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FRB Expands to Westchester County and Connecticut, Merges with Law Firm Hollis Laidlaw & Simon P.C.

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Monday, April 1, 2024

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This merger brings together two distinguished teams and expands FRB's service offerings in Westchester County and the Tri-State area.

Key Points:

This merger brings together two distinguished teams and expands FRB's service offerings in Westchester County and the Tri-State area.
For more than 50 years, Hollis Laidlaw & Simon (HLS) has been a pillar of legal excellence and has provided high level client service in Westchester County, New York City, Long Island, Connecticut, and beyond.
FRB is adding nine attorneys and nine staff members, including as Partners: Moira Laidlaw, David Simon, Kimberly Bliss, Samantha Lyons, Kathleen Redalieu, Bridget Eichinger, Douglas Singer, Stacey Reynolds.
FRB is thrilled to add HLS's breadth of practice in corporate, real estate, trust and estates, elder law, and labor and employment.

Consumer participation in the credit market during the COVID-19 pandemic and beyond

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Tuesday, April 2, 2024

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We find that credit demand is highest when

Key Points:

We find that credit demand is highest when
the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
Credit is more likely to be
accepted under favourable borrowing conditions and after the approval of national recovery plans.
We also find
that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
the credit grant.
First, it adds to a rapidly growing literature on household
borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
We provide evidence that credit applications and credit acceptances display a different pattern over
time.
Credit is more likely to be accepted under favourable borrowing conditions and after the
approval of national recovery plans.
In almost all countries
households are significantly less likely to apply and to get their credit approved than in Germany.
In line with literature, we show that
demographic and economic factors affect the probability for credit applications and credit approval.
In addition,
the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
Introduction
The participation of households in the credit market receives wide attention in the consumer finance literature
because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
turn affect economic growth.
We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
measures consumer expectations and behaviour in the euro area.
Its panel dimension allows for an assessment of
how consumer behaviour changes over time and how consumers respond to critical economic shocks.
This way we can gauge how credit applications and credit acceptances change under different, almost
opposite, borrowing conditions.
We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
uncollateralized loans (consumer loans).
ECB Working Paper Series No 2922
3

We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.
The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
In almost all countries households are significantly less likely
to apply and to get their credit approved than in Germany.
However,
when it comes to credit acceptance, we observe that the two groups of households are more similar.
Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
debt.
The demand for
consumer credit is insignificant for liquid households and decreases significantly for constrained households in
the last two quarters of our timespan.
The first consists of a recently growing literature which
explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
of the COVID-19 pandemic.
(2020) report that credit card applications and new mortgage loans
declined during the first months of the pandemic in regions with more unemployment insurance claims.
Lu and
Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
(2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
of credit by Canadian consumers.
Our paper is also consonant with studies on the association between financial and demographic factors and
consumers? participation in the credit market as well as on the demand for specific types of credit.
January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
consequential lockdowns in the euro area.
4 If the
respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
Between 2021Q3 and 2022Q3 the acceptance
rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
to households during this period.
Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
(2023) ? who show that in the United States the local pandemic severity had a strong
negative effect on credit card spending early in the pandemic, which diminished over time.
First, we select mortgages and consumer credit as the two mostly reported categories for secured and
13

The full estimation results are reported in Table 3.
The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
and illiquid households.
It also shows that
subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
for credit.
In Bertola, G., Disney
R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
data.
Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.

RBB Bancorp Announces Stock Repurchase Program

Retrieved on:

Thursday, February 29, 2024

RBB Bancorp (NASDAQ: RBB ) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", announced that its Board of Directors has authorized a stock repurchase program.

Key Points:

RBB Bancorp (NASDAQ: RBB ) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", announced that its Board of Directors has authorized a stock repurchase program.
Under the repurchase program, the Company may buy back up to 1,000,000 shares of its common stock, or approximately 5% of its outstanding shares, through March 31, 2026.
The repurchase program does not obligate the Company to purchase any particular number of shares.
RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California.

Climate transition risk in the banking sector: what can prudential regulation do?

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Saturday, February 17, 2024

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Blue Forest Launches New Forest Resilience Bond (FRB) to Address Catastrophic Wildfire Threat in the Upper Mokelumne River Watershed

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Thursday, February 15, 2024

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SACRAMENTO, Calif., Feb. 15, 2024 /PRNewswire/ -- Blue Forest, a conservation finance non-profit focused on forest restoration, is proud to announce the launch of the Upper Mokelumne I Forest Resilience Bond (Upper Mokelumne I FRB) in collaboration with the Upper Mokelumne River Watershed Authority (UMRWA) and the Eldorado National Forest.

