Market Newsdesk

July 19, 2022 8:13 am

AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2022

PR Newswire

JOHNSTOWN, Pa.
, July 19, 2022 /PRNewswire/ — AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2022 net income of $1,981,000, or $0.12 per diluted common share. This earnings performance was a $273,000, or 16.0%, increase from the second quarter of 2021 when net income totaled $1,708,000, or $0.10 per diluted common share. For the six-month period ended June 30, 2022, the Company reported net income of $4,399,000, or $0.26 per diluted common share. This represents an 18.2% increase in earnings per share from the six-month period of 2021 when net income totaled $3,789,000, or $0.22 per diluted common share. The following table highlights the Company’s financial performance for both the three- and six-month periods ended June 30, 2022 and 2021:


	Second Quarter 2022		Second Quarter 2021		Six Months Ended June 30, 2022			Six Months Ended June 30, 2021

Net income	$	1,981,000	$	1,708,000	$	4,399,000	$	3,789,000
Diluted earnings per share	$	0.12	$	0.10	$	0.26	$	0.22

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2022 financial results: “AmeriServ Financial continued its positive earnings momentum in the second quarter of 2022 as we again posted increased earnings when compared to the 2021 results. The improved earnings performance in 2022 reflects the full benefit of several important strategic actions that our company executed in 2021 along with the successful management of our asset quality throughout the pandemic. Specifically, I was pleased that we have been able to increase net interest income in 2022 despite a $1.3 million reduction in PPP loan related fee income in the first half of this year. Overall, AmeriServ Financial continues to benefit from our diversified revenue streams due to strong levels of loans, deposits, and fee income from our wealth management business.”

The Company’s net interest income in the second quarter of 2022 increased by $257,000, or 2.6%, from the prior year’s second quarter and, for the first six months of 2022, increased by $332,000, or 1.7%, when compared to the first six months of 2021. The Company’s net interest margin of 3.23% for the second quarter of 2022 and 3.19% for the six-month timeframe represents a 10 basis point improvement for the quarter and a 1 basis point improvement for the six-month period. While the size of the Company’s balance sheet remains high by historical standards, both total loans and total deposits have demonstrated stabilization since the second half of last year which corresponds with the conclusion of the government stimulus programs. The Company’s 2022 financial performance has been favorably impacted by the strategic actions taken by management in 2021 to lower funding costs. The Company has also benefitted from the higher U.S. Treasury yield curve as interest rates have increased due to the Federal Reserve’s action to tighten monetary policy in their effort to tame decades high inflation. The higher national interest rates have favorably impacted the Company’s financial performance, particularly net interest income in the second quarter of 2022 when compared to the first quarter of 2022. Specifically, the higher interest rates caused total interest income to increase to a higher level than the corresponding increase in total interest expense. In comparison to 2021, the termination of the Paycheck Protection Program (PPP) caused a reduced level of loan fee income and was the primary factor causing total interest income to decrease for both the second quarter and first six months of 2022 when compared to the same time periods from last year. However, deposit and borrowing interest expense declined by more than the decrease in total interest income, resulting in net interest income improving in both time periods of 2022 compared to 2021. Financial results also reflect the impact of continued strengthening of our asset quality, which enabled the Company to recognize a loan loss provision recovery during the second quarter of 2022 and for the six-month time frame. Overall, the increase to net interest income, along with the loan loss provision recovery, more than offset a lower level of non-interest income and higher non-interest expense resulting in an improved earnings performance for the second quarter and first six months of 2022.

Total average loans in the second quarter of 2022 are lower than the 2021 second quarter average by $14.5 million, or 1.5%, while total average loans for the first six months of 2022 were $8.4 million, or 0.9%, lower than the 2021 six-month level. Improved loan pipelines have resulted in increased production during the second quarter of 2022, but a higher than typical level of payoff activity more than offset the new production causing total loan amounts to decrease since the end of the first quarter of 2022. However, given the core loan growth experienced during 2021 and excluding PPP loans, total average loans in the second quarter of 2022 exceed the 2021 second quarter average by $41.3 million, or 4.4%, as growth of commercial real estate (CRE), residential mortgage and home equity loans more than offset a decrease in the level of commercial & industrial loans. Total PPP loans averaged $4.7 million in the second quarter of 2022, representing a decrease of $55.8 million, or 92.2%, from the second quarter of last year. Additionally, on an end of period basis, the total amount of PPP loans is only $2.2 million as we continue to work with our customers through the SBA forgiveness process. Overall, despite the higher average volumes of CRE, residential mortgage and home equity loans, total loan interest income declined by $1.4 million, or 6.7%, for the first six months of 2022 when compared to the first six months of last year. This decrease is primarily due to the Company recording a total of $376,000 of processing fees and interest income from PPP loans in the first half of 2022, which is $1.3 million, or 77.4%, lower than PPP income in the first half of 2021. Finally, on an end of period basis at June 30, 2022, excluding total PPP loans, the total loan portfolio is approximately $18.6 million, or 2.0%, higher from the June 30, 2021 level.

Total investment securities averaged $231.0 million for the first half of 2022 which is $29.6 million, or 14.7%, higher than the $201.4 million average for the first half of last year. The increase in the U.S. Treasury yield curve has resulted in a more favorable market for securities purchasing activity so far in 2022. The 2-year to 10-year portion of the yield curve increased by approximately 135 to 230 basis points since the beginning of the year, with shorter yields in that range increasing to a higher degree than the longer yields. Overall, the higher rates resulted in yields for new federal agency mortgage-backed securities and federal agency bonds improving and exceeding the overall average yield of the existing securities portfolio. Management purchased more of these investments and was able to redeploy the cash flow from the excess payoff activity from the loan portfolio and also more profitably utilize a portion of the increased liquidity on our balance sheet into the securities portfolio. This redeployment of funds contributed to total securities growing between years. Management also continued to purchase taxable municipals and corporate securities to maintain a well-diversified portfolio. Overall, through the first six months of 2022, the average balance of total interest earning assets was $18.2 million, or 1.5%, higher than the first six-month average of 2021 while total interest income decreased by $1.1 million, or 4.5%, between years despite the increased average volume.

Although reduced from its high levels when government stimulus initially impacted the economy, our liquidity position continues to be strong as total short-term investments averaged $37.6 million in the first half of 2022, which is $3.0 million, or 7.4%, lower than the 2021 six-month average. Short-term investments averaged $28.7 million in the second quarter of 2022, which is lower than it has been trending over the past several quarters due to the additional investment in the securities portfolio. In addition, uncertainty remains regarding the duration that the increased funds from government stimulus will remain on the balance sheet. Diligent monitoring and management of our short-term investment position remains a priority. Continued loan growth and prudent investment in securities are critical to achieve the best return on the Company’s liquid funds with management expecting to continue to be active with new security purchases during the remainder of 2022 given the increase in interest rates.

On the liability side of the balance sheet, through six months, total average deposits are $26.8 million, or 2.4%, higher compared to the first six months of 2021. Total deposits have demonstrated stability over the past year as indicated by the second quarter 2022 average balance being only $2.0 million, or 0.2%, lower than the second quarter 2021 average balance. Deposit volumes continue to reflect the favorable impact of government stimulus which provided support to many Americans and financial assistance to municipalities and school districts during the pandemic. Deposit volumes were also favorably impacted by the Company’s successful business development efforts and the Somerset County branch acquisition, which was completed in late May 2021. Overall, the loan to deposit ratio averaged 84.0% in the second quarter of 2022, which indicates that the Company has ample capacity to continue to grow its loan portfolio and is strongly positioned to support our customers and our community during times of economic volatility.

