FineMark Holdings, Inc. Reports Third Quarter 2023 Earnings
FineMark Holdings, Inc. Reports Third Quarter 2023 Earnings
FORT MYERS, FL / ACCESSWIRE / October 17, 2023 / FineMark Holdings, Inc. (the "Holding Company") (OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today reported revenues of $45.5 million and net revenues of $20.5 million for the third quarter ended September 30, 2023, compared to $32.1 million and $25.9 million, respectively, in the third quarter of 2022. Net income was $729 thousand, or $0.06 per diluted share, compared with net income of $5.4 million, or $0.45 per diluted share, for the same period a year ago.
佛羅裡達州邁爾斯堡/ACCESSWIRE/2023年10月17日/FineMark National Bank&Trust(以下簡稱“銀行”;統稱為“FineMark”)的母公司FineMark控股公司(“控股公司”)(場外交易代碼:FNBT)今天公佈,截至2023年9月30日的第三季度收入為4550萬美元,淨收入為2050萬美元,而2022年第三季度的收入分別為3210萬美元和2590萬美元。淨收益為72.9萬美元,或每股稀釋後收益0.06美元,而去年同期的淨收益為540萬美元,或每股稀釋後收益0.45美元。
Joseph R. Catti, Chairman & Chief Executive Officer:
董事長兼首席執行官約瑟夫·R·卡蒂:
I would like to begin by extending our heartfelt condolences to the families of those killed and taken hostage by terrorists in Israel and Gaza in recent days. Our thoughts and prayers are with the people of the Middle East as this deadly war with terrorist group Hamas intensifies.
首先,我要向最近幾天在以色列和加沙被恐怖分子殺害和劫持為人質的人的家屬表示我們衷心的慰問。隨著這場與恐怖組織哈馬斯的致命戰爭愈演愈烈,我們的思念和祈禱與中東人民同在。
Against a backdrop of uncertainty in our global markets, renewed concerns around inflation and worries of a 'higher for longer' interest rate outlook, our associates continue to meet challenges and prudently manage our resources as we maintain our focus on the individuals and families we serve. Our clients know they can depend on FineMark to deliver exceptional service and innovative solutions. It is gratifying to lead an organization that continually seeks to deliver unparalleled and proactive service and we are grateful for the confidence our clients place in us.
在全球市場的不確定性、對通脹的再度擔憂以及對更長時間利率前景的擔憂的背景下,我們的員工繼續迎接挑戰,謹慎地管理我們的資源,同時我們仍專注於我們所服務的個人和家庭。我們的客戶知道,他們可以依靠FineMark提供卓越的服務和創新的解決方案。領導一個不斷尋求提供無與倫比和主動服務的組織是令人欣慰的,我們感謝客戶對我們的信任。
As important as service and innovation are to our business, our focus on financial stability provides our clients with the confidence that we will be here for future generations. Our conservative credit culture combined with our high levels of liquidity and robust capital have positioned FineMark to succeed in a variety of economic environments.
與服務和創新對我們的業務一樣重要,我們對金融穩定的關注讓我們的客戶相信,我們將為子孫後代留在這裡。我們保守的信用文化,加上我們高水平的流動性和雄厚的資本,使FineMark能夠在各種經濟環境中取得成功。
While we are pleased with the growth in client relationships, loans, assets under management and administration, our financial results continue to be impacted by the Federal Reserve's monetary policies. Interest expense has increased sharply over the last 18 months due to higher deposit costs and the use of certain higher-cost sources of funding. We are cautiously optimistic that the pace of increases in interest expense should begin to slow over the coming months which, when combined with increasing yields on our loan and securities portfolio, should result in improving financial performance.
雖然我們對客戶關係、貸款、管理下的資產和管理的增長感到高興,但我們的財務業績繼續受到美聯儲貨幣政策的影響。利息支出在過去18個月中急劇增加,原因是存款成本上升和使用某些成本更高的資金來源。我們謹慎樂觀地認為,未來幾個月利息支出的增長速度應該會開始放緩,再加上貸款和證券投資組合收益率的增加,應該會改善財務表現。
Highlights from the Third Quarter:
第三季度的亮點:
- Interest income increased 50% in the third quarter 2023 to $36.4 million, compared to total interest income of $24.2 million for the same quarter 2022.
- Net loans increased 15.6% from the third quarter of 2022 and credit quality remains excellent.
- Assets under management grew 18.6% from the third quarter of 2022, resulting in a 23.7% increase in Trust fees.
- 2023年第三季度的利息收入增長了50%,達到3640萬美元,而2022年同期的總利息收入為2420萬美元。
- 淨貸款較2022年第三季度增長15.6%,信貸質量保持優良。
- 管理的資產比2022年第三季度增長了18.6%,導致信託費用增加了23.7%。
Net Interest Income & Margin
淨利息收入和利潤率
For the third quarter of 2023, FineMark's net interest income totaled $11.3 million, representing a 37% decrease compared to Q3 of 2022. This decline is attributable to the impact of the Fed's rapid action to reduce inflation which has resulted in interest expense increasing more quickly than interest income. The Bank's net interest margin decreased to 1.21% in Q3 2023, down from 2.16% for the same period in 2022.
2023年第三季度,FineMark的淨利息收入總計1130萬美元,與2022年第三季度相比下降了37%。這一下降歸因於美聯儲迅速採取行動降低通脹的影響,導致利息支出的增長速度快於利息收入的增長速度。該行的淨息差在2023年第三季度降至1.21%,低於2022年同期的2.16%。
Non-Interest Income
非利息收入
As of September 30, 2023, FineMark's assets under management and administration totaled $6.4 billion, reflecting an 18.6% increase from $5.4 billion on September 30, 2022. This increase in assets under management resulted in investment management and trust fees increasing 25% year-over-year.
