Monthly Archives: October 2019

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Aptinyx Inc. – APTX

NEW YORK, NY / ACCESSWIRE / October 31, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Aptinyx Inc. ("Aptinyx" or the "Company") (NASDAQ:APTX). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Aptinyx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

In June 2018, Aptinyx completed its initial public offering ("IPO") of common stock, selling over 7.3 million shares of stock priced at $16.00 per share, for gross proceeds of over $117 million. Then, on January 16, 2019, Aptinyx announced top-line results from a Phase 2 clinical study of NYX-2925, the Company's proposed treatment of painful diabetic peripheral neuropathy, and disclosed that "NYX-2925 did not demonstrate statistically significant separation from placebo on the primary endpoint, change in subjects' average daily pain scores on the Numerical Rating Scale (NRS) during the final treatment week compared to baseline."

On this news, Aptinyx's stock price fell $11.85 per share, or 66.46%, to close at $5.98 per share on January 16, 2019. Since the IPO, Aptinyx's stock price has closed as low as $2.84 per share, representing a decline of more than 82% from the offering price.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

ReleaseID: 564937

1st Capital Bank Announces Third Quarter 2019 Financial Results; Record Loan Portfolio

SALINAS, CA / ACCESSWIRE / October 31, 2019 / 1st Capital Bank (OTC Pink:FISB) reported unaudited net income of $1.94 million for the three months ended September 30, 2019, an increase of 11.3% compared to net income of $1.74 million in the third quarter of 2018 and an increase of 18.3% compared to net income of $1.64 million in the second quarter of 2019, the immediately preceding quarter. Earnings per common share were $0.37 (diluted), compared to $0.31 (diluted) for the prior quarter.

On a year-to-date basis, unaudited net income was $5.35 million for the nine months ended September 30, 2019, an increase of $861 thousand, or 19.2%, compared to $4.49 million for the nine months ended September 30, 2018. Earnings per common share were $1.03 (diluted) and $0.88 (diluted) for the nine-month periods ended September 30, 2019 and 2018, respectively.

For the three months ended September 30, 2019, the Bank's return on average assets was 1.25%, compared with 1.08% for the three months ended June 30, 2019, and 1.12% for the three months ended September 30, 2018. Return on average equity was 11.79% for the three months ended September 30, 2019, compared to 10.47% for the three months ended June 30, 2019, and 12.38% for the three months ended September 30, 2018.

Year-to-date return on average assets and return on average equity totaled 1.16% and 11.40%, respectively; compared with 1.01% and 11.08%, respectively, for the first nine months of 2018.

Net interest margin increased from 3.91% in the third quarter of 2018 to 4.05% in the third quarter of 2019, but declined slightly from 4.06% in the second quarter of 2019, primarily due to a decline in earning asset yield from 4.23% in the second quarter of 2019 to 4.22% in the third quarter of 2019. The Bank's average net loans-to-deposits ratio increased from 85.1% in the third quarter of 2018 to 87.3% in the third quarter of 2019, but declined from 88.1% in the second quarter of 2019, and average gross loans outstanding increased $0.8 million or 0.2%, year-to-year, from $480.6 million to $481.4 million. Net interest income before provision for loan losses for the three-month period ended September 30, 2019 was $5.99 million, a sequential increase of $20 thousand, or 0.3%, compared to $5.97 million recognized in the three-month period ended June 30, 2019. The Bank's cost of funds declined slightly, to 0.20% for the third quarter of 2019, compared to­­ 0.21% for the second quarter of 2019, but increased from 0.17% in the third quarter of 2018. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $97 thousand, or 1.6%, from $5.89 million recognized during the third quarter of 2018.

Net loans increased $12.6 million, or 2.6%, during the third quarter, from $475.1 million at June 30, 2019 to $487.7 million at September 30, 2019. Growth was concentrated in commercial real estate loans including multifamily loans ($14.4 million). Year over year, gross loans outstanding increased 2.0%, from $484.6 million as of September 30, 2018 to $494.3 million as of September 30, 2019. Growth in commercial real estate loans of $20.1 million was the primary driver of the loan growth during the past 12 months, which was partially offset by a $6.0 million decline in single-family residential loans. Yields on commercial and industrial loans increased from 5.50% during the third quarter of 2018 to 5.72% during the third quarter of 2019, but decreased from 6.02% during the second quarter of 2019, due to changes in the Bank's prime lending rate. Yields on commercial real estate loans increased from 4.81% during the third quarter of 2018 to 4.93% and 4.97% during the second and third quarters of 2019, respectively. The yield on the total loan portfolio increased from 4.50% during the third quarter of 2018 to 4.61% and 4.60% during the second and third quarters of 2019, respectively.

"We are pleased to report growth in our core loan portfolio in the third quarter," said Thomas E. Meyer, president and chief executive officer. "Recent additions to our experienced group of relationship managers have sourced quality new opportunities for us."

Non-interest income for the nine-month period ended September 30, 2019 increased 10.9% to $1.61 million, compared to $1.45 million for the nine-month period ended September 30, 2018. Quarterly non-interest income increased $134 thousand, or 28.5% year-over-year, to $605 thousand, compared to non-interest income of $471 thousand recognized in the third quarter of 2018, and increased $77 thousand, or 14.6% compared to non-interest income of $528 thousand recognized in the second quarter of 2019.

The Bank's efficiency ratio improved from 65.6% in the second quarter of 2019 to 60.0% in the third quarter of 2019, as the Bank's non-interest expenses decreased 7.1%, while total revenues grew nominally over the same period.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $5.99 million in the third quarter of 2019, an increase of $20 thousand, or 0.4%, compared to $5.97 million in the second quarter of 2019 and an increase of $97 thousand, or 1.6%, compared to $5.89 million in the third quarter of 2018. Net interest income before provision for credit losses for the nine months ended September 30, 2019 was $18.1 million, an increase of $1.54 million or 9.3%, compared to $16.6 million for the nine months ended September 30, 2018.