Total interest expense for the first six months of 2022 decreased by $1.4 million, or 34.2%, when compared to the first six months of 2021, due to lower levels of both deposit and borrowing interest expense. Deposit interest expense was lower by $956,000, or 35.3%, despite the higher year to date average volume of total deposits reflecting new deposit inflows as well as the loyalty of the bank’s core deposit base. Also, the late third quarter 2021 maturity of a large, high-cost institutional deposit, which was replaced by lower cost funds from the branch acquisition, resulted in significant interest expense savings. The higher national interest rates this year did result in total deposit interest expense increasing between the first and second quarters of 2022 as certain deposit products tied to a market index repriced upward with the move in interest rates. Specifically, our total deposit cost averaged 0.33% in the second quarter of 2022, which is 5 basis points higher than the first quarter of 2022; but still compares favorably to total deposit cost of 0.45% in the second quarter of 2021. Overall, management believes that total deposit cost will continue to rise given the expectation of additional short-term interest rate increases by the Federal Reserve throughout 2022. However, given the Company’s strong liquidity position, along with that of the banking industry, we expect that future deposit rate increases will occur in a controlled manner.

Total borrowings interest expense decreased by $218,000 between the second quarter of 2022 and the same quarter of 2021 and by $428,000, or 31.9%, when comparing the first six months of 2022 to the first six months of 2021. The decrease between years results from the favorable impact of the August 2021 subordinated debt offering which was used to replace higher cost debt. This transaction effectively lowered debt cost on these long-term funds by nearly 4.0%. This savings is recognized even though the size of the new subordinated debt is $7.0 million higher than the debt instruments it replaced. The remaining portion of the favorable variance in borrowings interest expense between the first six months of 2022 and the first six months of 2021 is due to reduced interest expense from Federal Home Loan Bank (FHLB) borrowings. The average balance of total short-term and FHLB borrowings is lower in the first half of 2022 by $15.9 million, or 28.7%, as strength of the Company’s liquidity position allows management to let higher cost FHLB term advances mature and not be replaced.

The Company recorded a $325,000 loan loss provision recovery in the second quarter of 2022 as compared to a $100,000 provision expense recorded in the second quarter of 2021. For the first six months of 2022, the Company recorded a $725,000 provision recovery compared to a $500,000 provision expense recorded in the first six months of 2021 resulting in a net favorable change of $1.2 million. The 2022 provision recovery reflects improved credit quality for the overall portfolio due to several loan upgrades, a reduced loan portfolio size due to increased payoff activity including one substandard credit, and lower levels of criticized assets. As demonstrated historically, the Company continues its strategic conviction that a strong allowance for loan losses is needed, which has proven to be essential given the support provided to certain borrowers as they fully recover from the COVID-19 pandemic. Overall, we believe that non-performing assets remain well controlled totaling $3.2 million, or 0.34% of total loans, on June 30, 2022. The Company continues to experience low net loan charge-offs, which were $105,000, or 0.02% of total average loans, in the first six months of 2022 and is relatively consistent with net loan charge-offs of $93,000, or 0.02% of total average loans, for the first six months of 2021. Even though the Company recognized a loan loss provision recovery during the first half of the year, the balance in the allowance for loan losses at June 30, 2022 is only slightly lower than the balance of the allowance at June 30, 2021 by $184,000, or 1.6%. The Company remains committed to prudently working with our borrowers that have been hardest hit by the pandemic by granting them loan payment modifications. On June 30, 2022, loans totaling approximately $5.2 million, or only 0.5% of total loans, were on a payment modification plan. These loans include three commercial borrowers in the hospitality and personal care industries. Management continues to carefully monitor asset quality with a particular focus on these customers that have requested payment deferrals. In summary, the allowance for loan losses provided 357% coverage of non-performing assets, and 1.20% of total loans, on June 30, 2022, compared to 373% coverage of non-performing assets, and 1.26% of total loans, on December 31, 2021.

Total non-interest income in the second quarter of 2022 decreased by $261,000, or 5.9%, from the prior year’s second quarter and for the first six months of 2022 decreased by $540,000, or 6.0%, from the first six months of 2021. Net realized gains on loans held for sale decreased by $87,000, or 71.3%, for the quarter and decreased by $487,000, or 78.9%, for the six months, due to the lower level of residential mortgage loan production which reflects a reduced level of mortgage loan refinance activity due to the quick escalation of interest rates since the beginning of 2022. Residential mortgage loan production totaled $15.3 million in the first six months of 2022 and was 73.4% lower than the production level of $57.7 million achieved in the first half of 2021. The reduced level of mortgage loan production also caused mortgage related fees to decline by $67,000, or 67.7%, for the quarter and by $164,000, or 71.6%, for the six months. Revenue from bank owned life insurance (BOLI) dropped by $110,000, or 20.0%, in the first half of 2022, after the Company received a death claim in 2021. Wealth management fees increased by $247,000, or 4.2%, for the six-month time period of 2022 but declined by $46,000, or 1.5%, comparing the second quarter of 2022 to the second quarter of 2021. The decrease in quarterly performance between years reflects the unfavorable impact of the declining equity markets on wealth management fee income which was partially offset by new customer business growth. The fair market value of wealth management assets declined since the fourth quarter of 2021 by $339.9 million, or 12.5%, and totaled $2.4 billion at June 30, 2022. Finally, service charges on deposit accounts increased by $110,000, or 25.9%, in the first six months of 2022 compared to the first six months of 2021, as consumers are more active this year, increasing their spending habits.

The Company has demonstrated good expense control as total non-interest expense in the second quarter of 2022 increased by $72,000, or 0.6%, when compared to the second quarter of 2021 and increased in the first half of 2022 by $246,000, or 1.1%, when compared to 2021. Salaries & employee benefits increased by $96,000, or 1.4%, for the quarter and are $560,000, or 4.1%, higher for the six-month time period in 2022. Within total salaries & benefits expense, salaries costs are higher by $727,000, or 8.2%, through six months due to merit increases and a higher level of full-time equivalent employees. Also, there were additional increases to health care costs and other employee benefits. Partially offsetting these higher costs within salaries & benefits through six months was lower incentive compensation by $215,000, or 21.7%, due to the reduced level of loan production. Similar to what occurred in 2021, the Company was required to recognize a settlement charge in connection with its defined benefit pension plan in the second quarter of 2022. The amount of the 2022 charge was $1,014,000 which is $163,000 higher than the $851,000 settlement charge recognized in the second quarter of 2021. A settlement charge must be recognized when the total dollar amount of lump sum distributions paid from the pension plan to retired employees exceeds a threshold of expected annual service and interest costs in the current year. So far in 2022, all but one employee that retired have elected to take a lump sum distribution as opposed to collecting future monthly annuity payments since the value of the lump sums continued to be elevated this year due to the low level where interest rates were late in 2021 when these lump sums were calculated. It is anticipated that the Company will be required to recognize additional settlement charges through year end as more people retire. However, it is important to note that since the retired employees have chosen to take the lump sum payments, these individuals are no longer included in the pension plan. Therefore, we expect that the Company’s normal annual pension expense should be lower in the future, which has been evident so far in 2022 as the normal amount of pension expense required to be recognized is lower than the 2021 level. Professional fees were $124,000, or 4.6%, higher for the first six months of 2022 due primarily to higher legal costs within our wealth management group. Net occupancy expenses are $109,000, or 8.2%, higher through six months of 2022 due to increased utilities cost along with maintenance & repair expense which was primarily related to the new branch office. Partially offsetting these higher costs were other expenses decreasing by $531,000, or 12.1%, for the first six months of 2022 when compared to the same time period from last year. Contributing to the lower level of other expense was no additional costs related to a branch acquisition in 2022 after $303,000 of expense was recognized for this purpose in 2021. Other expenses were also favorably impacted by a $149,000 credit for the unfunded commitment reserve after $56,000 of expense was recognized in the first half of last year, resulting in a $205,000 favorable shift.

