EXTON, Pa. - First Resource Bancorp, Inc. (OTCQX: FRSB), the parent company of First Resource Bank, has announced the promotion of Lee Herzer to the position of Executive Vice President & Chief Lending Officer, effective from April 1, 2024. Herzer, who has been with First Resource Bank since 2017 and carries two decades of banking industry experience, will now lead the bank's lending operations and strategic initiatives aimed at growth and customer service enhancement.
The bank's leadership expressed confidence in Herzer's abilities to further the institution's mission of delivering exceptional financial solutions. With his extensive background in the banking sector, Herzer is expected to play a pivotal role in the bank's continued development and success.
Concurrent with Herzer's appointment, Lisa Donnon, the current Executive Vice President & Chief Lending Officer, will transition to the role of Chief Credit Officer. Donnon brings 33 years of banking experience, including 18 years within First Resource Bank's lending department, to her new role where she will oversee credit quality and risk management.
Ken Kramer, the incumbent Chief Credit Officer with a 46-year tenure in banking, is set to retire in September. However, he will not be departing entirely; Kramer plans to continue contributing to the bank in a part-time advisory capacity following his retirement.
First Resource Bank, a community-focused Pennsylvania state-chartered bank, operates three full-service branches and offers a wide array of financial services and products to local businesses, professionals, and residents. The bank is known for its personalized service approach and competitive offerings.
This announcement is based on a press release statement from First Resource Bancorp, Inc.
InvestingPro Insights
As First Resource Bancorp, Inc. (FRSB) positions itself for strategic growth with executive leadership changes, investors may find the company's financial metrics particularly insightful. According to InvestingPro data, First Resource Bancorp is currently trading at an attractive earnings multiple with a P/E ratio of 6.89, which suggests that the stock could be undervalued relative to its earnings. This metric is complemented by a PEG ratio of 1.38, providing a nuanced view of the company's valuation in the context of its expected earnings growth.
The bank's commitment to growth is further reflected in its revenue figures, with a notable increase of 10.19% in revenue over the last twelve months as of Q4 2023. This is coupled with a quarterly revenue growth of 17.96% in Q4 2023, indicating a strong upward trend in the bank's financial performance. Despite the positive momentum, an InvestingPro Tip highlights that First Resource Bancorp suffers from weak gross profit margins, which could be an area for the new leadership to address.
Investors looking for income through dividends might need to consider other options, as First Resource Bancorp does not pay a dividend to shareholders. However, for those focused on capital appreciation, the stock's price is currently at 92.63% of its 52-week high, which could suggest room for growth.
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