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Lake Shore Bancorp, Inc. Announces Full Year 2020 and Fourth Quarter Financial Results

DUNKIRK, N.Y., Jan. 29, 2021 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.24 million, or $0.21 per diluted share, for the fourth quarter of 2020 compared to net income of $1.17 million, or $0.20 per diluted share, for the fourth quarter of 2019. For the year ended December 31, 2020, the Company reported unaudited net income of $4.6 million, or $0.77 per diluted share, as compared to $4.1 million, or $0.68 per diluted share, for the year ended December 31, 2019.

2020 Full Year and Fourth Quarter Financial Highlights:

  • Net income of $1.24 million in the fourth quarter of 2020 increased $71,000, or 6.1%, when compared to the fourth quarter of 2019. The increase in fourth quarter 2020 net income was primarily impacted by increases in non-interest income and net interest income, which was partially offset by increases in provision for loan losses, non-interest expense and income tax expense. Net income increased $471,000, or 11.5%, for the year ended December 31, 2020 when compared to the year ended December 31, 2019, primarily due to increases in net interest income and non-interest income partially offset by increases in provision for loan losses and income tax expense;
  • Provision for loan losses for the year ended December 31, 2020 was $1.6 million, a $725,000 increase as compared to the prior year, primarily reflecting the economic uncertainty relating to COVID-19. The resulting allowance was 1.16% of the total loan portfolio at December 31, 2020 (excluding $18.1 million of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans outstanding at December 31, 2020 that are 100% guaranteed by the SBA);
  • Loans, net totaled $524.1 million at December 31, 2020, compared to $470.8 million at December 31, 2019, an increase of $53.3 million, or 11.3%, primarily due to the origination of commercial real estate and PPP loans during the year ended December 31, 2020;
  • Total assets at December 31, 2020 increased $75.3 million, or 12.3%, to $686.2 million when compared to December 31, 2019 primarily due to an increase in loans as well as an increase in cash and cash equivalents and securities available for sale; and
  • Total deposits grew by $76.8 million, or 15.9%, to $560.3 million at December 31, 2020 when compared to December 31, 2019, primarily due to growth in core deposits.

“In the face of the extraordinary challenges experienced in 2020, we are extremely proud to report that we successfully met the needs of our customers and communities as evidenced by the robust level of loan originations and deposit growth reflected on our balance sheet,” stated Daniel P. Reininga, President and Chief Executive Officer. “Our strong risk management practices, the commitment and dedication of our employees, and our sustained focus on personalized customer service allowed us to effectively navigate the pandemic challenges and market conditions. We are pleased to end the year with record earnings and total assets, 13.2% annual growth in earnings per share and 5.5% annual growth in book value per share which was $14.75 at December 31, 2020.”

COVID 19 Pandemic Update

During the 2nd and 3rd quarters of 2020, the Bank originated SBA PPP loans to lessen the economic impact of the COVID-19 pandemic on small businesses in our market areas. The Bank originated 252 PPP loans for $26.9 million, of which 68.5% was funded directly by the Bank and the remaining 31.5% was funded indirectly via our partnership with an SBA lender that operates in the northeast. As of December 31, 2020, $18.1 million of the directly funded PPP loans were still outstanding on the Bank’s balance sheet. The Bank expects that a majority of these PPP loans will be forgiven by the SBA during the first quarter of 2021.

In December 2020, a stimulus package was approved by Congress which included additional PPP loan funding from the SBA. The Bank is currently working with customers that are interested in applying for this second round of funding.

The Bank implemented a loan deferral program during 2020, in line with regulatory guidance, to further assist customers that have been impacted by the pandemic. As of June 30, 2020, we had approved loan payment deferral requests of up to 90 days on 219 loans, representing $103.1 million, or 21.1%, of the Bank’s loan portfolio. The number of loan payment deferral requests has decreased and as of December 31, 2020 there were 15 loans, representing $24.0 million, or 4.6%, of the loan portfolio, that are deferring payments.

While many industries have and will continue to experience adverse impacts as a result of the COVID-19 pandemic, the Company’s management team has considered the categories below to be “at risk” of significant impact. The table below identifies these segments as well as the outstanding loan balance, committed loan balance, and current outstanding payment deferrals for each industry type.

                                   
 
At December 31, 2020
  (dollars in thousands)
  Number
of 		    Balance Outstanding   % of Total Loans       Loan
Commitments 		  Loans
Outstanding
with Payment
Deferrals 		% of Loans
with
Payment
Deferral to
Total
Loans
Industry Type Loans     ($)   Outstanding       ($)   #   $ Outstanding
                                   
Retail (non-essential) 18   $ 19,390   3.7 %   $ 231   –   $ –   –  
Eating and Drinking Establishments 41     16,377   3.1       3,104   9     9,809   1.9 %
Hotels/Accommodations 16     10,980   2.1       1,226   3     6,129   1.2 %
Construction Trades 44     9,946   1.9       10,514   –     –   –  
Dental and Medical Practices and Gyms 12     3,631   0.7       2,231   1     193   0.1 %
  131   $ 60,324   11.5 %   $ 17,306   13   $ 16,131   3.2 %

“There remains considerable uncertainty surrounding the impact of the pandemic and the current economic environment on a borrower’s ability to repay loan obligations,” stated Mr. Reininga. “However, our sizeable capital levels, conservative underwriting and continuous risk management practices provide us with the tools to appropriately manage asset quality.”


Net Interest Income

Fourth quarter 2020 net interest income increased $194,000, or 4.0%, to $5.1 million as compared to $4.9 million for the fourth quarter 2019. For the year ended December 31, 2020, net interest income increased $862,000, or 4.5%, to $19.9 million as compared to $19.1 million for the year ended December 31, 2019.

Interest income for the fourth quarter of 2020 was $6.0 million, a decrease of $355,000, or 5.6%, compared to $6.3 million for the fourth quarter of 2019. The decrease was attributable to an 80 basis points decrease in the average yield earned on assets due to the decrease in market interest rates since December 31, 2019. The decrease was partially offset by an $80.6 million, or 14.4%, increase in the average balance of interest-earning assets during fourth quarter 2020 as compared to the fourth quarter 2019. The increase in the average balance of interest-earning assets was primarily due to growth in the average balance of cash and cash equivalents, commercial real estate and PPP loans.

Interest income was $24.3 million for the years ended December 31, 2020 and 2019. Interest income was positively impacted by an $84.6 million, or 15.9%, increase in the average balance of interest-earning assets during the year ended December 31, 2020 as compared to the year ended December 31, 2019. The increase in the average balance of interest-earning assets was primarily due to growth in the average balance of cash and cash equivalents, commercial real estate and PPP loans. Interest income was negatively impacted by a 61 basis points decrease in the average yield earned on assets due to the decrease in market interest rates since December 31, 2019.

Fourth quarter 2020 interest expense was $0.9 million, a decrease of $549,000, or 38.2%, from $1.4 million for the fourth quarter 2019 primarily due to a decrease in interest paid on deposit accounts. During the fourth quarter of 2020, there was a 58 basis points decrease in the average interest rate paid on deposit accounts as a result of a decrease in market interest rates since December 31, 2019. The decrease was partially offset by a $52.5 million, or 12.7%, increase in average interest-bearing deposits during the 2020 fourth quarter as compared to the 2019 fourth quarter. The increase in the average balance of interest-bearing deposits was due to an increase in core deposit accounts primarily through organic growth, the deposit of PPP funds and government stimulus payments into our customers’ deposit accounts and the impact of COVID-19 on consumer and business spending and savings levels.

Interest expense for the year ended December 31, 2020 was $4.4 million, a decrease of $793,000, or 15.3%, from $5.2 million for the year ended December 31, 2019 primarily due to a decrease in interest paid on deposit accounts. During the year ended December 31, 2020, there was a 32 basis points decrease in the average interest rate paid on deposit accounts as a result of a decrease in market interest rates since December 31, 2019. The decrease was partially offset by a $56.4 million, or 14.2%, increase in average interest-bearing deposits during the year ended December 31, 2020 as compared to the year ended December 31, 2019. The increase in the average balance of interest-bearing deposits was due to an increase in core deposit accounts primarily through organic growth, the deposit of PPP funds and government stimulus payments into our customers’ deposit accounts and the impact of COVID-19 on consumer and business spending and savings levels. The decrease in interest expense was partially offset by a $30,000 increase in interest paid on long-term borrowings. Interest expense paid on long-term borrowings increased due to a $3.5 million increase in the average balance of borrowings during the year ended December 31, 2020 as compared to the year ended December 31, 2019. The increase in the average balance was due to additional borrowings drawn by the Bank to take advantage of low, fixed interest rates to fund loan growth and mitigate interest rate risk.


Non-Interest Income

Non-interest income was $1.2 million for the fourth quarter of 2020, an increase of $470,000, or 68.3%, as compared to the same quarter in the prior year. The increase was primarily due to a $473,000 increase in gains on the sale of loans, as a result of an $8.7 million, or 441.5%, increase in the volume of low-rate, long-term residential mortgage loans sold into the secondary market to manage interest rate risk. Non-interest income was also impacted by a net $28,000 increase in unrealized gains on equity securities and recoveries on previously impaired securities, partially offset by a $38,000 decrease in service charges and fees. The decrease in service charges and fees was primarily due to a decrease in insufficient fund service charges received on commercial deposit accounts.

