CPR Cell Phone Repair is proud to announce the opening of a new store in Cordova, TN. This latest addition, owned by Jonathan Spotts, who also operates a successful store in Jackson, TN, reinforces CPR’s commitment to providing top-quality electronic repair services in Tennessee.
CORDOVA, TN / ACCESSWIRE / January 29, 2024 / CPR Cell Phone Repair, a leading name in the electronics repair industry, is thrilled to announce the opening of CPR Cell Phone Repair Cordova, located at 1665 Bonnie Ln, Suite 102, Memphis, TN, 38016. This new store further cements the presence of CPR in Tennessee and is a testament to the continued success of owner Jonathan Spotts, who also manages a thriving CPR location in Jackson, TN.
CPR Cordova offers a wide range of repair services for various electronic devices, including cell phones, laptops, gaming systems, digital music players, tablets, and more. The store is equipped to handle everyday repair needs, such as screen and battery replacements and more complex technical issues. With a team of skilled technicians, CPR Cordova is committed to providing efficient and reliable repair solutions to the local community.
"We are excited to expand our services to the Cordova area," said Jonathan Spotts, owner of CPR Cell Phone Repair Cordova. "Our goal is to offer the community access to the same high-quality and convenient repair services that our customers have come to expect from the CPR brand."
CPR Cordova operates from Monday to Saturday, 10:00 AM to 6:00 PM. Customers can reach the store at 901-509-8890 or via email at cordova@cpr-stores.com. Further details about the store and its services can be found on the website at https://www.cellphonerepair.com/cordova-tn/.
About CPR Cell Phone Repair
CPR by Assurant (CPR), ranked the no. 1 franchise for electronics repairs in Entrepreneur magazine’s Franchise 500, is one of the largest, fastest-growing mobile repair franchises in North America, operating over 500 locations internationally. A pioneer in the electronics repair industry, CPR offers same-day repair and refurbishing services for cell phones, laptops, gaming systems, digital music players, tablets, and other personal electronic devices. Founded in Orlando, Fla. in 1996, CPR is owned by Assurant, Inc. (NYSE: AIZ). For more information about CPR by Assurant, visit www.cellphonerepair.co
Collectibus has partnered with CSR Company International, one of the leading groups in the world.
NORTHAMPTON, MA / ACCESSWIRE / January 29, 2024 / Collectibus main goal is to put sustainability at the heart of businesses, innovating processes and products to help companies generate positive economic, social and environmental impacts that take into account the well-being of communities throughout the supply chain.
A quote from Danilo Devigli, Founding Partner, "We use an agile and open approach. We like to work with partners who share the same values. We work differently, from the conception and implementation of sustainability projects developed based on the real needs of businesses."
TIMBERVILLE, VA / ACCESSWIRE / January 29, 2024 / F&M Bank Corp. (the "Company" or "F&M"), (OTCQX:FMBM), the parent company of Farmers & Merchants Bank ("F&M Bank" or the "Bank") today reported results for the quarter and year ended December 31, 2023.
Net income was $457,000 or $0.13 per share for the quarter ended December 31, 2023, compared to $1.0 million or $0.29 per share for the linked quarter ended September 30, 2023, and compared to $1.7 million or $0.49 per share for the prior year quarter ended December 31, 2022. For the year ended December 31, 2023, net income was $2.8 million or $0.79 per share, which includes $1.8 million in after-tax, one-time expenses. These one-time expenses, which are intended to drive cost savings in future periods, include severance accruals for former bank officers that occurred in the first half of 2023 and expenses related to a voluntary early exit plan announced in the fourth quarter. By comparison, the Company earned $8.3 million or $2.41 per share in 2022.
At December 31, 2023, the Company had total assets of $1.29 billion, total loans of $822.1 million, and total deposits of $1.13 billion. This reflects growth of $78.5 million in total loans and $49.9 million in total deposits since the end of 2022. Our loan portfolio consists of a solid mix of loan types, which we believe provides a hedge against risks associated with concentrations in any particular type of loan.
"I believe in the years ahead-and even now-we can point to April 2023 as a new beginning for F&M," said Mike Wilkerson, chief executive officer. "As a leadership team, we fully agreed then that our goal is to ensure the long-term good health and future of F&M Bank, or as we like to say, ‘the next 115 years.’ Every decision we make has, and will continue to, reflect this commitment.
"To that end, we developed and are executing a multi-year strategic plan focused on growing profitability and capital and managing asset growth and liquidity in a manner that should improve return on investment to our shareholders. A key part of this plan involved assessing our Company and all of its business lines, making changes designed to improve our organizational effectiveness, enhance opportunities to generate revenue, and control and reduce expenses. Progress is already being made, and that progress is reflected in this financial report.
"Our industry faced significant challenges over the past few years and will continue to face challenges, as it always has. Our goal is to be prepared to meet whatever challenges and the best way to be prepared is on a foundation of profitability. We have a great bank and serve a diverse and dynamic market in Virginia’s Shenandoah Valley. Along with everyone on our management team, I am excited about the future."
FOURTH QUARTER INCOME STATEMENT REVIEW
Overview Net income for fourth quarter 2023 was $457,000 or $0.13 per share, compared to $1.0 million or $0.29 per share for third quarter 2023, and $1.7 million or $0.49 per share for fourth quarter 2022. This quarter’s net income includes $1.1 million in after-tax severance expense related to a voluntary early retirement program.
