OLD BRIDGE, NJ / ACCESSWIRE / January 31, 2018 / Blonder Tongue Laboratories, Inc. (NYSE American: BDR) announced today the appointment of Stephen K. Necessary to its board of directors.

Mr. Necessary served as Executive Vice President, Product Development and Management at Cox Communications, Inc. (“Cox Communications”), where he directed new development and lifecycle management for all products across residential and business portfolios, a position from which Mr. Necessary retired at the end of 2017. Mr. Necessary currently maintains a continuing relationship with the company on a part time consulting basis. He also served as Cox Communications’ Vice President, Video Product Development and Management, where he oversaw the conception, development and deployment of new video products, including its flagship Contour service. Prior to joining Cox Communications, Mr. Necessary served as president of the Video on Demand Division of Concurrent Computer Corporation, and also spent more than 15 years with Scientific Atlanta, holding several senior management positions, including serving as CEO of the company’s PowerTV software subsidiary.

Mr. Necessary holds a Bachelor of Engineering Economic Systems from Georgia Institute of Technology and a Masters of Business Administration from Harvard Business School.

Commenting on Mr. Necessary’s appointment, Robert J. Pallé, the Company’s Chief Executive Officer and President said, “We are extremely pleased to welcome Steve Necessary to our Board of Directors. Throughout his career, Steve has demonstrated a proven record of success through his leadership and intimate, in-depth knowledge of the cable and communications markets. As such, Steve is in a unique position to provide us both product and market guidance from the multiple-system-operator point of view.”

About Blonder Tongue

Blonder Tongue Laboratories, Inc. together with R. L. Drake Holdings, LLC – its wholly owned subsidiary – offer customers more than 130 years of combined engineering and manufacturing excellence with solid histories of delivering reliable, quality products. As a leader in the field of Cable Television Communications, the Company provides system operators and integrators serving the cable, broadcast, satellite, IPTV, institutional and professional video markets with comprehensive solutions for the provision of content contribution, distribution and video delivery to homes and businesses. The Company designs, manufactures, sells and supports an equipment portfolio of standard and high definition digital video solutions, as well as core analog video and high speed data solutions for distribution over coax, fiber and IP networks. Additional information on the Company and its products can be found at www.blondertongue.com, and www.rldrake.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The information set forth above includes “forward-looking” statements and accordingly, the cautionary statements contained in Blonder Tongue’s Annual Report and Form 10-K for the year ended December 31, 2016 (See Item 1: Business, Item 1A: Risk Factors, Item 3: Legal Proceedings and Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. The words “believe,” “expect,” “anticipate,” “project,” “target,” “intend,” “plan,” “seek,” “estimate,” “endeavor,” “should,” “could,” “may,” and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections for our future financial performance, our anticipated growth trends in our business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. Blonder Tongue undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Blonder Tongue’s actual results may differ from the anticipated results or other expectations expressed in Blonder Tongue’s “forward-looking” statements.

Contacts

Eric Skolnik
Chief Financial Officer
eskolnik@blondertongue.com
(732) 679-4000

Robert J. Palle
Chief Executive Officer
bpalle@blondertongue.com
(732) 679-4000

SOURCE: Blonder Tongue Laboratories, Inc.

ReleaseID: 487487

NEW YORK, NY / ACCESSWIRE / January 31, 2018 / The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Aqua Metals, Inc. (“Aqua Metals”) (NASDAQ: AQMS) securities between May 19, 2016 and November 9, 2017.

Click here to learn about the case: http://www.wongesq.com/pslra-sbm/aqua-metals-inc?wire=1. There is no cost or obligation to you.

According to the complaint, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) the Company was touting the business value of the Interstate Battery Partnership and the JCI Partnership; (b) the Company was aware of and ignoring material unresolved deficiencies in the AquaRefine technology and process preventing large scale development; (c) the Company was experiencing numerous execution and operational issues preventing scaling and production ramp up at its facility; and (d) the Company was unable to produce and generate revenue from its core business, therefore remaining unprofitable.

If you suffered a loss in Aqua Metals, you have until February 13, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email vw@wongesq.com, by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-sbm/aqua-metals-inc?wire=1.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong

ReleaseID: 487522

NEW YORK, NY / ACCESSWIRE / January 31, 2018 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of Liberty Tax, Inc. (“Liberty”) (NASDAQ: TAX) between June 29, 2016 and December 11, 2017. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Eastern District of New York. To get more information, go to:

http://www.zlk.com/plsra-c/liberty-tax-inc?wire=1

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Liberty’s former CEO, John T. Hewitt, created an inappropriate tone at the top; (2) the inappropriate tone at the top led to ineffective entity level controls over the organization; and (3) as a result, defendants’ statements about Liberty’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On September 6, 2017, Liberty announced that founder and CEO Hewitt had been terminated. On November 7, 2017, Liberty announced the resignation of Kathleen Donovan, its Vice President and Chief Financial Officer. On December 11, 2017, Liberty report that KPMG LLP resigned as its independent registered public accounting firm and that Liberty would delay the filing of its quarterly report on Form 10-Q for the quarter ended October 31, 2017.

If you suffered a loss in Liberty, you have until February 13, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll-Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 487521

SALINAS, CA / ACCESSWIRE / January 31, 2018 / 1st Capital Bank (OTC PINK: FISB) reported unaudited net income of $182 thousand for the three months ended December 31, 2017, compared to net income of $1.03 million for the three months ended December 31, 2016 and net income of $1.02 million for the three months ended September 30, 2017, the immediately preceding quarter. Earnings per share were $0.04 (diluted), compared to $0.22 (diluted) for the prior quarter.

With the signing into law of the Tax Cuts and Jobs Act of 2017, generally accepted accounting principles (“GAAP”) require deferred tax assets and liabilities on corporate balance sheets be revalued to reflect the value of the future tax benefits associated with temporary differences between GAAP and Federal income tax accounting, using the new 21% top marginal rate, which replaces the 35% top marginal rate. As a result of the change in marginal rates, the Bank made an adjustment to the value of its net deferred tax assets, causing additional income tax expense of $913 thousand, or $0.19 per diluted share for the fourth quarter of 2017.

