Author: Newsdesk

NASHVILLE, Tenn., Feb. 03, 2021 (GLOBE NEWSWIRE) — CapStar Bank, a subsidiary of CapStar Financial Holdings (NASDAQ: CSTR), announces the hiring of Evan Barker as Senior Vice President – Healthcare and Commercial Relationship Manager. With more than 25 years of banking and financing experience, Evan brings demonstrated proficiency in providing financial solutions to a variety of high-growth healthcare segments, including specialty physician groups, Management and Dental Service Organizations (MSOs and DSOs), ophthalmology, dermatology and veterinary groups, urgent care facilities, surgery centers, and Assisted Living Facilities (ALFs).

“As one of Nashville’s most important industries, healthcare has always been an important strategic focus for CapStar and makes up a considerable portion of our portfolio,” said Ken Webb, CapStar’s Middle Tennessee Market President. “We’re excited to invest in bankers like Evan who fully understand the sector and will be highly skilled partners for our healthcare clients. His leadership and proven track record of managing and developing effective healthcare teams is vital to CapStar.”

Evan Barker, Healthcare andCommercialRelationship Manager ([email protected])

With extensive experience in providing strategic growth solutions to emerging and established healthcare and commercial organizations, Evan joins CapStar having most recently served as Senior Vice President for HomeStreet Bank in Seattle, WA. Previously, he pioneered Healthcare banking groups and led medical lending divisions at several west coast financial institutions.

About CapStar

CapStar Bank, with assets of $2.98 billion, provides a relationship-based and highly personal banking experience to small to mid-sized private businesses, professionals, and individuals. Focused on delivering superior flexibility, responsiveness, and customer service, CapStar serves customers through highly-skilled employees, digital channels, as well as 22 financial centers in 12 Tennessee counties. The bank was recognized by Greenwich Associates, an international marketing firm, as a national Customer Service Leader for small business banking.

For more information about CapStar, please visit www.capstarbank.com.

For more information, contact:
Nicole Gibbs, (423) 457-4579
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90eabc6e-2071-4810-9cae-01a8b63c0cf1

IRVING, Texas, Feb. 03, 2021 (GLOBE NEWSWIRE) — Nexstar Inc., a wholly owned subsidiary of Nexstar Media Group, Inc. (Nasdaq: NXST), today announced the appointment of Jeff Moriarty as its new Executive Vice President and Chief Product Officer, Digital Division. The Digital Division operates Nexstar’s growing portfolio of digital news destinations, as well as media brands in lifestyle and entertainment. Based in Los Angeles, Moriarty will begin his duties immediately and report to Karen Brophy, President, Digital.

In this new role, Moriarty will manage Nexstar’s portfolio of digital destinations across product, engineering, and audience development. He also will oversee key marketing functions for the digital division, driving value for customers and the business.

“In 2021, we will continue expanding Nexstar’s digital footprint by rolling out new product offerings designed to diversify our audience,” said Brophy. “Jeff has a track record of developing and launching innovative digital products. His expertise will play an integral role at Nexstar as we look bolster the 198 television stations we own or operate in 116 markets across the United States and reach new markets that are valuable to national and local brands.”

Moriarty has worked at some of the country’s largest national and local media companies and has a long track-record of developing innovative, award-winning digital products in both the U.S. and Europe. Most recently, he served as SVP, Consumer Products, at Gannett/USA Today Network, where he managed the news and subscriber experiences of USA Today, including 375 local newspaper web sites visited by 150 million users each month.

Prior to his work with USA Today, Moriarty served as Chief Product Officer at JPiMedia and resided in the United Kingdom. He led the digital operations of hundreds of newspapers across England, Scotland, and Northern Ireland, and, in 2017, oversaw the launch of inews.co.uk, the UK’s fastest growing digital news publisher. Moriarty also launched digital products for The New York Times Company, including BostonGlobe.com in 2011. While at The Boston Globe, he received awards for innovation in video, as well as UX and product management. The digital products’ contributions during the Boston Marathon Bombing were highlighted in the awarding of the 2014 Pulitzer Prize for breaking news reporting.

“I am thrilled to join Nexstar and proud to be leading a team towards the future at such a fast-growing organization,” said Moriarty. “Karen has assembled a tremendous team, and I have a strong regard for the digital division’s ambitious growth plans. Nexstar’s products and platforms already deliver important content and services to audiences across the nation, and I look forward to building upon this great foundation.”

About Nexstar Media Group, Inc.

