Cortes Campers Launches New Website Featuring Carbon Fiber RV Travel Trailers and Campers

Cortes Campers manufactures RV travel trailers and campers from the
highest quality marine materials plus our advanced technology in molded aluminized fiberglass construction
. Cortes Campers CEO, Paul Spivak, has Patents Pending for the new revolutionary RV travel trailers and campers designs.  

cortescampers.com

EUCLID, Ohio, Jan. 29, 2021 (GLOBE NEWSWIRE) — Cortes Campers, a division of the US Lighting Group, Inc. (OTC:USLG), launches its new RV Travel Trailers and Campers website showcasing the new 17-ft state-of-the-art travel trailers manufactured from its advanced technology in molded aluminized fiberglass construction patents pending. The company is using an innovative one-of-a-kind axle-less independent suspension from Timbren Axle for a higher ground clearance.

​“The US Lighting Group and Cortes Campers are thrilled to announce the launch of a new Cortes Campers website. It features state-of-the-art molded aluminized fiberglass RV Travel Trailers and Campers. We are excited about the new exterior and interior designs we offer for outdoor enthusiasts, weekend campers, and long-term RV travelers. The luxurious travel trailers and campers include additional storage space, windows, appliances, and the latest technology to monitor essential energy sources. Cortes Campers are approximately 50% lighter, much stronger, and smarter than anything you’ve ever experienced,” said Paul Spivak, CEO of the US Lighting Group.

Mr. Spivak continues, “Cortes Campers uses cutting-edge materials and next-generation manufacturing processes to revolutionize the manufacturing of recreational vehicles. We are manufacturing a new line of Monoshell travel trailers and campers and selling them through the company’s own Dealer network with exclusive licensed distributors in the United States.” 

Cortes Campers true four-season recreational travel trailers and campers are handcrafted from aerospace materials for exceptional weight, strength, and thermal properties. The exterior design features the Cortes Campers honeycomb Monoshell core made from biaxial aluminized fiberglass material, carbon fiber, and marine-grade gelcoats. The luxurious interior has installed safety features with electronic monitoring systems and multi-functional power management system designed by its sister company, Intellitronix Corporation. intellitronix.com

About U.S. Lighting Group, Inc. and Intellitronix Corp

US Lighting Group (OTC:USLG) and its wholly owned subsidiary, Intellitronix Corporation, are leading manufacturers of electronics, supplying growth sectors such as high-tech robotics utilizing our own in-house proprietary artificial intelligence, LED lighting, custom designed LED products, microprocessor-controlled LED instrumentation, custom private labeled electronics, automotive, RV, and marine electronics. The company has manufacturing and R&D facilities in Cleveland, Ohio with an international sales distribution network. uslightinggroup.com

Forward-Looking Statements

Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.

Contact
US Lighting Group
1148 East 222nd Street
Euclid, OH 44117 USA
T: +1 216.896.7000
[email protected]



Bird Construction Inc. Announces Release Date and Conference Call for Fourth Quarter and Fiscal 2020 Financial Results

Canada NewsWire

MISSISSAUGA, ON, Jan. 29, 2021 /CNW/ – Bird Construction Inc. (TSX: BDT) announced today that it will release its financial results for the quarter ended December 31, 2020 after market close on Tuesday, March 9, 2021, and will host a conference call and webcast to discuss the results on Wednesday, March 10, 2021 at 10:00 a.m. (ET).

Analysts and institutional investors are invited to access the conference call by dialing 1-855-328-1925 at least 10 minutes prior to the start.

A live webcast will be held at http://services.choruscall.ca/links/bird20210310.html. Participants should join at least 10 minutes prior to the start to register and install any necessary software. The accompanying presentation of the fourth quarter and fiscal 2020 financial results will be available after market close on Tuesday, March 9, 2021 at https://www.bird.ca/investors.  

Related financial documents will be posted at https://www.bird.ca/investors.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

For further information contact:

T.L. McKibbon, President & CEO or

W.R. Gingrich, CFO

Bird Construction Inc.

5700 Explorer Drive, Suite 400


Mississauga, ON L4W 0C6

Phone: (905) 602-4122 

[email protected]

About Bird Construction

Bird (TSX:BDT) is a leading Canadian construction company operating from coast-to-coast and servicing all of Canada’s major markets. Bird provides a comprehensive range of construction services from new construction for industrial, commercial, and institutional markets; to industrial maintenance, repair and operations services, heavy civil construction, and contract surface mining; as well as vertical infrastructure including, electrical, mechanical, and specialty trades. For over 100 years, Bird has been a people-focused company with an unwavering commitment to safety and a high level of service that provides long-term value for all stakeholders. www.bird.ca 

SOURCE Bird Construction Inc.

SHAREHOLDER ALERT: Rigrodsky Law, P.A. Reminds Investors of Investigations of VSPR, EXPC, CRSA, and HEC Mergers

WILMINGTON, Del., Jan. 29, 2021 (GLOBE NEWSWIRE) — Rigrodsky Law, P.A. announces that it is investigating:

Vesper Healthcare Acquisition Corp. (NASDAQ GS:

VSPR

) regarding possible breaches of fiduciary duties and other violations of law related to Vesper Healthcare’s agreement to merge with The HydraFacial Company. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-vesper-healthcare-acquisition-corp.

Experience Investment Corp. (NASDAQ GS:

EXPC

) regarding possible breaches of fiduciary duties and other violations of law related to Experience Investment’s agreement to merge with BLADE Urban Air Mobility, Inc. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-experience-investment-corp.

Crescent Acquisition Corp (NASDAQ CM:

CRSA

) regarding possible breaches of fiduciary duties and other violations of law related to Crescent Acquisition’s agreement to merge with LiveVox Holdings, Inc. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-crescent-acquisition-corp.

Hudson Executive Investment Corp. (NASDAQ GS:

HEC

) regarding possible breaches of fiduciary duties and other violations of law related to Hudson Executive’s agreement to merge with GROOP Internet Platform, Inc. (d/b/a Talkspace). To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-hudson-executive-investment-corp.

You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or [email protected].

Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.

Attorney advertising. Prior results do not guarantee a similar outcome.

CONTACT:

Rigrodsky Law, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
[email protected]
https://rl-legal.com



Rigel Awarded $16.5 Million from U.S. Department of Defense for Phase 3 Clinical Trial of Fostamatinib in COVID-19 Patients

Study has the potential to facilitate a filing for Emergency Use Authorization (EUA)

PR Newswire

SOUTH SAN FRANCISCO, Calif., Jan. 29, 2021 /PRNewswire/ — Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced it has been awarded $16.5 million by the U.S. Department of Defense’s (DOD) Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) to support Rigel’s ongoing Phase 3 clinical trial to evaluate the safety and efficacy of fostamatinib in hospitalized COVID-19 patients. Fostamatinib is marketed in the U.S. as TAVALISSE® (fostamatinib disodium hexahydrate) tablets, and is approved in the U.S., Europe, and Canada as a treatment for adult chronic immune thrombocytopenia (ITP).

