OTCPK:FRSB

Stock Analysis Report

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Executive Summary

First Resource Bank provides personal and business banking products and services to businesses, professionals, and individuals primarily in the southeastern area of Pennsylvania. More Details


Snowflake Analysis

Flawless balance sheet with solid track record.


Similar Companies

Share Price & News

How has First Resource Bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FRSB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.3%

FRSB

0.3%

US Banks

-1.4%

US Market


1 Year Return

-32.2%

FRSB

-28.7%

US Banks

17.8%

US Market

Return vs Industry: FRSB underperformed the US Banks industry which returned -28.5% over the past year.

Return vs Market: FRSB underperformed the US Market which returned 18.5% over the past year.


Shareholder returns

FRSBIndustryMarket
7 Day-1.3%0.3%-1.4%
30 Day-3.5%5.8%4.7%
90 Day-10.4%-0.5%8.2%
1 Year-32.2%-32.2%-26.1%-28.7%20.5%17.8%
3 Year-34.2%-34.2%-19.3%-26.0%42.2%32.7%
5 Year4.7%4.7%14.8%0.6%83.4%62.7%

Price Volatility Vs. Market

How volatile is First Resource Bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is First Resource Bank undervalued compared to its fair value and its price relative to the market?

19.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FRSB ($6.27) is trading below our estimate of fair value ($7.78)

Significantly Below Fair Value: FRSB is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FRSB is good value based on its PE Ratio (6.6x) compared to the US Banks industry average (10x).

PE vs Market: FRSB is good value based on its PE Ratio (6.6x) compared to the US market (19x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FRSB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FRSB is good value based on its PB Ratio (0.6x) compared to the US Banks industry average (0.8x).


Next Steps

Future Growth

How is First Resource Bank forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

15.7%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First Resource Bank has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

  • Examine whether First Resource Bank is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on theOTC Markets Website. If you are looking for more of a qualitative research into the company, you can access First Resource Bank's filings and announcementshere.
  • Explore growth companies in the Banks industry.

Past Performance

How has First Resource Bank performed over the past 5 years?

19.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FRSB has high quality earnings.

Growing Profit Margin: FRSB's current net profit margins (21.6%) are higher than last year (21%).


Past Earnings Growth Analysis

Earnings Trend: FRSB's earnings have grown by 19.1% per year over the past 5 years.

Accelerating Growth: FRSB's earnings growth over the past year (21.6%) exceeds its 5-year average (19.1% per year).

Earnings vs Industry: FRSB earnings growth over the past year (21.6%) exceeded the Banks industry -3%.


Return on Equity

High ROE: FRSB's Return on Equity (8.9%) is considered low.


Next Steps

Financial Health

How is First Resource Bank's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FRSB's Assets to Equity ratio (13x) is moderate.

Allowance for Bad Loans: FRSB has a sufficient allowance for bad loans (184%).

Low Risk Liabilities: 91% of FRSB's liabilities are made up of primarily low risk sources of funding.

Loan Level: FRSB has an appropriate level of Loans to Assets ratio (87%).

Low Risk Deposits: FRSB's Loans to Deposits ratio (104%) is appropriate.

Level of Bad Loans: FRSB has an appropriate level of bad loans (0.4%).


Next Steps

Dividend

What is First Resource Bank current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FRSB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FRSB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FRSB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FRSB's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FRSB's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Glenn Marshall (61 yo)

15.42yrs

Tenure

US$229,327

Compensation

Mr. Glenn B. Marshall is a Co-founder and serves as the Chief Executive Officer of First Resource Bank, Exton, PA. Mr. Marshall serves as the President of First Resource Bank, Exton, PA. until December 2 ...


CEO Compensation Analysis

Compensation vs Market: Glenn's total compensation ($USD0.00) is below average for companies of similar size in the US market ($USD589.00K).

Compensation vs Earnings: Glenn's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Glenn Marshall
Co-founder15.42yrsUS$229.33kno data
Lauren Ranalli
President15.42yrsUS$195.00kno data
Natalie Carrozza
Executive VP & COOno datano datano data
Brian Jackson
Senior VP & Chief Technology Officerno datano datano data
Katie Martin
Marketing Directorno datano datano data
Robin DiMattei
Senior VP of Cash Management & E-Products Manager2.75yrsno datano data
Scott McKeon
Senior Vice President of Commercial Lending Departmentno datano datano data
Dean Wesley
Senior Vice President of Commercial Lending1.75yrsno datano data
Kenneth Kramer
Executive VP & Chief Credit Officer1.75yrsno datano data
Bridget Moran
Senior Vice President of Retail Banking1yrno datano data

1.8yrs

Average Tenure

61yo

Average Age

Experienced Management: FRSB's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Glenn Marshall
Co-founder15.42yrsUS$229.33kno data
Lauren Ranalli
President15.42yrsUS$195.00kno data
Robert Rigg
Independent Director8.42yrsno datano data
Christopher Knauer
Director15.75yrsno datano data
John O'Connell
Director15.75yrsno datano data
Richard Orlow
Independent Director15.75yrsno datano data
Joseph DiSciullo
Independent Director15.75yrsno datano data
James Griffin
Chairmanno datano datano data
Philip Reilly
Independent Director15.75yrsno datano data
Ann Duke
Director1yrno datano data

15.8yrs

Average Tenure

61yo

Average Age

Experienced Board: FRSB's board of directors are seasoned and experienced ( 15.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Resource Bank's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Resource Bank
  • Ticker: FRSB
  • Exchange: OTCPK
  • Founded: 2005
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$17.419m
  • Shares outstanding: 2.78m
  • Website: https://www.firstresourcebank.com

Location

  • First Resource Bank
  • 1 East Uwchlan Avenue
  • Suite 410
  • Exton
  • Pennsylvania
  • 19341
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRSBOTCPK (Pink Sheets LLC)YesCommon StockUSUSDApr 2005

Biography

First Resource Bank provides personal and business banking products and services to businesses, professionals, and individuals primarily in the southeastern area of Pennsylvania. The company offers checkin ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/22 00:30
End of Day Share Price2020/10/21 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.