The Company recorded an income tax expense of $496,000, or an effective tax rate of 20.0%, in the second quarter of 2022. This compares to an income tax expense of $420,000, or an effective tax rate of 19.7%, for the second quarter of 2021. Similarly, for the first six months of 2022, the Company recorded income tax expense of $1.1 million, or an effective tax rate of 20.0%, compared to income tax expense of $940,000 in 2021, or an effective tax rate of 19.9%.

The Company had total assets of $1.3 billion, shareholders’ equity of $106.4 million, a book value of $6.22 per common share and a tangible book value⁽¹⁾ of $5.41 per common share on June 30, 2022. The decline in the Company’s book value and tangible book value per share in 2022 reflects a decrease in the value of the Company’s available for sale investment securities due to higher interest rates and the negative impact of a revaluation of the net pension liability resulting from a drop in the value of the pension plan assets. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology as “continuing,” “expect,” “look,” “believe,” “anticipate,” “may,” “will,” “should,” “projects,” “strategy,” or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets, the level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects of our banking platform; risks and uncertainties relating to the duration of the COVID-19 pandemic, and actions that may be taken by governmental authorities to contain the pandemic or to treat its impact; and the inability to successfully implement or expand new lines of business or new products and services. These forward-looking statements involve risks and uncertainties that could cause AmeriServ’s results to differ materially from management’s current expectations. Such risks and uncertainties are detailed in AmeriServ’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements are based on the beliefs and assumptions of AmeriServ’s management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement.

_____________________________

⁽¹⁾Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

AMERISERV FINANCIAL, INC. NASDAQ: ASRV SUPPLEMENTAL FINANCIAL PERFORMANCE DATA June 30, 2022 (Dollars in thousands, except per share and ratio data) (Unaudited)


2022


	1QTR			2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income	$	2,418		$	1,981		$	4,399

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.73	%		0.59	%		0.66	%
Return on average equity		8.48			7.10			7.80
Return on average tangible common equity (B)		9.62			8.10			8.87
Net interest margin		3.14			3.23			3.19
Net charge-offs (recoveries) as a percentage of average loans		0.03			0.01			0.02
Loan loss provision (credit) as a percentage of average loans		(0.17)			(0.13)			(0.15)
Efficiency ratio (D)		81.38			84.89			83.14

EARNINGS PER COMMON SHARE:
Basic	$	0.14		$	0.12		$	0.26
Average number of common shares outstanding		17,094			17,109			17,102
Diluted		0.14			0.12			0.26
Average number of common shares outstanding		17,146			17,149			17,148
Cash dividends paid per share	$	0.025		$	0.030		$	0.055

2021


	1QTR			2QTR			YEAR TO DATE
PERFORMANCE DATA FOR THE PERIOD:
Net income	$	2,081		$	1,708		$	3,789

PERFORMANCE PERCENTAGES (annualized):
Return on average assets		0.65	%		0.51	%		0.58	%
Return on average equity		8.04			6.46			7.24
Return on average tangible common equity (B)		9.08			7.30			8.18
Net interest margin		3.23			3.13			3.18
Net charge-offs (recoveries) as a percentage of average loans		0.05			(0.01)			0.02
Loan loss provision (credit) as a percentage of average loans		0.17			0.04			0.10
Efficiency ratio (D)		79.00			84.35			81.67

EARNINGS PER COMMON SHARE:
Basic	$	0.12		$	0.10		$	0.22
Average number of common shares outstanding		17,064			17,073			17,068
Diluted		0.12			0.10			0.22
Average number of common shares outstanding		17,101			17,131			17,114
Cash dividends paid per share	$	0.025		$	0.025		$	0.050

AMERISERV FINANCIAL, INC. NASDAQ: ASRV –CONTINUED– (Dollars in thousands, except per share, statistical, and ratio data) (Unaudited)

2022


	1QTR				2QTR
FINANCIAL CONDITION DATA AT PERIOD END:
Assets	$	1,331,265		$	1,321,402
Short-term investments/overnight funds		13,588			10,714
Investment securities		223,286			231,255
Total loans and loans held for sale, net of unearned income		978,692			965,587
Paycheck Protection Program (PPP) loans (E)		7,835			2,242
Allowance for loan losses		11,922			11,568
Intangible assets		13,761			13,753
Deposits		1,140,889			1,142,756
Short-term and FHLB borrowings		37,863			34,028
Guaranteed junior subordinated deferrable interest debentures		0			0
Subordinated debt, net		26,613			26,624
Shareholders’ equity		113,692			106,392
Non-performing assets		3,401			3,240
Tangible common equity ratio (B)		7.58	%		7.08	%
Total capital (to risk weighted assets) ratio		14.01			14.33
PER COMMON SHARE:
Book value	$	6.65		$	6.22
Tangible book value (B)		5.84			5.41
Market value (C)		4.04			3.94
Wealth management assets – fair market value (A)	$	2,633,096		$	2,372,772

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees		301			310
Branch locations		17			17
Common shares outstanding		17,109,084			17,109,097


2021

	1QTR			2QTR			3QTR			4QTR
FINANCIAL CONDITION DATA AT PERIOD END:
Assets	$	1,311,412		$	1,360,583		$	1,338,886		$	1,335,560
Short-term investments/overnight funds		18,025			45,459			10,080			16,353
Investment securities		204,193			219,395			214,295			216,922
Total loans and loans held for sale, net of unearned income		986,557			992,865			996,029			986,037
Paycheck Protection Program (PPP) loans (E)		67,253			48,098			29,260			17,311
Allowance for loan losses		11,631			11,752			12,124			12,398
Intangible assets		11,944			13,785			13,777			13,769
Deposits		1,117,091			1,168,742			1,144,391			1,139,378
Short-term and FHLB borrowings		55,149			48,149			43,653			42,653
Guaranteed junior subordinated deferrable interest debentures		12,974			12,978			0			0
Subordinated debt, net		7,540			7,546			26,600			26,603
Shareholders’ equity		105,331			111,272			113,736			116,549
Non-performing assets		4,245			3,727			3,119			3,323
Tangible common equity ratio (B)		7.19	%		7.24	%		7.54	%		7.78	%
Total capital (to risk weighted assets) ratio		13.03			12.79			13.61			14.04
PER COMMON SHARE:
Book value	$	6.17		$	6.52		$	6.66		$	6.82
Tangible book value (B)		5.47			5.71			5.85			6.02
Market value (C)		4.06			3.93			3.88			3.86
Wealth management assets – fair market value (A)	$	2,517,810		$	2,614,898		$	2,596,672		$	2,712,695

STATISTICAL DATA AT PERIOD END:
Full-time equivalent employees		301			300			297			304
Branch locations		16			17			17			17
Common shares outstanding		17,069,000			17,075,000			17,075,000			17,081,500

_____________________________________________
NOTES:
(A)	Not recognized on the consolidated balance sheets.
(B)	Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.
(C)	Based on closing price reported by the principal market on which the security is traded last business day of the corresponding reporting period.
(D)	Ratio calculated by dividing total non-interest expense by tax equivalent net interest income plus total non-interest income.
(E)	Paycheck Protection Program (PPP) loans are included in total loans and loans held for sale, net of unearned income.

