AOCI

Pan-American Life Insurance Group Reports 2023 Financial Results with Solid Revenue Growth and Strong Operating Performance

Retrieved on: 
Tuesday, February 27, 2024

Pan-American Life Insurance Group (PALIG), a leading provider of life, accident, and health insurance throughout the Americas, announced today financial results for the full year ending December 31, 2023*.

Key Points: 
  • Pan-American Life Insurance Group (PALIG), a leading provider of life, accident, and health insurance throughout the Americas, announced today financial results for the full year ending December 31, 2023*.
  • In 2023, PALIG delivered another year of solid revenue growth and strong operational performance.
  • Full-year operating revenue rose 7% to $1.31 billion while total premiums increased by 5% to $1.55 billion.
  • Net income for 2023 was $63.7 million, reflecting 240% growth over 2022, which included certain one-time disposition costs.

Merchants & Marine Bancorp, Inc. Announces 2023 Financial Results

Retrieved on: 
Tuesday, February 27, 2024

Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income during 2023 of $6.29 million, or $4.73 per share, compared with earnings of $3.14 million, or $2.36 per share, in the prior year.

Key Points: 
  • Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), the parent company of Merchants & Marine Bank, reported net income during 2023 of $6.29 million, or $4.73 per share, compared with earnings of $3.14 million, or $2.36 per share, in the prior year.
  • Loans continued to grow in 2023, although at a slower pace than in recent years, with annual loan growth of 4.81%.
  • Total interest income for 2023 increased to $31.09 million from $23.78 million in 2022, a lift of 30.73%.
  • “We are very pleased with our team’s superior performance in 2023, and the strong financial results they produced,” remarked Clayton Legear, the Company’s Chief Executive Officer.

Great Ajax Corp. Announces Results for the Quarter Ended December 31, 2023

Retrieved on: 
Tuesday, February 27, 2024

Our net interest income for the quarter ended December 31, 2023, excluding any adjustment for expected credit losses was $3.2 million, a decrease of $0.1 million over the prior quarter.

Key Points: 
  • Our net interest income for the quarter ended December 31, 2023, excluding any adjustment for expected credit losses was $3.2 million, a decrease of $0.1 million over the prior quarter.
  • Our interest expense for the quarter ended December 31, 2023 decreased $0.4 million compared to the prior quarter primarily as a result of a decrease in our average balance of interest bearing debt.
  • For the quarter ended December 31, 2023, we recorded $0.8 million in amortization compared to $0.9 million for the quarter ended September 30, 2023.
  • We ended the quarter with a GAAP book value of $9.99 per common share, compared to a book value per common share of $11.07 for the quarter ended September 30, 2023.

Jackson Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Wednesday, February 21, 2024

Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the fourth quarter and full year ended December 31, 2023.

Key Points: 
  • Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the fourth quarter and full year ended December 31, 2023.
  • Net income (loss) attributable to Jackson Financial Inc. common shareholders of $(1.6) billion, or $(19.64) per diluted share in the fourth quarter of 2023, compared to $(1.2) billion, or $(13.74) per diluted share in the fourth quarter of 2022
    Adjusted operating earnings1 of $204 million, or $2.53 per diluted share in the fourth quarter of 2023, compared to $294 million, or $3.39 per diluted share in the fourth quarter of 2022.
  • The lower current quarter net income also reflects an $841 million loss from business reinsured to third parties, while the prior year’s fourth quarter included a loss of $157 million.
  • The results of this reinsured business do not impact our statutory capital or free cash flow and can be volatile quarter to quarter.

Triad Business Bank (OTC Pink - "TBBC"), February 9, 2024, Announces Unaudited Results for 2023, Including Fourth Quarter Results

Retrieved on: 
Friday, February 9, 2024

In 2023, the Bank expanded its commercial deposit customers by 131 accounts, which was a 24% increase in its business relationships.

Key Points: 
  • In 2023, the Bank expanded its commercial deposit customers by 131 accounts, which was a 24% increase in its business relationships.
  • The Bank's net interest margin decreased to 2.09% in the fourth quarter of 2023 from 2.92% in the fourth quarter of 2022.
  • Income on investment securities totaled $1.2 million for the fourth quarter of 2023 compared to $966,000 for the fourth quarter of 2022.
  • Noninterest expense increased $413,000, or 14%, in the fourth quarter of 2023 to $3.4 million from $3.0 million in the fourth quarter of 2022.

Ledyard Financial Group Reports Q4 2023 and Full-Year 2023 Earnings and Declares Quarterly Dividend

Retrieved on: 
Friday, February 9, 2024

Ledyard Financial Group, Inc. (“The Company”, ticker symbol: LFGP), the holding company for Ledyard National Bank, today announced financial results for Q4 2023 and Full-Year (FY) 2023.