截至2023年9月30日,FineMark管理和管理的資產總額為64億美元,較2022年9月30日的54億美元增長18.6%。管理資產的這一增長導致投資管理和信託費用同比增長25%。
Non-Interest Expense
非利息支出
Non-interest expense for the quarter ended September 30, 2023, rose to $19.5 million, marking a 5% increase from $18.7 million in the third quarter of 2022. While salary and employee benefits remained relatively stable, occupancy expense increased due to the opening of our newest locations in Naples and Jupiter, Florida. Additionally, a 2 basis point increase in deposit insurance rates resulted in a $353,000 increase in expenses from Q3 2022.
截至2023年9月30日的季度,非利息支出增至1,950萬美元,較2022年第三季度的1,870萬美元增長了5%。雖然工資和員工福利保持相對穩定,但由於我們在那不勒斯和佛羅裡達州朱位元的最新門店開業,入住費增加。此外,存款保險費率上調2個基點導致2022年第三季度支出增加353,000美元。
Balance Sheet Highlights
資產負債表亮點
Despite the rising interest rate environment, loan production remained strong for the quarter at $164 million, compared to $177 million for the same quarter last year. Total loans ended the quarter at $2.5 billion, compared to $2.1 billion at September 30, 2022. Deposits decreased to $2.78 billion as of September 30, 2023, down 5% from $2.92 billion on September 30, 2022 primarily from the transfer of client deposits to purchase higher yielding treasuries.
儘管利率環境上升,該季度的貸款產出仍保持強勁,為1.64億美元,而去年同期為1.77億美元。本季度末貸款總額為25億美元,而2022年9月30日為21億美元。截至2023年9月30日,存款減少到27.8億美元,比2022年9月30日的29.2億美元下降了5%,主要是因為客戶存款被轉移到購買收益率更高的美國國債。
Credit Quality
信用質量
FineMark maintains its commitment to high credit standards through a tailored and relationship-centered approach to lending. Our loan decisions are based on a comprehensive understanding of each borrower's needs and unique financial situation, resulting in minimal loan defaults spanning various economic conditions.
FineMark通過量身定做和以關係為中心的貸款方式,堅持其對高信用標準的承諾。我們的貸款決策是基於對每個借款人的需求和獨特的財務狀況的全面瞭解,從而最大限度地減少各種經濟條件下的貸款違約。
As of September 30, 2023, non-performing loans amounted to $2.1 million, representing 0.09% of total loans. This marks an increase from $692 thousand or 0.03% of total loans in the third quarter of 2022. The rise can be attributed to the default of one loan. We do not expect any losses associated with existing non-accrual loans. The current allowance for credit losses stands at $24.3 million, equivalent to 0.98% of gross loans.
截至2023年9月30日,不良貸款達210萬美元,佔總貸款的0.09%。這標誌著比2022年第三季度的692000美元或總貸款的0.03%有所增加。這一上漲可以歸因於一筆貸款的違約。我們預計不會有任何與現有非應計貸款相關的損失。目前的信貸損失撥備為2,430萬美元,相當於貸款總額的0.98%。
Capital
資本
FineMark's capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. On September 30, 2023, FineMark's Tier 1 leverage ratio, on a consolidated basis, stood at 8.71% after adding the unrealized loss to average assets (denominator), while the total risk-based capital ratio was 17.96%. Additionally, the tangible equity to assets ratio was 8.92% after deducting the net unrealized loss from Tier 1 capital to average assets. Rising interest rates in the past year and a half led to a net unrealized loss of $71 million on the Bank's investment portfolio. This is a direct result of the rapid increase in rates rather than a reflection of bond credit quality. Given the short duration of the portfolio of 2.6 years, these losses will continue to decline as bonds mature.
FineMark的資本充足率繼續超過監管機構對“資本充足”銀行的要求.2023年9月30日,在綜合基礎上,FineMark的一級槓桿率在加上平均資產(分母)的未實現虧損後為8.71%,而基於風險的總資本比率為17.96%。此外,在扣除一級資本對平均資產的未實現淨虧損後,有形股本對資產的比率為8.92%。過去一年半的利率上升導致世行投資組合出現7100萬美元的未實現淨虧損。這是利率快速上升的直接結果,而不是債券信用質量的反映。鑑於該投資組合的存續期較短,只有2.6年,隨著債券到期,這些損失將繼續下降。
CONTACT:
聯繫方式:
Ryan Roberts
Investor Relations
239-461-3850
investorrelations@finemarkbank.com
8695 College Pkwy Suite 100
Fort Myers, FL 33919
瑞安·羅伯茨
投資者關係
239-461-3850
郵箱:InvestorRelationship@finemarkbank.com
8695學院Pkwy套房100
佛羅裡達州邁爾斯堡,郵編:33919
website:
網站:
Background
背景
FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark National Bank & Trust is a nationally chartered bank, headquartered in Florida. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services, including personal and business banking, lending services, trust, and investment services. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at .
FineMark控股公司是FineMark National Bank&Trust的母公司。FineMark National Bank&Trust成立於2007年,是一家全國性特許銀行,總部設在佛羅裡達州。通過其在佛羅裡達州、亞利桑那州和南卡羅來納州的辦事處,FineMark提供全方位的金融服務,包括個人和商業銀行、貸款服務、信託和投資服務。該公司的普通股在OTCQX市場交易,代碼為FNBT。投資者資料可於該公司網站查閱,網址為。
Forward-Looking Statements
前瞻性陳述
This press release contains statements that are "forward-looking statements." You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends, and which do not relate to historical matters. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
本新聞稿包含“前瞻性陳述”。您可以通過使用“相信”、“預期”、“預期”、“打算”、“估計”、“假定”、“展望”、“將”、“應該”以及其他預測或指示未來事件和趨勢的詞語來識別前瞻性陳述,這些詞語與歷史事件和趨勢無關。您不應依賴前瞻性陳述,因為它們涉及已知和未知的風險、不確定性和其他因素,其中一些是我們無法控制的。這些風險、不確定因素和其他因素可能導致我們的實際結果、表現或成就與前瞻性陳述中明示或暗示的預期未來結果、表現或成就大不相同。
Some of the factors that might cause these differences include: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectability, default and charge-off rates; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; occurrences of cyber-attacks, hacking and identity theft; natural disasters; and changes in the assumptions used in making such forward-looking statements. You should carefully review all of these factors, and you should be aware that there might be other factors that could cause these differences.
