Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2024 2024 2024 2024 2023
--------- --------- --------- --------- ---------
Net interest margin 3.50 % 3.43 % 3.43 % 3.35 % 3.39 %
Nonperforming loans/
total loans 0.21 % 0.00 % 0.00 % 0.00 % 0.00 %
Nonperforming assets/
total assets 0.19 % 0.00 % 0.00 % 0.00 % 0.00 %
Allowance for credit
losses/ total loans 0.93 % 0.76 % 0.77 % 0.80 % 0.81 %
Average loans/average
assets 93.2 % 92.9 % 92.7 % 92.4 % 91.1 %
Non-interest expenses*/
average assets 2.07 % 2.17 % 2.21 % 2.28 % 2.15 %
Efficiency ratio 58.3 % 62.3 % 63.3 % 65.5 % 63.1 %
Earnings per share --
basic and diluted $0.33 $0.53 $0.44 $0.43 $0.53
Book value per share $16.73 $16.45 $15.78 $15.34 $14.91
Total shares
outstanding 3,006,039 3,004,689 3,098,431 3,096,138 3,093,414
Weighted average shares
outstanding 3,005,408 3,055,157 3,097,433 3,094,951 3,092,277
* Annualized
Year Ended Year Ended
Dec. 31, Dec. 31,
2024 2023
---------- ----------
Net interest margin 3.43 % 3.54 %
Return on average assets 0.87 % 1.09 %
Return on average equity 10.91 % 13.77 %
Earnings per share-basic and diluted $1.73 $1.92
Consolidated Income Statements (unaudited)
Qtr. Ended Qtr. Ended Qtr. Ended Qtr. Ended Qtr. Ended
Dec. 31, Sep. 30, Jun. 30, Mar. 31, Dec. 31,
2024 2024 2024 2024 2023
---------- ---------- ---------- ---------- ----------
INTEREST INCOME
Loans, including
fees $9,512,689 $9,346,895 $8,859,695 $8,228,102 $7,941,483
Securities 115,291 123,678 122,082 120,713 133,125
Other 24,256 25,135 34,964 31,735 105,679
---------- ---------- ---------- ---------- ----------
Total interest
income 9,652,236 9,495,708 9,016,741 8,380,550 8,180,287
---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE
Deposits 4,057,530 3,979,691 3,767,011 3,519,176 3,277,096
Borrowings 90,767 245,596 173,198 105,860 98,901
Subordinated debt 134,681 120,829 93,124 93,124 93,124
---------- ---------- ---------- ---------- ----------
Total interest
expense 4,282,978 4,346,116 4,033,333 3,718,160 3,469,121
---------- ---------- ---------- ---------- ----------
Net interest
income 5,369,258 5,149,592 4,983,408 4,662,390 4,711,166
---------- ---------- ---------- ---------- ----------
Provision for
credit losses 1,127,547 13,317 246,273 63,651 (263,073)
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
credit losses 4,241,711 5,136,275 4,737,135 4,598,739 4,974,239
NON-INTEREST
INCOME
Service charges
and other fees 114,958 94,812 104,748 100,164 94,656
BOLI income 66,248 65,800 59,613 51,356 50,730
Gain on sale of
SBA loans (367) 59,296 - - -
Swap referral fee
income 31,030 - 62,460 182,060 -
Other 77,225 65,944 64,085 62,548 62,701
---------- ---------- ---------- ---------- ----------
Total
non-interest
income 289,094 285,852 290,906 396,128 208,087
NON-INTEREST
EXPENSE
Salaries &
benefits 1,948,007 1,999,957 1,944,755 2,045,083 1,873,831
Occupancy &
equipment 336,629 368,339 362,850 289,202 289,361
Professional fees 109,819 128,748 130,767 137,482 123,336
Advertising 77,809 76,383 81,510 81,745 83,506
Data processing 201,671 189,429 180,257 176,685 167,921
Other 625,603 622,590 636,589 584,926 567,428
---------- ---------- ---------- ---------- ----------
Total non-interest
expense 3,299,538 3,385,446 3,336,728 3,315,123 3,105,383
---------- ---------- ---------- ---------- ----------
Income before
federal income
tax expense 1,231,267 2,036,681 1,691,313 1,679,744 2,076,943
Federal income tax
expense 223,486 413,607 342,880 348,807 429,920
---------- ---------- ---------- ---------- ----------
Net income $1,007,781 $1,623,074 $1,348,433 $1,330,937 $1,647,023
---------- ---------- ---------- ---------- ----------
Consolidated Income Statements (unaudited)
Year Year
Ended Ended
December 31, December 31,
2024 2023
------------- -------------
INTEREST INCOME
Loans, including fees $ 35,947,381 $ 28,720,976
Securities 481,764 510,490
Other 116,090 234,281
------------- -------------
Total interest income 36,545,235 29,465,747
------------- -------------
INTEREST EXPENSE
Deposits 15,323,408 10,060,055
Borrowings 615,421 484,938
Subordinated debt 441,758 372,495
------------- -------------
Total interest expense 16,380,587 10,917,488
------------- -------------
Net interest income 20,164,648 18,548,259
------------- -------------
Provision for credit losses 1,450,788 (105,430)
------------- -------------
Net interest income after
provision for credit losses 18,713,860 18,653,689
NON-INTEREST INCOME
Service charges and other fees 414,682 411,961
BOLI income 243,017 197,939
Gain on sale of SBA loans 58,929 -
Swap referral fee income 275,550 75,649
Other 269,802 232,981
------------- -------------
Total non-interest income 1,261,980 918,530
NON-INTEREST EXPENSE
Salaries & benefits 7,937,802 7,446,666
Occupancy & equipment 1,357,020 1,089,411
Professional fees 506,816 477,344
Advertising 317,447 274,972
Data processing 748,042 647,812
Other 2,469,708 2,190,454
------------- -------------
Total non-interest expense 13,336,835 12,126,659
------------- -------------
Income before federal income tax
expense 6,639,005 7,445,560
Federal income tax expense 1,328,780 1,519,565
------------- -------------
Net income $ 5,310,225 $ 5,925,995
------------- -------------
About First Resource Bancorp, Inc.
First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.
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