“While the benefits of lower income tax rates in 2018 and beyond will be very positive for 1st Capital Bank and most companies, the adjustment of our net deferred tax assets negatively impacted the Bank’s reported operating results for the fourth quarter and the entire year,” said Thomas E. Meyer, President and Chief Executive Officer.

Unaudited net income for the year ended December 31, 2017 decreased 7.3% to $2.84 million, compared to $3.07 million for the year ended December 31, 2016. Pre-tax income for 2017 rose significantly to $6.11 million, however, 20.6% above 2016’s pre-tax income of $5.06 million.

Net interest margin increased from 3.52% in the third quarter of 2017 to 3.68% in the fourth quarter of 2017. Net interest income before provision for loan losses for the three-month period ended December 31, 2017 was $5.12 million, an increase of $207 thousand, or 4.2%, compared to $4.91 million recognized in the three-month period ended September 30, 2017. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $548 thousand, or 12.0%, from $4.57 million recognized in the fourth quarter of 2016.

For the year ended December 31, 2017, net interest income before provision for loan losses increased 12.7%, from $16.99 million in the year ended December 31, 2016 to $19.14 million in the year ended December 31, 2017. The Bank’s net interest margin expanded from 3.20% in 2016 to 3.50% in 2017. Growth in average loans outstanding, which increased $25 million, or 6.49%, from $391 million in 2016 to $416 million in 2017, made up the bulk of growth in average interest-earning assets, which increased $17 million, or 3.18%, from $531 million in 2016 to $548 million in 2017.

In 2017, loan growth was concentrated in the core portfolio, including commercial real estate loans, which organically grew $28 million, or 19.1%, from $145 million as of December 31, 2016 to $173 million as of December 31, 2017. Commercial and industrial loans grew $6 million, or 14.2%, from $45 million as of December 31, 2016 to $52 million as of December 31, 2017. Over the same period, the single-family residential portfolio, which consists primarily of purchased loans, decreased $6 million, or 4.7%, from $121 million as of December 31, 2016 to $115 million as of December 31, 2017, net of $25 million of single-family loans purchased in the third and fourth quarters of 2017. Overall, the loan portfolio increased $23 million, or 5.6%, from $405 million as of December 31, 2016 to $428 million as of December 31, 2017.

“Our annual operating results reflect a nearly 12% growth in our core commercial and industrial and commercial real estate portfolios during 2017,” said Thomas E. Meyer, President and Chief Executive Officer. “Our experienced group of relationship bankers enjoyed a strong finish during the fourth quarter of 2017, and enters 2018 with a robust pipeline of new lending opportunities. We have increased our core lending portfolio the past few years while maintaining exceptional credit quality.”

Total deposits increased $6 million, or 1.2%, to $526 million as of December 31, 2017, from $520 million as of September 30, 2017, and increased $25 million, or 5.1% from $501 million as of December 31, 2016. The Bank’s cost of funds declined from 0.14% for the year ended December 31, 2016 to 0.12% for the year ended December 31, 2017, reflecting an increase in the ratio of average noninterest-bearing deposits to total deposits from 40.9% in 2016 to 45.4% in 2017.

“Our noninterest-bearing deposits made up 49.7% of our total deposits at December 31, 2017 and are the primary driver of our continued low cost of funds,” said Michael J. Winiarski, Executive Vice President and Chief Financial Officer.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $5.12 million in the fourth quarter of 2017, an increase of $548 thousand, or 12.0%, compared to $4.57 million in the fourth quarter of 2016 and an increase of $207 thousand, or 4.2%, compared to $4.91 million in the third quarter of 2017.

Average earning assets were $552 million during the fourth quarter of 2017, a decrease of 0.3% compared to $554 million in the third quarter of 2017. The yield on earning assets was 3.78% in the fourth quarter, compared to 3.63% in the third quarter of 2017, primarily due to an increase in the average balance of loans from $420 million in the third quarter of 2017 to $431 million in the fourth quarter of 2017 and, secondly, to an increase in the yield on average loans outstanding from 4.29% to 4.39%. The average balance of the investment portfolio decreased $1 million, from $74 million in the third quarter of 2017 to $73 million in the fourth quarter of 2017, reflecting normal amortization and prepayments on the Bank’s investments in mortgage-backed securities and collateralized mortgage obligations, offset by $5 million in investment purchases. The yield on the investment portfolio increased from 1.63% in the third quarter of 2017 to 1.69% in the fourth quarter of 2017.

The cost of interest-bearing liabilities was 0.22% in each of the fourth quarter of 2016, the third quarter of 2017, and the fourth quarter of 2017, while the average balance of interest-bearing liabilities decreased from $277 million in the fourth quarter of 2016 to $276 million in the third quarter of 2017 and $271 million in the fourth quarter of 2017. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with Promontory Interfinancial Network’s Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $24 million, $31 million, and $26 million in the fourth quarter of 2016 and the third and fourth quarters of 2017, respectively. These funds may be moved back into the Bank’s deposit portfolio at the Bank’s discretion. The average balance of noninterest-bearing demand deposit accounts (“DDAs”) increased from $240 million, or 46.5% of total deposits, in the third quarter of 2017 to $244 million, or 47.3% of total deposits, in the fourth quarter of 2017. The Bank’s overall cost of funds decreased, from 0.13% in the fourth quarter of 2016 to 0.12% in the third quarter of 2017 and 0.11% in the fourth quarter of 2017.

PROVISION FOR CREDIT LOSSES

The provision for credit losses is a charge against current earnings in an amount determined by management to be necessary to maintain the allowance for loan losses at a level sufficient to absorb management’s estimate of probable incurred credit losses inherent in the loan portfolio as of the balance sheet date in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio.

For the year ended December 31, 2017, the Bank recorded a provision for loan losses of $175 thousand, compared to a provision for loan losses of $295 thousand in the year ended December 31, 2016. In the fourth quarter of 2017, the Bank recorded a provision for loan losses of $65 thousand, compared to a provision of $85 thousand in the third quarter of 2017 and no provision in the fourth quarter of 2016, primarily to recognize the increased exposure to credit losses associated with growth in the loan portfolio.

