STROUDSBURG, PA / ACCESSWIRE / January 29, 2020 / ESSA Bancorp, Inc. (the "Company") (NASDAQ:ESSA), the holding company for ESSA Bank & Trust (the "Bank"), a $1.8 billion asset financial institution providing full service retail and commercial banking, financial, and investment services in eastern Pennsylvania, today announced financial results for the three months ended December 31, 2019.

Net income was $3.4 million, or $0.33 per diluted share, for the three months ended December 31, 2019, compared with $3.0 million, or $0.27 per diluted share, for the three months ended December 31, 2018.

Gary S. Olson, President and CEO, commented: "Commercial loan growth continues to be a key driver of the Company's financial performance, generating asset growth and interest income that is helping achieve predictable earnings growth. Commercial loan production and residential purchase mortgage originations were particularly active for a period that included calendar year-end and the holiday season.

"Following a year in which we had a challenging interest rate environment and pressure on margins, we were encouraged that the Company's net interest margin and interest spread stabilized and were approximately the same as a year earlier. While there continues to be strong pricing competition for loans and deposits, the stabilization of margins in the first quarter was encouraging as we progress through 2020.

"We were pleased with the continued strength and quality of the Company's loan portfolio. In the first quarter of fiscal 2020, net income reflected a provision for loan losses that was less than half that of a year earlier. We continued our strong focus on controlling operating expenses while improving productivity and efficiency, enabling us to flow more revenue to the bottom line.

"Going forward, one of our highest priorities continues to be growing core deposits. We are keenly focused on further reducing borrowings and lowering our cost of funds. Growth, maintaining high asset quality and managing expenses has improved net income and generated steadily increasing shareholder value."

FISCAL FIRST QUARTER 2020 HIGHLIGHTS

Net interest income after provision for loan losses increased to $11.5 million in the fiscal first quarter of 2020 from $11.0 million during the same period a year earlier, primarily reflecting increased interest income from loans, lower interest expense, and a lower loss provision.
Total interest expense in the fiscal first quarter of 2020 decreased 6% to $4.7 million from $5.0 million during the same period in fiscal 2019, primarily reflecting lower interest expense on borrowings.
Total net loans at December 31, 2019 increased $16.7 million from September 30, 2019, primarily reflecting growth in commercial loans, which was partially offset by a decline in indirect auto loan balances during the same period.
Commercial real estate loans were up 11% at December 31, 2019 from December 31, 2018 while commercial loans (primarily commercial and industrial) rose 24% during the same period.
The Company's provision for loan losses decreased to $375,000 for the quarter ended December 31, 2019, compared with $876,000 for the quarter ended December 31, 2018, reflecting declining loan charge offs and continued stable asset quality. The ratio of nonperforming assets to total assets was 0.56% at December 31, 2019, improving from 0.62% a year earlier.
Core deposits (demand accounts, savings and money market) comprised 64% of total deposits at December 31, 2019 compared with 62% of total deposits at December 31, 2018, reflecting year-over-year growth of checking accounts and money market deposits.
For the quarter ended December 31, 2019, the Company's return on average assets and return on average equity improved to 0.76% and 7.09%, compared with 0.65% and 6.59%, respectively, during the same period in fiscal 2019.
Total stockholders' equity increased to $191.4 million at December 31, 2019 from $189.5 million at September 30, 2019. Tangible book value per share at December 31, 2019 increased to $15.64 compared with $15.43 at September 30, 2019.
The Company increased its quarterly cash dividend to $0.11 per share, paid on December 30, 2019, which was its 47th consecutive quarterly cash dividend to shareholders.

"We have meaningful momentum as we enter our new fiscal year, supported by solid, stable retail banking activity, an attractive pipeline of commercial loans, and credit monitoring and management practices focused on maintaining a sound balance sheet," explained Olson. "We look forward to continuing to generate quality revenue and earnings and building value for shareholders."

Fiscal First Quarter 2020 Income Statement Review

Total interest income was $16.5 million for the three months ended December 31, 2019, down from $16.9 million for the three months ended December 31, 2018. Interest expense was $4.7 million for the quarter ended December 31, 2019 compared to $5.0 million for the same period in 2018, due to a shift in deposit balances from certificates of deposit accounts to core deposit accounts and to a decrease in the average balance outstanding of borrowings.

Net interest income was $11.8 million for the three months ended December 31, 2019, compared with $11.9 million for the comparable period in fiscal 2019. The net interest margin for the first quarter of fiscal 2020 was 2.78%, up from 2.73% for the first quarter of fiscal 2019. The net interest rate spread was 2.55% in first quarter of fiscal 2020, compared with 2.54% for the first quarter of fiscal 2019. The net interest margin for the quarter ended September 30, 2019 was 2.73% and the net interest rate spread was 2.48%.

The Company's provision for loan losses decreased to $375,000 for the three months ended December 31, 2019, compared with $876,000 for the three months ended December 31, 2018. This decrease reflected provisioning primarily related to declining charge off activity and solid credit quality trends.

Noninterest income increased $300,000 or 14.1% to $2.4 million for the three months ended December 31, 2019, compared with $2.1 million for the three months ended December 31, 2018. Service charges and fees on loans were $533,000 in fiscal first quarter 2020, up from $330,000 in fiscal first quarter 2019, reflecting growth in fee income from residential mortgage originations, accelerating production in commercial lending, and income from commercial loan interest rate swaps. Gains on the sale of investments contributed to increased noninterest income, and fee income from trust and investments increased year-over-year. The Company has established a partnership with Ameriprise Financial Institutions Group to provide enhanced capabilities through ESSA Investment Services. Management believes this partnership provides new opportunities to grow noninterest income from investment management.

Noninterest expense was $9.8 million for the three months ended December 31, 2019 compared with $9.7 million for the comparable period a year earlier. Increases in personnel, occupancy and data processing expenses were largely offset by a decrease in expenses in most other categories.

"Over the past twelve months we have fully staffed our commercial banking teams, this has enhanced our ability to drive growth and productivity, support expanded customer relationships, and achieve goals for loan and deposit growth," explained Peter A. Gray, Executive Vice President and Chief Banking Officer. "The new facilities we have repositioned have fostered better teamwork and customer service while still operating efficiently."

Balance Sheet, Asset Quality and Capital Adequacy Review

Total assets increased $11.2 million to $1.81 billion at December 31, 2019, from $1.80 billion at September 30, 2019, primarily due to increases in loans receivable and other assets, offset in part by a decline in cash and due from banks.

Total net loans increased to $1.35 billion at December 31, 2019 from $1.33 billion at September 30, 2019, reflecting growth in residential mortgages, construction loans and both commercial real estate and commercial and industrial loans. Residential real estate loans were $601.4 million at December 31, 2019, up $3.9 million from September 30, 2019. Indirect auto loans declined $12.4 million to $69.6 million at December 31, 2019 from $82.0 million at September 30, 2019, reflecting expected runoff of the portfolio following the Company's previously announced discontinuation of indirect auto lending in July 2018.

Commercial real estate loans were $483.5 million at December 31, 2019, up from $480.6 million at September 30, 2019. Commercial loans (primarily commercial and industrial) increased to $71.3 million at December 31, 2019 from $55.6 million at September 30, 2019. Compared with a year earlier, commercial real estate loans grew 11% and commercial loans increased 24% at December 31, 2019.

Total deposits were $1.35 billion at December 31, 2019 compared with $1.34 billion at September 30, 2019, and were up 3% from $1.31 billion at December 31, 2018. Core deposits (demand accounts, savings and money market) were $867.2 million, or 64% of total deposits, at December 31, 2019 compared to $814.1 million, or 62% of total deposits at December 31, 2018. Noninterest bearing demand accounts exhibited strong year-over-year growth, increasing 8% to $175.3 million, interest bearing demand accounts grew 3% to $203.8 million and money market accounts grew 10% to $350.6 million. Total borrowings decreased $5.6 million to $242.7 million at December 31, 2019 from $248.3 million at September 30, 2019.

