Surrey Bancorp revenue decline
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 down nearly 25% from the same numbers a year ago — $1,987,375 or 48 cents per share — from the same period a year ago.
The bank said the decline was largely due to the bank realizing non-interest income of $858,778 in the first quarter of 2021 with the sale of its wholly-owned insurance agency, SB&T Insurance. .
Net interest income for the first quarter of the current year decreased by 3.6%, from $3,392,180 to $3,271,453. Net interest margin fell from 3.24% to 2.86% due to a general decline in interest rates and a change in the composition of earning assets, bank officials said.
“Higher-yielding loans accounted for 60.5% of average interest-earning assets in the first quarter of 2021, down from 53.3% (this year),” the bank noted.
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 is due to the sale of SB&T Insurance.
For more information on the banking company, or a full preview of its first quarter report, visit www.surreybank.com
Insteel posts record profits
Insteel Industries Inc. (NYSE: IIIN) recently released its second quarter results, posting record net profit, more than double the figures recorded for the same period in 2021.
For the quarter ending April 2, Insteel reported quarterly net income of $39 million, or $1.99 per diluted share, compared with $14.9 million, or 76 cents per share, for the same period it a year ago.
The company has benefited from strong demand for its strengthening products and additional price increases to offset continued cost escalation.
Net sales increased to $213.2 million from $139 million in the prior year quarter due to a 65.4% increase in average selling prices and a decrease of 7 .2% of shipments. The increase in average selling price is the result of price increases implemented across all product lines during the quarter to recover rapidly rising costs, which offset the impact of lower shipments resulting from the tight supply of raw materials.
The company said gross profit increased to $57.1 million from $30.2 million in the prior quarter. Operating activities provided $6.3 million of cash versus $15.3 million for the prior year quarter due to an increase in net working capital, which used $32.6 million cash dollars in the current year quarter. In the prior year quarter, net working capital used $800,000.
The strong quarter helped fuel an equally strong six-month year-to-date, with net income for the first six months of fiscal 2022 of $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 a year ago.
Net sales increased to $391.7 million from $258.6 million for the prior year period, due to a 67.5% increase in average selling prices and a decrease in 9.5% of shipments. Gross profit increased to $99.4 million from $50.1 million at the same
period a year ago.
For more information visit https://www.insteel.com/
First community bank
BLUEFIELD, VA – First Community Bankshares, Inc. (NASDAQ: FCBC) this week reported quarterly revenue of $9.52 million, or 56 cents per diluted common share, for the quarter ending March 31, a sharp decline compared to $14.61 million reported for the same period a year ago. Despite the decline, the bank declared a quarterly cash dividend of 27 cents to common stockholders, an 8% increase over the dividend paid in the same quarter last year.
The dividend is payable to common shareholders of record on May 6 and is expected to be paid on or about May 20.
The bank said the drop in net profit was mainly due to a return to “more normalized spending in the provision for credit losses of $1.96 million for the first quarter of 2022, compared to a provision reversal of $4 million. dollars in the first quarter of 2021”.
The bank said the provision for the current year is largely due to robust loan growth in the first quarter, mainly driven by demand for commercial loans. The provision reversal in the first quarter of 2021 is explained by a significant improvement in the economic outlook compared to the beginning of 2020.
Salaries and benefits increased by $787,000 or 7.23% over last year. During the quarter, the company implemented annualized salary increases of approximately $2.5 million “as part of its ongoing strategic initiative to improve human capital management, which included an increase in minimum wage”.
The Company’s loan portfolio increased by $78.73 million, or an annualized growth rate of 14.74%, during the first quarter of this year. “Loan demand and applications were strong across all categories, including construction, commercial real estate, residential mortgages and consumer loans,” bank officials said.
The bank also announced that it repurchased 132,000 common shares for $4.09 million during the quarter.
For more information visit www.firstcommunitybank.com