Nexstar Media Group (NASDAQ: NXST) is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Its wholly owned operating subsidiary, Nexstar Inc., consists of three divisions: Broadcasting, Digital, and Networks. The Broadcasting Division operates, programs, or provides sales and other services to 198 television stations and related digital multicast signals reaching 116 markets or approximately 39% of all U.S. television households (reflecting the FCC’s UHF discount). The division’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. The Digital Division operates 122 local websites and 316 mobile apps offering hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content and creating new revenue opportunities for the company. The Networks Division operates WGN America, a growing national general entertainment cable network and the home of NewsNation, multicast network Antenna TV, and WGN Radio in Chicago. Nexstar also owns a 31.3% ownership stake in TV Food Network, a top tier cable asset. For more information, please visit www.nexstar.tv.

Media Contact:

Melanie Capruso
DiGennaro Communications
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d280f01d-0ad6-4eec-b641-56596b5f4282

Mt. Laurel, New Jersey, Feb. 03, 2021 (GLOBE NEWSWIRE) — The National Football League Alumni Association (NFLA) today announced a partnership with the Centers for Disease Control and Prevention (CDC) to help raise awareness of and advance efforts to protect Americans from COVID-19.

This partnership is being led by NFL Alumni Health, launched by NFLA to expand NFLA’s efforts to improve the health and wellness of NFLA members, as well as the public at large, in support of NFLA’s mission, which includes “Caring for Our Own,” “Caring for Kids,” and “Caring for our Community.”

Through NFL Alumni Health’s COVID-19 Campaign—conducted in collaboration with CDC—NFL Alumni Health is engaging thousands of former NFL players from across the country—in collaboration with its 39 local chapters—to get the word out about staying safe, wearing a mask, and getting the COVID-19 vaccine.

To support today’s launch, several former NFL players, including Raúl Allegre, Harry Carson, Franco Harris, Warren Moon, and Rod Woodson, have joined with the NFLA leadership Beasley Reece, Bart Oates, Kyle Richardson, and Billy Davis, to get the message out to stay safe and get vaccinated.

“Our country is facing an unprecedented public emergency,” said Beasley Reece, Chief Executive Officer, NFL Alumni Association. “Our goal is to help all Americans—including the most vulnerable—to protect against this deadly disease and help bring our country back to normalcy.”

NFL Alumni Health is expanding upon these efforts in the coming weeks, by engaging more players and expanding the education campaign to support local health departments and their communities across the United States.

To engage with NFL Alumni Health on its COVID-19 Campaign conducted in collaboration with the CDC, contact [email protected].

About NFL Alumni and NFL Alumni Health
Founded in 1967 by a small group of successful retired NFL players, is one of the oldest and well-respected retired player organizations in professional sports. Membership includes thousands of retired players, coaches, front office executives, spouses, cheerleaders, and avid fans.

NFL Alumni Health is a wholly-owned subsidiary of NFL Alumni which is devoted to improving the health and wellness of NFL Alumni members as well as the general public, by providing informational resources, services, and other programs. Visit www.nflalumnihealth.org

Janet Marchibroda
NFL Alumni Health
202.922.9077
[email protected]

Washington, DC, Feb. 03, 2021 (GLOBE NEWSWIRE) — Today, the U.S. Department of Commerce Minority Business Development Agency (MBDA), B&C International (B&C), and The National Business League announce an initiative to strengthen commercial engagement between the Federal Government, U.S. Minority Business Enterprises (MBEs), and African Small, Medium, and Micro Enterprises (SMMEs). To operationalize this effort, business resource centers funded by philanthropic and corporate sources are being established across Africa, with the first in Cape Town, South Africa. The business resource centers are the outgrowth of more than four years of discussions with African and other international business leaders at the annual Select USA Investment Summit around providing greater access to global markets for U.S. MBEs.

Through a Memorandum of Understanding, MBDA and B&C are establishing a partnership to create and identify significant opportunities for MBEs by exposing them to business opportunities on the continent of Africa.

“This partnership with B&C International supports our need for a more robust economic approach for U.S. MBEs and African SMMEs to foster foreign direct investment, joint ventures, and merger and acquisitions,” said MBDA Acting National Director Edith J. McCloud. “This will help them gain the scale necessary to position them for opportunities within global supply chains.”

With the recent progress toward the African Continental Free Trade Area (AfCFTA) agreement, Africa will continue to be a tremendous opportunity for economic growth for U.S. and African small businesses. The business resource centers will organize on the ground ecosystems for U.S. MBEs, promote import and export opportunities, and provide access to market information.

The National Business League, the oldest and largest trade association for Black businesses in the U.S and founded by Booker T. Washington, will lend its connections to 2.6 million small businesses to the initiative. “This is a pivotal time. We will foster commerce-driven activity between Africa and the U.S., by strengthening Black and African businesses throughout the diaspora” said Ken L. Harris, Ph.D., President/CEO of the National Business League, Inc.  

