IDFC First Bank

First Bank Announces Third Quarter of 2023 Net Loss of $1.3 Million driven by one-time costs associated with Malvern Bancorp acquisition

Retrieved on: 
Wednesday, October 25, 2023
PCD, Sale, Bank, Federal Home Loan Banks, First Bank, Acquisition, Information technology, Environment, IDFC First Bank, Risk, FHLB, Common equity, Borrowing base, Total, Investment, National Association, Security (finance), Real estate, Rare-earth element, Pharmaceutical industry, Video game, Cryptocurrency

Third Quarter 2023 Performance Highlights:

Key Points: 
  • Third Quarter 2023 Performance Highlights:
    Completion of the Malvern Bancorp (Malvern) acquisition on July 17, 2023.
  • At the acquisition date, Malvern contributed approximately $953.8 million in total assets, $727.7 million in loans and $671.9 million in deposits, after acquisition accounting adjustments.
  • Improvement in net interest margin and adjusted profitability metrics, primarily due to the benefits of the Malvern acquisition.
  • On a linked quarter basis, third quarter 2023 non-interest expense of $23.5 million increased $9.7 million, or 70.5%, compared to $13.8 million for the second quarter of 2023.

The First Bancshares, Inc. Reports Results for Third Quarter ended September 30, 2023; Increases Quarterly Dividend 4%

Retrieved on: 
Thursday, October 26, 2023
Banking, Professional Services, Finance, FDIC, FBMS, First Bank, ACL, Appendix, Conference, Acquisition, FTE, Growth, Central Time, Credit, Table, IDFC First Bank, Heritage Bank, O'Hara, U.S. Treasury, Cryptocurrency, Rare-earth element, Clothing, Video game, Security (finance), Pharmaceutical industry, Bank, United States Department of the Treasury

Net income available to common shareholders totaled $24.4 million for the quarter ended September 30, 2023, representing an increase of 2.4% when compared to $23.8 million for the quarter ended June 30, 2023.

Key Points: 
  • Net income available to common shareholders totaled $24.4 million for the quarter ended September 30, 2023, representing an increase of 2.4% when compared to $23.8 million for the quarter ended June 30, 2023.
  • Total loans increased $78.9 million for the quarter ended September 30, 2023, representing net growth of 6.3% on an annualized basis, as compared to the quarter ended June 30, 2023.
  • Net income available to common shareholders totaled $24.4 million for the quarter ended September 30, 2023, an increase of $0.6 million, or 2.4%, when compared to $23.8 million for the quarter ended June 30, 2023.
  • The Company recorded a provision for credit losses of $1.0 million for the quarter ended September 30, 2023 and $1.3 million for the quarter ended June 30, 2023.

First Bank Announces Second Quarter Net Income of $6.8 Million and EPS of $0.35

Retrieved on: 
Wednesday, July 26, 2023
Borrowing base, Treasury, Small business, Total, Small Business Administration, IDFC First Bank, Common equity, First Bank, Sale, Acquisition, Collection, Risk, SBA, Growth, Bank, National Association, Environment, C&I, Security (finance), Rare-earth element, Cryptocurrency, Holding company, Pharmaceutical industry, Video game, Real estate, FDIC

In the second quarter of 2023, non-interest income was $1.1 million, compared to $1.5 million during the same period in 2022.

Key Points: 
  • In the second quarter of 2023, non-interest income was $1.1 million, compared to $1.5 million during the same period in 2022.
  • Non-interest expense for the second quarter of 2023 was $13.8 million, an increase of $2.4 million, or 21.1%, compared to $11.4 million for the prior year quarter.
  • On a linked quarter basis, second quarter 2023 non-interest expense of $13.8 million increased $319,000, or 2.4%, compared to $13.5 million for the first quarter of 2023.
  • Total cash and cash equivalents increased $21.3 million during the second quarter to $182.4 million at June 30, 2023.

The First Bancshares, Inc. Reports Results for Second Quarter Ended June 30, 2023; Increases Quarterly Dividend 5%

Retrieved on: 
Wednesday, July 26, 2023
Banking, Professional Services, Finance, Table, Current Expected Credit Losses, GAAP, First Bank, Central Time, LPO, FBMS, Heritage Bank, Acquisition, Appendix, Growth, IDFC First Bank, ACL, Environment, Conference, Cryptocurrency, Rare-earth element, Video game, Bank, Financial services, Security (finance), Real estate, Pharmaceutical industry

Annualized net interest margin increased 13 bps to 3.76% for the quarter ended June 30, 2023 from 3.63% for the quarter ended March 31, 2023.

