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.
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First Resource Bancorp, Inc. (OTCQX: FRSB) reported its financial results for Q1 2023, showing substantial growth amidst economic challenges. Key figures include:
- Total interest income increased 41% year-over-year, reaching $6.4 million.
- Net interest income stood at $4.3 million, down 6% sequentially.
- Total deposits grew by 8% to $466.2 million.
- Total loans increased 5%, amounting to $483.1 million.
- Net income was $1.3 million, or $0.43 per share.
- Book value per share rose to $14.10.
Despite the increases, net interest margin compressed to 3.57%, and total interest expense jumped significantly due to rising rates.
First Resource Bancorp, Inc. (OTCQX: FRSB) reported strong financial results for the year ended December 31, 2022, achieving a 35% increase in net income to $5.6 million, or $1.92 per share. Total assets exceeded $500 million, with total loans and deposits growing by 18% and 8% respectively. The return on equity reached 14.91%, marking a significant improvement. Total interest income rose 14% to $20.7 million, and net interest margin expanded to 3.74%. The bank navigated rising deposit costs while managing an efficiency ratio of 58%, showcasing effective management amidst industry challenges.