“Through this work new doors have been opened, progress has been made, but there is still more to be done.  These business resource centers will show the collective power of our MBE’s and African businesses,” says Mr. Robert J. Brown, CEO, B&C International.

“We have a storied contribution on the continent of Africa. I am proud of B&C’s history in South Africa and of the future we are dedicated to create, but now is the time for a new narrative. This partnership helps create a blueprint that includes U.S. MBEs and African SMMEs as keys to American and African economic prosperity,” said Larry Yon, Senior Partner with B&C International.

This is not B&C’s first blended social and economic impact center in South Africa. In March 2020, before Covid-19 spurred global lockdowns, B&C in partnership with Careerbox, a South African recruitment and skills development organization, opened a library and skills development center in Umlazi, South Africa.

“By including the U.S. MBDA and other partners, these business resource centers will be an access point for U.S. small businesses and corporations to tap into the potential of the African talent pool, solve global problems, and create meaningful economic impact in America and the continent of Africa,” stated Lizelle Strydom Pottier, Managing Director of Careerbox,

 

About Minority Business Development Agency (MBDA)

MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research. Our services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. For more than 50 years, MBDA has been a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing greater access to capital, contracts, and markets.

About B&C International

B&C International, https://www.bandcinternational.com/, is the oldest Black-owned global strategy and business advisory consulting firm in the United States. Dr. Robert J. “Bob” Brown, B&C’s Founder and Chief Executive, is credited with designing Executive Order 11458, which established the U.S. Office of Minority Business Enterprise (today is known as the Minority Business Development Agency ‘MBDA’) within the U.S. Department of Commerce. For over 40 years, B&C has played a vital role in driving philanthropy, business expansion and investment between the United States and the continent of Africa. B&C’s transatlantic ecosystem includes U.S. and African small businesses, corporations, governments, industry associations, educational institutions, and influencers.

About National Business League (NBL)

NBL, https://nationalbusinessleague.org/, is the first and largest nonprofit, non-partisan, and non-sectarian Black business and professional trade association, which was founded on August 23, 1900, by the iconic Booker T. Washington. Committed to empowering an intergenerational economic shift towards wealth building by equipping an entrepreneurial class of sustainable businesses, the NBL has more than 120,000 members nationwide, with regional offices in Atlanta, GA, Detroit, MI, Los Angeles, CA, and Washington, D.C., as well as more than 367 local league chapters across the country. The organization provides access to 2.6 million Black businesses throughout the United States.

 

 

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Attachment

• MBDA, B&C International, and National Business League press release (CLEARED) with header

Velicia Woods
Minority Business Development Agency (MBDA)
[email protected]

Rancho Santa Fe, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) — The kickoff to 2021 comes with some wonderful news thanks to the wrap-up of the 22^nd Annual Blue Buffalo Home 4 the Holidays campaign.  Despite the challenges shelters faced due to the CDC’s pandemic regulations and restrictions, the 2020 campaign found homes for more than 1.2 million orphan pets through more than 4,200 participating organizations.  Additionally, one special Home 4 the Holidays partner, Greene County Animal Control in Ohio, has a lot to celebrate as the recipient of the $25,000 campaign grant, awarded for the most successful and creative use of promotion to encourage adoptions through the holiday season.

Since its beginnings in 1999, 18.6 million orphan pets have found their forever homes through the three-month-long adoption drive that runs from the beginning of October to the first week in January each year.  Started by Helen Woodward Animal Center President & CEO Mike Arms, Blue Buffalo Home 4 The Holidays aims to encourage holiday pet seekers to adopt their next pet rather than turn to pet stores or backyard breeders.

Last year, the campaign faced its challenges as COVID-19 forced many shelters to close and those that remained open were bound to strict adoption processes to maintain safety measures. The silver lining, however, was the number of families suddenly grounded at home and hoping for an orphan pet.  In what can arguably be labeled one of the most difficult years on record, Helen Woodward Animal Center is delighted to announce that 4,200 participating Blue Buffalo Home 4 the Holidays partner organizations stayed the course and found loving homes for 1.2 million orphan cats and dogs.   

Along with the overall good news, one specific Home 4 the Holidays participating shelter has even more to celebrate.  For the third year, a $25,000 grant was awarded as part of the Home 4 The Holidays Rescue Center Contest.  Sponsored by Midwest Vet Supply, Merck, KVP, Churu, and Dechra, the grant money goes to the rescue group or shelter which best successfully and creatively promotes adoptions during the holidays.