Key Points: 
  • Annualized net interest margin increased 13 bps to 3.76% for the quarter ended June 30, 2023 from 3.63% for the quarter ended March 31, 2023.
  • The Company recorded a provision for credit losses of $1.3 million for the quarter ended June 30, 2023 and $11.0 million for the quarter ended March 31, 2023.
  • For the second quarter of 2023, diluted earnings per share were $0.75, compared to $0.52 for the first quarter of 2023 and $0.76 for the second quarter of 2022.
  • Diluted earnings per share, operating (non-GAAP) were $0.85 for the second quarter of 2023 compared to $0.86 for the first quarter of 2023 and $0.80 for the second quarter of 2022.

Three Banks Recognized for Commitment to Community Investment

Retrieved on: 
Friday, June 9, 2023
Residential Building & Real Estate, Construction & Property, Social Services, Small Business, Banking, Professional Services, Philanthropy, Defense, Women, Seniors, Men, Family, Veterans, Other Philanthropy, Consumer, Federal Home Loan Bank Board, Small business, Housing, Home Bank, AHP, Multimedia, First Bank, HAVEN, House, Federal Home Loan Banks, First National Bank, CARE, IDFC First Bank, Bank, Real estate, Veteran

The Federal Home Loan Bank of Dallas (FHLB Dallas) recognized three member financial institutions for their commitment to community investment by naming them 2023 Community Area Revitalization Efforts (CARE) Award recipients.

Key Points: 
  • The Federal Home Loan Bank of Dallas (FHLB Dallas) recognized three member financial institutions for their commitment to community investment by naming them 2023 Community Area Revitalization Efforts (CARE) Award recipients.
  • First National Bank Texas (FNBT), Home Bank and The First Bank were honored recently during FHLB Dallas's annual member conference.
  • View the full release here: https://www.businesswire.com/news/home/20230609005432/en/
    First National Bank Texas, based in Killeen, Texas, was recognized for its commitment to community investment by the Federal Home Loan Bank of Dallas.
  • It has also supported veterans and their families with grants for home repairs through the Housing Assistance for Veterans (HAVEN) program.

Azimuth GRC Opens New India Office, Appoints Former Bank Executive Avtar Monga to Provide Leadership Support

Retrieved on: 
Tuesday, May 2, 2023
Technology, Other Professional Services, Legal, Insurance, Human Resources, Finance, Public Policy, Government, Banking, Accounting, Professional Services, Software, Internet, Data Management, Security, Bank of America, GE Capital, IDFC First Bank, Avtar, Logic, Artificial intelligence, Growth, Bank, HMDA, Management, Cryptocurrency, Azimuth

Azimuth GRC , a compliance automation pioneer, today announced it has opened a new office in India, which will be supported by former bank executive Avtar Monga, serving as Strategic Advisor to the CEO.

Key Points: 
  • Azimuth GRC , a compliance automation pioneer, today announced it has opened a new office in India, which will be supported by former bank executive Avtar Monga, serving as Strategic Advisor to the CEO.
  • Bringing significant strategic insight and industry knowledge and over 40 years of banking experience, Monga will support Azimuth’s India efforts.
  • Monga also served as a senior executive with Bank of America, where he was responsible for running its Global Delivery Center of Expertise.
  • Spending a collective 26 years with BofA, Monga built one of the most comprehensive delivery centers from the ground up.

First Bank Announces First Quarter Net Income of $7.0 Million and EPS of $0.36

Retrieved on: 
Wednesday, April 26, 2023
NIM, Federal Home Loan Banks, Small business, Private, Face, Small Business Administration, Current Expected Credit Losses, Risk management, IDFC First Bank, Common equity, First Bank, Futures contract, Federal, Sale, Acquisition, Federal Reserve, Investment, Risk, CECL, SBA, Growth, Bank, Development, Environment, C&I, Total, Security (finance), Real estate, Video game, Cryptocurrency

Net Interest Margin (NIM) for the quarter of 3.52%, down 5 basis points from first quarter 2022, and 17 basis points from the linked quarter ended December 31, 2022.

