Flushing Financial Corporation Reports 2023 and 4Q23 GAAP EPS of $0.96 and $0.27, and Core EPS of $0.83 and $0.25, Respectively; Continues to Successfully Execute On Its Action Plan

Written by Customer Service on January 25, 2024. Posted in Earnings Releases And Operating Results.

John R. Buran, President and CEO Commentary “Flushing Financial delivered sequential GAAP and Core NIM expansion in 4Q23 of 7 and 18 basis points, respectively, as our team continued to successfully execute against the previously announced action plan amid this challenging environment. Importantly, during the quarter, total average deposits increased 3.1% YoY and 0.9% QoQ, while average noninterest bearing deposits increased $21.6 million, or 2.5% QoQ. Our loan portfolio remains resilient through the credit cycle with 89% secured by real estate, strong debt service coverage ratios, low average loan to values, and controllable repricing risk. Credit quality continues to be a strength for the Company with less than one basis point of net charge-offs in 4Q23 although there was a slight uptick in NPAs. Given our progress to date, we are...

Universal Copper Announces Funding of Loan Agreement

Written by Customer Service on January 25, 2024. Posted in Public Companies.

VANCOUVER, B.C., Jan. 25, 2024 (GLOBE NEWSWIRE) — Universal Copper Ltd. (“Universal Copper” or the “Company”) is pleased to announce that it has received $150,000 (the “Principal Amount”) from an arm’s length lender (the “Lender”) pursuant to the terms and conditions of a convertible loan agreement (the “Loan Agreement”) entered into between the Company and the Lender. The Principal Amount will become due and payable on May 28, 2024 (the “Maturity Date”), subject to acceleration in certain instances, and is secured against the assets of the Company. No interest will accrue on the Principal Amount prior to the Maturity Date, however, following the Maturity Date or an event of default, the Principal Amount will accrue interest at a rate of 15% per annum. Upon an event of default that has not been remedied, the Lender has the option...

Codorus Valley Bancorp, Inc. Reports Fourth Quarter 2023 Results and Record Earnings for the Year

Written by Customer Service on January 25, 2024. Posted in Earnings Releases And Operating Results.

Fourth quarter net income of $5.5 million compared to net income of $7.9 million in the quarter ended December 31, 2022, and $5.9 million in the quarter ended September 30, 2023; Net income of $25.0 million for the year ended December 31, 2023, compared to net income of $20.1 million for the year ended December 31, 2022; Net interest margin of 3.76% for the year ended December 31, 2023, a 37-basis point increase from the net interest margin of 3.39% for the year ended December 31, 2022; Year-to-date efficiency ratio of 65.75%; return on average assets of 1.15%; and return on equity of 13.47%; Continued improvement in credit metrics with nonperforming assets to total loans of 0.23% at December 31, 2023, a decrease of 67.1% from the ratio at December 31, 2022; Cash dividend of $0.17 per common share payable on February 13, 2024, to...

California Water Service Group Board of Directors Declares 316th Consecutive Quarterly Dividend and 57th Consecutive Annual Dividend Increase

Written by Customer Service on January 25, 2024. Posted in Dividend Reports And Estimates.

SAN JOSE, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) — At its meeting on January 25, 2024, the California Water Service Group (NYSE: CWT) Board of Directors declared the company’s 316th consecutive quarterly dividend, increasing the annual dividend by $0.08, or 7.7% from $1.04 to $1.12. This represents the company’s 57th consecutive annual dividend increase. The quarterly dividend of $0.26 per common share will be payable on February 23, 2024 to stockholders of record as of the close of business on February 12, 2024. California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater...

First Western Reports Fourth Quarter 2023 Financial Results

Written by Customer Service on January 25, 2024. Posted in Earnings Releases And Operating Results.

Fourth Quarter 2023 Summary Total deposits increased to $2.53 billion, or 4.5%, from $2.42 billion as of Q3 2023 Loan to deposit ratio improved to 100.7% in Q4 2023, compared to 105.1% in Q3 2023 Net income available to common shareholders of $0.3 million in Q4 2023, compared to $3.1 million in Q3 2023 and pre-tax, pre-provision net income(1) of $4.1 million in Q4 2023, compared to $4.6 million in Q3 2023 Diluted EPS of $0.03 in Q4 2023, compared to $0.32 in Q3 2023 Total capital to risk-weighted assets ratio of 12.82% in Q4 2023, compared to 12.45% in Q3 2023 DENVER, Jan. 25, 2024 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the fourth quarter ended December 31, 2023. Net income available to common shareholders was $0.3 million, or $0.03...