Non-interest income was $3.0 million for the year ended December 31, 2020, an increase of $500,000, or 20.1%, as compared to the year ended December 31, 2019. The increase was primarily a result of a $777,000 increase in gains on the sale of loans. The volume of residential mortgage loans originated for sale during the year ended December 31, 2020 increased by $15.9 million, or 489.2%, as compared to the prior year due to a decrease in market rates during 2020. We sell certain low, fixed rate mortgages into the secondary market to manage interest rate risk. The increase in non-interest income was partially offset by a $110,000 increase in unrealized losses on interest rate swaps and equity securities as a result of decreases in market interest rates during the year ended December 31, 2020 and a $177,000 decrease in service charges and fees due to the waiver of certain ATM fees and other service charges for our customers during the COVID-19 pandemic.


Non-Interest Expense

Non-interest expense was $4.3 million for the fourth quarter of 2020 as compared to $4.1 million for the fourth quarter of 2019, primarily due to an increase in data processing and professional services expenses. Data processing expense increased $137,000, or 41.6%, primarily due to an increase in core system processing costs and activity. Professional services expense increased $104,000, or 84.6%, primarily due to an increase in legal and accounting costs. Salary and employee benefits expense increased $59,000, or 2.9%, primarily due to an increase in employee incentive awards during the fourth quarter of 2020 when compared to the fourth quarter of 2019. The current year fourth quarter also had higher FDIC insurance and occupancy and equipment costs. These increases were partially offset by a decrease in advertising and other expenses.

Non-interest expense was $15.9 million for the years ended December 31, 2020 and December 31, 2019. Data processing expense increased $127,000, or 9.4%, primarily due to an increase in core system processing costs and activity. Professional services expense increased $110,000, or 12.8%, primarily due to an increase in legal, accounting and consulting costs. Salary and employee benefits expense decreased by $139,000, or 1.6%, due to an increase in deferred salary expense related to increased loan originations and decreases in stock compensation expenses and health insurance costs, partially offset by increases in employee salaries and incentive awards. The year ended December 31, 2020 also had lower other expenses and advertising expenses, which were partially offset by higher expenses for occupancy and equipment, FDIC insurance and postage and supplies.


Asset Quality

The provision for loan losses was $500,000 for fourth quarter of 2020 as compared to $175,000 for the fourth quarter of 2019. The fourth quarter 2020 provision expense was primarily due to general reserves for $32.3 million of commercial real estate loan growth during the fourth quarter of 2020.

The provision for loan losses for the year ended December 31, 2020 was $1.6 million as compared to $900,000 for the year ended December 31, 2019. The increase in the provision expense was primarily due to an adjustment of certain qualitative factors to take into account the impact of COVID-19 and related economic conditions on borrowers’ ability to repay loans and a $12.5 million increase in criticized commercial real estate and commercial business loans. Non-performing loans as a percent of total net loans decreased to 0.59% at December 31, 2020 as compared to 0.75% at December 31, 2019. The Company’s allowance for loan losses as a percent of total net loans was 1.12% and 0.91% at December 31, 2020 and 2019, respectively.


Balance Sheet Summary

Total assets at December 31, 2020 were $686.2 million, a $75.3 million, or 12.3%, increase as compared to $610.9 million at December 31, 2019. Loans receivable, net at December 31, 2020 was $524.1 million, a $53.3 million increase, or 11.3%, as compared to $470.8 million at December 31, 2019. The increase in total loans was primarily due to an increase in commercial real estate and PPP loan originations. Securities available for sale increased $8.1 million, or 11.4%, to $79.3 million at December 31, 2020 from $71.2 million at December 31, 2019. Cash and cash equivalents increased by $12.7 million, or 41.9%, from $30.3 million at December 31, 2019 to $43.0 million at December 31, 2020. The increase was primarily due to an increase in deposits, partially offset by the use of funds for loan originations and securities purchases. Total deposits at December 31, 2020 were $560.3 million, an increase of $76.8 million, or 15.9%, compared to $483.5 million at December 31, 2019. The increase in deposits was due to an increase in core deposit accounts, primarily driven by government stimulus-related deposit funding.
  
Stockholders’ equity at December 31, 2020 was $85.9 million as compared to $82.8 million at December 31, 2019. The increase in stockholders’ equity was primarily attributed to net income and an increase in accumulated other comprehensive income which was partially offset by dividend payments and stock repurchases during the year ended December 31, 2020.


About Lake Shore


  
Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has eleven full-service branch locations in Western New York, including five in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.


Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to forecast. Therefore, actual results may differ materially from those expressed or forecast in such forward-looking statements. The Company and Bank undertake no obligation to update publicly any forward-looking statements, whether as a result of new information or otherwise.

As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following additional risks, any of which could have a material, adverse effect on its business, financial condition, liquidity, and results of operations:

  • demand for our products and services may decline, making it difficult to grow assets and income;
  • if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income;
  • collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
  • our allowance for loan losses may have to be increased if borrowers experience financial difficulties beyond forbearance periods, which will adversely affect our net income;
  • the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
  • as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
  • a material decrease in net income over several quarters could result in a decrease in the rate of our quarterly cash dividend;
  • our cyber security risks are increased as the result of an increase in the number of employees working remotely;
  • we rely on fourth party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; and
  • FDIC premiums may increase if the agency experiences additional resolution costs.

Source: Lake Shore Bancorp, Inc.
Category: Financial


Investor Relations/Media Contact


Rachel A. Foley
Chief Financial Officer and Treasurer
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1020

Lake Shore Bancorp, Inc.

Selected Financial Information

           
Selected Financial Condition Data          
  December 31,   December 31,
   2020    2019
    (Unaudited)
    (Dollars in thousands)
           
Total assets $ 686,200   $ 610,869
Cash and cash equivalents   42,975     30,289
Securities available for sale   79,285     71,201
Loans receivable, net   524,143     470,816
Deposits   560,259     483,476
Long-term debt   29,750     34,650
Stockholders’ equity   85,924     82,840

                       
Statements of Income            
    Three Months Ended   Years Ended
    December 31,   December 31,
  2020   2019   2020   2019
               
  (Unaudited)
  (Dollars in thousands, except per share amounts)
                       
Interest income $ 5,979   $ 6,334   $ 24,336   $ 24,267
Interest expense   889     1,438     4,404     5,197
Net interest income   5,090     4,896     19,932     19,070
Provision for loan losses   500     175     1,625     900
Net interest income after provision for loan losses   4,590     4,721     18,307     18,170
Total non-interest income   1,158     688     2,992     2,492
Total non-interest expense   4,262     4,051     15,917     15,920
Income before income taxes   1,486     1,358     5,382     4,742
Income tax expense   243     186     824     655
Net income $ 1,243   $ 1,172   $ 4,558   $ 4,087
Basic and diluted earnings per share $ 0.21   $ 0.20   $ 0.77   $ 0.68
Dividends declared per share $ 0.13   $ 0.12   $ 0.49   $ 0.48

Lake Shore Bancorp, Inc.

Selected Financial Information

           
Selected Financial Ratios          
  Three Months Ended   Years Ended
  December 31,   December 31,
  2020
 2019
   2020
 2019
           
  (Unaudited)
                       
Return on average assets 0.73 %   0.78 %   0.69 %   0.71 %
Return on average equity 5.79 %   5.64 %   5.37 %   4.99 %
Average interest-earning assets to average interest-bearing liabilities 128.17 %   124.03 %   126.65 %   124.61 %
Interest rate spread 3.03 %   3.26 %   3.05 %   3.34 %
Net interest margin 3.18 %   3.51 %   3.23 %   3.58 %

     
  December 31, December 31,
  2020
   2019
  (Unaudited)
           
Asset Quality Ratios:          
Non-performing loans as a percent of total net loans 0.59 %   0.75 %
Non-performing assets as a percent of total assets 0.46 %   0.71 %
Allowance for loan losses as a percent of total net loans 1.12 %   0.91 %
Allowance for loan losses as a percent of non-performing loans 118.75 %   120.30 %

           
  December 31,   December 31,
  2020   2019
    (Unaudited)
           
Share Information:          
Common stock, number of shares outstanding   5,823,786     5,924,339
Treasury stock, number of shares held   1,012,728     912,175
Book value per share $ 14.75   $ 13.98

 



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Recruiter.com Maps Out 2021 Plan to Achieve $40M and Profitability

HOUSTON, Jan. 29, 2021 (GLOBE NEWSWIRE) — Recruiter.com (OTCQB:RCRT) released its January 2021 Shareholder Letter highlighting its 2020 accomplishments and outlining its plans to achieve $40M in run-rate revenue along with profitability.