AMERISERV FINANCIAL, INC. NASDAQ: ASRV CONSOLIDATED STATEMENT OF INCOME (Dollars in thousands) (Unaudited)

2022

	1QTR		2QTR		YEAR TO DATE
INTEREST INCOME
Interest and fees on loans	$	9,496	$	9,725	$	19,221
Interest on investments		1,532		1,802		3,334
Total Interest Income		11,028		11,527		22,555

INTEREST EXPENSE
Deposits		796		956		1,752
All borrowings		465		447		912
Total Interest Expense		1,261		1,403		2,664

NET INTEREST INCOME		9,767		10,124		19,891
Provision (credit) for loan losses		(400)		(325)		(725)
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		10,167		10,449		20,616

NON-INTEREST INCOME
Wealth management fees		3,165		2,976		6,141
Service charges on deposit accounts		272		263		535
Net realized gains on loans held for sale		95		35		130
Mortgage related fees		33		32		65
Net realized gains on investment securities		0		0		0
Bank owned life insurance		209		231		440
Other income		561		601		1,162
Total Non-Interest Income		4,335		4,138		8,473

NON-INTEREST EXPENSE
Salaries and employee benefits		7,405		6,963		14,368
Net occupancy expense		741		697		1,438
Equipment expense		397		415		812
Professional fees		1,324		1,510		2,834
FDIC deposit insurance expense		145		130		275
Other expenses		1,467		2,395		3,862
Total Non-Interest Expense		11,479		12,110		23,589

PRETAX INCOME		3,023		2,477		5,500
Income tax expense		605		496		1,101
NET INCOME	$	2,418	$	1,981	$	4,399

2021

	1QTR		2QTR		YEAR TO DATE
INTEREST INCOME
Interest and fees on loans	$	10,327	$	10,283	$	20,610
Interest on investments		1,442		1,555		2,997
Total Interest Income		11,769		11,838		23,607

INTEREST EXPENSE
Deposits		1,402		1,306		2,708
All borrowings		675		665		1,340
Total Interest Expense		2,077		1,971		4,048

NET INTEREST INCOME		9,692		9,867		19,559
Provision (credit) for loan losses		400		100		500
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		9,292		9,767		19,059

NON-INTEREST INCOME
Wealth management fees		2,872		3,022		5,894
Service charges on deposit accounts		201		224		425
Net realized gains on loans held for sale		495		122		617
Mortgage related fees		130		99		229
Net realized gains on investment securities		0		84		84
Bank owned life insurance		332		218		550
Other income		584		630		1,214
Total Non-Interest Income		4,614		4,399		9,013

NON-INTEREST EXPENSE
Salaries and employee benefits		6,941		6,867		13,808
Net occupancy expense		680		649		1,329
Equipment expense		390		403		793
Professional fees		1,314		1,396		2,710
FDIC deposit insurance expense		155		155		310
Other expenses		1,825		2,568		4,393
Total Non-Interest Expense		11,305		12,038		23,343

PRETAX INCOME		2,601		2,128		4,729
Income tax expense		520		420		940
NET INCOME	$	2,081	$	1,708	$	3,789

AMERISERV FINANCIAL, INC. NASDAQ: ASRV AVERAGE BALANCE SHEET DATA (Dollars in thousands) (Unaudited)


	2022				2021
	2QTR			SIX MONTHS	2QTR			SIX MONTHS
Interest earning assets:
Loans and loans held for sale, net of unearned income	$	976,995	$	978,272	$	991,527	$	986,702
Short-term investments and bank deposits		28,684		37,608		50,357		40,605
Total investment securities		240,615		231,037		212,332		201,389
Total interest earning assets		1,246,294		1,246,917		1,254,216		1,228,696

Non-interest earning assets:
Cash and due from banks		17,882		17,824		17,770		17,921
Premises and equipment		17,395		17,386		17,805		17,894
Other assets		80,729		81,145		75,267		72,763
Allowance for loan losses		(12,070)		(12,291)		(11,876)		(11,729)

Total assets	$	1,350,230	$	1,350,981	$	1,353,182	$	1,325,545

Interest bearing liabilities:
Interest bearing deposits:
Interest bearing demand	$	229,394	$	229,333	$	213,968	$	204,970
Savings		139,963		137,925		125,545		120,588
Money market		291,998		291,569		269,814		263,548
Other time		284,935		287,340		339,331		339,275
Total interest bearing deposits		946,290		946,167		948,658		928,381
Borrowings:
Federal funds purchased and other short-term borrowings		1,500		750		0		590
Advances from Federal Home Loan Bank		36,190		38,691		50,469		54,709
Guaranteed junior subordinated deferrable interest debentures		0		0		13,085		13,085
Subordinated debt		27,000		27,000		7,650		7,650
Lease liabilities		3,475		3,504		3,766		3,803
Total interest bearing liabilities		1,014,455		1,016,112		1,023,628		1,008,218

Non-interest bearing liabilities:
Demand deposits		216,596		214,745		216,223		205,764
Other liabilities		7,281		6,346		7,322		6,093
Shareholders’ equity		111,898		113,778		106,009		105,470
Total liabilities and shareholders’ equity	$	1,350,230	$	1,350,981	$	1,353,182	$	1,325,545

AMERISERV FINANCIAL, INC. NASDAQ: ASRV RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER SHARE (Dollars in thousands, except per share and ratio data) (Unaudited)

The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP). These non-GAAP financial measures are “return on average tangible common equity”, “tangible common equity ratio”, and “tangible book value per share.” This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. These non-GAAP measures are used by management in their analysis of the Company’s performance or, management believes, facilitate an understanding of the Company’s performance.

2022

							YEAR TO
	1QTR			2QTR			DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income	$	2,418		$	1,981		$	4,399

Average shareholders’ equity		115,658			111,898			113,778
Less: Average intangible assets		13,766			13,757			13,761
Average tangible common equity		101,892			98,141			100,017

Return on average tangible common equity (annualized)		9.62	%		8.10	%		8.87	%


	1QTR			2QTR
TANGIBLE COMMON EQUITY
Total shareholders’ equity	$	113,692		$	106,392
Less: Intangible assets		13,761			13,753
Tangible common equity		99,931			92,639

TANGIBLE ASSETS
Total assets		1,331,265			1,321,402
Less: Intangible assets		13,761			13,753
Tangible assets		1,317,504			1,307,649

Tangible common equity ratio		7.58	%		7.08	%

Total shares outstanding		17,109,084			17,109,097

Tangible book value per share	$	5.84		$	5.41

2021

	1QTR			2QTR			YEAR TO DATE
RETURN ON AVERAGE TANGIBLE COMMON EQUITY
Net income	$	2,081		$	1,708		$	3,789

Average shareholders’ equity		104,931			106,009			105,470
Less: Average intangible assets		11,944			12,194			12,069
Average tangible common equity		92,987			93,815			93,401

Return on average tangible common equity (annualized)		9.08	%		7.30	%		8.18	%


	1QTR			2QTR			3QTR				4QTR
TANGIBLE COMMON EQUITY
Total shareholders’ equity	$	105,331		$	111,272		$	113,736		$	116,549
Less: Intangible assets		11,944			13,785			13,777			13,769
Tangible common equity		93,387			97,487			99,959			102,780

TANGIBLE ASSETS
Total assets		1,311,412			1,360,583			1,338,886			1,335,560
Less: Intangible assets		11,944			13,785			13,777			13,769
Tangible assets		1,299,468			1,346,798			1,325,109			1,321,791

Tangible common equity ratio		7.19	%		7.24	%		7.54	%		7.78	%

Total shares outstanding		17,069,000			17,075,000			17,075,000			17,081,500

Tangible book value per share	$	5.47		$	5.71		$	5.85		$	6.02

View original content to download multimedia:https://www.prnewswire.com/news-releases/ameriserv-financial-reports-increased-earnings-for-the-second-quarter-and-first-six-months-of-2022-301588641.html

SOURCE AmeriServ Financial, Inc.

