DEFIANCE, Ohio and MARBLEHEAD, Ohio, Aug. 14, 2024 (GLOBE NEWSWIRE) -- SB Financial Group, Inc. (NASDAQ: SBFG) ("SB Financial"), parent company of The State Bank and Trust Company ("State Bank"), and Marblehead Bancorp ("Marblehead"), parent company of The Marblehead Bank ("Marblehead Bank"), today jointly announced entry into a definitive agreement pursuant to which Marblehead will be combined with SB Financial and Marblehead Bank will merge with and into State Bank. The merger agreement was unanimously ap ...

Core Insights - Ottawa Bancorp, Inc. reported a net loss of $0.2 million for the three months ended June 30, 2024, compared to a net income of $0.5 million for the same period in 2023, indicating a significant decline in profitability [1][4] - The company implemented a balance sheet management strategy that involved selling 21 investment securities, generating approximately $4 million in cash but incurring a realized loss of $0.6 million [1][3] - The loan portfolio decreased to $302.5 million as of June 30, 2024, down from $312.2 million at the end of 2023, with non-performing loans slightly increasing to $5.0 million [1][15] Financial Performance - For the three months ended June 30, 2024, total interest and dividend income rose to $4.0 million, up from $3.8 million in the same period of 2023, driven by an increase in the average yield on interest-earning assets to 4.78% [4][24] - Interest expense increased to $1.8 million for the three months ended June 30, 2024, compared to $1.5 million in 2023, primarily due to a rise in the average cost of funds to 2.30% from 1.82% [4][24] - Net interest income decreased to $2.2 million for the three months ended June 30, 2024, down from $2.4 million in the same period of 2023 [4][24] Stock Repurchase Program - The company initiated its sixth stock repurchase program since 2016, repurchasing a total of 965,467 shares at an average price of $13.51 per share through June 30, 2024 [2][3] Asset Quality and Loan Portfolio - The ratio of non-performing loans to gross loans increased to 1.62% as of June 30, 2024, from 1.52% at the end of 2023, reflecting a slight deterioration in asset quality [1][29] - The allowance for credit losses decreased to $4.3 million, or 1.40% of total gross loans, as of June 30, 2024, compared to $4.9 million, or 1.52%, in the previous year [6][29] Financial Condition - Total consolidated assets decreased by $10.7 million, or 2.95%, to $353.2 million as of June 30, 2024, primarily due to a reduction in the net loan portfolio [11][12] - Total deposits decreased by $6.1 million, or 2.2%, to $275.0 million as of June 30, 2024, with significant declines in interest-bearing checking accounts [16][22] - Stockholders' equity decreased by $0.2 million, or 0.6%, to $41.4 million as of June 30, 2024, reflecting cash dividends and other decreases [18][22]

JEFFERSONVILLE, N.Y., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today second quarter net income of $3,031,000 or $0.72 per share compared to $3,196,000 or $0.75 per share for the same quarter in 2023. The decrease in quarterly net income compared to 2023 of $165,000 was primarily attributable to an increase in provision expense of $496,000 consisting of $57,000 in provision expense and a negative provision of $439,000 recorded in the same period in 2023, an incr ...

Images By Tang Ming Tung Introduction Midland States Bancorp (NASDAQ:MSBI) is a regional bank who has not been exempt from the woes of the banking sector. Higher interest rates and deposit flight have challenged the bank's ability to maintain earnings. Back in March, I discussed why I reversed course and sold the bank's high yielding preferred shares (MSBIP). Today, following their second quarter earnings results, I am still avoiding Midland States common and preferred shares. Midland States Second Quarter ...

The bank has overhauled its management team and taken steps to shore up its balance sheet. New York Community Bancorp (NYCB 0.64%) has had quite a turbulent year, starting earlier this year when it took significant charge-offs on its loan portfolio, resulting in a surprising $2.7 billion fourth-quarter loss. Since then, its CEO has stepped down and it has overhauled its executive leadership, raised equity capital, and sold off large chunks of its mortgage businesses. The bank is undergoing a multiyear proce ...

T II H I alexsl Earnings of Penns Woods Bancorp, Inc. (NASDAQ:PWOD) will likely benefit from residential loan growth. Meanwhile, interest rate cuts will have a mised impact on the margin. Overall, I'm expecting the company to report eamings of $2.24 per share for both 2024 and 2025. The year-end target price suggests a high upside from the current market price. Additionally, PWOD is offering a high dividend yield of 5.9%. Based on the total expected return, I 'm adopting a buy rating on Penns Woods Bancorp. ...

NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Customers Bancorp, Inc. ("Customers Bancorp" or the "Company") (NYSE:CUBI) on behalf of Customers Bancorp stockholders. Our investigation concerns whether Customers Bancorp has violated the federal securities laws and/or engaged in other unlawful business practices. Click here to participate in the action. On April 12, 2024, Customers Bancorp ...

EschCollection The Q2 2024 results gave continuity to what was discussed in my previous article on East West Bancorp (NASDAQ:EWBC). In fact, the dividend continues to grow fast and CRE loans are struggling to increase. In contrast, C&I loans and Residential loans are getting an increasing share of the entire loan portiblio. These trends will presumably continue throughout 2024; perhaps even into the early 2025. Loans and securities portfolio For 2024 as a whole, loan growth is expected from 3-5%, thus quite ...

MCMINNVILLE, Tenn., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Security Bancorp, Inc. ("Company") (OTCBB: "SCYT"), the holding company for Security Federal Savings Bank of McMinnville, Tennessee ("Bank"), today announced its consolidated earnings for the second quarter of its fiscal year ended December 31, 2024. Net income for the three months ended June 30, 2024 was $915,000, or $2.45 per share, compared to $819,000, or $2.24 per share, for the same quarter last year. For the six months ended June 30, 2024, the Com ...

For Immediate Release Chicago, IL – August 7, 2024 – Today, Zacks Equity Research discusses JPMorgan Chase & Co. (JPM) , U.S. Bancorp (USB) and Truist Financial Corporation (TFC) . 3 Stocks From the Prospering Major Regional Banks Industry Industry: Major Banks – Regional Link to article: https://www.zacks.com/commentary/2316839/3-stocks-from-the-prospering-major-regionalbanks-industry The Zacks Major Regional Banks will benefit from the Federal Reserve's interest rate cuts as the deposit costs come down an ...