Market Newsdesk

January 29, 2021 4:18 pm

IF Bancorp, Inc. Announces Results for Second Quarter of Fiscal Year 2021

IF Bancorp, Inc. Announces Results for Second Quarter of Fiscal Year 2021

WATSEKA, Ill.–(BUSINESS WIRE)–
IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”) the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.5 million, or $0.48 per basic and diluted share, for the three months ended December 31, 2020, compared to net income of $964,000, or $0.32 per basic share and $0.31 per diluted share, for the three months ended December 31, 2019.

For the three months ended December 31, 2020, net interest income was $5.1 million compared to $4.3 million for the three months ended December 31, 2019. We recorded a credit for loan losses of $(49,000) for the three months ended December 31, 2020, compared to a credit for loan losses of $(30,000) for the three months ended December 31, 2019. Interest income decreased to $6.2 million for the three months ended December 31, 2020, from $6.8 million for the three months ended December 31, 2019. Interest expense decreased to $1.2 million for the three months ended December 31, 2020, from $2.4 million for the three months ended December 31, 2019. Non-interest income increased to $1.5 million for the three months ended December 31, 2020, from $1.2 million for the three months ended December 31, 2019. Non-interest expense increased to $4.5 million for the three months ended December 31, 2020, from $4.3 million for the three months ended December 31, 2019. Provision for income tax increased to $571,000 for the three months ended December 31, 2020, from $372,000 for the three months ended December 31, 2019.

The Company announced unaudited net income of $2.8 million, or $0.92 per basic share and $0.91 per diluted share for the six months ended December 31, 2020, compared to $2.1 million, or $0.65 per basic share and $0.64 per diluted share for the six months ended December 31, 2019. For the six months ended December 31, 2020, net interest income was $9.9 million compared to $8.9 million for the six months ended December 31, 2019. We recorded a provision for loan losses of $266,000 for the six months ended December 31, 2020, compared to a credit for loan losses of $(84,000) for the six months ended December 31, 2019. This increase was primarily the result of an increase in risk associated with outstanding loans due to a change in portfolio mix and, to a lesser extent, additional reserves for all loans that remain under temporary COVID-19 modifications. The increase in reserves was partially offset by the addition of SBA Paycheck Protection Program (PPP) loans that do not require a reserve since they are 100% guaranteed by the U.S. government. While we have closed 305 SBA PPP loans representing $26.3 million in funding, after SBA forgiveness, we have 191 loans totaling $17.4 million remaining in our portfolio at December 31, 2020,

Interest income decreased to $12.5 million for the six months ended December 31, 2020, from $13.8 million for the six months ended December 31, 2019. Interest expense decreased to $2.6 million for the six months ended December 31, 2020 from $4.9 million for the six months ended December 31, 2019. Our interest income could be reduced in the future due to COVID-19. In keeping with guidance from our regulators, we are executing payment deferrals for our lending clients that are adversely affected by the pandemic. At December 31, 2020, we have 169 loans with current balances of $85.7 million that have received COVID-19 modifications. These modifications allow borrowers to pay interest only for up to six months. As of December 31, 2020, 148 of these loans totaling $58.5 million have returned to principal and interest payments, leaving 21 loans for $27.2 million still under temporary modifications.

Non-interest income increased to $3.2 million for the six months ended December 31, 2020, from $2.3 million for the six months ended December 31, 2019. The increase in non-interest income was mostly due to an increase in gain on sale of loans as a result of a significant increase in refinance activity stimulated by a low interest environment, and also by an increase in gain on sale of available-for-sale securities. Non-interest expense increased to $9.0 million for the six months ended December 31, 2020 from $8.5 million for the six months ended December 31, 2019. Provision for income tax increased to $1.1 million for the six months ended December 31, 2020, from $787,000 for the six months ended December 31, 2019.

Total assets at December 31, 2020 were $713.4 million compared to $735.5 million at June 30, 2020. Cash and cash equivalents decreased to $7.7 million at December 31, 2020, from $33.5 million at June 30, 2020. Investment securities increased to $167.6 million at December 31, 2020, from $162.4 million at June 30, 2020. Net loans receivable decreased to $506.8 million at December 31, 2020, from $509.8 million at June 30, 2020. Deposits decreased to $587.4 million at December 31, 2020, from $601.7 million at June 30, 2020. Total borrowings, including repurchase agreements, decreased to $31.6 million at December 31, 2020 from $41.2 million at June 30, 2020. Stockholders’ equity increased to $84.9 million at December 31, 2020 from $82.6 million at June 30, 2020. Equity increased due to net income of $2.8 million, and ESOP and stock equity plan activity of $284,000, partially offset by a decrease of $270,000 in accumulated other comprehensive income, net of tax, and the payment of approximately $454,000 in dividends to our shareholders.

IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan Association (the “Association”). The Association, originally chartered in 1883 and headquartered in Watseka, Illinois, conducts its operations from seven full-service banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois and a loan production and wealth management office in Osage Beach, Missouri. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.

This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.” For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions, including as a result of the COVID-19 pandemic; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Selected Income Statement Data (Dollars in thousands, except per share data)

	For the Three Months Ended December 31,						For the Six Months Ended December 31,
	2020			2019			2020		2019
	(unaudited)
Interest and dividend income	$	6,238		$	6,789		$	12,503	$	13,797
Interest expense		1,188			2,448			2,565		4,870
Net interest income		5,050			4,341			9,938		8,927
Provision (credit) for loan losses		(49	)		(30	)		266		(84	)
Net interest income after provision for loan losses		5,099			4,371			9,672		9,011
Non-interest income		1,463			1,223			3,214		2,291
Non-interest expense		4,528			4,258			9,009		8,451
Income before taxes		2,034			1,336			3,877		2,851
Income tax expense		571			372			1,083		787

Net income (loss)	$	1,463		$	964		$	2,794	$	2,064

Earnings (loss) per share (1) Basic	$	0.48		$	0.32		$	0.92	$	0.65
Diluted	$	0.48		$	0.31		$	0.91	$	0.64
Weighted average shares outstanding (1)
Basic		3,035,898			3,042,630			3,033,492		3,173,685
Diluted		3,072,496			3,099,912			3,057,633		3,228,463
							footnotes on following page

Performance Ratios

	For the Six Months Ended December 31, 2020	For the Year Ended June 30, 2020
	(unaudited)
Return on average assets	0.77%	0.61%
Return on average equity	6.66%	5.30%
Net interest margin on average interest earning assets	2.86%	2.75%

Selected Balance Sheet Data (Dollars in thousands, except per share data)

	At December 31, 2020			At June 30, 2020
	(unaudited)
Assets	$	713,399		$	735,517
Cash and cash equivalents		7,665			33,467
Investment securities		167,551			162,394
Net loans receivable		506,786			509,817
Deposits		587,365			601,700
Federal Home Loan Bank borrowings, repurchase agreements and other borrowings		31,571			41,238
Total stockholders’ equity		84,918			82,564
Book value per share (2)		26.21			25.48
Average stockholders’ equity to average total assets		11.52	%		11.55	%

Asset Quality (Dollars in thousands)

		At December 31, 2020			At June 30, 2020
		(unaudited)
	Non-performing assets (3)	$	674		$	1,095
	Allowance for loan losses		6,449			6,234
	Non-performing assets to total assets		0.09	%		0.15	%
	Allowance for losses to total loans		1.26	%		1.21	%
	Allowance for losses to total loans excluding PPP loans (4)		1.30	%		1.27	%

(1)		Shares outstanding do not include ESOP shares not committed for release.
(2)		Total stockholders’ equity divided by shares outstanding of 3,240,376 at both December 31, 2020, and June 30, 2020.
(3)		Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.
(4)		Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005469/en/

Walter H. Hasselbring, III

(815) 432-2476

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

January 29, 2021 4:18 pm

Arbor Realty Trust Announces Tax Treatment of 2020 Dividends

UNIONDALE, N.Y., Jan. 29, 2021 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced the tax treatment of its 2020 dividend distributions for common and preferred shares of beneficial interest.

For tax reporting purposes, 100% of the distributions paid on Arbor Realty Trust common stock during 2020 will be classified as dividend income. The 2020 taxable distributions with respect to Arbor Realty Trust’s common stock traded under ticker symbol ABR are summarized as follows:


Common Shares (CUSIP #038923108)
Record Date	Payment Date	Total Distribution Per Share	Non-Qualified Dividend ⁽¹⁾	Qualified Dividend	Capital Gain Distribution
2/28/2020	3/17/2020	$0.30	$0.30	$0.00	$0.00
6/30/2020	7/15/2020	0.30	0.30	0.00	0.00
8/17/2020	8/31/2020	0.31	0.31	0.00	0.00
11/16/2020	11/30/2020	0.32	0.32	0.00	0.00
		$1.23	$1.23	$0.00	$0.00

