C&I

Parks Associates: More than 60% of US Internet Households Feel Their Electricity Costs Are Too High for Second Straight Year

Retrieved on: 
Wednesday, February 7, 2024
Internet, Stagnation, SmartThings, Marketing, Interview, Research, Orange County Convention Center, C&I, Consumer, Consolidated Edison, Public utilities commission, California Public Utilities Commission, SVP, Business development, Standard Industries, Public policy, Universal Electronics, Electricity

DALLAS, Feb. 7, 2024 /PRNewswire/ -- New Parks Associates data shows more than 60% of US internet households think their electricity costs are too high, the same number as the previous year, indicating consumers are still worried about household expenses and high prices. The research firm announced speakers for its 15th annual Smart Energy Summit: Engaging the Consumer, co-located with DISTRIBUTECH, taking place February 27–28 at the Orange County Convention Center in Orlando, FL. Sponsors include SkyBell, SmartThings, Arcadia, Resideo, and Universal Electronics.

Key Points: 
  • The research firm announced speakers for its 15th annual Smart Energy Summit: Engaging the Consumer , co-located with DISTRIBUTECH , taking place February 27–28 at the Orange County Convention Center in Orlando, FL.
  • Sponsors include SkyBell, SmartThings, Arcadia, Resideo, and Universal Electronics.
  • "Smart Energy Summit features an unparalleled lineup of thought leaders, from energy services, public policy, smart home, and consumer solutions, sharing insights on strategies to drive this market forward."
  • To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

Bank of the James Announces Fourth Quarter, Full Year of 2023 Financial Results and Declaration of Increased Dividend

Retrieved on: 
Friday, February 2, 2024
Book, Growth, CFO, Pressure, Fed, CECL, MSA, C&I, Environment, Overalls, Federal funds, United States Treasury security, PWW, Total, NOW, Sale, Bank, Treasury, White, CRE

Fourth quarter 2023 net interest margin and interest spread declined moderately compared to the comparable period in 2022.

Key Points: 
  • Fourth quarter 2023 net interest margin and interest spread declined moderately compared to the comparable period in 2022.
  • Total interest income increased to $10.49 million in the fourth quarter of 2023 compared with $8.95 million a year earlier.
  • Commercial construction loans increased throughout 2023, rising to $21.97 million at December 31, 2023 from $12.14 million at December 31, 2022.
  • The Company increased the dividend by 25% from the dividend paid in the fourth quarter of 2023.

Aggreko Energy Transition Solutions Acquires Texas Solar Project

Retrieved on: 
Wednesday, January 31, 2024
ETS, C&I, ERCOT, Farmer, Acquisition, Renewable energy

HOUSTON, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Aggreko , the global leader in energy solutions, today announced that the company’s Energy Transition Solutions (“Aggreko ETS”) division has acquired a 13 MW behind-the-meter solar power project site in Texas.

Key Points: 
  • HOUSTON, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Aggreko , the global leader in energy solutions, today announced that the company’s Energy Transition Solutions (“Aggreko ETS”) division has acquired a 13 MW behind-the-meter solar power project site in Texas.
  • Aggreko ETS will oversee construction, own, and operate the clean energy project in support of a Texas energy producer’s drive to decarbonize operations.
  • The Texas acquisition follows several major announcements by Aggreko ETS growing its solar portfolio.
  • In May , Aggreko ETS became the strategic capital partner for Farmers Powering Communities, an organization developing community solar in agricultural areas.

Guidehouse Insights Estimates Global Market for Advanced Sensors and Submeters Will Grow to Nearly $29 Billion by 2032

Retrieved on: 
Tuesday, January 30, 2024
Utility submeter, HVAC, C&I, Retail

BOULDER, Colo., Jan. 30, 2024 /PRNewswire/ -- A new report from Guidehouse Insights explores the global market for advanced sensing and submetering technology used in commercial and industrial (C&I) buildings, including offices, factories, warehouses, and educational settings.