Average earning assets were $589.1 million during the third quarter of 2019, a decrease of 0.6% compared to $592.4 million in the second quarter of 2019. The yield on earning assets was 4.22% in the third quarter of 2019, compared to 4.05% in the third quarter of 2018, primarily due to an increase in the average yield of the loan portfolio from 4.50% in the third quarter of 2018 to 4.60% in the third quarter of 2019; and secondly, due to increase in yields in the investment portfolio. The average balance of the investment portfolio decreased $1.2 million, from $70.2 million in the third quarter of 2018 to $68.9 million in the third quarter of 2019, reflecting normal amortization and prepayments on the Bank's investments in mortgage-backed securities and collateralized mortgage obligations.

The yield on the investment portfolio increased from 2.28% in the third quarter of 2018 to 2.54% in the third quarter of 2019, but declined from 2.62% in the second quarter of 2019 as variable-rate mortgage-backed securities and collateralized mortgage obligations repriced downward in the third quarter.

The cost of interest-bearing liabilities increased from 0.30% in the third quarter of 2018, to 0.40% in the second quarter of 2019, and decreased marginally to 0.39% in the third quarter of 2019, while the average balance of interest-bearing liabilities decreased from $307.6 million in the third quarter of 2018 to $280.4 million in the second quarter of 2019, but increased to $286.9 million in the third quarter of 2019. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with the Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $109 million, $106 million, and $82 million in the third quarter of 2018 and the second and third quarters of 2019, respectively. The average balance of noninterest-bearing demand deposit accounts increased from $249 million, or 44.8% of total deposits, in the third quarter of 2018 to $262 million, or 48.3% of total deposits in the second quarter of 2018, but decreased to $257 million, or 47.3% of total deposits, in the third quarter of 2019. The Bank's overall cost of funds increased slightly, from 0.17% in the third quarter of 2018 to 0.21% and 0.20% in second quarter and third quarter, respectively, of 2019.

"We continued to benefit from our strong reliable core funding in the third quarter of 2019, although we are seeing some migration of transitory interest-bearing balances into other asset classes as our clients redeploy funds derived from liquidity events," said Michael J. Winiarski, Chief Financial Officer. "Solid expense control also benefitted third quarter results."

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 its estimate of probable credit losses incurred as of the balance sheet date using historical loss data and qualitative factors associated with the loan portfolio.

The Bank recorded no provision for loan losses in the third quarter of 2018, and no provisions for the second and third quarters of 2019, reflecting reductions in the level of criticized assets, changes in the mix of loan types within the portfolio and their respective historical loss rates, and management's assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $181 thousand at September 30, 2019, compared to $240 thousand at June 30, 2019, and $3.3 million at September 30, 2018.

At September 30, 2019 and June 30, 2019, there were no non-performing loans in the Bank's loan portfolio; they totaled 0.60% of the total loans at September, 2018. At September 30, 2019, the allowance for loan losses was 1.33% of outstanding loans, compared to 1.36% at June 30, 2019 and 1.33% at September 30, 2018. The Bank recorded net recoveries of $9 thousand during the third quarter of 2019, compared to net recoveries of $12 thousand in each of the second quarter of 2019 and third quarter of 2018.

NON-INTEREST INCOME

Non-interest income recognized in the third quarter of 2019 totaled $605 thousand, including $93 thousand in gain on sale of loans and investments, compared to $528 thousand in the second quarter of 2019, and $471 thousand in the third quarter of 2018, without any gain on sale recognition. Overall, this represents a decrease in non-interest income other than gain on sales of $16 thousand, or 3.0%, compared to the second quarter of 2019, and an increase of $41 thousand, or 8.7%, compared to the third quarter of 2018.

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. On a year-to-date basis, non-interest income increased 10.9%, from $1.45 million to $1.61 million, including an 11.3% increase in service charges on deposits, from $221 thousand to $246 thousand, and a 99.3% increase in mortgage brokerage fees from $61 thousand to $121 thousand.

NON-INTEREST EXPENSES

Non-interest expenses of $3.96 million for the third quarter of 2019 represented a decrease of 7.1% from the previous quarter of $4.26 million and were essentially unchanged compared to $3.97 million recognized in the third quarter of 2018. Year-to-date 2019 non-interest expenses totaled $12.46 million, an increase of $606 thousand, or 5.1%, compared to $11.86 million for the first nine months of 2018.

Salaries and benefits decreased $248 thousand, or 9.2%, to $2.45 million in the third quarter of 2019 from $2.70 million in the second quarter of 2019 and decreased $30 thousand, or 1.2%, compared to $2.48 million in the third quarter of 2018. These decreases primarily reflect increased absorption of direct loan origination costs associated with higher lending volume and revisions to the standard costs the Bank uses to capitalize such costs. Occupancy costs increased to $372 thousand in the third quarter of 2019 compared to $326 thousand in the second quarter of 2019 due to rents and other costs incurred in establishing a new loan center in Santa Cruz and branch relocation costs in San Luis Obispo.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 60.0% for the third quarter of 2019, compared to 65.6% for the second quarter of 2019 and 62.4% for the third quarter of 2018. Annualized non-interest expenses as a percent of average total assets were 2.56%, 2.80%, and 2.56% for the third quarter of 2019, the second quarter of 2019, and the third quarter of 2018, respectively.