The changes in the provision reflect the growth of the portfolio, changes in the mix of loan types within the portfolio and their respective loss histories, as well as management’s assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $5.2 million at December 31, 2017, compared to $5.3 million at September 30, 2017, and $8.0 million at December 31, 2016.

At December 31, 2017, non-performing loans were 0.06% of the total loan portfolio, compared to 0.06% at September 30, 2017 and 0.03% at December 31, 2016. At December 31, 2017, the allowance for loan losses was 1.49% of outstanding loans, compared to 1.48% at September 30, 2017 and 1.55% at December 31, 2016, respectively. The Bank recorded net recoveries of $12 thousand in the fourth quarter of 2017, compared to net charge-offs of $24 thousand in the third quarter of 2017 and recoveries of $12 thousand in the fourth quarter of 2016.

NON-INTEREST INCOME

Annual non-interest income increased 109.9%, from $551 thousand in the year ended December 31, 2016 to $1.16 million in the year ended December 31, 2017. Non-interest income recognized in the fourth quarter of 2017 was $311 thousand, including $82 thousand in gain on sale of Small Business Administration (“SBA”) guaranteed loans, compared to $346 thousand in the third quarter of 2017, which included gain on sale of $98 thousand. This represents a decrease of $35 thousand, or 10.1%, compared to third quarter of 2017, and an increase of $98 thousand, or 46.0%, compared to the fourth quarter of 2016.

Management has been actively seeking to increase non-interest income across a range of sources, including account analysis fees, lockbox service fees, and mortgage brokerage fees. In addition, in the fourth quarter of 2016, the Bank increased its investment in Bank-owned life insurance (“BOLI”) policies by $5.0 million, from $2.4 million to $7.4 million. On an annual basis, the increase in non-interest income included a 73.7% increase in service charges on deposits, including lockbox and analysis fees, from $140 thousand to $243 thousand; a 168.0% increase in BOLI income, from $82 thousand to $221 thousand; a 174.1% increase in gain on sale of loans, from $97 thousand to $266 thousand; and an 84.1% increase in other income, from $232 thousand to $426 thousand, for the years ended December 31, 2016 and 2017, respectively.

NON-INTEREST EXPENSES

Non-interest expenses increased $58 thousand, or 1.6%, to $3.57 million in the fourth quarter of 2017, compared to $3.52 million for the third quarter of 2017, and increased $402 thousand, or 12.7%, compared to $3.17 million recognized in the fourth quarter of 2016. Salaries and benefits increased $68 thousand, or 3.2%, from $2.13 million in the third quarter of 2017 to $2.19 million in the fourth quarter of 2017.

For the year ended December 31, 2017, non-interest expenses were $14.02 million, an increase of $1.84 million, or 15.1%, compared to $12.18 million recognized in the year ended December 31, 2016. Salaries and benefits increased $1.22 million, or 16.4%, from $7.49 million to $8.71 million over the same period, reflecting an increase in average headcount from 74 employees for the year ended December 31, 2016 to 78 employees for the year ended December 31, 2017. These increases reflect the hiring primarily of loan production and underwriting personnel, including those specializing in government-guaranteed lending and single-family residential lending to support the introduction of home equity lines of credit and the Bank’s mortgage brokerage program. The Bank’s professional services expense increased $184 thousand, or 34.3%, to $722 thousand in 2017, from $537 thousand in 2016, primarily as a result of regulatory compliance consulting fees associated with the introduction of the Bank’s single-family loan products.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 65.8% for the fourth quarter of 2017, compared to 66.9% for the third quarter of 2017 and 66.3% for the fourth quarter of 2016. Annualized non-interest expenses as a percent of average total assets were 2.49%, 2.45%, and 2.33% for the fourth quarter of 2017, the third quarter of 2017, and the fourth quarter of 2016, respectively.

PROVISION FOR INCOME TAXES

The Bank’s effective book tax rate was 89.8% in the fourth quarter of 2017, compared to 38.4% for the third quarter of 2017 and 36.2% for the fourth quarter of 2016. The higher effective rate in the fourth quarter reflects the $913 thousand adjustment to the Bank’s net deferred tax assets resulting from the lowering of the corporate tax rate from 35% to 21% during December 2017.

About 1st Capital Bank

The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast Region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration (“SBA”) and the U.S. Department of Agriculture (“USDA”). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full-service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.

Member FDIC / Equal Opportunity Lender / SBA Preferred Lender

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank’s market areas; governmental regulation and legislation; credit quality; competition affecting the Bank’s businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.

This news release is available at the www.1stCapital.bank internet site for no charge.

For further information, please contact:

Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com

or

Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

December 31,

September 30,

June 30,

December 31,

Financial Condition Data1

2017

2017

2017

2016

Assets

Cash and due from banks

$
7,727

$
27,484

$
16,824

$
2,754

Funds held at the Federal Reserve Bank2

56,249

32,903

32,800

50,884

Time deposits at other financial institutions

1,743

747

747

2,490

Available-for-sale securities, at fair value

74,927

72,685

74,850

77,870

Loans receivable held for investment:

Construction / land (including farmland)

16,301

16,532

17,005

18,993

Residential 1 to 4 units

115,340

106,670

102,154

120,983

Home equity lines of credit

8,832

8,804

7,776

11,609

Multifamily

51,983

61,773

60,494

53,338

Owner occupied commercial real estate

67,326

67,124

67,169

50,887

Investor commercial real estate

105,196

102,904

102,854

94,018

Commercial and industrial

51,663

50,145

50,527

45,219

Other loans

11,292

12,560

10,848

10,259

Total loans

427,933

426,512

418,827

405,306

Allowance for loan losses

(6,378
)

(6,301
)

(6,241
)

(6,267
)

Net loans

421,555

420,211

412,586

399,039

Premises and equipment, net

2,308

2,376

2,343

1,477

Bank owned life insurance

7,654

7,599

7,543

7,433

Investment in FHLB3 stock, at cost

3,163

3,163

3,163

2,939

Accrued interest receivable and other assets

4,905

6,168

6,276

5,041

Total assets

$
580,231

$
573,336

$
557,132

$
549,927

Liabilities and shareholders’ equity

Deposits:

