First Resource Bancorp, Inc. Reports Record Third Quarter 2026 Financial Results

Nine-month net income increased 40%, while quarterly operating costs and unrealized investment losses also rose.

Rhea-AI Summary

First Resource Bancorp (FRSB) reported third-quarter net income of $2.9 million, increasing earnings from both the prior quarter and a year earlier. Diluted earnings per share reached $0.98, versus $0.92 in the second quarter and $0.75 a year earlier. Nine-month net income rose 40% to $8.2 million.

Quarterly net interest income before credit-loss provisions increased 30% year over year to $8.5 million. Net interest margin was 4.06%, versus 4.09% in the prior quarter and 3.87% a year earlier. Deposits grew 6% during the quarter, while loans increased 1% to $737.1 million. Non-performing assets fell to 0.08% of assets from 0.10% in June. Non-interest income declined 23% sequentially, and non-interest expenses rose 7%. Book value per share increased 4% to $21.98. The bank paid an unchanged $0.02 quarterly dividend; unrealized losses increased in both investment portfolios.

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Positive

• Moderate pointThird-quarter net income of $2.9 million rose 30% year over year and 6% sequentially.
• Moderate pointQuarterly net interest income before provisions reached $8.5 million, up 5% sequentially and 30% year over year.
• Moderate pointDeposits increased $44.1 million, or 6%, during the quarter; year-over-year growth was $158.8 million, or 25%.
• Moderate pointLoans increased 1% quarterly to $737.1 million, and 12% from September 2025.
• Moderate pointAnnualized return on equity reached 17.88%, versus 17.82% sequentially and 16.19% a year earlier.
• Moderate pointNine-month non-interest income increased 23% to $1.3 million, versus $1.1 million in 2025.
• Moderate pointNine-month efficiency ratio improved to 55.48%, from 58.93% in 2025, indicating lower expenses relative to revenue.
• Moderate pointTotal assets increased 6% during the quarter, with growth in loans, investments and cash.

10 minor points

• Minor pointDiluted earnings per share of $0.98 exceeded $0.92 sequentially and $0.75 a year earlier.
• Minor pointNine-month net income rose 40% to $8.2 million, versus $5.8 million in 2025.
• Minor pointNine-month net interest income before provisions increased 33% to $23.9 million versus 2025.
• Minor pointNon-core deposits declined an additional $10.2 million during the third quarter.
• Minor pointAnnualized return on assets was 1.36%, unchanged sequentially and above 1.29% a year earlier.
• Minor pointCredit-loss provision fell to $163 thousand, versus $386 thousand sequentially and $189 thousand a year earlier.
• Minor pointNon-performing assets fell to $705 thousand, or 0.08% of assets, from $881 thousand, or 0.10%, in June.
• Minor pointNine-month SBA loan-sale gains reached $383 thousand, versus $113 thousand in 2025.
• Minor pointStockholders' equity increased $2.4 million, or 4%, to $66.2 million during the quarter.
• Minor pointBook value per share increased $0.79, or 4%, to $21.98 during the quarter.

Negative

• Moderate pointQuarterly non-interest expenses increased 7% sequentially and 29% year over year; nine-month expenses rose 25%.
• Moderate pointQuarterly interest expense reached $4.9 million, up 5% sequentially and 11% year over year.
• Moderate pointQuarterly non-interest income declined to $337 thousand, down 23% sequentially and 4% year over year.
• Moderate pointQuarterly efficiency ratio worsened to 56.28%, from 54.39% sequentially and 56.11% a year earlier.
• Minor pointNet interest margin was 4.06%, below 4.09% sequentially but above 3.87% a year earlier.

