C&I

MYR Group Inc. Announces First-Quarter 2023 Results

Retrieved on: 
Wednesday, April 26, 2023
MYR, Telephone, GAAP, EBITDA, T&D, Webcast, Growth, Commercial, C&I, MYR Group Inc., Video game, Bank

THORNTON, Colo., April 26, 2023 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its first-quarter 2023 financial results.

Key Points: 
  • THORNTON, Colo., April 26, 2023 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its first-quarter 2023 financial results.
  • Gross margin was 10.4 percent for the first quarter of 2023 compared to 12.6 percent for the first quarter of 2022.
  • As of March 31, 2023, MYR had $363.3 million of borrowing availability under its $375 million revolving credit facility.
  • MYR will host a conference call to discuss its first-quarter 2023 results on Thursday, April 27, 2023 at 8:00 a.m. Mountain time.

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.

First Internet Bancorp Reports First Quarter 2023 Results

Retrieved on: 
Wednesday, April 26, 2023
Banking, Other Professional Services, Professional Services, Finance, NIM, Small Business Administration, Insurance, Advertising, BP, Small business, FHLB, Federal, Marketing, U.S. Bancorp, Current Expected Credit Losses, Telephone, Ratio, Sale, First, First Internet Bancorp, Federal Reserve, FTE, CECL, SBA, As a service, Webcast, Growth, Bank, ACL, C&I, Video game, Security (finance), Life insurance, Real estate, Cryptocurrency, Fintech

First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the first quarter ended March 31, 2023.

Key Points: 
  • First Internet Bancorp (the “Company”) (Nasdaq: INBK), the parent company of First Internet Bank (the “Bank”), announced today financial and operational results for the first quarter ended March 31, 2023.
  • On a fully-taxable equivalent basis, net interest income for the first quarter of 2023 was $21.0 million, compared to $23.1 million for the fourth quarter of 2022, and $27.1 million for the first quarter of 2022.
  • Total interest income for the first quarter of 2023 was $52.0 million, an increase of 13.9% compared to the fourth quarter of 2022, and an increase of 44.4% compared to the first quarter of 2022.
  • The decrease in delinquencies during the first quarter of 2023 was due primarily to a construction loan that became current in the first quarter of 2023.

Peapack-Gladstone Financial Corporation Reports First Quarter Results and Announces 5% Stock Repurchase Program

Retrieved on: 
Tuesday, April 25, 2023
NIM, Natural borrowing limit, Insurance, Federal Home Loan Banks, Federal Reserve Bank, Acquisition, Treasury management, Capital market, NII, Federal, LIBOR, Fed, FDIC, Sale, Treasury, Federal Reserve, Investment, CRA, SBA, Growth, Environment, C&I, Life insurance, Total, Safety, Legislation, Bank

The December 2022 quarter included $200,000 of expense related to accelerated vesting of restricted stock related to one employee.

Key Points: 
  • The December 2022 quarter included $200,000 of expense related to accelerated vesting of restricted stock related to one employee.
  • For the March 2023 quarter, PPWM generated $13.8 million in fee income, compared to $13.0 million for the December 31, 2022 quarter and $14.8 million for the March 2022 quarter.
  • Noninterest income from Capital Markets activities (detailed below) totaled $966,000 for the March 2023 quarter compared to $950,000 for the December 2022 quarter and $4.7 million for the March 2022 quarter.
  • The March 2022 quarter results were driven by $2.8 million in gains on sales of SBA loans and $1.6 million in Corporate Advisory income.

Yotta Energy and Sunstone Credit Team Up to Speed Transition to Clean Energy for Businesses Across America

Retrieved on: 
Tuesday, April 25, 2023
Solar energy, Metric prefix, Electricity, Business, Partnership, SVP, C&I, Sunstone, Renewable energy

BALTIMORE, April 25, 2023 (GLOBE NEWSWIRE) -- Yotta Energy , a leader in intelligent energy storage technology for the rooftop commercial and industrial (C&I) market, and Sunstone Credit, Inc. , a technology-enabled clean energy financing platform that helps businesses go solar, announced a partnership to enable more businesses to transition to clean energy.

Key Points: 
  • BALTIMORE, April 25, 2023 (GLOBE NEWSWIRE) -- Yotta Energy , a leader in intelligent energy storage technology for the rooftop commercial and industrial (C&I) market, and Sunstone Credit, Inc. , a technology-enabled clean energy financing platform that helps businesses go solar, announced a partnership to enable more businesses to transition to clean energy.
  • One of the biggest issues preventing many businesses from transitioning to clean energy is lack of financing.
  • The partnership between Yotta and Sunstone will provide commercial customers with the financial tools and technology needed for solar adoption and storage.
  • “As a leader in the clean energy transition, our goal is to make it as simple as possible for companies to pivot to a more sustainable energy solution,” said Omeed Badkoobeh, CEO of Yotta Energy.

OneMain Holdings, Inc. Reports First Quarter 2023 Results

Retrieved on: 
Tuesday, April 25, 2023
Other Professional Services, Personal Finance, Professional Services, Finance, OneMain Financial, OMF, GAAP, NYSE, C&I, Sale, Video game, Bank, Pharmaceutical industry

Earnings per diluted share were $1.48 in the first quarter of 2023, compared to $2.38 in the prior year quarter.