“Our corporate mission aligns with our nation’s mission at this historic moment. As the country seeks to rebuild in the aftermath of the pandemic, we will drive the effort to re-hire millions of people and provide new economic opportunities for the next generation,” said Evan Sohn, CEO of Recruiter.com. “As a destination website for all things recruiting (last month, we generated $4M in organic [free] traffic according to SpyFu.com), we believe Recruiter.com is uniquely positioned to generate significant revenue by helping employers, candidates, and recruiters make meaningful employment connections. In 2020, we helped top companies find call center operators, nurses, mortgage professionals, IT engineers, and even a rocket scientist. We also helped our network of small and independent recruiters earn thousands of dollars in fees during a year when the recruiting industry was hit hard.”

A few of Recruiter.com’s 2020 accomplishments:

  • Year-over-year revenue growth (through Q3’20) of 50.9%
  • Grew gross profit by 43% (through Q3’20) to over $1.6M
  • Grew website recruiter platform users to >27,500 recruiters
  • Grew social media recruiter community to >835,000 members
  • Signed new clients and serviced 20 Fortune 500 companies
  • Launched Video SaaS offering with 40+ trials underway
  • Added artificial intelligence to search over 500M candidates

In Q4, Recruiter.com announced three new initiatives:

  • Recruiter.com On Demand is a gig platform where recruiters deliver all forms of recruiting services, from sourcing to full talent acquisition. Recruiter.com On Demand enables employers to engage recruiters of their choice on a per-project or time-based basis, with Recruiter.com managing the entire process and paying the recruiter a percentage of revenue. All Recruiter.com On Demand gig recruiters have access to the Recruiter.com AI and Video platforms to improve their success rates. The On-Demand recruiting industry is a $5B sector.

  • Recruiter.com Video is a video-hiring SaaS platform allowing employers and recruiters to screen candidates using a simple video. Enterprises pay a monthly subscription ranging from $1.25 to $2.00 per candidate video. With millions of people to be hired in the next 24 months, over 40 million people hired annually (2019 voluntary turnover was 27 percent), and an average of 30 candidates per open job, the no-setup platform (currently being resold by SAP in the SAP AppCenter) and growing database of video resumes provides a key advantage for Recruiter.com. Given the shift to remote work and recruiting teams’ desire for efficient hiring technologies, Recruiter.com believes that recruiting with video will become part of the standard interview process.

  • No Resume Required (noresume.co) is an initiative launched earlier this year to assist the millions of unemployed people in finding meaningful employment by capturing video resumes to the Recruiter.com platform. In turn, employers can access this growing list of curated videos to find talent. Serving one of the most underrepresented segments of the workforce (those without resumes), Recruiter.com believes No Resume Required is a real disruption to antiquated hiring methodologies.

Sohn concluded, “We intend to achieve significant organic and inorganic growth in 2021 by building on our success in 2020, leveraging our stock to acquire complementary businesses, and capitalizing on our recruiting-industry position and strong technical capabilities. We set off in 2020 to build out our platform, have scalable revenue, and end the year with a $10M revenue run rate and a path for liquidity. With our S-1 filed and our 2020 objectives attained, our 2021 objectives are clear: continue to scale our platform revenue to a $40M revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand.”

For the complete shareholder letter, visit – https://blog.recruiter.com/letter-12721.

Recruiter.com Group, Inc.

Recruiter.com is a hiring platform for the world’s largest network of small and independent recruiters. Recruiter.com empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. Visit https://www.recruiter.com.

For investor information, visit https://www.recruiter.com/investors.html.

Please follow social media channels for additional updates:

Company Contact:

Recruiter.com Group, Inc.
Phone: (855) 931-1500

Investor Relations:

Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
[email protected]

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations, plans and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and commercial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.



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Fypon Virtual Experience for IBSx 2021

Fypon Virtual Experience for IBSx 2021

MAUMEE, Ohio–(BUSINESS WIRE)–
Fypon is proud to announce the 2021 Fypon Virtual Experience, launching Feb. 2, to deliver excitement for its brand and industry-leading innovations, including trends. In conjunction with Fypon’s virtual booth presence at IBSx, the inspirational, interactive learning environment will feature Fypon products in a fully immersive experience. The Fypon Virtual Experience was designed to enhance the brand’s digital presence at IBSx and in support of the NAHB.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210129005529/en/

The Fypon Virtual Experience features Fypon products in a fully immersive experience. (Photo: Business Wire)

The Fypon Virtual Experience features Fypon products in a fully immersive experience. (Photo: Business Wire)

“We’re excited to safely connect with our trade partners, in an engaging online environment that showcases our new products,” said Paul Mihm, senior vice president of sales at Fypon.

Located within the Therma-Tru Virtual Experience, Fypon’s collection of innovative products and current home aesthetic trends will be available for registered participants to explore.

Participants will have 24/7 access to view this content online at their convenience. Get a preview of what’s to come and register in advance for the virtual experience at fypon.com/2021virtualexperience. For media interested in prebooking interviews and guided tours through the virtual environment, contact Kevin Metz at [email protected].

Shareable Highlights

  • Fypon will debut the 2021 Fypon Virtual Experience on Feb. 2 to introduce innovative products and trends. Get a preview and register in advance at fypon.com/2021virtualexperience.

About Fypon

Fypon LLC is the recognized leader in polyurethane product design, innovation and moulding technology. The company is headquartered in Maumee, Ohio, and offers a wide selection of architecturally correct styles and designs of moulding and millwork products. For more information, visit www.fypon.com or call 800-446-3040.

Fypon is a subsidiary of Therma-Tru and is part of the Doors & Security division of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that fulfill the dreams of homeowners and help people feel more secure. FBHS’s operating divisions are Plumbing, Cabinets and Doors & Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems; Fiberon composite decking and railing products; and Master Lock and SentrySafe security products under The Master Lock Company. Fortune Brands holds market leadership positions in all of its divisions. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.fbhs.com.

Kevin Metz

312.507.9690

[email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Interior Design Architecture Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

MEDIA:

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The Fypon Virtual Experience features Fypon products in a fully immersive experience. (Photo: Business Wire)
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Informa Markets’ New Hope Network Announces First Virtual Event of 2021, Spark Brand Success, March 2-4

BOULDER, Colo., Jan. 29, 2021 (GLOBE NEWSWIRE) — Informa Markets’ New Hope Network announced registration is now open for the first Spark Change virtual event of 2021, Spark Brand Success. The kickoff event, taking place March 2-4, is designed to help CPG entrepreneurs and companies launch and grow their businesses, while giving a platform to service providers to inspire next-generation business practices – from cutting edge branding and agile retail strategies to regulatory know-how, scalable logistics and sustainable funding. Virtual booths will open February 22, giving attendees the ability to request meetings and view content from participating service providers.

Building on the success of the Spark Change digital platform launched in 2020, New Hope Network will host a total of three Spark Change events in 2021 that will address specific needs within the industry while providing engaging and meaningful experiences throughout the year. Two additional Spark Change events are slated for July 14 and November 10 with themes rooted in the idea of innovation for good and how retailers can use this innovation to grow their stores and be a positive force in their communities.

“We are excited about the upgrades and additions we are making to our Spark Change virtual events in 2021, as these are designed to help our brands and retailers navigate the changing CPG landscape and connect more effectively to bring new natural, organic and healthy product innovations to more consumers,” says Carlotta Mast, Senior Vice President and Market Leader for New Hope Network. “We are kicking off the year with our Spark Brand Success event to provide the education and business and vendor connections our CPG brands need to be successful in 2021 and beyond.”

For more information about Spark Change events, visit NPEvirtual.com. Follow @natprodexpo on Instagram, LinkedIn, Twitter and Facebook to stay up to date on event information, industry discussions and the most innovative brands and products. 

About New Hope Network

New Hope Network is at the forefront of the healthy lifestyle products industry. With solutions for the complete supply chain from manufacturers, retailers/distributors, service providers and ingredient suppliers, the network offers a robust portfolio of content, events, data, research and consultative services. Through its mission of growing healthy markets to bring more health to more people, New Hope Network helps businesses identify the people, products, partnerships and trends that create better opportunities and connections. For more information visit www.newhope.com.

About Informa Markets:

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. We provide marketplace participants around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, targeted digital services and actionable data solutions. We connect buyers and sellers across more than a dozen global verticals, including Pharmaceuticals, Food, Medical Technology and Infrastructure. As the world’s leading market-making company, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com

Contact:

Carrie Kocik              
Informa Markets New Hope Network
Public Relations
[email protected]



Posted on

SHAREHOLDER ALERT: Rigrodsky Law, P.A. Reminds Investors of Investigations of NHLD, SSPK, PS, and TCF Mergers

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

National Holdings Corporation (NASDAQ CM:

NHLD

) regarding possible breaches of fiduciary duties and other violations of law related to National Holdings’ agreement to be acquired by B. Riley Financial, Inc. Under the terms of the agreement, National Holdings’ shareholders will receive $3.25 in cash per share. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-national-holdings-corporation.

Silver Spike Acquisition Corp. (NASDAQ CM:

SSPK

) regarding possible breaches of fiduciary duties and other violations of law related to Silver Spike’s agreement to merge with WM Holding Company, LLC. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-silver-spike-acquisition-corp.

Pluralsight, Inc. (NASDAQ GS:

PS

) regarding possible breaches of fiduciary duties and other violations of law related to Pluralsight’s agreement to be acquired by affiliates of Vista Equity Partners VII, L.P. Under the terms of the agreement, Pluralsight’s shareholders will $20.26 in cash per share. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-pluralsight-inc-merger.