8 minor points

• Minor pointNine-month interest expense increased 10% to $14.3 million versus 2025.
• Minor pointNo quarterly SBA loan-sale gains compared with $108 thousand in the prior quarter and none a year earlier.
• Minor pointQuarterly service charges fell 27% sequentially, following prior-quarter late fees from a non-accrual loan resolution.
• Minor pointNine-month swap referral fees fell to $53 thousand, from $229 thousand in 2025.
• Minor pointQuarterly non-interest expenses to average assets rose to 2.31%, versus 2.27% sequentially and 2.21% a year earlier.
• Minor pointNine-month non-interest expenses to average assets rose to 2.27%, versus 2.25% in 2025.
• Minor pointHeld-to-maturity investment unrealized losses increased to $804 thousand at September 30, from $561 thousand in June.
• Minor pointAvailable-for-sale investment unrealized losses increased to $1.8 million at September 30, from $1.1 million in June.

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EXTON, Pa., Oct. 26, 2026 /PRNewswire/ -- First Resource Bancorp, Inc. (OTCQX: FRSB), reported strong financial performance for the third quarter ended September 30, 2026.

Lauren C. Ranalli, President and CEO, stated, "Growing the balance sheet and profitability concurrently has been a key goal for 2026, and I'm thrilled to report on our success in meeting that mandate through the first nine months of the year. Our exponential growth is a testament to the team's efforts and our ability to deliver solutions for our expanding customer base. As our business continues to grow, we remain committed to investing in the infrastructure necessary to sustain our award-winning customer service and operational excellence. "

Third Quarter 2026 Highlights

• Net income of $2.9 million exceeded the prior year's third quarter by 30% and the prior quarter by 6%
• Year-to-date net income of $8.2 million compared to $5.8 million in the prior year representing a 40% increase
• Earnings per common share increased to $0.98, up 31% from the prior year's third quarter
• Annualized return on average equity was 17.88%
• Annualized return on average assets was 1.36%
• Net interest margin of 4.06% compared to 4.09% in the prior quarter and 3.87% in the prior year's third quarter
• Net interest income increased 5% from the prior quarter and 30% year over year
• Total loans grew 1% during the quarter, or 6% on an annualized basis
• Total deposits grew 6% during the quarter, or 23% on an annualized basis
• Book value per share increased to $21.98 from $21.19 at June 30, 2026 representing a 15% annualized growth rate.
• Non-performing assets to total assets decreased to 0.08%
• Paid a third consecutive quarterly cash dividend of $0.02 per common share

Earnings and Profitability

For the quarter ended September 30, 2026, net income totaled $2.9 million, compared to $2.3 million for the same period a year ago and $2.8 million for the prior quarter. Earnings per share on a diluted basis increased to $0.98, up from $0.75 in the third quarter of 2025 and $0.92 in the second quarter of 2026.

For the nine months ended September 30, 2026, net income totaled $8.2 million, compared to $5.8 million for the same period in 2025 representing a 40% increase.

Annualized return on average assets rose to 1.36% for the third quarter of 2026, which matches the return from the prior quarter and is an increase from 1.29% for the same period in 2025. Annualized return on average equity increased to 17.88%, from 17.82% in the prior quarter and 16.19% a year ago, reflecting improved operating leverage and balance sheet growth.

Net Interest Income and Net Interest Margin

Net interest income before the provision for credit losses totaled $8.5 million for the third quarter of 2026, up $412 thousand, or 5%, compared to the prior quarter and 30% from the same period a year ago. The net interest margin was 4.06%, down from 4.09% in the second quarter of 2026 and up from 3.87% in the third quarter of 2025.

Net interest income before the provision for credit losses totaled $23.9 million for the nine months ended September 30, 2026, an increase of $5.9 million, or 33%, compared to the same period in 2025.

Total interest income increased to $13.4 million for the third quarter of 2026, up 5% from the prior quarter and  22% compared to the third quarter of 2025. Quarterly growth was driven primarily by a 3% increase in average loan balances, with only nominal change in total loan yields. Year-over-year growth reflected a 15% increase in average loan balances and overall higher loan yields.

