Savi Financial Corporation Earns $559,000 in the Third Quarter of 2023; Results Reflect Robust Loan Growth and Strong Credit Quality
MOUNT VERNON, Wash., Oct. 30, 2023 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB), the bank holding company for SaviBank, today reported net income of $559,000, or $0.13 per diluted share, for the third quarter of 2023, compared to $561,000, or $0.13 per diluted share, in the preceding quarter and $1.10 million, or $0.25 per diluted share, in the third quarter of 2022. Results for the third quarter of 2023 were driven by strong loan growth and continued improvements in the Company’s CECL modeling. In the first nine months of 2023, net income was $1.59 million, or $0.36 per diluted share, compared to $2.63 million, or $0.60 per diluted share, in the first nine months of 2022. All results are unaudited.