Stock Markets
FIRST RESOURCE BANCORP, INC. ANNOUNCES 2024 FIRST QUARTER RESULTS; CONTINUED BALANCE SHEET GROWTH OFFSETS MARGIN COMPRESSION
EXTON, Pa., April 25, 2024 /PRNewswire/ — First Resource Bancorp, Inc. (OTCQX: FRSB), the holding company for First Resource Bank, announced financial results for the three months ended March 31, 2024.
Lauren C. Ranalli, President and CEO, stated, “In a market where many of our peers are reducing lending, we’ve seized the chance to further expand the Bank. Our robust loan growth and disciplined pricing strategies have helped offset rising deposit costs to some extent. Net interest income remained largely steady compared to the previous quarter, despite the ongoing margin compression.”
Highlights for the first quarter of 2024 included:
- Total interest income grew 31% over the prior year
- Net interest income grew 7% over the prior year
- Total loans grew 4% during the first quarter, or 14% annualized
- Total deposits grew 3% during the first quarter, or 11% annualized
- Swap loan referral income totaled $182 thousand during the first quarter, more than double the entire prior year
- There were no non-accrual or non-performing loans as of March 31, 2024
- Book value per share grew 3% to $15.34
Net income for the quarter ended March 31, 2024 was $1.3 million, or $0.43 per common share, compared to $1.6 million, or $0.53 per common share, for the previous quarter and $1.3 million, or $0.41 per common share, for the first quarter of the prior year. Annualized return on average assets was 0.92% for the first quarter of 2024 compared to 1.00% for the first quarter of 2023. Annualized return on average equity was 11.39% for the first quarter of 2024 compared to 12.57% for the same period a year prior.
Total interest income increased quarterly by $200 thousand, or 2%, from $8.2 million for the fourth quarter of 2023 to $8.4 million for the first quarter of 2024. This increase was driven by 4% growth in loans during the first quarter.
Total interest income increased $2.0 million, marking a 31% rise from $6.4 million in the first quarter of 2023 to $8.4 million in the corresponding period of 2024. This increase was driven by a 14% expansion in loans compared to the previous year, complemented by an increased rate environment, favorably affecting interest-earning assets.
Total interest expense increased 7% when comparing the first quarter of 2024 to the fourth quarter of 2023. This increase stemmed from an 8 basis point rise in the cost of money market accounts and a 29 basis point increase in the cost of time deposits, alongside a higher volume of time deposits quarter over quarter. Additionally, interest expense on FHLB borrowings increased by 7% due to a rise in the average balance and cost of advances during the first quarter of 2024 compared to the fourth quarter of 2023.
Total interest expense increased by 82%, climbing from $2.0 million in the first quarter of 2023 to $3.7 million for the first quarter of 2024. The primary driver of this increased expense was a 114 basis point rise in the cost of money market deposits and a 198 basis point increase in the cost of time deposits, coupled with a greater volume of money market accounts and time deposits year over year.
“Rising deposit costs are one of the biggest challenges facing the industry at the moment,” commented Ranalli. “To address this, we’ve allocated substantial internal resources towards optimizing our cost of funds while simultaneously growing our deposit portfolio to support loan growth. Our management team has been bolstered by the addition of an experienced retail banking executive and our lending and deposit teams are collaborating closely, creating synergies via joint calling efforts in the pursuit of new deposit relationships.”
In the first quarter of 2024, net interest income saw a slight decrease of $49 thousand, or 1%, compared to the previous quarter. The net interest margin also contracted by 4 basis points, declining from 3.39% in the fourth quarter of 2023 to 3.35% in the first quarter of 2024. The overall yield on interest-earning assets rose by 13 basis points during the first quarter, primarily driven by a 12 basis point increase in the yield on loans and an expanded loan volume, resulting in a total yield on loans of 6.14% for the first quarter of 2024. Conversely, due to increases in costs for money market and time deposit accounts, alongside a rise in the volume of time deposit accounts, the cost of interest-bearing deposits increased by 20 basis points to 3.45% during the first quarter. Consequently, the total cost of deposits increased by 18 basis points, climbing from 2.59% in the fourth quarter of 2023 to 2.77% in the first quarter of 2024.