Noninterest bearing demand deposits

$
261,705

$
238,560

$
233,488

$
239,799

Interest bearing checking accounts

35,082

39,622

30,175

33,888

Money market deposits

107,101

119,384

116,739

113,289

Savings deposits

110,058

109,193

111,150

100,601

Time deposits

12,130

12,922

13,212

13,044

Total deposits

526,076

519,681

504,764

500,621

Accrued interest payable and other liabilities

2,163

2,060

2,087

1,661

Shareholders’ equity

51,992

51,595

50,281

47,645

Total liabilities and shareholders’ equity

$
580,231

$
573,336

$
557,132

$
549,927

Shares outstanding

4,686,521

4,443,889

4,428,930

4,350,721

Nominal and tangible book value per share

$
11.09

$
11.61

$
11.35

$
10.96

Ratio of net loans to total deposits

80.13
%

80.86
%

81.74
%

79.71
%

1 = Loans receivable held for investment are presented according to definitions applicable to the regulatory Call Report.
2 = Includes cash letters in the process of collection settled through the Federal Reserve Bank.
3 = Federal Home Loan Bank

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Operating Results Data1

2017

2017

2017

2016

Interest and dividend income

Loans

$
4,769

$
4,539

$
4,365

$
4,298

Investment securities

313

306

266

213

Federal Home Loan Bank stock

56

56

53

169

Other

130

165

139

48

Total interest and dividend income

5,268

5,066

4,823

4,728

Interest expense

Interest bearing checking

5

3

4

5

Money market deposits

70

78

82

75

Savings deposits

64

64

68

69

Time deposits

9

9

10

7

Total interest expense on deposits

148

154

164

156

Interest expense on borrowings

—

—

—

—

Total interest expense

148

154

164

156

Net interest income

5,120

4,912

4,659

4,572

Provision for loan losses

65

85

25

—

Net interest income after provision

for loan losses

5,055

4,827

4,634

4,572

Noninterest income

Service charges on deposits

68

65

58

41

BOLI dividend income

55

56

56

38

Gain on sale of loans

82

98

14

78

Other

106

127

115

56

Total noninterest income

311

346

243

213

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

December 31,

2017

2017

2017

2016

Noninterest expenses

Salaries and benefits

2,194

2,125

2,202

1,910

Occupancy

282

283

263

250

Data and item processing

183

186

190

154

Professional services

168

236

194

205

Furniture and equipment

120

115

126

127

Provision for unfunded loan

commitments

17

5

(4
)

(9
)

Other

611

566

548

533

Total noninterest expenses

3,575

3,516

3,519

3,170

Income before provision for income taxes

1,791

1,657

1,358

1,615

Provision for income taxes

1,609

636

503

585

Net income

$
182

$
1,021

$
855

$
1,030

Common Share Data2

Earnings per common share

Basic

$
0.04

$
0.22

$
0.18

$
0.23

Diluted

$
0.04

$
0.22

$
0.18

$
0.22

Weighted average common shares outstanding

Basic

4,680,948

4,659,886

4,632,766

4,557,161

Diluted

4,763,936

4,723,406

4,699,858

4,612,611

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 22, 2017 and paid December 15, 2017.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

December 31,

Operating Results Data1

2017

2016

Interest and dividend income

Loans

$
17,860

$
16,279

Investment securities

1,131

796

Federal Home Loan Bank stock

235

347

Other

536

266

Total interest and dividend income

19,762

17,688

Interest expense

Interest bearing checking

16

13

Money market deposits

308

352

Savings deposits

260

297

Time deposits

36

40

Total interest expense in deposits

620

702

Interest expense on borrowings

—

—

Total interest expense

620

702

Net interest income

19,142

16,986

Provision for loan losses

175

295

Net interest income after provision for loan losses

18,967

16,691

Noninterest income

Service charges on deposits

243

140

BOLI dividend income

221

82

Gain on sale of loans

266

97

Gain on sale of securities

—

10

Other

426

222

Total noninterest income

1,156

551

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

December 31,

2017

2016

Noninterest expenses

Salaries and benefits

8,712

7,488

Occupancy

1,057

919

Data and item processing

726

602

Professional services

722

537

Furniture and equipment

485

476

Provision for unfunded loan commitments

36

(29
)

Other

2,280

2,189

Total noninterest expenses

14,018

12,182

Income before provision for income taxes

6,105

5,060

Provision for income taxes

3,260

1,992

Net income

$
2,845

$
3,068

Common Share Data2

Earnings per common share

Basic

$
0.61

$
0.68

Diluted

$
0.60

$
0.67

Weighted average common shares outstanding

Basic

4,637,570

4,530,052

Diluted

4,709,507

4,581,909

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 22, 2017 and paid December 15, 2017.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