可能造成這些差異的一些因素包括:國家、區域或國際經濟狀況或影響銀行業或金融服務業或金融資本市場的狀況的疲軟;國內和國際金融市場的波動;利率波動導致的淨利息收入減少以及貸款和存款的餘額和組合的變化;受管理資產的市值減少或流出;證券和其他資產的價值變化;貸款需求減少;貸款可收回率、違約率和沖銷率的變化;我們競爭的規模和性質的變化;立法或監管以及會計原則、政策和準則的變化;發生網路攻擊、黑客攻擊和身分竊盜;自然災害;以及做出此類前瞻性陳述時使用的假設發生變化。您應該仔細檢查所有這些因素,並且您應該意識到可能還有其他因素會導致這些差異。
These forward-looking statements were based on information, plans and estimates at the date of this report. We assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
這些前瞻性陳述是以本報告日期的資訊、計劃和估計為基礎的。我們沒有義務更新任何前瞻性陳述,以反映潛在假設或因素、新資訊、未來事件或其他變化的變化。
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands, except share amounts)
FINEMARK控股公司及附屬公司
合併資產負債表
(千美元,不包括股份金額)
September 30, | December 31, | ||||||||
Assets |
2023 | 2022 | |||||||
(Unaudited) | |||||||||
Cash and due from banks |
$ | 309,234 | 18,374 | ||||||
Debt securities available for sale |
903,993 | 1,020,612 | |||||||
Debt securities held to maturity |
90,253 | 93,369 | |||||||
Loans, net of allowance for credit losses of $24,270 in 2023 and $23,168 in 2022 |
2,456,714 | 2,228,236 | |||||||
Federal Home Loan Bank stock |
17,449 | 13,859 | |||||||
Federal Reserve Bank stock |
6,340 | 6,277 | |||||||
Premises and equipment, net |
40,441 | 41,009 | |||||||
Operating lease right-of-use assets |
11,829 | 12,825 | |||||||
Accrued interest receivable |
12,096 | 10,220 | |||||||
Deferred tax asset |
28,401 | 29,955 | |||||||
Bank-owned life insurance |
73,367 | 72,138 | |||||||
Other assets |
18,658 | 7,496 | |||||||
Total assets |
$ | 3,968,775 | 3,554,370 | ||||||
Liabilities and Shareholders' Equity |
|||||||||
Liabilities: |
|||||||||
Noninterest-bearing demand deposits |
675,402 | 652,671 | |||||||
Savings, NOW and money-market deposits |
1,872,219 | 2,122,561 | |||||||
Time deposits |
231,006 | 43,259 | |||||||
Total deposits |
2,778,627 | 2,818,491 | |||||||
Official checks |
5,979 | 13,312 | |||||||
Other borrowings |
531,973 | 118,444 | |||||||
Federal Home Loan Bank advances |
315,000 | 286,100 | |||||||
Operating lease liabilities |
11,973 | 12,900 | |||||||
Subordinated debt |
27,467 | 33,545 | |||||||
Other liabilities |
22,172 | 11,271 | |||||||
Total liabilities |
3,693,191 | 3,294,063 | |||||||
Shareholders' equity: |
|||||||||
Common stock, $.01 par value 50,000,000 shares authorized, |
|||||||||
11,912,634 and 11,773,050 shares issued and outstanding in 2023 and 2022 |
119 | 118 | |||||||
Additional paid-in capital |
214,474 | 210,953 | |||||||
Retained earnings |
132,050 | 127,514 | |||||||
Accumulated other comprehensive loss |
(71,059 | ) | (78,278 | ) | |||||
Total shareholders' equity |
275,584 | 260,307 | |||||||
Total liabilities and shareholders' equity |
$ | 3,968,775 | 3,554,370 | ||||||
Book Value per Share |
$ | 23.13 | 22.11 |
9月30日, | 十二月三十一日, | ||||||||
資產 |
2023年年 | 2022 | |||||||
(未經審計) | |||||||||
現金和銀行到期款項 |
$ | 309,234 | 18,374 | ||||||
可供出售的債務證券 |
903,993 | 1020,612 | |||||||
持有至到期的債務證券 |
90,253 | 93,369 | |||||||
貸款,扣除信貸損失準備金,2023年為24270美元,2022年為23168美元 |
2456,714 | 2228236 | |||||||
聯盟住房貸款銀行股票 |
17,449 | 13,859 | |||||||
美國聯盟儲備銀行股票 |
6,340 | 6,277 | |||||||
房舍和設備,淨額 |
40,441 | 41,009 | |||||||
經營性租賃使用權資產 |
11,829 | 12,825 | |||||||
應計應收利息 |
12,096 | 10,220 | |||||||
遞延稅項資產 |
28,401 | 29,955 | |||||||
銀行擁有的人壽保險 |
73,367 | 72,138 | |||||||
其他資產 |
18,658 | 7,496 | |||||||
總資產 |
$ | 3968775 | 3,554,370 | ||||||
負債與股東權益 |
|||||||||
負債: |
|||||||||
無息活期存款 |
675,402 | 652,671 | |||||||
儲蓄、現在和貨幣市場存款 |
1872,219 | 2,122,561 | |||||||
定期存款 |
231,006 | 43,259 | |||||||
總存款 |
2778,627 | 2818,491 | |||||||
官方支票 |
5979 | 13,312 | |||||||
其他借款 |
531,973 | 118,444 | |||||||
聯盟住房貸款銀行預付款 |
315,000人 | 286,100 | |||||||
經營租賃負債 |
11,973 | 12,900 | |||||||
次級債務 |
27,467 | 33,545 | |||||||
其他負債 |
22,172 | 11,271 | |||||||