Total interest income increased to $38.3 million for the nine months ended September 30, 2026, a 23% increase from the same period in 2025.

Total interest expense increased to $4.9 million for the third quarter of 2026, up 5% from the prior quarter, as higher money market balances were partially offset by lower time deposit balances and a 14 basis point decline in time deposit costs. Compared to the third quarter of 2025, total interest expense increased 11%, driven by higher volumes of interest-bearing deposits and borrowings, partially mitigated by lower deposit rates.

Total interest expense increased to $14.3 million for the nine months ended September 30, 2026, up 10% from the same period in 2025.

Asset Quality, Provision for Credit Losses, and Allowance for Credit Losses on Loans 

The provision for credit losses totaled $163 thousand for the third quarter of 2026, compared to $386 thousand in the second quarter of 2026 and $189 thousand in the third quarter of 2025. As of September 30, 2026, the allowance for credit losses represented 0.78% of total loans, compared to 0.73% at December 31, 2025.

Non-performing assets totaled $705 thousand, or 0.08% of total assets, at September 30, 2026, compared to $881 thousand, or 0.10% of total assets, at June 30, 2026. Non-performing assets represented 0.09% and 0.00% of total assets at December 31, 2025, and September 30, 2025, respectively. Non-accrual loans consist of five credit relationships, fully secured by real estate collateral, with no specific reserves required for the third quarter.

"Our ability to consistently maintain a low level of non-performing assets reflects our disciplined underwriting philosophy, which emphasizes sound credit structure, comprehensive cash flow analysis, and proper real estate collateral.  We remain committed to maintaining this disciplined approach to credit culture while continuing to support the financing needs of the communities we serve." stated Ranalli.

Non-Interest Income and Expense

Non-interest income totaled $337 thousand for the quarter, a decrease of 23% from the prior quarter and 4% from the same period last year. There were no gains on the sale of SBA loans, compared to $108 thousand in the prior quarter and none in the third quarter of 2025. Swap referral fee income was $53 thousand, compared to none in the prior quarter, and $97 thousand in the third quarter of 2025. Service charges decreased 27% from the prior quarter, primarily due to late fees collected in connection with a non-accrual loan resolution in the prior quarter.

Non-interest income totaled $1.3 million for the nine months ended September 30, 2026, a 23% increase compared to $1.1 million for the same period in 2025. Gains on sale of SBA loans were $383 thousand for the nine months ended September 30, 2026, compared to $113 thousand for the same period in 2025. Swap referral fee income was $53 thousand for the nine months ended September 30, 2026, compared to $229 thousand in the same period of 2025.

Non-interest expenses increased 7% from the prior quarter and 29% compared to the third quarter of 2025, reflecting higher costs in salaries & benefits, data processing, and FDIC premium expense, partially offset by decreases in occupancy & equipment, and professional fees. Occupancy & equipment expenses were elevated in the prior quarter due to repairs and renovation costs for our Exton branch which was built in 2014. The ratio of non-interest expense to average assets was 2.31%, compared to 2.27% in the prior quarter and 2.21% in the third quarter of 2025. The efficiency ratio was 56.28%, compared to 54.39% in the prior quarter and 56.11% in the third quarter of 2025.

Non-interest expenses increased 25% for the nine months ended September 30, 2026, compared to the same period in 2025, reflecting higher costs across all operating categories except professional fees.  These increased costs were incurred to support our growth over the last year.  The ratio of non-interest expense to average assets for the first nine months of 2026 was 2.27%, compared to 2.25% in the comparative period of 2025. The efficiency ratio for the first nine months of 2026 was 55.48%, compared to 58.93% in the comparative period of 2025.

Balance Sheet

Total deposits increased $44.1 million, or 6%, during the third quarter of 2026, reflecting a shift in deposit mix. Increases in interest-bearing checking and money market balances were partially offset by decreases in non-interest-bearing deposits and time deposits. On a year-over-year basis, total deposits increased $158.8 million, or 25%, driven by growth across all deposit categories except time deposits. Approximately 79% of total deposits were insured or collateralized as of September 30, 2026.

