Savi Financial Stock Price, News & Analysis

Savi Financial Corporation (SVVB) reported a net income of $468,000 in Q1 2023, a decrease from $1.09 million in the prior quarter and $964,000 in Q1 2022. This translates to $0.11 earnings per diluted share, down from $0.25 in Q4 2022 and $0.22 in Q1 2022. Loan production remained strong with a 4% quarterly increase and 24% year-over-year growth, despite decreased demand for mortgage and small business loans due to rising interest rates. Total deposits grew by 4% year-over-year to $467.5 million, and credit quality metrics remained robust with no loan losses recorded. However, the net interest margin decreased to 3.96% from 4.57% in the prior quarter, reflecting increased funding costs.

Savi Financial Corporation (OTC Pink: SVVB) reported a 4% increase in net income for 2022, reaching $3.72 million or $0.84 per diluted share, up from $3.58 million in 2021. Strong loan growth and net interest margin expansion contributed to these record results. The fourth quarter net income was $1.09 million, slightly down from the prior quarter but significantly up from $268,000 year-over-year. The bank's net interest margin (NIM) improved to 4.57% compared to 3.84% a year ago. Additionally, Savi Financial is on track to open a new community bank, Orca Bank, in Bellingham, WA, pending regulatory approval.

Savi Financial Corporation (OTC Pink: SVVB) reported a net income of $1.10 million in Q3 2022, equating to $0.25 per diluted share, a rise from $572,000 in Q2 2022. Year-to-date income is $2.63 million, down from $3.32 million in the same period last year. Loan growth was robust, with total loans increasing 20% year-over-year. The company transitioned to the CECL standard, reserving $2.3 million for credit losses, but this did not affect Q3 earnings. Orca Bank is set to open in Q1 2023, enhancing local service.

Savi Financial Corporation (OTC Pink: SVVB) reported Q2 2022 net income of $572,000, down from $964,000 in Q1 2022 and $1.24 million in Q2 2021. Earnings per diluted share were $0.13, a decrease from $0.22 in the preceding quarter and $0.28 a year ago. Despite a $79,000 provision for loan losses and a $165,000 property write-down, loan growth surged by 9% in Q2, totaling $396.7 million. Net interest margin improved to 3.90%, up from 3.63% in Q1 2022. Total revenue rose 9% to $6.07 million. SaviBank aims for continued growth and recently announced plans for Orca Bank.

Savi Financial Corporation (OTC Pink: SVVB) announced plans to establish a new state-chartered commercial bank, Orca Bank, headquartered in Bellingham, Washington. The formation involves acquiring SaviBank's Bellingham branch and aims to enhance banking services for Whatcom County. The initiative reflects ongoing expansion efforts in the Northwest Washington area, with the new bank focusing on local decision-making and serving the needs of the community. Michal D. Cann will serve as chairman and CEO, with Drew Wilkens as President.

Savi Financial Corporation (OTC Pink: SVVB) reported a net income of $964,000 or $0.22 per diluted share for Q1 2022, a slight decrease from $986,000 or $0.23 per share year-over-year. Factors contributing to profitability included core loan and deposit growth, with total revenue rising by 23% to $6.07 million. NIM contracted to 3.63% due to reduced PPP loan fees, yet it remains above the peer average. Total deposits surged 24% year-over-year to $440.5 million, indicating strong market activity. SaviBank's capital levels are healthy after issuing $17 million in subordinated notes.

Savi Financial Corporation (OTC Pink: SVVB) announced the completion of a $17 million issuance in 10-year fixed-to-floating rate subordinated notes, qualifying as Tier 2 capital. The notes will carry an initial interest rate of 4.25% until March 31, 2027, transitioning to a floating rate thereafter. Proceeds will support strategic opportunities and bolster capital for its subsidiary, SaviBank. Chairman Michal D. Cann highlighted this capital raise as an affirmation of market opportunities and a cost-effective avenue for regulatory capital.

Savi Financial Corporation (OTC Pink: SVVB) reported a 169% increase in net income for 2021, reaching $3.64 million or $0.83 per diluted share, driven by revenues from SBA loans and PPP origination fees. Total revenue surged 50% to $22.5 million. The company also reported a 24% rise in net interest income at $16.8 million. However, fourth-quarter earnings dropped to $322,000 from $490,000 in 2020. Despite challenges, the new mortgage division contributed significantly, positioning the company for future growth as they expand into the Friday Harbor market.

Savi Financial Corporation (OTC Pink: SVVB) reported a remarkable 360% increase in third quarter 2021 net income to $1.09 million, or $0.25 per diluted share, driven by higher revenue from SBA loan sales and PPP origination fees. For the first nine months, net income surged 285% to $3.32 million. The company's net interest margin improved to 4.02%, exceeding the peer average. Total deposits grew 28% year-over-year, indicating strong growth efforts, including a new lending team in Friday Harbor. The provision for loan losses remained low at $150,000.