Interest income for fourth quarter 2023, was $15.2 million, an increase of $585,000 over third quarter 2023 and $3.1 million over the prior year fourth quarter, due to higher loan volume and higher interest rates. Higher rates on interest bearing deposits, specifically money market accounts and time deposits, coupled with interest paid on short-term borrowings, increased the Bank’s interest expense to $7.0 million for fourth quarter 2023, up $408,000 from third quarter 2023 and up $3.7 million over fourth quarter 2022.
During fourth quarter 2023, the Bank recorded a $134,000 recovery of credit losses compared to provisions of $620,000 in third quarter 2023, and $716,000 in fourth quarter 2022. The recovery was the result of improvements in the economic, credit quality and collateral dependent qualitative factors across several segments of the loan portfolio. At December 31, 2023, the Allowance for Credit Losses (ACL) totaled $8.3 million or 1.01% of gross loans outstanding.
Net Interest Income For fourth quarter 2023, net interest income totaled $8.1 million, an increase of $177,000 from third quarter 2023, as the $585,000 increase in interest income outpaced the $408,000 increase in interest expense. Interest income benefited from higher average loan balances and higher loan yields from new originations and adjustable rate loans. The increase in interest expense is due to higher average balances and, interest rates on interest-bearing deposits and short-term debt. The Bank’s net interest margin decreased by one basis point to 2.66% on a linked quarter basis.
Compared to fourth quarter 2022, net interest income declined by $583,000, and our net interest margin decreased by 38 basis points. Interest income and fees on loans were $3.2 million higher than the same quarter last year due to higher rates on adjustable rate loans and $78.5 million in loan growth since December 31, 2022. Interest expense grew by $3.7 million from the same quarter last year due to higher interest rates on deposits and rates paid on short term FHLB advances, as well as higher average balances on interest-bearing deposits and short-term debt. Since last December, we have seen a shift from noninterest bearing demand deposits to interest-bearing deposits, with noninterest bearing deposits declining by $29.3 million and interest-bearing deposits increasing by $79.2 million.
Noninterest Income Noninterest income, which includes gains and losses, totaled $2.5 million for fourth quarter 2023, which was a decrease of $108,000 from third quarter 2023. During the fourth quarter, the Company received a $232,000 milestone gain from the 2022 sale of its partnership interest in Infinex. In addition, there was a $122,000 quarter-over-quarter increase in investment services and insurance income. Offsetting these increases were declines in mortgage banking income of $182,000 and title insurance income of $179,000.
Compared to fourth quarter 2022, noninterest income declined by $986,000 to $2.5 million. In fourth quarter 2022, the Company reported a $3.8 million gain from the sale of its partnership interest in Infinex and $2.8 million in losses from the sale of bonds. In fourth quarter 2023, there was a smaller milestone gain of $232,000 received related to the Infinex sale. The net effect of the change in gains and losses was a decrease of $701,000 in noninterest income. Other changes in noninterest income include a $48,000 increase in service charges on deposit accounts, $44,000 increase in investment services and insurance income, and a $26,000 increase in ATM and check card fees. There were decreases of $23,000 in mortgage banking income, $98,000 in title insurance income, and $185,000 in other operating income.
Noninterest Expenses Noninterest expenses totaled $10.5 million for fourth quarter 2023, compared to $8.9 million in third quarter, an increase of $1.6 million on a linked-quarter basis, led by an increase in salary and employee benefits expenses. In fourth quarter, the Bank accrued $1.4 million in pre-tax expenses related to a voluntary early exit plan that impacted these expense categories. Also contributing to the increase in noninterest expense was an increase in legal and professional fees expense of $106,000, an increase in telecommunications and data processing expense of $98,000, and an increase in other operating expenses totaling $230,000. There was a decrease of $163,000 in equipment expense and smaller fluctuations in other expense categories that combined to increase $21,000 from last quarter.
Compared to the same quarter in 2022, noninterest expenses increased $941,000, driven by the aforementioned increase in salary expense. Other significant increases were $177,000 in FDIC insurance expense and $246,000 in other operating expenses. Offsetting these increases were declines of $117,000 in marketing expenses, $205,000 in legal and professional expenses and $118,000 in telecommunications and data processing expenses. There were smaller fluctuations in other expense categories that netted to a decrease of $83,000 from fourth quarter 2022.
YEAR-TO-DATE INCOME STATEMENT REVIEW
Overview Net income for the year ended December 31, 2023, was $2.8 million or $0.79 per share, compared to $8.3 million or $2.41 per share for the same period in 2022. During 2023, there were severance accruals for two former bank officers and for the voluntary early retirement program totaling $1.8 million in after-tax, one-time expenses. Interest income for 2023 was $56.3 million, an increase of $14.2 million over 2022, due to growth in the loan portfolio and higher interest rates. Higher rates on interest bearing deposits, specifically money market accounts and time deposits, coupled with interest paid on short-term borrowings, increased the Bank’s interest expense to $24.7 million, up $17.4 million from the year ended December 31, 2022.
In 2023, the Bank recorded a $1.0 million provision for credit losses compared to $866,000 for the same period in 2022. A provision is a charge to earnings to reserve for expected potential future credit losses.