TCF Financial Corporation (NASDAQ GS:

TCF

) regarding possible breaches of fiduciary duties and other violations of law related to TCF Financial’s agreement to be acquired by Huntington Bancshares Incorporated. Under the terms of the agreement, TCF Financial’s shareholders will receive 3.0028 shares of Huntington Bancshares per share. To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-tcf-financial-corporation-merger.

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



Posted on

Eagle Financial Services, Inc. Announces 2020 Fourth Quarter And Annual Financial Results And Quarterly Dividend

PR Newswire

BERRYVILLE, Va., Jan. 29, 2021 /PRNewswire/ — Eagle Financial Services, Inc. (OTCQX: EFSI), the holding company for Bank of Clarke County, whose divisions include Eagle Investment Group, reported continued strong performance for the fourth quarter of 2020. The Board of Directors also announced a quarterly common stock cash dividend of $0.27 per common share, payable on February 19, 2021, to shareholders of record on February 8, 2021. Select highlights for the fourth quarter and the year include:

  • Loan growth of $30.6 million and $191.6 million, respectively
  • Deposit growth of $57.9 million and $241.6 million, respectively
  • Net income of $2.5 million and $11.2 million, respectively
  • Basic and diluted earnings per share of $0.74 and $3.27, respectively

Brandon Lorey, President and CEO stated, “In the wake of another peak in COVID positivity rates, market uncertainty, and low interest rates, the Bank of Clarke County delivered another year of record earnings ($11.1MM) and the highest earnings per share ever realized through Eagle Financial Services ($3.27). Balance sheet growth for the Bank was equally as strong.  Net of the volume related to related to PPP, the Bank realized core deposit growth of over 19% and gross loan growth above 12% during 2020. In addition to delivering these impressive growth numbers, the Bank was also able to decrease its total operating expense to total average assets by 24 basis points during the year as our focus on controllable expenses remains top of mind. I am also happy to announce another year of the Company’s ability to increase the annual dividend to shareholders by $.04 in 2020 to $1.04 per share. Lastly, I would like to thank our employees for their continued focus on serving the financial needs of our customers despite these extraordinary times.”

Income Statement Review
Net income was $11.2 million for the year ended December 31, 2020 which represented an increase of 14.5% when compared to net income in 2019. The increase was mainly driven by net interest income increases related to net loan growth and reduced interest expense on deposit accounts. Net income for the quarter ended December 31, 2020 was $2.5 million reflecting a decrease of 26.4% from the quarter ended September 30, 2020 and a decrease of 11.5% from the quarter ended December 31, 2020. The decreases were mainly driven by the increase in the provision for loan losses during the quarter ended December 31, 2020. A higher provision for loan losses was due to loan growth and the partial charge-off of certain impaired loans related to updated appraisals being received.

Net interest income was $35.6 million for the year ended December 31, 2020 compared to $31.2 million for the same period in 2019.  This represented an increase of 14.1%. Net interest income for the quarter ended December 31, 2020 was $9.4 million. Net interest income was $8.0 million for the quarter ended December 31, 2019.  The increase in net interest income for both periods resulted primarily from growth in the Company’s loan portfolio as well as reduced interest expense on deposit accounts.

Total loan interest income was $35.3 million for the year ended December 31, 2020, reflecting an increase of $4.1 million or 13.3% from the year ended December 31, 2019. Total loan interest income was $9.2 million for the quarter ended December 31, 2020.  Total loan interest income was $7.9 million for the quarter ended December 31, 2019. Total loan interest income increased $1.3 million or 17.0% from the quarter ended December 31, 2019 to the quarter ended December 31, 2020. Average loans for the year ended December 31, 2020 were $758.2 million compared to $628.3 million for the same period in 2019. The tax equivalent yield on average loans for the year ended December 31, 2020 was 4.66%, a decrease of 31 basis points from the prior year. Average loans for the quarter ended December 31, 2020 were $825.7 million compared to $640.7 million for the quarter ended December 31, 2019.  The tax equivalent yield on average loans for the quarter ended December 31, 2020 was 4.47%, a decrease of 44 basis points from 4.91% for the same period in 2019. Much of this decrease in yield can be attributed to the SBA Paycheck Protection Program (“PPP”) loans.  During the year ended December 31, 2020, the Company originated $88.5 million in PPP loans which have a 1.00% interest rate, much lower than the existing portfolio’s yield.

Interest and dividend income from the investment portfolio was $3.5 million and $4.0 million for the years ended December 31, 2020 and December 31, 2019, respectively. Interest and dividend income from the investment portfolio was $729 thousand for the quarter ended December 31, 2020 compared to $998 thousand for the quarter ended December 31, 2019. Average investments for the years ended December 31, 2020 and December 31, 2019 were $152.3 million and $144.6 million, respectively. Average investments for the quarter ended December 31, 2020 were $149.1 million compared to $149.2 million for the quarter ended December 31, 2019. The tax equivalent yield on average investments for the year ended December 31, 2020 was 2.41%, down 52 basis points from 2.93% for the same period in 2019. The tax equivalent yield on average investments for the quarter ended December 31, 2020 was 2.03%, down 75 basis points from 2.78% for the same period in 2019.

Total interest expense was $3.3 million and $4.2 million for the years ended December 31, 2020 and December 31, 2019, respectively. Total interest expense was $592 thousand for the three months ended December 31, 2020 and $1.1 million for three months ended December 31, 2019. The decrease in interest expense resulted from the reduction in interest rates paid on deposit accounts. The average cost of interest-bearing liabilities decreased 31 basis points when comparing the years ended December 31, 2020 and December 31, 2019. The average cost of interest-bearing liabilities decreased 48 basis points when comparing the quarter ended December 31, 2020 to the quarter ended December 31, 2019. The average balance of interest-bearing liabilities increased $85.7 million from the year ended December 31, 2019 to the year ended December 31, 2020. The average balance of interest-bearing liabilities increased $109.3 million from the quarter ended December 31, 2019 to the same period in 2020.

The net interest margin was 3.76% for the year ended December 31, 2020. When compared to the year ended December 31, 2019, the net interest margin decreased 26 basis points. The net interest margin was 3.63% for the quarter ended December 31, 2020. For the quarter ended December 31, 2019, the net interest margin was 3.90%. These declines can be attributed to current interest rate environment where rates have declined as loans repriced and higher yielding investment securities are called. The Company’s net interest margin is not a measurement under accounting principles generally accepted in the United States, but it is a common measure used by the financial services industry to determine how profitably earning assets are funded. The Company’s net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent net interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The tax rate utilized is 21%.

Noninterest income was $8.6 million and $7.8 million for the years ended December 31, 2020 and December 31, 2019, respectively. The increase was driven mostly by the $687 thousand gain on sale of AFS securities recognized during the year ended December 31, 2020. Noninterest income was $2.3 million for the quarter ended December 31, 2020, which represented an increase of $433 thousand or 23.8% from the $1.8 million for the three months ended December 31, 2019. The increase was driven mostly by cash distributions from investments in tax credits.

Noninterest expense increased $2.7 million or 10.0% for the year ended years ended December 31, 2020 in comparison to the year ended December 31, 2019. Noninterest expense increased $1.8 million, or 28.2%, to $8.1 million for the quarter ended December 31, 2020 from $6.3 million for the quarter ended December 31, 2019.  The COVID-19 pandemic has had and continues to have an impact on noninterest expenses. Much of this increase resulted from the increase in salaries and benefits expenses. Annual pay increases, newly hired employees, COVID pay for employees that were unable to work remotely during the pandemic and additional bonuses for loan employees originating SBA PPP lending have attributed to these increases. Increases in equipment expenses and computer software expenses in comparison to the prior year were largely due to hardware and software purchases to allow for remote work during the COVID-19 pandemic. Additional costs were incurred for enhanced branch cleanings and the purchase of personal protective equipment (PPE) throughout the year.

Asset Quality and Provision for Loan Losses
Nonperforming assets consist of nonaccrual loans, loans 90 days or more past due and still accruing, other real estate owned (foreclosed properties), and repossessed assets. Nonperforming assets increased from $2.4 million or 0.27% of total assets at December 31, 2019 to $5.4 million or 0.48% of total assets at December 31, 2020. This increase resulted from loans being placed into nonaccrual status during 2020. Total nonaccrual loans were $4.8 million at December 31, 2020 and $2.2 million at December 31, 2019. Several larger dollar loans were placed in nonaccrual status during the second quarter of 2020.  The majority of these loans are in the commercial real estate portfolio and have had cash flows negatively impacted by the COVID-19 pandemic. The majority of all nonaccrual loans are secured by real estate and management evaluates the financial condition of these borrowers and the value of any collateral on these loans. The results of these evaluations are used to estimate the amount of losses which may be realized on the disposition of these nonaccrual loans.  Other real estate owned was $607 thousand at December 31, 2020 and $183 thousand at December 31, 2019.  Two residential properties were added to other real estate owned during 2020 through deeds in lieu of foreclosure.