July 19, 2022 8:12 am

Veritiv to Release Second Quarter 2022 Financial Results on August 9

PR Newswire

ATLANTA
, July 19, 2022 /PRNewswire/ — Veritiv Corporation (NYSE:VRTV) will host a live conference call and webcast to discuss its Second Quarter 2022 financial results on Tuesday, August 9, at 9 a.m. EDT. To participate, callers within the U.S. and Canada can dial (888) 330-2469 using conference ID number 3047006.

International callers can use following link for international access numbers.

https://events.evolveirportal.com/custom/access/2324

Interested parties can also listen online at ir.veritivcorp.com.

A replay of the call and webcast will be available online for a limited period at ir.veritivcorp.com shortly after the live webcast is completed.

Prior to the August 9 financial results conference call and webcast, the Company will issue a news release and post a slide presentation online at ir.veritivcorp.com.

About Veritiv
Veritiv Corporation (NYSE: VRTV), headquartered in Atlanta and a Fortune 500^® company, is a full-service provider of packaging, JanSan and hygiene products, services and solutions. Additionally, Veritiv provides print and publishing products, and logistics and supply chain management solutions. Serving customers in a wide range of industries both in North America and globally, Veritiv has distribution centers throughout the U.S. and Mexico, and team members around the world helping shape the success of its customers.

View original content to download multimedia:https://www.prnewswire.com/news-releases/veritiv-to-release-second-quarter-2022-financial-results-on-august-9-301587816.html

SOURCE Veritiv Corporation

July 19, 2022 8:12 am

Sysco’s Commitment to Hiring Veterans Featured on Military Makeover: Operation Career on Lifetime Television

HOUSTON, July 19, 2022 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE:SYY), the leading global foodservice distribution company, will appear on Military Makeover: Operation Career airing on Lifetime Television on Friday, July 22 and Thursday, July 28 at 7:30 a.m. ET. Hosted by Montel Williams, the show features military veterans that have transitioned into civilian life and profiles companies offering outstanding employment opportunities.

The episode will feature transportation supervisors Tim Jackson, a U.S. Army veteran from Sysco’s Central Illinois site and Eric Young, a U.S. Marine Corp Veteran from Sysco’s Ventura site.

Marie Robinson, Sysco’s executive vice president, chief supply chain officer and a Desert Storm and Desert Shield U.S. Army veteran will also be featured in the episode.

“At Sysco, we know that investing in veterans is simply good business,” said Robinson. “Military organizations have strong cultures and shared values, emphasize teamwork, build trust among members, and understand the importance of people and relationships to mission success. These qualities, along with the fundamental skillsets the military instills in its members — honor, courage, discipline, and service to others — make veterans uniquely strong job candidates not just at Sysco but in every type of business.”

Sysco employs dedicated resources focused on military recruiting who are experts at matching veterans’ skills and experience to the right opportunities at Sysco. The company also partners with military recruiting organizations RecruitMilitary and Orion that support veterans transitioning into civilian careers.

The Veteran’s Outreach Associate Resource Group (ARG) at Sysco creates and supports programs to recruit, retain and develop U.S. military veteran talent from a broad range of backgrounds in all areas of Sysco’s business.

For more information visit sysco.com.

About Sysco

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 58,000 associates, the company operates 343 distribution facilities worldwide and serves more than 650,000 customer locations. For fiscal 2021 that ended July 3, 2021, the company generated sales of more than $51 billion. Information about our CSR program, including Sysco’s 2021 Corporate Social Responsibility Report, can be found at www.sysco.com/csr2021report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoFoods. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

Operation Career

Transitioning out of the military back to civilian life brings a variety of challenges. Military Makeover’s Special Edition: “Operation Career” is traveling the country capturing stories of military veterans who are transitioning out of the military and back to civilian life. Join us as we profile the caring organizations offering educational and employment opportunities to these veterans to ensure a successful transition.

Military Makeover with Montel®

, A BrandStar Original, is America’s leading branded reality TV show that offers hope and a helping hand here on the home front to members of our military and their loved ones. A veteran of both the Marine Corps and the Navy, talk show legend and military advocate Montel Williams, Military Makeover airs on Lifetime® and on the American Forces Network which serves American servicemen and women, Department of Defense and other U.S. government civilians and their families stationed at bases overseas, as well as U.S. Navy ships at sea.

About BrandStar:

We’re matchmakers; connecting People to Brands to Do Life Better. BrandStar has unparalleled experience in creating customized educational content for brands with laser targeted extensive distribution through their multi-channel network ecosystem and methodology. From Original television programming on Lifetime, BrandStar.tv, social media, digital marketing, to media management and PR; BrandStar helps brands connect with the right consumer, at the right time, with the right message, through all the right channels.

For more information contact:

Shannon Mutschler
Media Contact
[email protected]
T 281-584-4059

July 19, 2022 8:12 am

Cognition Therapeutics Presenting New Analyses from Ongoing Clinical Trial of CT1812 in Mild-to-Moderate Alzheimer’s Disease

– Analyses Demonstrate CT1812 Impact on Alzheimer’s Disease Processes –

NEW YORK, July 19, 2022 (GLOBE NEWSWIRE) — Cognition Therapeutics, Inc. (NASDAQ: CGTX) will be in attendance at the 2022 Alzheimer’s Association International Conference (AAIC) being held in San Diego, CA from July 31 to August 4, 2022. Cognition’s vice president of research, Mary Hamby, Ph.D. will present new proteomic analyses of disease biomarkers demonstrating the impact of CT1812 on disease processes in participants from the SPARC clinical study in mild-to-moderate Alzheimer’s disease.

CT1812 is an oral, small molecule that selectively binds to the sigma-2 (σ-2) receptor complex. Evidence implicates σ-2 receptors in the regulation of key cellular processes that are damaged in Alzheimer’s disease, dementia with Lewy bodies (DLB) and other neurodegenerative disorders.

“Our approach to protecting neurons by targeting the σ-2 receptor complex is unique in a field that has been long focused on lowering amyloid plaque,” stated Lisa Ricciardi, president and CEO of Cognition Therapeutics. “The company is encouraged by results to date from our development programs and believes this approach may have therapeutic potential in Alzheimer’s disease as well as DLB, an aggressive form of dementia with no approved treatments.”

For the first time at AAIC, Cognition is hosting a scientific exhibit booth where clinicians and researchers can learn more about the company’s clinical research initiatives.

Cognition’s
ongoing clinical studies:

DLB: the company recently announced that it dosed the first individual in its Phase 2 SHIMMER clinical study
Mild-to-moderate Alzheimer’s disease: SHINE and SEQUEL are expected to yield top-line results in early 2023
Early Alzheimer’s disease: In partnership with the Alzheimer’s Clinical Trials Consortium (ACTC), the START study (n=540) is expected to commence dosing by end of year

Cognition’s clinical programs, including the above four studies, are supported by grant funding exceeding $168 million awarded by the National Institute of Aging.