“We are grateful to receive this funding from the DOD and for their demonstrated commitment towards finding safe and effective treatments for COVID-19 patients,” said Raul Rodriguez, Rigel’s president and CEO. “These additional resources will contribute significantly to the advancement of our Phase 3 trial. Data from this trial, coupled with findings from the NIH-sponsored Phase 2 trial, which is anticipated to report topline results in April 2021, could potentially facilitate an EUA filing for a much needed therapy for hospitalized COVID-19 patients in the U.S.”

“The DOD is pleased to support this effort, since repurposing an existing FDA-approved drug product for potential application as a COVID-19 treatment saves time and cost, enabling a much more rapid response to the pandemic,” said Dr. Jason Roos, the Joint Program Executive Officer for Chemical, Biological, Radiological and Nuclear Defense. “This investment should speed up identification of safe and effective treatments for this formidable pandemic.”

The Phase 3 clinical trial will evaluate the safety and efficacy of fostamatinib in hospitalized COVID-19 patients without respiratory failure that have certain high-risk prognostic factors. This multi-center, double-blind, placebo-controlled, adaptive design study is expected to enroll over 300 evaluable patients that will be randomly assigned to either fostamatinib plus standard of care (SOC) or matched placebo plus SOC (1:1). Treatment will be administered orally twice daily for 14 days. There will be a follow-up period to day 60. The primary endpoint of this study is the proportion of subjects who progress to severe/critical disease within 29 days.


About COVID-19 & SYK Inhibition

COVID-19 is the infectious disease caused by Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2).  SARS-CoV-2 primarily infects the upper and lower respiratory tract and can lead to acute respiratory distress syndrome (ARDS). Additionally, some patients develop other organ dysfunction including myocardial injury, acute kidney injury, shock resulting in endothelial dysfunction and subsequently micro and macrovascular thrombosis.1 Much of the underlying pathology of SARS-CoV-2 is thought to be secondary to a hyperinflammatory immune response associated with increased risk of thrombosis.2

SYK is involved in the intracellular signaling pathways of many different immune cells. Therefore, SYK inhibition may improve outcomes in patients with COVID-19 via inhibition of key Fc gamma receptor (FcγR) and c-type lectin receptor (CLR) mediated drivers of pathology, such as inflammatory cytokine release by monocytes and macrophages, production of neutrophil extracellular traps (NETs) by neutrophils, and platelet aggregation.3,4,5 Furthermore, SYK inhibition in neutrophils and platelets may lead to decreased thromboinflammation, alleviating organ dysfunction in critically ill patients with COVID-19.


About TAVALISSE


Indication
TAVALISSE® (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

Important Safety Information

Warnings and Precautions

  • Hypertension can occur with TAVALISSE treatment. Patients with pre-existing hypertension may be more susceptible to the hypertensive effects. Monitor blood pressure every 2 weeks until stable, then monthly, and adjust or initiate antihypertensive therapy for blood pressure control maintenance during therapy. If increased blood pressure persists, TAVALISSE interruption, reduction, or discontinuation may be required.
  • Elevated liver function tests (LFTs), mainly ALT and AST, can occur with TAVALISSE. Monitor LFTs monthly during treatment. If ALT or AST increase to >3 x upper limit of normal, manage hepatotoxicity using TAVALISSE interruption, reduction, or discontinuation.
  • Diarrhea occurred in 31% of patients and severe diarrhea occurred in 1% of patients treated with TAVALISSE. Monitor patients for the development of diarrhea and manage using supportive care measures early after the onset of symptoms. If diarrhea becomes severe (≥Grade 3), interrupt, reduce dose or discontinue TAVALISSE.
  • Neutropenia occurred in 6% of patients treated with TAVALISSE; febrile neutropenia occurred in 1% of patients. Monitor the ANC monthly and for infection during treatment. Manage toxicity with TAVALISSE interruption, reduction, or discontinuation.
  • TAVALISSE can cause fetal harm when administered to pregnant women. Advise pregnant women the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment and for at least 1 month after the last dose. Verify pregnancy status prior to initiating TAVALISSE. It is unknown if TAVALISSE or its metabolite is present in human milk. Because of the potential for serious adverse reactions in a breastfed child, advise a lactating woman not to breastfeed during TAVALISSE treatment and for at least 1 month after the last dose.

Drug Interactions

  • Concomitant use of TAVALISSE with strong CYP3A4 inhibitors increases exposure to the major active metabolite of TAVALISSE (R406), which may increase the risk of adverse reactions. Monitor for toxicities that may require a reduction in TAVALISSE dose.
  • It is not recommended to use TAVALISSE with strong CYP3A4 inducers, as concomitant use reduces exposure to R406.
  • Concomitant use of TAVALISSE may increase concentrations of some CYP3A4 substrate drugs and may require a dose reduction of the CYP3A4 substrate drug.
  • Concomitant use of TAVALISSE may increase concentrations of BCRP substrate drugs (eg, rosuvastatin) and P-Glycoprotein (P-gp) substrate drugs (eg, digoxin), which may require a dose reduction of the BCRP and P-gp substrate drug.

Adverse Reactions

  • Serious adverse drug reactions in the ITP double-blind studies were febrile neutropenia, diarrhea, pneumonia, and hypertensive crisis, which occurred in 1% of TAVALISSE patients. In addition, severe adverse reactions occurred including dyspnea and hypertension (both 2%), neutropenia, arthralgia, chest pain, diarrhea, dizziness, nephrolithiasis, pain in extremity, toothache, syncope, and hypoxia (all 1%).
  • Common adverse reactions (≥5% and more common than placebo) from FIT-1 and FIT-2 included: diarrhea, hypertension, nausea, dizziness, ALT and AST increased, respiratory infection, rash, abdominal pain, fatigue, chest pain, and neutropenia.

Please see www.TAVALISSE.com for full Prescribing Information.

To report side effects of prescription drugs to the FDA, visit www.fda.gov/medwatch or call 1-800-FDA-1088 (800-332-1088).

TAVALISSE and TAVLESSE are registered trademarks of Rigel Pharmaceuticals, Inc.


About Rigel (www.rigel.com)

Rigel Pharmaceuticals, Inc., is a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with hematologic disorders, cancer and rare immune diseases. Rigel’s pioneering research focuses on signaling pathways that are critical to disease mechanisms. The company’s first FDA approved product is TAVALISSE® (fostamatinib disodium hexahydrate) tablets, the only oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. The product is also commercially available in Europe (TAVLESSE) and Canada (TAVALISSE) for the treatment of chronic immune thrombocytopenia in adult patients.

Fostamatinib6 is currently being studied in a Phase 3 trial for the treatment of warm autoimmune hemolytic anemia (wAIHA); an NIH/NHLBI-sponsored Phase 2 trial for the treatment of hospitalized COVID-19 patients, in collaboration with Inova Health System; and a Phase 2 trial for the treatment of COVID-19 being conducted by Imperial College London. Additionally, has Rigel launched a Phase 3 clinical trial of fostamatinib for the treatment of hospitalized COVID-19 patients.

Rigel’s other clinical programs include an ongoing Phase 1 study of R8356, a proprietary molecule from its interleukin receptor-associated kinase (IRAK) inhibitor program, and a recently completed Phase 1 study of R5526, a proprietary molecule from its receptor-interacting serine/threonine-protein kinase (RIPK) inhibitor program. In addition, Rigel has product candidates in clinical development with partners AstraZeneca, BerGenBio ASA, and Daiichi Sankyo.