Net Interest Income In 2022 and 2023, short term interest rates rose significantly due to eleven Federal Reserve interest rate hikes totaling 525 basis points. This directly impacted the Bank’s cost of deposits and short-term borrowings, while the longer-term rates used to price loans have not increased to the same extent. For the year 2023, net interest income totaled $31.7 million, a decrease of $3.2 million from 2022, as a $14.2 million increase in interest income was outpaced by a $17.4 million increase in interest expense. Comparing the two years, higher loan interest income boosted the earning asset yield by 126 basis points to 4.74% while the cost of funds increased by 184 basis points resulting in a decrease in net interest margin of 36 basis points to 2.67%.
Noninterest Income
Noninterest income, including gains and losses, totaled $10.2 million for the year ended December 31, 2023, which was a decrease of $1.1 million from the year ended December 31, 2022. The primary reasons for this decrease were reductions of $33,000 in service charges on deposit accounts, $1.1 million in mortgage banking income, and $244,000 in title insurance income. The declines in mortgage banking and title insurance income are due to the overall decrease in mortgage banking volume and a shift from loans being sold on the secondary market to portfolio adjustable rate mortgages (ARMs) and construction products. These decreases were partially offset by a $459,000 increase in income from BOLI resulting from a one-time gain received in the second quarter, an increase of $260,000 in investment services and insurance income, higher ATM and check card fees which grew by $174,000, and a $2,000 increase in other operating income. In 2022, there was a $2.9 million loss on the sale of investment securities compared to no loss in 2023. Also in 2022, the Company sold its partnership interest in Infinex, resulting in a $3.8 million gain in 2022 and a second smaller milestone gain of $232,000 in December 2023.
Noninterest Expenses Noninterest expenses totaled $38.8 million in 2023, compared to $36.5 million in 2022, an increase of $2.2 million. A primary driver for this increase was the $2.3 million in pre-tax severance expenses related to the voluntary early exit plan accrued in the fourth quarter and severance accruals for two former executives earlier in 2023. These accruals contributed to the $1.9 million increase in salary expense to $18.9 million. Other significant year-over-year increases include higher equipment expense which increased $252,000, FDIC Insurance expense which increased $226,000, legal and professional fees which were $85,000 higher than last year, and higher other operating expenses, which were up $853,000. These higher expenses were partially offset by decreases in employee benefits expense and telecommunications and data processing expenses which were down $676,000 and $253,000, respectively, as well as smaller decreases in other expense categories.
BALANCE SHEET REVIEW
On December 31, 2023, assets totaled $1.29 billion, an increase of $48.7 million over December 31, 2022. Total loans increased by $78.5 million to $822.1 million, including increases of $45.5 million in 1-to-4 family adjustable rate mortgage loans, $13.5 million in dealer financing loans, $8.5 million in commercial construction loans, and $10.4 million in agricultural loans. Investment securities decreased by $24.0 million due to paydowns on U.S. Agency mortgage-backed securities and expected bond maturities that were partially offset by an improvement in the unrealized loss on the bond portfolio. During 2023, the unrealized loss declined by $10.0 million to $40.2 million from $51.2 million at December 31, 2022.
Total deposits on December 31, 2023, were $1.13 billion, an increase of $49.9 million from the end of 2022, as the Bank was able to attract deposits by offering higher rates on money market and time deposit accounts, and by opening insured cash sweep accounts for new and existing customers. The additional deposits allowed us to reduce Federal Home Loan Bank (FHLB) advances by $10.0 million. At December 31, 2023, 11.60% of the Bank’s total deposits were uninsured.
Shareholders’ equity increased by $7.5 million to $78.3 million due to $580,000 in shares issued, an improvement of $8.7 million in the accumulated other comprehensive loss associated with the unrealized loss on available for sale investment securities and $318,000 associated with the pension liability, and net income of $2.8 million. These increases were offset by a $1.2 million adjustment to retained earnings upon the adoption of the Current Expected Credit Loss (CECL) accounting standard on January 1, 2023, and dividends to shareholders of $3.6 million. Tangible book value per common share has increased to $21.551 from $19.551 at December 31, 2022. Tangible book value per common share is a non-GAAP financial measure. Further information can be found under the heading "Non-GAAP Financial Measures" and in the footnotes to the table accompanying this release.
LIQUIDITY
The Company’s on-balance sheet asset liquidity includes cash and cash equivalents, unpledged investment securities, and loans held for sale, which totaled $178.0 million at December 31, 2023, down from $439.9 million at December 31, 2022. In 2023 the Bank pledged investment securities with a par value totaling $220.8 million to the Federal Reserve System’s Bank Term Funding Program (BTFP). In March 2023, the Board of Governors of the Federal Reserve System established the BTFP to provide any U.S. federally insured depository institution, including the Bank, with a line of credit equal to the par value of securities pledged to the BTFP. Advances from the BTFP may be requested by the Bank for up to one year until March 31, 2024. The Bank also pledged securities with a market value of $19.5 million to the Federal Reserve Discount Window. The Bank did not borrow from the BTFP or the Federal Reserve Discount Window during 2023.