Nonperforming assets totaled $10.2 million, or 0.56% of total assets, at December 31, 2019, down from $10.3 million, or 0.57% of total assets, at September 30, 2019 and $11.6 million or 0.62% of total assets, at December 31, 2018. The allowance for loan losses was $12.7 million, or 0.94% of loans outstanding, at December 31, 2019, $12.6 million, or 0.94% of loans outstanding at September 30, 2019 and $12.2 million, or 0.91% of loans outstanding at December 31, 2018 primarily reflecting prudent reserving to match commercial loan growth, overall loan credit quality and decreasing charge-off trends.

For the three months ended December 31, 2019, the Company's return on average assets and return on average equity were 0.76% and 7.09%, compared with 0.65% and 6.59%, respectively, in the comparable period of fiscal 2019.

The Bank continued to demonstrate financial strength with a Tier 1 leverage ratio of 9.44% at December 31, 2019, exceeding regulatory standards for a well-capitalized institution. The Company maintained a tangible equity to tangible assets ratio of 9.83% at December 31, 2019.

Total stockholders' equity increased $1.9 million to $191.4 million at December 31, 2019, from $189.5 million at September 30, 2019, primarily reflecting increases from net income and offset in part by dividends paid to shareholders and changes in treasury stock. Tangible book value per share at December 31, 2019 was $15.64, compared with $15.43 at September 30, 2019.

About the Company: ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. Headquartered in Stroudsburg, Pennsylvania, the Company has total assets of $1.8 billion and has 22 community offices throughout the Greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group , and insurance benefit services through ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol "ESSA."

Forward-Looking Statements

Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including compliance costs and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity, and the Risk Factors disclosed in our annual and quarterly reports.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

FINANCIAL TABLES FOLLOW

ESSA BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

December 31,

2019

September 30,

2019

 
(dollars in thousands)
 

ASSETS

Cash and due from banks

 
$
35,581
 
 
$
48,426
 

Interest-bearing deposits with other institutions

 
 
6,971
 
 
 
3,816
 

Total cash and cash equivalents

 
 
42,552
 
 
 
52,242
 

Investment securities available for sale, at fair value

 
 
312,768
 
 
 
313,393
 

Loans receivable (net of allowance for loan losses of $12,747 and $12,630)

 
 
1,345,311
 
 
 
1,328,653
 

Regulatory stock, at cost

 
 
11,126
 
 
 
11,579
 

Premises and equipment, net

 
 
14,373
 
 
 
14,335
 

Bank-owned life insurance

 
 
39,842
 
 
 
39,601
 

Foreclosed real estate

 
 
343
 
 
 
240
 

Intangible assets, net

 
 
994
 
 
 
1,066
 

Goodwill

 
 
13,801
 
 
 
13,801
 

Deferred income taxes

 
 
4,781
 
 
 
5,122
 

Other assets

 
 
24,752
 
 
 
19,395
 

TOTAL ASSETS

 
$
1,810,643
 
 
$
1,799,427
 

LIABILITIES

Deposits

 
$
1,349,364
 
 
$
1,342,830
 

Short-term borrowings

 
 
104,719
 
 
 
107,701
 

Other borrowings

 
 
137,960
 
 
 
140,581
 

Advances by borrowers for taxes and insurance

 
 
10,361
 
 
 
6,700
 

Other liabilities

 
 
16,876
 
 
 
12,107
 

TOTAL LIABILITIES

 
 
1,619,280
 
 
 
1,609,919
 

STOCKHOLDERS' EQUITY

Common stock

 
 
181
 
 
 
181
 

Additional paid in capital

 
 
181,056
 
 
 
181,161
 

Unallocated common stock held by the Employee Stock Ownership Plan

 
 
(7,689
)
 
 
(7,803
)

Retained earnings

 
 
105,012
 
 
 
102,465
 

Treasury stock, at cost

 
 
(85,845
)
 
 
(85,216
)

Accumulated other comprehensive loss

 
 
(1,352
)
 
 
(1,280
)

TOTAL STOCKHOLDERS' EQUITY

 
 
191,363
 
 
 
189,508
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 
$
1,810,643
 
 
$
1,799,427
 

ESSA BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

 
Three Months
Ended December 31,
 

 
2019
 
2018
 

 
(dollars in thousands)
 

INTEREST INCOME

Loans receivable

 
$
14,190
 
$
13,907
 

Investment securities:

Taxable

 
 
1,957
 
 
2,482
 

Exempt from federal income tax

 
 
48
 
 
136
 

Other investment income

 
 
318
 
 
344
 

Total interest income

 
 
16,513
 
 
16,869
 

INTEREST EXPENSE

Deposits

 
 
3,333
 
 
3,388
 

Short-term borrowings

 
 
505
 
 
1,077
 

Other borrowings

 
 
849
 
 
519
 

Total interest expense

 
 
4,687
 
 
4,984
 

NET INTEREST INCOME

 
 
11,826
 
 
11,885
 

Provision for loan losses

 
 
375
 
 
876
 

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

 
 
11,451
 
 
11,009
 

NONINTEREST INCOME

Service fees on deposit accounts

 
 
827
 
 
863
 

Services charges and fees on loans

 
 
533
 
 
330
 

Unrealized gains (losses) on equity securities

 
 
1
 
 
(2
)

Trust and investment fees

 
 
318
 
 
239
 

Gain on sale of investments, net

 
 
221
 
 
4
 

Earnings on Bank-owned life insurance

 
 
241
 
 
244
 

Insurance commissions

 
 
208
 
 
201
 

Other

 
 
77
 
 
247
 

Total noninterest income

 
 
2,426
 
 
2,126
 

NONINTEREST EXPENSE

Compensation and employee benefits

 
 
6,238
 
 
6,124
 

Occupancy and equipment

 
 
1,067
 
 
1,026
 

Professional fees

 
 
459
 
 
524
 

Data processing

 
 
1,017
 
 
903
 

Advertising

 
 
116
 
 
155
 

Federal Deposit Insurance Corporation Premiums

 
 
133
 
 
187
 

Gain on foreclosed real estate

 
 
(20
 
 
(115
)

Amortization of intangible assets

 
 
72
 
 
84
 

Other

 
 
681
 
 
764
 

Total noninterest expense

 
 
9,763
 
 
9,652
 

Income before income taxes

 
 
4,114
 
 
3,483
 

Income taxes

 
 
704
 
 
474
 

Net Income

 
$
3,410
 
$
3,009
 

Earnings per share:

Basic

 
$
0.33
 
$
0.27
 

Diluted

 
$
0.33
 
$
0.27
 

Dividends per share

 
$
0.11
 
$
0.10
 

 
For the Three Months
Ended September 30,
 

 
2019
 
 
2018
 

(dollars in thousands)

(UNAUDITED)

CONSOLIDATED AVERAGE BALANCES:

Total assets

 
$ 
1,788,201
 
 
$ 
1,832,622
 

Total interest-earning assets

 
 
1,693,734
 
 
 
1,729,895
 

Total interest-bearing liabilities

 
 
1,398,810
 
 
 
1,475,290
 

Total stockholders' equity

 
 
191,257
 
 
 
181,168
 

PER COMMON SHARE DATA:

Average shares outstanding – basic

 
 
10,482,273
 
 
 
10,951,356
 

Average shares outstanding – diluted

 
 
10,482,283
 
 
 
10,951,356
 

Book value shares

 
 
11,290,451
 
 
 
11,819,814
 

Net interest rate spread

 
 
2.55
%
 
 
2.54
%

Net interest margin

 
 
2.78
%
 
 
2.73
%

Contact: Gary S. Olson, President & CEO
Corporate Office: 200 Palmer Street
Stroudsburg, Pennsylvania 18360
Telephone: (570) 421-0531

SOURCE: ESSA Bancorp, Inc.