1. Berlin DA, Gulick RM, Martinez FJ. Severe Covid-19. N Engl J Med 2020
2. Becker RC. COVID-19 Update: COVID-19 associated coagulopathy. Journal of Thrombosis and Thrombolysis May 15, 2020. DOI: https://doi.org/10.1007/s11239-020-02134-3 
3. Hoepel W. et al. Anti-SARS-CoV-2 IgG from severely ill COVID-19 patients promotes macrophage hyper-inflammatory responses. bioRxiv July 13, 2020. DOI: https://doi.org/10.1101/2020.07.13.190140 
4. Sung P-S and Hsieh S-L (2019) CLEC2 and CLEC5A: Pathogenic Host Factors in Acute Viral Infections. Front. Immunol. 10:2867. DOI: https://doi.org/10.3389/fimmu.2019.02867 
5. Behnen M. Immobilized Immune Complexes Induce Neutrophil Extracellular Trap Release by Human Neutrophil Granulocytes via Fcγ RIIIB and Mac-1. The Journal of Immunology July 2014. DOI: https://doi.org/10.4049/jimmunol.1400478 
6. The product for this use or indication is investigational and has not been proven safe or effective by any regulatory authority.


Forward Looking Statements

This release contains forward-looking statements relating to, among other things, Rigel’s ability to receive payments under the DoD agreement, expected timing of the results of the NIH-sponsored Phase 2 trial and the potential for Rigel’s Phase 3 study to facilitate a filing for an EUA. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “potential,” “may,” “expects” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements are based on Rigel’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the commercialization and marketing of TAVALISSE; risks that the FDA, EMA or other regulatory authorities may make adverse decisions regarding fostamatinib; risks that TAVALISSE clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; risks that TAVALISSE may have unintended side effects, adverse reactions or incidents of misuses; the availability of resources to develop Rigel’s product candidates; market competition; as well as other risks detailed from time to time in Rigel’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. In addition, the COVID-19 pandemic may result in further delays in Rigel’s studies, trials and sales, or impact Rigel’s ability to obtain supply of TAVALISSE. Rigel does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.

Rigel Investor Contact: 
Phone: 650.624.1232
Email: [email protected]

Rigel Media Contact:
Phone: 315-409-9783
Email: [email protected]

 

 

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SOURCE Rigel Pharmaceuticals, Inc.

Corum Client Leading2Lean, Manufacturing Software Platform Provider, Secures Growth Investment from M33 Growth

SEATTLE, Jan. 29, 2021 (GLOBE NEWSWIRE) — Corum announces today that their client, Nevada-based Leading2Lean (L2L), provider of plant floor digital production and maintenance software solutions for manufacturers, has secured a growth investment from M33 Growth.

“As former tech CEOs, Corum’s dealmakers were able to provide unparalleled guidance through this process. Their knowledge and access to buyers in our space resulted in an excellent match with M33 Growth,” said Keith Barr, President & CEO of L2L. “We’re excited for the opportunity to accelerate L2L’s growth as we continue to meet the demand for digitization in manufacturing.”

“The fit between L2L and M33 Growth is excellent. L2L has built a platform to enable manufactures to realize Industry 4.0 with some of the best customer satisfaction I have ever seen. M33 Growth brings resources, contacts, and know-how accelerate L2Ls growth and development at an inflection point in this market. Truely a great combination,” said Jeffrey Bunting, Corum Group Senior Vice President, who led the deal.

Corum is seeing high demand for companies like L2L in the no-code and blue collar tech sectors. Corum will further discuss the L2L deal and the overall M&A market for software and related technology companies during Corum’s monthly webcast on February 11th: Private Equity Panel Discussion.

About Corum Group

Corum Group is the global leader in merger and acquisition services, specializing in serving sellers of software and related technology companies worldwide. With offices globally, Corum has completed over $10B in software M&A transactions over the last 36 years. Corum’s M&A advisors are highly experienced former tech CEOs, supported by industry-leading researchers, writers and valuators. Corum is the leading tech M&A educator worldwide with its popular conferences and publishes the most widely distributed software M&A research. For more information, visit www.corumgroup.com.

About Leading2Lean (L2L)

Founded in 2010, L2L provides a Lean Execution System software platform for manufacturers. It has integrated and easy-to-use lean tools that allow operators and managers to use real-time data to reveal and solve root cause problems that cause metric misses, all while creating a sustainable plant floor culture of continuous improvement. For more information, visit www.L2L.com.

About M33 Growth

M33 Growth is a venture and growth-stage investment firm that partners with founders and CEOs who have successfully bootstrapped their companies to strong growth and are positioned to rapidly scale their companies and breakthrough as market leaders. With deep experience fueling sales and marketing engines, driving acquisitions, and building value through data assets, M33 Growth seeks to propel portfolio companies to succeed in their markets. Founded by veterans of renowned investment firms with considerable operational experience, the Boston-based firm seeks to invest in companies in the software, healthcare, and services sectors throughout North America. Learn more at www.m33growth.com.

Contact:
Heidi Owen
+1 425-526-3107
[email protected]



IPL announces expanded senior leadership and government affairs teams

Company congratulates Fred Mills on retirement, welcomes new team members

PR Newswire

INDIANAPOLIS, Jan. 29, 2021 /PRNewswire/ — Indianapolis Power & Light Company, a subsidiary of the AES Corporation (NYSE: AES), today announced additions to its senior leadership and government affairs teams. The expanded teams have new capabilities for IPL to innovate to serve its customers’ evolving needs.


Brandi Davis-Handy
 will join IPL in a newly created role, chief public relations officer, US Utilities, and will lead the communications and community efforts for AES in Indiana and Ohio. Davis-Handy has two decades of journalism, corporate communications and marketing experience. She has held leadership roles in the private, public and non-profit sectors, including positions at Project Lead the Way, OneAmerica, and the 500 Festival. She previously led communications for IPL and the AES US Strategic Business Unit (SBU) for five years. Davis-Handy graduated from Hampton University, was recognized as a Center for Leadership Development Minority Achiever and was named a Breakthrough Woman in Leadership Development by the National Coalition of 100 Black Women in 2018.


Aaron Cooper
 will assume the newly created role of chief commercial officer, US Utilities, covering commercial activities for AES in Indiana and Ohio. Cooper has more than 30 years of utility experience with Dayton Power & Light and AES. For more than a decade, he served as the director of fuel supply, where he supported AES-owned solid fuel generating stations in the US with fuel planning and procurement, logistics and contract administration. Cooper also has experience with Dayton Power & Light across a number of management functions, including customer accounts, operations, regulatory, commercial activities. Cooper graduated from Miami University in Ohio.


Fred Mills
, external affairs director, will retire this month after nearly two decades at IPL. Mills has served as a key leader in government and stakeholder roles, where he interfaced with federal, state and local elected officials. Mills also represented IPL on the Indiana Energy Association’s Government Relations Committee and numerous other boards. Most recently, Fred served as the company’s lead on the Indiana General Assembly’s 21st Century Energy Task Force where he helped shape the context for future energy policy discussions throughout Indiana.

