Market Newsdesk

January 29, 2021 1:24 pm

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]

January 29, 2021 1:22 pm

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

January 29, 2021 1:20 pm

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

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.

January 29, 2021 1:20 pm

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

January 29, 2021 1:13 pm

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)

“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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005525/en/

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

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

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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)

January 29, 2021 1:05 pm

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

January 29, 2021 1:03 pm

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

# # #

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]

January 29, 2021 1:01 pm

Decklar Resources Inc. Provides Update to Funding for Restart of Production at its Oza Oil Field

TORONTO, Jan. 29, 2021 (GLOBE NEWSWIRE) — Decklar Resources Inc. (DKL-TSX Venture)(the “Company”) is pleased to provide an update to previously announced funding arrangements by its wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited, to develop the Oza Oil Field in Nigeria. When fully disbursed, these funds are expected to be sufficient to re-establish oil production and provide development funding for the Company’s Oza Oil Field. The details of the funding plans are included in the Company’s August 31, 2020 press release.

Update Regarding Funding Arrangements

The due diligence required to finalize the term debt arranged with a Nigerian bank and the trading subsidiary of a large multinational oil company active in Nigeria has progressed, and the final report by the independent technical consultant they contracted and based on review of reserve and production data and financial projections has been issued. The definitive loan documents are now being finalized and are anticipated to be issued by the end of the first week of February 2021. As previously announced, the remainder of the US$7,500,000 for the subscription agreement with San Leon Energy Plc remains in escrow and will be released upon satisfaction (or waiver) of the final conditions precedent contained in the agreement.

Update Regarding Oza Field Preparation

Well Site and drilling location preparation for the Oza-1 well re-entry and first horizontal development well have moved forward, and we are pleased to report have now been completed. The road to the well site location has been rebuilt and construction of a concrete drilling pad, concrete mud pit, buildings and related infrastructure have been completed. Long lead time items needed for the Oza-1 re-entry have been secured, and a drilling rig currently located near the field has been identified and contracted.

As previously reported, an export pipeline that ties the Oza Oil Field production into the Trans Niger Pipeline (TNP) and continues on to the Bonny Export Terminal, operated by Shell Production Development Company (SPDC) is already in place. Infrastructure also in place at the Oza Oil Field includes a lease automatic custody transfer (LACT) unit fiscal metering system, infield flow-lines, manifolds and a rental 6,000 barrel per day early production facility. These production and pipeline facilities ensure that oil tested from the Oza-1 well re-entry and early production will be immediately delivered and sold on an expedited basis.

For further information:

Duncan T. Blount
Chief Executive Officer Telephone: +1 305 890 6516
Email: [email protected]

David Halpin
VP Finance, Decklar Petroleum Telephone: +1 403 816 3029
Email: [email protected]

Investor Relations: [email protected]

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

Cautionary Language

Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation). All statements in this news release, other than statements of historical facts, including statements with respect to the Company satisfying all outstanding conditions precedent in order to complete the transaction with San Leon are forward-looking statements. Such statements and information (together, “forward looking statements”) relate to future events or the Company’s future performance, business prospects or opportunities.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

January 29, 2021 12:59 pm

Fentura Financial, Inc. Announces Quarterly Dividend

FENTON, Mich., Jan. 29, 2021 (GLOBE NEWSWIRE) — Fentura Financial, Inc. (OTCQX: FETM) has announced a regular dividend of $0.08 per share for shareholders of record as of February 8, 2021, and payable February 15, 2021.

About Fentura Financial, Inc. and The State Bank

Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and was recognized as one of the Top 50 performing stocks in 2018 and 2019 on that exchange.

The State Bank is a full-service, 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 15 full-service branches in Genesee, Livingston, Oakland, Saginaw, and Shiawassee Counties and a loan production office in Saginaw County. The State Bank was ranked #22 by S&P Global in terms of 2019 performance for banks under $2 billion in assets. The State Bank’s commercial department provides a complete array of products including lines of credit, term loans, commercial mortgages, SBA loans and a full-suite of cash management products. The retail department offers personal checking, savings, time and IRA deposit accounts and a wide array of loan products including home equity, auto and personal loans. The residential loan department offers construction, purchase and refinance residential mortgage loans. The wealth management department offers a full-service suite of trust and portfolio management services. More information can be found at www.thestatebank.com or www.fentura.com.

Cautionary Statement:
This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Contacts:	Ronald L. Justice	Aaron D. Wirsing
	President & CEO	Chief Financial Officer
	Fentura Financial, Inc.	Fentura Financial, Inc.
	810.714.3902	810.714.3925
	[email protected]	[email protected]

January 29, 2021 12:54 pm

Amarin Receives Positive CHMP Opinion for Icosapent Ethyl for Cardiovascular Risk Reduction

Positive opinion is based on extensive clinical study results, including results of the REDUCE-IT^® cardiovascular outcomes study

European Commission decision on the Marketing Authorisation Application expected in April 2021

DUBLIN, Ireland and BRIDGEWATER, N.J., Jan. 29, 2021 (GLOBE NEWSWIRE) — Amarin Corporation plc (NASDAQ:AMRN) today announced that in response to Amarin’s Marketing Authorisation Application submission, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending that a marketing authorisation be granted to icosapent ethyl in the European Union for the reduction of risk of cardiovascular events in patients at high cardiovascular risk, under the brand name VAZKEPA^®.