The provision for credit losses was $64 thousand in the first quarter of 2024 compared to a negative $263 thousand in the fourth quarter of 2023. The negative reserve observed in the fourth quarter of 2023 was unusual, partly due to specific reserves established as of September 30, 2023, for credits that were resolved during the fourth quarter and became unnecessary as of December 31, 2023. Year over year, the provision for credit losses decreased to $64 thousand in the first quarter of 2024 from $66 thousand in the first quarter of 2023.
As of March 31, 2024, the allowance for credit losses to total loans stood at 0.80%, slightly lower than the 0.81% recorded at December 31, 2023, and lower than the 0.91% reported at March 31, 2023. At both March 31, 2024 and December 31, 2023, there were no non-performing assets.
Non-interest income in the first quarter of 2024 amounted to $396 thousand, a notable increase compared to $208 thousand in the previous quarter and $200 thousand in the first quarter of the prior year. Specifically, swap referral fee income totaled $182 thousand in the first quarter of 2024, compared to none in the fourth and first quarters of 2023.
Non-interest expenses increased $210 thousand, or 7%, in the first quarter of 2024 compared to the prior quarter. Increases in salaries & employee benefits, professional fees, data processing, and other costs were partially offset by decreases in occupancy & equipment and advertising.
Non-interest expenses increased $424 thousand, or 15%, when comparing the first quarter of 2024 to the first quarter of 2023. Non-interest expenses to average assets were 2.28% for the first quarter of 2024 compared to 2.15% for the previous quarter and 2.29% for the first quarter of the prior year.
Deposits increased a net $13.9 million, or 3%, from $499.3 million at December 31, 2023 to $513.2 million at March 31, 2024. During the first quarter, non-interest-bearing deposits increased $1.1 million, or 1%, from $95.4 million at December 31, 2023 to $96.4 million at March 31, 2024. Interest-bearing checking balances decreased $3.3 million, or 8%, from $39.8 million at December 31, 2023 to $36.5 million at March 31, 2024. Money market deposits increased $3.5 million, or 1%, from $231.4 million at December 31, 2023 to $234.9 million at March 31, 2024. Certificates of deposit increased $12.6 million, or 10%, from $132.7 million at December 31, 2023 to $145.4 million at March 31, 2024. Between March 31, 2023 and March 31, 2024, total deposits grew 10%, with strong non-interest-bearing checking, money market, and time deposit growth partially offset by a decline in interest-bearing checking. At March 31, 2024, approximately 81% of total deposits were insured or otherwise collateralized, slightly up from 80% in the prior quarter.
The loan portfolio expanded by $18.6 million, representing a 4% increase, from $531.4 million at December 31, 2023 to $550.0 million at March 31, 2024. While there was robust growth in commercial real estate loans and commercial business loans, this was partially offset by decreases in construction loans and consumer loans when comparing loan balances at December 31, 2023 to loan balances at March 31, 2024. The decrease in construction loans was largely attributed to projects reaching completion and transitioning to permanent financing within the commercial real estate portfolio.
Ranalli added “Commercial real estate loans represent a significant concentration for the Bank which we monitor very closely. This type of lending is a core competency for us and we have the proper risk management tools in place to continuously track this exposure.”
The following table illustrates the composition of the loan portfolio:
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |||
Commercial real estate | $ 444,909,373 | $ 413,221,898 | $ 383,875,127 | ||
Commercial construction | 35,337,226 | 48,838,199 | 39,761,445 | ||
Commercial business | 51,780,407 | 50,224,869 | 42,682,372 | ||
Consumer | 17,979,804 | 19,099,155 | 16,793,036 | ||
Total loans | $ 550,006,810 | $ 531,384,121 | $ 483,111,980 |
Investment securities totaled $17.4 million at March 31, 2024 as compared to $25.8 million at December 31, 2023. At March 31, 2024, the held-to-maturity investment portfolio book value was $8.7 million, with a fair market value of $7.7 million, resulting in an unrealized loss of $998 thousand. This unrealized loss, net of tax, of $788 thousand is less than 1.7% of total equity at March 31, 2024. The remainder of the investment portfolio was classified as available for sale with a book value of $10.0 million and a fair value of $8.7 million, resulting in an unrealized loss of $1.3 million. This unrealized loss, net of tax, of $1.1 million is included in accumulated other comprehensive loss on the balance sheet.