“Fred has played an important role for IPL, representing the company with numerous stakeholders and working to advance the economic development goals of Indianapolis,” said Kristina Lund, IPL president and CEO. “In addition, Fred’s impact on AES extends beyond Indiana. Fred actively supported AES’ development of our businesses in Vietnam and Bulgaria. We are grateful for Fred’s leadership and many contributions over the years, and we wish him well in his retirement.”


Tom Raga
 will lead AES US Utilities’ government affairs teams across Indiana and Ohio. Raga has extensive public policy experience including service in local elected office and as a member of the Ohio House of Representatives. Since joining Dayton Power & Light in 2010, Raga has held management roles overseeing federal and state government relations, transmission resource planning, communications, strategic accounts, safety, environmental services, and corporate social responsibility. During the COVID-19 pandemic, Raga has spearheaded customer care efforts in both Indiana and Ohio to ensure customers had access to extended payment plans and other support.


Courtney Arango
has been named IPL’s government affairs director. Most recently, Arango has served as the company’s external affairs manager and spokeswoman. Arango has extensive experience in media, communications and policy. Previously, she was communications director in Governor Holcomb’s office, and she directed communications for the Indiana Department of Environmental Management (IDEM). Courtney has also served in communications roles for the Indiana Senate Majority Caucus and the State Lottery Commission of Indiana.                        

“IPL has a strong and dedicated leadership team, with many individuals who have served Indianapolis in important functions over the years,” said Lund. “We are pleased to add some additional capabilities to our team, as this is an important moment for us to innovate to better serve our customers and communities.”

About Indianapolis Power & Light Company and AES
Indianapolis Power & Light Company (IPL), an AES Company, provides retail electric service to more than 490,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, IPL has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please visit IPLpower.com or connect at twitter.com/IPLpowerfacebook.com/IPLpower or linkedin.com/company/IPLpower.

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

 

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SOURCE The AES Corporation

First National Bank Alaska Declares Dividend For First Quarter 2021

First National Bank Alaska Declares Dividend For First Quarter 2021

ANCHORAGE, Alaska–(BUSINESS WIRE)–
At the Board of Directors Meeting held January 28, 2021, First National Bank Alaska (OTCQX:FBAK) declared a cash dividend of$3.20 per share, payable on March 15, 2021, to shareholders of record as of March 1, 2021.

Cheri Gillian

Secretary to the Board of Directors

907-777-3409

http://www.FNBAlaska.com

KEYWORDS: Alaska United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

San Francisco Federal Credit Union Promotes Palwick

SAN FRANCISCO, Jan. 29, 2021 (GLOBE NEWSWIRE) — Jonathan Oliver, President and Chief Executive Officer of San Francisco Federal Credit Union (SFFedCU) has announced the promotion of Melissa Palwick from Consumer Lending Manager to Chief Member Experience Officer (CME).

“Melissa has been a rising star here at the Credit Union,” said Oliver. “She was instrumental in our recent internal core conversion project and is someone who always goes above and beyond. She always has a positive attitude, which is invaluable.”

As Consumer Lending Manager at SFFedCU, Palwick has been responsible for all underwriting, processing, new product development, quality assurance, and servicing of the consumer loan products. Prior to joining the Credit Union, Palwick spent 20 years at Bank of the West, working her way up from an entry level customer service position to Vice President of Dealer Financial Service Operations. Palwick, who grew up in Benicia, is a resident of Solano County.

In this new role, Palwick will oversee the Member Service Center, Training, Business and Community Development, Marketing, and Digital Sales and Service.



About San Francisco Federal Credit Union



San Francisco Federal Credit Union has been serving San Francisco since 1954 and is not-for-profit and member-owned. Anyone who lives, works, worships or attends school in San Francisco or San Mateo Counties is eligible for membership. San Francisco Federal Credit Union is federally insured by the National Credit Union Administration and is an Equal Housing Lender. We provide banking, lending and investment services to nearly 49,000 members and have assets of $1.2 billion. For more information, visit SanFranciscoFCU.com

For More Information: 
Rob A. Seide
415-615-7012
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17e52e64-0e9a-4182-8819-4d58954c87e5



Decibel Announces Receipt of Cultivation License for the Thunderchild Facility and Director Resignations

PR Newswire

CALGARY,  AB, Jan. 29, 2021 /PRNewswire/ – Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSX-V: DB) (OTCQB:DBCCF), is pleased to announce that the Company’s wholly-owned subsidiary, dB Thunderchild Cultivation LP, has been granted a cultivation license from Health Canada for its Thunderchild facility.

“The Thunderchild licensing represents another significant milestone for Decibel and the final step in completing Decibel’s current slate of large scale growth projects,” said Cody Church, Interim CEO of Decibel. “We are excited to drastically expand our cultivation capacity and bolster our supply of Qwest branded products which have seen tremendous consumer demand.”

The Thunderchild facility is a large scale indoor cultivation facility designed for hands on, high standard craft cannabis production. The licensing expands Decibel’s available cultivation capacity from 1,800 kilograms to more than 9,000 kilograms of premium craft cannabis sold under the Qwest family of brands, which achieves some of the highest prices in Canada ($10.18 average gross price per gram – Q3’20). The facility is critical to Decibel’s long term strategic plan and will deliver consumers more choice of high quality, and rare cultivars in the flower and pre-roll product categories.

Director Resignations

Decibel’s Board of Directors has been reconstituted to enable the receipt of the cultivation license for the Thunderchild facility by limiting the Board of Directors to those individuals who had previously received Health Canada security clearance. Effective January 29, 2021, Benjamin Sze, Dr. Ivan Casselman, and Billy Yellowhead resigned from their positions as directors of the Company (the “Resigned Directors”). Dr. Casselman and Mr. Yellowhead will serve in a limited capacity as advisors to the Company as they continue to progress through Health Canada security clearance, while Mr. Sze will continue to focus his attention on his family. The Resigned Directors will only be re-appointed to the Board once they’ve obtained their security clearances.

“Decibel would like to thank Benjamin for all of his hard work, leadership and vision during his time with the Company,” said Cody Church, Interim CEO of Decibel. “We cannot thank Benjamin enough for the positive impact he has had on both the individuals and business of Decibel and although we are saddened by Benjamin’s departure, we fully support his decision to focus on his family at this time”. Mr. Church will continue to serve as the Company’s interim CEO until a formal replacement is announced.


About Decibel

Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences. Decibel has three operating production houses along with its wholly owned retail business, Prairie Records. The Qwest Estate in Creston, BC is a licensed and operating 26,000 square foot cultivation space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. Thunderchild Cultivation, is a licensed and operating 80,000 square foot indoor cultivation facility in Battleford, SK. The Plant, Decibel’s extraction facility, in Calgary, AB has 15,000 square feet of Health Canada licensed extraction and product development space. This production house will fuel the growth of our brands Qwest, Qwest Reserve, and Blendcraft, into new and innovative product formats like concentrates, vapes, edibles and beyond.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Cautionary Statements


Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, the results of the licensing of the Thunderchild facility, Decibel’s anticipated security clearances and re-appointments of resigned directors, its ability to reach certain milestones, capacity levels, and maintenance of quality and pricing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to delays, regulatory changes and impacts, capital requirements, construction impacts, displacement requirements and unforeseen requirements resulting from the COVID-19 pandemic, the ability to obtain or maintain licences to retail cannabis products; review of the Company’s production facilities by Health Canada and receipt or maintenance of licences (including any amendments thereto) from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under the Company’s credit facilities; and the delay or failure to receive board, regulatory or other approvals, including any approvals of the TSX Venture Exchange, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/decibel-announces-receipt-of-cultivation-license-for-the-thunderchild-facility-and-director-resignations-301218281.html

SOURCE Decibel Cannabis Company Inc.