The Company may, under certain circumstances, restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress. Formal, standardized loan restructuring programs are not utilized by the Company. Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision. Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans. At December 31, 2020, the Company had 17 troubled debt restructurings totalling $3.3 million. Approximately $2.5 million or 14 loans are performing loans, while the remaining loans are on non-accrual status. At December 31, 2019, the Company had 16 troubled debt restructurings totalling $3.0 million. Approximately $2.6 million or 12 loans were performing loans, while the remaining loans were on non-accrual status.

The Company realized $267 thousand in net charge-offs for the quarter ended December 31, 2020 versus net recoveries of $20 thousand for the quarter ended December 31, 2019. The amount of provision for loan losses reflects the results of the Bank’s analysis used to determine the adequacy of the allowance for loan losses. The Company recorded a provision for loan losses of $702 thousand for the quarter ended December 31, 2020. The Company recognized provision for loan losses of $62 thousand for the quarter ended December 31, 2019. The provision for the quarter ended December 31, 2020 resulted from both loan growth during the quarter as well as the partial charge-off of certain impaired loans related to updated appraisals being received. The ratio of allowance for loan losses to total loans was 0.85% at December 31, 2020 and 0.77% at December 31, 2019, respectively.  Excluding outstanding PPP loans of $81.3 million as of December 31, 2020, the allowance for loan losses as a percentage of total loans was 0.94%. The ratio of allowance for loan losses to total nonaccrual loans was 146.85% and 227.59% at December 31, 2020 and December 31, 2019, respectively. Management’s judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge-offs, changes in the nature and volume of the loan portfolio, current economic conditions that may affect a borrower’s ability to repay and the value of collateral, overall portfolio quality and review of specific potential losses. The Company is committed to maintaining an allowance at a level that adequately reflects the risk inherent in the loan portfolio.

Total Consolidated Assets
Total consolidated assets of the Company at December 31, 2020 were $1.13 billion, which represented an increase of $252.8 million or 28.8% from total assets of $877.3 million at December 31, 2019. Gross loans increased $191.6 million or 29.7% between December 31, 2019 and December 31, 2020.  The growth in total loans and total assets during the year ended December 31, 2020 was largely due to regular loan portfolio growth as the Company expands lending types and markets.

Deposits and Other Borrowings
Total deposits increased $241.6 million to $1.01 billion at December 31, 2020 from $771.5 million at December 31, 2019. The growth in deposits mainly reflected both regular deposit growth and the Company expansion to new areas as well as PPP loan proceeds being deposited into customers’ accounts at the time the loans were originated and remaining on deposit as of December 31, 2020.

The Company had no outstanding borrowings from the Federal Home Loan Bank of Atlanta at December 31, 2020 or December 31, 2019.

Equity
Shareholders’ equity was $105.1 million at December 31, 2020 and $96.3 million at December 31, 2019. The book value of the Company at December 31, 2020 was $31.05 per common share. Total common shares outstanding were 3,405,035 at December 31, 2020. The board of directors declared a $0.27 per common share cash dividend for shareholders of record as of February 8, 2021 and payable on February 19, 2021.

COVID-19 Impacts
The COVID-19 crisis has changed our communities, both in the way we live and the way we do business. While circumstances continue to change, the Company is continuing to steadfastly work to meet and exceed the needs of its customers, employees, and the communities in which it does business. Customers’ banking needs have continued to be fulfilled through multiple banking channels including mobile, digital, and adjusted-schedule physical.  In efforts to assist local businesses during this pandemic, the Company originated 909 PPP loans (through two rounds of lending), totalling $88.5 million, into the hands of our community’s small businesses. The Company is currently participating in the third round of PPP lending. In addition to local small businesses, the Company is also working with its consumer and commercial customers through its loan deferral program whereby customers experiencing hardships due to COVID-19 may be granted a deferral in loan payments for up to 90 days. During 2020, the Company approved 255 deferrals with current loan balances totalling approximately $130.2 million for its customers experiencing hardships related to COVID-19. As of December 31, 2020, 241 loans with loan balances totalling approximately $128.7 million had begun making payments on their loans after the deferral date had passed.

Cautionary Note About Forward-Looking Statements
Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Factors that could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to: changes in interest rates and general economic conditions; the effects 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; the legislative and regulatory climate; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and Federal Reserve; the quality or composition of the Company’s loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company’s market area; acquisitions and dispositions; the Company’s ability to keep pace with new technologies; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyberattacks; the Company’s capital and liquidity requirements; changes in tax and accounting rules, principles, policies and guidelines; and other factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the Securities and Exchange Commission.

 

 


EAGLE FINANCIAL SERVICES, INC.


KEY STATISTICS

 


For the Three Months Ended


4Q20


3Q20


2Q20


1Q20


4Q19

Net Income (dollars in thousands)

$

2,506

$

3,406

$

2,819

$

2,441

$

2,831

Earnings per share, basic

$

0.74

$

0.99

$

0.83

$

0.71

$

0.83

Earnings per share, diluted

$

0.74

$

0.99

$

0.83

$

0.71

$

0.83

Return on average total assets

0.91

%

1.30

%

1.11

%

1.10

%

1.30

%

Return on average total equity

9.56

%

13.21

%

11.25

%

10.02

%

11.80

%

Dividend payout ratio

35.14

%

26.26

%

31.33

%

36.62

%

31.33

%

Fee revenue as a percent of total revenue

15.61

%

15.85

%

15.39

%

17.38

%

18.76

%

Net interest margin(1)

3.63

%

3.86

%

3.70

%

3.86

%

3.90

%

Yield on average earning assets

3.85

%

4.14

%

4.08

%

4.39

%

4.42

%

Rate on average interest-bearing liabilities

0.40

%

0.48

%

0.64

%

0.86

%

0.88

%

Net interest spread

3.45

%

3.66

%

3.44

%

3.53

%

3.54

%

Tax equivalent adjustment to net interest income (dollars in thousands)

$

56

$

61

$

64

$

68

$

74

Non-interest income to average assets

0.81

%

0.84

%

0.95

%

0.76

%

0.83

%

Non-interest expense to average assets

2.92

%

2.84

%

2.76

%

3.11

%

2.90

%

Efficiency ratio(2)

69.21

%

64.43

%

65.45

%

70.42

%

64.11

%

 

(1)

The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are non-taxable (i.e., municipal income) then subtracting interest expense. The rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and the reconciliation of net interest income to tax equivalent net interest income. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns a fair amount of non-taxable interest income due to the mix of securities in its investment security portfolio, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(2)

The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio and sales of repossessed assets. The tax rate utilized is 21%. See the table below for the quarterly tax equivalent net interest income and a reconciliation of net interest income to tax equivalent net interest income. The Company calculates this ratio in order to evaluate its overhead structure or how effectively it is operating. An increase in the ratio from period to period indicates the Company is losing a larger percentage of its income to expenses. The Company believes that the efficiency ratio is a reasonable measure of profitability.

 

 


EAGLE FINANCIAL SERVICES, INC.


SELECTED FINANCIAL DATA BY QUARTER

 


4Q20


3Q20


2Q20


1Q20


4Q19


BALANCE SHEET RATIOS

Loans to deposits

82.55

%

84.35

%

86.90

%

85.32

%

83.57

%

Average interest-earning assets to average-interest
bearing liabilities

175.23

%

173.54

%

168.79

%

163.80

%

167.77

%


PER SHARE DATA

Dividends

$

0.26

$

0.26

$

0.26

$

0.26

$

0.26

Book value

31.05

30.65

29.97

29.47

28.23

Tangible book value

31.05

30.65

29.97

29.47

28.23


SHARE PRICE DATA

Closing price

$

29.50

$

25.20

$

25.71

$

23.91

$

31.05

Diluted earnings multiple(1)

9.97

6.36

7.74

8.42

9.35

Book value multiple(2)

0.95

0.82

0.86

0.81

1.10


COMMON STOCK DATA

Outstanding shares at end of period

3,405,035

3,416,013

3,409,689

3,409,689

3,430,103

Weighted average shares outstanding

3,410,220

3,413,304

3,409,689

3,437,085

3,433,749

Weighted average shares outstanding, diluted

3,410,220

3,413,304

3,409,689

3,437,085

3,433,749


CAPITAL RATIOS

Total equity to total assets

9.30

%

9.68

%

9.93

%

11.10

%

10.98

%


CREDIT QUALITY

Net charge-offs to average loans

0.03

%

(0.02)

%

(0.03)

%

(0.08)

%

—

%

Total non-performing loans to total loans

0.58

%

0.53

%

0.62

%

0.26

%

0.34

%

Total non-performing assets to total assets

0.48

%

0.44

%

0.52

%

0.24

%

0.27

%

Non-accrual loans to:

total loans

0.58

%

0.53

%

0.54

%

0.26

%

0.34

%

total assets

0.43

%

0.40

%

0.41

%

0.19

%

0.25

%

Allowance for loan losses to:

total loans

0.85

%

0.83

%

0.81

%

0.80

%

0.77

%

non-performing assets

130.46

%

140.10

%

119.00

%

251.82

%

210.00

%

non-accrual loans

146.85

%

155.10

%

158.08

%

317.42

%

227.59

%


NON-PERFORMING ASSETS:

(dollars in thousands)

Loans delinquent over 90 days

$

—

$

—

$

665

$

—

$

—

Non-accrual loans

4,832

4,286

4,238

1,697

2,185

Other real estate owned and repossessed assets

607

442

442

442

183


NET LOAN CHARGE-OFFS (RECOVERIES):


(dollars in thousands)

Loans charged off

$

300

$

22

$

76

$

67

$

32

(Recoveries)

(33)

(218)

(302)

(578)

(52)

Net charge-offs (recoveries)

267

(196)

(226)

(511)

(20)


PROVISION FOR LOAN LOSSES (dollars in
thousands)

$

702

$

100

$

752

$

(97)

$

62


ALLOWANCE FOR LOAN LOSS SUMMARY


(dollars in thousands)

Balance at the beginning of period

$

6,661

$

6,365

$

5,387

$

4,973

$

4,891

Provision

702

100

752

(97)

62

Net charge-offs (recoveries)

267

(196)

(226)

(511)

(20)

Balance at the end of period

$

7,096

$

6,661

$

6,365

$

5,387

$

4,973

 

(1)

The diluted earnings multiple (or price earnings ratio) is calculated by dividing the period’s closing market price per share by total equity per weighted average shares outstanding, diluted for the period. The diluted earnings multiple is a measure of how much an investor may be willing to pay for $1.00 of the Company’s earnings.