Total stockholders’ equity saw a $1.3 million increase, representing a 3% rise, from $46.1 million at December 31, 2023 to $47.5 million at March 31, 2024, primarily due to net income generated. During the quarter ended March 31, 2024, book value per share increased by 43 cents, or 3%, reaching $15.34.
Selected Financial Data: Balance Sheets (unaudited) | |||
March 31, | December 31, | ||
Cash and due from banks | $ 22,314,437 | $ 23,820,615 | |
Time deposits at other banks | 100,000 | 100,000 | |
Investments | 17,382,019 | 25,840,840 | |
Loans | 550,006,810 | 531,384,121 | |
Allowance for credit losses | (4,383,877) | (4,311,306) | |
Premises & equipment | 7,683,039 | 7,639,939 | |
Other assets | 17,923,286 | 18,142,682 | |
Total assets | $ 611,025,714 | $ 602,616,891 | |
Noninterest-bearing deposits | $ 96,439,591 | $ 95,384,366 | |
Interest-bearing checking | 36,493,267 | 39,760,054 | |
Money market | 234,873,774 | 231,407,653 | |
Time deposits | 145,383,468 | 132,738,973 | |
Total deposits | 513,190,100 | 499,291,046 | |
Short term borrowings | 28,000,000 | 35,000,000 | |
Long term borrowings | 9,530,000 | 9,530,000 | |
Subordinated debt | 5,981,258 | 5,978,134 | |
Other liabilities | 6,842,893 | 6,682,220 | |
Total liabilities | 563,544,251 | 556,481,400 | |
Common stock | 3,096,138 | 3,093,414 | |
Surplus | 19,796,666 | 19,767,634 | |
Accumulated other comprehensive loss | (1,055,206) | (1,038,486) | |
Retained earnings | 25,643,865 | 24,312,929 | |
Total stockholders’ equity | 47,481,463 | 46,135,491 | |
Total liabilities & stockholders’ equity | $ 611,025,714 | $ 602,616,891 | |
Performance Statistics | |||||
Qtr Ended Mar. 31, 2024 | Qtr Ended Dec. 31, 2023 | Qtr Ended Sep. 30, 2023 | Qtr Ended Jun. 30, 2023 | Qtr Ended Mar. 31, 2023 | |
Net interest margin | 3.35 % | 3.39 % | 3.57 % | 3.64 % | 3.57 % |
Nonperforming loans/ total loans | 0.00 % | 0.00 % | 0.14 % | 0.15 % | 0.16 % |
Nonperforming assets/ total assets | 0.00 % | 0.00 % | 0.13 % | 0.14 % | 0.14 % |
Allowance for credit losses/ total loans | 0.80 % | 0.81 % | 0.88 % | 0.89 % | 0.91 % |
Average loans/average assets | 92.4 % | 91.1 % | 92.2 % | 91.6 % | 91.6 % |
Non-interest expenses/ average assets | 2.28 % | 2.15 % | 2.19 % | 2.29 % | 2.29 % |
Efficiency ratio | 65.5 % | 63.1 % | 60.1 % | 62.5 % | 63.6 % |
Earnings per share “ basic and diluted | $0.43 | $0.53 | $0.51 | $0.47 | $0.41 |
Book value per share | $15.34 | $14.91 | $14.31 | $13.85 | $13.43 |
Total shares outstanding | 3,096,138 | 3,093,414 | 3,090,838 | 3,088,019 | 3,085,576 |
Weighted average shares | 3,094,951 | 3,092,277 | 3,089,441 | 3,086,782 | 3,084,634 |
Annualized |
Per share data for prior periods was restated to reflect the 5% stock dividend paid in June 2023. |
Income Statements (unaudited) | |||||||||
Qtr. Ended Mar. 31, 2024 | Qtr. Ended Dec. 31, 2023 | Qtr. Ended Sep. 30, 2023 | Qtr. Ended Jun. 30, 2023 | Qtr. Ended Mar. 31, 2023 | |||||
INTEREST INCOME | |||||||||
Loans, including fees | $8,228,102 | $7,941,483 | $7,633,163 | $6,923,177 | $6,223,153 | ||||
Securities | 120,713 | 133,125 | 125,882 | 120,133 | 131,350 | ||||
Other | 31,735 | 105,679 | 33,221 | 67,207 | 28,174 | ||||
Total interest income | 8,380,550 | 8,180,287 | 7,792,266 | 7,110,517 | 6,382,677 | ||||
INTEREST EXPENSE | |||||||||
Deposits | 3,519,176 | 3,277,096 | 2,696,301 | 2,267,015 | 1,819,643 | ||||
Borrowings | 105,860 | 98,901 | 195,150 | 64,267 | 126,620 | ||||
Subordinated debt | 93,124 | 93,124 | 93,124 | 93,123 | 93,124 | ||||