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 and a loan production office in Santa Cruz County. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is 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 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

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)

 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Financial Condition Data1

 
2019
 
 
2019
 
 
2019
 
 
2018
 

Assets

 
 
 
 
 
 
 
 
 
 
 
 

Cash and due from banks

 
$
5,947
 
 
$
5,994
 
 
$
6,569
 
 
$
5,408
 

Funds held at the Federal Reserve Bank2

 
 
47,529
 
 
 
56,057
 
 
 
60,979
 
 
 
33,571
 

Time deposits at other financial institutions

 
 

 
 
 

 
 
 

 
 
 
996
 

Available-for-sale securities, at fair value

 
 
68,386
 
 
 
70,396
 
 
 
69,320
 
 
 
68,154
 

Loans receivable held for sale

 
 

 
 
 

 
 
 

 
 
 
1,000
 

Loans receivable held for investment:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Construction / land (including farmland)

 
 
18,602
 
 
 
18,014
 
 
 
20,189
 
 
 
22,396
 

Residential 1 to 4 units

 
 
141,907
 
 
 
144,336
 
 
 
139,765
 
 
 
147,205
 

Home equity lines of credit

 
 
7,158
 
 
 
7,920
 
 
 
8,676
 
 
 
7,853
 

Multifamily

 
 
54,324
 
 
 
53,561
 
 
 
54,586
 
 
 
53,984
 

Owner occupied commercial real estate

 
 
63,587
 
 
 
61,242
 
 
 
61,775
 
 
 
65,628
 

Investor commercial real estate

 
 
153,849
 
 
 
142,533
 
 
 
141,452
 
 
 
131,736
 

Commercial and industrial

 
 
38,801
 
 
 
39,603
 
 
 
42,098
 
 
 
38,672
 

Other loans

 
 
16,042
 
 
 
14,468
 
 
 
14,724
 
 
 
17,127
 

Total loans

 
 
494,270
 
 
 
481,677
 
 
 
483,265
 
 
 
484,601
 

Allowance for loan losses

 
 
(6,582
)
 
 
(6,572
)
 
 
(6,560
)
 
 
(6,435
)

Net loans

 
 
487,688
 
 
 
475,105
 
 
 
476,705
 
 
 
478,166
 

Premises and equipment, net

 
 
2,131
 
 
 
2,192
 
 
 
1,996
 
 
 
2,109
 

Bank owned life insurance

 
 
8,020
 
 
 
7,968
 
 
 
7,916
 
 
 
7,813
 

Investment in FHLB3 stock, at cost

 
 
3,501
 
 
 
3,501
 
 
 
3,163
 
 
 
3,163
 

Accrued interest receivable and other assets

 
 
14,254
 
 
 
9,577
 
 
 
7,780
 
 
 
6,255
 

Total assets

 
$
637,456
 
 
$
630,790
 
 
$
634,428
 
 
$
606,635
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Liabilities and shareholders' equity

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Deposits:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Noninterest bearing demand deposits

 
$
255,369
 
 
$
270,939
 
 
$
268,195
 
 
$
248,036
 

Interest bearing checking accounts

 
 
47,148
 
 
 
36,721
 
 
 
35,832
 
 
 
35,274
 

Money market deposits

 
 
140,515
 
 
 
134,108
 
 
 
134,044
 
 
 
139,037
 

Savings deposits

 
 
103,224
 
 
 
100,049
 
 
 
110,877
 
 
 
109,530
 

Time deposits

 
 
19,399
 
 
 
19,694
 
 
 
18,953
 
 
 
16,010
 

Total deposits

 
 
565,655
 
 
 
561,511
 
 
 
567,901
 
 
 
547,887
 

Accrued interest payable and other liabilities

 
 
5,466
 
 
 
5,305
 
 
 
4,818
 
 
 
2,344
 

Shareholders' equity

 
 
66,335
 
 
 
63,974
 
 
 
61,709
 
 
 
56,404
 

Total liabilities and shareholders' equity

 
$
637,456
 
 
$
630,790
 
 
$
634,428
 
 
$
606,635
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Shares outstanding

 
 
5,142,536
 
 
 
5,124,892
 
 
 
5,118,759
 
 
 
5,041,058
 

Nominal and tangible book value per share

 
$
12.90
 
 
$
12.48
 
 
$
12.06
 
 
$
11.19
 

Ratio of net loans to total deposits

 
 
86.22
%
 
 
84.61
%
 
 
83.94
%
 
 
87.27
%

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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
4 = Some items in prior periods have been reclassified to conform to the current presentation.

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

 

 
Three Months Ended
 

 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Operating Results Data

 
2019
 
 
2019
 
 
2019
 
 
2018
 

Interest and dividend income

 
 
 
 
 
 
 
 
 
 
 
 

Loans

 
$
5,578
 
 
$
5,570
 
 
$
5,681
 
 
$
5,448
 

Investment securities

 
 
442
 
 
 
457
 
 
 
456
 
 
 
404
 

Federal Home Loan Bank stock

 
 
62
 
 
 
59
 
 
 
56
 
 
 
54
 

Other

 
 
187
 
 
 
166
 
 
 
259
 
 
 
222
 

Total interest and dividend income

 
 
6,269
 
 
 
6,252
 
 
 
6,452
 
 
 
6,128
 

Interest expense

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest bearing checking

 
 
3
 
 
 
3
 
 
 
3
 
 
 
3
 

Money market deposits

 
 
125
 
 
 
140
 
 
 
129
 
 
 
123
 

Savings deposits

 
 
88
 
 
 
85
 
 
 
91
 
 
 
80
 

Time deposits

 
 
62
 
 
 
54
 
 
 
49
 
 
 
28
 

Total interest expense on deposits

 
 
278
 
 
 
282
 
 
 
272
 
 
 
234
 

Interest expense on borrowings

 
 

 
 
 

 
 
 

 
 
 

 

Total interest expense

 
 
278
 
 
 
282
 
 
 
272
 
 
 
234
 

Net interest income

 
 
5,991
 
 
 
5,970
 
 
 
6,180
 
 
 
5,894
 

Provision for loan losses

 
 

 
 
 

 
 
 

 
 
 

 

Net interest income after provision

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

for loan losses

 
 
5,991
 
 
 
