ECIP

Bay Community Bancorp Earns $1.31 Million in Fourth Quarter 2023 and a Record $8.23 Million for the Year; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Monday, February 5, 2024
Federal, ECIP, Growth, ERP, Community Bank, CECL, FDIC, BEA, Common equity, Compact disc, DDA, Investment, Current Expected Credit Losses, Environmental protection, NOW, Bank, Community development financial institution, Share repurchase, Video game

For the year 2023, net income increased 2.1% to a record $8.23 million, compared to $8.06 million in 2022.

Key Points: 
  • For the year 2023, net income increased 2.1% to a record $8.23 million, compared to $8.06 million in 2022.
  • This marks the twelfth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Pre-tax, pre-provision, pre-CDFI grant income was $1.59 million in the fourth quarter of 2023, compared to $3.39 million in the year ago quarter, and $1.99 million in the third quarter of 2023.
  • Noninterest expense was $6.84 million in the fourth quarter of 2023, compared to $5.48 million in the fourth quarter of 2022, and $6.46 million in the third quarter of 2023.

Bay Community Bancorp Earns $3.12 Million in Third Quarter 2023; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Tuesday, October 31, 2023
FDIC, Community development financial institution, Bank, SVP, Environmental protection, Share repurchase, Acquisition, United States Department of the Treasury, Community Development Financial Institutions Fund, Environment, Phase 10, Growth, Community Bank, NOW, Current Expected Credit Losses, Bay, CECL, Compact disc, Common equity, Federal, CDFI, BEA, San Francisco, ECIP, Failure, Holding company, Real estate, Video game, Rare-earth element, San Francisco Bay Area

The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.

Key Points: 
  • The Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share.
  • This marks the eleventh consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.36 in the third quarter of 2023, compared to $0.25 in the third quarter a year ago, and $0.21 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $1.99 million in the third quarter of 2023, compared to $3.14 million in the year ago quarter, and $2.54 million in the second quarter of 2023.

Banesco USA Expands Commercial & Industrial and Domestic Premier Banking & Residential Lending Capabilities

Retrieved on: 
Thursday, October 5, 2023
Commercial Building & Real Estate, Construction & Property, Finance, Consulting, Banking, Professional Services, Small Business, Other Professional Services, Residential Building & Real Estate, CRE, Public sector banks in India, Transport, Treasury, Appetite, Growth, Head, C&I, ECIP, News, Domestic, Financial services, Banesco

“We remain bullish on South Florida as the appetite for lending across all sectors is high, and Banesco is actively looking to deploy capital,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA.

Key Points: 
  • “We remain bullish on South Florida as the appetite for lending across all sectors is high, and Banesco is actively looking to deploy capital,” said Calixto (Cali) Garcia-Velez, President & CEO of Banesco USA.
  • In addition to building the bank’s domestic residential loan programs, Mr. Mechoso, as Head of Domestic Premier Banking, will focus on attracting new business from high-net-worth individuals and companies.
  • The Premier Banking team, with the addition of Chris Cabrera, Damian Penichet and Natalee Keller, will deliver a differentiated and highly personalized banking experience.
  • By placing an emphasis on these divisions, Banesco is ensuring the bank’s capabilities of covering the sectors and companies driving South Florida’s economy.

Bay Community Bancorp Earns $1.85 Million in Second Quarter 2023; Declares Quarterly Cash Dividend of $0.05 Per Share

Retrieved on: 
Monday, July 31, 2023
FHLB, ECIP, Community Development Financial Institutions Fund, Current Expected Credit Losses, Common equity, FDIC, Federal, Compact disc, Treasury, Environmental protection, PPP, Department of the Treasury, CECL, Community development financial institution, SBA, Bay, Community Bank, Community development, United States Department of the Treasury, Bank, NOW, Environment, Book, Holding company, Real estate, Video game, Rare-earth element

This marks the tenth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.