ReleaseID: 574554

TORONTO, ON / ACCESSWIRE / January 29, 2020 / Toronto based CO2 GRO Inc. ("GROW") (TSX-V:GROW, OTCQB:BLONF, Frankfurt:4021) is pleased to announce that it has appointed Michael O'Connor ("Mike") as its Manager, Investor Relations ("IR"). Over the past 20 years, Mike has helped public companies in the junior resource exploration, power generation infrastructure and emerging technologies with extensive IR services. During his career as an IR professional Michael has worked with senior management to set the strategic communications direction of companies and has been responsible for establishing and executing IR programs. At an operational level he has managed all aspects of IR programs including expanding investor awareness, attracting institutional and retail investors and supporting financings. In 2020, he will focus on developing and expanding the network of GROW's investors, analysts and financial intermediaries interested in GROW.

The agreement is for an initial term of 12 months beginning on January 29, 2020 and provides for a range of advisory and investor relations services for a monthly fee of $5,000. Pursuant to the agreement and subject to all regulatory and board approvals, GROW agrees to grant 300,000 stock options at a price of $0.18. The Stock Options will have an expiry date of two (2) years after the date on which they are granted by the Board (January 28, 2020) and will vest as follows; 75,000 on the date of the agreement, 75,000 each three months, six months and nine months from the date of Board approval.

John Archibald GROW's CEO commented, "Since the restart of our patent license to enhance plant growth with aqueous CO2 Delivery Solutions™ we have strategically grown with our consultants. Mike joined the Company part time as a consultant in May of 2018 focusing on advising on our evolving marketing and communications efforts. With the anticipated expansion of our business development in 2020, we expect to engage in more direct, proactive investor related communications activity".

In addition the Company announces that the Board of Directors has approved the grant of 945,000 stock options (the "Options") to participants of the Company's stock option plan (the "Plan"). The Options are exercisable into common shares of the Company at an exercise price of $0.18 per share over the next two years, with vesting periods ranging up to one year, all in accordance with the Plan.

As of the date hereof, a total of 4,355,598 common shares of the Company are reserved for issuance under the Company's stock option plan and after this new grant, 5,300,598 options will be outstanding.

Visit www.co2delivery.ca for more information on CO2 Delivery Solutions™ or watch this video.

About CO2 GRO Inc.

GROW's mission is to accelerate the growth of all value plants safely, effectively and profitably using our patent protected advanced CO2 Delivery Solutions™. It is a commercially proven technology that is easily adopted into all covered cultivation including greenhouses, shade, hoop and tunnel houses, indoor and outdoor grow operations.

GROW's target markets are the 50 billion square feet of global greenhouse space (USDA) and the 4.62 billion acres of global cropland (USGS). While indoor gassing of CO2 to enhance crop yields has been practiced for decades, 85% of the world's greenhouses cannot use CO2 gassing economically due mostly to heat ventilation which causes the CO2 gas to escape. Outdoor growers cannot gas CO2 into the atmosphere to the ideal levels required of up to 1500 ppm.

GROW's CO2 Delivery Solutions™ naturally and safely dissolves CO2 gas into water creating an aqueous CO2 solution which is then misted directly on plant leaves. GROW has demonstrated improving crop yields by up to 30% with up to 30% faster growth. The CO2 solution's micro droplets create an aqueous film around the entire leaf surface, isolating the leaf from the atmosphere. This creates a diffusion gradient favoring CO2 transport into the leaf and other gases out of the leaf. Increased carbon availability enhances photosynthesis resulting in faster and larger plant growth. CO2 Delivery Solutions™ has been demonstrated on crops including Cannabis, lettuce, kale, microgreens, peppers, flowers and medical tobacco. Growers everywhere can now supplement CO2 to their crops using CO2 Delivery Solutions™, increasing plant yields and profits.

Forward-Looking Statements This news release may contain forward-looking statements that are based on CO2 GRO's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

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

For more information, please visit www.co2gro.ca or contact Sam Kanes, VP Communications at 416-315-7477 or Michael O'Connor at 604-317-6197.

SOURCE: CO2 GRO Inc.

ReleaseID: 574570

TORONTO, ON / ACCESSWIRE / January 29, 2020 / Vanadium One Iron Corp. (the "Company") (TSXV:VONE), is pleased to announce the appointment of Mr. Alonso Sotomayor as Chief Financial Officer of the Company. Mr. Sotomayor will replace Mr. Jacques Arsenault who resigned to pursue other business interests effective January 31, 2020. Mr. Sotomayor is a Chartered Professional Accountant (Ontario) with over 10 years of progressive financial reporting experience in the mining sector. Mr. Sotomayor started his career in a mining-specific role with accounting firm McGovern Hurley LLP, followed by progressively senior roles in the Toronto Mining Groups at KPMG LLP and Deloitte Canada overseeing files on numerous Canadian listed mining companies. Since 2017, Mr. Sotomayor has held the position of Corporate Controller of Ascendant Resources Inc and as Corporate Controller of the Company since November 2019. He holds a B.B.A. in Management and Accounting from the University of Toronto.

Mr. Hale-Sanders, President and CEO, expressed his thanks on behalf of the Board to Mr. Arsenault for his professional contribution to the Company over many years and wishes him well in his future endeavours.

In addition, the Company announces that the Board of Directors has approved the granting of stock options to two directors of the Company to acquire an aggregate of 300,000 common shares of the Company, exercisable at C$0.10 per common share, for a period of 2 years from January 24, 2020.

About Vanadium One Iron Corp.:

Vanadium One Iron Corp. is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier, Vanadium-rich, Magnetite Iron Ore Project, in Chibougamau, Quebec. The goal is to continue defining the extent of this resource and demonstrate its economic viability.

ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE IRON CORP.

Cliff Hale-Sanders, President & CEO
Tel: 416-819-8558
info@vanadiumone.com
www.vanadiumone.com

Cautionary Note Regarding Forward-Looking Statements:

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

This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.

SOURCE: Vanadium One Iron Corp.

ReleaseID: 574564

South Florida native Scott Hirsch has been a professional leader for decades, serving as an instrumental component of many ventures in industries such as marketing, branding, and app development. Recently, he helped the Salvation Army raise funds for hurricane relief in his area through a racquetball tournament that brought in professional players from around the world.

BOCA RATON, FL / ACCESSWIRE / January 29, 2020 / Scott Hirsch is a Digital Development Evangelist based in Boca Raton, Florida. For more than two decades, Hirsch has been at the Dig Dev game, and he started developing digital direct marketing for Lens Express in 1991 on the early Bulletin Board Systems and later, Compuserve, Prodigy and AOL. He's also worked as a boxing manager in the past, helping to create and boost awareness of industry brands that encourage boxers to achieve their fullest potential. Over the years, he's built a reputation as an exceptional professional leader and community supporter.

A native of Florida, Scott Hirsch has witnessed the destructive capabilities that hurricanes have on both residential and commercial properties in his state. To help many recover and rebuild following just such a natural disaster, he recently partnered with Marty Kogan and the Salvation Army on a Legends Tournament that raised thousands of dollars of relief funds.

"In the past twenty years, we have seen some of the most destructive hurricanes in history strike Florida, whether directly or in passing," says Scott Hirsch. "Many Floridians are left homeless and many more face a loss in power or lose valuables to storms. Tournaments like the one we held in November celebrate competition while helping build funds to give those affected by hurricanes relief."