5,970
 
 
 
6,180
 
 
 
5,894
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Noninterest income

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Service charges on deposits

 
 
88
 
 
 
82
 
 
 
76
 
 
 
78
 

BOLI dividend income

 
 
52
 
 
 
52
 
 
 
51
 
 
 
54
 

Gain on sale of loans

 
 
33
 
 
 

 
 
 
8
 
 
 

 

Gain on sale of investments

 
 
60
 
 
 

 
 
 

 
 
 

 

Other

 
 
372
 
 
 
394
 
 
 
339
 
 
 
339
 

Total noninterest income

 
 
605
 
 
 
528
 
 
 
474
 
 
 
471
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

 

 
Three Months Ended
 

 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

 

 
2019
 
 
2019
 
 
2019
 
 
2018
 

Noninterest expenses

 
 
 
 
 
 
 
 
 
 
 
 

Salaries and benefits

 
 
2,452
 
 
 
2,700
 
 
 
2,674
 
 
 
2,482
 

Occupancy

 
 
372
 
 
 
326
 
 
 
306
 
 
 
299
 

Data and item processing

 
 
220
 
 
 
284
 
 
 
215
 
 
 
204
 

Furniture and equipment

 
 
150
 
 
 
142
 
 
 
157
 
 
 
137
 

Professional services

 
 
143
 
 
 
108
 
 
 
130
 
 
 
161
 

Provision for unfunded loan

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

commitments

 
 
(7
)
 
 
(8
)
 
 
(15
)
 
 
4
 

Other

 
 
630
 
 
 
711
 
 
 
773
 
 
 
682
 

Total noninterest expenses

 
 
3,960
 
 
 
4,263
 
 
 
4,240
 
 
 
3,969
 

Income before provision for income taxes

 
 
2,636
 
 
 
2,235
 
 
 
2,414
 
 
 
2,396
 

Provision for income taxes

 
 
698
 
 
 
597
 
 
 
638
 
 
 
654
 

Net income

 
$
1,938
 
 
$
1,638
 
 
$
1,776
 
 
$
1,742
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Common Share Data1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Earnings per common share

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
$
0.38
 
 
$
0.32
 
 
$
0.35
 
 
$
0.35
 

Diluted

 
$
0.37
 
 
$
0.31
 
 
$
0.34
 
 
$
0.34
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Weighted average common shares outstanding

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Basic

 
 
5,133,324
 
 
 
5,120,053
 
 
 
5,110,382
 
 
 
5,038,340
 

Diluted

 
 
5,213,558
 
 
 
5,207,230
 
 
 
5,186,796
 
 
 
5,147,292
 

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.

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

 

 
Nine Months Ended
 

 

 
September 30,
 
 
September 30,
 

Operating Results Data

 
2019
 
 
2018
 

Interest and dividend income

 
 
 
 
 
 

Loans

 
$
16,829
 
 
$
15,310
 

Investment securities

 
 
1,355
 
 
 
1,154
 

Federal Home Loan Bank stock

 
 
177
 
 
 
166
 

Other

 
 
612
 
 
 
538
 

Total interest and dividend income

 
 
18,973
 
 
 
17,168
 

Interest expense

 
 
 
 
 
 
 
 

Interest bearing checking

 
 
9
 
 
 
11
 

Money market deposits

 
 
394
 
 
 
277
 

Savings deposits

 
 
264
 
 
 
224
 

Time deposits

 
 
165
 
 
 
51
 

Total interest expense in deposits

 
 
832
 
 
 
563
 

Interest expense on borrowings

 
 

 
 
 
3
 

Total interest expense

 
 
832
 
 
 
566
 

Net interest income

 
 
18,141
 
 
 
16,602
 

Provision for loan losses

 
 

 
 
 
20
 

Net interest income after provision for loan losses

 
 
18,141
 
 
 
16,582
 

 

 
 
 
 
 
 
 
 

Noninterest income

 
 
 
 
 
 
 
 

Service charges on deposits

 
 
246
 
 
 
221
 

BOLI dividend income

 
 
155
 
 
 
159
 

Gain on sale of loans

 
 
41
 
 
 
135
 

Gain on sale of investments

 
 
60
 
 
 

 

Other

 
 
1,105
 
 
 
934
 

Total noninterest income

 
 
1,607
 
 
 
1,449
 

 

 

 
 
 
 
 
 
 
 

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

 

 

 
Nine Months Ended
 

 

 
September 30,
 
 
September 30,
 

 

 
2019
 
 
2018
 

Noninterest expenses

 
 
 
 
 
 

Salaries and benefits

 
 
7,826
 
 
 
7,546
 

Occupancy

 
 
1,004
 
 
 
877
 

Data and item processing

 
 
719
 
 
 
598
 

Furniture and equipment

 
 
449
 
 
 
386
 

Professional services

 
 
381
 
 
 
431
 

Provision for unfunded loan commitments

 
 
(30
)
 
 
(2
)

Other

 
 
2,114
 
 
 
2,021
 

Total noninterest expenses

 
 
12,463
 
 
 
11,857
 

Income before provision for income taxes

 
 
7,285
 
 
 
6,174
 

Provision for income taxes

 
 
1,933
 
 
 
1,683
 

Net income

 
$
5,352
 
 
$
4,491
 

 

 
 
 
 
 
 
 
 

Common Share Data1

 
 
 
 
 
 
 
 

Earnings per common share

 
 
 
 
 
 
 
 

Basic

 
$
1.05
 
 
$
0.89
 

Diluted

 
$
1.03
 
 
$
0.88
 

 

 
 
 
 
 
 
 
 

Weighted average common shares outstanding
 
 
 
 
 
 

Basic

 
 
5,121,337
 
 
 
5,028,800
 

Diluted

 
 
5,202,626
 
 
 
5,129,624
 

 

 
 
 
 
 
 
 
 

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.

