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Broadway Financial Corporation Announces Results for First Quarter 2023

LOS ANGELES–(BUSINESS WIRE)–
Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “Broadway” or “City First Broadway”), reported consolidated net earnings of $1.6 million, or $0.02 per diluted share, for the first quarter of 2023, compared to consolidated net earnings of $958 thousand, or $0.01 per diluted share, for the first quarter of 2022.

During the first quarter of 2023 net interest income increased by $1.1 million, or 15.4%, to $8.3 million compared to the first quarter of 2022. The increase primarily resulted from higher rates earned and higher average balances of loans and investment securities, which increased in the middle of 2022 primarily because the Company received the proceeds from the sale of $150 million of Senior Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”) to the United States Department of the Treasury on June 7, 2022, as part of the Emergency Capital Investment Program. Partially offsetting these improvements was an increase in total non-interest expense of $246 thousand in the first quarter of 2023, compared to the first quarter of 2022.

First Quarter 2023 Highlights:

• Total interest income increased by $3.2 million, or 39.5% for the first quarter of 2023, compared to the first quarter of 2022.

• Net interest margin increased by 20 basis points to 2.96% for the first quarter of 2023, compared to 2.76% for the first quarter of 2022.

• Total loans receivable increased by $9.0 million, or 1.2%, to $777.1 million at March 31, 2023, compared to December 31, 2022.

• Total assets increased by $21.5 million, or 1.8%, to $1.2 billion at March 31, 2023, compared to December 31, 2022.

Chief Executive Officer, Brian Argrett commented, “During the first quarter of 2023 we continued to generate improved operating results on a comparable quarter to quarter basis across multiple measures of performance, including total interest income, net interest income, pre-tax income, net income, and earnings per share. We have increased total interest income in each of the eight quarters since the merger of Broadway and CFBanc Corporation, demonstrating the benefits of the Company’s enhanced scale. Also, we achieved these results without sacrificing our commitment to credit quality or our mission; I am pleased to report that the Bank did not have any non-accrual loans at the end of the first quarter.”

“The first quarter was notable for other reasons as individuals, businesses, and financial institutions dealt with the impact of the nine interest rate hikes that were implemented by the Federal Open Market Committee of the Federal Reserve over the past twelve months. We have been able to adapt to the significant increases in rates and, as a result, were able to increase our net interest margin in the first quarter of 2023, as compared to the first quarter of 2022, despite an increase of 100 basis points in our cost of funds over the past twelve months. Also, while our portfolio of investment grade securities was marked down during each of the first three quarters of 2022 because of the interest rate hikes, we recorded a net gain of $2.4 million after taxes on that portfolio during the first quarter of 2023, after reporting a slight gain during the fourth quarter of 2022. In addition, our long-standing partnership with IntraFi Deposit Solutions which has allowed us to offer deposit insurance for accounts exceeding the FDIC deposit insurance limit of $250,000, has provided the Company with more stability than certain other financial institutions. Today, we have a strong balance sheet supported by over $280 million of equity and access to over $400 million of liquidity.”

“We are optimistic of our ability to continue growing and improving profitability, notwithstanding the dislocations in the economy. The Company has the necessary equity capital to execute its plans and our focus on serving low-to-moderate income communities addresses needs that are persistent and expanding. Finally, I wish to thank our employees for their tremendous dedication to our mission and operating performance, and our investors, board, and partners for their continued support of our broader strategy and growth. Each is foundational to our ability to expand, serve, and support our communities, customers, and broader stakeholders.”

Net Interest Income

Net interest income before loan loss provision for the first quarter of 2023 totaled $8.3 million, representing an increase of $1.1 million, or 15.4%, over net interest income before loan loss provision of $7.2 million for the first quarter of 2022. The increase resulted from additional interest income, primarily generated from growth of $81.4 million in average interest-earning assets during the first quarter of 2023, compared to the first quarter of 2022. The increase in the net interest margin was attributable to the investment of the proceeds from the sale of the Series C Preferred Stock, which increased interest earning assets without any associated interest cost. Also, the net interest margin increased to 2.96% for the first quarter of 2023, compared to 2.76% for the first quarter of 2022, primarily due to an increase of 86 basis points in the average yield earned on interest-earning assets due to higher rates earned on investments in the increasing interest rate environment. This increase was offset in part by an increase in the average cost of funds, which grew to 1.39% for the first quarter of 2023 from 0.39% for the first quarter of 2022, due to higher rates paid on deposits and borrowings after nine rate increases by the Federal Open Market Committee of the Federal Reserve (the “Federal Reserve” or “FRB”) since the beginning of 2022.