The racquetball tournament took place in Sarasota in November and helped raise money for the Salvation Army to support those families affected most by the hurricanes. Champion racquetball players from across the globe took to the courts March 11-13 at the Quad Athletic Club. Overall, more than 250 people attended or played in the event, titled the America's Cup International Racquetball Championships, and helped raise a total of $10,342 for the Salvation Army Hurricane Relief Fund.

During the event, the Legends Racquetball Tour offered more than $35,000 worth of prize money awarded to the winners of the competition, which amassed players from North Dakota, Alabama and Maine all the way to Japan. Family counselor for the Salvation Army Joe Coppola was one of the primary organizers of the event and credited Scott Hirsch and Marty Hogan of the racquetball community for their generosity in putting together the event.

"There were a lot of divisions to win in, such as the Women's Singles and the 50-and-over Division, which helped bring in an eclectic bunch of professional players from all over," says Scott Hirsch. "We were grateful for the money that was donated or earned during the event and are eager to prepare for the next event so we can provide even more relief to those in Florida affected most by hurricanes."

CONTACT:
Caroline Hunter
Web Presence, LLC
+1 7862338220

SOURCE: Web Presence, LLC

ReleaseID: 574560

WASHINGTON, DC / ACCESSWIRE / January 29, 2020 / The MEMRI YouTube channel has passed the milestone of seven million views since its launch in December 2017.

The channel also now has 24,000 subscribers viewing MEMRI TV clips as they are released. To date, the MEMRI YouTube channel has posted 1,116 clips and had 7,500,000 views; it reached the one-million views mark in November 2018 and three-million views mark in April 2019.

Join over 500,000 daily subscribers of MEMRI content on social media – follow us now on YouTube for all the latest MEMRI TV clips by visiting the MEMRI TV Videos channel on YouTube and clicking on "Subscribe."

ABOUT MEMRI

Exploring the Middle East and South Asia through their media, MEMRI bridges the language gap between the West and the Middle East and South Asia, providing timely translations of Arabic, Farsi, Urdu-Pashtu, Dari, and Turkish media, as well as original analysis of political, ideological, intellectual, social, cultural, and religious trends.

Founded in February 1998 to inform the debate over U.S. policy in the Middle East, MEMRI is an independent, nonpartisan, nonprofit, 501(c)3 organization. MEMRI's main office is located in Washington, DC, with branch offices in various world capitals. MEMRI research is translated into English, French, Polish, Japanese, Spanish and Hebrew.

MEMRI – Middle East Media Research Institute: https://www.memri.org

MEMRI In The Media: https://memriinthemedia.org

MEMRI TV – MEMRI: https://www.memri.org/tv

Contact Information:

MEMRI
media@memri.org
202-955-9070
www.memri.org

SOURCE: Middle East Media Research Institute 

ReleaseID: 574559

Full Year Net Income Of $4,043,000

FORT WORTH, TX / ACCESSWIRE / January 29, 2020 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2019.

Results of Operation

For the fourth quarter 2019, Trinity Bank, N.A. reported Net Income after Taxes of $1,220,000, an increase of 1.7% over fourth quarter 2018 earnings of $1,200,000. Earnings per diluted common share for the fourth quarter 2019 amounted to $1.10, an increase of 1.9% over fourth quarter 2018 results of $1.08 per diluted common share.

For 2019, Net Income after Taxes was $4,043,000, a decrease of (13.6%) over 2018 results of $4,677,000. Earnings per diluted common share for 2019 were $3.63, a decrease of (13.4%) over 2018 results of $4.19 per diluted common share.

President Jeffrey M. Harp stated, "2019 results were favorable and yielded the second best year of performance in our 16 year history. While 2019 was a good year, it came with a few challenges. In April 2019, we identified a large problem loan relationship. We conservatively made a loan loss provision on a worst case basis. It now appears we have a reasonable chance to recover a significant portion of the debt. Further, following 9 prime rate increases from 2015 through December 2018 (and projections for at least three more increases in 2019) the Federal Reserve abruptly reversed course and decreased the prime rate three times – July, September and October 2019, creating material net interest margin pressure."

Executive Vice President Matt R. Opitz commented, "We are pleased with overall deposit growth in 2019. There were three primary factors that contributed to this above average growth:

The recovery from the unusually adverse weather conditions in late 2018 and early 2019 that affected our largest market segment- commercial construction.
We maintained a focus on providing competitive rates to attract new deposit relationships and incentivize deposit growth within our existing customer base.
Many of our customers had a great year in 2019 which generated strong positive cash flow."

In 000’s

Month end 12/31/2019

Month end 12/31/2018

∆

Loans

$ 167,589

$ 154,184

8.7 %

Deposits

$ 270,718

$ 223,647

21.0 %

Liquid Assets

$   60,603

$   13,127

361.7 %

"We have mentioned this in the past but we now find ourselves in the longest economic expansionary period in history. While we cannot predict the future, we are encouraged by the fact that we operate in one of the best markets in the country and look forward to continued growth and success in 2020."

Page 2 – Trinity Bank fourth quarter 2019 earnings

Page 3 – Trinity Bank fourth quarter 2019 earnings

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank's website: www.trinitybk.com Regulatory reporting format is also available at www.fdic.gov.

For information contact:

Richard Burt
Executive Vice President
Trinity Bank
817-763-9966

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank's business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank's Registration Statement on Form SB‑1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward‑looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Quarter Ended
 
 
Twelve Months Ending
 

 
December 31
 
 
 
 
 
December 31
 
 
 
 

EARNINGS SUMMARY

 
2019
 
 
2018
 
 
Change
 
 
2019
 
 
2018
 
 
Change
 

Interest income

 
$ 
2,996
 
 
$ 
2,785
 
 
 
7.6%
 
 
$ 
11,812
 
 
$ 
10,520
 
 
 
12.3%
 

Interest expense

 
 
490
 
 
 
358
 
 
 
36.9%
 
 
 
1,852
 
 
 
1,118
 
 
 
65.7%
 

Net Interest Income

 
 
2,506
 
 
 
2,427
 
 
 
3.3%
 
 
 
9,960
 
 
 
9,402
 
 
 
5.9%
 

Service charges on deposits

 
 
48
 
 
 
31
 
 
 
54.8%
 
 
 
175
 
 
 
148
 
 
 
18.2%
 

Other income

 
 
79
 
 
 
101
 
 
 
-21.8%
 
 
 
338
 
 
 
399
 
 
 
-15.3%
 

Total Non Interest Income

 
 
127
 
 
 
132
 
 
 
-3.8%
 
 
 
513
 
 
 
547
 
 
 
-6.2%
 

Salaries and benefits expense

 
 
740
 
 
 
757
 
 
 
-2.2%
 
 
 
3,104
 
 
 
2,823
 
 
 
10.0%
 

Occupancy and equipment expense

 
 
93
 
 
 
120
 
 
 
-22.5%
 
 
 
436
 
 
 
466
 
 
 
-6.4%
 

Other expense

 
 
370
 
 
 
289
 
 
 
28.0%
 
 
 
1,301
 
 
 
1,245
 
 
 
4.5%
 

Total Non Interest Expense

 
 
1,203
 
 
 
1,166
 
 
 
3.2%
 
 
 
4,841
 
 
 
4,534
 
 
 
6.8%
 

Pretax pre-provision income

 
 
1,430
 
 
 
1,393
 
 
 
2.7%
 
 
 
5,632
 
 
 
5,415
 
 
 
4.0%
 

Gain on sale of securities

 
 
0
 
 
 
3
 
 
 
N/M
 
 
 
10
 
 
 
14
 
 
 
N/M
 

Provision for Loan Losses

 
 
0
 
 
 
30
 
 
 
N/M
 
 
 
1,030
 
 
 