This year’s contest winner is Greene County Animal Control. The Ohio shelter’s creative approach to promote adoptions included partnering with local businesses to sponsor pet fees, enlisting Girls Scouts to write letters to Santa from adoptable pets and sharing them on social media, and creating a virtual meet-and-greet studio to showcase orphan pets on local TV stations during the COVID-19 shutdowns. An additional tongue-in-cheek promotion fitting for the 2020 year, advertised a free roll of toilet paper with every adoption.  Greene County Animal Control’s efforts resulted in 98 successful pet adoptions during the contest period.

Two other rescue organizations were awarded $2,000 each for their efforts to promote orphan pets during the holiday season.  Wags & Walks from Los Angeles, California and Ulster County SPCA out of New York both earned truly honorable mentions for their wonderfully creative promotional campaigns.

Finally, the #IChoseToRescueContest got people buzzing about Home 4 the Holidays on social media. The contest asks participants to share why they chose to rescue and the impact their pets have had on their lives.  Out of the 865 entries, three touching pets’ rescue stories were selected as winners, with each pet getting a one-year supply of Blue Buffalo pet food and $1,000 awarded to the pets’ former rescue organization – Humane Society of Pagosa Springs, Colorado, Save Our Cats and Kittens (SOCKS) of Fort Walton Beach, Florida, and Angelico Cat Rescue, Inc. of Lauderhill, Florida.

Helen Woodward Animal Center offers an earnest congratulations to all the awarded shelters, and a heartfelt thanks to all the shelters that found loving homes for 1.2 million orphan pets this campaign season.

For more information about the campaign or to find participating local shelters and rescues groups, go to https://animalcenter.org/home-4-the-holidays.

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About Home 4 the Holidays (H4TH)

As one of the most successful pet adoption programs in the world, H4TH partners with thousands of animal organizations dedicated to finding forever homes for orphan pets. Founded by Helen Woodward Animal Center and in partnership with Blue Buffalo this year, the program began in 1999 with just 14 participating animal shelters in San Diego County. Since it began 22 years ago, partner organizations in the Home 4 the Holidays campaign have helped more than 18 million families experience the joy of pet adoption, including more than 1.2 million pet adoptions last year alone. For more information, please visit www.home4theholidays.org.

About Helen Woodward Animal Center

Helen Woodward Animal Center is a private, non-profit organization where “people help animals and animals help people.” Founded in 1972 in Rancho Santa Fe, Calif., the Center provides services for more than 90,000 people and more than 10,000 animals annually through adoptions, educational and therapeutic programs both onsite and throughout the community. Helen Woodward Animal Center is also the creator of the International Home 4 the Holidays pet adoption drive, the International Remember Me Thursday® campaign and The Business of Saving Lives Workshops, teaching the business of saving lives to animal welfare leaders from around the world.  For more information, go to:  www.animalcenter.org.

Attachments

• Green County
• Green County – Loki

Jessica Gercke
Helen Woodward Animal Center
858-756-4117
[email protected]

CARLSBAD, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) — RISMedia, the leading news provider for the residential real estate industry, has once again recognized Buffini & Company founder and chairman, Brian Buffini, and CEO, Dermot Buffini, as RISMedia 2021 Newsmakers. Brian Buffini was recognized in the category of “Luminaries: The Iconic Leaders.” Dermot Buffini was selected for the “Influencers: The Thought Leaders” category. The two join the ranks of influencers from top real estate organizations like the National Association of REALTORS^®, Berkshire Hathaway HomeServices, RE/MAX and other noteworthy names.

“Impacting and improving the lives of people has been the pillar of my business for more than 30 years,” says Buffini. “Although 2020 was extremely challenging for many, it has been a privilege to share valuable market information and messages of motivation at a time when we needed it the most.”

Dermot Buffini connected with Buffini & Company Members and leaders of major brokerages to help them navigate the difficult year.

“We are invested in our clients’ success and we will remain laser focused to ensure they have the tools, training and information to thrive in any market,” he says.

RISMedia’s 2021 Real Estate Newsmakers included 10 Hall of Fame inductees and nearly 300 industry leaders in the following categories: Achievers, Crusaders, Futurists, Influencers, Inspirations, Luminaries, Trailblazers and Trendsetters. All recipients were nominated by the outlet’s readers and editors and chosen based on their community impact, passion for real estate and commitment to inspiring and leading others to success.

The Newsmakers are showcased in the February 2021 issue of Real Estate Magazine and online: https://rismedia.com/2021-newsmakers/.

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About Buffini & Company

Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company’s comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. Learn more at buffiniandcompany.com. 