In addition to the BTFP, the Bank has access to off-balance sheet liquidity through unsecured Federal funds lines totaling $90.0 million December 31, 2023, and December 31, 2022. The Bank also has a secured line of credit with the FHLB with available credit of $90.1 million and $39.1 million as of December 31, 2023, and December 31, 2022, respectively. The FHLB line of credit is secured by a blanket lien on qualifying loans in the residential, commercial, agricultural real estate, and home equity portfolios.
The Bank is scheduled to receive $93.7 million from bond paydowns and maturities by the end of 2024 which can be used to fund future loan growth and for other purposes.
LOAN PORTFOLIO
The Company’s loan portfolio is diversified with its two largest segments being residential mortgage loans originated through its subsidiary F&M Mortgage, and automobile loans originated by its dealer finance division.
Loan Category
Balance as of December 31, 2023 (in thousands)
Percentage of Total Portfolio
Residential mortgage loans
$204,344
24.86
%
Automobile loans
122,924
14.95
%
Non owner-occupied commercial real estate
106,181
12.92
%
Owner-occupied commercial real estate
92,362
11.23
%
Secured by farmland
81,657
9.93
%
Commercial and industrial (includes Agriculture Loans)
58,734
7.14
%
Home equity lines of credit
45,749
5.57
%
Other construction and land development loans
47,749
5.81
%
Residential construction loans
30,488
3.71
%
Credit card and other consumer loans
17,278
2.10
%
Multi-family
8,203
1.00
%
Other loans
6,423
0.78
%
Total
$822,092
100.00
%
ASSET QUALITY AND ALLOWANCE FOR CREDIT LOSSES
Nonperforming loans (NPLs) as a percentage of total assets were 0.50% at December 31, 2023, compared to 0.18% at December 31, 2022. Net charge-offs as a percentage of average loans were 0.38% for the quarter ended December 31, 2023, up from 0.16% for fourth quarter 2022. For the year ended December 31, 2023, the net charge off percentage was 0.19%, up from 0.10% in 2022.
The Bank recorded a recovery of credit losses of $134,000 in fourth quarter 2023 and a provision for credit losses of $1.0 million for the year ended December 31, 2023. The recovery was the result of improvements in the economic, credit quality and collateral dependent qualitative factors across several segments of the loan portfolio. In fourth quarter 2022, there was a provision for credit losses of $716,000 and a total provision of $866,000 for 2022. The ACL was $8.3 million at December 31, 2023, up $385,000 from December 31, 2022. The ACL as a percentage of total loans was 1.01% at December 31, 2023, compared to 1.07% at December 31, 2022. The reserve for unfunded commitments was $690,000 at December 31, 2023.
DIVIDEND DECLARATION
On January 18, 2024, our Board of Directors declared a fourth quarter dividend of $0.26 per share to common shareholders. Based on our most recent trade price of $18.99 per share, this constitutes a 5.48% yield on an annualized basis. The dividend will be paid on February 29, 2024, to shareholders of record as of February 14, 2024.
###
ABOUT US
F&M Bank Corp. is an independent, locally owned, financial holding company, offering a full range of financial services through our subsidiary, Farmers & Merchants Bank’s (F&M Bank) fourteen banking offices in Rockingham, Shenandoah, and Augusta counties, Virginia, and the cities of Winchester and Waynesboro, Virginia. The Company also owns F&M Mortgage, a mortgage lending subsidiary, and VSTitle, a title company subsidiary. Founded in 1908 as a community venture to serve the farmers and merchants of the Shenandoah Valley, where both the Company and the Bank are headquartered, F&M Bank remains more committed than ever to the success of the agricultural industry, small business ventures, and the nonprofit sector. The only publicly traded organization based in Rockingham County, the Company’s core values of enthusiasm, flexibility, responsiveness, community, and fun drive its corporate philanthropy, volunteerism, and local decision-making. With a strong suite of financial products and services, philanthropic efforts, and a team dedicated to serving, our responsibility is to provide a bright future right here where we all live, work, and play. Additional information may be found by visiting our website, fmbankva.com.
NON-GAAP FINANCIAL MEASURES
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible common equity and tangible book value per share, to supplement the evaluation of the Company’s financial condition and performance. Management believes presentation of these non-GAAP financial measures provides useful supplemental information that is essential to a proper understanding of the Company’s operating results. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A definition of GAAP to non-GAAP measures is included in the footnotes to table accompanying this release.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" as defined by federal securities laws, which are subject to significant risks and uncertainties. These include statements regarding future plans, strategies, results, or expectations that are not historical facts, and are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "will," "estimate," "project" or similar expressions. These statements are based on estimates and assumptions, and our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Our actual results could differ materially from those contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in local and national economies or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including values of real estate and other collateral; deposit flow; the impact of competition from traditional or new sources; and the other factors detailed in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2022. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.
FOR MORE INFORMATION, CONTACT
Lisa F. Campbell | EVP | Chief Financial Officer
540-896-1705
fmbankva.com
F&M Bank Corp.
