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 Bank (OTCQX: FRSB) has been recognized as a Best Places to Work company for the third consecutive year by the Philadelphia Business Journal. This accolade highlights the bank's continued commitment to employee satisfaction amidst challenges. CEO Glenn Marshall credited the dedicated team for fostering an inclusive and rewarding work environment. The bank recently introduced an employee mentorship program based on last year's survey feedback to enhance professional development. First Resource Bank serves businesses and individuals in the Delaware Valley with personalized banking services.
First Resource Bank (OTCQX: FRSB), based in Pennsylvania, has reached a milestone of $2 million in cumulative donations to local schools and non-profits since its inception in 2005. In the past year, the bank contributed $200,000 in educational support and helped secure a $160,000 grant for a local non-profit. The bank emphasizes community engagement through volunteerism, food drives, and educational initiatives, reflecting its commitment to fostering strong community relationships.
First Resource Bank (OTCQX: FRSB) reported a 41% increase in net income for the first quarter of 2021, reaching $905,664. The bank saw a 7% growth in total interest income year-over-year and a significant 35% decline in total interest expense. Total loans rose by 12%, supported by $23.3 million in new PPP loans. Deposits grew 7%, driven by an 11% increase in checking deposits. Despite a decrease in net interest margin to 3.59%, the bank maintains strong loan growth and credit quality. Total assets increased to $444 million, reflecting overall positive financial momentum.
The First Resource Bank (OTCQX: FRSB) has announced a 5% common stock dividend for shareholders of record on May 6, 2021, payable on May 20, 2021. This marks the eighth such dividend in the bank's history, emphasizing its commitment to enhancing shareholder value. CEO Glenn B. Marshall expressed gratitude for the ongoing support from shareholders. First Resource Bank, based in Pennsylvania, offers a range of personalized financial services to businesses and individuals in the Delaware Valley.
First Resource Bank (OTCQX: FRSB) has successfully financed over $1 billion in commercial and residential loans, marking a significant achievement since its inception in 2005. This milestone is supported by a focus on local businesses and customer satisfaction, contributing to the bank's record earnings for the 10th consecutive year. CEO Glenn Marshall emphasized the importance of their lending model in fostering community growth, especially during the pandemic. With three locations in Chester County, PA, First Resource Bank continues to provide crucial financial support to its local community.
First Resource Bank (OTCQX: FRSB) will present live at VirtualInvestorConferences.com on March 11, 2021, at 11:30 AM ET. The presentation will be led by Glenn Marshall, CEO, and Lauren Ranalli, President & CFO. Investors can join the interactive session to engage with the company directly. Highlights from 2020 include a 40% increase in net income, a 26% rise in total assets, and a 97% growth in non-interest bearing deposits. Pre-registration is recommended for optimal participation.
First Resource Bank (OTCQX: FRSB) has successfully completed a $6 million private placement of subordinated notes to enhance regulatory capital ratios and retire existing debt. The notes, maturing on September 15, 2030, carry a fixed interest rate of 6.00% and are callable after September 15, 2025. This offering reflects investor confidence and aims to support the bank's strategic growth initiatives.