PASCAGOULA, Miss.--(BUSINESS WIRE)--Merchants & Marine Bancorp, Inc. Announces Third Quarter Earnings. ...

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Financial Data and Key Metrics Changes - The Bancorp reported earnings per share (EPS) of $1.18, with revenue growth of 7% excluding consumer fintech loan credit enhancement income and expense growth of 6% [4] - EPS growth was 13% year over year, while fintech gross dollar volume (GDV) grew at 16% [4] - Non-interest income for Q3 2025 was $40.6 million, a 27% increase from Q3 2024, primarily driven by fintech fees [10] Business Line Data and Key Metrics Changes - Credit sponsorship balances reached $785 million, up 15% from Q2 and 180% year over year [4] - Non-interest expense for Q3 2025 was $56.4 million, a 6% increase from Q3 2024, with salaries and benefits rising by 10% [11] - The provision for credit losses on non-consumer fintech loans was $5.8 million, with $4.8 million related to the leasing portfolio [10] Market Data and Key Metrics Changes - Average FinTech Solutions deposits increased by 10% to $7.3 billion from $6.6 billion in Q3 2024 [11] - The company expects to see a ramp-up in deposits in Q4, traditionally a strong period due to tax season [18] Company Strategy and Development Direction - The Bancorp is focusing on three main fintech initiatives, including credit sponsorship, embedded finance platform development, and new program implementations, with expected revenue from Cash App in Q1 2026 [4][8] - The company is restructuring its institutional banking business to achieve a $7 EPS run rate by Q4 2026, which includes a headcount reduction and a projected $8 million reduction in run rate expenses [5][8] - The implementation of AI-powered tools is expected to enhance efficiency and productivity, with a $300,000 investment anticipated to save approximately $1.5 million in run rate expenses over time [6][7] Management's Comments on Operating Environment and Future Outlook - Management lowered guidance to $5.10 EPS for 2025 due to lower projected balances in traditional lending and increased credit provisions [8] - The company is confident in achieving a minimum $7 EPS run rate by the end of 2026 and is initiating preliminary guidance for 2027 at $8.25 EPS [8] - Management noted that the economic environment remains stable, with no significant stress observed in consumer spending [32] Other Important Information - The company is making progress in reducing criticized and substandard assets, which declined from $216 million to $185 million, a 14% decrease quarter over quarter [5] - The company is focused on managing deposits off the balance sheet to avoid volatility [18] Q&A Session Summary Question: Update on Square and Cash App program - Revenue from Cash App is expected in Q1 2026, with substantial fee revenue anticipated in the latter half of 2026 [13] Question: Update on the $27 million rebel loan - The loan is expected to close within the next five days [14] Question: Discussions with borrowers and new sponsors - The company is optimistic about progress in the fourth quarter and expects to resolve many criticized assets [16] Question: Deposits movement - Deposits fluctuate seasonally, but the company expects growth in Q4 [18] Question: Update on Aubrey property leasing - The property is being leased up, with ongoing refurbishments and interest from potential buyers [21] Question: Share repurchases in guidance - The 2025 guidance includes share repurchases, with a focus on achieving a $7 EPS run rate [25] Question: Trends in fintech fees - Year-over-year metrics are more reliable due to volatility in quarterly results [28] Question: Health of the consumer - No significant stress observed, with spending remaining stable [32] Question: Loan delinquency data - Some delinquency will be resolved with upcoming loan sales, and a decrease in past due loans is expected in Q4 [34] Question: Charge-off rates in consumer fintech loans - Charge-offs are primarily related to the partnership with Chime, which has its own strategies for managing losses [35] Question: Regulatory expectations for banking-as-a-service - The regulatory environment remains stable, with no significant changes impacting operations [44]

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Core Insights - CW Bancorp reported a consolidated net income of $2,778,000 for Q3 2025, a decrease of 9% from $3,131,000 in Q3 2024, with diluted EPS dropping to $0.93 from $1.03 [1] - Excluding a one-time charge of $1.025 million due to a client fraud incident, net income would have been $3,501,000, reflecting a 14% increase in EPS to $1.19 [1][2] - The company emphasized strong performance driven by client focus and technology, including AI, to enhance productivity and efficiency [2] Financial Performance - Total assets decreased by $49.5 million, or 4%, year-over-year, totaling $1,125,705,000 as of September 30, 2025 [2][16] - Total loans increased by $56.8 million, or 8%, year-over-year, reaching $808,797,000 [2][17] - Total deposits decreased by $55.3 million, or 5%, with non-interest-bearing deposits down 2% and interest-bearing deposits down 9% [3][16] Income and Expenses - Interest income for Q3 2025 was $14,287,000, a 3% increase from $13,856,000 in Q3 2024, while interest expense decreased by 10% to $3,450,000 [4][5] - Net interest income for Q3 2025 was $10,837,000, an 8% increase from $10,015,000 in Q3 2024, with a net interest margin rising to 3.91% from 3.75% [6][16] - Non-interest income decreased by 32% to $1,175,000 for Q3 2025 compared to $1,727,000 in the same period last year [8] Efficiency and Ratios - The efficiency ratio for Q3 2025, excluding the one-time charge, improved to 58.90% from 62.23% in 2024, indicating better cost management [10] - Capital ratios remained strong, with a tier 1 leverage ratio of 12.22% and a total risk-based capital ratio of 17.93% as of September 30, 2025 [11][16] Strategic Focus - The company aims to grow core deposits and expand quality commercial lending relationships while focusing on innovation and technology [2][12] - CommerceWest Bank is committed to redefining banking for small and medium-sized businesses through customized products and services [12]

