Month: January 2025

NOTABLE ITEMS FOR THE QUARTER:DILUTED EARNINGS PER SHARE OF $0.27 FOR THE FOURTH QUARTER OF 2024, COMPARED TO $0.16 FOR THE TRAILING QUARTER, AND $0.19 FOR THE FOURTH QUARTER OF 2023.Fourth Quarter 2024 results included a gain of $0.06 per share on the sale and consolidation of a Staten Island branch in December 2024.NET INTEREST MARGIN INCREASED BY 10 BASIS POINTS TO 2.18% FOR THE CURRENT QUARTER, AS COMPARED TO 2.08% FOR THE TRAILING QUARTER. THE AVERAGE COST OF INTEREST-BEARING LIABILITIES DECREASED 10 BASIS POINTS TO 2.85% FOR THE CURRENT QUARTER AS COMPARED TO 2.95% FOR THE TRAILING QUARTER. DEPOSITS (EXCLUDING BROKERED) INCREASED BY $81.6 MILLION, OR 8.6% ANNUALIZED, COMPARED TO SEPTEMBER 30, 2024, AND INCREASED $96.6 MILLION, OR 2.6%, FROM DECEMBER 31, 2023. COST OF DEPOSITS (EXCLUDING BROKERED) AT DECEMBER 31, 2024 WAS...

TORONTO, Jan. 22, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTC: CURN), today reported net income of $2.5 million for the year ended October 31, 2024, $7.7 million, or 76% lower than the prior year (all figures are in U.S. dollars except where otherwise indicated). This 2024 reported net income reflected $13.3 million net income in the United States and a net loss of $10.8 million in Canada. These years’ results include several non-recurring charges in Canada totaling $7.7 million. Excluding these items, adjusted net income1 remained flat compared to the prior year and adjusted diluted earnings per share1 (“EPS”) was 3% higher than the prior year. The completed consolidated financial statements and management’s discussion and analysis (“MD&A”) can be found on the Group’s...

Full Year 2024 HighlightsRecord full year net income of $88.5 million, or $121.02 per share, up from $116.61 per share from the prior year; resulting in an increase of 3.78%; Record fourth quarter net income of $21.8 million, or $31.11 per share; up from $21.4 million, or $28.55 per share in the fourth quarter 2023; Net interest margin of 4.05%; loan yield of 6.08% and cost of average total deposits of 1.35%; Effective management of operating expenses with an efficiency ratio of 46.24%; Achieved return on average assets of 1.64% and return on average equity of 15.49%; Total assets at year-end grew slightly to $5.37 billion from $5.31 billion; Loans and leases held for investment and total deposits both grew modestly during 2024; year-end balances were $3.69 billion and $4.70 billion, respectively; Strong liquidity position with $212.6...

QUINCY, Mass., Jan. 22, 2025 (GLOBE NEWSWIRE) — Stran & Company, Inc. (“Stran” or the “Company”) (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced the filing of its restated financial results for fiscal years 2022 and 2023. Andy Shape, President and CEO of Stran, commented, “Over the past several months, we have been highly focused on completing the required restatement of our financial statements. Our focus has now shifted to the preparation and subsequent completion of our interim financial results. We appreciate the patience and support of our shareholders during this process.” “Our business fundamentals remain strong, and we have achieved significant milestones in 2024. Throughout...

WILMINGTON, N.C., Jan. 22, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported fourth quarter of 2024 net income attributable to the Company of $9.9 million, or $0.22 per diluted share. Net income attributable to the Company for the year ended December 31, 2024, totaled $77.5 million, or $1.69 per diluted share. Live Oak’s performance in 2024, includes these notable items:Record year of $5.16 billion of loan production accompanied by strong deposit growth of $1.49 billion, total assets grew by 14.8% to $12.94 billion 9% growth in revenue and 3% reduction in noninterest expenses generated 38% growth in pre-provision net revenue1 Increased provision expense for credit losses of $44.9 million, or 87.5%, driven by record loan growth combined with the impacts of the current macroeconomic...

SUFFOLK, Va., Jan. 22, 2025 (GLOBE NEWSWIRE) — TowneBank (the “Company” or “Towne”) (Nasdaq: TOWN) today reported financial results for the full year and fourth quarter ended December 31, 2024.  For the year ended December 31, 2024, earnings were $161.76 million, or $2.15 per diluted share, compared to $153.72 million, or $2.06 per diluted share, for the year ended December 31, 2023.  Excluding certain items affecting comparability, core earnings (non-GAAP) for 2024 were $163.65 million, or $2.18 per diluted share, compared to $160.94 million, or $2.16 per diluted share, for 2023.  Earnings in the fourth quarter of 2024 were $41.27 million, or $0.55 per diluted share, compared to fourth quarter 2023 earnings of $28.80 million, or $0.39 per diluted share.  Excluding certain items affecting comparability,...