Summary Consolidated Financial Data (unaudited)
Dollars in Thousands, except for per share data
Quarter to Date
Year-to-Date
12/31/2023
9/30/2023(3)
6/30/2023
3/31/2023
12/31/2022(3)
9/30/2022(3)
6/30/2022(3)
3/31/2022(3)
12/31/2023
12/31/2022(3)
Condensed Balance Sheet
Cash and cash equivalents
$23,717
$22,159
$36,505
$31,273
$34,953
$30,312
$17,254
$48,376
$23,717
$34,953
Investment securities
379,557
383,502
394,868
398,960
403,537
440,294
456,636
471,089
379,557
403,537
Loans held for sale
1,119
2,028
881
1,242
1,373
3,310
5,449
2,479
1,119
1,373
Gross loans
822,092
805,602
776,260
756,920
743,604
699,592
690,497
659,560
822,092
743,604
Allowance for credit losses
(8,321)
(9,166)
(8,769)
(8,546)
(7,936)
(7,513)
(7,798)
(7,389)
(8,321)
(7,936)
Goodwill
3,082
3,082
3,082
3,082
3,082
3,082
3,082
3,082
3,082
3,082
Other assets
73,350
75,212
75,543
69,944
67,289
67,572
66,432
61,062
73,350
67,289
Total Assets
$1,294,596
$1,282,419
$1,278,370
$1,252,875
$1,245,902
$1,236,649
$1,231,552
$1,238,259
$1,294,596
$1,245,902
Noninterest bearing deposits
$264,254
$277,219
$277,578
$284,060
$293,596
$300,394
$291,728
$298,676
$264,254
$293,596
Interest bearing deposits
868,982
856,691
859,534
821,175
789,781
817,000
808,482
813,619
868,982
789,781
Total Deposits
1,133,236
1,133,910
1,137,112
1,105,235
1,083,377
1,117,394
1,100,210
1,112,295
1,133,236
1,083,377
Short-term debt
60,000
60,000
47,000
55,000
70,000
30,000
30,000
–
60,000
70,000
Long-term debt
6,932
6,922
6,911
6,901
6,890
6,879
11,788
21,780
6,932
6,890
Other liabilities
16,105
14,567
15,153
13,104
14,843
16,699
17,604
16,199
16,105
14,843
Total Liabilities
1,216,273
1,215,399
1,206,176
1,180,240
1,175,110
1,170,972
1,159,602
1,150,274
1,216,273
1,175,110
Shareholders’ equity
78,323
67,020
72,194
72,635
70,792
65,677
71,950
87,985
78,323
70,792
Total Liabilities and Shareholders’ Equity
$1,294,596
$1,282,419
$1,278,370
$1,252,875
$1,245,902
$1,236,649
$1,231,552
$1,238,259
$1,294,596
$1,245,902
Condensed Income Statement
Interest income and fees on loans
$13,061
$12,525
$11,517
$10,854
$9,884
$8,881
$7,993
$7,510
$47,957
$34,268
Interest income and fees on loans held for sale
22
19
25
22
16
29
32
29
88
106
Income on cash and securities
2,074
2,028
2,082
2,097
2,157
2,102
1,984
1,522
8,281
7,765
Total Interest Income
15,157
14,572
13,624
12,973
12,057
11,012
10,009
9,061
56,326
42,139
Interest expense on deposits
6,108
5,811
5,216
4,042
2,675
1,378
837
845
21,177
5,735
Interest expense on short-term debt
812
702
523
992
556
158
46
–
3,029
760
Interest expense on long-term debt
116
115
116
112
122
345
124
159
459
750
Total Interest Expense
7,036
6,628
5,855
5,146
3,353
1,881
1,007
1,004
24,665
7,245
Net Interest Income
8,121
7,944
7,769
7,827
8,704
9,131
9,002
8,057
31,661
34,894
Provision for (recovery of) credit losses
(134)
620
539
–
716
–
600
(450)
1,025
866
Noninterest Income
2,464
2,572
2,752
2,366
3,450
2,282
3,077
2,483
10,154
11,292
Noninterest Expense
10,482
8,922
10,172
9,189
9,541
8,872
9,559
8,550
38,765
36,522
Income tax expense (benefit)
(220)
(44)
(431)
(51)
200
237
131
(88)
(746)
480
Net Income
$457
$1,018
$241
$1,055
$1,697
$2,304
$1,789
$2,528
$2,771
$8,318
Per Share Data
Earnings per common share – basic
$0.13
$0.29
$0.07
$0.30
$0.49
$0.67
$0.51
$0.74
$0.79
$2.41
Book Value per Share
22.47
19.43
20.75
20.86
20.48
19.02
21.01
29.42
22.47
20.48
Tangible Book Value per Share (1)
21.55
18.50
19.82
19.93
19.55
18.08
20.06
28.47
21.55
19.55
Key Performance Ratios
Return on Average Assets
0.14%
0.32%
0.08%
0.34%
0.54%
0.74%
0.58%
0.83%
0.22%
0.67%
Return on Average Equity
2.49%
5.80%
1.33%
5.97%
9.87%
13.28%
8.97%
12.91%
3.72%
8.53%
Noninterest Income / Average Assets
0.76%
0.80%
0.87%
0.77%
1.10%
0.73%
1.00%
0.81%
0.80%
0.92%
Noninterest Expense / Average Assets
3.23%
2.76%
3.22%
2.98%
3.05%
2.85%
3.10%
2.79%
3.05%
2.96%
Efficiency Ratio (2)
97.28%
82.60%
94.56%
88.10%
83.11%
75.62%
76.09%
78.68%
90.66%
78.30%
Net Interest Margin
2.66%
2.67%
2.66%
2.76%
3.04%
3.11%
3.13%
2.82%
2.67%
3.03%
Earning Asset Yield
4.96%
4.87%
4.65%
4.57%
4.21%
3.75%
3.48%
3.17%
4.74%
3.48%
Cost of Interest Bearing Liabilities
3.00%
2.87%
2.61%
2.40%
1.54%
0.87%
0.48%
0.49%
2.73%
0.62%
Cost of Funds
2.37%
2.26%
2.04%
1.83%
1.18%
0.66%
0.36%
0.38%
2.33%
0.49%
Net Interest Spread
1.96%
2.00%
2.04%
2.17%
2.67%
2.88%
3.00%
2.68%
2.01%
2.86%
Net Charge-offs
$770
$193
$344
$166
$293
$285
$192
$(92)
$1,473
$678
Net Charge-offs as a % of Avg Loans
0.38%
0.10%
0.18%
0.09%
0.16%
0.16%
0.12%
-0.06%
0.19%
0.10%
Non-Performing Loans
$6,469
$3,586
$1,997
$1,782
$2,262
$2,408
$1,906
$4,799
$6,469
$2,262
Non-Performing Loans to Total Assets
0.50%
0.28%
0.16%
0.14%
0.18%
0.19%
0.15%
0.39%
0.50%
0.18%
Non-Performing Assets
$6,524
$3,586
$1,997
$1,782
$2,262
$2,408
$2,103