Financial Performance & Guidance - The Bancorp's Return on Equity (ROE) reached 29% in Q3 YTD 2025[8] - The Bancorp's Return on Assets (ROA) was 2.5% in Q3 YTD 2025[8] - The Bancorp's Efficiency Ratio was 41% in Q3 YTD 2025[8] - The company lowered its 2025 earnings per share guidance to $5.10[11] - The company aims for a $1.75 earnings per share run rate by Q4 2026, equivalent to $7.00 per share annually[11] - Preliminary 2027 full-year earnings per share guidance is $8.25[11] Fintech Solutions - Fintech Solutions contribute to 26% of the total bank revenue[40] - Fintech Solutions Group average deposits reached $7.6 billion in Q3 2025[48] - Fintech Solutions deposit growth is driven by increased transactional volume and new partners[49] - Insured deposits account for 92% of the total deposits[50] Lending Portfolio - Total loan portfolio principal stands at $6.799 billion as of September 30, 2025[58]

Core Insights - The focus is on value investing with an emphasis on fundamental research across various sectors including chemicals, homebuilders, building materials, industrials, and metals & mining [1] - The investment strategy targets stocks that are undervalued and have potential catalysts within a timeframe of one quarter to two years [1] - The experience includes over three years of active investing and a role as a buy-side analyst at a boutique research firm and family offices [1]

Core Insights - Mission Valley Bancorp reported a net income of $2.1 million, or $0.62 per diluted share, for Q3 2025, an increase from $1.4 million, or $0.42 per diluted share, in Q3 2024 [1][2] - For the nine months ending September 30, 2025, net income was $4.9 million, or $1.45 per diluted share, compared to $5.1 million, or $1.53 per diluted share, for the same period in 2024 [1] Financial Performance - Net Interest Income for Q3 2025 was $7.8 million, up by $0.9 million, or 13.04%, from Q3 2024 [7] - Net Interest Margin improved to 4.54% in Q3 2025 from 4.49% in Q3 2024 [7] - Non-Interest Income rose to $2.8 million, an increase of $0.7 million, or 33.33%, compared to Q3 2024 [7] - The company sold $17.9 million in Small Business Administration (SBA) loans, resulting in a gain of $0.9 million, compared to $9.0 million in SBA loans sold and a gain of $0.5 million in Q3 2024 [7] Balance Sheet Highlights - Total Assets reached $715.0 million as of September 30, 2025, an increase of $37.7 million, or 5.57%, from December 31, 2024 [7] - Gross Loans amounted to $577.8 million, up by $30.8 million, or 5.63%, compared to December 31, 2024 [7] - Total Deposits were $564.3 million, an increase of $13.0 million, or 2.36%, from December 31, 2024 [7] - Brokered Deposits decreased to $11.0 million, down by $48.9 million, or 81.64%, compared to December 31, 2024 [7] Asset Quality - The company reported $60 thousand in net recoveries from previously charged-off loans in Q3 2025, compared to $0.1 million in net charge-offs in Q3 2024 [7] - Past Due Loans increased to $8.6 million as of September 30, 2025, compared to $5.3 million as of December 31, 2024 [7] - Classified Loans decreased to $25.4 million as of September 30, 2025, from $26.4 million as of December 31, 2024 [7] - Non-Accrual Loans decreased to $8.9 million as of September 30, 2025, from $10.2 million as of December 31, 2024 [7] Capital and Liquidity - The Allowance for Credit Losses was $8.5 million, or 1.47% of Gross Loans, as of September 30, 2025, compared to $8.1 million, or 1.48% of Gross Loans, as of December 31, 2024 [7] - The capital position is strong, with a Common Equity Tier 1 Capital Ratio of 10.47%, Tier 1 Capital Ratio of 11.41%, Total Risk-Based Capital Ratio of 12.66%, and Leverage Ratio of 10.08% [7] - Available borrowing capacity was $194.9 million as of September 30, 2025, a decrease of $13.8 million, or 6.61%, compared to December 31, 2024 [7] - Unpledged available-for-sale investment securities totaled $45.6 million as of September 30, 2025 [7] Strategic Developments - The opening of Mission Valley Bank's fourth full-service branch in Arcadia on September 8, 2025, is seen as a strategic fit for geographic expansion, driven by existing customers and strong deposit growth opportunities [2]

分组1 - The Bancorp reported quarterly earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.33 per share, but showing an increase from $1.04 per share a year ago, resulting in an earnings surprise of -11.28% [1] - The company posted revenues of $174.61 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 6.72%, compared to year-ago revenues of $125.84 million [2] - The Bancorp shares have increased approximately 47.5% since the beginning of the year, outperforming the S&P 500's gain of 17.2% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $1.47 on revenues of $192.7 million, and for the current fiscal year, it is $5.25 on revenues of $736.5 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 14% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Fiscal Year EPS Increases 22% to $3.67Quarterly EPS Increases 19% to $1.07 from $0.90 for Preceding QuarterQuarterly Net Interest Margin Increases to 3.82%Quarterly Return on Average Assets Increases to 1.68%Quarterly Return on Average Equity Increases to 12.97%Announces an 8% Increase in the Quarterly Cash DividendAnnounces Plans to Open a Branch in University Place HOQUIAM, Wash., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company ...