"Our continued success in growing our customer deposit base during the third quarter enabled us to further expand earning assets while reducing non-core deposits by an additional $10.2 million," stated Ranalli.

Total loans increased $10.3 million, or 1%, during the third quarter of 2026 to $737.1 million, driven primarily by growth in commercial real estate loans. Compared to September 30, 2025, total loans increased $81.8 million, or 12%, attributable to growth in commercial real estate and construction lending.

The following table illustrates the composition of the loan portfolio, net of unearned loan origination fees and costs:

	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Commercial real estate	$567,196,678		$553,196,932		$531,440,586		$525,443,319		$516,826,603
Commercial construction	87,220,820		89,742,205		88,293,400		68,110,339		49,287,152
Commercial business	65,259,111		64,907,888		67,016,443		66,353,744		69,578,865
Consumer	17,459,057		19,007,086		18,541,133		18,548,853		19,645,273
Total loans	$737,135,666		$726,854,111		$705,291,562		$678,456,255		$655,337,893

Investment securities totaled $36.5 million at September 30, 2026, compared to $31.1 million at June 30, 2026. The Company's held-to-maturity investment portfolio had an amortized cost of $9.0 million and a fair value of $8.2 million, resulting in an unrealized loss of $804 thousand, compared to an unrealized loss of $561 thousand as of June 30, 2026. On an after-tax basis, this unrealized loss totaled $635 thousand, representing approximately 1.0% of total stockholders' equity as of September 30, 2026.

The remainder of the Company's investment portfolio was classified as available-for-sale and had a book value of $29.4 million and a fair value of $27.6 million at September 30, 2026. This resulted in an unrealized loss of $1.8 million, compared to $1.1 million at June 30, 2026. The after-tax unrealized loss of $1.4 million is reflected in accumulated other comprehensive loss within stockholders' equity.

Total assets increased 6% during the quarter, driven primarily by loan and investment growth and higher cash balances associated with deposit growth.

Total stockholders' equity increased $2.4 million, or 4%, during the third quarter of 2026, rising from $63.8 million at June 30, 2026, to $66.2 million at September 30, 2026. This increase was primarily due to net income earned during the quarter. During the quarter, the Company paid a cash dividend of $0.02 per common share. Book value per share increased by $0.79, or 4%, during the third quarter to $21.98 per share at September 30, 2026.

Selected Financial Data:
Consolidated Balance Sheets (unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Assets:
Cash and due from banks	$ 93,091,665		$ 62,564,468		$ 52,953,190		$ 90,422,400		$ 29,590,356
Time deposits at other banks	100,000		100,000		100,000		100,000		100,000
Investments	36,544,850		31,068,571		31,759,063		27,634,611		19,065,497
Loans receivable	737,135,666		726,854,111		705,291,562		678,456,255		655,337,893
Allowance for credit losses	(5,741,468)		(5,739,175)		(5,338,337)		(4,977,305)		(4,706,905)
Premises & equipment	7,285,579		7,258,468		7,312,947		7,360,342		7,467,535
Other assets	19,175,865		18,862,663		18,923,756		18,359,879		18,030,984
Total assets	$887,592,157		$840,969,106		$811,002,181		$817,356,182		$724,885,360
Liabilities:
Noninterest-bearing deposits	$120,692,883		$125,099,120		$119,590,197		$120,359,227		$ 99,688,828
Interest-bearing checking	75,691,650		58,644,735		66,652,272		69,271,915		55,875,100
Money market	452,142,738		401,304,624		349,036,565		326,603,007		257,517,175
Time deposits	141,035,832		160,401,444		182,731,610		209,098,258		217,695,517
Total deposits	789,563,103		745,449,923		718,010,644		725,332,407		630,776,620
Short term borrowings	-		-		-		-		8,000,000
Long term borrowings	14,162,000		14,162,000		14,162,000		16,012,000		13,887,000
Subordinated debt	10,472,150		10,470,219		10,468,289		10,466,463		8,485,386
Other liabilities	7,214,912		7,124,273		7,338,138		6,777,883		7,320,262
Total liabilities	821,412,165		777,206,415		749,979,071		758,588,753		668,469,268
Stockholders' Equity
Common stock	3,100,773		3,100,773		3,100,773		3,100,773		3,100,773
Additional paid-in capital	19,941,760		19,916,183		19,892,023		19,863,401		19,857,275
Treasury stock	(1,262,653)		(1,290,483)		(1,318,700)		(1,346,793)		(1,375,079)
Accumulated other comprehensive loss	(1,395,953)		(880,267)		(843,939)		(630,812)		(638,426)
Retained earnings	45,796,065		42,916,485		40,192,953		37,780,860		35,471,549
Total stockholders' equity	66,179,992		63,762,691		61,023,110		58,767,429		56,416,092
Total liabilities & stockholders' equity	$887,592,157		$840,969,106		$811,002,181		$817,356,182		$724,885,360