90
 
 
 
N/M
 

Earnings before income taxes

 
 
1,430
 
 
 
1,366
 
 
 
4.7%
 
 
 
4,612
 
 
 
5,339
 
 
 
-13.6%
 

Provision for income taxes

 
 
210
 
 
 
166
 
 
 
26.5%
 
 
 
569
 
 
 
662
 
 
 
-14.0%
 

Net Earnings

 
$ 
1,220
 
 
$ 
1,200
 
 
 
1.7%
 
 
$ 
4,043
 
 
$ 
4,677
 
 
 
-13.6%
 

Basic earnings per share

 
 
1.12
 
 
 
1.09
 
 
 
2.4%
 
 
 
3.69
 
 
 
4.24
 
 
 
-13.0%
 

Basic weighted average shares outstanding

 
 
1,092
 
 
 
1,100
 
 
 
 
 
 
 
1,096
 
 
 
1,102
 
 
 
 
 

Diluted earnings per share – estimate

 
 
1.10
 
 
 
1.08
 
 
 
1.9%
 
 
 
3.63
 
 
 
4.19
 
 
 
-13.4%
 

Diluted weighted average shares outstanding

 
 
1,111
 
 
 
1,115
 
 
 
 
 
 
 
1,115
 
 
 
1,117
 
 
 
 
 

 
 
Average for Quarter
 
 
Average for Twelve Months
 

 
 
December 31
 
 
 
 
 
December 31
 
 
 
 

BALANCE SHEET SUMMARY

 
 
2019
 
 
 
2018
 
 
Change
 
 
 
2019
 
 
 
2018
 
 
Change
 

Total loans

 
$ 
154,764
 
 
$ 
144,801
 
 
 
6.9%
 
 
$ 
154,842
 
 
$ 
143,869
 
 
 
7.6%
 

Total short term investments

 
 
69,110
 
 
 
23,175
 
 
 
198.2%
 
 
 
36,120
 
 
 
18,854
 
 
 
91.6%
 

Total investment securities

 
 
70,508
 
 
 
79,700
 
 
 
-11.5%
 
 
 
74,127
 
 
 
84,427
 
 
 
-12.2%
 

Earning assets

 
 
294,382
 
 
 
247,676
 
 
 
18.9%
 
 
 
265,089
 
 
 
247,150
 
 
 
7.3%
 

Total assets

 
 
301,596
 
 
 
255,113
 
 
 
18.2%
 
 
 
272,704
 
 
 
254,343
 
 
 
7.2%
 

Noninterest bearing deposits

 
 
101,932
 
 
 
81,187
 
 
 
25.6%
 
 
 
81,381
 
 
 
81,783
 
 
 
-0.5%
 

Interest bearing deposits

 
 
168,784
 
 
 
141,081
 
 
 
19.6%
 
 
 
154,650
 
 
 
139,807
 
 
 
10.6%
 

Total deposits

 
 
270,716
 
 
 
222,268
 
 
 
21.8%
 
 
 
236,031
 
 
 
221,590
 
 
 
6.5%
 

Fed Funds Purchased and Repurchase Agreements

 
 
0
 
 
 
0
 
 
 
N/M
 
 
 
292
 
 
 
390
 
 
 
N/M
 

Shareholders' equity

 
$ 
35,382
 
 
$ 
31,948
 
 
 
10.7%
 
 
$ 
35,009
 
 
$ 
31,664
 
 
 
10.6%
 

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Average for Quarter Ending
 

 
Dec 31,
 
 
Sept. 30,
 
 
June 30,
 
 
March 31,
 
 
Dec 31,
 

BALANCE SHEET SUMMARY

 
2019
 
 
2019
 
 
2019
 
 
2019
 
 
2018
 

Total loans

 
$
154,764
 
 
$
156,304
 
 
$
156,571
 
 
$
152,227
 
 
$
144,801
 

Total short term investments

 
 
69,110
 
 
 
35,991
 
 
 
26,034
 
 
 
12,728
 
 
 
23,175
 

Total investment securities

 
 
70,508
 
 
 
72,212
 
 
 
74,627
 
 
 
79,278
 
 
 
79,700
 

Earning assets

 
 
294,382
 
 
 
264,507
 
 
 
257,232
 
 
 
244,233
 
 
 
247,676
 

Total assets

 
 
301,596
 
 
 
272,245
 
 
 
264,826
 
 
 
251,901
 
 
 
255,113
 

Noninterest bearing deposits

 
 
101,932
 
 
 
82,822
 
 
 
73,665
 
 
 
73,881
 
 
 
81,187
 

Interest bearing deposits

 
 
168,784
 
 
 
152,296
 
 
 
154,918
 
 
 
142,339
 
 
 
141,081
 

Total deposits

 
 
270,716
 
 
 
235,118
 
 
 
228,583
 
 
 
216,220
 
 
 
222,268
 

Fed Funds Purchased and Repurchase Agreements

 
 
0
 
 
 
0
 
 
 
0
 
 
 
1,187
 
 
 
0
 

Shareholders' equity

 
$
35,382
 
 
$
36,081
 
 
$
35,301
 
 
$
33,940
 
 
$
31,948
 

 
 
Quarter Ended
 

 
 
 
Dec 31,
 
 
 
Sept. 30,
 
 
 
June 30,
 
 
 
March 31,
 
 
 
Dec 31,
 

HISTORICAL EARNINGS SUMMARY

 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2018
 

Interest income

 
$
2,996
 
 
$
3,025
 
 
$
2,977
 
 
$
2,814
 
 
$
2,785
 

Interest expense

 
 
490
 
 
 
493
 
 
 
475
 
 
 
394
 
 
 
358
 

Net Interest Income

 
 
2,506
 
 
 
2,532
 
 
 
2,502
 
 
 
2,420
 
 
 
2,427
 

Service charges on deposits

 
 
48
 
 
 
36
 
 
 
42
 
 
 
40
 
 
 
31
 

Other income

 
 
79
 
 
 
104
 
 
 
80
 
 
 
83
 
 
 
101
 

Total Non Interest Income

 
 
127
 
 
 
140
 
 
 
122
 
 
 
123
 
 
 
132
 

Salaries and benefits expense

 
 
740
 
 
 
813
 
 
 
788
 
 
 
763
 
 
 
757
 

Occupancy and equipment expense

 
 
93
 
 
 
120
 
 
 
116
 
 
 
107
 
 
 
120
 

Other expense

 
 
370
 
 
 
299
 
 
 
375
 
 
 
259
 
 
 
289
 

Total Non Interest Expense

 
 
1,203
 
 
 
1,232
 
 
 
1,279
 
 
 
1,129
 
 
 
1,166
 

Pretax pre-provision income

 
 
1,430
 
 
 
1,440
 
 
 
1,345
 
 
 
1,414
 
 
 
1,393
 

Gain on sale of securities

 
 
0
 
 
 
12
 
 
 
1
 
 
 
(2
)
 
 
3
 

Gain on sale of foreclosed assets

 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 

Gain on sale of other assets

 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 

Provision for Loan Losses

 
 
0
 
 
 
0
 
 
 
1,000
 
 
 
30
 
 
 
30
 

Earnings before income taxes

 
 
1,430
 
 
 
1,452
 
 
 
346
 
 
 
1,382
 
 
 
1,366
 

Provision for income taxes

 
 
210
 
 
 
206
 
 
 
(28
)
 
 
180
 
 
 