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

 
 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September,
 

 
 
2019
 
 
2019
 
 
2019
 
 
2018
 

Asset Quality

 
 
 
 
 
 
 
 
 
 
 
 

Loans past due 90 days or more and accruing

 
 
 
 
 
 
 
 
 
 
 
 

interest

 
$

 
 
$

 
 
$

 
 
$

 

Nonaccrual restructured loans

 
 

 
 
 

 
 
 

 
 
 

 

Other nonaccrual loans

 
 

 
 
 

 
 
 

 
 
 
2,906
 

Other real estate owned

 
 

 
 
 

 
 
 

 
 
 

 

 

 
$

 
 
$

 
 
$

 
 
$
2,906
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Allowance for loan losses to total loans

 
 
1.33
%
 
 
1.36
%
 
 
1.36
%
 
 
1.33
%

Allowance for loan losses to nonperforming loans

 
 
n/a
 
 
 
n/a
 
 
 
n/a
 
 
 
221.44
%

Nonaccrual loans to total loans

 
 
0.00
%
 
 
0.00
%
 
 
0.00
%
 
 
0.60
%

Nonperforming assets to total assets

 
 
0.00
%
 
 
0.00
%
 
 
0.00
%
 
 
0.48
%

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Regulatory Capital and Ratios

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Common equity tier 1 capital

 
$
65,536
 
 
$
63,446
 
 
$
61,585
 
 
$
57,166
 

Tier 1 regulatory capital

 
$
65,536
 
 
$
63,446
 
 
$
61,585
 
 
$
57,166
 

Total regulatory capital

 
$
71,377
 
 
$
69,077
 
 
$
67,209
 
 
$
62,747
 

Tier 1 leverage ratio

 
 
10.67
%
 
 
10.40
%
 
 
9.79
%
 
 
9.35
%

Common equity tier 1 risk based capital ratio

 
 
14.05
%
 
 
14.12
%
 
 
13.72
%
 
 
12.83
%

Tier 1 risk based capital ratio

 
 
14.05
%
 
 
14.12
%
 
 
13.72
%
 
 
12.83
%

Total risk based capital ratio

 
 
15.30
%
 
 
15.37
%
 
 
14.97
%
 
 
14.09
%

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

 

 
Three Months Ended
 

 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Selected Financial Ratios1

 
2019
 
 
2019
 
 
2019
 
 
2018
 

Return on average total assets

 
 
1.25
%
 
 
1.08
%
 
 
1.15
%
 
 
1.12
%

Return on average shareholders' equity

 
 
11.79
%
 
 
10.47
%
 
 
11.95
%
 
 
12.38
%

Net interest margin2

 
 
4.05
%
 
 
4.06
%
 
 
4.12
%
 
 
3.91
%

Net interest income to average total assets

 
 
3.87
%
 
 
3.92
%
 
 
3.99
%
 
 
3.80
%

Efficiency ratio

 
 
60.04
%
 
 
65.58
%
 
 
63.73
%
 
 
62.36
%

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 

 
Three Months Ended
 

 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Selected Average Balances

 
2019
 
 
2019
 
 
2019
 
 
2018
 

Gross loans

 
$
481,402
 
 
$
484,676
 
 
$
487,838
 
 
$
480,621
 

Investment securities

 
 
68,949
 
 
 
70,033
 
 
 
69,553
 
 
 
70,152
 

Federal Home Loan Bank stock

 
 
3,501
 
 
 
3,415
 
 
 
3,163
 
 
 
3,163
 

Other interest earning assets

 
 
35,220
 
 
 
34,233
 
 
 
50,778
 
 
 
46,534
 

Total interest earning assets

 
$
589,072
 
 
$
592,357
 
 
$
611,332
 
 
$
600,470
 

Total assets

 
$
614,674
 
 
$
610,453
 
 
$
628,320
 
 
$
615,388
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest bearing checking accounts

 
$
42,295
 
 
$
36,569
 
 
$
34,268
 
 
$
34,883
 

Money market deposits

 
 
113,151
 
 
 
125,529
 
 
 
127,764
 
 
 
140,443
 

Savings deposits

 
 
111,502
 
 
 
99,517
 
 
 
107,158
 
 
 
117,023
 

Time deposits

 
 
19,933
 
 
 
18,759
 
 
 
18,099
 
 
 
15,216
 

Total interest bearing deposits

 
 
286,881
 
 
 
280,374
 
 
 
287,289
 
 
 
307,565
 

Noninterest bearing demand deposits

 
 
256,989
 
 
 
262,225
 
 
 
275,956
 
 
 
249,488
 

Total deposits

 
$
543,870
 
 
$
542,599
 
 
$
563,245
 
 
$
557,053
 

Borrowings

 
$

 
 
$

 
 
$

 
 
$

 

Shareholders' equity

 
$
65,219
 
 
$
62,740
 
 
$
60,286
 
 
$
55,858
 

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

 

 
Nine Months Ended
 

 

 
September 30,
 
 
September 30,
 

Selected Financial Ratios

 
2019
 
 
2018
 

Return on average total assets

 
 
1.16
%
 
 
1.01
%

Return on average shareholders' equity

 
 
11.40
%
 
 
11.08
%

Net interest margin2

 
 
4.08
%
 
 
3.83
%

Net interest income to average total assets

 
 
3.93
%
 
 
3.72
%

Efficiency ratio

 
 
63.11
%
 
 
65.69
%

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 

 
Six Months Ended
 

 

 
September 30,
 
 
September 30,
 

Selected Average Balances

 
2019
 
 
2018
 

Gross loans

 
$
484,615
 
 
$
460,685
 

Investment securities

 
 
69,510
 
 
 
71,496
 

Federal Home Loan Bank stock

 
 
3,361
 
 
 
3,163
 

Other interest earning assets

 
 
40,020
 
 
 