 

Performance Statistics (unaudited)
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Per Share Data:
Earnings per share – basic	$     0.98		$     0.93		$     0.82		$     0.78		$     0.75
Earnings per share – diluted	$     0.98		$     0.92		$     0.82		$     0.78		$     0.75
Total shares outstanding	3,010,601		3,008,592		3,006,555		3,004,527		3,002,485
Weighted average shares outstanding	3,009,685		3,007,673		3,005,613		3,003,726		3,001,454
Book value per share	$    21.98		$    21.19		$    20.30		$    19.56		$    18.79
Performance Ratios:
Return on average assets *	1.36 %		1.36 %		1.24 %		1.18 %		1.29 %
Return on average equity *	17.88 %		17.82 %		16.64 %		15.87 %		16.19 %
Net interest margin	4.06 %		4.09 %		3.80 %		3.77 %		3.87 %
Non-interest expenses* to average assets	2.31 %		2.27 %		2.21 %		2.15 %		2.21 %
Efficiency ratio	56.28 %		54.39 %		55.77 %		56.25 %		56.11 %
Asset Quality Ratios:
Non-performing loans to total loans	0.10 %		0.12 %		0.43 %		0.11 %		0.00 %
Non-performing assets to total assets	0.08 %		0.10 %		0.37 %		0.09 %		0.00 %
Allowance for credit losses to total loans	0.78 %		0.79 %		0.76 %		0.73 %		0.72 %
* Annualized

 

Consolidated Income Statements (unaudited)
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Interest income:
Loans, including fees	$ 12,493,217		$ 12,017,007		$      11,182,544		$      11,098,085		$       10,719,087
Securities	337,940		328,305		280,104		206,991		136,606
Other	617,376		439,133		560,555		599,764		138,292
Total interest income	13,448,533		12,784,445		12,023,203		11,904,840		10,993,985
Interest expense:
Deposits	4,656,461		4,405,473		4,395,446		4,520,311		4,231,636
Borrowings	120,718		119,399		122,789		125,620		77,963
Subordinated debt	162,556		162,556		162,556		137,058		134,682
Total interest expense	4,939,735		4,687,428		4,680,791		4,782,989		4,444,281
Net interest income	8,508,798		8,097,017		7,342,412		7,121,851		6,549,704
Provision for credit losses	163,119		386,010		377,167		368,729		189,087
Net interest income after provision for credit losses	8,345,679		7,711,007		6,965,245		6,753,122		6,360,617
Non-interest income:
Service charges and other fees	128,418		175,655		130,399		116,476		107,182
BOLI income	70,356		69,341		68,580		69,075		68,585
Gain on sale of SBA loans	-		108,308		274,352		-		-
Swap referral fee income	52,505		-		-		69,890		96,813
Other	85,284		81,640		70,899		81,363		76,913
Total non-interest income	336,563		434,944		544,230		336,804		349,493
Non-interest expense
Salaries & benefits	3,248,906		2,769,316		2,657,536		2,635,943		2,370,422
Occupancy & equipment	309,046		424,243		349,732		313,743		316,684
Professional fees	129,395		176,904		173,999		137,279		143,108
Advertising	124,749		124,258		126,442		87,011		104,356
Data processing	287,739		246,663		245,419		240,384		213,565
FDIC premium expense	185,044		180,310		191,252		166,763		135,382
Other	693,157		719,020		653,955		614,101		587,553
Total non-interest expense	4,978,036		4,640,714		4,398,335		4,195,224		3,871,070
Income before federal income tax expense	3,704,206		3,505,237		3,111,140		2,894,702		2,839,040
Federal income tax expense	763,732		721,573		638,956		585,391		580,874
Net income	$  2,940,474		$  2,783,664		$       2,472,184		$       2,309,311		$        2,258,166