Key Points: 
  • This marks the tenth consecutive cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.21 in the second quarter of 2023, compared to $0.21 in the second quarter a year ago, and $0.22 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $2.54 million in the second quarter of 2023, compared to $3.00 million in the year ago quarter, and $2.76 million in the first quarter of 2023.
  • Net interest margin was 3.19% in the second quarter, compared to 3.28% in the preceding quarter, and 3.63% in the second quarter a year ago.

Bay Community Bancorp Earns $1.94 Million in First Quarter 2023; Increases Quarterly Cash Dividend by 11% to $0.05 Per Share

Retrieved on: 
Monday, May 1, 2023
Housing, UEFA Women's Coach of the Year Award, Community Impact Newspaper, U.S. Department of Defense Strategy for Operating in Cyberspace, FHLB, ECIP, Community Development Financial Institutions Fund, COVID-19, Current Expected Credit Losses, Risk management, Common equity, FDIC, ERP, Federal, Compact disc, Treasury, PPP, American City Business Journals, Acquisition, Federal Reserve, O'Hara, U.S. Treasury, Department of the Treasury, Investment, CDFI, CECL, Community development financial institution, SBA, Bay, Community Bank, Growth, Community development, United States Department of the Treasury, Bank, NOW, Book, US Treasury specimen book, Holding company, Insurance, Real estate, Video game, Airline

The Company’s Board of Directors increased its quarterly cash dividend by 11.1% to $0.05 per share.

Key Points: 
  • The Company’s Board of Directors increased its quarterly cash dividend by 11.1% to $0.05 per share.
  • This marks the ninth consecutive, and second increase in the cash dividend payment since the Company initiated quarterly cash dividends on April 30, 2021.
  • In the first quarter of 2023, we booked 24 new loans with total commitments of $33.7 million, with ten loans totaling $14.9 million in targeted communities.
  • Pre-tax, pre-provision, pre-CDFI grant income was $2.76 million in the first quarter of 2023, compared to $2.31 million in the year ago quarter, and $3.39 million in the fourth quarter of 2022.

Banesco USA Reaches $3 Billion Assets Milestone

Retrieved on: 
Monday, January 30, 2023
KBRA, Miami International Airport, Superior, Florida State Road 826, NLP, Growth, Jules Kroll, O'Hara, U.S. Treasury, Banesco, BBB, ECIP, Bank, Airline, K3

MIAMI, Jan. 30, 2023 /PRNewswire/ -- Banesco USA, an independent Florida state-chartered bank with six locations between South Florida and Puerto Rico, reaches a significant milestone with the announcement of achieving $3 billion in assets.

Key Points: 
  • Achieves 2022 growth of 40% in assets, 45% in loans and 52% in deposits
    MIAMI, Jan. 30, 2023 /PRNewswire/ -- Banesco USA, an independent Florida state-chartered bank with six locations between South Florida and Puerto Rico, reaches a significant milestone with the announcement of achieving $3 billion in assets.
  • "This milestone performance reflects the successful execution of our strategic growth plan," commented Calixto (Cali) García-Vélez, President & CEO of Banesco USA.
  • The total assets were $2.994 billion on December 31, 2022, an increase of $861 million or 40 percent from December 31, 2021.
  • Banesco USA, founded in 2006, is recognized by BauerFinancial with a 5-star Superior rating.

Bay Community Bancorp Earns a Record $2.39 Million in Fourth Quarter 2022; Full Year 2022 Earnings Increase 8.7% to a Record $8.06 Million; Declares Quarterly Cash Dividend of $0.045 Per Share

Retrieved on: 
Tuesday, February 7, 2023
United States Department of the Treasury, Compact disc, COVID-19, NOW, US Treasury specimen book, Community development financial institution, Community development, Federal, Bay, Common equity, CECIL, SBA, Bank, Community Bank, PPP, Growth, Book, Treasury, Investment, ECIP, FDIC, CDFI, Unemployment, Holding company, Video game, Real estate

This marks the eighth consecutive quarterly cash dividend since the Company initiated quarterly cash dividends on April 30, 2021.