The 2020 taxable distributions with respect to Arbor Realty Trust’s 8.25% Series A Cumulative Redeemable Preferred Stock traded under ticker symbol ABR-PA are summarized as follows:


8.25% Series A Cumulative Redeemable Preferred Stock (CUSIP # 038923603)
Record Date	Payment Date	Total Distribution Per Share	Non-Qualified Dividend ⁽¹⁾	Qualified Dividend	Capital Gain Distribution
2/15/2020	3/2/2020	$0.515625	$0.515625	$0.00	$0.00
5/15/2020	6/1/2020	0.515625	0.515625	0.00	0.00
8/15/2020	8/31/2020	0.515625	0.515625	0.00	0.00
11/15/2020	11/30/2020	0.515625	0.515625	0.00	0.00
		$2.062500	$2.062500	$0.00	$0.00

The 2020 taxable distributions with respect to Arbor Realty Trust’s 7.75% Series B Cumulative Redeemable Preferred Stock traded under ticker symbol ABR-PB are summarized as follows:


7.75% Series B Cumulative Redeemable Preferred Stock (CUSIP # 038923702)
Record Date	Payment Date	Total Distribution Per Share	Non-Qualified Dividend ⁽¹⁾	Qualified Dividend	Capital Gain Distribution
2/15/2020	3/2/2020	$0.484375	$0.484375	$0.00	$0.00
5/15/2020	6/1/2020	0.484375	0.484375	0.00	0.00
8/15/2020	8/31/2020	0.484375	0.484375	0.00	0.00
11/15/2020	11/30/2020	0.484375	0.484375	0.00	0.00
		$1.937500	$1.937500	$0.00	$0.00

The 2020 taxable distributions with respect to Arbor Realty Trust’s 8.50% Series C Cumulative Redeemable Preferred Stock traded under ticker symbol ABR-PC are summarized as follows:


8.50% Series C Cumulative Redeemable Preferred Stock (CUSIP # 038923801)
Record Date	Payment Date	Total Distribution Per Share	Non-Qualified Dividend ⁽¹⁾	Qualified Dividend	Capital Gain Distribution
2/15/2020	3/2/2020	$0.53125	$0.53125	$0.00	$0.00
5/15/2020	6/1/2020	0.53125	0.53125	0.00	0.00
8/15/2020	8/31/2020	0.53125	0.53125	0.00	0.00
11/15/2020	11/30/2020	0.53125	0.53125	0.00	0.00
		$2.12500	$2.12500	$0.00	$0.00

(1) May be eligible for the 20% qualified business income deduction applicable to certain REIT dividends under IRC Section 199A(b)(1)(B).

For shareholders that may be required to report excess inclusion income to the Internal Revenue Service, Arbor Realty Trust will not pass through any excess inclusion income to our shareholders for 2020. As a result, no portion of the 2020 dividends should be treated as excess inclusion income for federal income tax purposes.

Note: Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment of Arbor Realty Trust, Inc. dividend distributions.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, in particular, due to the uncertainties created by the COVID-19 pandemic, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2019 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

Contacts:

Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
[email protected]

Investors:
The Ruth Group
Daniel Kontoh-Boateng/James Salierno
646-536-7019/7028
[email protected]
[email protected]

Media:
Bonnie Habyan
Chief Marketing Officer
516-506-4615
[email protected]

January 29, 2021 4:18 pm

Elmer Bancorp, Inc. Announces Fourth Quarter and 2020 Annual Financial Results

Elmer Bancorp, Inc. Announces Fourth Quarter and 2020 Annual Financial Results

ELMER, N.J.–(BUSINESS WIRE)–
ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), the parent company of The First National Bank of Elmer (the “Bank”), announces its operating results for the fourth quarter and full year ended December 31, 2020.

For the three months ended December 31, 2020, Elmer Bancorp reported net income of $322,000, or $0.28 per common share compared to $581,000, or $0.51 per common share for the quarter ended December 31, 2019. For the twelve months ended December 31, 2020, net income totaled $1.469 million, or $1.28 per common share compared to $2.067 million, or $1.80 per common share for the twelve months ended December 31, 2019.