Penns Woods Bancorp, Inc. Reports Fourth Quarter 2020 Earnings

WILLIAMSPORT, Pa., Jan. 29, 2021 (GLOBE NEWSWIRE) — Penns Woods Bancorp, Inc. (NASDAQ: PWOD) –

Penns Woods Bancorp, Inc. achieved net income of $15.2 million for the twelve months ended December 31, 2020, resulting in basic and diluted earnings per share of $2.16.

Highlights

  • Net income, as reported under GAAP, for the three and twelve months ended December 31, 2020 was $3.9 million and $15.2 million, respectively compared to $2.8 million and $15.7 million for the same periods of 2019. Results for the three and twelve months ended December 31, 2020 compared to 2019 were impacted by a decrease in after-tax securities gains of $91,000 (from a gain of $386,000 to a gain of $295,000) for the three month period and an increase in securities gains of $679,000 (from a gain of $591,000 to a gain of $1,270,000) for the twelve month period. Impacting the three and twelve months ended December 31, 2019 was a write down of assets held for sale and a loss on sale of premises and equipment that totaled $949,000.
  • Gain on sale of loans increased $719,000 and $2.4 million, respectfully, for the three and twelve months ended December 31, 2020, to $1.2 million and $4.1 million, respectively, compared to $508,000 and $1.8 million for the 2019 periods. The increase is the result of a significant increase in the number of consumers who are refinancing their mortgage due to the current low interest rate environment.
  • The provision for loan losses decreased $1.1 million and $110,000, respectfully, for the three and twelve months ended December 31, 2020, to $585,000 and $2.6 million, respectively, compared to $1.7 million and $2.7 million for the 2019 periods. The higher provision during the 2019 periods was primarily due to a commercial loan relationship that had become non-performing during the fourth quarter of 2019. The provision during 2020 remained elevated due to the economic uncertainty caused by the COVID-19 pandemic.
  • Basic and diluted earnings per share for the three and twelve months ended December 31, 2020 were $0.55 and $2.16, respectively. Basic earnings per share for the three and twelve months ended December 31, 2019 were $0.40 and $2.23, respectively, with diluted earnings per share of $0.39 and $2.20, respectively.
  • Return on average assets was 0.85% for the three months ended December 31, 2020, compared to 0.68% for the corresponding period of 2019. Return on average assets was 0.85% for the twelve months ended December 31, 2020, compared to 0.94% for the corresponding period of 2019.
  • Return on average equity was 9.55% for the three months ended December 31, 2020, compared to 7.22% for the corresponding period of 2019. Return on average equity was 9.66% for the twelve months ended December 31, 2020, compared to 10.54% for the corresponding period of 2019.

COVID-19 Activity

  • Approximately one third of employees working remotely.
  • As of December 31, 2020, loan modification/deferral program in place to defer payments up to 180 days for principal and/or interest with only $8.7 million in loan principal remaining in deferral.
  • All COVID-19 related loan deferrals meet the requirements to not be considered a troubled debt restructuring.
  • Participated in the Paycheck Protection Program (“PPP”) by primarily utilizing third parties to service and place the loans.
  • Significantly reduced deposit rates during the latter half of March 2020 continuing through December 2020.
  • Total paycheck protection program loans originated to be held on balance sheet at December 31, 2020 total $11.2 million.

Net Income

Net income from core operations (“core earnings”), which is a non-generally accepted accounting principles (GAAP) measure of net income excluding net securities gains or losses, was $3.6 million for the three months ended December 31, 2020 compared to $2.4 million for the same period of 2019. Core earnings were $13.9 million for the twelve months ended December 31, 2020, compared to $15.1 million for the same period of 2019. Core earnings per share for the three months ended December 31, 2020 were $0.51 basic and diluted, compared to $0.35 basic and $0.33 diluted core earnings per share for the same period of 2019. Core earnings per share for the twelve months ended December 31, 2020 were $1.98 basic and diluted, compared to $2.14 basic and $2.12 diluted for the same period of 2019. Core return on average assets and core return on average equity were 0.79% and 8.83% for the three months ended December 31, 2020, compared to 0.59% and 6.23% for the corresponding period of 2019. Core return on average assets and core return on average equity were 0.78% and 8.85% for the twelve months ended December 31, 2020 compared to 0.90% and 10.14% for the corresponding period of 2019. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, and core earnings per share described in this press release to the comparable GAAP financial measures is included at the end of this press release.

Net Interest Margin

The net interest margin for the three and twelve months ended December 31, 2020 was 2.81% and 2.94%, compared to 3.22% and 3.31% for the corresponding periods of 2019. The decrease in the net interest margin was driven by a decrease in the yield of the loan portfolio of 28 and 16 basis points (“bps”), while the investment portfolio yield declined 80 and 65 bps, respectively, for the three and twelve month periods during the current low interest rate environment. Further compressing the net interest margin was the significant increase of interest-bearing deposits. These deposits carry a current yield of a few basis points as commercial customers have received PPP funding and retail customers have received stimulus funding. Rates paid on interest-bearing liabilities decreased over the three and twelve months ended December 31, 2020 and these rate decreases have partially offset the decline in earning asset yield.

Assets

Total assets increased $169.3 million to $1.8 billion at December 31, 2020 compared to December 31, 2019.  Cash and cash equivalents increased significantly due to deposit growth resulting from the various economic recovery programs instituted at the state and federal levels that impacted both commercial and retail customers, coupled with customers becoming more risk adverse and seeking safety in a bank deposit. Net loans decreased $13.1 million to $1.3 billion at December 31, 2020 compared to December 31, 2019, as the COVID-19 business and travel restrictions curtailed various lending activities such as indirect auto, home equity, and commercial. Lending activity began to rebound as business and travel restrictions were lessened during the second half of 2020. The investment portfolio increased $15.5 million from December 31, 2019 to December 31, 2020 as a portion of the excess cash liquidity was invested into short-term municipal bonds.

Non-performing Loans

The ratio of non-performing loans to total loans ratio decreased to 0.77% at December 31, 2020 from 0.92% at December 31, 2019 as non-performing loans have decreased to $10.3 million at December 31, 2020 from $12.4 million at December 31, 2019 primarily due to a commercial loan relationship that was paid-off during the fourth quarter of 2020. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have a specific allocation for any impairment recorded within the allowance for loan losses. Net loan charge-offs of $211,000 and $716,000 for the three and twelve months ended December 31, 2020 impacted the allowance for loan losses, which was 1.03% of total loans at December 31, 2020 compared to 0.88% at December 31, 2019.

