Sari Bancorp Income Decreased
Surrey Bancorp (Pink Sheets: SRYB), the holding company of Surrey Bank & Trust (“the Bank”), this week reported net income of $1,487,503, or 36 cents per fully diluted common share. That was about 25% lower than the same numbers a year ago — $1,987,375, or 48 cents a share — compared to the same period last year.
The bank said the decline was largely because the bank generated $858,778 non-interest income in the first quarter of 2021 through the sale of its wholly owned insurance agency, SP&T Insurance.
Net interest income for the first quarter of this year decreased 3.6% from $3,392,180 to $3,271,453. Bank officials said the net interest margin fell from 3.24% to 2.86% due to a general decline in interest rates and a change in the mix of profitable assets.
The bank noted that “high-yield loans accounted for 60.5% of average interest-earning assets in the first quarter of 2021 compared to 53.3% (this year)”.
Non-interest income decreased from $1,420,337 in the first quarter of 2021 to $375,109 during the same period in 2022. The decrease was attributable to the sale of SB&T Insurance.
For more information on the banking company, or a full look at the first quarter report, visit www.surreybank.com
Insteel sees record profits
Insteel Industries Inc. (NYSE:IIIN) recently reported its second-quarter results, which showed record net profits, more than double the numbers recorded during the same period in 2021.
For the quarter ended April 2, Insteel reported quarterly net earnings of $39 million, or $1.99 per diluted share, up from $14.9 million, or 76 cents per share, for the same period last year.
The company has benefited from strong demand for booster products and ever-increasing price increases to offset the ongoing cost escalation.
Net sales increased to $213.2 million from $139 million in the first quarter of last year, driven by a 65.4% increase in average selling prices and a 7.2% decrease in shipments. The average selling price increase was the result of price increases implemented across all product lines during the first quarter to recover rapidly escalating costs, which offset the impact of lower shipments caused by tight raw material supply conditions.
The company reported an increase in total profit to $57.1 million from $30.2 million in the previous quarter. Operating activities saved $6.3 million in cash compared to saving $15.3 million for the previous quarter as a result of an increase in net working capital, which used $32.6 million in cash in the current quarter. In the prior year quarter, he used $800,000 net working capital.
The strong quarter helped bolster an equally strong six-month period year-to-date, with net earnings for the first six months of fiscal 2022, $62.1 million, or $3.17 per diluted share. That’s more than double the previous year’s figures, which were $23.1 million, or $1.18 per share, for the same period last year.
Net sales increased to $391.7 million from $258.6 million in the same period last year, driven by a 67.5% increase in average selling prices and a 9.5% decrease in shipments. Gross profit increased to $99.4 million from $50.1 million at the same time
period a year ago.
For more information, visit https://www.insteel.com/
First Community Bank
Blowfield, Virginia – First Community Bankshares, Inc. (NASDAQ:FCBC) this week reported quarterly income of $9.52 million, or 56 cents per diluted common share, for the quarter ended March 31, down sharply from the $14.61 million reported for the same period. period a year ago. Despite the decline, the bank announced a quarterly cash dividend of 27 cents to common shareholders, an 8% increase over the dividend paid during the same quarter last year.
The dividend is paid to ordinary shareholders of record on May 6, and is expected to be paid on or about May 20.
The decline in net income was primarily driven by a return to “more usual expense in the provision for credit losses of $1.96 million for the first quarter of 2022 compared to a reversal of the $4 million provision in the first quarter of 2021,” the bank said.
The bank said this year’s provisioning is largely due to strong loan growth in the first quarter, which is mainly driven by demand for business loans. The reversal of the provision in the first quarter of 2021 was driven by a significantly improved economic outlook compared to early 2020.
Salaries and employee benefits increased $787,000, or 7.23 percent, from a year ago. During the quarter, the company implemented annual wage increases of approximately $2.5 million “as part of its ongoing strategic initiative to enhance human capital management, which has included an increase in the minimum wage.”
The company’s loan portfolio increased by $78.73 million, or an annual growth rate of 14.74%, during the first quarter of this year. “Loans demand and origin were strong in all categories, including construction, commercial real estate, mortgage and consumer loans,” bank officials said.
The bank also reported that it repurchased 132,000 common shares for $4.09 million during the quarter.
For more information, please visit www.firstcommunitybank.com