Finemark Stock Price, News & Analysis

FineMark Holdings, Inc. (OTCQX:FNBT) reported net revenues of $102.6 million for the year ending December 31, 2022, up from $94.6 million in 2021. However, net income decreased to $22.4 million ($1.89/share) from $25 million ($2.39/share) in 2021. For Q4 2022, revenues were $23.1 million, down from $25.8 million the previous year, with a net income of $3.1 million ($.26/share), compared to $7 million ($.59/share) in Q4 2021. Despite challenges like Hurricane Ian and rising interest rates, the bank saw a 12% growth in net loans and a 21% increase in net asset inflows from trust clients.

FineMark Holdings, Inc. (OTCQX:FNBT) announced the release of its fourth quarter and full year 2022 financial results on January 18, 2023, after market close. Investors can access the earnings report in the Investor Relations section of the company's website. A conference call to discuss the results will be held on January 19, 2023, at 9 AM ET. FineMark, with $3.6 billion in total assets and $6 billion in assets under management, provides a range of financial services through its locations in Florida, Arizona, and South Carolina.

FineMark Holdings, Inc. (OTCQX:FNBT) reported a net revenue increase to $25.9 million for Q3 2022, up from $24.1 million in Q3 2021. However, net income fell by 24% to $5.4 million ($0.45 per share), impacted by rising salaries, a provision expense, and a $400,000 allocation for Hurricane Ian recovery. Loan production decreased by 30% due to rising interest rates, while deposits surged 20% to $2.9 billion. The investment portfolio grew 27% to $1.1 billion, reflecting a challenging economic environment marked by inflation and rising interest rates.

FineMark Holdings reported Q2 2022 net income of $7 million ($0.59 per diluted share), up 29% from Q2 2021. Revenues rose to $27.3 million, a 20% year-over-year increase. The investment portfolio surged 60% to $1.2 billion. Deposits increased 25% to $3 billion, while net interest income climbed 18% to $18.4 million. Non-performing loans remain low at 0.03%. However, assets under management fell 4% to $5.5 billion. The bank maintains a strong balance sheet with a Tier 1 capital ratio of 9.16%.

FineMark Holdings, Inc. (OTCQX: FNBT) reported strong Q1 2022 results with net revenues of $26.3 million, up from $22 million in Q1 2021. Net income rose to $6.9 million or $0.58 per diluted share, compared to $5.6 million or $0.61 per diluted share a year ago. Net interest income increased by 14% to $17.5 million, driven by a 78% growth in the investment portfolio. However, net interest margin decreased to 2.14% from 2.25% in Q1 2021. Non-interest income saw a 27% rise, indicating strong performance despite market volatility.

FineMark Holdings, Inc. (OTCQX: FNBT) reported a fourth quarter 2021 net income of $7.0 million, an increase of 11% from $6.3 million in the same quarter of 2020. Per-share earnings decreased to $0.59 due to the issuance of 2.5 million new shares.

For the full year 2021, net income rose 14% to a record $25.0 million. Key growth drivers included an 8% increase in loans, net of allowance, and a 23% increase in total deposits, totaling $2.7 billion.

FineMark Holdings, Inc. (OTCQX: FNBT) announced a record net income of $7.1 million ($0.61 per diluted share) for Q3 2021, up 23% from $5.7 million in Q3 2020. Key highlights include a 12% year-over-year loan portfolio growth, 8.5% increase in net interest income, and a 24% rise in assets under management, totaling $5.7 billion. The bank's total assets reached $3.1 billion, bolstered by an $82.5 million capital raise. However, diluted earnings per share decreased by 3% due to additional shares from the capital raise.

FineMark Holdings reported second quarter 2021 net income of $5.4 million ($0.58 per diluted share), an 11.3% increase year-over-year. The loan portfolio grew by 13%, but net interest income increased only 4% due to low interest rates. Assets under management rose by 30% to $5.7 billion. The Bank's total assets reached nearly $3 billion, boosted by $82.5 million in new equity capital. Despite a 5% rise in non-interest expenses, credit quality remained strong with 1.03% classified loans. No new COVID-related loan loss provisions were made.