Deposits

Deposits increased $170.4 million to $1.5 billion at December 31, 2020 compared to December 31, 2019. Noninterest-bearing deposits increased $114.6 million to $449.4 million at December 31, 2020 compared to December 31, 2019.  Driving deposit growth was the receipt of PPP funding by commercial customers, stimulus funding by retail customers, and customers becoming more risk adverse and seeking safety in a bank deposit. Emphasis during 2020 has been on increasing the utilization of electronic (internet and mobile) deposit banking among our customers. Utilization of internet and mobile banking has increased since the start of 2020 due to these efforts coupled with a change in consumer behavior due to the business and travel restrictions caused by the COVID-19 pandemic.

Shareholders’ Equity

Shareholders’ equity increased $9.2 million to $164.1 million at December 31, 2020 compared to December 31, 2019. The change in accumulated other comprehensive loss from $2.8 million at December 31, 2019 to $882,000 at December 31, 2020 is a result of an increase in unrealized gains on available for sale securities (from an unrealized gain of $2.5 million at December 31, 2019 to an unrealized gain of $4.7 million at December 31, 2020). The amount of accumulated other comprehensive loss at December 31, 2020 was also impacted by the change in net excess of the projected benefit obligation over the fair value of the plan assets of the defined benefit pension plan, resulting in an increase in the net loss of $364,000. The current level of shareholders’ equity equates to a book value per share of $23.27 at December 31, 2020 compared to $22.01 at December 31, 2019, and an equity to asset ratio of 8.95% at December 31, 2020 compared to 9.31% at December 31, 2019. Dividends declared for the twelve months ended December 31, 2020 and 2019 were $1.28 per share and $1.26 per share, respectively.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates eighteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, and Union Counties, and Luzerne Bank, which operates nine branch offices providing financial services in Luzerne County.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group. Insurance products are offered through United Insurance Solutions, LLC, a joint venture that is a subsidiary of the holding company.

NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; or (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

Contact: Richard A. Grafmyre, Chief Executive Officer
  110 Reynolds Street
  Williamsport, PA 17702
  570-322-1111 e-mail: [email protected]
     

THIS INFORMATION IS SUBJECT TO YEAR-END AUDIT ADJUSTMENT

PENNS WOODS BANCORP, INC.

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

    December 31,
(In Thousands, Except Share Data)   2020   2019   % Change
ASSETS:            
Noninterest-bearing balances   $ 31,821       $ 24,725       28.70   %
Interest-bearing balances in other financial institutions   181,537       23,864       660.71   %
Total cash and cash equivalents   213,358       48,589       339.11   %
             
Investment debt securities, available for sale, at fair value   162,261       148,619       9.18   %
Investment equity securities, at fair value   1,288       1,261       2.14   %
Investment securities, trading   40       51       (21.57 ) %
Restricted investment in bank stock, at fair value   15,377       13,528       13.67   %
Loans held for sale   5,239       4,232       23.79   %
Loans   1,344,327       1,355,544       (0.83 ) %
Allowance for loan losses   (13,803 )     (11,894 )     16.05   %
Loans, net   1,330,524       1,343,650       (0.98 ) %
Premises and equipment, net   32,702       32,929       (0.69 ) %
Accrued interest receivable   8,394       5,246       60.01   %
Bank-owned life insurance   33,638       29,253       14.99   %
Goodwill   17,104       17,104         %
Intangibles   671       898       (25.28 ) %
Operating lease right of use asset   3,136       4,154       (24.51 ) %
Deferred tax asset   2,526       3,338       (24.33 ) %
Other assets   8,385       12,471       (32.76 ) %
TOTAL ASSETS   $ 1,834,643       $ 1,665,323       10.17   %
             
LIABILITIES:            
Interest-bearing deposits   $ 1,045,086       $ 989,259       5.64   %
Noninterest-bearing deposits   449,357       334,746       34.24   %
Total deposits   1,494,443       1,324,005       12.87   %
             
Short-term borrowings   5,244       4,920       6.59   %
Long-term borrowings   153,475       161,920       (5.22 ) %
Accrued interest payable   1,112       1,671       (33.45 ) %
Operating lease liability   3,175       4,170       (23.86 ) %
Other liabilities   13,048       13,655       (4.45 ) %
TOTAL LIABILITIES   1,670,497       1,510,341       10.60   %
             
SHAREHOLDERS’ EQUITY:            
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued               n/a
Common stock, par value $5.55, 22,500,000 shares authorized; 7,532,576 and 7,520,740 shares issued; 7,052,351 and 7,040,515 shares outstanding   41,847       41,782       0.16   %
Additional paid-in capital   52,523       51,487       2.01   %
Retained earnings   82,769       76,583       8.08   %
Accumulated other comprehensive (loss) gain:            
Net unrealized gain on available for sale securities   4,714       2,455       92.02   %
Defined benefit plan   (5,596 )     (5,232 )     (6.96 ) %
Treasury stock at cost, 480,225   (12,115 )     (12,115 )       %
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS’ EQUITY   164,142       154,960       5.93   %
Non-controlling interest   4       22       (81.82 ) %
TOTAL SHAREHOLDERS’ EQUITY   164,146       154,982       5.91   %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,834,643       $ 1,665,323       10.17   %
                             

PENNS WOODS BANCORP, INC.

CONSOLIDATED STATEMENT OF INCOME

(UNAUDITED)

    Three Months Ended December 31,   Twelve Months Ended December 31,
(In Thousands, Except Per Share Data)   2020   2019   % Change   2020   2019   % Change
INTEREST AND DIVIDEND INCOME:                        
Loans including fees   $ 13,814       $ 14,789       (6.59 ) %   $ 57,217       $ 60,384     (5.24 ) %
Investment securities:                        
Taxable   820       1,098       (25.32 ) %   3,778       3,997     (5.48 ) %
Tax-exempt   166       140       18.57   %   650       660     (1.52 ) %
Dividend and other interest income   246       388       (36.60 ) %   993       1,733     (42.70 ) %
TOTAL INTEREST AND DIVIDEND INCOME   15,046       16,415       (8.34 ) %   62,638       66,774     (6.19 ) %
                         
INTEREST EXPENSE:                        
Deposits   2,159       3,107       (30.51 ) %   10,565       11,443     (7.67 ) %
Short-term borrowings   6       3       100.00   %   43       793     (94.58 ) %
Long-term borrowings   914       984       (7.11 ) %   3,807       3,723     2.26   %
TOTAL INTEREST EXPENSE   3,079       4,094       (24.79 ) %   14,415       15,959     (9.67 ) %
                         
NET INTEREST INCOME   11,967       12,321       (2.87 ) %   48,223       50,815     (5.10 ) %
                         
PROVISION FOR LOAN LOSSES   585       1,700       (65.59 ) %   2,625       2,735     (4.02 ) %
                         
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   11,382       10,621       7.17   %   45,598       48,080     (5.16 ) %
                         