Total interest expense | 3,718,160 | 3,469,121 | 2,984,575 | 2,424,405 | 2,039,387 | ||||
Net interest income | 4,662,390 | 4,711,166 | 4,807,691 | 4,686,112 | 4,343,290 | ||||
Provision for credit losses | 63,651 | (263,073) | 71,017 | 20,327 | 66,299 | ||||
Net interest income after provision for credit losses | 4,598,739 | 4,974,239 | 4,736,674 | 4,665,785 | 4,276,991 | ||||
NON-INTEREST INCOME | |||||||||
Service charges and other fees | 100,164 | 94,656 | 109,894 | 107,841 | 99,570 | ||||
BOLI income | 51,356 | 50,730 | 50,237 | 49,281 | 47,691 | ||||
Swap referral fee income | 182,060 | – | 75,649 | – | – | ||||
Other | 62,548 | 62,701 | 61,527 | 55,740 | 53,013 | ||||
Total non-interest income | 396,128 | 208,087 | 297,307 | 212,862 | 200,274 | ||||
NON-INTEREST EXPENSE | |||||||||
Salaries & benefits | 2,045,083 | 1,873,831 | 1,893,558 | 1,844,356 | 1,834,921 | ||||
Occupancy & equipment | 289,202 | 289,361 | 282,025 | 260,284 | 257,741 | ||||
Professional fees | 137,482 | 123,336 | 119,258 | 119,447 | 115,303 | ||||
Advertising | 81,745 | 83,506 | 58,354 | 65,917 | 67,195 | ||||
Data processing | 176,685 | 167,921 | 172,288 | 159,795 | 147,808 | ||||
Other | 584,926 | 567,428 | 543,465 | 611,336 | 468,225 | ||||
Total non-interest expense | 3,315,123 | 3,105,383 | 3,068,948 | 3,061,135 | 2,891,193 | ||||
Income before federal income tax expense | 1,679,744 | 2,076,943 | 1,965,033 | 1,817,512 | 1,586,072 | ||||
Federal income tax expense | 348,807 | 429,920 | 401,490 | 366,371 | 321,784 | ||||
Net income | $1,330,937 | $1,647,023 | $1,563,543 | $1,451,141 | $1,264,288 | ||||
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.
This press release contains statements that are not of historical facts and may pertain to future operating results or events or management’s expectations regarding those results or events. These are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, or words of similar meaning, or future or conditional verbs, such as “will”, “would”, “should”, “could”, or “may” are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.
CHICAGO – Snowflake Inc . (NYSE: NYSE:), an AI Data Cloud company, announced a new Power Platform connector in collaboration with Microsoft (NASDAQ:), enhancing data sharing capabilities for enterprise AI application development. Revealed at Microsoft Ignite, the connector facilitates bidirectional data flow between Microsoft’s Dataverse and Snowflake’s AI Data Cloud.
The integration aims to streamline the creation of custom applications on the Microsoft Power Platform, which includes low-code/no-code services and Dynamics 365. With this connector, developers can now access Snowflake data directly within Power Apps, reducing the need for custom workflows and coding. This is expected to significantly cut resource management and infrastructure handling time for IT and analytics leaders, allowing a focus on high-volume transactions and near real-time analytics.
Christian Kleinerman, EVP of Product at Snowflake, emphasized the shared vision with Microsoft to provide customers with deeper data insights and to eliminate data silos. He highlighted the importance of this integration in the AI era, as it allows the building of AI applications without data movement, enhancing collaboration and productivity.
Charles Lamanna, Corporate Vice President at Microsoft, also noted the benefits of this integration for developers, including improved productivity, IT security, and governance, along with added business value.