46,897
 

Total interest earning assets

 
$
597,506
 
 
$
582,241
 

Total assets

 
$
617,766
 
 
$
596,937
 

Interest bearing checking accounts

 
$
37,740
 
 
$
34,917
 

Money market deposits

 
 
122,094
 
 
 
126,721
 

Savings deposits

 
 
106,075
 
 
 
119,424
 

Time deposits

 
 
18,937
 
 
 
13,517
 

Total interest bearing deposits

 
 
284,846
 
 
 
294,579
 

Noninterest bearing demand deposits

 
 
264,987
 
 
 
245,491
 

Total deposits

 
$
549,833
 
 
$
540,070
 

Borrowings

 
$

 
 
$
308
 

Shareholders' equity

 
$
62,767
 
 
$
54,186
 

 

SOURCE: 1st Capital Bank

ReleaseID: 564914

The Lake Companies Named Top 10 Shop Floor Management Solutions Company

GREEN BAY, WI / ACCESSWIRE / October 31, 2019 / The Lake Companies has been named one of the top 10 shop floor management solutions company by Manufacturing Technologies Insight (MTI). The firm was recognized for its innovative Manufacturing Execution System (MES): Shop-Trak™; which seamlessly connects with Infor CloudSuite Industrial® (SyteLine®) ERP to deliver better business results. MES software is designed to perform specific tasks, including collection of production input from automatic and human interface data collection devices, and then making the data available to other planning software interfaces.

In making the announcement, MTI stated, "To gain maximum value from production, it is necessary for shop floors to create a contextually rich stream of data that provides insights into product quality, machine performance and machine yield; with IoT sensors aiding the operators in real-time monitoring of the manufacturing site. These top 10 companies are continually proving their mettle in the field of shop floor management, with innovative technological capabilities and success stories."

"Every day manufacturers grapple with the challenge of what to do with all the data being generated from the shop floor," said The Lake Companies CEO/Founder, Greg Lake. "You need to have the right software in place to gather that data in a real-time format, analyze it, share it across platforms and then provide it in a meaningful way so it can be used for making business decisions. We're proud of our Shop-Trak software and the results it's providing to manufacturers. And we're honored to be named one of the Top 10 Shop Floor Management Solutions Company."

# # #

About The Lake Companies, Inc.

The Lake Companies is a U.S. based technology company providing Infor's CloudSuite Industrial (SyteLine) ERP software solutions. It is also the developer or Beacon-Trak®, Shop-Trak™, Doc-Trak™ and Fact-Trak™ business enhancement applications for CloudSuite Industrial (SyteLine) ERP. To learn more, go to: www.lakeco.com

Contact:

Stacy Ruckel
(920) 406-3030
sruckel@lakeco.com

SOURCE: The Lake Companies, Inc.

ReleaseID: 564894

Charleys Philly Steaks & Wings Unveils New Look

Opening marks first Container Store for Charleys Philly Steaks & Wings

WHITEHALL, OH / ACCESSWIRE / October 31, 2019 / Charleys Philly Steaks, the Philly Cheesesteak empire founded in Columbus, is opening its newest location in its home city-with a twist. Influenced by the recent trend in architecture, the restaurant is built entirely out of shipping containers. This innovative and modular container store has a much smaller footprint than traditional stores and as such, includes a full-service drive thru to support a ‘To-Go' model.

For more than 30 years, Charleys Philly Steaks has been serving up its famous grilled-to-order Philly Cheesesteaks with 100% USDA Choice Steak or 100% All-White Meat Chicken and fresh toppings. The Town & Country Shopping Center location will serve Charleys newest menu addition of Boneless and Classic Wings which are tossed-to-order and made to savor. Customers can choose from 10 chef-inspired flavors ranging from Angry Ghost and Nashville Hot to milder options like Zesty Lemon-Lime Rub and Sweet Teriyaki.

The Town & Country location officially opens its doors on October 31st at 11:00am ET at 3849 E. Broad Street, Columbus, OH 43213. The first 25 customers to visit Charleys Philly Steaks on opening day will receive a choice of either a free small Philly Cheesesteak Combo or a free six-piece Boneless Wings Combo. Entertainment will be provided for guests as they wait in line and in-store. All customers who visit on opening day can enter to win one year's worth of free food from Charleys Philly Steaks.

About Charleys

In 1986, Charleys redefined the Philly Cheesesteak. Today, over 600 locations in 47 states and 16 countries in North America, South America, Asia, and Europe serve up the #1 Cheesesteak In The World® crafted with quality ingredients and always made fresh. Also known for its loaded Gourmet Fries and refreshing Real Fruit Lemonades, the restaurant franchise is quickly expanding to serve the world's favorite Cheesesteaks across the globe. In 2017, the menu expanded to include Boneless and Classic Wings. Select locations across the country offer this extended menu and operate under the name Charleys Philly Steaks and Wings. For more information on Charleys Philly Steaks, visit www.charleys.com or follow us on Facebook and Instagram at @charleysphillysteaks and Twitter at @charleys.

Media Contact

Maggie Mackie
mmackie@charleys.com
614-652-6808

SOURCE: Charleys Philly Steaks

ReleaseID: 564926

MGX Minerals Commences Drill Program at Driftwood Creek Magnesium Oxide

VANCOUVER, BC / ACCESSWIRE / October 31, 2019 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) ) has mobilized for drilling at the Driftwood Creek magnesium oxide project ("Driftwood Creek" or the "Project") located in south-eastern British Columbia. Drill and support equipment have arrived at the site and drilling is expected to commence next week. The Company has recently received a 50 site drilling permit from the Province of British Columbia.