166
 

Net Earnings

 
$
1,220
 
 
$
1,246
 
 
$
374
 
 
$
1,202
 
 
$
1,200
 

Diluted earnings per share

 
$
1.12
 
 
$
1.08
 
 
$
0.33
 
 
$
1.08
 
 
$
1.08
 

 TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Ending Balance
 

 
Dec 31,
 
 
Sept. 30,
 
 
June 30,
 
 
March 31,
 
 
Dec 31,
 

HISTORICAL BALANCE SHEET

 
2019
 
 
2019
 
 
2019
 
 
2019
 
 
2018
 

Total loans

 
$
167,587
 
 
$
157,475
 
 
$
156,014
 
 
$
160,028
 
 
$
154,184
 

Total short term investments

 
 
60,603
 
 
 
56,328
 
 
 
19,321
 
 
 
14,160
 
 
 
13,127
 

Total investment securities

 
 
70,804
 
 
 
71,394
 
 
 
72,014
 
 
 
75,906
 
 
 
81,896
 

Total earning assets

 
 
298,994
 
 
 
285,197
 
 
 
247,349
 
 
 
250,094
 
 
 
249,207
 

Allowance for loan losses

 
 
(2,262
)
 
 
(2,259
)
 
 
(2,224
)
 
 
(1,703
)
 
 
(1,671
)

Premises and equipment

 
 
2,560
 
 
 
2,544
 
 
 
2,580
 
 
 
2,613
 
 
 
2,627
 

Other Assets

 
 
9,770
 
 
 
9,513
 
 
 
8,040
 
 
 
5,506
 
 
 
7,018
 

Total assets

 
 
309,062
 
 
 
294,995
 
 
 
255,745
 
 
 
256,510
 
 
 
257,181
 

Noninterest bearing deposits

 
 
100,527
 
 
 
97,519
 
 
 
76,168
 
 
 
69,934
 
 
 
85,668
 

Interest bearing deposits

 
 
170,191
 
 
 
159,712
 
 
 
143,710
 
 
 
150,895
 
 
 
137,979
 

Total deposits

 
 
270,718
 
 
 
257,231
 
 
 
219,878
 
 
 
220,829
 
 
 
223,647
 

Fed Funds Purchased and Repurchase Agreements

 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 
 
 
0
 

Other Liabilities

 
 
1,047
 
 
 
1,830
 
 
 
614
 
 
 
1,158
 
 
 
701
 

Total liabilities

 
 
271,765
 
 
 
259,061
 
 
 
220,492
 
 
 
221,987
 
 
 
224,348
 

Shareholders' Equity Actual

 
 
35,858
 
 
 
34,920
 
 
 
34,572
 
 
 
34,522
 
 
 
34,051
 

Unrealized Gain – AFS

 
 
1,439
 
 
 
1,014
 
 
 
681
 
 
 
1
 
 
 
(1,218)
 

Total Equity

 
$
37,297
 
 
$
35,934
 
 
$
35,253
 
 
$
34,523
 
 
$
32,833
 

 
 
Quarter Ending
 

 
 
 
Dec 31,
 
 
 
Sept. 30,
 
 
 
June 30,
 
 
 
March 31,
 
 
 
Dec 31,
 

NONPERFORMING ASSETS

 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2018
 

Nonaccrual loans

 
$
419
 
 
$
432
 
 
$
446
 
 
$
952
 
 
$
60
 

Restructured loans

 
$
0
 
 
$
0
 
 
$
0
 
 
$
0
 
 
$
0
 

Other real estate & foreclosed assets

 
$
320
 
 
$
320
 
 
$
320
 
 
$
0
 
 
$
0
 

Accruing loans past due 90 days or more

 
$
0
 
 
$
0
 
 
$
0
 
 
$
0
 
 
$
0
 

Total nonperforming assets

 
$
739
 
 
$
752
 
 
$
766
 
 
$
952
 
 
$
60
 

Accruing loans past due 30-89 days

 
$
0
 
 
$
0
 
 
$
0
 
 
$
477
 
 
$
0
 

Total nonperforming assets as a percentage

of loans and foreclosed assets

 
 
0.44
%
 
 
0.45
%
 
 
0.49
%
 
 
0.59
%
 
 
0.04
%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Quarter Ending
 

ALLOWANCE FOR

 
Dec 31,
 
 
Sept. 30,
 
 
June 30,
 
 
March 31,
 
 
Dec 31,
 

LOAN LOSSES

 
2019
 
 
2019
 
 
2019
 
 
2019
 
 
2018
 

Balance at beginning of period

 
$
2,259
 
 
$
2,224
 
 
$
1,703
 
 
$
1,671
 
 
$
1,664
 

Loans charged off

 
 
0
 
 
 
0
 
 
 
498
 
 
 
0
 
 
 
23
 

Loan recoveries

 
 
3
 
 
 
35
 
 
 
19
 
 
 
2
 
 
 
0
 

Net (charge-offs) recoveries

 
 
3
 
 
 
35
 
 
 
(479
)
 
 
2
 
 
 
(23
)

Provision for loan losses

 
 
0
 
 
 
0
 
 
 
1,000
 
 
 
30
 
 
 
30
 

Balance at end of period

 
$
2,262
 
 
$
2,259
 
 
$
2,224
 
 
$
1,703
 
 
$
1,671
 

Allowance for loan losses

as a percentage of total loans

 
 
1.35
%
 
 
1.43
%
 
 
1.43
%
 
 
1.06
%
 
 
1.08
%

Allowance for loan losses

as a percentage of nonperforming assets

 
 
306
%
 
 
300
%
 
 
290
%
 
 
179
%
 
 
2785
%

Net charge-offs (recoveries) as a

percentage of average loans

 
 
0.00
%
 
 
-0.02
%
 
 
0.31
%
 
 
-0.01
%
 
 
0.02
%

Provision for loan losses

as a percentage of average loans

 
 
0.00
%
 
 
0.00
%
 
 
0.64
%
 
 
0.02
%
 
 
0.02
%

 
Quarter Ending

 
Dec 31,

Sept. 30,

 
 
June 30,
 
 
March 31,
 
 
Dec 31,
 

SELECTED RATIOS

 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2019
 
 
 
2018
 

Return on average assets (annualized)

 
 
1.62
%
 
 
1.83
%
 
 
0.56
%
 
 
1.91
%
 
 
1.88
%

Return on average equity (annualized)

 
 
13.34
%
 
 
13.81
%
 
 
4.24
%
 
 
14.17
%
 
 
15.02
%

Return on average equity (excluding unrealized gain on investments)

 
 
13.79
%
 
 
14.21
%
 
 
4.27
%
 
 
13.90
%
 
 
14.39
%

Average shareholders' equity to average assets

 
 
11.73
%
 
 
13.25
%
 
 
13.33
%
 
 
13.47
%
 
 
12.52
%

Yield on earning assets (tax equivalent)

 
 
4.67
%
 
 
4.79
%
 
 
4.85
%
 
 
4.86
%
 
 
4.75
%

Effective Cost of Funds

 
 
0.70
%
 
 
0.75
%
 
 
0.74
%
 
 
0.64
%
 
 
0.58
%

Net interest margin (tax equivalent)

 
 
3.97
%
 
 
4.04
%
 
 
4.11
%
 
 
4.22
%
 
 
4.17
%

Efficiency ratio (tax equivalent)

 
 
43.4
%
 
 
43.8
%
 
 
46.2
%
 
 
41.9
%
 
 
37.9
%

End of period book value per common share

 
$
34.22
 
 
$
32.85
 
 
$
32.14
 
 
$
31.44
 
 
$
29.85
 

End of period book value (excluding unrealized gain on investments)

 
$
32.90
 
 
$
31.92
 
 
$
31.52
 
 
$
31.44
 
 
$
30.96
 

End of period common shares outstanding (in 000's)

 
 
1,090
 
 
 
1,094
 
 
 
1,097
 
 
 
1,098
 
 
 
1,100
 

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Twelve Months Ending
 

 
December 31,2019
 
 
December 31,2018
 

 
 
 
 