(2)

The book value multiple (or price to book ratio) is calculated by dividing the period’s closing market price per share by the period’s book value per share. The book value multiple is a measure used to compare the Company’s market value per share to its book value per share.

 

 


EAGLE FINANCIAL SERVICES, INC.


CONSOLIDATED BALANCE SHEETS


(dollars in thousands)

 


Unaudited


12/31/2020


Unaudited


9/30/2020


Unaudited


6/30/2020


Unaudited


3/31/2020


Audited


12/31/2019


Assets

Cash and due from banks

$

79,698

$

63,774

$

38,099

$

22,757

$

33,407

Federal funds sold

222

270

264

288

252

Securities available for sale, at fair value

166,222

153,688

146,885

157,659

166,200

Loans, net of allowance for loan losses

829,238

799,040

782,569

668,645

639,787

Bank premises and equipment, net

18,725

18,906

19,047

19,179

19,297

Other assets

36,047

37,582

36,037

30,349

18,377

Total assets

$

1,130,152

$

1,073,260

$

1,022,901

$

898,877

$

877,320


Liabilities and Shareholders’ Equity


Liabilities

Deposits:

Noninterest bearing demand deposits

$

407,576

$

379,198

$

351,547

$

271,508

$

269,171

Savings and interest-bearing demand deposits

476,864

446,687

417,458

377,677

364,175

Time deposits

128,658

129,353

138,905

140,814

138,198

Total deposits

$

1,013,098

$

955,238

$

907,910

$

789,999

$

771,544

Federal Home Loan Bank advances

—

—

—

—

—

Other liabilities

11,980

14,139

13,422

9,079

9,450

Commitments and contingent liabilities

—

—

—

—

—

Total liabilities

$

1,025,078

$

969,377

$

921,332

$

799,078

$

780,994


Shareholders’ Equity

Preferred stock, $10 par value

—

—

—

—

—

Common stock, $2.50 par value

8,460

8,472

8,473

8,466

8,529

Surplus

10,811

10,862

10,771

10,578

11,406

Retained earnings

82,524

80,907

78,388

76,457

74,909

Accumulated other comprehensive income

3,279

3,642

3,937

4,298

1,482

Total shareholders’ equity

$

105,074

$

103,883

$

101,569

$

99,799

$

96,326

Total liabilities and shareholders’ equity

$

1,130,152

$

1,073,260

$

1,022,901

$

898,877

$

877,320

 

 


EAGLE FINANCIAL SERVICES, INC.


CONSOLIDATED STATEMENTS OF INCOME


(dollars in thousands)

Unaudited

 


Three Months Ended


Year Ended


December 31,


December 31,


2020


2019


2020


2019


Interest and Dividend Income

Interest and fees on loans

$

9,249

$

7,908

$

35,273

$

31,138

Interest on federal funds sold

—

1

1

4

Interest and dividends on securities available for sale:

Taxable interest income

588

794

2,858

3,089

Interest income exempt from federal income taxes

127

183

588

856

Dividends

14

21

76

70

Interest on deposits in banks

12

120

112

297

Total interest and dividend income

$

9,990

$

9,027

$

38,908

$

35,454


Interest Expense

Interest on deposits

$

592

$

1,071

$

3,256

$

4,193

Interest on federal funds purchased

—

—

—

31

Interest on Federal Home Loan Bank advances

—

6

25

15

Total interest expense

$

592

$

1,077

$

3,281

$

4,239

Net interest income

$

9,398

$

7,950

$

35,627

$

31,215


Provision For Loan Losses

702

62

1,457

629

Net interest income after provision for loan losses

$

8,696

$

7,888

$

34,170

$

30,586


Noninterest Income

Income from fiduciary activities

$

317

$

354

$

1,398

$

1,380

Service charges on deposit accounts

246

313

920

1,187

Other service charges and fees

1,255

1,165

4,757

4,893

Gain on the sale of bank premises and equipment

5

—

5

137

Gain (loss) on sales of AFS securities

—

—

687

(7)

Officer insurance income

93

(26)

310

(48)

Other operating income

335

12

502

217

Total noninterest income

$

2,251

$

1,818

$

8,579

$

7,759


Noninterest Expenses

Salaries and employee benefits

$

4,874

$

3,489

$

18,074

$

15,025

Occupancy expenses

380

396

1,592

1,611

Equipment expenses

222

232

988

857

Advertising and marketing expenses

198

211

707

868

Stationery and supplies

50

57

144

172

ATM network fees

272

315

1,009

1,141

Other real estate owned expenses

13

24

9

76

(Gain) loss on the sale of other real estate owned

(11)

(4)

(143)

443

FDIC assessment

105

(36)

221

105

Computer software expense

198

125

679

459

Bank franchise tax

177

173

705

656

Professional fees

261

230

1,120

1,057

Data processing fees

493

369

1,657

1,275

Other operating expenses

855

729

2,679

3,031

Total noninterest expenses

$

8,087

$

6,310

$

29,441

$

26,776

Income before income taxes

$

2,860

$

3,396

$

13,308

$

11,569


Income Tax Expense

354

565

2,136

1,810

Net income

$

2,506

$

2,831

$

11,172

$

9,759


Earnings Per Share

Net income per common share, basic

$

0.74

$

0.83

$

3.27

$

2.84

Net income per common share, diluted

$

0.74

$

0.83

$

3.27

$

2.84

 

 


EAGLE FINANCIAL SERVICES, INC.


Average Balances, Income and Expenses, Yields and Rates


(dollars in thousands)

 


For the Year Ended


December 31, 2020


December 31, 2019


Interest


Interest


Average


Income/


Average


Average


Income/


Average


Assets:


Balance


Expense


Yield


Balance


Expense


Yield

Securities:

Taxable

$

130,566

$

2,934

2.25

%

$

113,625

$

3,159

2.78

%

Tax-Exempt (1)

21,764

744

3.42

%

31,009

1,084

3.50

%

Total Securities

$

152,330

$

3,678

2.41

%

$

144,634

$

4,243

2.93

%

Loans:

Taxable

$

744,622

$

34,925

4.69

%

$

613,884

$

30,722

5.00

%

Non-accrual

3,618

—

—

%

2,723

—

—

%

Tax-Exempt (1)

9,992

441

4.42

%

11,722

526

4.49

%

Total Loans

$

758,232

$

35,366

4.66

%

$

628,329

$

31,248

4.97

%

Federal funds sold

359

1

0.24

%

194

4

2.06

%

Interest-bearing deposits in other banks

47,261

112

0.24

%

15,202

297

1.95

%

Total earning assets

$

954,564

$

39,157

4.10

%

$

785,636

$

35,792

4.56

%

Allowance for loan losses

(6,041)

(5,333)

Total non-earning assets

66,007

49,780

Total assets

$

1,014,530

$

830,083


Liabilities and Shareholders’ Equity:

Interest-bearing deposits:

NOW accounts

$

108,965

$

347

0.32

%

$

89,536

$

450

0.50

%

Money market accounts

184,346

930

0.50

%

150,291

1,463

0.97

%

Savings accounts

122,560

121

0.10

%

105,176

207

0.20

%

Time deposits:

$250,000 and more

75,520

1,203

1.59

%

59,550

1,221

2.05

%

Less than $250,000

60,600

655

1.08

%

61,775

852

1.38

%

Total interest-bearing deposits

$

551,991

$

3,256

0.59

%

$

466,328

$

4,193

0.90

%

Federal funds purchased

1

—

0.60

%

1,074

31

2.89

%

Federal Home Loan Bank advances

7,650

25

0.33

%

2,547

15

0.59

%

Total interest-bearing liabilities

$

559,642

$

3,281

0.59

%

$

469,949

$

4,239

0.90

%

Noninterest-bearing liabilities:

Demand deposits

341,229

258,176

Other Liabilities

12,357

9,900

Total liabilities

$

913,228

$

738,025

Shareholders’ equity

101,302

92,058

Total liabilities and shareholders’ equity

$

1,014,530

$

830,083

Net interest income

$

35,876

$

31,553

Net interest spread

3.51

%

3.66

%

Interest expense as a percent of average
earning assets

0.34

%

0.54

%

Net interest margin

3.76

%

4.02

%

 

(1)

Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%.