December 31,

September 30,

June 30,

December 31,

Asset Quality

2017

2017

2017

2016

Loans past due 90 days or more and accruing

interest

$
—

$
—

$
—

$
—

Nonaccrual restructured loans

—

—

—

—

Other nonaccrual loans

255

257

301

139

Other real estate owned

—

—

—

—

$
255

$
257

$
301

$
139

Allowance for loan losses to total loans

1.49
%

1.48
%

1.49
%

1.55
%

Allowance for loan losses to nonperforming loans

2,501.18
%

2,451.75
%

2,073.42
%

4508.63
%

Nonaccrual loans to total loans

0.06
%

0.06
%

0.07
%

0.03
%

Nonperforming assets to total assets

0.04
%

0.04
%

0.05
%

0.03
%

Regulatory Capital and Ratios

Common equity tier 1 capital

$
52,097

$
51,726

$
50,533

$
48,093

Tier 1 regulatory capital

$
52,097

$
51,726

$
50,533

$
48,093

Total regulatory capital

$
56,756

$
56,756

$
55,466

$
52,740

Tier 1 leverage ratio

9.14
%

9.07
%

9.03
%

8.89
%

Common equity tier 1 risk based capital ratio

12.91
%

12.90
%

12.85
%

12.99
%

Tier 1 risk based capital ratio

12.91
%

12.90
%

12.85
%

12.99
%

Total risk based capital ratio

14.16
%

14.15
%

14.11
%

14.25
%

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Selected Financial Ratios1

2017

2017

2017

2016

Return on average total assets

0.13
%

0.71
%

0.61
%

0.76
%

Return on average shareholders’ equity

1.38
%

7.93
%

6.90
%

8.59
%

Net interest margin

3.68
%

3.52
%

3.42
%

3.41
%

Net interest income to average total assets

3.56
%

3.42
%

3.34
%

3.36
%

Efficiency ratio

65.83
%

66.87
%

71.79
%

66.04
%

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Selected Average Balances

2017

2017

2017

2016

Gross loans

$
431,144

$
419,933

$
411,708

$
409,396

Investment securities

73,586

74,471

73,545

82,195

Federal Home Loan Bank stock

3,163

3,163

3,104

2,939

Other interest earning assets

44,568

56,673

58,353

38,452

Total interest earning assets

$
552,461

$
554,240

$
546,710

$
532,982

Total assets

$
569,812

$
569,570

$
559,182

$
540,925

Interest bearing checking accounts

$
36,702

$
33,672

$
33,949

$
35,366

Money market deposits

112,179

119,533

127,569

114,818

Savings deposits

109,936

109,916

113,346

112,046

Time deposits

12,368

12,985

13,190

14,287

Total interest bearing deposits

271,185

276,106

288,054

276,517

Noninterest bearing demand deposits

243,874

240,149

219,608

214,675

Total deposits

$
515,059

$
516,255

$
507,662

$
491,192

Borrowings

$
1

$
—

$
44

$
—

Shareholders’ equity

$
52,365

$
51,049

$
49,699

$
47,722

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

Twelve Months Ended

December 31,

December 31,

Selected Financial Ratios1

2017

2016

Return on average total assets

0.51
%

0.57
%

Return on average shareholders’ equity

5.65
%

6.61
%

Net interest margin

3.50
%

3.20
%

Net interest income to average total assets

3.41
%

3.16
%

Efficiency ratio

69.06
%

69.25
%

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.

Twelve Months Ended

December 31,

December 31,

Selected Average Balances1

2017

2016

Gross loans

$
415,893

$
390,544

Investment securities

74,408

81,707

Federal Home Loan Bank stock

3,093

2,830

Other interest earning assets

54,228

55,641

Total interest earning assets

$
547,622

$
530,722

Total assets

$
561,427

$
536,792

Interest bearing checking accounts

$
34,641

$
32,109

Money market deposits

120,229

126,528

Savings deposits

110,477

113,795

Time deposits

12,908

16,520

Total interest bearing deposits

278,255

288,952

Noninterest bearing demand deposits

230,951

199,641

Total deposits

$
509,206

$
488,593

Borrowings

$
11

$
19

Shareholders’ equity

$
50,356

$
46,436

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.

SOURCE: 1st Capital Bank

ReleaseID: 487490

IRVINE, CA / ACCESSWIRE / January 31, 2018 / Golden Eagle International Inc. (OTC PINK: MYNG) today announced a name change to Advantego Corporation at a special shareholders meeting. In addition, the Company voted to reverse its common stock 1-for-11 to 15,496,848 shares outstanding.

Voters also cancelled the Company’s Series A, C and D Preferred Shares; and amended its 240,000 Series B Preferred Shares to change the conversion rate to one share of Preferred to one share of Common as well as reducing voting rights to one vote per Preferred from 250 votes.

These actions were taken in wake of the Company’s recent updating in its financial reporting to the Securities & Exchange Commission through the third quarter, nine months ended September 30, 2017.

“We are pleased to finally have both the name change and an appropriate associated capital structure reorganization finalized along with the updated financials on all reporting channels to illustrate our transition from a former mining venture to providing elite software and digital marketing solutions to select industries,” according to Robert W. (Rob) Ferguson, Chairman of the Board of Directors and Chief Executive Officer.

“We will now apply for a new stock trading symbol more appropriate to our new name and scope of operations, which will complete the transition process,” Ferguson added.

Ferguson also listed other objectives:

Internal record-keeping and update schedule with outside accountants to ensure timely audited financial reporting (within 90 days of the closing of fiscal 2017 on December 31, 2017) to the SEC;
Update contact information on more than 1,100 shareholders to streamline written and electronic investor communications;
Technologies Inc. (the operating subsidiary of the Company) and the severing of all relations to mining activities and personnel; and
Work with financial news organization to recognize the current work at Advantego Finalize certain agreements currently in progress to provide newly developed products and services to commence in early 2018.

Company historical evolution:

The Company was formed as a Colorado corporation on July 21, 1988 as Beneficial Capital Financial Services Corp.
In 1995, the Company changed its name to Golden Eagle International, Inc.
In 2004, the Company entered the mining business and purchased a 3,500 to 4,500 ton-per-day Gold Bar mill which is located 25 miles northwest of Eureka, Nevada.
In 2016, the Company agreed to dispose of its mining operations and acquired Advantego Technologies, Inc. and changed its business focus from mining operations to providing enterprise software and digital marketing solutions.
All mining related assets and liabilities of Golden Eagle International, Inc. were spun off into a new corporation (Quove); and there are now no ongoing affiliations connecting Golden Eagle International, Inc. with is forming mining operations.
Shareholders of record as of October 27, 2016 retained the rights to their shares in Golden Eagle International, Inc. and received an equivalent number of shares in the mining spin-off.

Advantego Technologies, Inc., the operating subsidiary of Advantego Corporation, plans to provide a suite of elite software services for businesses including digital communications, content management, social media marketing and other products utilizing its proprietary “Intelligent Solutions Platform.”

Website: www.advantego.com

CONTACT:

GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
mcandrews_pr@hotmail.com

SOURCE: Golden Eagle International Inc.

ReleaseID: 487415

WESTMINSTER, MA / ACCESSWIRE / January 31, 2018 / TechPrecision Corporation (OTCQB: TPCS) (”TechPrecision” or ”the Company”), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense, energy and precision industrial sectors, today announced it will release financial results for its 2018 fiscal third quarter on Tuesday, February 13, 2018.

The Company will hold a conference call at 4:30 p.m. Eastern (U.S.) time on February 13, 2018. To participate in the live conference call, please dial 1-877-407-8133 five to 10 minutes prior to the scheduled conference call time. International callers should dial 1-201-689-8040. When prompted, reference TechPrecision.