Attachment

• Buffini & Company Founder, CEO, Honored as RISMedia 2021 Newsmakers

Courtney Klepsch, Director of Marketing Content & Communication
Buffini & Company
(760) 827-2101 x2149
[email protected]

Fort Myers, Fla., Feb. 03, 2021 (GLOBE NEWSWIRE) — Florida Cancer Specialists & Research Institute (FCS) welcomes Board-certified medical oncologist Vitor Pastorini, MD. He is caring for patients at our FCS Ocala Cancer Center at 4945 SW 49th Place in Ocala, FL and our FCS Ocala office at 1630 SE 18th Street, Building 600 Suite 602, Ocala, FL.

After earning his degree from Universidade Federal da Bahia in Salvador, Brazil, Dr. Pastorini completed his residency in internal medicine, as chief resident, at Leonard M. Miller School of Medicine at the University of Miami. He was then awarded a fellowship in medical oncology and hematology at the University of Pittsburgh School of Medicine. Prior to joining FCS, Dr. Pastorini cared for patients at the Quincy Medical Group in Quincy, IL, while serving as its laboratory director.

Dr. Pastorini has participated in various research committees and as a primary investigator for multiple clinical trial studies. He has given presentations at various conferences including the American Society of Clinical Oncology (ASCO) Gastrointestinal Cancer Symposium, where his research received the ASCO Cancer Foundation Merit Award, and the ASCO Annual Meeting in Chicago, IL. His research has been published in several peer-reviewed journals.

“We are pleased to welcome Dr. Pastorini to FCS. His expertise and leadership in clinical research will benefit our patients in the Marion County community,” said FCS Chief Executive Officer Nathan H. Walcker.

FCS President & Managing Physician Dr. Lucio Gordan said, “Dr. Pastorini demonstrates a great passion for clinical research, as demonstrated by his respectable list of publications and presentations. He will be a strong addition to FCS.”

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About Florida Cancer Specialists & Research Institute, LLC: (FLCancer.com)

Recognized by the American Society of Clinical Oncology (ASCO) with a national Clinical Trials Participation Award, Florida Cancer Specialists & Research Institute (FCS) offers patients access to more clinical trials than any private oncology practice in Florida. Over the past 5 years, the majority of new cancer drugs approved for use in the U.S. were studied in clinical trials with Florida Cancer Specialists participation.* Trained in such prestigious medical schools and research institutes as Duke, Stanford, Harvard, Emory, MD Anderson, and Memorial Sloan Kettering, our physicians are consistently ranked nationally as Top Doctors by U.S. News & World Report.

Florida Cancer Specialists has built a national reputation for excellence that is reflected in exceptional and compassionate patient care, driven by innovative clinical research, cutting-edge technologies, and advanced treatments, including targeted therapies, genomic-based treatment, and immunotherapy. Our values are embodied by our outstanding team of highly trained and dedicated physicians, clinicians, and staff.

*Prior to approval

Attachment

• Welcome Dr. Pastorini FB (1)

Michelle Robey
Florida Cancer Specialists
(813) 767-9398
[email protected]

Maryalice Keller
Florida Cancer Specialists
(585) 314-0172
[email protected]

OAK RIDGE, N.C., Feb. 03, 2021 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the fourth quarter and full year of 2020, and a quarterly cash dividend of $0.06 per share.

Fourth Quarter and Full Year 2020 Highlights

• Earnings per share of $1.23 for 2020, down 39 cents, or 24%, from 2019; earnings per share of $0.38 for the three months ended December 31, 2020, down one cent, or 3%, from 2019;
• Return on average common stockholders’ equity of 7.68% for 2020, compared to 11.25% for 2019; return on average common stockholders’ equity of 9.17% for the three months ended December 31, 2020, compared to 10.23% for the same period in 2019;
• Loan loss provision for the year ended December 31, 2020 of $2.7 million, up from $185,000 for 2019; 2020 loan loss provision of $2.7 million predominantly related to the potential adverse economic impact of the COVID-19 pandemic, and the primary reason for the decline in earnings per share and return on average common stockholders’ equity from 2019 to 2020;
• Tangible book value per common share of $16.86, up 9.8%, or $1.50, from $15.36 as of December 31, 2019.
• Through the end of the first round of the Small Business Administration (“SBA”) Payroll Protection Program (“PPP”) in August 2020, the Bank funded 606 PPP loans totaling $50.1 million, and has collected fees from the SBA of $2.1 million; these fees and associated origination costs will be recognized as interest income over the life of the PPP loans;
• Period end loans of $450.6 million, up 15.8% from December 31, 2019. period end loans, net of PPP loans, of $403.4 million, up 3.7% from December 31, 2019;
• Outstanding balance of loans granted deferrals of principal and/or interest payments in response to COVID-19 of $1.1 million (0.2% of total loans) as of December 31, 2020, down from a peak of $133.7 million (29.2% of loans);
• Period end allowance for loan losses of $5.5 million, up 89.1%, from $2.9 million at December 31, 2019.
• Nonperforming assets of $3.5 million, down 8.4% from $3.9 million at December 31, 2019.
• Period end deposits of $455.7 million, up 14.5% from December 31, 2019, period end noninterest-bearing deposits of $94.2 million, up 46.4% from December 31, 2019.

Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “In the midst of the unprecedented challenges presented by the ongoing COVID-19 pandemic, I am extremely pleased with our financial performance in 2020, and very proud of our Bank’s support of the local community through our participation in the PPP program and our loan deferral program, which was structured to assist borrowers that have been impacted by COVID-19. Loans in deferral peaked at 29% of total loans in the second quarter of 2020 and have declined significantly to just 0.2% of total loans at December 31, 2020, a very positive sign. Since the pandemic began, we have followed local, state, and national guidelines, and have adapted our sales and service processes to seamlessly service new and existing clients while keeping our team safe. While it is difficult to accurately predict the next few quarters and the impact of COVID-19 on our local and national economy, I am thankful to have our experienced team of bankers and a supportive board of directors as we address future challenges and opportunities.”

A quarterly cash dividend of $0.06 per share of common stock is payable on March 1, 2021 to stockholders of record as of the close of business on February 16, 2021. “We are pleased to announce our quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

The Bank adopted the 9% community bank leverage ratio (“CBLR”) requirement as of June 30, 2020. As of December 31, 2020 the Bank’s CBLR was 9.22%. As of December 31, 2020, the Company’s stockholders’ equity was $44.5 million, up 10.4%, from $40.3 million at December 31, 2019.

With respect to the consolidated statement of operations for 2020 and 2019, net interest income was $17.6 million for 2020, up $1.3 million, or 8.0%, from $16.3 million during the year ending December 31, 2019. For 2020, the net interest margin was 3.50% compared to 3.69% for year ending December 31, 2019, a decrease of 19 basis points. The primary reason for the decrease in the net interest margin was an increase in interest expense associated with the Company’s $10 million subordinated debenture issue that closed in June 2020.

The Company recorded a provision for loan losses of $2.7 million in 2020, compared with a loan loss provision of $185,000 in 2019. The allowance for loan losses as a percentage of total loans was 1.21% at December 31, 2020 compared to 0.90% at December 31, 2019. The allowance for loan losses as a percentage of total loans not including PPP loans was 1.35% as of December 31, 2020. The increase in the allowance for loan losses in 2020 was largely the result of the Company increasing the qualitative factors in its allowance for loan loss model due to the deteriorating economic outlook related to COVID-19. Nonperforming assets represented 0.64% of total assets as of December 31, 2020, compared to 0.82% at December 31, 2019.

Noninterest income totaled $3.2 million in 2020, unchanged from 2019. Noninterest expense totaled $14.0 million in 2019, down slightly from $14.1 million in 2019.

About Oak Ridge Financial Services, Inc.

Oak Ridge Financial Services, Inc. (OTCPink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge delivers personal attention and convenience for every client. Substantially all of the Bank’s employees are stockholders in Oak Ridge Financial Services, Inc. through their participation in the Bank’s Employee Stock Ownership Plan. We are proud of our many accolades and awards, including seven “Best Bank in the Triad” wins, “Triad’s Top Workplace” finalist, “Triad’s Healthiest Employer” winner and a 2016 Better Business Bureau “Torch Award” winner. We offer a complete range of banking services for individuals and businesses. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

Banking Services | ATM Usage Worldwide | Mobile Banking | Online Billpay | Remote and Mobile Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth Management

Visit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, Summerfield and Oak Ridge, North Carolina, or call 336.644.9944, or online at www.BankofOakRidge.com.

Forward-looking Information

This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.

Oak Ridge Financial Services, Inc.

