Month: January 2020

MALVERN, Pa., Jan. 27, 2020 (GLOBE NEWSWIRE) — Meridian Corporation (“Meridian”) (Nasdaq: MRBK) today reported net income increased 32.7% to $3.1 million, or $0.49 per diluted share for the fourth quarter of 2019, compared to $2.4 million, or $0.37 per diluted share, in the fourth quarter of 2018, generating a return on average assets and return on average equity of 1.13% and 10.41%, respectively, for the current quarter.  For the year ended December 31, 2019, Meridian’s net income increased $2.3 million or 28.4% to $10.5 million, or $1.63 per diluted share, compared to $8.2 million, or $1.27 per diluted share, for 2018.“For the fourth quarter and the full year, our stellar performance reflects the successful execution of our strategic growth plan which is supported by the growth in our core commercial...

WAUSAU, Wis., Jan. 27, 2020 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank serving North Central Wisconsin, reported fourth quarter earnings ending December 31, 2019 of $0.63 per share on net income of $2.81 million, compared to earnings of $0.70 per share on net income of $3.13 million during the September 2019 quarter, and $0.56 per share one year earlier on earnings of $2.53 million.  The fourth quarter earnings reflected slightly higher net interest income and higher levels of non-interest expense.  Loan production remained strong, with net loans receivable expanding 2.3% from the previous quarter and 7.5% relative to one year earlier.For the year ended December 31, 2019, earnings increased 9.1% to $11.2 million, or $2.51 per share compared to $10.3...

EAU CLAIRE, Wis., Jan. 27, 2020 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2019, compared to $1.2 million, or $0.11 per diluted share, for the previous quarter ended September 30, 2019.  In the December 2019 quarter, the Company benefited from (1) significantly lower operating expense, (2) slightly higher net interest income prior to loan loss provisions, (3) slightly higher non-interest income, and (4) lower tax expenses.  These items were partially offset by higher loan loss provisions largely associated with strong loan growth.For the year ended December 31,...

TAMPA, Fla., Jan. 27, 2020 (GLOBE NEWSWIRE) — First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2019. The additions to our lending team are beginning to create traction in the loan portfolio. The fourth quarter period ending December 31, 2019 was the strongest growth quarter of the year for loans with 83% higher growth than the prior year quarter. More importantly, the fourth quarter checking account growth was 270% higher than the prior year quarter. 2019 was another record earnings year with net income up 2% over the prior year. Fourth Quarter 2019 Highlights (compared to fourth quarter 2018)Book value per share growth of 10%*;Asset growth of 4%;Loan growth of 6%;Deposit growth of 7%;Nonperforming...

WARSAW, Ind., Jan. 27, 2020 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported full year net income of $87.0 million, which represents an increase of $6.6 million or 8% compared with net income of $80.4 million for 2018. Diluted earnings per share also increased 8% to $3.38 compared to $3.13 for 2018. This per share performance also represents a record for the company and its shareholders.The company further reported record quarterly net income of $22.2 million for the three months ended December 31, 2019 versus $21.4 million for the comparable period of 2018, an increase of 4%. Diluted net income per common share was also a record for the quarter and increased 4% to $0.86 for the three months ended December 31, 2019 versus $0.83 for the comparable period...

Fourth Quarter SummaryNet income of $440 thousand, or $0.02 per fully diluted shareTotal new loan commitments of $61.5 million and loan fundings of $45.0 millionTotal loans decreased $34.2 million, or 2.9%, from September 30, 2019Noninterest-bearing deposits decreased $28.6 million, or 6.7%, from September 30, 2019Provision for loan and lease losses of $3.8 million primarily as a result of net charge-offs of $2.2 million and an increase in classified and non-performing loansFiscal 2019 Summary and HighlightsNet income of $5.7 million, or $0.24 per fully diluted shareTotal loans increased by $32.5 million, or 3.0% from December 31, 2018Noninterest-bearing deposits increased $56.6 million, or 16.6%, from December 31, 2018Provision for loan and lease losses of $9.2 million primarily as a result of net charge-offs of $9.0 million and an increase...

MONACO, Jan. 27, 2020 (GLOBE NEWSWIRE) — Scorpio Bulkers Inc. (NYSE: SALT) (“Scorpio Bulkers”, or the “Company”), today reported its results for the three months ended December 31, 2019.The Company also announced that on January 27, 2020, its Board of Directors declared a quarterly cash dividend of $0.02 per share on the Company’s common shares.Results for the Three and Twelve Months Ended December 31, 2019 and 2018For the fourth quarter of 2019, the Company’s GAAP net income was $15.1 million, or $0.21 per diluted share, including:a non-cash gain of approximately $46.1 million and cash dividend income of $0.5 million, or $0.66 per diluted share, primarily from the Company’s equity investment in Scorpio Tankers Inc.;a write-down of assets held for sale of approximately $25.2 million,...

HOUSTON, Jan. 27, 2020 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (NYSE: SPN) (“Superior Energy” or the “Company”) announced today that it will release its fourth quarter and full year 2019 results on Wednesday, February 19, 2020 after the market closes.  In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, on Thursday, February 20, 2020 at 9:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.About Superior EnergySuperior Energy (NYSE: SPN) serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells.  For...