A replay will be available until March 13, 2018. To access the replay, dial 1-877-481-4010 or 1-919-882-2331. When prompted, enter Conference Passcode 25027.

The call will also be available live by webcast at TechPrecision Corporation’s website, www.techprecision.com, and will also be available over the Internet and accessible at http://www.investorcalendar.com/event/25027.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc. and Wuxi Critical Mechanical Components Co., Ltd., manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, industrial, and medical. TechPrecision’s goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company’s website or any other website does not constitute a part of this press release.

Company Contact:

Mr. Thomas Sammons
Chief Financial Officer
TechPrecision Corporation
Tel: 978-883-5109
Email: sammonst@ranor.com
www.techprecision.com

Investor Relations Contact:

Hayden IR
Brett Maas
Phone: 646-536-7331
Email: brett@haydenir.com

SOURCE: TechPrecision Corporation

ReleaseID: 487493

LAWRENCEBURG, IN / ACCESSWIRE / January 31, 2018 / United Community Bancorp (the “Company”) (NASDAQ: UCBA), the parent company of United Community Bank (the “Bank”), today reported net income of $497,000, or $0.12 per diluted share, for the quarter ended December 31, 2017, which represents decreases of $243,000, or 32.8%, and $0.06, or 33.3%, when compared to net income and earnings per diluted share, respectively, for the quarter ended December 31, 2016. The Company also reported net income of $1.4 million for the six months ended December 31, 2017, which represents a decrease of $163,000, or 10.7%, when compared to the six months ended December 31, 2016. Earnings per diluted share for the six months ended December 31, 2017 were $0.33, which represents a decrease of 10.8% when compared to the same prior year period.

The Company’s net income for the three and six-month periods ended December 31, 2017 was impacted negatively by a one-time adjustment to the net deferred tax asset in the amount of $683,000 due to the effect of the tax law changes established by the Tax Cuts and Jobs Act (the “Act”), which was signed into law by the President on December 22, 2017. The Act reduced the federal corporate tax rate to 21%. This change required the Company to revalue its net deferred tax asset, which represents corporate tax benefits anticipated to be realized in the future. The reduction in the federal corporate tax rate reduces the tax benefits of the net deferred tax asset. While the one-time adjustment caused a reduction in after-tax net income for the three and six-month periods ended December 31, 2017, the reduction of the corporate income tax rate from 34% to 21% is expected to be favorable to the Company in future periods.

United Community Bancorp
Summarized Statements of Income
(In thousands, except per share data)

For the six months ended

12/31/2017

12/31/2016

(Unaudited)

(Unaudited)

Interest income

$
8,721

$
7,891

Interest expense

1,234

1,175

Net interest income

7,487

6,716

Provision for loan losses

23

32

Net interest income after provision for loan losses

7,464

6,684

Total noninterest income

2,237

2,585

Total noninterest expense

7,247

7,324

Income before income taxes

2,454

1,945

Income tax provision

1,095

423

Net income

$
1,359

$
1,522

Basic earnings per share

$
0.33

$
0.38

Diluted earnings per share

$
0.33

$
0.37

Weighted average shares outstanding:

Basic

4,059,717

4,025,829

Diluted

4,106,041

4,062,060

Summarized Consolidated Statements of Financial Condition

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(In thousands, except for per share data)

12/31/2017

9/30/2017

6/30/2017

3/31/2017

12/31/2016

ASSETS

Cash and Cash Equivalents

$
33,322

$
33,434

$
26,885

$
35,535

$
31,765

Investment Securities

184,946

184,645

189,516

191,678

180,315

Loans Receivable, net

291,563

287,342

282,477

280,434

274,333

Other Assets

36,388

36,932

38,053

37,939

39,187

Total Assets

$
546,219

$
542,353

$
536,931

$
545,586

$
525,600

LIABILITIES

Municipal Deposits

$
114,011

$
105,910

$
107,155

$
106,569

$
101,676

Other Deposits

348,029

352,066

346,500

356,733

341,872

FHLB Advances

8,833

8,833

8,833

8,833

10,333

Other Liabilities

3,386

3,486

3,152

3,462

2,880

Total Liabilities

474,259

470,295

465,640

475,597

456,761

Commitments and contingencies

–

–

–

–

–

Total Stockholders’ Equity

71,960

72,058

71,291

69,989

68,839

Total Liabilities & Stockholders’ Equity

$
546,219

$
542,353

$
536,931

$
545,586

$
525,600

Outstanding Shares

4,201,113

4,201,113

4,205,980

4,204,910

4,194,404

Tangible Book Value per share

$
16.50

$
16.51

$
16.30

$
15.99

$
15.75

Summarized Consolidated Statements of Income

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

12/31/2017

9/30/2017

6/30/2017

3/31/2017

12/31/2016

(for the three months ended, in thousands, except per share data)

Interest Income

$
4,356

$
4,365

$
4,206

$
4,083

$
3,948

Interest Expense

581

653

561

533

550

Net Interest Income

3,775

3,712

3,645

3,550

3,398

Provision for Loan Losses

9

14

12

11

15

Net Interest Income after Provision

for Loan Losses

3,766

3,698

3,633

3,539

3,383

Total Noninterest Income

1,137

1,100

1,176

1,035

1,277

Total Noninterest Expense

3,492

3,755

3,511

3,417

3,662

Income before Tax Provision

1,411

1,043

1,298

1,157

998

Income Tax Provision

914

181

311

219

258

Net Income

$
497

$
862

$
987

$
938

$
740

Basic Earnings per Share

$
0.12

$
0.21

$
0.24

$
0.23

$
0.18

Diluted Earnings per Share

$
0.12

$
0.21

$
0.24

$
0.23

$
0.18

Weighted Average Shares Outstanding:

Basic

4,058,999

4,060,435

4,062,021

4,056,993

4,027,410

Diluted

4,120,295

4,095,785

4,110,685

4,103,265

4,066,647

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

For the three months ended

12/31/2017

9/30/2017

6/30/2017

3/31/2017

12/31/2016

Performance Ratios:

Return on average assets (1)

0.36%

0.64%

0.73%

0.70%

0.56%

Return on average equity (1)