The connector is currently in public preview for data access from Snowflake AI Data Cloud to Dataverse and the Microsoft Power Platform. Access from Dataverse to Snowflake is slated for early 2025.
Earlier this year, Snowflake and Microsoft also announced bidirectional data access between Snowflake AI Data Cloud and Microsoft Fabric through Apache Iceberg™.
This development is based on a press release statement and contains forward-looking statements that involve risks, uncertainties, and assumptions, as detailed in Snowflake’s filings with the Securities and Exchange Commission. Actual results may differ materially from those anticipated in these statements.
In other recent news, Snowflake Inc. reported a 30% year-over-year increase in product revenue, reaching $829 million for the second quarter of fiscal year 2025, and subsequently raised its full-year product revenue outlook. Loop Capital has reiterated its Buy rating for Snowflake, indicating that the company’s performance may surpass the product revenue estimate of $856 million, marking a 29.5% growth. On the other hand, Rosenblatt Securities has maintained its Buy rating and a price target of $180, expecting the company to either meet or slightly surpass the projected organic growth rate of approximately 26% year-over-year for Q3 Product Revenue.
Snowflake also completed a significant $2.3 billion convertible debt offering. Analyst firms such as Citi and Piper Sandler have maintained their Buy and Overweight ratings respectively, but adjusted their price targets to $183 and $165. Monness Crespi Hardt upgraded Snowflake from Neutral to Buy with a new price target of $140, while Evercore ISI and Goldman Sachs maintained positive stances on Snowflake, with price targets of $170 and $220 respectively.
In terms of product innovation, Snowflake has announced several enhancements to its data platform and new AI features. These advancements aim to simplify the creation of conversational apps, improve data readiness, and enable enterprises to process large inference jobs with guaranteed throughput. These are all recent developments for Snowflake, indicating a commitment to improved execution and quicker product innovation.
InvestingPro Insights
As Snowflake Inc. (NYSE: SNOW) continues to innovate and expand its partnerships, particularly with tech giant Microsoft, it’s crucial to examine the company’s financial health and market position. According to InvestingPro data, Snowflake boasts a substantial market capitalization of $43.05 billion, reflecting its significant presence in the AI and cloud computing space.
The company’s revenue growth remains strong, with a 31.21% increase over the last twelve months, reaching $3.2 billion. This robust top-line expansion aligns with Snowflake’s strategic moves, such as the new Power Platform connector, which aims to enhance data sharing capabilities and potentially drive further revenue growth.
However, it’s important to note that Snowflake is currently not profitable, with an adjusted operating income of -$1.25 billion over the last twelve months. This is reflected in the company’s negative P/E ratio of -41.91. Despite this, InvestingPro Tips reveal that analysts predict the company will become profitable this year, which could be a positive sign for investors considering the stock’s long-term potential.
Another InvestingPro Tip highlights that Snowflake holds more cash than debt on its balance sheet, potentially providing financial flexibility as it continues to invest in product development and partnerships. This strong cash position could be particularly valuable as the company works towards profitability and expands its AI-driven offerings.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Snowflake’s financial position and growth prospects. In fact, there are 6 more InvestingPro Tips available for Snowflake, offering a broader perspective on the company’s valuation, management strategies, and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
CHICAGO – Rubrik, Inc. (NYSE: RBRK), a company specializing in data security, announced today the launch of its new cyber resilience service for Microsoft (NASDAQ:) Azure Blob Storage. This service aims to enhance visibility and security for cloud data, addressing the increasing reliance of organizations on cloud storage solutions.
Azure Blob Storage is a critical service for various industries, offering secure object storage for a range of applications including archives, data lakes, and AI training models. Despite its widespread use, Rubrik’s research indicates that object storage in the cloud often receives less security attention compared to on-premises and SaaS data. Rubrik’s new service seeks to fill this security gap, with features that autonomously discover, classify, and monitor sensitive data, assess security postures, and provide early warnings of potential threats.
Simpson Strong-Tie, a company in the construction sector, has endorsed Rubrik’s solutions. John Meng, VP of IT Infrastructure & Operations at Simpson Strong-Tie, highlighted the importance of comprehensive data protection and cyber resilience provided by Rubrik, emphasizing the safeguarding of sensitive information for their employees and customers.
Rubrik’s announcement extends its ongoing collaboration with Microsoft, which has included comprehensive management of Microsoft 365, integration with Microsoft Sentinel, and participation in the Microsoft Content AI Partner Program. The company was also named the 2024 Microsoft Healthcare Partner of the Year.
The new data protection capabilities for Microsoft Azure Blob Storage by Rubrik are now generally available. This initiative is part of Rubrik’s broader mission to secure the world’s data through its Zero Trust Data Security™ platform. The platform is designed to help organizations maintain data integrity, monitor threats, and recover from cyberattacks.
This development is based on a press release statement from Rubrik, Inc.
In other recent news, data security firm Rubrik Inc. has been making significant strides with strong earnings and revenue results. The company’s annual recurring revenue (ARR) exceeded expectations, leading to upward revisions of the fiscal year 2025 ARR and margin guidance. Rubrik also expanded its market presence by acquiring a company specializing in cyber resilience and AI-driven recovery. The company’s cyber recovery solutions now support Nutanix (NASDAQ:) AHV, a widely-used virtualization platform, enhancing cyber resilience and accelerating forensic investigations after cyberattacks.
Analysts have been closely following these developments. Truist Securities raised its price target on Rubrik from $43.00 to $50.00, maintaining a Buy rating. Citi reaffirmed a Buy rating on Rubrik, expressing confidence in the company’s revenue and ARR growth prospects. Oppenheimer initiated coverage on Rubrik with a Perform rating, citing the company’s potential but expressing concerns about its current operating loss due to heavy investment. Piper Sandler maintained an Overweight rating despite recent market underperformance linked to a Department of Justice subpoena and troubling news involving a former employee.
These are the recent developments for Rubrik Inc., reflecting the company’s robust financial performance and strategic initiatives in the data security field.
InvestingPro Insights
Rubrik’s (NYSE: RBRK) recent launch of its cyber resilience service for Microsoft Azure Blob Storage aligns with the company’s strong growth trajectory. According to InvestingPro data, Rubrik’s revenue growth stands at an impressive 24.7% over the last twelve months, with quarterly revenue growth even higher at 35.25%. This robust growth underscores the increasing demand for Rubrik’s data security solutions in the cloud storage market.
An InvestingPro Tip indicates that analysts anticipate sales growth in the current year, which is consistent with the company’s expansion of services and partnerships, particularly with Microsoft. This positive outlook is further supported by the fact that 10 analysts have revised their earnings upwards for the upcoming period, suggesting confidence in Rubrik’s business model and market position.
Despite the company’s strong revenue growth, it’s worth noting that Rubrik is not currently profitable, with a negative operating income margin of -142.11%. However, this is not uncommon for high-growth technology companies investing heavily in expansion and product development. The company’s gross profit margin of 69.32% indicates a strong underlying business model, which could lead to profitability as the company scales.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for Rubrik, providing a deeper understanding of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Pete Schroeder
WASHINGTON (Reuters) – U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg told colleagues Tuesday he would retire from the agency effective January 19, clearing the way for President-elect Donald Trump to name new leadership to the agency.
In a message sent to employees at the FDIC, one of the country’s top bank regulators, Gruenberg said he had informed President Joe Biden of his decision.
“It has been the greatest honor of my career to serve at the FDIC. I have especially valued the privilege of working with the dedicated public servants who carry out the critically important mission of this agency,” he wrote.
The pending departure of Gruenberg, a Democrat and Wall Street critic who had been a senior leader at the FDIC for nearly two decades, comes at a critical time for the agency – more than 18 months since three big banks failed and and ahead of what is expected to be a major shake up of bank regulation under Trump.
Gruenberg had clung to his job since November 2023 when a Wall Street Journal report exposed widespread misconduct at the FDIC. The report was confirmed by a damning external review which also called into question Gruenberg’s leadership.
Upon his departure, FDIC chair role will pass to Travis Hill, the agency’s vice chair and a Republican who Trump transition officials are also considering for the top job permanently, Reuters reported this month.
Gruenberg, 71, had been at the FDIC since 2005 and is the longest-serving FDIC board member in the agency’s 89-year history. During that time he served as its chair twice – once under President Barack Obama and the second under Joe Biden.
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