AAIC Exhibit details (July 31-August 3):
Cognition Booth: #105 (Hall E)
Cognition Business Suite: E15 (Hall D)

AAIC Presentation details (August 4 at
10:45 a.m. PT
):

	Title:	CSF proteomics analysis to investigate the pharmacodynamic response of the S2R modulator CT1812 in Alzheimer’s disease patients from the SPARC clinical trial
	Authors:	Pandey K, Waybright L, Duong DM, Malagise E, Blennow K, Zetterberg H, Mecca AP, van Dyck C, Caggiano AO, Seyfried NT, Hamby ME

About Cognition Therapeutics, Inc.
Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative disorders of the central nervous system and retina. We are currently investigating our lead candidate CT1812 in clinical programs in Alzheimer’s disease, dementia with Lewy bodies (DLB) and dry age-related macular degeneration (dry AMD). We believe CT1812 and our pipeline of σ-2 receptor modulators can regulate pathways that are impaired in these diseases. We believe that targeting the σ-2 receptor with CT1812 represents a mechanism functionally distinct from other current approaches in clinical development for the treatment of degenerative diseases. More about Cognition Therapeutics and its pipeline can be found at https://cogrx.com/.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. These and other risks and uncertainties are described more fully in the “Risk Factors” section of our most recent filings with the Securities and Exchange Commission and are available at www.sec.gov. You should not rely on these forward-looking statements as predictions of future events or results. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contact Information:

Cognition Therapeutics, Inc.
[email protected]

Aline Sherwood (media)
Scienta Communications
[email protected]

Daniel Kontoh-Boateng (investors)
Tiberend Strategic Advisors, Inc.
[email protected]

July 19, 2022 8:12 am

Clean Earth Earns Top Project of the Year Award from Environment + Energy Leader for Hand Sanitizer Recycling Effort

Fullcircle™ Clean Earth’s Advanced Waste Lifecycle Program developed and implemented customized recycling and disposal solutions for customers with large quantities of excess, off-spec, expired or recalled hand sanitizer during the COVID-19 pandemic.

KING OF PRUSSIA, Pa., July 19, 2022 (GLOBE NEWSWIRE) — Clean Earth, a division of Harsco Corporation and a leading provider in environmental and regulated waste management services, has received a Top Project of the Year Award in the Environment + Energy Leader Awards Program for its entry entitled, Supplying Safe, Sustainable Solutions for the Disposal of Hand Sanitizer Amid Pandemic.

Due to the COVID-19 pandemic and resulting supply chain disruptions, some companies had large quantities of excess, off-spec, expired or recalled hand sanitizer in their possession. Companies with non-viable hand sanitizer responding to FDA directives turned to Clean Earth for support in recovering the ethanol from the hand sanitizer and effectively recycling the packaging. Clean Earth’s Advanced Waste Lifecycle Program, Fullcircle™ developed customized solutions for each customer, leveraging the Company’s nationwide partnerships to ensure the safe processing of non-viable hand sanitizer. This project helped customers avoid significant risk and liability and reduced environmental impact.

“Clean Earth has devised a timely and innovative solution for non-viable hand sanitizer products,” said one judge. “A fuel blending process enables alcohol to be recovered from the hand sanitizer, transforming the waste into a gas fuel additive product.”

The Environment + Energy Leader Awards recognize excellence in products and services that provide companies with energy and environmental benefits, and in projects implemented by companies that improved environmental or energy management and the bottom line.

About Clean Earth

Clean Earth’s vision is to create a better future for our people, partners, and planet by turning specialty waste into recycling opportunities. Clean Earth is one of the largest specialty waste companies in the United States providing remediation, disposal, recycling and beneficial reuse solutions for hazardous and non-hazardous waste and contaminated materials. Headquartered in King of Prussia, Pennsylvania, it operates a network of 91 locations across the United States. As a leader in the industry, Clean Earth has the experience and capabilities to provide efficient, effective hazardous and non-hazardous waste recycling and disposal solutions. Our portfolio of technologies and services touches nearly every industry that generates waste including energy, infrastructure, commercial, industrial, retail and healthcare markets. To learn more, visit www.cleanearthinc.com.

About Harsco Corporation

Harsco Corporation (NYSE: HSC) is a global market leader providing environmental solutions for industrial and specialty waste streams, and innovative technologies for the rail sector. Based in Camp Hill, Pennsylvania, the 12,000-employee company operates in more than 30 countries. Harsco’s common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com.

About the Environment + Energy Leader Awards

For the past decade, the Environment + Energy Leader Awards have celebrated excellence in the world of environmental, sustainability and energy management. Award winners are truly buzz-worthy, and companies that sport a Top Project or Top Product of the Year Award badge are known to be the best of the best. When other companies are seeking a sustainability or energy management solution, they know that E+E Product of the Year Award winners offer a significant group of products, vetted by experts, to peruse for help in making their decisions. Project of the Year Award winners are known to illustrate how sustainability and energy management projects can successfully help other companies improve the bottom line.

Media Contact
Jamie Mance
215.734.1400
[email protected]

July 19, 2022 8:12 am

Opening of C.A.M.P. by DAVIDsTEA x Ethical Tea Partnership: A Sustainable Tea Community Project

Canadian brand helps provide safe education spaces for children in tea-growing region

MONTRÉAL, July 19, 2022 (GLOBE NEWSWIRE) — DAVIDsTEA Inc. (Nasdaq:DTEA), a leading tea merchant in North America, is pleased to confirm their commitment to a more sustainable and ethical tea industry with the official opening of their new summer C.A.M.P. by DAVIDsTEA in collaboration with the Ethical Tea Partnership (ETP). This project will support the tea-growing community in Zhejiang, China, one of the regions where DAVIDsTEA sources premium black and green tea bases for some of their top blends.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e604aa6f-6d42-4f65-94be-54ad28074112

The C.A.M.P. by DAVIDsTEA x Ethical Tea Partnership Project

C.A.M.P. by DAVIDsTEA x Ethical Tea Partnership, which stands for Child-friendly Areas for Meaningful Positivitea, provides a safe education space for children of tea farmers and workers who are normally left behind during the summer holidays—there are an estimated 6.44 million “left behind children” in China. These families often do not spend enough time together, which can have a significant impact on a child’s development.

The regional team at the ETP identified a need to support childcare and quality education in tea families and communities with effective, scalable, and sustainable solutions, particularly during the off-season summer months. Running in the Zhejiang province of China, the program provides a safe and nurturing environment for children of tea farmers and workers of the area to benefit from these childcare and educational services while also providing an opportunity for them to bond with their families. The curriculum includes activities and topics ranging from science and emotional development to mental health awareness and nutrition. Plus, courses are available for caretakers in literacy, health and maternity protection.

The opening ceremony took place on July 11 at the Zhejiang Kainong Trading Co (KN) facility where C.A.M.P. is being hosted. The ceremony was attended by the regional ETP team, along with government officials, the local women’s committee, and UNICEF China. This is the first project in the agricultural sector that UNICEF China has been involved in.

“While China has made big strides to reach the Sustainable Development Goals to improve overall quality education (SDG4) and decent work and economic growth (SDG 8), there is much more work that needs to be done on child rights and protection, especially when we refer to those 6 million left behind children,” Dr. Xing Ma, Regional Director (East Asia), Ethical Tea Partnership comments. “We know that providing a nurturing and secure environment to encourage parent and child bonding will have positive outcomes. We are interested in utilising the findings from this initiative to see how we can develop other projects and programmes that put families at their core.”

Working with the Ethical Tea Partnership

DAVIDsTEA has been a member of the ETP since 2020. With the aim to drive forward long-term, systemic change across three thematic areas in the tea industry—economics, equality and environment—ETP’s work improves the progress that is being made towards attaining the United Nation’s Sustainable Development Goals in tea-growing regions.

“The wellbeing of our tea community is a priority for us at DAVIDsTEA. We are immensely proud to bring this project to life alongside the ETP and Zhejiang Kainong Trading Company,” says Sarah Segal, Chief Executive Officer and Chief Brand Officer, DAVIDsTEA. “We are passionate about connecting with our partners and tea growing regions around the world, and are thrilled that C.A.M.P. is providing a safe and nurturing educational environment where children of tea farmers in Zhejiang, where we source our tea, can bond with their families.”

