Durbin amendment

OceanFirst Financial Corp. Announces Quarterly and Annual Earnings and Financial Results

Retrieved on: 
Thursday, January 18, 2024
PTPP, Durbin amendment, FDIC, Credit, Trust, Federal Deposit Insurance Corporation, FHLB, Shareholder, Environment, Sale, Tax, GAAP, Investment, Federal Home Loan Banks, Annual general meeting, PCD, OceanFirst Bank, Growth, Bank

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures.

Key Points: 
  • 1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures.
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston.

Stellar Bancorp, Inc. Reports Fourth Quarter 2023 Results

Retrieved on: 
Friday, January 26, 2024
Banking, Professional Services, Finance, Stellar, STEL, FDIC, Bank statement, Small Business Administration, ATM, Central Time, Policy, Interest, Tier 1, Mergers and acquisitions, Environment, Sale, Acquisition, PIN, Webcast, Small business, Durbin amendment, Bank holding company

Net interest income in the fourth quarter 2023 decreased $791 thousand, or 0.7%, to $105.9 million from $106.7 million for the third quarter 2023.

Key Points: 
  • Net interest income in the fourth quarter 2023 decreased $791 thousand, or 0.7%, to $105.9 million from $106.7 million for the third quarter 2023.
  • Noninterest expense for the fourth quarter 2023 increased $7.2 million, or 10.2%, to $77.9 million compared to $70.7 million for the third quarter 2023.
  • The efficiency ratio was 69.21% for the fourth quarter 2023 compared to 63.50% for the third quarter 2023.
  • The provision for credit losses for the fourth quarter 2023 was $1.0 million compared to $2.3 million for the third quarter 2023.

Citizens Against Government Waste Names Sen. Dick Durbin November 2023 Porker of the Month

Retrieved on: 
Thursday, November 16, 2023
Advocacy Group Opinion, Other Consumer, Business, Retail, White House, Federal Government, Other Professional Services, State, Local, Public Policy, Other Policy Issues, Family, Labor, Consumer, Professional Services, Congressional News, Views, Government, Personal Finance, Other Retail, Small Business, Fraud, Month, Durbin amendment, Citizens Against Government Waste, Legislation, Travel, CAGW

Today, Citizens Against Government Waste (CAGW) named Sen. Dick Durbin (D-Ill.) its November 2023 Porker of the Month for trying to take away everyone's credit card benefits.

Key Points: 
  • Today, Citizens Against Government Waste (CAGW) named Sen. Dick Durbin (D-Ill.) its November 2023 Porker of the Month for trying to take away everyone's credit card benefits.
  • In 2010, Sen. Durbin led the effort to pass the Durbin Amendment, which set a limit on fees that banks charge retailers for debit card transactions.
  • Now, Sen. Durbin is at it again by proposing legislation that would expand the Durbin Amendment to credit cards.
  • For trying to take away credit card benefits and rewards, Sen. Durbin was an easy choice for this month’s Porker.”
    Citizens Against Government Waste is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.

Stellar Bancorp, Inc. Reports Third Quarter 2023 Results

Retrieved on: 
Friday, October 27, 2023
Stellar, Policy, Durbin amendment, ATM, NYSE, PIN, Federal Reserve, Acquisition, Bank statement, Federal, STEL, Tier 1, Mergers and acquisitions, Environment, Webcast, Central Time, Cryptocurrency, Bank, Rare-earth element, Clothing, Allegiance

Solid Margin: Tax equivalent net interest margin was 4.37% for the third quarter of 2023 as compared to 4.49% in the second quarter of 2023.

Key Points: 
  • Solid Margin: Tax equivalent net interest margin was 4.37% for the third quarter of 2023 as compared to 4.49% in the second quarter of 2023.
  • Stellar’s net interest income in the third quarter 2023 decreased $1.6 million, or 1.4%, from $108.3 million for the second quarter 2023.
  • Stellar’s efficiency ratio was 63.50% for the third quarter 2023 compared to 60.83% for the second quarter 2023.
  • The provision for credit losses for the third quarter 2023 was $2.3 million compared to $1.9 million for the second quarter 2023.

Lakeland Bancorp Announces Third Quarter Results

Retrieved on: 
Thursday, October 26, 2023
Ratio, Sale, Futures contract, FDIC, Bank, Acquisition, 1st Constitution Bancorp, Durbin, Growth, Provident Bank of New Jersey, Provident, EPS, Marketing, OAK, Durbin amendment, Provident Financial, Security (finance), Cryptocurrency, Rare-earth element

Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.

Key Points: 
  • Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.
  • Nonperforming assets decreased 27% to $13.4 million, or 0.12% of total assets, for the third quarter of 2023 compared to $18.4 million in the third quarter of 2022 and $16.1 million in the linked quarter.
  • Net interest income for the third quarter of 2023 of $68.9 million decreased $11.4 million compared to the third quarter of 2022.
  • The cost of interest-bearing liabilities for the third quarter of 2023 was 2.96% compared to 0.94% for the third quarter of 2022 and 2.59% for the second quarter of 2023.

OceanFirst Financial Corp. Announces Third Quarter Financial Results

Retrieved on: 
Thursday, October 19, 2023
PCD, Sale, OceanFirst Bank, Tax, Federal Home Loan Banks, 107th Grey Cup, Net, GAAP, PTPP, Environment, Trust, Growth, Durbin, FHLB, Credit, Durbin amendment, Investment, Uncertainty, Bank, Security (finance), Life insurance, Cryptocurrency, Reinsurance, Clothing, Insurance, Pharmaceutical industry, Financial services

Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Key Points: 
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
  • The current quarter results were impacted by the following matters.
  • OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston.

