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ACNB Corporation Reports 2023 Second Quarter Financial Results

Retrieved on: 
Thursday, July 27, 2023
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GETTYSBURG, Pa., July 27, 2023 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced financial results for the quarter ended June 30, 2023 with net income of $9.5 million, an increase of $0.9 million or 10.36%, compared to net income of $8.6 million for the three months ended June 30, 2022.

Key Points: 
  • GETTYSBURG, Pa., July 27, 2023 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced financial results for the quarter ended June 30, 2023 with net income of $9.5 million, an increase of $0.9 million or 10.36%, compared to net income of $8.6 million for the three months ended June 30, 2022.
  • “As the second quarter of 2023 came to a close, the financial services industry has been challenged with considerable market uncertainty and turmoil over the past six months.
  • In addition, ACNB did not repurchase any shares of ACNB common stock during the three months ended June 30, 2023 compared to 850 shares of ACNB common stock during the prior quarter at a cost of $29 thousand and 88,225 shares of ACNB common stock during the comparable quarter last year at a cost of $2.9 million.
  • As previously announced, on July 26, 2023, ACNB Corporation declared the regular quarterly cash dividend for the third quarter of 2023 in the amount of $0.28 per common share, payable on September 15, 2023, to shareholders of record as of September 1, 2023.

United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2023

Retrieved on: 
Thursday, July 27, 2023
Banking, Professional Services, Finance, Lender option borrower option, Insurance, Corus Bankshares, COVID-19, Paycheck Protection Program, AFS, Common equity, FDIC, Sale, PPP, Microsoft, Investment, CECL, ASU, United Bank (West Virginia), Federal Reserve Board of Governors, Video game, Financial services, Drug, Bank, Real estate, Security (finance), United

Net interest income for the second quarter of 2023 decreased $6.9 million, or 3%, from the first quarter of 2023.

Key Points: 
  • Net interest income for the second quarter of 2023 decreased $6.9 million, or 3%, from the first quarter of 2023.
  • Noninterest income for the second quarter of 2023 increased $2.4 million, or 7%, from the first quarter of 2023.
  • Noninterest expense for the second quarter of 2023 decreased $2.1 million, or 2%, from the first quarter of 2023.
  • Net interest income for the second quarter of 2023 increased $12.6 million, or 6%, from the second quarter of 2022.

BayCom Corp Reports 2023 Second Quarter Earnings of $7.2 Million

Retrieved on: 
Wednesday, July 26, 2023
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BayCom Corp (“BayCom” or the “Company”) (NASDAQ: BCML), the holding company for United Business Bank (the “Bank” or “UBB”), announced earnings of $7.2 million, or $0.59 per diluted common share, for the second quarter of 2023, compared to earnings of $7.2 million, or $0.57 per diluted common share, for the first quarter of 2023 and $3.9 million, or $0.29 per diluted common share, for the second quarter of 2022.

Key Points: 
  • BayCom Corp (“BayCom” or the “Company”) (NASDAQ: BCML), the holding company for United Business Bank (the “Bank” or “UBB”), announced earnings of $7.2 million, or $0.59 per diluted common share, for the second quarter of 2023, compared to earnings of $7.2 million, or $0.57 per diluted common share, for the first quarter of 2023 and $3.9 million, or $0.29 per diluted common share, for the second quarter of 2022.
  • Net interest income decreased $976,000, or 3.9%, to $24.3 million for the second quarter of 2023 from $25.3 million in the prior quarter and increased $1.1 million, or 4.8%, from $23.2 million in the same quarter a year ago.
  • Noninterest expense for the second quarter of 2023 increased $28,000, or 0.2%, to $16.6 million compared to $16.5 million for the prior quarter of 2023 and increased $1.4 million, or 8.9%, compared to $15.2 million for the same quarter in 2022.
  • The provision for income taxes increased $41,000, or 1.5%, to $2.9 million for the second quarter of 2023 compared to $2.8 million for the prior quarter of 2023 and increased $1.3 million, or 78.2%, to $1.6 million compared to the same quarter in 2022.

ChoiceOne Reports Second Quarter 2023 Results

Retrieved on: 
Wednesday, July 26, 2023
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SPARTA, Mich., July 26, 2023 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended June 30, 2023.

Key Points: 
  • SPARTA, Mich., July 26, 2023 /PRNewswire/ -- ChoiceOne Financial Services, Inc. ("ChoiceOne", NASDAQ:COFS), the parent company for ChoiceOne Bank, reported financial results for the quarter ended June 30, 2023.
  • Deposit outflows have stabilized in the second quarter of 2023 with monthly growth of deposits in May and June of 2023.
  • The asset growth during the second quarter is due to an increase in cash of $21.6 million, an increase in core loans of $14.8 million or 4.9% annualized during the second quarter of 2023, and an increase in loans to other financial institutions of $38.8 million in second quarter of 2023.
  • As a result, total cost of funds increased to 1.29% in the second quarter of 2023 compared to 0.79% in the first quarter of 2023 and 0.25% in the second quarter of 2022.

Fidelity D & D Bancorp, Inc. Reports Second Quarter 2023 Financial Results

Retrieved on: 
Wednesday, July 26, 2023
Borrowing base, Insurance, ASC, Small Business Administration, Current Expected Credit Losses, Partial return reverse swap, Paycheck Protection Program, Tax, Discounting, Sale, PPP, Financial instrument, Trust, Investment, FTE, CECL, Growth, SBA, Small business, TDR, ASU, Cryptocurrency, Life insurance, Bank, Video game, FDIC

Net interest income was $15.4 million for the second quarter of 2023, a 15% decrease over the $18.1 million earned for the second quarter of 2022.