Net interest income for the three months ended December 31, 2020 totaled $3.181 million, an increase of $417,000 from the three months ended December 31, 2019 total of $2.764 million benefiting from $263,000 of net loan recognition related to the Payroll Protection Program (PPP) loans. For the three months ended December 31, 2020 the loan loss provision totaled $360,000 whereas there was no loan loss provision for the three months ended December 31, 2019. At December 31, 2020, the allowance for loan losses was 1.64% of total core loans (excluding Paycheck Protection Program loans (PPP)) compared to 1.39% of total loans at December 31, 2019.

Non-interest income for the three months ended December 31, 2020 was $84,400 lower than the same period last year. Lower service fee income, premiums on sold mortgages and lower gains on the sale of Other Real Estate Owned (“OREO”) were partially offset by higher income from an increase in the cash surrender value of Bank Owned Life Insurance (“BOLI”). Non-interest expenses were higher for both the three and twelve months ended December 31, 2020 versus the prior year periods by $333,800 and $352,600, respectively. Higher employment costs, legal and professional services, regulatory assessments resulting from the growth in total assets and higher data processing expenses were partially offset by lower occupancy costs (building maintenance and repairs and snow removal costs), marketing costs, loan related expenses, lower write-downs on other real estate and lower other operating expenses.

For the twelve months ended December 31, 2020, net interest income totaled $11.492 million compared to $11.129 million for the twelve months ended December 31, 2019, an increase of $362,500. Non-interest income was $145,900 lower than the 2019 twelve-month period. Declines in service charges on deposit accounts of $147,300 resulting from a reduction in overdraft fees combined with losses on the sale of other real estate of $32,600 were partially offset by an increase of $43,800 in the cash surrender value of Bank Owned Life Insurance (“BOLI”) as the Company increased its investment in BOLI year-over-year. In addition, fee income on the placement of mortgages increased year-over-year. The 2019 year-to-date period included $27,200 of gains on the sale of other real estate owned. Total non-interest expenses were $352,600 higher for the twelve months ended December 31, 2020 versus the prior year period. Higher employment costs, data processing expenses and higher legal and professional services, including higher regulatory assessments, were partially offset by lower occupancy costs (building maintenance and repairs and snow removal costs), lower loan related expenses and lower travel and entertainment expenses resulting from the coronavirus restrictions placed on travel and large gatherings. In addition, there were fewer write-downs of other real estate in the 2020 year-to-date period.

Elmer Bancorp’s total assets at December 31, 2020 totaled $330.4 million, an increase of $44.6 million from the December 31, 2019 level of $285.8 million. Total core assets (excluding PPP related assets) totaled $306.3 million, an increase of $20.5 million higher than December 31, 2019. Total loans were $279.4 million at December 31, 2020, $36.1 million higher than the December 31, 2019 total of $243.3 million. Excluding PPP loan related balances of $24.1 million, total core loans were $255.3 million, $12.0 million higher than December 31, 2019. The allowance for loan losses was 1.64% of total core loans at December 31, 2020 compared to 1.39% at December 31, 2019. In addition, overnight investments increased $11.4 million and investments in BOLI increased $1.6 million year-over-year. The investment portfolio declined $3.7 million year-over-year.

Deposits totaled $300.4 million at December 31, 2020, an increase of $43.2 million from the December 31, 2019 level of $257.2 million. The positive variance from December 31, 2019 resulted from increases in demand deposits ($21.1 million), savings deposits ($11.0 million) and interest-bearing checking and money market accounts ($13.0 million), partially offset by a decline in certificates of deposit and IRA accounts ($2.2 million). Stockholders’ equity totaled $28.2 million at December 31, 2020 compared to $26.8 million at December 31, 2019, an increase of $1.4 million. Elmer Bancorp’s book value per common share at December 31, 2020 was $24.55 per share compared to $23.32 per share at December 31, 2019. The Company and the Bank met all regulatory capital requirements at December 31, 2020.