Consolidated Balance Sheets


December 31, 2020 (Unaudited) and December 31, 2019 (Audited)



(Dollars in thousands)

	2020			2019
Assets
Cash and due from banks	$	9,104		$	4,030
Interest-bearing deposits with banks		9,027			14,928
Total cash and cash equivalents		18,131			18,958
Federal Funds Sold		3,217			4,611
Securities available-for-sale		46,357			41,183
Securities held-to-maturity (fair values of $715 at year end 2020 and $898 at year end 2019)		564			730
FRB and FHLB Stock, at cost		1,806			1,042
Loans, net of allowance for loan losses of $5,458 at year end 2020 and $2,886 at year end 2019		445,127			386,056
Property and equipment, net		10,632			10,491
Accrued interest receivable		2,412			1,478
Bank owned life insurance		5,930			5,837
Right-of-use assets – operating leases		1,990			1,336
Other assets		4,464			3,984
Total assets	$	540,630		$	475,706
Liabilities and Stockholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	94,225		$	64,374
Interest-bearing		361,512			333,752
Total deposits		455,737			398,126
Short-term borrowings		8,000			15,000
Long-term borrowings		952			1,184
Junior subordinated notes related to trust preferred securities		8,248			8,248
Subordinated debentures		15,459			5,608
Lease liabilities – operating leases		1,990			1,336
Accrued interest payable		140			281
Other liabilities		5,603			5,608
Total liabilities		496,129			435,391
Stockholders’ equity
Common stock, no par value; 50,000,000 shares authorized; 2,639,345 and 2,621,315 issued and outstanding as of December 31, 2020 and 2019, respectively		25,013			24,850
Retained earnings		15,797			13,146
Accumulated other comprehensive income		3,691			2,319
Total stockholders’ equity		44,501			40,315
Total liabilities and stockholders’ equity	$	540,630		$	475,706

Oak Ridge Financial Services, Inc.

Consolidated Statements of Operations


For the three months and year ended December 31, 2020 and 2019 (Unaudited)



(Dollars in thousands except per share data)

                               

		Three months ended December 31,						Year ended December 31,
		2020			2019			2020			2019
Interest and dividend income
Loans and fees on loans		$	5,196		$	5,029		$	20,649		$	20,077
Interest on deposits in banks			4			73			83			371
Federal Home Loan Bank stock dividends			48			16			98			66
Investment securities			367			313			1,304			1,346
Total interest and dividend income			5,615			5,431			22,134			21,860
Interest expense
Deposits			570			1,106			3,213			4,398
Short-term and long-term debt			365			277			1,319			1,162
Total interest expense			935			1,383			4,532			5,560
Net interest income			4,680			4,048			17,602			16,300
Provision for loan losses			500			–			2,746			185
Net interest income after provision for loan losses			4,180			4,048			14,856			16,115
Noninterest income
Service charges on deposit accounts			143			196			588			732
Gain on sale of securities			–			–			–			164
Brokerage commissions on mortgage loans			86			69			381			306
Insurance commissions			87			80			362			349
Gain on sale of SBA loans			–			195			464			278
Fee income from accounts receivable financing			–			–			–			13
Debit and credit card interchange income			252			248			1,048			963
Income earned on bank owned life insurance			23			25			93			98
Other service charges and fees			57			67			226			267
Total noninterest income			648			880			3,162			3,170
Noninterest expense
Salaries			1,731			1,701			6,138			6,678
Employee benefits			286			296			1,117			1,159
Occupancy expense			285			234			998			880
Equipment expense			258			242			1,010			915
Data and item processing			514			508			2,147			1,976
Professional and advertising			118			176			579			658
Stationery and supplies			29			29			132			141
Net cost of foreclosed assets			–			40			4			52
Impairment loss on securities			5			12			58			28
Telecommunications expense			86			97			351			403
FDIC assessment			72			–			266			48
Accounts receivable financing expense			–			–			–			3
Other expense			234			338			1,245			1,134
Total noninterest expense			3,618			3,673			14,045			14,075
Income before income taxes			1,210			1,255			3,973			5,210
Income tax expense			200			225			714			960
Net income and net income available to common stockholders		$	1,010		$	1,030		$	3,259		$	4,250
Basic net income per common share		$	0.38		$	0.39		$	1.23		$	1.62
Diluted income per common share		$	0.38		$	0.39		$	1.23		$	1.62
Basic weighted average common shares outstanding			2,639,345			2,625,685			2,640,504			2,621,007
Diluted weighted average common shares outstanding			2,639,345			2,634,729			2,640,504			2,630,244

Oak Ridge Financial Services, Inc.

