First Res Bank Stock Price, News & Analysis

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.

First Resource Bank (OTCQX: FRSB) announces the promotion of three key executives to enhance leadership and customer satisfaction. Natalie Carrozza becomes Executive Vice President and Chief Risk Officer, while Bridget Moran steps up as Chief Operating Officer. Brian Jackson is appointed Executive Vice President and Chief Information Security Officer. This leadership expansion follows a year of record growth, reflecting increased loan volume and customer acquisition. The Bank aims to strengthen its commitment to customer service and operational efficiency.

First Resource Bancorp, Inc. (FRSB) reported strong financial results for Q2 2022, achieving a net income of $1.4 million, up 31% from the prior year. The bank successfully replaced Paycheck Protection Program (PPP) loan income with organic loan income, resulting in a 5% increase in total interest income. The company also formed a holding company, enhancing capital options. Key metrics include a return on average assets of 1.19% and a return on average equity of 15.03%. Total deposits increased by 1%, and the provision for loan losses decreased significantly, reflecting improved credit quality.

First Resource Bank (OTCQX: FRSB) has successfully reorganized as a wholly-owned subsidiary of First Resource Bancorp, Inc., effective May 11, 2022. This reorganization was approved by shareholders on April 27, 2022. Shareholders will retain the same rights in the new holding company, with common stock continuing to trade under FRSB. CEO Glenn B. Marshall highlighted that this structural change allows for enhanced capital options, particularly the issuance of debt to finance growth. Current bank operations will not be affected, ensuring customers continue to receive quality service.

First Resource Bank (OTCQX: FRSB) reported a record-setting net income of $1,327,079 for Q1 2022, a 47% increase year-over-year. Loan growth was strong, with a 5% rise from Q4 2021, totaling $405.5 million. Total assets grew to $475 million, and non-interest income rose significantly due to gains from SBA loan sales and referral fees. Interest expense decreased by 22% compared to the previous year, enhancing profitability. The provision for loan losses dropped to $21,560, reflecting improved asset quality. However, non-performing loans increased slightly, indicating minor risks.