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Trucept Inc. (OTC Pink: TREP) reported robust financial results for the year ending December 31, 2022, demonstrating continued profitability. The company achieved a 14.3% increase in revenue compared to the previous year, accompanied by an 11.4% rise in total stockholders' equity. CEO Norman Tipton noted the positive performance amid economic challenges and highlighted the appointment of a new auditing firm to facilitate an uplist to OTCQB. Trucept provides a range of professional services, showcasing resilience and consistent growth in its operations.
Trucept Inc. (OTC Pink: TREP) has announced its financial results for the full year 2022, showcasing a 14.3% increase in revenue compared to the previous year. This marks another consecutive year of profitability for the company. Total stockholders' equity also saw an increase of 11.4%. CEO Norman Tipton expressed satisfaction with the company's performance despite economic challenges and highlighted efforts to advance financial audits for a potential up-listing on the OTCQB. Trucept continues to expand its professional services, including marketing and payroll, to assist businesses in navigating growth.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) provided an update on its financial condition amidst recent market turbulence. CEO James Black emphasized the bank's strong capital position, well above regulatory requirements, and a diversified deposit base. Despite the failures of Signature Bank and Silicon Valley Bank, Touchstone reported growth in net deposits for Q1 2023. However, the bank is monitoring a $1.0 million subordinated debt investment with Signature Bank, which may necessitate an impairment charge affecting earnings. Touchstone Bank continues to uphold liquidity and capital strength to support customers.
Fannie Mae (OTCQB: FNMA) reported a net income of $12.9 billion for 2022, with a fourth-quarter income of $1.4 billion. The financial results are detailed in its 2022 Form 10-K filed with the SEC on February 14, 2023. The filing includes consolidated financial statements for the year ending December 31, 2022. Fannie Mae has also scheduled a conference call to discuss the results at 8:00 a.m. ET on the same day. Investors can find related documents and further details on Fannie Mae’s website.
On February 7, 2023, Fannie Mae (OTC: FNMA) priced its Connecticut Avenue Securities (CAS) Series 2023-R02, a $709 million note offering, marking its second CAS REMIC transaction of the year. The reference pool encompasses about 64,000 single-family mortgage loans valued at approximately $20.3 billion. Loans were acquired between February and March 2022, with loan-to-value ratios ranging from 60.01% to 80.00%. Fannie Mae will retain portions of several tranches and has issued over $60 billion in CAS notes overall, transferring credit risk on more than $2 trillion in single-family mortgages.
BNCCORP, INC. (OTC: BNCC) reported a fourth-quarter net income of $1.5 million, or $0.41 per diluted share, down from $3.3 million, or $0.92 per share in Q4 2021. The Community Banking segment generated a net income of $3.5 million, while the Mortgage Banking segment faced a net loss of $1.7 million. Mortgage revenue plummeted to $1.1 million versus $5.7 million in the prior year. However, net interest margin increased to 3.94% from 2.88%. Loan origination grew by $86.9 million, marking a 16.4% rise in loans held for investment, now at $616.5 million. Non-performing assets decreased to $1.4 million, and the allowance for credit losses was at 1.43% as of December 31, 2022.
Touchstone Bankshares (OTC: TSBA) reported its Q4 and annual financial results for 2022, showing a net income of $4.1 million for the year, down 9% from 2021. Earnings per share were $1.24, compared to $1.33 the previous year. The bank experienced a notable 21% growth in total loans, totaling $487.2 million. However, it faced a significant deposit outflow in Q4, which management considered temporary. The bank raised $10 million in subordinated debt and completed a $1.5 million stock repurchase program. Additionally, noninterest income decreased by 7.7%, and noninterest expenses rose by 10.5% year-over-year.