Psyence Biomedical Ltd. Approved to List on Nasdaq following Completion of Business Combination Agreement with Newcourt Acquisition Corp

Written by Customer Service on January 25, 2024. Posted in Mergers And Acquisitions.

TORONTO, Jan. 25, 2024 (GLOBE NEWSWIRE) — Psyence Biomedical Ltd. (“Psyence Biomed”) is excited to announce the completion of its merger (the “Business Combination”) with Newcourt Acquisition Corp (“Newcourt”), a special purpose acquisition company. The Business Combination will list Psyence Biomed, a subsidiary of Psyence Group Inc (CSE:PSYG), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing (“Psyence Group”), commencing on January 26, 2024 with the new ticker symbols “PBM” for common stock and “PBMWW” for warrants. In connection with the Business Combination, Psyence Biomed entered into a securities purchase agreement pursuant to which it will raise up to US$10 million in funding through the issuance of up to...

The First Of Long Island Corporation Reports Earnings For The Year Ended December 31, 2023

Written by Customer Service on January 25, 2024. Posted in Public Companies.

MELVILLE, N.Y., Jan. 25, 2024 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported net income and earnings per share for the quarter and year ended December 31, 2023. Analysis of 2023 Earnings President and Chief Executive Officer Chris Becker commented on the Company’s financial position: “The leveling of quarterly earnings during the final three quarters of 2023 was encouraging as we believe the decline in the net interest margin is nearing a turning point. We enter 2024 with an enthusiastic focus on our core business of commercial relationship banking. Our balance sheet is well positioned to take advantage of a more favorable rate environment.” Net income and earnings per share for 2023 were $26.2...

USCB Financial Holdings, Inc. Reports Diluted EPS of $0.14 for Q4 2023

Written by Customer Service on January 25, 2024. Posted in Earnings Releases And Operating Results.

MIAMI, Jan. 25, 2024 (GLOBE NEWSWIRE) — USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $2.7 million or $0.14 per diluted share for the three months ended December 31, 2023, compared to net income of $4.4 million or $0.22 per diluted share, for the same period in 2022. “I am pleased to announce the results of a robust quarter at U.S. Century Bank, achieving loan production of $186 million with $150 million in loan fundings having a weighted average coupon of 8% on new loans,” said Luis de la Aguilera, Chairman, President, and CEO. “Despite facing one of the most aggressive Federal Reserve tightening periods in history, we’ve observed a steady improvement in our operating environment. Our Net Interest Margin (NIM) improved 5 bps in...

Enterprise Bancorp, Inc. Announces Fourth Quarter Financial Results

Written by Customer Service on January 25, 2024. Posted in Earnings Releases And Operating Results.

LOWELL, Mass., Jan. 25, 2024 (GLOBE NEWSWIRE) — Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months and year ended December 31, 2023. Net income amounted to $7.9 million, or $0.64 per diluted common share, for the three months ended December 31, 2023, compared to $12.3 million, or $1.01, for the three months ended December 31, 2022. Net income for the year ended December 31, 2023, amounted to $38.1 million, or $3.11 per diluted common share, compared to $42.7 million, or $3.52 per diluted common share, for the year ended December 31, 2022. Selected financial results at or for the three months ended December 31, 2023, were as follows: The return on average assets and average equity were 0.69% and 10.21%, respectively. Tax-equivalent net interest margin (non-GAAP)...

Red River Bancshares, Inc. Board of Directors Elects Michael J. Brown as New Director

Written by Customer Service on January 25, 2024. Posted in Public Companies.

ALEXANDRIA, La., Jan. 25, 2024 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that Michael J. Brown, CFA, has been appointed as a new director to the board of directors of the Company and Red River Bank, effective January 25, 2024. Mr. Brown, who resides in New Orleans, Louisiana, joins the Company’s board after a highly successful career in the financial services industry that spanned more than 30 years. Mr. Brown began his career at Wachovia Corporate Services, in Atlanta, Georgia, and then worked for First Commerce Corporation in New Orleans, including following its merger with Banc One Corporation. He was then employed by IBERIABANK, where he most recently worked as the Chief Operating Officer from 1999 until IBERIABANK’s acquisition by First Horizon Bank in 2020. Mr. Brown then...

Day: January 25, 2024

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