Asset–liability mismatch

Oceanview Holdings Announces Credit Rating Upgrades From AM Best

Retrieved on: 
Tuesday, November 7, 2023

Oceanview Holdings, Ltd., a Bermuda company and ultimate parent of each of Oceanview Life and Annuity Company (“Oceanview Life”), an Alabama insurance company, and Oceanview Reinsurance Ltd., a Bermuda Class E insurance company (together “Oceanview”), today announced that global credit rating agency AM Best has upgraded the Financial Strength Rating (FSR) and Long-Term Issuer Credit Ratings (Long-Term ICR) of Oceanview.

Key Points: 
  • Oceanview Holdings, Ltd., a Bermuda company and ultimate parent of each of Oceanview Life and Annuity Company (“Oceanview Life”), an Alabama insurance company, and Oceanview Reinsurance Ltd., a Bermuda Class E insurance company (together “Oceanview”), today announced that global credit rating agency AM Best has upgraded the Financial Strength Rating (FSR) and Long-Term Issuer Credit Ratings (Long-Term ICR) of Oceanview.
  • AM Best upgraded Oceanview’s FSR to “A”(Excellent) and its Long-Term ICR to “a” (Excellent) from “a-“, assessing Oceanview’s balance sheet as “very strong” and the outlook of these ratings was revised to stable from positive.
  • “We are proud to have achieved this ratings upgrade from AM Best, which is indicative of our robust financial position, continued execution and results,” said William Egan, Chairman and Chief Executive Officer of Oceanview Holdings and Oceanview Life.
  • Andrew Kanelos, Executive Chairman & Chief Governance Officer of Oceanview Re, added “This upgrade reflects the Oceanview team’s commitment to providing high-quality services and its disciplined approach to governance and asset/liability management, all of which are fundamental to the strength and stability of our organizations and worthy of strong investment-grade credit ratings.”
    Additional details regarding these credit ratings are available at AM Best’s Recent Rating Activity web page.

Metropolitan Bank Holding Corp. Promotes Treasurer to CFO

Retrieved on: 
Monday, November 6, 2023

Metropolitan Bank Holding Corp. (NYSE: MCB) (the “Company”), the parent company of Metropolitan Commercial Bank (the “Bank”), is pleased to announce the promotion of Daniel F. Dougherty, CFA, to Executive Vice President and Chief Financial Officer, effective November 6, 2023.

Key Points: 
  • Metropolitan Bank Holding Corp. (NYSE: MCB) (the “Company”), the parent company of Metropolitan Commercial Bank (the “Bank”), is pleased to announce the promotion of Daniel F. Dougherty, CFA, to Executive Vice President and Chief Financial Officer, effective November 6, 2023.
  • Mr. Dougherty joined Metropolitan Commercial Bank in July 2022 as First Vice President and Treasurer, bringing a distinguished 25-year banking career with significant roles at local and national banks.
  • His prior positions include Executive Vice President and Treasurer at Investors Bank, Senior Vice President and Treasurer at Astoria Bank, Senior Vice President and Assistant Treasurer at Israel Discount Bank of New York, and Portfolio Manager positions at North Fork Bancorporation and GreenPoint Financial Corp.
  • Mark DeFazio, CEO, said, “I am delighted that we were able to select our new CFO from within MCB’s talented team.

Amerant Reports Third Quarter 2023 Results

Retrieved on: 
Thursday, October 19, 2023

CORAL GABLES, Fla., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $22.1 million in the third quarter of 2023, or $0.66 per diluted share, compared to net income attributable to the Company of $7.3 million, or $0.22 per diluted share, in the second quarter of 2023.

Key Points: 
  • CORAL GABLES, Fla., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $22.1 million in the third quarter of 2023, or $0.66 per diluted share, compared to net income attributable to the Company of $7.3 million, or $0.22 per diluted share, in the second quarter of 2023.
  • “We are pleased to report significantly improved operating results this quarter,” stated Jerry Plush, Chairman and CEO.
  • Additional details on third quarter 2023 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com.
  • The Company will hold an earnings conference call on Friday, October 20, 2023 at 9:00 a.m. (Eastern Time) to discuss its third quarter 2023 results.

Kentucky First Federal Bancorp Releases Earnings

Retrieved on: 
Wednesday, September 6, 2023

Net earnings for the quarter ended June 30, 2023 totaled $42,000 or $0.00 basic and diluted earnings per share compared to net earnings of $206,000 or $0.02 per common share for the quarter ended June 30, 2022.

Key Points: 
  • Net earnings for the quarter ended June 30, 2023 totaled $42,000 or $0.00 basic and diluted earnings per share compared to net earnings of $206,000 or $0.02 per common share for the quarter ended June 30, 2022.
  • Kentucky First Federal Bancorp is the parent company of First Federal Savings and Loan Association of Hazard, which operates one banking office in Hazard, Kentucky and First Federal Savings Bank of Kentucky, which operates three banking offices in Frankfort, Kentucky, two banking offices in Danville, Kentucky and one banking office in Lancaster, Kentucky.
  • Kentucky First Federal Bancorp shares are traded on the Nasdaq National Market under the symbol KFFB.
  • At June 30, 2023, the Company had approximately 8,086,715 shares outstanding of which approximately 58.5% was held by First Federal MHC.