Brian W. Jones, President and Chief Executive Officer, stated, “To say that 2020 was a challenging year would be an understatement. While our earnings performance for the year was significantly impacted by higher loan loss provisions, professional fees, and a lower interest rate environment than in 2019, we remain a strong financial institution. Our core assets surpassed the $300 million plateau ending the year at $306.3 million and core loans totaled $255.3 million, $12.0 million higher than year-end 2019, representing a 4.9% increase. This core loan growth was accomplished while our loan staff was approving $32.0 million in PPP loans, administering the forbearance loan program, and then helping those loan customers requesting PPP forgiveness through the process. Deposits ended the year at a strong $300.4 million, a $43.2 million increase over year-end 2019. The COVID-19 coronavirus pandemic brought many challenges to our institution, our staff, and our customers. The untimely temporary closings of branch locations gave rise to staffing issues in trying to provide continued quality service to our customers. The slight disruption in service and the protocols adopted were necessary for the safety and well-being of our staff and our loyal customer base. As these measures may have caused some inconvenience, it was necessary for us to follow CDC and state government mandated guidelines to ensure everyone’s safety. As we begin a new year with COVID-19 outbreaks still occurring, we are hopeful, as everyone else is, that the vaccines along with continued diligence by all will aid in getting us back to normal operations soon. While we continue down this path of somewhat uncertainty, we ask for your understanding and wish to thank you, our loyal customers and our team members, for your continued support and diligence in these difficult times and we wish all a Safe, Healthy and Happy New Year.”

The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903. We are a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from our six full-service branch offices located in Cumberland, Gloucester and Salem Counties, New Jersey, including our main office located at 10 South Main Street in Elmer, New Jersey. Deposits at The First National Bank of Elmer are insured up to the legally maximum amount by the Federal Deposit Insurance Corporation (FDIC).

For more information about Elmer Bank and its products and services, please visit our website at www.ElmerBank.com or call 1-856-358-7000.

Forward-Looking Statements

This press release and other statements made from time to time by the Company’s management contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry: changes in interest rates and shape of the yield curve, credit risk associated with our lending activities, risks relating to our market area, significant real estate collateral and the real estate market, operating, legal and regulatory risk, fiscal and monetary policy, economic, political and competitive forces affecting our business, our ability to identify and address cyber-security risks, and management’s analysis of these risks and factors being incorrect, and/or the strategies developed to address them being unsuccessful. Any statements made that are not historical facts should be considered forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate, whether as a result of new information of future events, except as may be required by applicable law or regulation.

ELMER BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(unaudited)

	Twelve Months Ended				Three Months Ended
	12/31/2020		12/31/2019		12/31/2020		9/30/2020		6/30/2020		3/31/2020
Statement of Income Data:	(dollars in thousands, except per share data)

Interest income	$	12,422	$	12,194	$	3,403	$	2,941	$	3,075	$	3,003
Interest expense		930		1,065		222		225		232		251
Net interest income		11,492		11,129		3,181		2,716		2,843		2,752
Provision for loan losses		931		198		360		335		143		93
Net interest income after provision for loan losses		10,561		10,931		2,821		2,381		2,700		2,659
Non-interest income		928		1,074		242		220		220		246
Non-interest expense		9,492		9,139		2,614		2,368		2,250		2,260
Income before income tax expense		1,997		2,866		449		233		670		645
Income tax expense		528		799		127		50		178		173
Net income	$	1,469	$	2,067	$	322	$	183	$	492	$	472

Earnings per share:
Basic	$	1.28	$	1.80	$	0.28	$	0.16	$	0.43	$	0.41
Diluted	$	1.28	$	1.80	$	0.28	$	0.16	$	0.43	$	0.41
Weighted average shares outstanding (y-t-d)		1,148,373		1,147,279		1,148,373		1,148,271		1,148,066		1,147,454


Statement of Condition Data (Period End):	12/31/2020		12/31/2019		12/31/2020		9/30/2020		6/30/2020		3/31/2020
Total investments	$	8,472	$	12,215	$	8,472	$	9,145	$	9,950	$	11,067
Total gross loans	$	279,370	$	243,309	$	279,370	$	289,147	$	283,869	$	253,129
Allowance for loan losses	$	4,180	$	3,391	$	4,180	$	3,922	$	3,589	$	3,453
Total assets	$	330,417	$	285,843	$	330,417	$	326,600	$	326,859	$	286,075
Total deposits	$	300,424	$	257,192	$	300,424	$	296,828	$	296,767	$	257,022
Total stockholders’ equity	$	28,201	$	26,762	$	28,201	$	28,092	$	27,902	$	27,276
Book value per share	$	24.55	$	23.32	$	24.55	$	24.46	$	24.29	$	23.77

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005040/en/

Matthew A. Swift

Senior Vice President

Chief Financial Officer

Chief Operating Officer

1-856-358-7000

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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January 29, 2021 4:15 pm

Correction Notice Of Press Release Announcing Richmond Mutual Bancorporation, Inc. 2020 Fourth Quarter And Full Year Financial Results

PR Newswire

RICHMOND, Ind., Jan. 29, 2021 /PRNewswire/ — Richmond Mutual Bancorporation, Inc., a Maryland corporation (the “Company”) (NASDAQ: RMBI), parent company of First Bank Richmond (the “Bank”), today announced a correction to its earnings release issued on Thursday, January 28, 2021 entitled, “Richmond Mutual Bancorporation, Inc. Announces 2020 Fourth Quarter and Full Year Financial Results.”