The following tables set forth the average balances, average yields and costs, and certain other information for the periods indicated. All average balances are daily average balances. The yields set forth below include the effect of deferred loan fees, and discounts and premiums that are amortized or accreted to interest income or expense.

	For the Three Months Ended
	March 31, 2023											March 31, 2022
		(Dollars in thousands)
		Average Balance			Interest		Average Yield							Average Balance			Interest		Average Yield
Assets
Interest-earning assets:
Interest-earning deposits	$	17,044		$	119		2.79		%				$	220,266		$	84		0.15	%
Securities		328,767			2,180		2.65		%					160,968			553		1.37	%
Loans receivable (1)		762,669			8,535		4.48		%					653,493			7,336		4.49	%
FRB and FHLB stock (2)		10,665			209		7.84		%					3,046			38		4.99	%
Total interest-earning assets		1,119,145		$	11,043		3.95		%					1,037,773		$	8,011		3.09	%
Non-interest-earning assets		67,947												74,542
Total assets	$	1,187,092											$	1,112,315
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Money market deposits	$	134,047		$	771		2.30		%				$	207,078		$	189		0.37	%
Savings deposits		61,317			13		0.08		%					66,825			8		0.05	%
Interest checking and other demand deposits		239,024			77		0.13		%					230,461			39		0.07	%
Certificate accounts		147,260			442		1.20		%					201,446			114		0.23	%
Total deposits		581,648			1,303		0.90		%					705,810			350		0.20	%
FHLB advances		145,201			1,323		3.64		%					77,849			342		1.76	%
Other borrowings		69,618			143		0.82		%					68,019			147		0.86	%
Total borrowings		214,819			1,466		2.73		%					145,868			489		1.34	%
Total interest-bearing liabilities		796,467		$	2,769		1.39		%					851,678		$	839		0.39	%
Non-interest-bearing liabilities		109,955												121,912
Stockholders’ equity		280,670												138,725
Total liabilities and stockholders’ equity	$	1,187,092											$	1,112,315
Net interest rate spread (3)				$	8,274		2.56		%							$	7,172		2.70	%
Net interest rate margin (4)							2.96		%										2.76	%
Ratio of interest-earning assets to interest-bearing liabilities							140.51		%										121.85	%

(1) Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.

(2) FHLB is the Federal Home Loan Bank.

(3) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(4) Net interest rate margin represents net interest income as a percentage of average interest-earning assets.

Credit Loss Provision

For the three months ended March 31, 2023, the Company recorded a credit loss provision under the Current Expected Credit Loss (“CECL”) methodology of $88 thousand, compared to a loan loss provision under the old incurred loss model of $148 thousand for the three months ended March 31, 2022. No loan charge-offs were recorded during the quarters ended March 31, 2023 or 2022. The allowance for credit losses (“ACL”) increased to $6.3 million as of March 31, 2023, compared to $4.4 million as of December 31, 2022. The increase was due to the implementation of the CECL methodology adopted by the Bank effective January 1, 2023, which increased the ACL by $1.8 million. In addition, the Bank recorded an additional increase in the provision for credit losses of $88 thousand during the first quarter of 2023. The CECL methodology includes estimates of expected loss rates in the future, whereas the former Allowance for Loan and Lease methodology did not. The Bank had no non-accrual loans at March 31, 2023 due to the payoff of the one remaining non-accrual loan with an unpaid principal balance of $144 thousand.

Non-interest Income

Non-interest income for the first quarter of 2023 totaled $289 thousand, comparable to $281 thousand for the first quarter of 2022.

Non-interest Expense

Total non-interest expense was $6.2 million for the first quarter of 2023, comparable to $6.0 million for the first quarter of 2022.

Income Taxes

Income taxes are computed by applying the statutory federal income tax rate of 21% and the combined California and Washington, D.C. income tax rate of 9.75% to taxable income. The Company recorded income tax expense of $674 thousand for the first quarter of 2023 and $363 thousand for the first quarter of 2022. The increase in tax expense reflected an increase of $924 thousand in pre-tax income between the two periods. The effective tax rate was 29.7% for the first quarter of 2023, compared to 27.0% for the first quarter of 2022.