2.75%

4.80%

5.57%

5.41%

4.24%

Interest rate spread (2)

2.92%

2.92%

2.85%

2.83%

2.75%

Net interest margin (3)

2.96%

2.96%

2.88%

2.86%

2.78%

Noninterest expense to average assets (1)

2.55%

2.79%

2.58%

2.56%

2.78%

Efficiency ratio (4)

69.12%

78.03%

72.83%

74.53%

78.33%

Average interest-earning assets to

average interest-bearing liabilities

108.16%

108.21%

107.78%

107.42%

107.61%

Average equity to average assets

13.19%

13.34%

13.03%

12.97%

13.25%

Bank Capital Ratios:

Tangible capital

10.98%

11.24%

11.13%

11.23%

11.34%

Core capital

10.98%

11.24%

11.13%

11.23%

11.34%

Total risk-based capital

21.38%

21.76%

21.90%

21.94%

22.20%

Asset Quality Ratios:

Nonperforming loans as a percent

of total loans

0.36%

0.69%

1.02%

1.09%

0.98%

Nonperforming assets as a percent

of total assets

0.19%

0.39%

0.56%

0.57%

0.53%

Allowance for loan losses as a percent

of total loans

1.42%

1.47%

1.50%

1.52%

1.65%

Allowance for loan losses as a percent

of nonperforming loans

393.03%

212.79%

146.80%

140.08%

169.05%

Net charge-offs (recoveries) to average

outstanding loans during the period (1)

(0.15)%

(0.05)%

0.06%

0.39%

(0.11)%

(1) Quarterly income and expense amounts used in calculating the ratio have been annualized.
(2) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities.
(3) Represents net interest income as a percent of average interest-earning assets.
(4) Represents total noninterest expense divided by the sum of net interest income and total other income.

For the three months ended December 31, 2017:

Net income totaled $497,000 for the quarter ended December 31, 2017, which represented a decrease of $243,000, or 32.8%, when compared to the quarter ended December 31, 2016.

Net income decreased primarily due to a $656,000 increase in the income tax provision and a $140,000 decrease in noninterest income. These were partially offset by a $377,000 increase in net interest income and a $170,000 decrease in noninterest expense. The increase in the income tax provision was primarily due to a one-time adjustment to the net deferred tax asset in the amount of $683,000.

Net interest income totaled $3.8 million for the quarter ended December 31, 2017, which represents an increase of $377,000, or 11.1%, when compared to the quarter ended December 31, 2016. The growth in the Company’s core business was the result of an increase in interest income of $408,000 partially offset by an increase in interest expense of $31,000. Interest income increased due to a $14.7 million increase in the average balance of loans, a $1.9 million increase in the average balance of investments, an increase in the average rate earned on loans from 4.23% in the prior year quarter to 4.38% in the current year quarter, and an increase in the average rate earned on investment securities from 2.22% in the prior year quarter to 2.43% in the current year quarter. The increase in loan balances is primarily the result of the execution of our continued controlled growth strategy in mortgage and commercial lending. Interest expense increased due to a $19.9 million increase in the average balance of deposits and an increase in the average rate paid on deposits from 0.45% in the prior year quarter to 0.46% in the current year quarter.

Nonperforming assets as a percentage of total assets decreased from 0.39% at September 30, 2017 to 0.19% at December 31, 2017. Nonperforming loans as a percentage of total loans decreased from 0.69% at September 30, 2017 to 0.36% at December 31, 2017. The Company remains focused on improving asset quality and continues to review all available options to decrease nonperforming assets. The provision for loan losses was $9,000 for the quarter ended December 31, 2017, which represents a decrease of $6,000 compared to the prior year quarter.

Noninterest income totaled $1.1 million for the quarter ended December 31, 2017, which represents a decrease of $140,000, or 11.0%, when compared to the prior year quarter. The decrease was primarily due to a $142,000 decrease in gain on the sale of mortgage loans due to a decrease in sales volume and the receipt of Bank-Owned Life Insurance proceeds in the prior year quarter due to the death of a former director, which resulted in a gain of $45,000, with no such corresponding event in the current year quarter. The decrease was partially offset by a $56,000 gain on the sale of other real estate owned and a $40,000 increase in service charge income on deposit accounts.

Noninterest expense totaled $3.5 million for the quarter ended December 31, 2017, which represents a decrease of $170,000, or 4.6%, when compared to the prior year quarter. The decrease was primarily due to a decrease in compensation expense of $132,000, which was primarily the result of an accrual of a $196,000 separation payment made in connection with the departure of the Company’s former Chief Financial Officer in the prior year quarter with no such corresponding event in the current year quarter. The decrease in noninterest expense is also partially due to an $83,000 decrease in professional fees. These decreases were partially offset by a $31,000 increase in data processing expense and a $29,000 increase in FDIC insurance expense, which was the result of a one-time favorable adjustment made in the prior year quarter due to a change in the formula.

The provision for income taxes totaled $914,000 for the quarter ended December 31, 2017, which represents an increase of $656,000 when compared to the prior year quarter. The increase was primarily due to the aforementioned change in the corporate tax code, which resulted in a one-time adjustment of $683,000 to the net deferred tax asset.

For the six months ended December 31, 2017:

Net income totaled $1.4 million for the six months ended December 31, 2017, which represents a decrease of $163,000, or 10.7%, when compared to the six months ended December 31, 2016.

Net income decreased primarily due to a $672,000 increase in the income tax provision and a $348,000 decrease in noninterest income. These were partially offset by a $771,000 increase in net interest income and a $77,000 decrease in noninterest expense. The increase in the income tax provision was primarily due to a one-time adjustment to the net deferred tax asset in the amount of $683,000.

Net interest income totaled $7.5 million for the six months ended December 31, 2017, which represents an increase of $771,000, or 11.5%, when compared to the prior year period. The growth in the Company’s core business was due to an $830,000 increase in interest income, partially offset by a $59,000 increase in interest expense. Interest income increased primarily due to a $14.7 million increase in the average balance of loans, an increase in the average rate earned on loans from 4.29% in the prior year period to 4.43% in the current year period, and an increase in the average rate earned on investment securities from 2.14% in the prior year period to 2.40% in the current year period. Interest expense increased primarily as a result of a $15.5 million increase in the average balance of deposits and an increase in the average rate paid on deposits from 0.48% in the prior year period to 0.49% in the current year period.