QEP Completes Sale of Manufacturing Facility in Johnson City, Tennessee

Retrieved on: 
Tuesday, October 3, 2023
Adhesive, QEP, Fifth Amendment to the United States Constitution, Consent, Durbin amendment, BOCA, Release, Security agreement, Sale, Bank of America, OTCQX, Bank, Amendment, Real estate, Cryptocurrency

CO., INC. (OTCQX: QEPC) (the “Company” or “QEP”) today announced that on September 29, 2023, it completed the sale of its manufacturing facility in Johnson City, Tennessee to Hatley Properties, LLC (“Hatley Properties”), in a transaction valued at $5.3 million.

Key Points: 
  • CO., INC. (OTCQX: QEPC) (the “Company” or “QEP”) today announced that on September 29, 2023, it completed the sale of its manufacturing facility in Johnson City, Tennessee to Hatley Properties, LLC (“Hatley Properties”), in a transaction valued at $5.3 million.
  • The facility consists of approximately 295,000 square feet of manufacturing and warehouse space on approximately 48 acres in Johnson City, Tennessee.
  • Prior to this sale, on September 28, 2023, QEP also conducted an online auction to sell certain machinery and equipment that were excluded from this transaction.
  • Commenting on the transaction, Len Gould, President & CEO, The Americas, of QEP stated, “This transaction completes QEP’s exit from wood flooring manufacturing.

Merchant Advisory Services Sponsors Mobile Payments Conference MPC2023

Retrieved on: 
Thursday, August 24, 2023
Advertising, The customer is always right, Small business, Intelligence, E-commerce, Lyft, Organization, Durbin amendment, Mastercard, Conference, J.D. Power, Legislation, Bank, Online shopping

NEW YORK, Aug. 24, 2023 /PRNewswire-PRWeb/ -- For the second consecutive year, Merchant Advisory Services, a fintech startup known for championing fair payment processing solutions, announced its sponsorship of the Mobile Payments Conference (MPC23), a premier event in the digital commerce industry. Scheduled to take place from August 23rd to August 25th, 2023, at the Westin Atlanta Perimeter North, the 13th edition of the conference will once again bring together industry leaders and experts from around the world.

Key Points: 
  • NEW YORK, Aug. 24, 2023 /PRNewswire-PRWeb/ -- For the second consecutive year, Merchant Advisory Services, a fintech startup known for championing fair payment processing solutions, announced its sponsorship of the Mobile Payments Conference (MPC23), a premier event in the digital commerce industry.
  • "As a returning sponsor and boutique provider, it's an honor to be among the organizations participating in MPC23," said JP Biamby, CEO of Merchant Advisory Services.
  • "As a returning sponsor and boutique provider, it's an honor to be among the organizations participating in MPC23," said JP Biamby, CEO of Merchant Advisory Services.
  • With credit card processing fees being among the highest expenses across industries for businesses that accept card payments, Merchant Advisory Services takes a consultative approach to identifying and implementing cost-cutting solutions for businesses.

NBT Bancorp Inc. Announces Second Quarter Net Income of $30.1 Million ($0.70 Per Diluted Common Share)

Retrieved on: 
Monday, July 31, 2023
NIM, Borrowing base, Federal Reserve Bank, Federal Reserve Bank of St. Louis, Michael J. Hsu, Share repurchase, Comptroller, RPS, Stock dilution, EPIC, AFS, FDIC, Sale, Currency, Durbin, Acquisition, FTE, Durbin amendment, NBT Bank, NBT, Commercial, Dodd–Frank Wall Street Reform and Consumer Protection Act, Health, Retirement, Cryptocurrency, Video game, Pharmaceutical industry, Bank, Financial adviser, Beauty salon, Hudson Valley, NORWICH

In the second quarter of 2023, the Company realized $4.5 million ($0.08 per diluted share) in securities losses.

Key Points: 
  • In the second quarter of 2023, the Company realized $4.5 million ($0.08 per diluted share) in securities losses.
  • The Company incurred acquisition expenses of $1.2 million ($0.02 per diluted share) and $0.6 million ($0.01 per diluted share) related to the pending merger with Salisbury Bancorp, Inc. (“Salisbury”) in the second quarter of 2023 and the first quarter of 2023, respectively.
  • Net interest income for the second quarter of 2023 was $89.1 million, which was down $6.0 million, or 6.3%, from the first quarter of 2023 and up $1.5 million, or 1.7%, from the second quarter of 2022.
  • Total noninterest income, excluding securities losses, was $36.7 million for the three months ended June 30, 2023, up $0.3 million from the first quarter and down $5.6 million from the prior year’s second quarter.

Cornerstone Advisors Research Illustrates How Durbin Amendment Negatively Impacted Financial Institutions and Consumers

Retrieved on: 
Monday, July 10, 2023
Government, Interchange, Durbin, Credit card, Debits and credits, Research, Regulation, Durbin amendment, Legislation, Cryptocurrency, Bank, Financial adviser

SCOTTSDALE, Ariz., July 10, 2023 /PRNewswire/ -- New research from Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, reveals how legislation that mandated debit card payment routing and interchange price caps has negatively impacted the nation's banking system and consumers. The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.

Key Points: 
  • The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.
  • "Think of it as regulatory 'whack-a-mole,' where a reduction in revenue from government regulation in one category forces multiple fee-generating categories to rise," said Glenn Grossman, director of research for Cornerstone Advisors and author of the report.
  • "Debit and credit card price controls harm both consumers and the banking system," Grossman said.
  • "Given their much more limited resources, community financial institutions and the customers they serve will suffer disproportionately from these rules."