Shop ETP-supporting Camellia sinensis teas online at davidstea.com for Canadian and U.S. customers, or in-store at one of DAVIDsTEA’s 18 flagship locations across Canada.

Follow DAVIDsTEA on Instagram (@davidstea), Facebook (@davidstea), TikTok (@davidstea_official), and on LinkedIn (DAVIDsTEA).

Seeking an exciting new opportunity? Discover DAVIDsTEA’s current openings at davidstea.com/careers. #DTjobs

About DAVIDsTEA

DAVIDsTEA offers a specialty branded selection of high-quality loose-leaf teas, pre-packaged teas, tea sachets, tea-related accessories and gifts through its e-commerce platform at www.davidstea.com, the Amazon Marketplace, its wholesale customers which include over 3,500 grocery stores and pharmacies, and 18 company-owned stores across Canada. It offers primarily proprietary tea blends that are exclusive to the Company, as well as traditional single-origin teas and herbs. The team’s passion for and knowledge of tea permeates the Company’s culture and is rooted in an excitement to explore the taste, health and lifestyle elements of tea. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven “collections” with a mission of making tea fun and accessible to all. The Company is headquartered in Montréal, Canada.

For more information or media requests, please contact:

Sarah Vincent, DAVIDsTEA
[email protected]

July 19, 2022 8:12 am

Humacyte Announces Presentation of Preclinical Data on the HAV™ in Coronary Artery Bypass Grafting at the Basic Cardiovascular Sciences Scientific Sessions

DURHAM, N.C., July 19, 2022 (GLOBE NEWSWIRE) — Humacyte, Inc. (Nasdaq: HUMA), a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissues, today announced that six-month outcomes from a preclinical study of a small diameter Human Acellular Vessel™ (HAV^TM) in coronary artery bypass grafting will be presented at the Basic Cardiovascular Sciences (BCVS) Scientific Sessions taking place in Chicago, IL July 25-28, 2022.

Details of the poster presentation are as follows:

Title: Tissue-engineered Human Acellular Blood Vessels for Coronary Artery Bypass Grafting
Date and Time: July 25, 4:30-7 p.m. CDT
Presenter: Adam Williams, M.D., cardiothoracic surgeon, Duke University

Sponsored by the American Heart Association’s Basic Cardiovascular Sciences Council, the annual BCVS Scientific Sessions is one of largest meetings in the world dedicated to fundamental and translational research to improve heart health. For more information, visit https://professional.heart.org/en/meetings/basic-cardiovascular-sciences.

About HAV

Human Acellular Vessels (HAV) are investigational engineered off-the-shelf replacement vessels initially being developed for vascular repair, reconstruction and replacement. HAV is intended to overcome long-standing limitations in vessel tissue repair and replacement – it can be manufactured at commercial scale, it eliminates the need for harvesting a vessel from a patient, and clinical evidence suggests that it is non-immunogenic, infection-resistant, and can become durable living tissue. The HAV is currently being evaluated in two Phase 3 trials in arteriovenous access and a Phase 2/3 trial for vascular trauma, and has been used in nearly 500 patient implantations. Humacyte’s 6mm HAV for AV access for performing hemodialysis was the first product to receive Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S. Food and Drug Administration (FDA), and has also received FDA Fast Track designation. The HAV has received priority designation for the treatment of vascular trauma by the U.S. Secretary of Defense.

About Humacyte

Humacyte, Inc. (Nasdaq: HUMA) is developing a disruptive biotechnology platform to deliver universally implantable bioengineered human tissues and complex tissue and organ systems designed to improve the lives of patients and transform the practice of medicine. The Company develops and manufactures acellular tissues to treat a wide range of diseases, injuries and chronic conditions. Humacyte’s initial opportunity, a portfolio of human acellular vessels (HAVs), is currently in late-stage clinical trials targeting multiple vascular applications, including vascular trauma repair, arteriovenous access for hemodialysis, and peripheral arterial disease. Preclinical development is also underway in coronary artery bypass grafts, pediatric heart surgery, treatment of type 1 diabetes, and multiple novel cell and tissue applications. Humacyte’s 6mm HAV for arteriovenous (AV) access for performing hemodialysis was the first product candidate to receive the FDA’s Regenerative Medicine Advanced Therapy (RMAT) designation, and has also received FDA Fast Track designation. The HAV received priority designation for the treatment of vascular trauma by the U.S. Secretary of Defense. For more information, visit www.Humacyte.com.

Humacyte Investor Contact:

Joyce Allaire
LifeSci Advisors LLC
+1-617-435-6602
[email protected]
[email protected]

Humacyte Media Contact:

[email protected]

July 19, 2022 8:11 am

VPG to Present at the Jefferies 2022 Industrials Conference on August 10, 2022

MALVERN, Pa., July 19, 2022 (GLOBE NEWSWIRE) — Vishay Precision Group, Inc. (NYSE: VPG), a leader in precision measurement sensing technologies, announced that the company will present at the Jefferies 2022 Industrials Conference on August 10, 2022 at 9:30 a.m. ET.

A live and on-demand webcast of VPG’s presentation will be available to the public and can be accessed from the following link: https://wsw.com/webcast/jeff250/vpg/1706922, or on VPG’s website: ir.vpgsensors.com/events. For more information, or for help in arranging a one-on-one meeting at the conference, please contact: [email protected].

About VPG

Vishay Precision Group, Inc. (VPG) is a leader in precision measurement sensing technologies. Our sensors, weighing solutions and measurement systems optimize and enhance our customers’ product performance across a broad array of markets to make our world safer, smarter, and more productive. To learn more, visit VPG at www.vpgsensors.com and follow us on LinkedIn.

For Investors:
Vishay Precision Group
Steve Cantor, 781-222-3516
[email protected]

July 19, 2022 8:11 am

HP Welcomes Office Workers Back with Stylish, Intelligent Printers

Inspiring productivity and streamlining print transformation for IT teams

News Highlights:

Workers miss their office printer more than happy hour or a free lunch
Work flows fast with the new HP LaserJet Managed E800/E700 series
Bringing value to customers with a secure, customizable and easy-to-manage portfolio

PALO ALTO, Calif., July 19, 2022 (GLOBE NEWSWIRE) — Re-imagining the office experience, companies are resetting plans to cater to new ways of working. Tasked with creating modern and inspiring workplace environments, CIOs and ITDMs require the right technologies to enable a fast moving, digitally enabled workforce to be productive.

A recent Morning Consult survey¹, commissioned by HP, polled 1,000 office workers in the US and Canada to find out what they appreciate (and had missed) most about the office. It turns out, what they really missed was printing. In fact, 57% of office workers surveyed said they missed their office printer more than a free lunch or happy hour.

To address the need for a true workplace of the future, HP Inc. (NYSE: HPQ) today introduced the HP LaserJet Managed E800/E700 series, a new portfolio of multi-function printers that support and inspire a productivity-focused hybrid workforce, with intelligent solutions that can make work flow faster.

“As the hybrid work model continues to evolve, CIOs and IT departments have never been more challenged,” said Carles Farre, Global Head of Print Services and Solutions, HP Inc. “They need intelligent printers with advanced features that streamline work processes. The HP LaserJet Managed E800/E700 series offers our customers and channel partners a sleek, fully customizable and easily manageable portfolio to meet today’s workplace and digitization goals – now and in the future.”