Key Points: 
  • Ledyard Financial Group, Inc. (“The Company”, ticker symbol: LFGP), the holding company for Ledyard National Bank, today announced financial results for Q4 2023 and Full-Year (FY) 2023.
  • Non-interest revenue for Q4 2023 amounted to $3.6 million, up from $3.5 million and $123 thousand in Q3 2023 and Q4 2022, respectively.
  • Revenue from Ledyard Financial Advisors (LFA) amounted to $3.2 million for Q4 2023, essentially unchanged from Q3 2023, but up $184 thousand from $3.0 million in Q4 2022.
  • Non-interest expense in Q4 2023 was $7.0 million compared to $7.1 million in Q3 2023 and in Q4 2022, a decrease of $60 thousand compared to both Q3 2023 and Q4 2022.

The Victory Bancorp, Inc. 2023 Fourth Quarter Earnings

Retrieved on: 
Friday, February 9, 2024

LIMERICK, Pa., Feb. 09, 2024 (GLOBE NEWSWIRE) -- The Victory Bancorp, Inc. (OTCQX: VTYB) reported net income of $475 thousand, or $0.23 per share (diluted), for the fourth quarter ended December 31, 2023. Net income for the year ended December 31, 2023, was $2.1 million, or $1.06 per share (diluted).

Key Points: 
  • Net income for the year ended December 31, 2023, was $2.1 million, or $1.06 per share (diluted).
  • This success has continued as the bank grew loans 3.5% quarter over quarter, from $351.9 million at September 2023 to $364.3 million at December 2023.
  • As a result, despite record loan balances, net interest income declined from $15.9 million in 2022 to $13.5 million in 2023.
  • Non-performing assets increased during the quarter, increasing from $0 at September 30, 2023, to $2.2 million at December 31, 2023 consisting mainly of two real estate related credits for which the Bank is well secured.

American Financial Group, Inc. Announces Fourth Quarter and Full Year Results and Declares Special Dividend

Retrieved on: 
Tuesday, February 6, 2024

This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.71 per share most recently paid on January 25, 2024.

Key Points: 
  • This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.71 per share most recently paid on January 25, 2024.
  • Fourth quarter results include 1.4 points related to catastrophe losses, compared to 0.9 points in the 2022 fourth quarter.
  • Fourth quarter 2023 results benefited from 3.3 points of favorable prior year reserve development, compared to 3.6 points in the fourth quarter of 2022.
  • Underwriting profit was $212 million for the 2023 fourth quarter compared to $217 million in the fourth quarter of 2022.

Savi Financial Corporation Reports Results for the Fourth Quarter and the Year 2023

Retrieved on: 
Tuesday, January 30, 2024

Net interest income was $4.78 million in the fourth quarter of 2023, compared to $5.03 million in the third quarter of 2023, and $5.34 million in the fourth quarter of 2022.

Key Points: 
  • Net interest income was $4.78 million in the fourth quarter of 2023, compared to $5.03 million in the third quarter of 2023, and $5.34 million in the fourth quarter of 2022.
  • Non-interest expense was $7.17 million in the fourth quarter of 2023, compared to $5.56 million in the preceding quarter, and $4.68 million in the fourth quarter a year ago.
  • Average fourth quarter 2023 total loans increased 3% to $488.7 million, compared to $473.6 million in the third quarter of 2023, and increased 16% from $420.9 million in the fourth quarter of 2022.
  • Net charge-offs were $128,000 in the fourth quarter of 2023, compared to $77,000 in the third quarter of 2023, and let loan recoveries of $39,000 in the fourth quarter a year ago.

South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2023 Financial Results

Retrieved on: 
Friday, January 26, 2024

Net income for the fourth quarter of 2023 was $10.3 million, compared to $13.5 million for the third quarter of 2023 and $12.6 million for the fourth quarter of 2022.

Key Points: 
  • Net income for the fourth quarter of 2023 was $10.3 million, compared to $13.5 million for the third quarter of 2023 and $12.6 million for the fourth quarter of 2022.
  • Diluted earnings per share for the fourth quarter of 2023 was $0.61, compared to $0.78 for the third quarter of 2023 and $0.71 for the fourth quarter of 2022.
  • Annualized net charge-offs were 0.08% for the fourth quarter of 2023, compared to 0.05% for the third quarter of 2023 and 0.09% for the fourth quarter of 2022.
  • South Plains will host a conference call to discuss its fourth quarter and year-end 2023 financial results today, January 26, 2024, at 10:00 a.m., Eastern Time.