總負債 |
3693,191 | 3,294,063 | |||||||
股東權益: |
|||||||||
普通股,面值0.01美元,授權50,000,000股, |
|||||||||
11,912,634股和11,773,050股 2023年和2022年發行和未償還 |
119 | 一百一十八 | |||||||
額外實收資本 |
214,474 | 210,953 | |||||||
留存收益 |
132,050 | 127,514 | |||||||
累計其他綜合損失 |
(71,059 | ) | (78278) | ) | |||||
股東權益總額 |
275,584 | 260,307 | |||||||
總負債和股東權益 |
$ | 3968775 | 3,554,370 | ||||||
每股賬面價值 |
$ | 23.13 | 22.11 |
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (Unaudited)
($ in thousands, except per share amounts)
FINEMARK控股公司及附屬公司
合併損益表(未經審計)
(千美元,每股除外)
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Interest income: |
|||||||||||||||||
Loans |
$ | 29,704 | 20,186 | $ | 81,296 | 55,363 | |||||||||||
Debt securities |
3,849 | 3,854 | 12,032 | 11,126 | |||||||||||||
Dividends on Federal Home Loan Bank stock |
265 | 102 | 836 | 319 | |||||||||||||
Other |
2,560 | 105 | 4,823 | 251 | |||||||||||||
Total interest income |
36,378 | 24,247 | 98,987 | 67,059 | |||||||||||||
Interest expense: |
|||||||||||||||||
Deposits |
15,536 | 4,188 | 38,011 | 6,963 | |||||||||||||
Federal Home Loan Bank advances |
2,519 | 1,473 | 8,604 | 4,502 | |||||||||||||
Subordinated debt |
364 | 507 | 1,347 | 1,590 | |||||||||||||
Other borrowings |
6,654 | - | 12,222 | - | |||||||||||||
Total interest expense |
25,073 | 6,168 | 60,184 | 13,055 | |||||||||||||
Net interest income |
11,305 | 18,079 | 38,803 | 54,004 | |||||||||||||
Credit loss expense |
238 | 121 | 1,272 | 1,406 | |||||||||||||
Net interest income after credit loss expense |
11,067 | 17,958 | 37,531 | 52,598 | |||||||||||||
Noninterest income: |
|||||||||||||||||
Trust fees |
8,015 | 6,477 | 21,935 | 20,227 | |||||||||||||
Income from bank-owned life insurance |
663 | 399 | 1,736 | 1,412 | |||||||||||||
Income from solar farms |
89 | 85 | 240 | 255 | |||||||||||||
Gain on extinguishment of debt |
- | 505 | 534 | 2,349 | |||||||||||||
Other fees and service charges |
397 | 381 | 1,226 | 1,287 | |||||||||||||
Total noninterest income |
9,164 | 7,847 | 25,671 | 25,530 | |||||||||||||
Noninterest expenses: |
|||||||||||||||||
Salaries and employee benefits |
12,060 | 11,984 | 35,207 | 33,871 | |||||||||||||
Occupancy |
2,476 | 2,035 | 7,424 | 5,934 | |||||||||||||
Information systems |
1,559 | 1,417 | 4,685 | 4,513 | |||||||||||||
Professional fees |
655 | 535 | 1,984 | 1,687 | |||||||||||||
Marketing and business development |
447 | 392 | 1,613 | 1,644 | |||||||||||||
Regulatory assessments |
778 | 446 | 2,022 | 1,341 | |||||||||||||
Other |
1,543 | 1,851 | 4,887 | 4,370 | |||||||||||||
Total noninterest expense |
19,518 | 18,660 | 57,822 | 53,360 | |||||||||||||
Earnings before income tax (benefit) expense |
713 | 7,145 | 5,380 | 24,768 | |||||||||||||
Income tax (benefit) expense |
(16 | ) | 1,757 | 816 | 5,531 | ||||||||||||
Net earnings |
$ | 729 | 5,388 | $ | 4,564 | 19,237 | |||||||||||
Weighted average common shares outstanding - basic |
11,904 | 11,747 | 11,884 | 11,720 | |||||||||||||
Weighted average common shares outstanding - diluted |
11,942 | 11,925 | 11,921 | 11,901 | |||||||||||||
Per share information: |
Basic earnings per common share |
$ | 0.06 | 0.46 | $ | 0.38 | 1.64 | ||||||||||
Diluted earnings per common share |
$ | 0.06 | 0.45 | $ | 0.38 | 1.62 |
截至三個月 | 九個月結束 | ||||||||||||||||
9月30日, | 9月30日, | ||||||||||||||||
2023年年 | 2022 | 2023年年 | 2022 | ||||||||||||||
利息收入: |
|||||||||||||||||
貸款 |
$ | 29,704 | 20,186 | $ | 81,296 | 55,363 | |||||||||||
債務證券 |
3849 | 3854 | 12,032 | 11,126 | |||||||||||||
聯盟住房貸款銀行股票股息 |
265 | 一百零二 | 836 | 三一九 | |||||||||||||
其他 |
2560 | 一百零五 | 4823 | 251 | |||||||||||||
利息收入總額 |
36,378 | 24247 | 98,987 | 67,059 | |||||||||||||
利息支出: |
|||||||||||||||||
存款 |