Key Points: 
  • Earnings per diluted share were $1.48 in the first quarter of 2023, compared to $2.38 in the prior year quarter.
  • Adjusted earnings per diluted share were $1.46 for the first quarter of 2023, compared to $2.36 in the prior year quarter.
  • C&I capital generation was $179 million for the first quarter 2023, compared to $282 million in the prior year quarter.
  • Personal loan originations totaled $2.8 billion in the first quarter of 2023, down 5% from $3.0 billion in the prior year quarter.

BankUnited, Inc. Reports First Quarter 2023 Results

Retrieved on: 
Tuesday, April 25, 2023
Banking, Professional Services, Finance, FHLB, Federal, AFS, Sale, Federal Home Loan Banks, Federal Reserve, Investment, Bank, ACL, CRE, Environment, NYSE, C&I, Cryptocurrency, Airline, BankUnited

BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2023.

Key Points: 
  • BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2023.
  • The net interest margin, calculated on a tax-equivalent basis, was 2.62% for the quarter ended March 31, 2023, compared to 2.81% for the immediately preceding quarter ended December 31, 2022 and 2.50% for the quarter ended March 31, 2022.
  • The yield on average interest earning assets increased to 5.05% for the quarter ended March 31, 2023, from 4.60% for the immediately preceding quarter.
  • The cost of total deposits increased to 2.05% from 1.42% for the immediately preceding quarter, while the cost of interest bearing deposits increased to 2.86% for the quarter ended March 31, 2023, from 2.06% for the preceding quarter.

Bank of the James Announces First Quarter of 2023 Financial Results and Declaration of Dividend

Retrieved on: 
Friday, April 21, 2023
Uncertainty, Communication, FDIC, Sale, PWW, MSA, CECL, Bank of the James Stadium, CFO, Growth, Bank, Commercial, CRE, White, Safety, Environment, NOW, C&I, Total, Cryptocurrency, Real estate, Rare-earth element, Airline

Entering the second quarter of 2023, new deposits have continued to flow into the Bank.

Key Points: 
  • Entering the second quarter of 2023, new deposits have continued to flow into the Bank.
  • Total noninterest income was $3.04 million in the first quarter of 2023 compared with $3.63 million a year earlier.
  • Total interest income increased to $9.10 million in the first quarter of 2023 compared with $6.92 million a year earlier.
  • The Company’s total retained earnings were $31.42 million at March 31, 2023 compared with $31.03 million at December 31, 2022.

CIB Marine Bancshares, Inc. Announces First Quarter 2023 Results

Retrieved on: 
Friday, April 21, 2023
North Bank Division, Insurance, Federal Reserve Bank, FHLB, Tier 1 capital, Bank statement, Risk management, FDIC, Federal Reserve Bank of Chicago Detroit Branch, Sale, Government, Federal Home Loan Banks, PPP, Federal Reserve, CECL, AUC, Growth, News, C&I, CIB, Bank

BROOKFIELD, Wis., April 21, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter ended March 31, 2023.

Key Points: 
  • BROOKFIELD, Wis., April 21, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter ended March 31, 2023.
  • CIB Marine’s consolidated total loan portfolio was up $31 million in balances from December 31, 2022, with the main source of growth in commercial loans.
  • The Mortgage Division has added 36 mortgage sales employees since the third quarter of 2022 and approximately 7 mortgage operations/administration employees.
  • Effective January 1, 2023, CIB Marine adopted the new “current expected credit loss” accounting standard commonly referred to as CECL.

INSBANK Parent InsCorp Reports First Quarter Profits

Retrieved on: 
Friday, April 21, 2023
Fed, Comprehensive income, Tax, AOCI, Risk management, FDIC, Risk, CECL, OTCQX, CRE, C&I, Bank, Cryptocurrency

NASHVILLE, Tenn., April 20, 2023 /PRNewswire/ -- Today InsCorp (OTCQX: IBTN) reported a first quarter net profit of $2,050,000 or, $0.71 per share. Relative to the same quarter of the prior year, net interest income grew $1,047,000, while operating expenses increased $143,000. Operating income before taxes and non-recurring items was $2,614,000, versus $1,740,000 the prior year. While net interest margin of 3.44% was greater than that of the prior year same period of 3.06%, margin declined 30 basis points on a sequential quarter basis. For the quarter, loans grew $12.8 million, or 7.8%, on an annualized basis, while all forms of funding increased $32 million. "Against the backdrop of unprecedented Fed rate increases over the past 12 months, our results were in line with our expectations for the early part of the year," said Jim Rieniets, President and CEO of INSBANK. "Despite the headwind of higher funding costs, loan growth and efficient operations helped enable a 13.5% return on equity for the quarter, which is consistent with our long-term strategic objectives," Rieniets continued.      

Key Points: 
  • NASHVILLE, Tenn., April 20, 2023 /PRNewswire/ -- Today InsCorp (OTCQX: IBTN) reported a first quarter net profit of $2,050,000 or, $0.71 per share.
  • Relative to the same quarter of the prior year, net interest income grew $1,047,000, while operating expenses increased $143,000.
  • For the quarter, loans grew $12.8 million, or 7.8%, on an annualized basis, while all forms of funding increased $32 million.
  • Quarterly earnings per share were $0.71 for the quarter ended March 31, 2023, compared to $1.21 for the quarter ended March 31, 2022.