In the earnings release, the date “January 28, 2020“, which appeared three times, was misstated and should have read “January 28, 2021“.

About Richmond Mutual Bancorporation, Inc.

Richmond Mutual Bancorporation, Inc., headquartered in Richmond, Indiana, is the holding company for First Bank Richmond, a community-oriented financial institution offering traditional financial and trust services within its local communities through its eight locations in Richmond, Centerville, Cambridge City and Shelbyville, Indiana, its five locations in Sidney, Piqua and Troy, Ohio and its loan production office in Columbus, Ohio.

FORWARD-LOOKING STATEMENTS:

This document and other filings by the Company with the Securities and Exchange Commission (the “SEC”), as well as press releases or other public or stockholder communications released by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions that are intended to identify “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the effect of the COVID-19 pandemic, including on the Company’s credit quality and business operations, as well as its impact on general economic and financial market conditions and other uncertainties such as the extent and duration of the impact of the pandemic on public health, the U.S. and global economies, and on consumer and corporate customers, including economic activity, employment levels and market liquidity; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; changes in management’s business strategies; changes in the regulatory and tax environments in which the Company operates; and other factors set forth in the Company’s filings with the SEC.

The factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake – and specifically declines any obligation – to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. When considering forward-looking statements, keep in mind these risks and uncertainties. Undue reliance should not be placed on any forward-looking statement, which speaks only as of the date made. Refer to the Company’s periodic and current reports filed with the SEC for specific risks that could cause actual results to be significantly different from those expressed or implied by any forward-looking statements.

View original content:http://www.prnewswire.com/news-releases/correction-notice-of-press-release-announcing-richmond-mutual-bancorporation-inc-2020-fourth-quarter-and-full-year-financial-results-301218329.html

SOURCE Richmond Mutual Bancorporation, Inc.

January 29, 2021 4:13 pm

Taitron Announces Quarterly Cash Dividend

LOS ANGELES, Jan. 29, 2021 (GLOBE NEWSWIRE) — Taitron Components Incorporated (NASDAQ:TAIT) today announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share of common stock, payable on February 26, 2021 to stockholders of record as of the close of business on February 12, 2021. Under our revised dividend policy, the Company will now target a cash dividend to our stockholders in the amount of $0.16 per share per annum, payable in equal $0.04 per share quarterly installments.

Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company’s stockholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

About Taitron Components

Taitron, based in Valencia, California, is the “Discrete Components Superstore”. The Company distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to electronic distributors, contract electronic manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate them into their products. In addition, Taitron provides value-added engineering and turn-key services for our existing OEM and CEM customers and providing them with original design and manufacturing services for their multi-year turn-key projects.

Safe Harbor Statement

Statements contained in the exhibit to this report that state the Company’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.

CONTACTS:

Taitron Components Incorporated

David Vanderhorst – ph 661-257-6060

January 29, 2021 4:10 pm

Wells Fargo Closed-End Funds Declare Monthly Distributions

Wells Fargo Closed-End Funds Declare Monthly Distributions

SAN FRANCISCO–(BUSINESS WIRE)–
The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), and the Wells Fargo Utilities and High Income Fund (NYSE American: ERH) have each announced a distribution.

Ticker	Fund name	Distribution per share	Frequency	Change from prior distribution
EAD	Wells Fargo Income Opportunities Fund	$0.05577	Monthly	-$0.00002
ERC	Wells Fargo Multi-Sector Income Fund	$0.09161	Monthly	-$0.00016
ERH	Wells Fargo Utilities and High Income Fund	$0.07104	Monthly	-$0.00019

The following dates apply to today’s distribution declaration for each fund:

Declaration date			January 29, 2021
Ex-dividend date			February 11, 2021
Record date			February 12, 2021
Payable date			March 1, 2021

These funds make distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8% for the Wells Fargo Income Opportunities Fund, 9% for the Wells Fargo Multi-Sector Income Fund, and 7% for the Wells Fargo Utilities and High Income Fund based on the fund’s average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund’s distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund’s NAV to decline. Investors should not draw any conclusions about the fund’s investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The Wells Fargo Income Opportunities Fund is a closed-end high-yield bond fund. The fund’s investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective.