Key Points: 
  • Net interest income was $15.4 million for the second quarter of 2023, a 15% decrease over the $18.1 million earned for the second quarter of 2022.
  • The cost of funds increased 120 basis points to 1.37% for the second quarter of 2023 from 0.17% for the second quarter of 2022.
  • The Company’s FTE (non-GAAP measurement) net interest spread was 2.28% for the second quarter of 2023, down 99 basis points from the 3.27% recorded for the second quarter of 2022.
  • Total non-interest income increased $0.3 million, or 7%, to $4.5 million for the second quarter of 2023 compared to $4.2 million for the second quarter of 2022.

Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2023 and Declares Quarterly Cash Dividend

Retrieved on: 
Tuesday, July 25, 2023
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The net interest margin was 2.81% for the three months ended June 30, 2023 compared to 3.14% for the three months ended March 31, 2023.

Key Points: 
  • The net interest margin was 2.81% for the three months ended June 30, 2023 compared to 3.14% for the three months ended March 31, 2023.
  • The net interest margin, on a tax-equivalent basis, was 2.83% for the three months ended June 30, 2023, compared to 3.16% for the three months ended March 31, 2023.
  • For the three months ended June 30, 2023, the efficiency ratio was 78.9%, compared to 69.3% for the three months ended March 31, 2023.
  • Net Income for the Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022.

From the Tax Law Offices of David W. Klasing - Attorney in Philadelphia Sentenced to Prison for PPP Fraud and Tax Evasion

Retrieved on: 
Tuesday, July 25, 2023
Tax law, Olivetti S.p.A., Unemployment, Dodge, IRS, EAS, Crime, Small Business Administration, EIDL, Tax, Paycheck Protection Program, Record, Lawyer, Multimedia, PPP, Social Security, SBA, Tax evasion, Federation, Social, Fraud, Book, Cryptocurrency, Tax advisor, Security (finance), Life insurance, Medicare

Those convicted of tax evasion can face serious consequences like expensive fines and prison terms.

Key Points: 
  • Those convicted of tax evasion can face serious consequences like expensive fines and prison terms.
  • For instance, a Philadelphia attorney who was recently convicted of tax evasion has been sentenced to over 2 years in prison.
  • A Philadelphia attorney has been sentenced to prison for committing fraud and tax evasion.
  • View original content to download multimedia: https://www.prnewswire.com/news-releases/from-the-tax-law-offices-of-dav...
    SOURCE Tax Law Offices of David W. Klasing, PC

Middlefield Banc Corp. Reports 2023 First Half Financial Results

Retrieved on: 
Monday, July 24, 2023
II, Federal Home Loan Banks, Paycheck Protection Program, Growth, PPP, CRE, Total, Rare-earth element, Cryptocurrency, Bank, Pharmaceutical industry

MIDDLEFIELD, Ohio, July 24, 2023 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) reported financial results for the 2023 first half and second quarter ended June 30, 2023.

Key Points: 
  • MIDDLEFIELD, Ohio, July 24, 2023 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) reported financial results for the 2023 first half and second quarter ended June 30, 2023.
  • Net interest income for the 2023 first half increased 44.1% to $33.9 million, compared to $23.5 million for the same period last year.
  • For the 2023 first half, noninterest income was $3.3 million, compared to $2.8 million for the same period last year.
  • For the 2023 first half, noninterest expense was $23.8 million, compared to $16.8 million for the same period last year.

CNB Financial Corporation Reports Second Quarter 2023 Results

Retrieved on: 
Thursday, July 20, 2023
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CLEARFIELD, Pa., July 20, 2023 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and six months ended June 30, 2023, and disclosed quarterly growth in total deposits, loans, and assets.

Key Points: 
  • CLEARFIELD, Pa., July 20, 2023 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and six months ended June 30, 2023, and disclosed quarterly growth in total deposits, loans, and assets.
  • At June 30, 2023, the Corporation had $62.6 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve.
  • At June 30, 2023, the Corporation had no short-term borrowings from the FHLB, compared to borrowings of $102.1 million at March 31, 2023.
  • The increase in the provision expense of $1.1 million for the second quarter of 2023 compared to the first quarter of 2023 was primarily a result of allocating reserves on the higher loan portfolio growth in the second quarter of 2023 compared to the first quarter of 2023, as the overall nonperforming loan profile remained relatively consistent quarter over quarter.

CIB Marine Bancshares, Inc. Announces Second Quarter 2023 Results

Retrieved on: 
Tuesday, July 18, 2023
Insurance, Bank statement, North Bank Division, Paycheck Protection Program, ARM, FDIC, Public sector banks in India, Government, Sale, Retail banking, Risk, Growth, Bank, Real estate, Mortgage loan

BROOKFIELD, Wis., July 18, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2023.

Key Points: 
  • BROOKFIELD, Wis., July 18, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2023.
  • The Mortgage Division had a small operating profit in the second quarter versus a significant loss in the first quarter of 2023, and the Bank’s cost of funds were sharply higher.
  • Recently hired mortgage lenders are expected to become more fully established and up-front growth costs should diminish in the second half of 2023.
  • Second, and somewhat related, we increased our residential loan portfolio size after seeing it shrink over the prior three years.