The objective of the exploration program is to complete comprehensive infill and extension drilling at Driftwood as part of the larger, ongoing work program to prepare a N.I. 43-101 Pre-Feasibility Study ("PFS"). The PFS will build on the positive N.I. 43-101 Preliminary Economic Assessment ("PEA") completed in March 2018 (see press release dated March 6, 2018). That PEA study was independently prepared for MGX by AKF Mining Services Inc. (AKF), Tuun Consulting Inc. (Tuun) and Samuel Engineering Inc. (Samuel) in accordance with CIM guidelines and National Instrument 43-101 Standards of Disclosure for Mineral Projects. Highlights included:

Life of Mine Pre-Tax Cash Flow during Production of $1,051 million
Pre-tax NPV@5% of $529.8 million, IRR of 24.5% with a 3.5-year payback
Post-tax NPV@5% of $316.7million, IRR of 19.3% with a 4.0-year payback
Initial capital costs of $235.9 million (Total life-of mine ("LOM") – $239.8 includes sustaining/closure costs of $3.9 million and contingency costs of $40.0 million)
Conventional quarry pit mine with a 1200 tonne per day ("tpd") process plant using conventional crushing, grinding, flotation upgrading, calcination, and sintering to produce a saleable DBM product
Average annual MgO production of 169,700 tonnes during a 19-year mine life
LOM average head grades of 43.27% MgO
LOM MgO recoveries of 90%
LOM strip ratio of 2.4 to 1 of rock to mineralized material

The tonnage and grades of the Driftwood Creek Project mineral resource at a 42.5% MgO cut off are shown in the table below:

Class

Tonnes
(‘000s)

MgO
(%)

Al2O3
(%)

CaO
(%)

Fe2O3
(%)

SiO2
(%)

LOI
(%)

Measured

4,702.7

43.31

1.01

0.95

1.29

5.06

47.83

Indicated

3,144.4

43.22

1.00

1.05

1.42

4.67

47.99

M&I

7,847.1

43.27

1.00

0.99

1.35

4.90

47.89

Inferred

55.8

42.95

0.93

0.66

1.43

6.07

47.46

Notes and assumptions:

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into Mineral Reserves.
The Lerchs-Grossman (LG) constrained shell economics used a mining cost of US$8.82/t, processing+ g&a costs of US$106/t, and a commodity price of US$600.00/t 95%MgO DBM.
Mineral resources are reported within the constrained shell, using a cutoff grade of 42.5% MgO (based on a 20-year LOM) to determine "reasonable prospects for eventual economic extraction."
Mineral Resources are reported as undiluted
Mineral Resources were developed in accordance with CIM (2010) guidelines
Tonnages are reported to the nearest kilotonne (kt), and grades are rounded to the nearest two decimal places
Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal.
M&I = Measured and Indicated.

About MgO

Magnesium Oxide (magnesia) is a widely used industrial mineral that comes in various forms including dead burned magnesia (DBM) and fused magnesia (FM). End uses include fertilizer, animal feed, and environmental water treatment as well as industrial applications primarily as a refractory material in the steel industry. The majority of refractory grade MgO used in the US and Canada is imported from China. MGX aims to provide a stable, secure, long term supply of MgO to the North American market with quality MgO products of consistent grade and purity.

Qualified Person

Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals, has prepared, reviewed and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.

Contact Information

Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com

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

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE: MGX Minerals Inc.

ReleaseID: 564922

IMPORTANT SHAREHOLDER INVESTIGATION: The Schall Law Firm Announces it is Investigating Claims Against Grubhub Inc. and Encourages Investors with Losses in Excess of $250,000 to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / October 31, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Grubhub Inc. ("Grubhub" or "the Company") (NYSE:GRUB) for violations of securities laws.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

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.
310-301-3335
Cell: 424-303-1964
info@schallfirm.com
www.schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 564925

Tzadik Management’s Adam Marcus Hendry Worried About “Over-Saturated” Class-A Multi-Family Market

MIAMI, FL / ACCESSWIRE / October 31, 2019 / At a time where class-A apartment buildings are popping up all over the US, Tzadik Management's Adam Marcus Hendry urges potential investors to stay away. A closer look into the class-A market shows the bleaker side of all the recent development. "Recent market studies done in primary markets, including areas like Miami and Fort Lauderdale, are showing a tremendous amount of rental concessions, particularly in the newer buildings," said Hendry. "It's almost required now that you give away at minimum two month's rent in addition to the waiving of most move-in costs."

These rental concessions, used in attempts to quickly occupy apartment homes, allow for the property to lease their apartments at rents not ordinarily attainable in the given market. In some cases, apartments are giving up to 4 months' rent-free for all new move-ins, effectively turning a $2,000/m apartment into less than $1500/m apartment.

Adam Marcus Hendry believes these concessions are necessary due to the surplus of availability in many primary markets like Miami and Fort Lauderdale. Despite overall population growth in those markets, the surge of development has far exceeded the demand, according to Hendry. "Property management companies are essentially revenue cuffed. It's almost necessary if the building next door won't make you pay for several months," Hendry continued.

So why not just lower the rent instead of giving it away? "These burgeoning rental concessions are done to keep their market rents and NOI high. These "one-time" concessions are put below the line and seen as one-time instances when there is little evidence to suggest they are" said Adam Marcus Hendry. "The profitability of these apartments is now almost completely on life support, only surviving from the dropping interest rates that reduce debt service at the refinance. With all these new buildings popping up, what is stopping the renter from hopping to the next lease up?".

The answer would be employee culture, engagement, and keeping "A" players on site for years, thus not having to have new faces in the office regularly, according to Adam Marcus Hendry, but he remains skeptical due to the increasing occurrence of renewal concessions. "Our research is showing some pretty substantial renewal concessions at many class-A sites," said Hendry. "Renewal concessions aren't new and are typically necessary depending on the situation, but if the renter was given the same or even double the concession at move-in, your NOI becomes a farce. The only defense we have seen that works is to spend the year developing relationships with the residents, so when the renewal comes up, they will stay for a much smaller concession even in the face of many months offered at nearby places."