The Wells Fargo Multi-Sector Income Fund is a closed-end income fund. The fund’s investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all distributions is subject to change and is made after year-end. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Wells Fargo’s closed-end funds, please visit our website.

These closed-end funds are no longer engaged in initial public offerings, and shares are available only through broker-dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold through broker-dealers in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by NAV, and is often lower than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

High-yield, lower-rated bonds may contain more risk due to the increased possibility of default. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of international investing are magnified in emerging or developing markets. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation over more diversified funds due to adverse developments within that industry or sector. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. When interest rates rise, the value of debt securities tends to fall. When interest rates decline, interest that a fund is able to earn on its investments in debt securities also may decline, but the value of those securities may increase. Changes in market conditions and government policies may lead to periods of heightened volatility in the debt securities market and reduced liquidity for certain fund investments. Interest rate changes and their impact on the funds and their NAVs can be sudden and unpredictable.

The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of the NAV and the market price of common shares. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or to closely track. There are numerous risks associated with transactions in options on securities. Illiquid securities may be subject to wide fluctuations in market value and may be difficult to sell.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds’ actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances. PAR-0121-01383

INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO BANK GUARANTEE ● MAY LOSE VALUE

WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005592/en/

Media

Robert Julavits, 646-618-2790

[email protected]

Shareholder inquiries

1-800-730-6001

Financial advisor inquiries

1-888-877-9275

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

January 29, 2021 4:08 pm

Fannie Mae Releases December 2020 Monthly Summary

PR Newswire

WASHINGTON, Jan. 29, 2021 /PRNewswire/ — Fannie Mae’s (OTCQB: FNMA) December 2020 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae’s monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom

https://www.fanniemae.com/news

Photo of Fannie Mae

https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

###

View original content:http://www.prnewswire.com/news-releases/fannie-mae-releases-december-2020-monthly-summary-301218302.html

SOURCE Fannie Mae

January 29, 2021 4:08 pm

AllianzGI Convertible & Income Fund II Reports Results for the Fiscal Quarter and Nine Months Ended November 30, 2020

AllianzGI Convertible & Income Fund II Reports Results for the Fiscal Quarter and Nine Months Ended November 30, 2020

NEW YORK–(BUSINESS WIRE)–
AllianzGI Convertible & Income Fund II (the “Fund”) (NYSE:NCZ), a diversified closed-end management investment company which seeks to provide total return through a combination of capital appreciation and high current income, today announced its results for the fiscal quarter and nine months ended November 30, 2020.

	At November,
	2020	2019
Net Assets (a)	$674,562,727	$656,769,319
Common Shares Outstanding	76,115,749	76,073,659
Net Asset Value (“NAV”)	$5.30	$5.06
Market Price	$4.81	$4.97
Discount to NAV	(9.25)%	(1.78)%
Overdistributed Net Investment Income
Per Common Share (b)	$(0.1269)	$(0.1651)

	Quarter ended November 30,
	2020	2019
Net Investment Income (c)	$6,442,782	$8,957,489
Per Common Share (c)	$0.08	$0.12
Net Realized and Change in Unrealized Gain (c)	$36,285,601	$6,795,085
Per Common Share (c)	$0.49	$0.08

	Nine months ended November 30,
	2020	2019
Net Investment Income (c)	$20,611,088	$27,864,620
Per Common Share (c)	$0.27	$0.37
Net Realized and Change in Unrealized Gain (c)	$49,199,166	$15,484,486
Per Common Share (c)	$0.65	$0.19

(a)		Net assets are inclusive of Preferred Shares of $271,525,000.

(b)		Since the Fund’s net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund’s overdistributed net investment income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund’s Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed net investment income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The overdistributed net investment income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The overdistributed net investment income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt in accordance with federal income tax treatment.

(c)		Net Investment Income for the fiscal quarter and nine months ended November 30, 2020 includes market premium amortization on corporate bonds of $256,595 (less than $0.01 per common share) and $809,621 ($0.01 per common share), respectively. Net Investment Income for the fiscal quarter and nine months ended November 30, 2019 includes market premium amortization on corporate bonds of $265,850 (less than $0.01 per common share) and $739,247 ($0.01 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.

Allianz Global Investors U.S. LLC an indirect, wholly-owned subsidiary of PFP Holdings, Inc., serves as the Fund’s investment manager and is a member of Munich-based Allianz Group.