Key Points: 
  • This marks the eighth consecutive quarterly cash dividend since the Company initiated quarterly cash dividends on April 30, 2021.
  • Earnings per common share was $0.28 in the fourth quarter of 2022, compared to $0.20 in the fourth quarter a year ago, and $0.25 in the preceding quarter.
  • Pre-tax, pre-provision, pre-CDFI grant income was $3.39 million in the fourth quarter of 2022, compared to $1.74 million in the year ago quarter, and $3.14 million in the third quarter of 2022.
  • There was no provision for loan losses recorded in the fourth quarter of 2022, or the third quarter of 2022.

Security Federal Corporation Announces Fourth Quarter and Annual Earnings

Retrieved on: 
Monday, February 6, 2023
Trust, Omnibus spending bill, Insurance, COVID-19, Consolidated Appropriations Act, 2021, Agreement, Letter, Bank, Poverty, PPP, Investment, U.S. Department of Agriculture Cotton Annex, Senior, Treasury, ECIP, Security (finance)

On May 24, 2022, the Company entered into a Letter Agreement with the U.S. Department of Treasury under the Emergency Capital Investment Program (“ECIP”).

Key Points: 
  • On May 24, 2022, the Company entered into a Letter Agreement with the U.S. Department of Treasury under the Emergency Capital Investment Program (“ECIP”).
  • Security Federal Bank has 18 full service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia.
  • A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.
  • The Bank’s newest branch, located in Augusta, Georgia, is under construction but scheduled to open later this year.

Banesco USA Achieves Rating Affirmation from Kroll Bond Rating Agency and Prestigious Bauer 5-Star Rating

Retrieved on: 
Thursday, December 22, 2022
ECIP, Superior, Risk management, Multimedia, Banesco, KBRA, BBB, Department of the Treasury, Security (finance), K3

MIAMI, Dec. 22, 2022 /PRNewswire/ -- Banesco USA announces it has received ratings affirmations from Kroll Bond Rating Agency (KBRA) as well as a Superior 5-Star rating by BauerFinancial, Inc.

Key Points: 
  • MIAMI, Dec. 22, 2022 /PRNewswire/ -- Banesco USA announces it has received ratings affirmations from Kroll Bond Rating Agency (KBRA) as well as a Superior 5-Star rating by BauerFinancial, Inc.
  • KBRA affirmed Banesco USA's deposit and senior unsecured debt investment grade ratings of BBB, the subordinated debt rating of BBB-, and the short-term deposit and debt ratings of K3.
  • The KBRA rating affirmations, paired with the BauerFinancial 5-Star Rating, highlights that the bank continues to excel in risk management while growing 40 percent year-over-year as of September 2022.
  • Banesco USA is proud to serve the commercial real estate sector, small and middle-market businesses, as well as professionals who work in the community.

Banesco USA Announces Robust Growth in Q3 2022 and Anticipates Continued Trend

Retrieved on: 
Monday, November 7, 2022
Growth, Investment, Element, Multimedia, ECIP, Banesco, Bank, CEO, Doral, Brickell

MIAMI, Nov. 7, 2022 /PRNewswire/ --Banesco USA reported a strong third quarter 2022 with a 30% year-to-date increase in total assets to $2.78 billion.

Key Points: 
  • MIAMI, Nov. 7, 2022 /PRNewswire/ --Banesco USA reported a strong third quarter 2022 with a 30% year-to-date increase in total assets to $2.78 billion.
  • The bank also shows an impressive 32% year-to-date loan growth and a significant 37% year-to-date growth in deposits.
  • Banesco USA's loan growth was driven largely by its commercial banking customers in Florida and Puerto Rico, and its growth was accelerated by the receipt of investment funds from Emergency Capital Investment Program (ECIP).
  • The bank projects a total of 38% net loan growth for the full 2022 year, with a strong lending pipeline despite increases in interest rates and an uncertain economic outlook.