Selected Quarterly Financial Ratios (unaudited)

Selected Financial Data	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
Return on average common stockholders’ equity1		9.17	%		8.50	%		11.66	%		1.68	%		10.23	%		11.08	%
Tangible book value per share	$	16.86		$	16.36		$	15.98		$	15.22		$	15.36		$	14.99
Return on average assets1		0.73	%		0.64	%		0.92	%		0.14	%		0.86	%		0.92	%
Net interest margin1		3.57	%		3.42	%		3.50	%		3.49	%		3.57	%		3.80	%
Net interest income to average assets1		3.32	%		3.27	%		3.34	%		3.32	%		3.37	%		3.51	%
Efficiency ratio		67.64	%		68.67	%		62.79	%		71.82	%		74.53	%		69.9	%
Nonperforming assets to total assets		0.64	%		0.64	%		0.65	%		0.78	%		0.81	%		0.91	%

¹Annualized

Contact: Tom Wayne, CEO and CFO

Phone: 336-644-9944

LAS VEGAS and VANCOUVER, British Columbia, Feb. 03, 2021 (GLOBE NEWSWIRE) — TAAT™ LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “TAAT™”) is pleased to announce that an article profiling the Company was published earlier today by Forbes, marking the first national mainstream media coverage of TAAT™ in the United States. Forbes contributor Amanda Siebert, who primarily covers media stories in the “Vices” category, summarizes her interview with TAAT™ Chief Executive Officer Setti Coscarella, in which Mr. Coscarella shared his professional background and journey to his current role at the Company. Additionally, the article features Mr. Coscarella’s comments on recent events relating to the Company including its engagement with consumer packaged goods (“CPG”) sales agency CROSSMARK, as announced in the Company’s February 2, 2021 press release.

The February 3, 2021 Forbes article can be accessed by clicking here: https://www.forbes.com/sites/amandasiebert/2021/02/03/taat-the-company-on-keith-gills-notepad-making-hemp-cigarettes-that-taste-like-tobacco/

Following a detailed preamble on TAAT™ and Mr. Coscarella, the article goes into detail about the value proposition of TAAT™ as an alternative to tobacco cigarettes due to its inherently non-addictive properties. As differentiation points of TAAT™ among other tobacco-free cigarettes on the market, Mr. Coscarella explains the importance of a tobacco-like taste as well as a competitive price point, which the Company has attained by offering TAAT™ to legal-aged smokers in Ohio for USD $3.99 per pack, compared to approximately USD $7.00 per pack for Marlboro. As a merchandising tactic, Mr. Coscarella also explains the strategy behind positioning TAAT™ as a tobacco category product to appeal to legal-aged smokers who could prefer a familiar product format. This practice is likened to producers of plant-based meat analogues whose products are placed in meat sections of supermarkets, to similarly appeal to consumers of meat whose interest may be captured by a product format they already enjoy.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/364b6fe0-7dbd-43d9-8069-19c2dcae07c2

In a February 3, 2021 Forbes article, the Company and the TAAT™ product are profiled by reporter Amanda Siebert. This article can be accessed by


clicking here


.

Readers using news aggregation services may be unable to view the media above. Please access SEDAR or the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

TAAT™ Chief Executive Officer Setti Coscarella commented, “After approximately six months as the CEO of TAAT™, it is very fulfilling to see so many things falling into place. In 2021 alone, we have had impressive sell-out and reorder rates of TAAT™, submitted international trademark applications in over 50 countries, launched a statewide digital out-of-home promotional campaign in Ohio, and finalized our partnership with a prestigious CPG sales agency that directly services more than 100,000 convenience stores in the United States. Obtaining coverage of TAAT™ in a national mainstream news outlet such as Forbes is also a tremendous milestone, because it demonstrates positive reception and validation of TAAT™ as a company that is gaining momentum in the USD $814 billion tobacco industry. On behalf of the entire team, I can say we are very thankful for Amanda Siebert’s interest in the product and the company, and we hope this coverage helps to bring additional eyeballs of legal-aged smokers to TAAT™.

The Company is also pleased to announce that it will be hosting a live question-and-answer (“Q&A”) session with Mr. Coscarella on a Facebook live stream at 9:15 am PST / 12:15 am EST on Thursday February 4, 2021. Questions can be submitted in advance by email to [email protected], or by placing a comment on the Company’s February 2, 2021 Facebook post announcing the Q&A session.

On behalf of the Board of Directors of the Company,

TAAT™ LIFESTYLE & WELLNESS LTD.

“Setti Coscarella”

Setti Coscarella, CEO and Director

For further information, please contact:

TAAT™ Investor Relations
1-833-TAAT-USA (1-833-822-8872)
[email protected]

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

About TAAT™ Lifestyle & Wellness Ltd.

The Company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. TAAT™’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, TAAT™ was launched first in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion¹ global tobacco industry.

For more information, please visit http://taatglobal.com.

References

¹
British American Tobacco – The Global Market

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Potential outcomes from the February 3, 2021 article about the Company in Forbes. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.

This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by TAAT™ Lifestyle & Wellness Ltd. can be found under the Company’s profile on http://sedar.com.