All these varying factors are a big reason for Tzadik Management's recent push to the upper Midwest. "When looking for an opportunity, we closely examine not just population growth, but overall supply," said Hendry. "Our recent acquisitions in the Midwest allow us to trust our forecasting and projections, mainly because there are less dangerous variables that currently plague the primary markets."

CONTACT:
Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: Web Presence, LLC

ReleaseID: 564866

3 Top Portfolio Management Tips from Growth Startup Expert Ryan Alvey

MONTGOMERY, AL / ACCESSWIRE / October 31, 2019 / Investing and portfolio management are tricky for many aspiring entrepreneurs. There's a lot of advice out there, and it can be difficult to cut through the noise and get to the real heart of the message. Startup growth and portfolio management expert Ryan Alvey, who has consulted with and mentored countless business leaders and entrepreneurs over his 15 years of experience, offered some no-nonsense, straightforward advice about managing your portfolio and investing effectively.

"The #1 tip I give everyone who asks me about portfolio management is to start investing as soon as you possibly can, even if you feel like it's not possible financially," shares Ryan Alvey. "You might feel like you can't invest if you're young, if you're in school, if you're currently living paycheck to paycheck, or if your current income isn't sky-high. But nothing could be further from the truth," Ryan Alvey explains.

Ryan Alvey continues, "In fact, the time you spend investing is even more important than the amount of money you put in each time. If you start investing at age 25, you will have a serious nest egg available for retirement even if you start out at just $100 or $200 per month," Ryan Alvey shares. "By contrast, if you wait until you're 45 or so, you'll likely have far less by the time you're ready to retire, even if you start out putting more money into your 401(k) or Roth IRA."

The second tip Ryan Alvey has for aspiring investors is to start out conservatively. "Don't jump on the bandwagon of what everyone else seems to be buying," says Alvey. "A rapidly rising price might make something appear desirable, but a lower price could mean that you end up making more of a profit, even if it's not the hot stock of the moment."

Lastly, Ryan Alvey suggests that investors diversify their portfolios in order to maximize their potential profits. "You don't want to take a gamble on high-risk stocks only," he explains, "but you also shouldn't stick to ultra-conservative stocks when you could potentially get a big payoff in others. Diversify your portfolio in an index fund for the greatest possible return."

Ryan Alvey is the Chief Operating Officer (COO) of Tietronix, Inc., headquartered in Houston, Texas. Over the course of his lengthy and exciting career, he has built businesses up to over $100 million in annual revenues, managed teams of over 300 at any given time, and closed over $10 billion in contracts.

CONTACT:

Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: Web Presence, LLC

ReleaseID: 564852

Rob Thomson Looks Forward to this Weekend’s Jupiter Golden Jubilee

Leading South Florida luxury real estate specialist Rob Thomson counts down to the town of Jupiter's annual Jupiter Golden Jubilee, set to take place this Saturday

JUPITER, FL / ACCESSWIRE / October 31, 2019 / A lifelong resident of Jupiter and now one of South Florida's leading luxury real estate specialists following more than 30 years in the industry, Rob Thomson is this weekend headed to Harbourside Place in Jupiter, Florida, for the 3rd Annual Jupiter Golden Jubilee. Looking forward to the imminent event, Jupiter native Thomson offers a closer look at what's in store.

"Let's all head to the beach and Harbourside Place in Jupiter this Saturday for the 3rd Annual Jupiter Golden Jubilee," suggests Thomson. Bring the whole family, he says, for a day of fun in the sun. "Bring the whole family," Thomson continues, "for a day of fun in the sun, and, of course, our favorites – golden retrievers."

The Jupiter Golden Jubilee celebrates golden retrievers, which are, Thomson reveals, among the nation's very favorite dog breeds. "As well as celebrating the breed, the Jupiter Golden Jubilee also helps to bring awareness to the Golden Retriever Lifetime Study," he explains.

The study is one of the largest and most comprehensive prospective canine health studies in the United States. The study, Jupiter native Rob Thomson reveals, is designed and intended to identify the environmental needs, nutritional needs, lifestyle requirements, and genetic risks of the beloved dog breed. "It's important," he says, "as golden retrievers are known to suffer from several genetic disorders and other health complaints, including cancer, hip dysplasia, and obesity."

"The Jupiter Golden Jubilee event starts at the beach in Jupiter in the morning," Thomson explains, "and then will head to Harbourside Place for a party, as well as a benefit raffle at Pucci and Catana in Breakwater Court."

According to the South Florida real estate mogul and Jupiter native, there will also be a special wine tasting event, courtesy of Florida Orange Groves Winery, plus light refreshments and a parade of owners and their golden retrievers taking place later in the afternoon.

"The event starts at 10 AM on Saturday, November 2," adds Rob, wrapping up, "before concluding later in the day following the 4:30 PM Pucci and Catana event and benefit raffle, which will happen back at Harbourside Place."

To find out more about the day-long celebration of golden retrievers and to join Jupiter luxury real estate specialist Rob Thomson at the Jupiter Golden Jubilee, visit https://www.jupitergoldenjubilee.com/.

CONTACT:

Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: Web Presence, LLC

ReleaseID: 564918

SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Twitter, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

LOS ANGELES, CA / ACCESSWIRE / October 31, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Twitter, Inc. ("Twitter" or "the Company") (NYSE:TWTR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between August 6, 2019 and October 23, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before December 30, 2019.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Twitter's settings related to targeted advertising were not working, despite the Company claiming to have "fixed" its issues. The Company's futile efforts to fix its problems actually adversely affected its ability to target advertising. This problem extended to Twitter's Mobile App Promotion ("MAP") product, resulting in a significant decline in advertising revenue. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Twitter, investors suffered damages.

Join the case to recover your losses.

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.
310-301-3335
Cell: 424-303-1964
info@schallfirm.com
www.schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 564921