NON-INTEREST INCOME:                        
Service charges   441       635       (30.55 ) %   1,690       2,411     (29.90 ) %
Debt securities gains, available for sale   372       440       (15.45 ) %   1,592       640     148.75   %
Equity securities (losses) gains   (3 )     74       (104.05 ) %   27       89     (69.66 ) %
Securities gains (losses), trading   5       (25 )     120.00   %   (11 )     19     (157.89 ) %
Bank-owned life insurance   161       140       15.00   %   653       574     13.76   %
Gain on sale of loans   1,227       508       141.54   %   4,148       1,754     136.49   %
Insurance commissions   96       87       10.34   %   416       433     (3.93 ) %
Brokerage commissions   191       326       (41.41 ) %   970       1,358     (28.57 ) %
Debit card income   344       346       (0.58 ) %   1,280       1,378     (7.11 ) %
Other   241       376       (35.90 ) %   1,403       1,796     (21.88 ) %
TOTAL NON-INTEREST INCOME   3,075       2,907       5.78   %   12,168       10,452     16.42   %
                         
NON-INTEREST EXPENSE:                        
Salaries and employee benefits   5,270       5,317       (0.88 ) %   21,632       21,829     (0.90 ) %
Occupancy   723       627       15.31   %   2,650       2,712     (2.29 ) %
Furniture and equipment   886       827       7.13   %   3,411       3,248     5.02   %
Software amortization   235       242       (2.89 ) %   978       871     12.28   %
Pennsylvania shares tax   341       285       19.65   %   1,289       1,148     12.28   %
Professional fees   474       640       (25.94 ) %   2,362       2,474     (4.53 ) %
Federal Deposit Insurance Corporation deposit insurance   289       97       197.94   %   939       578     62.46   %
Write down of assets held for sale         475       (100.00 ) %         475     (100.00 ) %
Loss on sale of premises and equipment         474       (100.00 ) %         474     (100.00 ) %
Marketing   91       192       (52.60 ) %   261       425     (38.59 ) %
Intangible amortization   53       62       (14.52 ) %   227       264     (14.02 ) %
Other   1,278       1,056       21.02   %   5,319       5,210     2.09   %
TOTAL NON-INTEREST EXPENSE   9,640       10,294       (6.35 ) %   39,068       39,708     (1.61 ) %
INCOME BEFORE INCOME TAX PROVISION   4,817       3,234       48.95   %   18,698       18,824     (0.67 ) %
INCOME TAX PROVISION   911       397       129.47   %   3,474       3,138     10.71   %
NET INCOME   $ 3,906       $ 2,837       37.68   %   $ 15,224       $ 15,686     (2.95 ) %
Earnings attributable to noncontrolling interest   5       4       25.00   %   18       14     28.57   %
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS’   $ 3,901       $ 2,833       37.70   %   $ 15,206       $ 15,672     (2.97 ) %
EARNINGS PER SHARE – BASIC   $ 0.55       $ 0.40       37.50   %   $ 2.16       $ 2.23     (3.14 ) %
EARNINGS PER SHARE – DILUTED   $ 0.55       $ 0.39       41.03   %   $ 2.16       $ 2.20     (1.82 ) %
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC   7,050,389       7,039,968       0.15   %   7,044,542       7,038,714     0.08   %
WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED   7,050,389       7,338,468       (3.93 ) %   7,044,542       7,113,339     (0.97 ) %
DIVIDENDS DECLARED PER SHARE   $ 0.32       $ 0.32         %   $ 1.28       $ 1.26     1.59   %
                                                       

PENNS WOODS BANCORP, INC.

AVERAGE BALANCES AND INTEREST RATES 

    Three Months Ended
    December 31, 2020   December 31, 2019
(Dollars in Thousands)   Average

Balance
  Interest   Average

Rate
  Average

Balance
  Interest   Average

Rate
ASSETS:                        
Tax-exempt loans   $ 42,882     $ 303     2.81 %   $ 55,727     $ 446     3.21 %
All other loans   1,304,521     13,575     4.14 %   1,306,203     14,437     4.43 %
Total loans   1,347,403     13,878     4.10 %   1,361,930     14,883     4.38 %
                         
Taxable securities   140,074     1,048     3.04 %   145,273     1,372     3.83 %
Tax-exempt securities   33,187     210     2.57 %   22,406     177     3.20 %
Total securities   173,261     1,258     2.95 %   167,679     1,549     3.75 %
                         
Interest-bearing deposits   183,428     18     0.04 %   30,393     207     1.50 %
                         
Total interest-earning assets   1,704,092     15,154     3.54 %   1,560,002     16,639     4.26 %
                         
Other assets   123,352             108,235          
                         
TOTAL ASSETS   $ 1,827,444             $ 1,668,237          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 206,563     47     0.09 %   $ 172,573     69     0.16 %
Super Now deposits   271,600     433     0.63 %   216,535     445     0.82 %
Money market deposits   277,980     304     0.44 %   229,486     535     0.94 %
Time deposits   285,281     1,375     1.92 %   375,838     2,058     2.20 %
Total interest-bearing deposits   1,041,424     2,159     0.82 %   994,432     3,107     1.25 %
                         
Short-term borrowings   11,068     6     0.29 %   4,781     3     0.25 %
Long-term borrowings   153,506     914     2.50 %   162,241     984     2.30 %
Total borrowings   164,574     920     2.35 %   167,022     987     2.24 %
                         
Total interest-bearing liabilities   1,205,998     3,079     1.03 %   1,161,454     4,094     1.39 %
                         
Demand deposits   439,841             329,873          
Other liabilities   18,218             19,693          
Shareholders’ equity   163,387             157,217          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,827,444             $ 1,668,237          
Interest rate spread           2.51 %           2.87 %
Net interest income/margin       $ 12,075     2.81 %       $ 12,545     3.22 %
                                     

    Three Months Ended December 31,
    2020   2019
Total interest income   $ 15,046     $ 16,415  
Total interest expense   3,079     4,094  
Net interest income   11,967     12,321  
Tax equivalent adjustment   108     224  
Net interest income (fully taxable equivalent)   $ 12,075     $ 12,545  
                 

PENNS WOODS BANCORP, INC.

AVERAGE BALANCES AND INTEREST RATES 

    Twelve Months Ended
    December 31, 2020   December 31, 2019
(Dollars in Thousands)   Average

Balance
  Interest   Average

Rate
  Average

Balance
  Interest   Average

Rate
ASSETS:                        
Tax-exempt loans   $ 45,650     $ 1,441     3.16 %   $ 66,435     $ 2,038     3.07 %
All other loans   1,304,209     56,079     4.30 %   1,309,806     58,774     4.49 %
Total loans   1,349,859     57,520     4.26 %   1,376,241     60,812     4.42 %
                         
Taxable securities   142,714     4,630     3.30 %   134,935     5,306     3.99 %
Tax-exempt securities   28,973     823     2.89 %   25,702     835     3.29 %
Total securities   171,687     5,453     3.23 %   160,637     6,141     3.88 %
                         
Interest-bearing deposits   140,022     141     0.10 %   21,161     310     2.00 %
                         
Total interest-earning assets   1,661,568     63,114     3.80 %   1,558,039     67,263     4.33 %
                         
Other assets   118,536             111,839          
                         
TOTAL ASSETS   $ 1,780,104             $ 1,669,878          
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
Savings   $ 193,568     256     0.13 %   $ 169,832     216     0.13 %
Super Now deposits   254,177     1,755     0.69 %   231,816     1,758     0.76 %
Money market deposits   245,633     1,529     0.62 %   239,317     2,184     0.91 %
Time deposits   338,895     7,025     2.07 %   345,635     7,285     2.11 %
Total interest-bearing deposits   1,032,273     10,565     1.02 %   986,600     11,443     1.16 %
                         