Key Points: 
  • As connectivity technology has improved, these sensors have been able to connect to building automation systems and inform how different systems impact one another.
  • According to a new report from Guidehouse Insights, global revenues for advanced sensors and submeters are expected to grow from $18 billion in 2023 to $28.9 billion in 2032, for a compound annual growth rate (CAGR) of 5.4%.
  • The report, Advanced Sensors and Submeters , focuses on advanced sensing and submetering technology used in commercial and industrial (C&I) buildings, including offices, factories, warehouses, and educational settings.
  • An executive summary of the report is available for free download on the Guidehouse Insights website .

BayFirst Financial Corp. Reports Fourth Quarter 2023 Results; Highlighted by Net Interest Margin Expansion and Strong SBA Loan Originations

Retrieved on: 
Thursday, January 25, 2024
CECL, C&I, ACL, Bank, Federal, FHLB, CRE, Federal Reserve, Government, Sale, Federal Home Loan Banks, Conference, SBA, Bolt, FRB, PPP, Growth

Earnings benefited from higher net interest income and lower provision for credit losses during the fourth quarter, as compared to the third quarter of 2023.

Key Points: 
  • Earnings benefited from higher net interest income and lower provision for credit losses during the fourth quarter, as compared to the third quarter of 2023.
  • Net interest margin including discontinued operations increased by 12 bps to 3.48% in the fourth quarter of 2023, from 3.36% in the third quarter of 2023, primarily due to increases in loan yields.
  • Net income was $1.7 million for the fourth quarter of 2023, compared to $1.9 million in the third quarter of 2023 and $1.3 million in the fourth quarter of 2022.
  • The net interest margin expanded by 12 bps to 3.48% in the fourth quarter of 2023, from 3.36% in the third quarter of 2023.

ConnectOne Bancorp, Inc. Reports Fourth Quarter and Full-Year 2023 Results; Declares Common and Preferred Dividends

Retrieved on: 
Thursday, January 25, 2024
Philosophy, FDIC, Table, C&I, Small Business Administration, Advertising, Culture, Insurance, Share repurchase, Treasury, Communication, Software, Sale, GAAP, Investment, Classified, Information technology, Webcast, SBA, Fed, Marketing, Security (finance)

Diluted earnings per share were $0.46 for the fourth quarter of 2023 compared with $0.51 for the third quarter of 2023 and $0.79 for the fourth quarter of 2022.

Key Points: 
  • Diluted earnings per share were $0.46 for the fourth quarter of 2023 compared with $0.51 for the third quarter of 2023 and $0.79 for the fourth quarter of 2022.
  • Noninterest income was $4.2 million in the fourth quarter of 2023, $3.6 million in the third quarter of 2023 and $3.5 million in the fourth quarter of 2022.
  • Noninterest expenses totaled $37.8 million for the fourth quarter of 2023, $35.8 million for the third quarter of 2023 and $33.3 million for the fourth quarter of 2022.
  • The effective tax rates for the fourth quarter of 2023, third quarter of 2023 and fourth quarter of 2022 were 24.4%, 25.2% and 27.5%, respectively.

Alternus Clean Energy Enters Strategic Alliance with Hover Energy

Retrieved on: 
Thursday, January 25, 2024
Engineering, Professional, Wind, IPP, C&I, Growth, Renewable energy

FORT MILL, S.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Utility-scale transatlantic clean energy independent power producer (IPP) Alternus Clean Energy (NASDAQ: ALCE) (“Alternus”) announced today that it entered a strategic alliance with Dallas-based Hover Energy (“Hover”), an established leader in the development and deployment of Wind Powered MicrogridTM systems.

Key Points: 
  • FORT MILL, S.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Utility-scale transatlantic clean energy independent power producer (IPP) Alternus Clean Energy (NASDAQ: ALCE) (“Alternus”) announced today that it entered a strategic alliance with Dallas-based Hover Energy (“Hover”), an established leader in the development and deployment of Wind Powered MicrogridTM systems.
  • Alternus and Hover intend to differentiate their value proposition to customers by offering consistent delivery of dependable clean 24x7 power.
  • Hover will lead development, engineering, construction and commissioning, after which the microgrids will be owned and operated by Alternus.
  • Vincent Browne, CEO of Alternus Clean Energy, commented, “This alliance is promising, because it enables us to differentiate our C&I offering versus traditional solar-only competitors.