15,536 | 4,188 | 38,011 | 6963 | |||||||||||||
聯盟住房貸款銀行預付款 |
2519 | 1,473 | 8,604 | 4,502 | |||||||||||||
次級債務 |
三百六十四 | 五百零七 | 1,347 | 1,590 | |||||||||||||
其他借款 |
6654 | - | 12,222 | - | |||||||||||||
利息支出總額 |
25,073 | 6168 | 60,184 | 13,055 | |||||||||||||
淨利息收入 |
11,305 | 18,079 | 38,803 | 54,004 | |||||||||||||
信用損失費用 |
二百三十八 | 一百二十一 | 1,272 | 1,406 | |||||||||||||
扣除信用損失費用後的淨利息收入 |
11,067 | 17,958 | 37531 | 52,598 | |||||||||||||
非利息收入: |
|||||||||||||||||
信託費 |
8,015 | 6477 | 21,935 | 20,227 | |||||||||||||
銀行自營壽險收入 |
六百六十三 | 三九九 | 1,736 | 1,412 | |||||||||||||
太陽能發電場的收入 |
八十九 | 85 | 240 | 二五五 | |||||||||||||
債務清償收益 |
- | 五百零五 | 534 | 2349 | |||||||||||||
其他費用和服務費 |
三九七 | 381 | 1226 | 1287 | |||||||||||||
非利息收入總額 |
9,164 | 7847 | 25,671 | 25,530 | |||||||||||||
非利息支出: |
|||||||||||||||||
薪酬和員工福利 |
12,060 | 11,984 | 35,207 | 33,871 | |||||||||||||
入住率 |
2476 | 2035年 | 7,424 | 5934 | |||||||||||||
資訊系統 |
1,559 | 1,417 | 4685 | 4513 | |||||||||||||
專業費用 |
六百五十五 | 535 | 1984萬 | 1,687 | |||||||||||||
市場營銷和業務發展 |
四四七 | 三九二 | 1,613 | 1,644 | |||||||||||||
監管評估 |
七百七十八 | 446 | 2022 | 1,341 | |||||||||||||
其他 |
1,543 | 1,851 | 4887 | 4370 | |||||||||||||
總非利息支出 |
19518 | 18,660 | 57,822 | 53,360 | |||||||||||||
所得稅(福利)支出前收益 |
七百一十三 | 7145 | 5,380 | 24768 | |||||||||||||
所得稅(福利)費用 |
(16 | ) | 1,757 | 八百一十六 | 5531 | ||||||||||||
淨收益 |
$ | 七百二十九 | 5388 | $ | 4564 | 19,237 | |||||||||||
加權平均已發行普通股-基本 |
11,904 | 11,747 | 11,884 | 11,720 | |||||||||||||
加權平均已發行普通股-稀釋後 |
11,942 | 11,925 | 11,921 | 11,901 | |||||||||||||
每股資訊: |
基本每股普通股收益 |
$ | 0.06 | 0.46 | $ | 0.38 | 1.64 | ||||||||||
稀釋後每股普通股收益 |
$ | 0.06 | 0.45 | $ | 0.38 | 1.62 |
FineMark Holdings, Inc.
Consolidated Financial Highlights
Third Quarter 2023
Unaudited
FineMark控股公司
綜合財務亮點
2023年第三季度
未經審計
$ in thousands except for share data |
3rd Qtr 2023 | 2nd Qtr 2023 | 1st Qtr 2023 | 4th Qtr 2022 | 3rd Qtr 2022 | 2023 | 2022 | |||||||||||||||||||||
$ Earnings |
||||||||||||||||||||||||||||
Net Interest Income |
$ | 11,305 | 12,799 | 14,699 | 15,889 | 18,079 | 38,803 | 54,004 | ||||||||||||||||||||
Credit Loss Expense |
$ | 238 | (23 | ) | 1,057 | 1,039 | 121 | 1,272 | 1,406 | |||||||||||||||||||
Non-interest Income (excl. gains and losses) |
$ | 9,164 | 8,253 | 7,720 | 7,224 | 7,342 | 25,137 | 23,181 | ||||||||||||||||||||
Gain on sale of debt securities available for sale |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
Gain (loss) on debt extinguishment |
$ | - | 534 | - | - | 505 | 534 | 2,349 | ||||||||||||||||||||
Gain on termination of swap |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
Non-interest Expense |
$ | 19,518 | 19,388 | 18,916 | 18,011 | 18,660 | 57,822 | 53,360 | ||||||||||||||||||||
Earnings before income tax (benefit) expense |
713 | 2,221 | 2,446 | 4,063 | 7,145 | 5,380 | 24,768 | |||||||||||||||||||||
Income tax (benefit) expense |
$ | (16 | ) | 391 | 441 | 933 | 1,757 | 816 | 5,531 | |||||||||||||||||||
Net Earnings |
$ | 729 | 1,830 | 2,005 | 3,130 | 5,388 | 4,564 | 19,237 | ||||||||||||||||||||
Basic earnings per share |
$ | 0.06 | 0.15 | 0.17 | 0.27 | 0.46 | 0.38 | 1.64 | ||||||||||||||||||||
Diluted earnings per share |
$ | 0.06 | 0.15 | 0.17 | 0.26 | 0.45 | 0.38 | 1.62 | ||||||||||||||||||||
Performance Ratios |
||||||||||||||||||||||||||||
Return on average assets* |
0.07 | % | 0.19 | % | 0.22 | % | 0.36 | % | 0.62 | % | 0.16 | % | 0.74 | % | ||||||||||||||
Return on risk weighted assets* |
0.13 | % | 0.34 | % | 0.39 | % | 0.63 | % | 1.12 | % | 0.27 | % | 1.33 | % | ||||||||||||||
Return on average equity* |
1.06 | % | 2.63 | % | 3.01 | % | 4.92 | % | 7.97 | % | 2.22 | % | 9.15 | % | ||||||||||||||
Yield on earning assets* |