 

 


EAGLE FINANCIAL SERVICES, INC.


Average Balances, Income and Expenses, Yields and Rates


(dollars in thousands)

 


For the Three Months Ended


December 31, 2020


December 31, 2019


Interest


Interest


Average


Income/


Average


Average


Income/


Average


Assets:


Balance


Expense


Yield


Balance


Expense


Yield

Securities:

Taxable

$

130,033

$

602

1.84

%

$

122,969

$

815

2.63

%

Tax-Exempt (1)

19,098

161

3.35

%

26,272

231

3.49

%

Total Securities

$

149,131

$

763

2.03

%

$

149,241

$

1,046

2.78

%

Loans:

Taxable

$

811,055

$

9,165

4.50

%

$

627,842

$

7,811

4.94

%

Non-accrual

4,911

—

—

%

1,857

—

—

%

Tax-Exempt (1)

9,687

106

4.37

%

10,983

123

4.44

%

Total Loans

$

825,653

$

9,271

4.47

%

$

640,682

$

7,934

4.91

%

Federal funds sold

236

—

0.07

%

237

1

1.67

%

Interest-bearing deposits in other banks

66,662

12

0.07

%

28,711

120

1.66

%

Total earning assets

$

1,036,771

$

10,046

3.85

%

$

817,014

$

9,101

4.42

%

Allowance for loan losses

(6,678)

(4,929)

Total non-earning assets

71,423

52,118

Total assets

$

1,101,516

$

864,203


Liabilities and Shareholders’ Equity:

Interest-bearing deposits:

NOW accounts

$

120,244

$

70

0.23

%

$

94,053

$

109

0.46

%

Money market accounts

208,357

178

0.34

%

151,460

350

0.92

%

Savings accounts

133,886

20

0.06

%

106,756

49

0.18

%

Time deposits:

$250,000 and more

68,793

210

1.21

%

70,118

346

1.96

%

Less than $250,000

60,379

114

0.75

%

60,020

217

1.43

%

Total interest-bearing deposits

$

591,659

$

592

0.40

%

$

482,407

$

1,071

0.88

%

Federal funds purchased

1

—

0.40

%

1

—

2.38

%

Federal Home Loan Bank advances

—

—

4,565

6

0.56

%

Total interest-bearing liabilities

$

591,660

$

592

0.40

%

$

486,973

$

1,077

0.88

%

Noninterest-bearing liabilities:

Demand deposits

391,240

270,531

Other Liabilities

14,302

11,519

Total liabilities

$

997,202

$

769,023

Shareholders’ equity

104,314

95,180

Total liabilities and shareholders’ equity

$

1,101,516

$

864,203

Net interest income

$

9,454

$

8,024

Net interest spread

3.45

%

3.54

%

Interest expense as a percent of average
earning assets

0.23

%

0.52

%

Net interest margin

3.63

%

3.90

%

 

(1)

Income and yields are reported on tax-equivalent basis using a federal tax rate of 21%.

 

 


EAGLE FINANCIAL SERVICES, INC.


Reconciliation of Tax-Equivalent Net Interest Income


(dollars in thousands)

 


Three Months Ended


12/31/2020


9/30/2020


6/30/2020


3/31/2020


12/31/2019


GAAP Financial Measurements:

Interest Income – Loans

$

9,249

$

9,312

$

8,773

$

7,939

$

7,908

Interest Income – Securities and Other Interest-Earnings Assets

741

838

888

1,168

1,119

Interest Expense – Deposits

592

683

879

1,102

1,071

Interest Expense – Other Borrowings

—

—

25

—

6


Total Net Interest Income

$

9,398

$

9,467

$

8,757

$

8,005

$

7,950


Non-GAAP Financial Measurements:

Add:  Tax Benefit on Tax-Exempt Interest Income – Loans

$

22

$

23

$

24

$

24

$

26

Add:  Tax Benefit on Tax-Exempt Interest Income – Securities

34

38

40

44

48


Total Tax Benefit on Tax-Exempt Interest Income

$

56

$

61

$

64

$

68

$

74


Tax-Equivalent Net Interest Income

$

9,454

$

9,528

$

8,821

$

8,073

$

8,024

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/eagle-financial-services-inc-announces-2020-fourth-quarter-and-annual-financial-results-and-quarterly-dividend-301218252.html

SOURCE Eagle Financial Services, Inc.

Posted on

IIROC Trading Halt – DB

Canada NewsWire

VANCOUVER, BC, Jan. 29, 2021 /CNW/ – The following issues have been halted by IIROC:

Company: Decibel Cannabis Company Inc.

TSX-Venture Symbol: DB

All Issues: Yes

Reason: At the Request of the Company Pending News

Halt Time (ET): 1:06 PM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

Posted on

Fiberon Set to Launch New Products in Unique Virtual Experience Event

Fiberon Set to Launch New Products in Unique Virtual Experience Event

MAUMEE, Ohio–(BUSINESS WIRE)–
Fiberon announces the launch of their 2021 new products, which will be showcased in a unique Virtual Experience beginning Tuesday, February 2 at fiberondecking.com/2021virtualexperience. The Fiberon Virtual Experience provides an immersive experience featuring outdoor environments that include Fiberon’s new and current products, educational materials and videos, selling tools and live Q&A sessions, and connects with the builder community in conjunction with Fiberon’s virtual presence at IBSx.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210129005525/en/

Brio Rhythm railing is now available with round aluminum balusters, offering another way to customize an outdoor living space. (Photo: Business Wire)

Brio Rhythm railing is now available with round aluminum balusters, offering another way to customize an outdoor living space. (Photo: Business Wire)

“We strive to offer the on-trend products that best reflect the personal style of today’s homeowners,” said Mark Ayers, senior vice president of marketing and product development at Fiberon. “Our 2021 new products provide a combination of durability and style that makes them suitable for both commercial and residential projects.”

Good Life Composite Decking – Cabana

Cabana is the multi-chromatic griege hue homeowners have been asking for. Part of the Good Life Escapes Collection, Cabana pairs well with a wide variety of Fiberon products, making it even easier to create the perfect outdoor living space.

Good Life Composite Decking – Matching Fascia and Risers

Matching fascia and risers are now available for all colors of Good Life composite decking. The new fascia and risers perfectly match the color and embossing of Good Life deck boards.

Hidden Grooved Fasteners – Innovation by CAMO

Install decking in half the time with award-winning Fiberon EDGE and EDGEX Clips – pre-assembled, one-pass fasteners with no partial installation required for the consumer who wants to build a better deck and have an unparalleled install experience. As the industry professional’s first choice and with a first-class consumer warranty, this partnership is bound to build for a lifetime.

Fiberon Outdoor Lighting

Featuring warm-toned LED lights that are easy to install, Fiberon outdoor lighting provides ambience and increases the safety of an outdoor living space by illuminating the deck, railing and stairs. Multiple options are available to complement any combination of decking and railing.

Brio Rhythm Railing – Round Aluminum Balusters

Brio Rhythm railing features a flat, drink-friendly top rail made from a sturdy, low-maintenance composite material, now available with round aluminum balusters, offering another way to customize an outdoor living space. Choose your railing color, baluster material and color, and baluster height to create a unique look.

HavenView CitySide Railing – 42-in. Rail Height

The sleek minimalist design of HavenView CitySide railing is now available in a 42-in. rail height. The durable, long-lasting aluminum construction minimizes maintenance time and expense and a pre-punched bottom rail allows for faster baluster installation.

Deck Designer

Deck Designer, part of the Fiberon Discovery Deck Design Tools suite, is a new 3D design tool that allows users to create an outdoor space with Fiberon decking and railing. The new tool features a user experience with greater flexibility to provide creativity and fit unique project needs. Deck Designer offers a wide array of features, including the ability to start from scratch or choose a pre-built deck and a time of day option that shows how sun exposure changes the color of the selected decking and railing. Deck Designer is now available on fiberondecking.com/design-tools.

Fiberon Balance

A special Fiberon Balance module, complete with educational materials, will be available within the Virtual Experience. Fiberon Balance is a sustainability initiative that explains what makes Fiberon products safe for the environment. Learn more about Fiberon Balance at fiberonbalance.com.

“The Fiberon Virtual Experience allows attendees to explore our new and existing products in different outdoor environments,” said Chris Hayn, vice president of sales at Fiberon. “This virtual setting allows us to safely interact with current and potential customers, giving us an opportunity to share our brand through an immersive online experience.”

The Fiberon Virtual Experience runs Tuesday, February 2 through Friday, December 31. Registration is now open at fiberondecking.com/2021virtualexperience.