$4,799
$6,524
$2,262
Non-Performing Assets to Total Assets
0.50%
0.28%
0.16%
0.14%
0.18%
0.19%
0.17%
0.39%
0.50%
0.18%
ACL/ALLL as a % of Total Loans
1.01%
1.14%
1.13%
1.13%
1.07%
1.07%
1.13%
1.12%
1.01%
1.07%
Loans to Deposits
72.54%
71.05%
68.27%
68.48%
68.64%
62.61%
62.76%
59.30%
72.54%
68.64%
(1) Tangible book value per share is calculated by subtracting goodwill and other intangibles from total shareholders’ equity and dividing the result by the common shares outstanding. Tangible book value per share is a non-GAAP financial measure that management believes provides investors with important information that may be related to the valuation of common stock.
(2) The Efficiency Ratio equals noninterest expenses divided by the sum of tax equivalent net interest income and noninterest income. Noninterest income excludes gains (losses) on securities transactions and low-income housing partnership losses. Noninterest expense excludes amortization of intangibles.
(3) Certain reclassifications have been made in the 2022 financial information to conform to reporting for the 2023. These reclassifications are not considered material and had no impact on prior year’s net income, balance sheet or shareholders’ equity.
DORADO, PUERTO RICO / ACCESSWIRE / January 29, 2024 / Pharma-Bio Serv, Inc. ("Pharma-Bio Serv" or the "Company") (OTCQB:PBSV), a regulatory affairs, quality, compliance, project management and technology transfer support consulting firm that provides services to the pharmaceutical, biotechnology, medical device, cosmetic, food and allied products industries, today announced that revenues for the year ended October 31, 2023 were approximately $17.0 million, a decrease of approximately $2.4 million when compared to last year. Additionally, net income for the year ended October 31, 2023 was approximately $1.3 million, an improvement of approximately $0.3 million when compared to last year.
"During fiscal year 2023, we were able to capitalize on our strategy of exploiting opportunities in new markets, which yielded an improvement in our overall gross profit of 4.6 percentage points when compared to last year. We continue to pursue the robust opportunities in targeted markets, while also expanding our efforts to achieve external growth and maximize shareholder value," stated Mr. Sanchez, Chief Executive Officer of the Company.
Mr. Sanchez continued, "As previously announced, the Company’s Board of Directors approved a Special Dividend of $0.075 per share payable on or about February 15, 2024, to shareholders of record at the close of business on January 30, 2024. We believe this dividend underscores our commitment to deliver value to our shareholders and our confidence in our business plan."
About Pharma-Bio Serv, Inc. Pharma-Bio Serv services the Puerto Rico, United States, Europe and Latin America markets. Pharma-Bio Serv’s core business is FDA and international agencies regulatory compliance consulting related services. The Company’s global team includes leading engineering and life science professionals, quality assurance managers and directors.
Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Pharma-Bio Serv. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this earnings announcement. Although Pharma-Bio Serv’s management believes these expectations, estimates, or projections to be reasonable as of the date of this earnings announcement, forward-looking statements are inherently subject to significant business risks, economic uncertainties, competitive uncertainties, and other factors, which could cause its actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Pharma-Bio Serv’s actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" section of Pharma-Bio Serv’s Annual Report on Form 10-K for the year ended October 31, 2023, and in its other filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. Pharma-Bio Serv disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.
Company Contact: Pedro J. Lasanta Chief Financial Officer 787 278 2709
Users will benefit from 0% gateway fees for accessing SUI tokens on Banxa for a limited time.*
(*Fee waiver is not available for UK customers)
GRAND CAYMAN, CAYMAN ISLANDS / ACCESSWIRE / January 29, 2024 / Banxa, the leading payments infrastructure provider for the crypto-compatible economy, has announced it will add the SUI token to its platform. The integration will increase access to the Sui blockchain for users across the world, thanks to a suite of Banxa’s global and local payment methods, which have processed over $3 billion in transactions since its launch in 2014. Additionally, Mysten Labs’ Sui Wallet will provide users the opportunity to purchase SUI tokens through Banxa’s on-ramp and once fully integrated, to utilize its off-ramp solution.