3.93 | % | 3.68 | % | 3.39 | % | 3.17 | % | 2.92 | % | 3.67 | % | 2.72 | % | ||||||||||||||
Cost of funds* |
2.78 | % | 2.36 | % | 1.74 | % | 1.27 | % | 0.76 | % | 2.31 | % | 0.62 | % | ||||||||||||||
Net Interest Margin* |
1.21 | % | 1.40 | % | 1.75 | % | 1.90 | % | 2.16 | % | 1.44 | % | 2.45 | % | ||||||||||||||
Efficiency ratio |
95.36 | % | 89.82 | % | 84.37 | % | 77.93 | % | 71.98 | % | 90.42 | % | 67.09 | % | ||||||||||||||
Capital |
||||||||||||||||||||||||||||
Tier 1 leverage capital ratio |
8.71 | % | 8.77 | % | 9.23 | % | 9.36 | % | 9.35 | % | 8.71 | % | 9.35 | % | ||||||||||||||
Common equity risk-based capital ratio |
15.63 | % | 15.80 | % | 16.45 | % | 17.01 | % | 17.41 | % | 15.63 | % | 17.41 | % | ||||||||||||||
Tier 1 risk-based capital ratio |
15.63 | % | 15.80 | % | 16.45 | % | 17.01 | % | 17.41 | % | 15.63 | % | 17.41 | % | ||||||||||||||
Total risk-based capital ratio |
17.96 | % | 18.16 | % | 19.23 | % | 19.86 | % | 20.30 | % | 17.96 | % | 20.30 | % | ||||||||||||||
Book value per share |
$ | 23.13 | $ | 23.16 | $ | 23.61 | $ | 22.11 | $ | 21.81 | $ | 23.13 | $ | 21.81 | ||||||||||||||
Tangible book value per share |
$ | 23.13 | $ | 23.16 | $ | 23.61 | $ | 22.11 | $ | 21.81 | $ | 23.13 | $ | 21.81 | ||||||||||||||
Asset Quality |
||||||||||||||||||||||||||||
Net (recoveries) charge-offs |
$ | (7 | ) | (12 | ) | (10 | ) | (227 | ) | (176 | ) | -29 | (213 | ) | ||||||||||||||
Net (recoveries) charge-offs to average total loans |
-0.00 | % | -0.00 | % | -0.00 | % | -0.01 | % | -0.01 | % | -0.00 | % | -0.01 | % | ||||||||||||||
Allowance for credit losses |
$ | 24,270 | 24,164 | 24,193 | 23,168 | 21,902 | 24,270 | 21,902 | ||||||||||||||||||||
Allowance to total loans |
0.98 | % | 0.98 | % | 1.03 | % | 1.03 | % | 1.02 | % | 0.98 | % | 1.02 | % | ||||||||||||||
Nonperforming loans |
$ | 2,111 | 2,122 | 1,215 | 730 | 692 | 2,111 | 692 | ||||||||||||||||||||
Other real estate owned |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
Nonperforming loans to total loans |
0.09 | % | 0.09 | % | 0.05 | % | 0.03 | % | 0.03 | % | 0.09 | % | 0.03 | % | ||||||||||||||
Nonperforming assets to total assets |
0.05 | % | 0.06 | % | 0.03 | % | 0.02 | % | 0.02 | % | 0.05 | % | 0.02 | % | ||||||||||||||
Loan Composition (% of Total Gross Loans) |
||||||||||||||||||||||||||||
1-4 Family |
48.7 | % | 48.5 | % | 48.8 | % | 49.0 | % | 50.2 | % | 48.7 | % | 50.2 | % | ||||||||||||||
Commercial Loans |
10.4 | % | 10.7 | % | 9.4 | % | 9.5 | % | 9.1 | % | 10.4 | % | 9.1 | % | ||||||||||||||
Commercial Real Estate |
25.7 | % | 25.3 | % | 26.3 | % | 24.4 | % | 24.1 | % | 25.7 | % | 24.1 | % | ||||||||||||||
Construction Loans |
8.2 | % | 8.3 | % | 7.9 | % | 9.0 | % | 8.3 | % | 8.2 | % | 8.3 | % | ||||||||||||||
Other Loans |
7.0 | % | 7.2 | % | 7.6 | % | 8.1 | % | 8.3 | % | 7.0 | % | 8.3 | % | ||||||||||||||
End of Period Balances |
||||||||||||||||||||||||||||
Assets |
$ | 3,968,775 | 3,802,330 | 3,784,609 | 3,554,370 | 3,455,462 | 3,968,775 | 3,455,462 | ||||||||||||||||||||
Debt securities |
$ | 994,246 | 1,092,107 | 1,099,613 | 1,113,981 | 1,129,272 | 994,246 | 1,129,272 | ||||||||||||||||||||
Loans, net of allowance |
$ | 2,456,714 | 2,446,065 | 2,325,912 | 2,228,236 | 2,125,751 | 2,456,714 | 2,125,751 | ||||||||||||||||||||
Deposits |
$ | 2,778,627 | 2,637,668 | 2,868,954 | 2,818,491 | 2,919,206 | 2,778,627 | 2,919,206 | ||||||||||||||||||||
Other borrowings |
$ | 531,973 | 608,092 | 106,253 | 118,444 | 25,760 | 531,973 | 25,760 | ||||||||||||||||||||
Subordinated Debt |
$ | 27,467 | 27,458 | 33,626 | 33,545 | 33,483 | 27,467 | 33,483 | ||||||||||||||||||||
FHLB Advances |
$ | 315,000 | 215,000 | 470,000 | 286,100 | 190,000 | 315,000 | 190,000 | ||||||||||||||||||||
Shareholders' Equity |