 

Consolidated Income Statements (unaudited)
	Nine Months Ended
	September 30,		September 30,
	2026		2025
Interest income:
Loans, including fees	$35,692,768		$30,428,803
Securities	946,349		371,898
Other	1,617,064		214,002
Total interest income	38,256,181		31,014,703
Interest expense:
Deposits	13,457,380		12,346,609
Borrowings	362,906		241,088
Subordinated debt	487,668		404,045
Total interest expense	14,307,954		12,991,742
Net interest income	23,948,227		18,022,961
Provision for credit losses	926,296		493,600
Net interest income after provision for credit losses	23,021,931		17,529,361
Non-interest income:
Service charges and other fees	434,472		314,429
BOLI income	208,277		201,433
Gain on sale of SBA loans	382,660		113,186
Swap referral fee income	52,505		228,939
Other	237,823		213,031
Total non-interest income	1,315,737		1,071,018
Non-interest expense
Salaries & benefits	8,675,758		6,750,528
Occupancy & equipment	1,083,021		970,013
Professional fees	480,298		485,662
Advertising	375,449		327,000
Data processing	779,821		625,487
FDIC premium expense	556,606		394,576
Other	2,066,132		1,698,654
Total non-interest expense	14,017,085		11,251,920
Income before federal income tax expense	10,320,583		7,348,459
Federal income tax expense	2,124,261		1,499,942
Net income	$ 8,196,322		$ 5,848,517

About First Resource Bancorp, Inc.

First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.                 

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SOURCE First Resource Bank

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were First Resource Bancorp's third-quarter 2026 earnings?

First Resource Bancorp earned $2.9 million in the third quarter of 2026, with diluted earnings per share of $0.98. Net income increased 30% from the prior year's third quarter and 6% from the second quarter of 2026.

How did First Resource Bancorp's deposits and loans change in the third quarter of 2026?

Deposits increased $44.1 million, or 6%, and loans increased $10.3 million, or 1%, during the quarter. Loan growth was driven primarily by commercial real estate lending. Year over year, deposits increased 25% and loans increased 12%.

How much of First Resource Bancorp's deposits were insured or collateralized?

Approximately 79% of total deposits were insured or collateralized as of September 30, 2026.

What collateral supported First Resource Bancorp's non-accrual loans in the third quarter of 2026?

The bank's non-accrual loans consisted of five credit relationships, fully secured by real estate collateral. No specific reserves were required for the third quarter.

How did investment losses affect First Resource Bancorp's equity at September 30, 2026?

The available-for-sale portfolio's $1.4 million after-tax unrealized loss was reflected in accumulated other comprehensive loss within stockholders' equity. The held-to-maturity portfolio had a separate after-tax unrealized loss of $635 thousand, representing approximately 1.0% of total stockholders' equity.