Hanover Bancorp, Inc. Reports Earnings for the Fourth Calendar Quarter highlighted by Increased Net Income and Net Interest Income and Strong Non-interest Income

Retrieved on: 
Wednesday, January 24, 2024
CECL, Total, C&I, Asset quality, Bank, Federal, FHLB, Interest, Federal Reserve, Government, USDA, Environment, Sale, Investment, Acquisition, EPS, LTV, Calendar, SBA, Shelf registration, Growth

MINEOLA, N.Y., Jan. 24, 2024 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended December 31, 2023 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 14, 2024 to stockholders of record on February 7, 2024.

Key Points: 
  • Net Interest Margin: The Company’s net interest margin during the quarter ended December 31, 2023 increased to 2.40% from 2.29% in the quarter ended September 30, 2023.
  • Strong Non-interest Income: The Company’s non-interest income increased $0.5 million or 19.1% from the September 30, 2023 quarter (excluding litigation settlement payment) to a record high $3.3 million for the quarter ended December 31, 2023.
  • Total SBA loans sold were $29.7 million for the quarter ended December 31, 2023, representing a 270% increase over the comparable 2022 quarter.
  • The reduction in net income recorded in the fourth calendar quarter of 2023 from the comparable 2022 quarter resulted from two primary factors.

Eagle Bancorp, Inc. Announces Net Income For Fourth Quarter 2023 Of $20.2 Million Or $0.67 Per Diluted Share

Retrieved on: 
Wednesday, January 24, 2024
FDIC, AFS, C&I, EagleBank, Face, Bank, Culture, CRE, Respect, Workplace, Sale, EGBN, Investment, Federal Home Loan Banks, NPAS, Development, Nature, The Company, Growth

Net income was $0.68 per share (basic) and $0.67 per share (diluted) for the fourth quarter 2023, compared to $0.91 per share for the prior quarter (basic and diluted).

Key Points: 
  • Net income was $0.68 per share (basic) and $0.67 per share (diluted) for the fourth quarter 2023, compared to $0.91 per share for the prior quarter (basic and diluted).
  • The net interest margin ("NIM") was 2.45% for the fourth quarter 2023, compared to 2.43% for the prior quarter.
  • Net interest income was $73.0 million for the fourth quarter 2023, compared to $70.7 million for the prior quarter.
  • Noninterest income was $2.9 million for the fourth quarter 2023, as compared to $6.3 million for the prior quarter.

FFB Bancorp Earns $7.57 million, or $2.38 per Diluted Share, for Fourth Quarter 2023; Earns $33.56 million, or $10.56 per Diluted Share, for Full Year 2023

Retrieved on: 
Wednesday, January 24, 2024
DSCR, FFB, ISO, C&I, Partnership, CRE, Merchant services, Government, Treasury, USDA, Sale, Investment, SBA, Marketing

There was a loss on sale of investments of $1.11 million during the fourth quarter of 2023, compared to a loss of $305,000 during the fourth quarter 2022, and no loss in the linked quarter.

Key Points: 
  • There was a loss on sale of investments of $1.11 million during the fourth quarter of 2023, compared to a loss of $305,000 during the fourth quarter 2022, and no loss in the linked quarter.
  • During the fourth quarter, we sold $20.17 million in non-agency securities and reinvested the proceeds into higher-yielding agency-backed securities.
  • Non-interest expense increased 41% to $11.05 million for the fourth quarter of 2023, compared to $7.85 million for the fourth quarter 2022, and increased 11% from $9.97 million for the linked quarter.
  • Merchant operating expense totaled $1.85 million for the fourth quarter of 2023, compared to $1.02 million for the fourth quarter of 2022 and $1.79 million for the preceding quarter.