Key Points: 
  • Net Interest Margin (NIM) for the quarter of 3.52%, down 5 basis points from first quarter 2022, and 17 basis points from the linked quarter ended December 31, 2022.
  • In the first quarter of 2023, non-interest income was $964,000, a decrease from $1.3 million during the same period in 2022.
  • Non-interest expense for the first quarter of 2023 was $13.5 million, an increase of $2.4 million, or 21.4%, compared to $11.1 million for the prior year quarter.
  • Total cash and cash equivalents increased $35.1 million during the first quarter to $161.0 million at March 31, 2023.

The First Bancshares, Inc. Reports Results for First Quarter ended March 31, 2023; Increases Quarterly Dividend 5%

Retrieved on: 
Wednesday, April 26, 2023
Banking, Other Professional Services, Professional Services, Finance, Table, First Bank, Central Time, FBMS, Heritage Bank, Acquisition, CECL, Heritage, Appendix, IDFC First Bank, ACL, Conference, Cryptocurrency, Maple syrup, Real estate, Bank, Financial services, Video game

Net income available to common shareholders totaled $16.3 million for the quarter ended March 31, 2023, representing no change when compared to $16.3 million for the quarter ended December 31, 2022.

Key Points: 
  • Net income available to common shareholders totaled $16.3 million for the quarter ended March 31, 2023, representing no change when compared to $16.3 million for the quarter ended December 31, 2022.
  • Net interest margin increased 32 bps to 3.63% for the quarter ended March 31, 2023 from 3.31% for the quarter ended December 31, 2022.
  • The Company recorded a provision for credit losses of $11.0 million for the quarter ended March 31, 2023 and $0.7 million for the quarter ended December 31, 2022.
  • The ratio of annualized net charge-offs (recoveries) to total loans was 0.01% for the quarter ended March 31, 2023 compared to 0.004% for the quarter ended December 31, 2022 and (0.12%) for the quarter ended March 31, 2022.

The First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2022; Increases Quarterly Dividend 5%

Retrieved on: 
Thursday, January 26, 2023
Banking, Other Professional Services, Professional Services, Finance, ACL, Central Time, PPP, Heritage Bank, First Bank, IDFC First Bank, Acquisition, Table, Paycheck Protection Program, FTE, History, Cadence Bank, Growth, Conference, FBMS, Deferred acquisition costs, CECL, Cryptocurrency, Real estate, Video game

Net Interest Margin FTE increased 23 bps to 3.37% for the quarter ended December 31, 2022 from 3.14% for the quarter ended December 31, 2021.

Key Points: 
  • Net Interest Margin FTE increased 23 bps to 3.37% for the quarter ended December 31, 2022 from 3.14% for the quarter ended December 31, 2021.
  • The Company recorded a provision for loan losses of $0.7 million for the quarter ended December 31, 2022 and $4.3 million for the quarter ended September 30, 2022.
  • PPP loans totaled $0.7 million for the quarter ended December 31, 2022, $1.4 million for the quarter ended September 30, 2022, and $41.1 million for the quarter ended December 31, 2021.
  • For the fourth quarter of 2022 compared to the fourth quarter of 2021, the average balance of investment securities increased $412.3 million.

The much-anticipated Summer 2022 issue of World Finance magazine is released today

Retrieved on: 
Monday, June 27, 2022
IDFC, World News Media, IDFC First Bank, History, JPMorgan Chase, NATO, Social responsibility, XM, Pharmaceutical industry, Cryptocurrency, Nordic

LONDON, June 27, 2022 /PRNewswire/ -- The front cover of World Finance magazine features Finland's Prime Minister, Sanna Marin, who is leading the Nordic nation towards an historic NATO membership, as the country enters a new phase in its history.

Key Points: 
  • Additional topics covered in the Summer 2022 edition of World Financemagazine include;economic sanctions, neobanks, sustainability, quantum computing and banking.
  • Also for the 13th year running we proudly reveal the winners of the World FinanceCorporate Governance awards 2022 .
  • The World FinanceIslamic Finance awards 2022 mark 16 years since we first highlighted the good work being done in this area of finance.
  • World News Media, the parent company of World Finance, is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.