$ | 275,584 | 275,517 | 279,547 | 260,307 | 256,348 | 275,584 | 256,348 | ||||||||||||||||||||
Trust and Investment |
||||||||||||||||||||||||||||
Fee Income |
$ | 8,015 | 7,347 | 6,573 | 6,390 | 6,477 | 21,935 | 20,227 | ||||||||||||||||||||
Assets Under Administration |
||||||||||||||||||||||||||||
Balance at beginning of period |
$ | 6,697,009 | 6,435,562 | 5,944,772 | 5,392,768 | 5,464,847 | 5,944,772 | 6,200,407 | ||||||||||||||||||||
Net investment appreciation (depreciation) & income |
$ | (363,654 | ) | 60,789 | 175,566 | 314,992 | (204,456 | ) | (127,299 | ) | (1,267,404 | ) | ||||||||||||||||
Net client asset flows |
$ | 62,533 | 200,658 | 315,224 | 237,012 | 132,377 | 578,415 | 459,765 | ||||||||||||||||||||
Balance at end of period |
$ | 6,395,888 | 6,697,009 | 6,435,562 | 5,944,772 | 5,392,768 | 6,395,888 | 5,392,768 | ||||||||||||||||||||
Percentage of AUA that are managed |
87.81 | % | 87.79 | % | 87.58 | % | 88.08 | % | 87.99 | % | 87.81 | % | 87.99 | % | ||||||||||||||
Stock Valuation |
||||||||||||||||||||||||||||
Closing Market Price (OTCQX) |
$ | 22.65 | 23.30 | 28.15 | 29.75 | 29.25 | $ | 22.65 | $ | 29.25 | ||||||||||||||||||
Multiple of Tangible Book Value |
0.98 | 1.01 | 1.19 | 1.35 | 1.34 | 0.98 | 1.34 | |||||||||||||||||||||
*annualized |
$(以千為單位),共享數據除外 |
2023年第三季度 | 2023年第二季度 | 2023年第一季度 | 2022年年第四季度 | 2022年第三季度 | 2023年年 | 2022 | |||||||||||||||||||||
$收入 |
||||||||||||||||||||||||||||
淨利息收入 |
$ | 11,305 | 12,799 | 14,699 | 15,889 | 18,079 | 38,803 | 54,004 | ||||||||||||||||||||
信用損失費用 |
$ | 二百三十八 | (23) | ) | 1,057 | 1,039 | 一百二十一 | 1,272 | 1,406 | |||||||||||||||||||
非利息收入(不包括得失) |
$ | 9,164 | 8253 | 7720 | 7224 | 7342 | 25,137 | 23,181 | ||||||||||||||||||||
出售可供出售的債務證券的收益 |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
債務清償損益 |
$ | - | 534 | - | - | 五百零五 | 534 | 2349 | ||||||||||||||||||||
掉期終止時的收益 |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
非利息支出 |
$ | 19518 | 19388 | 18916 | 18,011 | 18,660 | 57,822 | 53,360 | ||||||||||||||||||||
所得稅(福利)支出前收益 |
七百一十三 | 2221 | 2446 | 4,063 | 7145 | 5,380 | 24768 | |||||||||||||||||||||
所得稅(福利)費用 |
$ | (16 | ) | 391 | 四百四十一 | 933 | 1,757 | 八百一十六 | 5531 | |||||||||||||||||||
淨收益 |
$ | 七百二十九 | 1830 | 2005 | 3,130 | 5388 | 4564 | 19,237 | ||||||||||||||||||||
基本每股收益 |
$ | 0.06 | 0.15 | 0.17 | 0.27 | 0.46 | 0.38 | 1.64 | ||||||||||||||||||||
稀釋後每股收益 |
$ | 0.06 | 0.15 | 0.17 | 0.26 | 0.45 | 0.38 | 1.62 | ||||||||||||||||||||
績效比率 |
||||||||||||||||||||||||||||
平均資產回報率* |
0.07 | 百分比 | 0.19 | 百分比 | 0.22 | 百分比 | 0.36 | 百分比 | 0.62 | 百分比 | 0.16 | 百分比 | 0.74 | 百分比 | ||||||||||||||
風險加權資產回報率* |
0.13 | 百分比 | 0.34 | 百分比 | 0.39 | 百分比 | 0.63 | 百分比 | 1.12 | 百分比 | 0.27 | 百分比 | 1.33 | 百分比 | ||||||||||||||
平均股本回報率* |
1.06 | 百分比 | 2.63 | 百分比 | 3.01 | 百分比 | 4.92 | 百分比 | 7.97 | 百分比 | 2.22 | 百分比 | 9.15 | 百分比 | ||||||||||||||
盈利資產的收益率* |
3.93 | 百分比 | 3.68 | 百分比 | 3.39 | 百分比 | 3.17 | 百分比 | 2.92 | 百分比 | 3.67 | 百分比 | 2.72 | 百分比 | ||||||||||||||
資金成本* |
2.78 | 百分比 | 2.36 | 百分比 | 1.74 | 百分比 | 1.27 | 百分比 | 0.76 | 百分比 | 2.31 | 百分比 | 0.62 | 百分比 | ||||||||||||||
淨息差* |
1.21 | 百分比 | 1.40 | 百分比 | 1.75 | 百分比 | 1.90 | 百分比 | 2.16 | 百分比 | 1.44 | 百分比 | 2.45 | 百分比 | ||||||||||||||
效率比 |
95.36 | 百分比 | 89.82 | 百分比 | 84.37 | 百分比 | 77.93 | 百分比 | 71.98 | 百分比 | 90.42 | 百分比 | 67.09 | 百分比 | ||||||||||||||
資本 |
||||||||||||||||||||||||||||
一級槓桿資本比率 |
8.71 | 百分比 | 8.77 | 百分比 | 9.23 | 百分比 | 9.36 | 百分比 | 9.35 | 百分比 | 8.71 | 百分比 | 9.35 | 百分比 | ||||||||||||||
普通股風險資本比率 |
15.63 | 百分比 | 15.80 | 百分比 | 16.45 | 百分比 | 17.01 | 百分比 | 17.41 | 百分比 | 15.63 | 百分比 | 17.41 | 百分比 | ||||||||||||||
一級風險資本充足率 |
15.63 | 百分比 | 15.80 | 百分比 | 16.45 | 百分比 | 17.01 | 百分比 | 17.41 | 百分比 | 15.63 | 百分比 | 17.41 | 百分比 | ||||||||||||||
