Bank, Fraud, Federal funds

First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the six months ended June 30, 2023 of $2,496,000.

Key Points: 
  • First Keystone Corporation (OTC Pink: FKYS), parent company of First Keystone Community Bank, reported net income for the six months ended June 30, 2023 of $2,496,000.
  • Net income per share was $0.41 while dividends totaled $0.56 per share for the six months ended June 30, 2023.
  • Total interest income increased by $5,218,000 or 24.0%, as compared to the six months ended June 30, 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.

Pacific Valley Bancorp Announces Second Quarter 2023 Financial Results

Retrieved on: 
Monday, July 31, 2023
OTC Markets Group, Equity (finance), Federal Home Loan Banks, Pressure, Paycheck Protection Program, AFS, Sale, PPP, CECL, CFO, Growth, Bank, CRE, Credit, Video game, Cryptocurrency, Financial adviser

SALINAS, Calif., July 31, 2023 /PRNewswire/ -- Pacific Valley Bancorp (OTC Pink: PVBK) announced its unaudited financial results for the second quarter 2023.

Key Points: 
  • SALINAS, Calif., July 31, 2023 /PRNewswire/ -- Pacific Valley Bancorp (OTC Pink: PVBK) announced its unaudited financial results for the second quarter 2023.
  • Net income for the quarter ended June 30, 2023, was $1.1 million representing a decrease of 9.9% or $126 thousand from the quarter ended March 31, 2023.
  • For the Company's subsidiary, Pacific Valley Bank, equity increased to $64.6 million at June 30, 2023 compared to $63.5 million at March 31, 2023.
  • No provision for loan losses was recorded in the second quarter of 2023 or the second quarter of 2022.

The Bancorp, Inc. Reports Second Quarter 2023 Financial Results

Retrieved on: 
Thursday, July 27, 2023
Banking, Professional Services, Finance, Insurance, LIVE, Paycheck Protection Program, PacWest Bancorp, ACH, Clifton Bancorp, Inc., Sale, Security, Federal Reserve, Webcast, Growth, Government, Bank holding company, National Association, Conference, Cryptocurrency, Bank

The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the second quarter of 2023.

Key Points: 
  • The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the second quarter of 2023.
  • Net interest income increased 60% to $87.2 million for the quarter ended June 30, 2023, compared to $54.6 million for the quarter ended June 30, 2022.
  • Net interest margin amounted to 4.83% for the quarter ended June 30, 2023, compared to 3.17% for the quarter ended June 30, 2022, and 4.67% for the quarter ended March 31, 2023.
  • Total prepaid, debit card, ACH and other payment fees increased 10% to $24.6 million for the second quarter of 2023 compared to the second quarter of 2022.

RBAZ Bancorp, Inc. Announces Unaudited Financial Results for the Quarter Ending June 30, 2023

Retrieved on: 
Thursday, July 27, 2023
Pressure, Federal, Marketing, Gilbert, Paycheck Protection Program, Federal Reserve, Investment, ICBA, Growth, Bank, Republic Bank, Total, Cryptocurrency, Phoenix

However, the Federal Reserve continued increasing rates causing higher cost of funds resulting in added pressure on liquidity and margins.

Key Points: 
  • However, the Federal Reserve continued increasing rates causing higher cost of funds resulting in added pressure on liquidity and margins.
  • While RBAZ is not immune to these challenges, we have been able to capitalize on opportunities presented by the robust economy in the Phoenix area.
  • Management prioritized liquidity in its 2023 Strategic Plan and deployed additional resources into deposit production.
  • The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows: