Welcome to our dedicated page for First Res Bank news (Ticker: FRSB), a resource for investors and traders seeking the latest updates and insights on First Res Bank stock.
First Resource Bank (FRSB) provides investors and community members with essential updates through this centralized news hub. Track all official announcements, financial disclosures, and strategic developments from Pennsylvania's community-focused banking institution.
Access timely information on quarterly earnings reports, leadership appointments, and community initiatives that shape the bank's operations in the Delaware Valley. Our curated collection ensures transparent access to press releases detailing loan portfolio updates, deposit growth strategies, and regulatory filings.
Key updates include insights into commercial lending expansions, risk management practices, and digital banking enhancements. Bookmark this page for immediate access to FRSB's financial communications and operational milestones that impact both shareholders and local customers.
First Resource Bancorp (OTCQX: FRSB) reported strong Q2 2024 results, with net income of $1.3 million, up 1% from Q1. Key highlights include:
- Total interest income grew 27% year-over-year
- Net interest margin expanded to 3.43% from 3.35% in Q1
- Total loans grew 4% (17% annualized) during Q2
- Total deposits grew 5% (18% annualized) during Q2
- Book value per share increased 3% to $15.78
The bank's strategy of consistent balance sheet expansion delivered strong results, with loan and deposit growth surpassing expectations. Credit quality remained excellent with no non-performing assets or loans past due over 30 days.
First Resource Bancorp, holding company for First Resource Bank, has been recognized for the third consecutive year by American Banker as one of the top-performing publicly traded community banks with assets under $2 billion in the US. Compiled by Capital Performance Group, the list highlights institutions excelling in a challenging interest rate environment. First Resource Bank ranked among the top 100 banks based on three-year return on average equity, amidst a narrowing field due to industry consolidations. The median return for these top 100 banks was nearly 15%, compared to less than 11% for all banks in this asset class. CEO Lauren Ranalli expressed pride in this recognition, attributing it to the bank's commitment to clients and financial excellence.
First Resource Bancorp, Inc. appointed Pamela M. Cyr and Michael Hohl as new Directors, while John P. O'Connell retired. Cyr brings extensive financial services experience, and Hohl adds local market expertise. The Company aims to expand its market presence with their insights. First Resource Bancorp, Inc. expresses gratitude for O'Connell's dedicated service.
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