基於風險的總資本比率 |
17.96 | 百分比 | 18.16 | 百分比 | 19.23 | 百分比 | 19.86 | 百分比 | 20.30 | 百分比 | 17.96 | 百分比 | 20.30 | 百分比 | ||||||||||||||
每股賬面價值 |
$ | 23.13 | $ | 23.16 | $ | 23.61 | $ | 22.11 | $ | 21.81 | $ | 23.13 | $ | 21.81 | ||||||||||||||
每股有形賬面價值 |
$ | 23.13 | $ | 23.16 | $ | 23.61 | $ | 22.11 | $ | 21.81 | $ | 23.13 | $ | 21.81 | ||||||||||||||
資產質量 |
||||||||||||||||||||||||||||
淨(回收)沖銷 |
$ | (7) | ) | (12 | ) | (10 | ) | (227) | ) | (176 | ) | -29 | (213) | ) | ||||||||||||||
淨(回收)沖銷與平均貸款總額之比 |
-0.00 | 百分比 | -0.00 | 百分比 | -0.00 | 百分比 | -0.01 | 百分比 | -0.01 | 百分比 | -0.00 | 百分比 | -0.01 | 百分比 | ||||||||||||||
信貸損失準備 |
$ | 24270 | 24,164 | 24193 | 23,168 | 21,902 | 24270 | 21,902 | ||||||||||||||||||||
貸款總額的免稅額 |
0.98 | 百分比 | 0.98 | 百分比 | 1.03 | 百分比 | 1.03 | 百分比 | 1.02 | 百分比 | 0.98 | 百分比 | 1.02 | 百分比 | ||||||||||||||
不良貸款 |
$ | 2,111 | 2,122 | 1215 | 730 | 六百九十二 | 2,111 | 六百九十二 | ||||||||||||||||||||
擁有的其他房地產 |
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
不良貸款佔總貸款的比例 |
0.09 | 百分比 | 0.09 | 百分比 | 0.05 | 百分比 | 0.03 | 百分比 | 0.03 | 百分比 | 0.09 | 百分比 | 0.03 | 百分比 | ||||||||||||||
不良資產佔總資產的比例 |
0.05 | 百分比 | 0.06 | 百分比 | 0.03 | 百分比 | 0.02 | 百分比 | 0.02 | 百分比 | 0.05 | 百分比 | 0.02 | 百分比 | ||||||||||||||
貸款構成(佔貸款總額的百分比) |
||||||||||||||||||||||||||||
1-4個家庭 |
48.7 | 百分比 | 48.5 | 百分比 | 48.8 | 百分比 | 49.0 | 百分比 | 50.2 | 百分比 | 48.7 | 百分比 | 50.2 | 百分比 | ||||||||||||||
商業貸款 |
10.4 | 百分比 | 10.7 | 百分比 | 9.4 | 百分比 | 9.5 | 百分比 | 9.1 | 百分比 | 10.4 | 百分比 | 9.1 | 百分比 | ||||||||||||||
商業地產 |
25.7 | 百分比 | 25.3 | 百分比 | 26.3 | 百分比 | 24.4 | 百分比 | 24.1 | 百分比 | 25.7 | 百分比 | 24.1 | 百分比 | ||||||||||||||
建築貸款 |
8.2 | 百分比 | 8.3 | 百分比 | 7.9 | 百分比 | 9.0 | 百分比 | 8.3 | 百分比 | 8.2 | 百分比 | 8.3 | 百分比 | ||||||||||||||
其他貸款 |
7.0 | 百分比 | 7.2 | 百分比 | 7.6 | 百分比 | 8.1 | 百分比 | 8.3 | 百分比 | 7.0 | 百分比 | 8.3 | 百分比 | ||||||||||||||
期末餘額 |
||||||||||||||||||||||||||||
資產 |
$ | 3968775 | 3802,330 | 3784,609 | 3,554,370 | 3455,462 | 3968775 | 3455,462 | ||||||||||||||||||||
債務證券 |
$ | 994,246 | 1,092,107 | 1099,613 | 1113981 | 1,129,272 | 994,246 | 1,129,272 | ||||||||||||||||||||
扣除津貼後的貸款淨額 |
$ | 2456,714 | 2446,065 | 2325,912 | 2228236 | 2,125,751 | 2456,714 | 2,125,751 | ||||||||||||||||||||
存款 |
$ | 2778,627 | 2637668 | 2868,954 | 2818,491 | 2919,206 | 2778,627 | 2919,206 | ||||||||||||||||||||
其他借款 |
$ | 531,973 | 608,092 | 106,253 | 118,444 | 25,760 | 531,973 | 25,760 | ||||||||||||||||||||
次級債務 |
$ | 27,467 | 27,458 | 33,626 | 33,545 | 33,483 | 27,467 | 33,483 | ||||||||||||||||||||
聯盟住房金融局取得進展 |
$ | 315,000人 | 215,000人 | 47萬 | 286,100 | 190,000 | 315,000人 | 190,000 | ||||||||||||||||||||
股東權益 |
$ | 275,584 | 275,517 | 279,547 | 260,307 | 256,348 | 275,584 | 256,348 | ||||||||||||||||||||
信託與投資 |
||||||||||||||||||||||||||||
費用收入 |
$ | 8,015 | 7347 | 6573 | 6,390 | 6477 | 21,935 | 20,227 | ||||||||||||||||||||
受管理的資產 |
||||||||||||||||||||||||||||
期初餘額 |
$ | 6697,009 | 6435,562 | 5944,772 | 5392,768 | 5464,847 | 5944,772 | 6,200,407 | ||||||||||||||||||||
淨投資增值(折舊)和收益 |
$ | (363,654 | ) | 60,789 | 175,566 | 314,992 | (204,456 | ) | (127,299 | ) | (1267,404 | ) | ||||||||||||||||
淨客戶資產流動 |
$ | 62,533 | 200,658 | 315,224 | 237,012 | 132,377 | 578,415 | 459,765 | ||||||||||||||||||||
期末餘額 |
$ | 6,395,888 | 6697,009 | 6435,562 | 5944,772 | 5392,768 | 6,395,888 | 5392,768 | ||||||||||||||||||||
管理的AUA百分比 |
87.81 | 百分比 | 87.79 | 百分比 | 87.58 | 百分比 | 88.08 | 百分比 | 87.99 | 百分比 | 87.81 | 百分比 | 87.99 | 百分比 | ||||||||||||||
股票估值 |
||||||||||||||||||||||||||||
收市價(OTCQX) |
$ | 22.65 | 23.30 | 28.15 | 29.75 | 29.25 | $ | 22.65 | $ | 29.25 | ||||||||||||||||||
有形賬面價值的倍數 |
0.98 | 1.01 | 1.19 | 1.35 | 1.34 | 0.98 | 1.34 | |||||||||||||||||||||
*按年計算 |
SOURCE: FineMark Holdings, Inc.
資料來源:FineMark控股公司
譯文內容由第三人軟體翻譯。