Short-term borrowings   12,660     43     0.34 %   34,897     793     2.27 %
Long-term borrowings   162,636     3,807     2.34 %   155,841     3,723     2.25 %
Total borrowings   175,296     3,850     2.20 %   190,738     4,516     2.25 %
                         
Total interest-bearing liabilities   1,207,569     14,415     1.19 %   1,177,338     15,959     1.34 %
                         
Demand deposits   394,210             321,443          
Other liabilities   20,858             22,379          
Shareholders’ equity   157,467             148,718          
                         
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,780,104             $ 1,669,878          
Interest rate spread           2.61 %           2.99 %
Net interest income/margin       $ 48,699     2.94 %       $ 51,304     3.31 %
                                     

    Twelve Months Ended December 31,
    2020   2019
Total interest income   $ 62,638     $ 66,774  
Total interest expense   14,415     15,959  
Net interest income   48,223     50,815  
Tax equivalent adjustment   476     489  
Net interest income (fully taxable equivalent)   $ 48,699     $ 51,304  
                 

(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    12/31/2020   9/30/2020   6/30/2020   3/31/2020   12/31/2019
Operating Data                    
Net income   $ 3,901     $ 4,472     $ 3,760     $ 3,073     $ 2,833  
Net interest income   11,967     11,845     12,250     12,161     12,321  
Provision for loan losses   585     645     645     750     1,700  
Net security gains   374     1,011     196     27     489  
Non-interest income, excluding net security gains   2,701     3,024     2,423     2,409     2,418  
Non-interest expense   9,640     9,707     9,611     10,110     10,294  
                     
Performance Statistics                    
Net interest margin   2.81 %   2.76 %   3.01 %   3.19 %   3.22 %
Annualized return on average assets   0.85 %   0.97 %   0.85 %   0.74 %   0.68 %
Annualized return on average equity   9.55 %   11.05 %   9.60 %   7.83 %   7.22 %
Annualized net loan charge-offs to average loans   0.06 %   0.06 %   0.05 %   0.04 %   1.19 %
Net charge-offs   211     193     168     144     4,055  
Efficiency ratio   65.36 %   64.89 %   65.10 %   68.96 %   69.42 %
                     
Per Share Data                    
Basic earnings per share   $ 0.55     $ 0.63     $ 0.53     $ 0.44     $ 0.40  
Diluted earnings per share   0.55     0.63     0.53     0.43     0.39  
Dividend declared per share   0.32     0.32     0.32     0.32     0.32  
Book value   23.27     23.05     22.66     22.23     22.01  
Common stock price:                    
High   27.30     22.83     27.75     35.36     35.58  
Low   19.61     19.61     20.01     19.05     29.68  
Close   26.01     19.85     22.71     24.30     35.58  
Weighted average common shares:                    
Basic   7,050     7,045     7,042     7,041     7,040  
Fully Diluted   7,050     7,045     7,042     7,103     7,338  
End-of-period common shares:                    
Issued   7,533     7,528     7,523     7,521     7,521  
Treasury   480     480     480     480     480  
                               

(Dollars in Thousands, Except Per Share Data)   Quarter Ended
    12/31/2020   9/30/2020   6/30/2020   3/31/2020   12/31/2019
Financial Condition Data:                    
General                    
Total assets   $ 1,834,643     $ 1,840,779     $ 1,838,364     $ 1,688,508     $ 1,665,323  
Loans, net   1,330,524     1,335,711     1,336,370     1,336,900     1,343,650  
Goodwill   17,104     17,104     17,104     17,104     17,104  
Intangibles   671     724     777     836     898  
Total deposits   1,494,443     1,491,810     1,474,305     1,326,734     1,324,005  
Noninterest-bearing   449,357     434,248     418,324     332,759     334,746  
Savings   209,924     202,781     195,964     183,929     176,732  
NOW   287,775     268,463     268,348     229,919     218,605  
Money Market   283,742     274,480     247,753     204,832     216,038  
Time Deposits   263,645     311,838     343,915     375,295     377,884  
Total interest-bearing deposits   1,045,086     1,057,562     1,055,980     993,975     989,259  
                     
Core deposits*   1,230,798     1,179,972     1,130,389     951,439     946,121  
Shareholders’ equity   164,142     162,422     159,578     156,562     154,960  
                     
Asset Quality                    
Non-performing loans   $ 10,334     $ 10,553     $ 11,097     $ 11,300     $ 12,421  
Non-performing loans to total assets   0.56 %   0.57 %   0.60 %   0.67 %   0.75 %
Allowance for loan losses   13,803     13,429     12,977     12,500     11,894  
Allowance for loan losses to total loans   1.03 %   1.00 %   0.96 %   0.93 %   0.88 %
Allowance for loan losses to non-performing loans   133.57 %   127.25 %   116.94 %   110.62 %   95.76 %
Non-performing loans to total loans   0.77 %   0.78 %   0.82 %   0.84 %   0.92 %
                     
Capitalization                    
Shareholders’ equity to total assets   8.95 %   8.82 %   8.68 %   9.27 %   9.31 %
                               

* Core deposits are defined as total deposits less time deposits

Reconciliation of GAAP and Non-GAAP Financial Measures

    Three Months Ended December 31,   Twelve Months Ended December 31,
(Dollars in Thousands, Except Per Share Data)   2020   2019   2020   2019
GAAP net income   $ 3,901   $ 2,833   $ 15,206     $ 15,672  
Less: net securities gains, net of tax   295   386     1,270       591  
Non-GAAP core earnings   $ 3,606   $ 2,447   $ 13,936     $ 15,081  
                 
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Return on average assets (ROA)   0.85 %   0.68 %   0.85 %   0.94 %
Less: net securities gains, net of tax   0.06 %   0.09 %   0.07 %   0.04 %
Non-GAAP core ROA   0.79 %   0.59 %   0.78 %   0.90 %
                 
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Return on average equity (ROE)   9.55 %   7.22 %   9.66 %   10.54 %
Less: net securities gains, net of tax   0.72 %   0.99 %   0.81 %   0.40 %
Non-GAAP core ROE   8.83 %   6.23 %   8.85 %   10.14 %
                 
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Basic earnings per share (EPS)   $ 0.55     $ 0.40     $ 2.16     $ 2.23  
Less: net securities gains, net of tax   0.04     0.05     0.18     0.09  
Non-GAAP basic core EPS   $ 0.51     $ 0.35     $ 1.98     $ 2.14  
         
    Three Months Ended December 31,   Twelve Months Ended December 31,
    2020   2019   2020   2019
Diluted EPS   $ 0.55     $ 0.39     $ 2.16     $ 2.20  
Less: net securities gains, net of tax   0.04     0.06     0.18     0.08  
Non-GAAP diluted core EPS   $ 0.51     $ 0.33     $ 1.98     $ 2.12  
                                 

COVID-19 Loan Deferrals as of December 31, 2020

(In Thousands)   Amount
Commercial, financial, and agricultural   $ 2,497  
Real estate mortgage:    
Residential   1,626  
Commercial   4,172  
Consumer automobile loans   384  
Other consumer installment loans   36  
Total loan deferrals   $ 8,715