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SACRAMENTO, Calif., Feb. 15, 2024 /PRNewswire/ -- Blue Forest, a conservation finance non-profit focused on forest restoration, is proud to announce the launch of the Upper Mokelumne I Forest Resilience Bond (Upper Mokelumne I FRB) in collaboration with the Upper Mokelumne River Watershed Authority (UMRWA) and the Eldorado National Forest.
The Upper Mokelumne I FRB aims to mitigate the growing threat of catastrophic wildfires in the Upper Mokelumne River watershed through strategic forest restoration and conservation finance.
"This partnership with Blue Forest and the launch of the Forest Resilience Bond reflect our commitment to finding innovative solutions to address the growing threat of catastrophic wildfires," said Richard Sykes, Executive Director of the Upper Mokelumne River Watershed Authority.
"The Eldorado National Forest is proud to partner with Blue Forest and the Upper Mokelumne River Watershed Authority on this critical initiative," said Joe Stout, Forest Supervisor of Eldorado National Forest.

Falcon Rappaport & Berkman Welcomes Bruce S. Klein as a Partner in its Corporate & Real Estate Practice Groups

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Tuesday, February 13, 2024

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NEW YORK, Feb. 13, 2024 /PRNewswire/ -- Falcon Rappaport & Berkman (FRB) is pleased to announce Bruce S. Klein, Esq.

Key Points:

NEW YORK, Feb. 13, 2024 /PRNewswire/ -- Falcon Rappaport & Berkman (FRB) is pleased to announce Bruce S. Klein, Esq.
has joined the firm as a Partner of the Corporate & Securities and Real Estate Practice Groups to expand the firm's corporate and real estate offerings in New York.
Bruce brings over 35 years of experience in both private practice and in-house public company settings, specializing in corporate law, mergers and acquisitions and real estate.
Falcon Rappaport & Berkman LLP is a full-service business law firm proudly advising clients seeking solutions to their most complex matters.

First Central Savings Bank Reports Fourth Quarter 2023 Net Income of $1.3 million ($0.12 EPS), Full Year 2023 Net Income of $7.1 million ($0.67 EPS), Strong Asset Quality, and Special Cash Dividend of $0.10 per share

Retrieved on:

Wednesday, January 31, 2024

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GLEN COVE, N.Y., Jan. 31, 2024 (GLOBE NEWSWIRE) -- Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported significant performance achievements for the quarter and year ended December 31, 2023.

Key Points:

Net Interest Income: The Bank recorded net interest income of $6.8 million for the quarter ended December 31, 2023, a decrease of $1.4 million, or 17.4%, from the quarter ended December 31, 2022.
Strong Asset Quality: At December 31, 2023, the Bank’s asset quality was strong with 0.53% non-performing loans to total loans.
Net Interest Margin and Spread: The Bank’s net interest margin and spread for the current quarter was 2.90% and 2.14%, respectively.
Special Cash Dividend: The Bank declared a special cash dividend of $0.10 per share to the Bank’s shareholders.

BANKFIRST CAPITAL CORPORATION Reports Fourth Quarter and Year-End 2023 Earnings of $6.5 Million and $28.2 Million, respectively

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Tuesday, January 30, 2024

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Net income totaled $6.5 million, or $1.20 per share, in the fourth quarter of 2023 compared to $7.0 million, or $1.31 per share, in the fourth quarter of 2022.

Key Points:

Net income totaled $6.5 million, or $1.20 per share, in the fourth quarter of 2023 compared to $7.0 million, or $1.31 per share, in the fourth quarter of 2022.
Net interest income totaled $21.6 million in the fourth quarter of 2023 compared to $21.4 million in the fourth quarter of 2022.
Net interest income was $21.6 million for the fourth quarter of 2023, compared to $21.6 million for the third quarter of 2023 and $21.4 million for the fourth quarter of 2022, an increase of 1% from the prior year period.
Noninterest expense was $19.2 million for the fourth quarter of 2023, compared to $20.0 million for the third quarter of 2023 and $17.3 million for the fourth quarter of 2022, a decrease of 4% and an increase of 11%, respectively.

Territorial Bancorp Inc. Announces Fourth Quarter 2023 Results

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Friday, January 26, 2024

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The Board of Directors approved a quarterly cash dividend of $0.05 per share, representing Territorial Bancorp Inc.’s 57th consecutive quarterly dividend.

Key Points:

The Board of Directors approved a quarterly cash dividend of $0.05 per share, representing Territorial Bancorp Inc.’s 57th consecutive quarterly dividend.
HONOLULU, Hawaii, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $334,000, or $0.04 per diluted share, for the three months ended December 31, 2023.
Total interest income was $17.69 million for the three months ended December 31, 2023, compared to $16.22 million for the three months ended December 31, 2022.
The ratio of non-performing assets to total assets was 0.10% at December 31, 2023 and 0.11% at December 31, 2022.

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

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Thursday, January 25, 2024

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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.

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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.