Shareable Highlights

  • Fiberon announces the launch of their 2021 new products, which will be showcased in a unique Virtual Experience beginning Tuesday, February 2, designed to enhance Fiberon’s digital presence at IBSx and support the NAHB.
  • The Fiberon Virtual Experience runs Tuesday, February 2 through Friday, December 31. Registration is now open at fiberondecking.com/2021virtualexperience.

About Fiberon

Founded in 1997, Fiberon is a leading U.S. manufacturer of wood-alternative decking, railing and cladding distributed worldwide. Fiberon products are available in a wide range of styles and price points, all providing the warmth and beauty of natural wood without the costly, time-consuming maintenance. Fiberon products are free of toxic chemicals and contain up to 95% recycled content. Recognized as an “Eco-leader” by Green Builder magazine, Fiberon maintains operations in North Carolina and Idaho. For more information, visit www.fiberondecking.com or call 800-573-8841.

Fiberon is part of the Outdoors & Security division of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that fulfill the dreams of home. FBHS’s operating divisions are Plumbing, Cabinets and Outdoors & Security. Its trusted brands include Moen, Perrin & Rowe, Riobel, Rohl, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); more than a dozen core brands under MasterBrand Cabinets; Therma-Tru entry door systems; Fiberon composite decking and railing products; LARSON storm doors and windows; and Master Lock and SentrySafe security products under The Master Lock Company. Fortune Brands holds market leadership positions in all of its divisions. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.fbhs.com.

Kevin Metz

312.507.9690

[email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Architecture Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Other Manufacturing Retail Chemicals/Plastics Building Systems Manufacturing Home Goods Interior Design

MEDIA:

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Photo
Photo
Brio Rhythm railing is now available with round aluminum balusters, offering another way to customize an outdoor living space. (Photo: Business Wire)
Photo
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Good Life Composite Decking in Cabana, a multi-chromatic griege hue, is part of the Good Life Escapes Collection. (Photo: Business Wire)
Posted on

Federal Home Loan Bank of Atlanta Declares a 3.72% Dividend for Fourth Quarter 2020

ATLANTA, Jan. 29, 2021 (GLOBE NEWSWIRE) — The Board of Directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a fourth quarter 2020 cash dividend at an annualized rate of 3.72 percent.

“Despite the continuing economic challenges presented by the COVID-19 pandemic, Federal Home Loan Bank of Atlanta ended the year on stable footing,” said FHLBank Atlanta Chair of the Board, Rick Whaley. “The board is pleased to be able to return this fourth quarter dividend to our members.”

The dividend rate is 3.50 percentage points over the daily average three-month LIBOR yield for the fourth quarter of 2020, and 3.63 percentage points over the daily average Secured Overnight Financing Rate, also known as SOFR, for the fourth quarter of 2020. The dividend will be calculated based on shareholders’ capital stock held during that period. The dividend will be credited to shareholders’ daily investment accounts at the close of business on February 2, 2021.

If you have questions, please contact FHLBank Atlanta’s Funding Desk at 1.800.536.9650, ext. 8011.

About FHLBank Atlanta

FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $6.6 billion in Affordable Housing Program funds, assisting more than 957,000 households.

For more information, visit our website at www.fhlbatl.com.

Some of the statements made in this announcement are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements.

The forward-looking statements may not be realized due to a variety of factors, including without limitation any one or more of the following factors: the impact of the COVID-19 pandemic on the Bank, its employees, members and counterparties, or on the capital markets and the U.S. economy, which impact is evolving and unknowable at this time and could include impacts to the Bank’s operations, liquidity, profitability, financial condition, and results of operations and dividend. Additional factors include legislative, regulatory and accounting actions, changes, approvals or requirements; uncertainties relating to the potential phase-out of LIBOR; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events, including the impact and results of upcoming U.S. national elections; disruptions in information systems; membership changes; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional factors that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in the Bank’s filings with the SEC, which are available at www.fhlbatl.com and www.sec.gov.

New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements. These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law.

CONTACT: Peter E. Garuccio
Federal Home Loan Bank of Atlanta
[email protected]
404.888.8143



Posted on

BWF Partners with Creative to Add Holography To Badminton Live Streams with SXFI LIVE

Milpitas, Calif., Jan. 29, 2021 (GLOBE NEWSWIRE) — Badminton World Federation (BWF) has partnered with Creative Technology to enhance the fan experience of watching badminton matches by bringing the audience closer to the action through holographic audio.

Starting tomorrow at the HSBC BWF World Tour Finals in Bangkok, Thailand, live and delayed matches on BWF’s YouTube channel will be enhanced with SXFI LIVE. Making its debut as the latest iteration of the multiple award-winning Super X-Fi headphone holography, SXFI LIVE adds audio holography and recreates the soundstage of a premium multi-speaker system in a pair of normal headphones.

Processed in real time at the source of the live stream, fans will be able to enjoy the lifelike effects of Super X-Fi audio, regardless of the headphones they wear when watching the live streams on YouTube, and feel as though they are watching the matches live in the arena.


Bringing the Game Closer to the Fans


BWF Secretary General Thomas Lund said the progressive partnership was a positive step for badminton. “2020 was an unprecedented year in sport. The BWF has learned some valuable lessons about content curation in the absence of live events.

“As we begin 2021 with the possibility of some of our events hosted without live audiences, such as in Bangkok this week, we are delighted to partner with Creative to enhance the audio fan experience, even when virtual.

“We look forward to working with Creative and the clever SXFI LIVE technology going forward.”

Sim Wong Hoo, CEO of Creative, said: “We are thrilled to be partners with BWF in a first-of-its kind initiative. This is a win-win-win partnership – Creative brings its technology and products to a global sport and audience. BWF becomes the first sports body to incorporate ground breaking audio technology to its events. Over 700 million badminton fans can now enjoy lifelike badminton live streams through their headphones.

“By transforming the audio quality right from the source, we bring the best seat in the badminton arena, smashes, flicks and all, to the fans in the comfort of their own homes. This is as close to the real thing as it gets, short of the fans returning to the arena. Aside from creating the spatialization and improving the immersion, SXFI LIVE will let people hear more details from the matches, through an ultra-wide soundstage compared to regular audio.”


SXFI LIVE for all BWF Major Championships and BWF World Tour Finals

SXFI LIVE will be featured in all of BWF’s top-tier Major tournaments in 2021, including the TOTAL BWF Sudirman Cup, TOTAL BWF Thomas and Uber Cup Finals, BWF World Championships and HSBC BWF World Tour Finals. 

For more information, please visit https://www.creative.com/BWFSXFI.


About Creative


Creative is a worldwide leader in digital entertainment products. Famous for its Sound Blaster® sound cards and for driving the multimedia revolution – which established a user base of 400 million – Creative drives digital entertainment with cutting-edge audio solutions that include premium wireless speakers, wireless headphones, powerful audiophile-grade digital amplifiers and next-generation home-theatre systems. Aiming at the new mobile networked generation by bridging the worlds of the computer, smartphones, and tablets, Creative continues to reinvent the Sound Blaster, with its ground-breaking Sound Blaster Roar series and USB-audio class of products such as the Sound Blaster X7.

In 2016, Creative unveiled the X-Fi Sonic Carrier: a brand-new concept in hi-res audio and video delivery for home entertainment. This technology powerhouse dubbed ‘the soundbar of the gods’ personifies the Audio of Tomorrow.

In 2018, Creative launched an all-new game-changing technology for headphones called Super X-Fi® Headphone Holography. This technology uses computational audio to recreate the listening experience of a high-end multi-speaker system in a professional studio, and delivers the same expansive experience – with the same original depth, detail, realism, and spaciousness – in headphones. Super X-Fi further uses Artificial Intelligence to compute a custom audio profile based on a person’s unique anthropometry. Super X-Fi has won multiple accolades worldwide, including an unprecedented 23 awards at CES 2019-2020.

Visit

creative.com

Find out more about Super X-Fi Technology:

sxfi.com

Facebook:

facebook.com/CreativeLabs


About BWF


The Badminton World Federation (BWF) is the international governing body of the sport of badminton, recognised by the International Olympic Committee (IOC) and the International Paralympic Committee (IPC). It was originally the International Badminton Federation (IBF) which was founded on 5 July 1934, before being rechristened the Badminton World Federation in 2006.

The purpose and objectives of BWF include regulating, promoting, developing and popularising the sport of badminton throughout the world and organising, conducting and presenting international events at the highest level.

The BWF’s vision is to make badminton a leading global sport accessible to all – giving every child a chance to play for life. Its mission is to lead and inspire all stakeholders; to deliver entertainment through exciting events to drive fan experience; and to create innovative, impactful and sustainable development initiatives.

BWF has its headquarters in Kuala Lumpur, Malaysia, with 196 Member Associations worldwide.

Poul-Erik Høyer is the BWF President and Thomas Lund is the BWF Secretary General.

Websites:


www.bwfbadminton.com

 and www.bwfcorporate.com

Facebook:


https://www.facebook.com/bwfbadminton


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Creative Press Contact
Edwin Ong 
Marketing Communications Manager
Mobile: +65 9795 7590
[email protected]


BWF Press Contact
Lloyd Green
Communications & Media Manager
Mobile: +60 19-384 0556

Dianne Pierre
Deputy Communications & Media Manager
Mobile: +44 7961 714540

[email protected]