For a limited time, there will be no transaction gateway fees for buying SUI on Banxa. Thanks to this integration, users of some of the most established Web3 platforms such as Ledger, OKX, and MetaMask, will now have seamless, and initially, feeless, access to Sui.
"For a long time, fiat on and off ramps have been a source of friction for the crypto industry. That’s why Banxa, a platform that removes that friction, joining the Sui ecosystem is so important," said Greg Siourounis, Managing Director of the Sui Foundation. "I am excited about the technical possibilities, broad access, and optionality that this integration will offer to the Sui community while simultaneously ensuring KYC compliance at each step."
As a result of the integration of Banxa into the Sui ecosystem, developers building on Sui will now be able to leverage the powerful features provided by Banxa to add more functionalities and compliance measures to their dApps. For example, the NFT checkout solution will provide an enhanced NFT selling experience for end users. Additionally, developers can improve the overall user experience by reducing friction in the onboarding and offboarding processes. Users are more likely to engage with a dApp that offers a smooth and convenient transition between fiat and crypto.
"We think Sui is the most powerful and performant blockchain in the space," said Holger Arians, CEO of Banxa. "The rapid growth of the Sui ecosystem since its mainnet launch is something we’re excited to tap into to advance our central objective of increasing the adoption of blockchain technology "
LITTLETON, CO / ACCESSWIRE / January 29, 2024 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company") is pleased to provide the following update on 2023 Q4 and Year-end uranium sales and production operations at Lost Creek.
Lost Creek Production Operations
Ramp-up at Lost Creek in 2023 led to operation of the first two new header houses in Mine Unit 2 (MU2). Our Q4 production figures reflect the progress made in wellfield operations: in 2023, we captured approximately 103,487 pounds U3O8, of which 68,448 pounds U3O8 were captured in Q4. The average production grade in Q4 was 93.9 mg/l.
Wellfield development continues with header house-specific wells being completed. All delineation drilling throughout the remaining eight planned production areas in MU2 is finished. We have 11 drill rigs onsite with plans to mobilize additional rigs in the coming weeks.
As previously disclosed, the restart at Lost Creek encountered challenges. Commissioning new production areas and recommissioning plant operations, not unexpectedly, come with unique start-up issues. The recovery of U3O8 in MU2 and the restart of plant operations have been no exception. As the plant was being recommissioned, we encountered equipment issues that temporarily reduced plant throughput. The equipment issues have been or are being addressed, and plant operations will be returning to anticipated production rates.
The staffing of Lost Creek’s current 65+ onsite positions is complete, and we are experiencing greater retention, which fosters more thorough training. We are seeing steady improvement in production activities as our growing core staff have more time on the job. The Wyoming labor market has similarly affected our contractors. Certain labor and contractor/vendor challenges may continue.
While the record-setting winter of 2022-2023 is behind us, the ways in which it affected our recruitment, training and restart of operations continue to be felt, but are being overcome. More positively, conditions to date this winter have permitted construction and development activities to progress without significant hindrance or weather delay.
We have benefitted from our advance ordering and recycling of equipment at Lost Creek while supply chain disruption continues to be a global industry issue. We will continue to order equipment and materials well in advance and remain aware of fluctuating lead times for critical items.
John Cash, Ur-Energy’s CEO and Chairman of the Board stated, "The world has finally recognized the critical role nuclear energy plays in providing baseload power to support energy security and decarbonization goals. We are pleased to be one of the few publicly traded companies that is commercially mining uranium and expanding our production capacity to sell into a rapidly expanding market. The foresight of our directors and years of hard work by our staff have put us in this unique position and we are excited to continue advancing production in the great State of Wyoming."
Sales of Uranium and Sales Agreements
During 2023, we sold 280,000 pounds U3O8 from existing inventory for $17.3 million. At December 31, 2023, we had cash and cash equivalents of $59.7 million. Our sales in 2024 are projected at 570,000 pounds U3O8 into contracts that were put in place in 2022 when the long-term price was well below $60 per pound. We look forward to delivering our product into these commitments from existing inventory and new production.
As disclosed in Q4, we are advancing agreements to signature with three companies in the global nuclear industry for additional sales commitments over a five-year period beginning in 2026, with an option under one agreement for the buyer to extend its purchase commitments for three additional years, until 2033. (See October 19, 2023 Ur-Energy News Release).
Shirley Basin Project
As announced in October 2023, we are advancing Shirley Basin toward construction and operations. While a "go" decision has not been made, procurement of long-lead items for the Shirley Basin Project has been initiated and detailed planning for other development and construction activities is in progress. We currently estimate it will take approximately 24 months to complete procurement, development, and construction activities of the satellite facility and its associated first mine unit to initiate production following a "go" decision. This estimate is based on the longer lead times we are seeing for critical equipment; especially for electrical equipment. Shirley Basin is fully permitted and construction ready with a licensed wellfield capacity of one million pounds U3O8 per year.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy now has all major permits and authorizations to begin construction at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy’s common shares is on the NYSE American under the symbol "URG." Ur‑Energy’s common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy’s corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the ability to continue with our ramp-up of compliant production operations at Lost Creek in a safe and timely manner; whether current staffing and contractors, including drillers, at Lost Creek are at sufficient levels and retention and training continue to improve; what effects winter weather conditions will have on operations; our ability to timely deliver into our sales commitments; whether all pending contracts for sales will be completed and when we will secure additional sales agreements; whether we will encounter supply chain delays; the timing for a ‘go’ decision for construction and operation of Shirley Basin, and the timing to complete the buildout) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve 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 express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.