The Fund’s daily New York Stock Exchange closing market price, NAV, as well as other information, are available at us.allianzgi.com/closedendfunds or by calling the Fund’s shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. The Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005560/en/

For Information on Allianz Closed-End Funds:

Financial Advisors: (800) 926-4456

Shareholders: (800) 254-5197

Media Relations: (212) 739-3172

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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January 29, 2021 4:08 pm

AllianzGI Convertible & Income 2024 Target Term Fund Reports Results for the Fiscal Quarter and Nine Months Ended November 30, 2020

AllianzGI Convertible & Income 2024 Target Term Fund Reports Results for the Fiscal Quarter and Nine Months Ended November 30, 2020

NEW YORK–(BUSINESS WIRE)–AllianzGI Convertible & Income 2024 Target Term Fund (the “Fund”) (NYSE: CBH), a diversified closed-end management investment company which seeks to provide a high level of income and to return at least $9.835 per common share (the original net asset value per common share of beneficial interest before deducting offering cost of $0.02 per share) to holders of common shares on or about September 1, 2024, today announced its results for the fiscal quarter and nine months ended November 30, 2020.


	At November 30,
	2020	2019
Net Assets	$186,807,810	$181,166,380
Common Shares Outstanding	18,258,516	18,257,012
Net Asset Value (“NAV”)	$10.23	$9.92
Market Price	$9.88	$9.80
Discount to NAV	(3.42)%	(1.21)%
Undistributed Ordinary Income
Income Per Common Share (a)	$0.3840	$0.2391

	Quarter ended November 30,
	2020	2019
Net Investment Income (b)	$2,024,586	$2,092,359
Per Share (b)	$0.11	$0.11
Net Realized and Change in Unrealized Gain (b)	$10,262,199	$3,559,887
Per Share (b)	$0.56	$0.19

	Nine Months ended November 30,
	2020	2019
Net Investment Income (b)	$5,922,564	$6,251,956
Per Share (b)	$0.32	$0.34
Net Realized and Change in Unrealized Gain (b)	$8,523,148	$5,153,671
Per Share (b)	$0.48	$0.28

(a)		Since the Fund’s net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund’s undistributed ordinary income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund’s Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed ordinary income balance will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed ordinary income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The undistributed ordinary income balance includes realized gain (loss) on the sale of contingent debt and Section 305 adjustments for accrual of deemed dividends from investments in convertible debt in accordance with federal income tax treatment.

(b)		Net Investment Income for the fiscal quarter and nine months ended November 30, 2020 includes market premium amortization on corporate bonds of $243,635 ($0.01 per common share) and $753,633 ($0.04 per common share), respectively. Net Investment Income for the fiscal quarter and nine months ended November 30, 2019 includes market premium amortization on corporate bonds of $221,563 ($0.01 per common share) and $623,962 ($0.03 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.

Allianz Global Investors U.S. LLC an indirect, wholly-owned subsidiary of PFP Holdings, Inc., serves as the Fund’s investment manager and is a member of Munich-based Allianz Group.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its stated objectives. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005545/en/

For Information on Allianz Closed-End Funds:

Financial Advisors: (800) 926-4456

Shareholders: (800) 254-5197

Media Relations: (212) 739-3172

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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January 29, 2021 4:08 pm

Wynn Resorts Announces Fourth Quarter Earnings Release Date

Wynn Resorts Announces Fourth Quarter Earnings Release Date

LAS VEGAS–(BUSINESS WIRE)–
Wynn Resorts, Limited (NASDAQ: WYNN) announced today that it will release the Company’s financial results for the fourth quarter ended December 31, 2020, after the market close on Thursday, February 4, 2021, followed by a conference call at 1:30 p.m. PT (4:30 p.m. ET).

The call will be broadcast live at www.wynnresorts.com under the “Company Information” section. Interested parties may also dial (888) 455-5965 or, for international callers, (773) 799-3869. The conference call access code is 3983556.

A replay of the call will be available through March 4, 2021, by dialing (888) 566-0623 or, for international callers, (402) 998-0725. The replay access code is 3983556. The call will also be archived at www.wynnresorts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005530/en/

Vincent Zahn, Senior Vice President and Treasurer

702-770-7555

[email protected]

KEYWORDS: United States North America Nevada

INDUSTRY KEYWORDS: Casino/Gaming Entertainment Lodging Travel

MEDIA:

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