Grupo Supervielle Reports 2Q23 Results

Retrieved on: 
Wednesday, August 23, 2023

Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three and six-months period ended June 30, 2023.

Key Points: 
  • Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three and six-months period ended June 30, 2023.
  • Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”) as established by the Central Bank.
  • Commenting on second quarter 2023 results, Patricio Supervielle, Grupo Supervielle’s Chairman & CEO, noted: “We delivered positive ROAE improving to 17.6% in real terms as we continue executing on our strategic plan and progressing on our path to profitability while at the same time navigating a complex macroeconomic and political environment.
  • Net loan loss provisions amounted to AR$2.6 billion in 2Q23 compared to AR$3.5 billion in 1Q23 and AR$5.5 billion in 2Q22.

CHINA LIFE INSURANCE COMPANY LIMITED ANNOUNCES 2023 INTERIM RESULTS (H SHARES)

Retrieved on: 
Wednesday, August 23, 2023

HONG KONG, Aug. 23, 2023 /PRNewswire/ -- China Life Insurance Company Limited (SSE: 601628, SEHK: 2628) announces the unaudited consolidated results of the Company (China Life Insurance Company Limited and its subsidiaries) for the six months ended 30 June 2023 (the "Reporting Period") prepared under International Financial Reporting Standards today.

Key Points: 
  • HONG KONG, Aug. 23, 2023 /PRNewswire/ -- China Life Insurance Company Limited (SSE: 601628, SEHK: 2628) announces the unaudited consolidated results of the Company (China Life Insurance Company Limited and its subsidiaries) for the six months ended 30 June 2023 (the "Reporting Period") prepared under International Financial Reporting Standards today.
  • Prioritising business value, in the first half of 2023, the Company realised a strong growth in its insurance business with its business structure continuously optimised.
  • In the first half of 2023, premiums of China Life Property and Casualty Insurance Company Limited ("CLP&C") cross-sold by the Company through collaboration were RMB11,856 million.
  • Additional first-year receipts of enterprise annuity funds and commercial pension products of China Life Pension Company Limited cross-sold by the Company through collaboration were RMB2,045 million.

Amerant Reports Second Quarter 2023 Results

Retrieved on: 
Thursday, July 20, 2023

CORAL GABLES, Fla., July 20, 2023 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $7.3 million in the second quarter of 2023, or $0.22 per diluted share, compared to net income attributable to the Company of $20.2 million, or $0.60 per diluted share, in the first quarter of 2023.

Key Points: 
  • CORAL GABLES, Fla., July 20, 2023 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $7.3 million in the second quarter of 2023, or $0.22 per diluted share, compared to net income attributable to the Company of $20.2 million, or $0.60 per diluted share, in the first quarter of 2023.
  • Additional details on second quarter 2023 results can be found in Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com.
  • The dividend is payable on August 31, 2023 to shareholders of record on August 15, 2023.
  • The Company will hold an earnings conference call on Friday, July 21, 2023 at 9:00 a.m. (Eastern Time) to discuss its second quarter 2023 results.

Grupo Supervielle Reports 1Q23 Results

Retrieved on: 
Monday, May 22, 2023

Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three-months period ended March 31, 2023.

Key Points: 
  • Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three-months period ended March 31, 2023.
  • Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 (“IAS 29”) as established by the Central Bank.
  • Commenting on first quarter 2023 results, Patricio Supervielle, Grupo Supervielle’s Chairman & CEO, noted: “We started the year delivering ROE of 2% in real terms in the quarter, despite the increasingly challenging macroeconomic and political environment and on track to return to profitability.
  • On the sustainability front, we are pleased to have recently published our first integrated report, as compared to standalone reports in prior years.

FirstSun Capital Bancorp Reports First Quarter 2023 Results

Retrieved on: 
Monday, May 1, 2023

FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $26.3 million for the first quarter of 2023 compared to net income of $7.7 million for the first quarter of 2022.

Key Points: 
  • FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) reported net income of $26.3 million for the first quarter of 2023 compared to net income of $7.7 million for the first quarter of 2022.
  • The return on average total assets was 1.44% in the first quarter of 2023, compared to 1.38% in the prior quarter, and the return on average stockholders’ equity was 13.37% in the first quarter of 2023, compared to 12.89% in the prior quarter.
  • Net interest income totaled $74.1 million during the first quarter of 2023, an increase of $0.8 million compared to the prior quarter.
  • Average loans increased by $0.2 billion in the first quarter of 2023, compared to the prior quarter.

FVCBankcorp, Inc. Announces First Quarter 2023 Earnings; Balance Sheet Repositioning; Deposit and Liquidity Growth

Retrieved on: 
Thursday, April 20, 2023

FVCBank (the “Bank”) has a resilient balance sheet with Tangible Common Equity ("TCE") to Total Assets ("TA") ratio of 8.92% at March 31, 2023.

Key Points: 
  • FVCBank (the “Bank”) has a resilient balance sheet with Tangible Common Equity ("TCE") to Total Assets ("TA") ratio of 8.92% at March 31, 2023.
  • As of March 31, 2023, estimated uninsured deposits improved to 32.5% of total deposits from 39.7% at December 31, 2022.
  • At March 31, 2023, the allowance for credit losses to total loans when excluding its mortgage company warehouse lines was 1.11%.
  • The Company recorded net recoveries of $23 thousand, or (0.01)% of average loans in the first quarter of 2023.