Nonperforming assets as a percentage of total assets decreased from 0.56% at June 30, 2017 to 0.19% at December 31, 2017. Nonperforming loans as a percentage of total loans decreased from 1.02% at June 30, 2017 to 0.36% at December 31, 2017. The Company remains focused on improving asset quality and continues to review all available options to decrease nonperforming assets. The provision for loan losses was $23,000 for the six months ended December 31, 2017, which represents a decrease of $9,000 compared to the prior year period.

Noninterest income totaled $2.2 million for the six months ended December 31, 2017, which represents a decrease of $348,000, or 13.5%, compared to the prior year period. The decrease was primarily due to a $265,000 decrease in gain on the sale of mortgage loans, resulting from a decrease in sales volume and the aforementioned receipt of Bank-Owned Life Insurance proceeds in the prior year period due to the death of a former director, which resulted in a gain of $45,000, with no such corresponding event in the current year quarter. The decrease was partially offset by a $72,000 gain on the sale of other real estate owned and a $43,000 increase in service charge income on deposit accounts.

Noninterest expense totaled $7.2 million for the six months ended December 31, 2017, which represented a decrease of $77,000, or 1.1%, compared to the prior year period. The decrease in noninterest expense was primarily the result of a $107,000 decrease in compensation expense and a $58,000 decrease in professional fees. The decrease in compensation expense is primarily the result of an accrual of a $196,000 separation payment made in connection with the departure of the Company’s former Chief Financial Officer in the prior year period, with no such corresponding event in the current year period.

The provision for income taxes totaled $1.1 million for the six months ended December 31, 2017, which represented an increase of $672,000 when compared to the prior year period. The increase was primarily due to the aforementioned one-time adjustment of $683,000 to the net deferred tax asset.

Statement of Financial Condition:

Total assets were $546.2 million at December 31, 2017, compared to $536.9 million at June 30, 2017. Total assets increased during the period primarily due to loan growth of $9.1 million and an increase in cash and cash equivalents of $6.4 million. The increase was partially offset by a $4.6 million decrease in investment securities.

In addition to the loan growth achieved during the six months ended December 31, 2017, the Company had approximately $12.0 million in undisbursed construction loans as of December 31, 2017. While these were not on the Company’s balance sheet as of December 31, 2017 and there can be no assurance of disbursement in the future, the loans have closed and management expects the majority of these committed funds to be disbursed.

Total liabilities were $474.3 million at December 31, 2017, compared to $465.6 million at June 30, 2017. The increase was primarily due to an $8.4 million increase in deposits during the period.

Stockholders’ equity totaled $72.0 million as of December 31, 2017, which represented an increase of $669,000 when compared to June 30, 2017. The increase was primarily due to net income of $1.4 million, partially offset by dividends declared during the period totaling $790,000 and a $277,000 decrease in accumulated other comprehensive income. The decrease in accumulated other comprehensive income was the result of increasing market interest rates during the period. In connection with the preparation of the financial statements for the quarter ended December 31, 2017, management evaluated the credit quality of the investment portfolio and believes all unrealized losses to be temporary. Management has the intent and the ability to hold these securities until the value recovers or until maturity.

There were 4,201,113, 4,205,980, and 4,194,404 outstanding shares of common stock at December 31, 2017, June 30, 2017, and December 31, 2016, respectively. For all periods presented, the Bank was considered “well-capitalized” under applicable regulatory requirements.

United Community Bancorp is the parent company of United Community Bank, headquartered in Lawrenceburg, Indiana. The Bank currently operates eight offices in Dearborn and Ripley Counties, Indiana.

This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may affect our business, such as those changes caused by the Tax Cuts and Jobs Act, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company’s loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company’s annual report on Form 10-K for the year ended June 30, 2017 filed with the SEC on September 26, 2017 which is available through the SEC’s website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:

United Community Bancorp
Elmer G. McLaughlin, President and Chief Executive Officer
(812) 537-4822

SOURCE: United Community Bancorp

ReleaseID: 487466

NEW YORK, NY / ACCESSWIRE / January 31, 2018 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of PayPal Holdings, Inc. (“PayPal”) (NASDAQ: PYPL) between February 14, 2017 and December 1, 2017. You are hereby notified that a securities class action lawsuit has been commenced in the United States District Court for the Northern District of California. To get more information, go to:

http://www.zlk.com/plsra-c/paypal-holdings-inc-2?wire=1

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

The complaint alleges that, throughout the Class Period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) TIO’s data security program was inadequate to safeguard the personally identifiable information of its users; (2) the vulnerabilities threatened continued operation of TIO’s platform; (3) PayPal’s revenues derived from its TIO services were thus unsustainable; (4) consequently, PayPal had overstated the benefits of the TIO Acquisition; and (5) as a result, PayPal’s public statements were materially false and misleading at all relevant times. On November 10, 2017, PayPal suspended its TIO services, pending a security review, stating that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program did not meet PayPal’s standards. Then, on December 1, 2017, PayPal disclosed that personal information for roughly 1.6 million TIO users had potentially been compromised as a result of the previously announced security vulnerabilities.

If you suffered a loss in PayPal, you have until February 5, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll-Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 487515

LOS ANGELES, CA / ACCESSWIRE / January 31, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MabVax Therapeutics Holdings, Inc. (”MabVax” or ”the Company”) (NASDAQ: MBVX).

If you purchased or otherwise acquired MabVax shares, and would like more information about the investigation, we encourage you to contact Brian Schall, or Sherin Mahdavian, of The Schall Law firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights without cost to you. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

On January 30, 2018, The Company announced ”that it received notice that the Securities and Exchange Commission (”SEC”) was conducting an investigation and examination pursuant to Section 8(e) of the Securities Act of 1933, as amended, relating to certain of the Company’s registration statements (and amendments thereto).” When the truth was revealed to the investing public, shares of MabVax fell during intraday trading on January 30, 2018.

The Schall Law Firm represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
Schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 487514