The HP LaserJet Managed E800/E700 series delivers:

Simplified Workflows & Boosted Productivity: The E800/E700 Flow series offers comprehensive workflow solutions with new FLOW 2.0 features, including the ability to make edits directly to your content on the control panel (highlight, redact – even simply sign), as well as customized shortcuts². Innovative Reverse and Retry technology³ detects and resolves double feed issues and paper jams aiding workflows to be kept at a premium.
Powerful, Fast Performance: Get more done faster; up to 70ppm fast printing⁴ speed and 300 ipm⁵ duplex scan speed powered by HP’s custom designed quadcore processor. Utilizing autosensing technology, customers automatically save time with tone and color management, two-sided document detection and automatic job separation features.
Customizable and Sleek Design: Modern designs include five color panels⁶ to match your office decor and HP Flex Build for flexible configurations to meet different business needs⁷.
World’s Most Secure Printing
⁸
: A recent Morning Consult survey¹, commission by HP, found that 67% of ITDMs believe privacy and security in a flex work environment have become more complex, especially when it comes to printer security. With HP Wolf Enterprise Security⁹, the HP LaserJet Managed E800/E700 series protects, detects, and self-recovers. Specifically, these new devices include Memory Shield™, which helps detect malicious attacks on the printer and, if detected, automatically self-heals. Memory Shield™ uses a hardware-protected solution called Runtime Intrusion Detection to actively scan memory for anomalies, and XGuard CFI from Karamba to monitor the execution flow of the printer firmware to help detect and prevent potential zero-day attacks.
Built-in Sustainability: Supports zero deforestation¹⁰ and helps save resources with HP’s energy efficient printing.¹¹

For more information about the E800/E700 series, please visit https://www.hp.com/us-en/printers/laserjet-managed-e800-e700-series.html.

Availability

The HP LaserJet Managed E800 series is expected to be available in North America on August 1 with expanded availability expected in select countries in Europe in October. The series will continue to roll out to additional countries this year and next. The HP LaserJet Managed E700 series is expected to be available in North America in September and select countries in Europe in October. The series will continue to roll out to additional countries this year and next.

About HP

HP Inc. is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.

© Copyright 2022 HP Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.

Disclaimers

¹ HP commissioned Morning Consult to conduct a survey between March 19^th and 23^rd, 2022. A total sample of 200 enterprise IT decision makers (100 in US/100 in Canada) and 1,000 office workers (500 in US/500 in Canada). Morning Consult works with panel providers to recruit people through a variety of methods (e.g., loyalty programs, in-app promos, etc.) to build a pool of respondents willing to take surveys in exchange for rewards, such as gift cards. Respondents are not endorsing an HP product. The interviews were conducted online, and the data was unweighted. Results for ITDMs have a margin of error of plus or minus 7 percentage points, while results for office workers have a margin of error of plus or minus 3 percentage points.
² Management of customized delivery options are only available with the optional Workflow accelerator card availability expected in January 2023.
³ Reverse and Retry technology is only available on Flow-based models.
⁴ Measured using ISO/IEC 24734, excludes first set of test documents. For more information, see http://www.hp.com/go/printerclaims. Exact speed varies depending on the system configuration, software application, driver, and document complexity.
⁵ Scan speeds measured from ADF. Actual processing speeds may vary depending on scan resolution, network conditions, computer performance, and application software. Measured using standards found at: http://standards.iso.org/ittf/PubliclyAvailableStandards/SC28_Test_Pages/.
⁶ Color panels are optional and availability may vary. Check with your HP Reseller for details.
⁷ The availability of Flex Build program differs by region or country.
⁸ HP’s most advanced embedded security features are available on HP Managed and Enterprise devices with HP FutureSmart firmware 4.5 or above. Claim based on HP review of 2022 published features of competitive in-class printers. Only HP offers a combination of security features to automatically detect, stop, and recover from attacks with a self-healing reboot, in alignment with NIST SP 800-193 guidelines for device cyber resiliency. For a list of compatible products, visit: hp.com/go/PrintersThatProtect. For more information, visit: hp.com/go/PrinterSecurityClaims.
⁹ HP Security is now HP Wolf Security. Security features vary by platform, please see product data sheet for details.
¹⁰ 100% outer fiber-based packaging and internal fiber-based cushions made from sustainably sourced certified and recycled fibers.
¹¹ HP voluntarily designs and tests its printing systems to prevent emissions that exceed Blue Angel and EPEAT eco-label guidelines.

Susan Vander May, HP 
[email protected]

www.hp.com/go/newsroom

July 19, 2022 8:11 am

HTG Molecular Diagnostics Hosting a KOL Event Addressing Drug Candidate Attrition

TUCSON, Ariz., July 19, 2022 (GLOBE NEWSWIRE) — HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, today announced that it will host a key opinion leader (KOL) webinar on “Drug Candidate Attrition – How to Improve Clinical Development Success and Patient Outcomes” on Wednesday, July 27, 2022 at 10:00 am Eastern Time.

The webinar will feature a presentation from KOL, Dr. Robert Spitale, PhD, University of California – Irvine, who will discuss the use of RNA-based platform technologies in drug discovery.

The HTG Therapeutics team will introduce their proprietary transcriptome-informed drug discovery platform as the cornerstone of their differentiated approach to small molecule drug discovery. They will also discuss how their therapeutically-agnostic approach can be applied to render increasingly de-risked small molecule early development drug candidates and a better understanding of diseases and treatment options for patients.

HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, novel therapeutics and clinical diagnostics across a variety of disease areas.

A live question and answer session will follow. To register for the event, please click here.

Dr. Spitale currently serves as the Associate Director and Associate Dean of Research in the School of Pharmacy & Pharmaceutical Sciences at University of California, Irvine (UCI). After joining UCI Pharmaceutical Sciences Department as an Assistant Professor in 2014, he was promoted to Associate Professor in 2018, and rose to the ranks of Professor in 2020. In this time, Dr. Spitale’s research has focused on developing novel chemical and bioinformatic approaches toward understanding the role of RNA structure and function in normal biology as well as disease. Beyond his research accomplishments, he has been an active presence in the UCI community as the Director of the RNA Club and its annual symposium, a co-founder of the Chemical and Systems Biology Club and the faculty advisor for the Pharm Sci undergraduate student council. He is also a vital part of the development of the planned School of Pharmacy and Pharmaceutical Sciences, having served on the Pharmacy Planning group responsible for creating proposals to the UCI Senate, UC System, and the Accreditation Council for Pharmacy Education (ACPE). Dr. Spitale received his Ph.D. degree in Chemistry at the University of Rochester in 2009, as an Elon Huntington Hooker Fellow with Professor Joseph Wedekind. He then transitioned to postdoctoral studies at Stanford University and was awarded the A.P. Giannini Fellowship to support his research with Professor Howard Chang.

About HTG:

HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, novel therapeutics and clinical diagnostics across a variety of disease areas.

Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.

Safe Harbor Statement:

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding HTG’s proprietary transcriptome-informed drug discovery platform and how HTG’s therapeutically-agnostic approach can be applied to render increasingly de-risked small molecule early development drug candidates and a better understanding of diseases and treatment options for patients. Words such as “can,” “designed to,” “believe,” “will,” “potential” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements necessarily contain these identifying words. These forward-looking statements are based upon management’s current expectations, are subject to known and unknown risks, and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation, the risk that the HTP or our RNA platform technology may not perform as expected or provide the benefits that we expect; risks associated with our ability to develop and commercialize our products, including HTP; the risk that HTP or our other products and services may not be adopted by biopharmaceutical companies or other customers as anticipated; our ability to manufacture our products to meet demand; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims. These and other factors are described in greater detail in our filings with the Securities and Exchange Commission (SEC), including under the “Risk Factors” heading of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC on May 12, 2022. All forward-looking statements contained in this press release speak only as of the date on which they were made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

HTG Investor Contact:

Ashley Robinson
LifeSci Advisors
Phone: (617) 430-7577
Email: [email protected]