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 Bancorp, Inc. reports developments tied to its role as the holding company for First Resource Bank, a Pennsylvania state-chartered bank serving businesses, professionals and individuals in the Delaware Valley. Company news commonly covers quarterly and annual results, loan and deposit growth, net interest margin, interest income and expense, borrowings and balance-sheet management.
Recurring announcements also include capital actions such as common-stock dividends and subordinated debt offerings used to support bank capital and operations. The bank’s disclosures center on deposit and credit services, traditional community banking products and financial performance across its local banking franchise.
First Resource Bancorp (OTCQX: FRSB) has announced the appointment of Jim Egan as Senior Vice President of Commercial Lending. Egan brings 40 years of banking industry experience, including 38 years at Bryn Mawr Trust where he served as Chief Commercial Lending Officer and Head of Commercial Real Estate.
In his new role at First Resource Bank, Egan will focus on developing new business opportunities, particularly in loans, cash management, and deposit solutions. His appointment aligns with the bank's community-focused approach and expansion in the Wayne, PA market. As a Chester County resident with over 40 years of community involvement, including service on the American Red Cross Golf Committee and Ardmore Rotary, Egan plans to continue his community engagement to strengthen First Resource Bank's local presence.
First Resource Bancorp (OTCQX: FRSB) reported financial results for Q4 and full-year 2024. Key highlights include 13% loan growth, 11% deposit growth, and 10% asset growth year-over-year. Net income for Q4 2024 was $1.0 million ($0.33 per share), down from $1.6 million ($0.53 per share) in Q4 2023. Full-year 2024 net income was $5.3 million ($1.73 per share), a 10% decrease from 2023.
The bank's net interest margin improved to 3.50% in Q4 2024, up from 3.43% in Q3. Total interest income grew 24% year-over-year. However, results were impacted by a $1.0 million specific reserve established for a non-performing commercial loan. The company implemented a 5% stock repurchase program and issued $2.5 million in subordinated debt during 2024. Book value per share increased 12% to $16.73.
First Resource Bancorp (OTCQX: FRSB) reported strong Q3 2024 financial results with net income of $1.6 million, up 20% from the previous quarter. Key highlights include a 22% year-over-year increase in total interest income, 13% growth in loans and deposits over the past 12 months, and maintained net interest margin at 3.43%. The company issued $2.5 million in subordinated debt and implemented a 5% stock repurchase program, under which 96,084 shares were repurchased. Credit quality remained excellent with no non-performing assets or loans past due. Book value per share grew 4% during Q3 to $16.45.
First Resource Bancorp, Inc. (OTCQX: FRSB) has announced a stock repurchase program of up to 155,922 shares, or 5% of its outstanding common stock. The program, set to expire on July 16, 2025, demonstrates the company's commitment to enhancing shareholder value. Key points include:
- Repurchases may occur in open market or private transactions
- The program is flexible, with no obligation to acquire a specific amount
- Timing and volume will be at management's discretion
- Repurchased shares will be held as treasury stock for general corporate purposes
Lauren C. Ranalli, President and CEO, emphasized the company's strong capitalization and growing profitability as factors enabling this initiative.
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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