 
 
 
 
 
 
Tax
 
 
 
 
 
 
 
 
 
 
 
Tax
 

 
Average
 
 
 
 
 
 
 
 
Equivalent
 
 
Average
 
 
 
 
 
 
 
 
Equivalent
 

YIELD ANALYSIS

 
Balance
 
 
Interest
 
 
Yield
 
 
Yield
 
 
Balance
 
 
Interest
 
 
Yield
 
 
Yield
 

Interest Earning Assets:

Short term investment

 
$ 
35,738
 
 
 
708
 
 
 
1.98%
 
 
 
1.98
 
 
$ 
18,478
 
 
 
378
 
 
 
2.05
 
 
 
2.05%
 

FRB Stock

 
 
382
 
 
 
23
 
 
 
6.00%
 
 
 
6.00
 
 
 
367
 
 
 
23
 
 
 
6.00
 
 
 
6.00%
 

Taxable securities

 
 
622
 
 
 
13
 
 
 
2.09%
 
 
 
2.09
 
 
 
0
 
 
 
0
 
 
 
0.00
 
 
 
0.00%
 

Tax Free securities

 
 
73,505
 
 
 
2,160
 
 
 
2.94%
 
 
 
3.72
 
 
 
84,427
 
 
 
2,387
 
 
 
2.83
 
 
 
3.58%
 

Loans

 
 
154,938
 
 
 
8,908
 
 
 
5.75%
 
 
 
5.75
 
 
 
143,869
 
 
 
7,732
 
 
 
5.37
 
 
 
5.37%
 

Total Interest Earning Assets

 
 
265,185
 
 
 
11,812
 
 
 
4.45%
 
 
 
4.67
 
 
 
247,141
 
 
 
10,520
 
 
 
4.26
 
 
 
4.51%
 

Noninterest Earning Assets:

Cash and due from banks

 
 
5,100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,411
 
 
 
 
 
 
 
 
 
 
 
 
 

Other assets

 
 
4,406
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,427
 
 
 
 
 
 
 
 
 
 
 
 
 

Allowance for loan losses

 
 
(1,987
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,636
)
 
 
 
 
 
 
 
 
 
 
 
 

Total Noninterest Earning Assets

 
 
7,519
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,202
 
 
 
 
 
 
 
 
 
 
 
 
 

Total Assets

 
$ 
272,704
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 
254,343
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest Bearing Liabilities:

Transaction and Money Market accounts

 
 
121,613
 
 
 
1,217
 
 
 
1.00
 
 
 
1.00
 
 
 
115,271
 
 
 
797
 
 
 
0.69
 
 
 
0.69
 

Certificates and other time deposits

 
 
33,037
 
 
 
626
 
 
 
1.89
 
 
 
1.89
 
 
 
24,536
 
 
 
311
 
 
 
1.27
 
 
 
1.27
 

Other borrowings

 
 
293
 
 
 
9
 
 
 
3.07
 
 
 
3.07
 
 
 
390
 
 
 
10
 
 
 
2.56
 
 
 
2.56
 

Total Interest Bearing Liabilities

 
 
154,943
 
 
 
1,852
 
 
 
1.20
 
 
 
1.20
 
 
 
140,197
 
 
 
1,118
 
 
 
0.80
 
 
 
0.80
 

Noninterest Bearing Liabilities:

Demand deposits

 
 
81,381
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
81,783
 
 
 
 
 
 
 
 
 
 
 
 
 

Other liabilities

 
 
1,371
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
699
 
 
 
 
 
 
 
 
 
 
 
 
 

Shareholders' Equity

 
 
35,009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31,664
 
 
 
 
 
 
 
 
 
 
 
 
 

Total Liabilities and Shareholders Equity

 
$ 
272,704
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 
254,343
 
 
 
 
 
 
 
 
 
 
 
 
 

Net Interest Income and Spread

 
 
 
 
 
 
9,960
 
 
 
3.26%
 
 
 
3.47%
 
 
 
 
 
 
 
9,402
 
 
 
3.46%
 
 
 
3.71%
 

Net Interest Margin

 
 
 
 
 
 
 
 
 
 
3.76%
 
 
 
3.97%
 
 
 
 
 
 
 
 
 
 
 
3.50%
 
 
 
4.06%
 

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

 
Quarter Ending
 
 
Quarter Ending
 

 
December 31
 
 
 
 
 
December 31
 
 
 
 

 
2019
 
 
 
 
 
2018
 
 
 
 

LOAN PORTFOLIO

Commercial and industrial

 
$ 
98,099
 
 
 
58.54
 
 
$ 
80,226
 
 
 
57.38
 

Real estate:

Commercial

 
 
24,133
 
 
 
14.40%
 
 
 
18,672
 
 
 
13.35%
 

Residential

 
 
23,115
 
 
 
13.79%
 
 
 
24,335
 
 
 
17.40%
 

Construction and development

 
 
21,692
 
 
 
12.94%
 
 
 
15,885
 
 
 
11.36%
 

Consumer

 
 
548
 
 
 
0.33%
 
 
 
700
 
 
 
0.50%
 

Total loans (gross)

 
 
167,587
 
 
 
100.00%
 
 
 
139,818
 
 
 
100.00%
 

Unearned discounts

 
 
0
 
 
 
0.00%
 
 
 
0
 
 
 
0.00%
 

Total loans (net)

 
$ 
167,587
 
 
 
100.00%
 
 
$ 
139,818
 
 
 
100.00%
 

 
 
 
December 31
 
 
 
 
 
 
 
December 31
 
 
 
 
 

 
 
2019
 
 
 
 
 
 
 
2018
 
 
 
 
 

REGULATORY CAPITAL DATA

Tier 1 Capital

 
$ 
35,859
 
 
 
 
 
 
$ 
34,051
 
 
 
 
 

Total Capital (Tier 1 + Tier 2)

 
$ 
38,121
 
 
 
 
 
 
$ 
35,722
 
 
 
 
 

Total Risk-Adjusted Assets

 
$ 
181,050
 
 
 
 
 
 
$ 
171,326
 
 
 
 
 

Tier 1 Risk-Based Capital Ratio

 
 
19.81
 
 
 
 
 
 
 
19.88
 
 
 
 
 

Total Risk-Based Capital Ratio

 
 
21.06
 
 
 
 
 
 
 
20.85
 
 
 
 
 

Tier 1 Leverage Ratio

 
 
11.89
 
 
 
 
 
 
 
13.35
 
 
 
 
 

OTHER DATA

Full Time Equivalent

Employees (FTE's)

 
 
22
 
 
 
 
 
 
 
20
 
 
 
 
 

Stock Price Range

(For the Three Months Ended):

High

 
$ 
65.50
 
 
 
 
 
 
$ 
67.00
 
 
 
 
 

Low

 
$ 
62.00
 
 
 
 
 
 
$ 
59.05
 
 
 
 
 

Close

 
$ 
64.98
 
 
 
 
 
 
$ 
65.50
 
 
 
 
 

SOURCE: Trinity Bank N.A.

ReleaseID: 574545

NEW YORK, NY / ACCESSWIRE / January 29, 2020 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All Persons or Entities who purchased Delphi Technologies PLC ("Delphi" or the "Company") (NYSE:DLPH) stock prior to January 28, 2020.

You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Delphi with BorgWarner Inc. ("BorgWarner") (NYSE: BWA). Under the terms of the agreement, Delphi stockholders would receive a fixed exchange ratio of 0.4534 shares of BorgWarner common stock per Delphi share. Upon closing of the transaction, current BorgWarner stockholders are expected to own approximately 84% of the combined company, while current Delphi stockholders are expected to own approximately 16%. To learn more about the action and your rights, go to:

https://www.zlk.com/mna2/delphi-technologies-plc-loss-form

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

The Delphi merger investigation concerns whether the Board of Delphi breached their fiduciary duties to stockholders by agreeing to enter into this transaction and whether the merger undervalues Delphi relative to BorgWarner, thereby harming Delphi shareholders.