The CHMP recommendation is now expected to be reviewed by the European Commission, which has the authority to approve medicines for marketing in the European Union. A decision by the European Commission is expected to take place within 67 days of the CHMP opinion.

“We thank the EMA for its thoughtful review of our application and concluding it in a timely manner despite the challenges imposed by COVID-19,” said Steven Ketchum, senior vice president, president of R&D and chief scientific officer of Amarin. “This positive CHMP opinion is a significant milestone for Amarin, taking us one step closer to making this important therapy available to millions of patients in the European Union at high risk of cardiovascular events such as heart attacks and strokes. We are dedicated to supporting a rethinking of cardiovascular disease risk reduction in Europe with further emphasis on preventative care.”

The CHMP opinion is based on over a decade of development and testing of icosapent ethyl, including data from the REDUCE-IT^® cardiovascular outcomes study. REDUCE-IT evaluated more than 8,000 high risk patients who despite having their cholesterol levels well controlled by statin therapy remained at significant risk of heart attack, stroke, or other major adverse cardiovascular events (MACE), including death. As published, patients in the REDUCE-IT study had a median follow-up period of nearly five years. Results from this study, in which all patients remained treated by statins (and by other contemporary therapies) and where half the patients received icosapent ethyl and the other half received placebo, demonstrated a 25% relative risk reduction (p<0.001) in the first occurrence of MACE in the intent-to-treat patient population with use of icosapent ethyl (4 grams daily) compared with placebo.

Based on communications with the EMA we expect the indication language to be generally consistent with the following:

That marketing authorisation be granted to icosapent ethyl to reduce the risk of cardiovascular events in adult statin-treated patients at high cardiovascular risk with elevated triglycerides (≥150 mg/dL), and

established cardiovascular disease, or
diabetes, and at least one other cardiovascular risk factor.

Ten years of market protection is expected to be granted in the European Union as part of a European Commission approval of the pending application. In addition, pending patent applications related to the REDUCE-IT study have the potential to extend exclusivity in Europe into 2039.

For more information about the CHMP announcement visit the EMA website (this link will take you to an external website) https://www.ema.europa.eu/en/news/meeting-highlights-committee-medicinal-products-human-use-chmp-25-29-january-2021

About Amarin

Amarin is a rapidly growing, innovative pharmaceutical company leading a new paradigm in cardiovascular disease management. From our scientific research foundation to our focus on clinical trials, and now our commercial expansion, we are evolving and growing. In 2009, Amarin had fewer than twenty employees. Today, with offices in Bridgewater, New Jersey in the United States, Dublin in Ireland, and Zug in Switzerland, Amarin has approximately 1,000 employees and commercial partners and suppliers around the world. We are committed to rethinking cardiovascular risk through the advancement of scientific understanding of the impact on society of significant residual risk that exists beyond traditional therapies, such as statins for cholesterol management.

Promotion Disclaimer

This press release is intended for investor relations purposes. Icosapent ethyl is not approved for marketing or sale in the European Union and nothing in this press release is intended to promote such use.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about expectation for further regulatory review, the expected timing thereof, anticipated label language, anticipated grants of regulatory exclusivity and the potential for patent issuances and protection. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties that may individually or together impact the matters herein and cause actual results, events and performance to differ materially from such forward looking statements. Among the factors that could cause actual results to differ materially from those described or projected herein include the following: events that could impact future regulatory assessment by the European Commission, such as delays due to COVID-19 restrictions, later arising data or other information, events that could interfere with the grant or issuance of a patent, continued validity or enforceability of a patent; uncertainties associated with litigation generally and patent litigation specifically; Amarin’s ability generally to maintain adequate patent protection and successfully enforce patent claims against third parties; and uncertainties associated generally with research and development and regulatory submissions, reviews, action dates and approvals. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin’s filings with the U.S. Securities and Exchange Commission, including its most recent quarterly report on Form 10-Q. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Amarin undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Amarin Contact Information

Investor Inquiries:

Investor Relations
Amarin Corporation plc
In U.S.: +1 (908) 719-1315
[email protected] (investor inquiries)

Solebury Trout
[email protected]

US Media Inquiries:

Alina Kolomeyer
Communications
Amarin Corporation plc
In U.S.: +1 (908) 892-2028
[email protected] (media inquiries)

Europe Media Inquiries:

Liam English
Europe Communications
Amarin Corporation plc
+44 (0) 750 500 8787
[email protected] (media inquiries)