SAN FRANCISCO, CA and SAN JUAN, PUERTO RICO / ACCESSWIRE / January 29, 2024 / The tea Protocol has announced the launch of its highly anticipated Incentivized Testnet on February 21st, 2024. The tea Protocol seamlessly bridges Web2 open-source codebases to Web3 to enhance their sustainability and provide fair rewards to open-source developers. Additionally, tea provides developers access to its incentivized community of vulnerability reporters and is cross-compatible with major package managers including Homebrew, npm, APT, Crate, PyPI, RubyGems, and pkgx.
Beginning February 21st, 2024, any open-source developer can interact with The tea Protocol and begin earning rewards for their contributions. All community members, including non-developers, will also be encouraged to access The tea Protocol via a series of incentivized activities on the blockchain.
This critical step towards the launch of the tea Protocol will allow all participants to immerse themselves into the fully composable open-source ecosystem created by the tea Protocol.
The Incentivized Testnet: A Stepping Stone to Mainnet Success
The upcoming Incentivized Testnet marks a significant step in the tea Protocol’s journey toward launching a robust Mainnet on the Base blockchain. This Testnet phase is crucial for ensuring a thriving, efficient, and secure network for all participants.
Five Key Features of the Incentivized Testnet to Explore on tea.xyz
Waitlist Availability: The waitlist for the incentivized testnet, launching on February 21st, offers a limited opportunity for interested users.
Insight into $TEA Tokenomics: The economic model driving the protocol is detailed, offering clarity and depth of understanding.
Comprehensive Documentation Access: Extensive resources are available, providing a thorough understanding of the protocol.
Insight into teaRank for Projects: Projects can ascertain their position within the open-source ecosystem and understand their eligibility for rewards.
tea Points Accumulation: The ITN presents opportunities for both developers and non-developers to engage in challenges and quests, facilitating the accumulation of tea points.
Joining the Incentivized Testnet and exploring tea.xyz offers an opportunity to be part of a pioneering movement in open-source software. It’s a chance to engage with a forward-thinking community, understand tea’s tokenomics, and utilize the teaRank system for project visibility and rewards.
A Message from Max Howell, tea’s Visionary Founder
Max Howell, the creator of Homebrew and the driving force behind tea, expresses his enthusiasm: "The launch of the incentivized testnet for the tea Protocol is a landmark achievement for open-source developers and advocates worldwide. With the incentivized testnet, tea is not only introducing a technological marvel but also reinforcing its commitment to revitalizing the open-source community."
About tea
tea is a trailblazing web3 protocol built on Base, the layer-2 blockchain from Coinbase. It is designed to empower open-source software developers to capture the value they create. At the heart of the tea Protocol is the Proof of Contribution algorithm, which measures the value, position, and impact of open-source software projects. Proof of Contribution assigns a dynamic "teaRank" to each project which is used by the protocol to distribute rewards. Proof of Contribution ensures that every layer of a software project, especially foundational elements, is recognized and rewarded for its contribution and promotes healthy competition amongst projects to continually improve their codebase and usage by other projects within the ecosystem.
The communi’tea invites users to explore the forefront of open-source software through its platform. Detailed information is accessible at www.tea.xyz to learn more and connect with tea on Twitter, teaForum, Discord, and Telegram for the latest updates and discussions.
Company Achieves Top Score in Corporate Equality Index for 10th Consecutive Year
NORTHAMPTON, MA / ACCESSWIRE / January 29, 2024 /CBRE Group, Inc. has been recognized as a Leader in LGBTQ+ Workplace Inclusion, earning a top score of 100 on the Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index (CEI). This marks the 10th consecutive year that CBRE has earned this distinction, reflecting the company’s work to foster an inclusive culture for its LGBTQ+ employees.
"This milestone underscores how passionately we feel about creating a workplace where everyone, including our LGBTQ+ colleagues, feels safe, valued, respected and supported in building satisfying careers," said Banke Odunaike, CBRE’s Chief Culture Officer. "We see advancing diversity in all dimensions as integral to our ongoing success."
The CEI is a national benchmarking report that evaluates corporate policies and practices related to LGBTQ+ workplace equality. This year, more than 1,380 U.S.-based companies were graded in four categories: non-discrimination policies across business entities; equitable benefits for LGBTQ+ workers and their families; supporting an inclusive culture; and corporate social responsibility.
CBRE’s programs, in the U.S. and internationally, achieved a top score of 100 and earned the company an Equality 100 Award: Leader in LGBTQ+ Workplace Inclusion. Among other factors, the CEI cited CBRE’s robust healthcare coverage and benefits guide for LGBTQ+ employees as well as its LGBTQ+ training programs available in multiple languages.
The full CEI report is available online at www.hrc.org/cei.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