Levi & Korsinsky is a national firm with offices in New York, Connecticut, California, and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 574557

NEW YORK, NY / ACCESSWIRE / January 29, 2020 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.

Merit Medical Systems, Inc. (NASDAQ:MMSI)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/merit-medical-systems-inc-loss-submission-form?prid=5378&wire=1
Lead Plaintiff Deadline: February 3, 2020
Class Period: February 26, 2019 to October 30, 2019

Allegations against MMSI include that: (a) the integrations of acquired companies Cianna Medical, Inc. and Vascular Insights, LLC, including their products, sales people, and R&D facilities, had caused operational disruptions and reduced sales and were months behind schedule; (b) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during FY19; and (c) in light of the foregoing, the Company's reported financial guidance for FY19 and FY20 was made without a reasonable basis.

X Financial (NYSE:XYF)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/x-financial-loss-submission-form?prid=5378&wire=1
Lead Plaintiff Deadline: February 7, 2020
Class Period: X Financial American Depositary Shares pursuant and/or traceable to the Company's September 19, 2018 initial public offering.

Allegations against XYF include that: (i) the Company's total loan facilitation amount was not growing, but rather was contracting; (ii) the number of investors actively using X Financial's platform was shrinking; (iii) demand from small- and medium-sized enterprises for the Company's preferred loans was plummeting; (iv) the Company's preferred loans had performed so poorly that it had begun drastically scaling back its preferred loans in the first quarter of 2018, several months before the initial public offering ("IPO"), and was in the process of phasing out such loans completely; (v) demand for the Company's card loans was also plummeting; (vi) the revenue and loan facilitation growth provided in the registration statement leading up to the IPO was achieved by relaxed credit and due diligence standards, under which the Company had underwritten tens of millions of dollars' worth of poor quality loans that suffered from a disproportionately high risk of default as compared to the Company's earlier loan vintages; (vii) the Company was suffering from accelerated delinquency rates from poor quality loans that it had underwritten in the first, second, and third quarters of 2018, which had caused the Company's delinquency rate to sharply rise; (viii) the Company's product mix had significantly deteriorated; (ix) the Company's net revenue was on track to decline by 22% during the third quarter of 2018; and (x) as a result, the Registration Statement was materially false and/or misleading and failed to state information required to be stated therein.

Baozun Inc. (NASDAQ:BZUN)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/baozun-inc-loss-submission-form?prid=5378&wire=1
Lead Plaintiff Deadline: February 10, 2020
Class Period: Baozun American Depository Receipts between March 6, 2019 and November 20, 2019

Allegations against BZUN include that: (a) Baozun was heavily reliant upon a single brand partner, Huawei, for the exponential service fee growth it had been reporting historically, which was in turn fueling its historical revenue growth; (b) compared to other brands Baozun had as brand partners, the Huawei work had historically included a lot of additional add-on service fees, increasing the revenue reported from Huawei vis-a-via its other brand partners; (c) Huawei, like other large brands, was actively preparing to bring its online merchandising in-house, meaning Baozun knew that it was losing a significant brand partner; and (d) as a result of the foregoing, the Company was not on track to achieve the financial results and performance Defendants claimed the Company was on track to achieve during the class period.

To learn more contact Vincent Wong, Esq. either via email vw@wongesq.com or by telephone at 212.425.1140.

Vincent Wong, Esq. is an experienced attorney who 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: 574552

WILMINGTON, DE / ACCESSWIRE / January 29, 2020 / Rigrodsky & Long, P.A.:

Do you own shares of Gilat Satellite Networks Ltd. (NASDAQ GS: GILT)?
Did you purchase any of your shares prior to January 29, 2020?
Do you think the proposed merger is fair?
Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Gilat Satellite Networks Ltd. ("Gilat" or the "Company") (NASDAQ GS:GILT) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Comtech Telecommunications Corp. ("Comtech") (NASDAQ GS: CMTL) in a transaction valued at approximately $532.5 million. Under the terms of the agreement, shareholders of Gilat will receive $7.18 in cash and 0.08425 shares of Comtech common stock for each share of Gilat common stock they own. Upon closing, shareholders of Gilat will own approximately 16.1% of the combined company.

If you own common stock of Gilat and purchased any shares before January 29, 2020, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra toll-free at (888) 969-4242, by e-mail at info@rl-legal.com, or at https://www.rigrodskylong.com/offices-contact.

Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.

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

CONTACT: 

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242
(302) 295-5310
Fax: (302) 654-7530
info@rl-legal.com 
http://www.rigrodskylong.com

SOURCE: Rigrodsky & Long, P.A.

ReleaseID: 574536

NEW BRUNSWICK, NJ / ACCESSWIRE / January 29, 2020 / CBD sales are booming and new CBD brands are hitting the market on a regular basis. But, there are a number of roadblocks for CBD companies that make promoting and advertising CBD products more challenging than most other products. For instance, Facebook and Google do not allow ingestible CBD advertising. And, Amazon does not allow ingestible CBD products to be sold on that platform. Therefore, CBD companies must explore other avenues of promotion. An effective and increasing popular way for CBD brands to connect with consumers is on the popular CBD product directory CBDReVu, see here https://cbdrevu.com/

CBDReVu has a highly targeted audience of consumers shopping for CBD making the directories CBD sponsored blog post program very effective. The site has been a big hit with CBD shoppers since 2017 and was one of the first CBD product directories, having been established in the early days of CBD well before the substance became a top selling product. Although CBD sales have been growing at a fast rate, the introduction of so many new brands has splintered the market considerably, making the competition for customers much more intense. CBDRevu is now making available a sponsored blog post program for CBD brands to enable CBD companies the ability to connect with highly motivated CBD shoppers. More information about the program can be found here https://cbdrevu.com/sponsored-blog-posts-and-advertising/

As a result of years of steady public relations marketing and high search engine rankings, CBDReVu gets large amounts of visitors and it has become a key destination for consumers shopping for CBD. This new sponsored blog post for program for CBD and other cannabis related businesses observe best practices as set forth by the major search engines in order to protect the integrity of the directory. Basic editorial guidelines for articles can be found on CBDReVu.

There are an extraordinary amount of CBD companies now with new ones appearing regularly. Some well-known established names include PureKana, Premium Jane CBD, Bluebird Botanicals, Hemp Bombs , CaniBrands, Koi CBD, Green Roads CBD oil, Elixinol CBD, NuLeaf Naturals CBD, CBDfx, Kat's Naturals, Garden of Life, CW Hemp Charlotte's Web, Verified CBD Oil, Fab CBD, CBD Infusionz, Plus CBD Oil/CV Sciences, CBD Distillery, MedTerra CBD Oil, Mary's Nutritionals, Infinite CBD, Hemp Bombs, CBDmd, CBD Essence, CBDPure, CBDmd, Lazarus Naturals, Kanibi, RSHO Real Scientific Hemp Oil, Spruce CBD, SabaiDee, Joy Organics, Fab CBD, Provocan, HempWorx CBD, Diamond CBD, Absolute Nature CBD, American Shaman, Sol CBD, Endoca, Hemplucid, Receptra Naturals, Select CBD, Mana Hemp Oil, MedTerra, PlusCBD Oil, and there are many others.

CBDReVu.com is an A+ Rated Better Business Bureau Accredited informational website founded in 2017 featuring brand profiles of popular CBD products.

Contact:
Chaz Sanderson
cbdrevu@outlook.com
1-929-344-1364

SOURCE: CBDReVu.com

ReleaseID: 574544