Balance Sheet Summary

Total assets increased by $21.5 million at March 31, 2023, compared to December 31, 2022, reflecting growth in cash and cash equivalents of $13.5 million and growth in net loans of $9.0 million.

The ACL, formerly known as the allowance for loan losses, was $4.4 million as of December 31, 2022. Upon adoption of CECL on January 1, 2023, the Company recognized an increase in the ACL of $1.8 million, net of the reclassification of $1.0 million from the remaining balance of discounts on acquired loans to the ACL, as a cumulative effect adjustment from a change in accounting policies, with a corresponding decrease in retained earnings of $799 thousand as of January 1, 2023. The Bank also recorded a credit adjustment of $45 thousand to retained earnings as of January 1, 2023 for off balance loan commitments. The total CECL adjustments as of January 1, 2023, were $754 thousand, or $537 thousand net of tax.

Loans held for investment, net of the ACL, increased by $9.0 million to $777.0 million at March 31, 2023, compared to $768.0 million at December 31, 2022. The increase was primarily due to loan originations of $32.9 million which consisted of $18.5 million in construction loans, $11.6 million in multi-family loans, and $2.8 million in other commercial loans, offset in part by loan payoffs and repayments of $23.9 million.

Deposits decreased by $29.4 million to $657.6 million at March 31, 2023, from $686.9 million at December 31, 2022. The decrease in deposits was attributable to decreases of $50.0 million in liquid deposits (demand, interest checking and money market accounts), decreases of $2.2 million in savings deposits, $1.5 million in other certificates of deposit accounts, and $226 thousand in Insured Cash Sweep (“ICS”) deposits (ICS deposits are the Bank’s money market deposit accounts in excess of FDIC insured limits whereby the Bank makes reciprocal arrangements for insurance with other banks), partially offset by an increase of $24.5 million in Certificate of Deposit Registry Service (“CDARS”) deposits (CDARS deposits are similar to ICS deposits, but involve certificates of deposit, instead of money market accounts). The decrease in deposits was primarily due to customers who left the Bank for higher interest rates available elsewhere, even after management made reasonable attempts to be responsive to the higher interest rate environment. As of March 31, 2023, our uninsured deposits represented 25% of our total deposits, as compared to 31% as of December 31, 2022.

Total borrowings increased by $47.9 million to $253.7 million at March 31, 2023, from $205.8 million at December 31, 2022, primarily due to $40.5 million in advances from the Federal Home Loan Bank (the “FHLB”) of Atlanta and $7.5 million in additional securities sold under agreements to repurchase, offset by a minor amount of advance repayments.

Stockholders’ equity was $280.4 million, or 23.25% of the Company’s total assets, at March 31, 2023, compared to $279.5 million, or 23.60% of the Company’s total assets, at December 31, 2022. The increase in total stockholders’ equity was primarily due to a decrease in accumulated other comprehensive loss, net of tax of $2.4 million, and an increase in net earnings of $1.6 million, offset by an increase of $2.5 million of unearned shares in the employee stock ownership plan and the $537 thousand charge, net of tax, to retained earnings for the implementation of CECL. Book value per share was $1.77 at March 31, 2023, compared to $1.76 at December 31, 2022.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in Southern California and in the Washington, D.C. market serving low-to-moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings, and money market accounts, certificates of deposits, and retirement accounts.

Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010 or contact Investor Relations at the phone number or email address below.

Cautionary Statement Regarding Forward-Looking Information

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations and capital allocation and structure, are forward-looking statements. Forward‑looking statements typically include the words “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “poised,” “optimistic,” “prospects,” “ability,” “looking,” “forward,” “invest,” “grow,” “improve,” “deliver” and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward‑looking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forward‑looking statements included in this press release: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws and the demographics of our lending markets; (2) the direction and magnitude of changes in interest rates and the relationship between market interest rates and the yield on our interest‑earning assets and the cost of our interest‑bearing liabilities; (3) the rate and amount of loan losses incurred and projected to be incurred by us, increases in the amounts of our nonperforming assets, the level of our loss reserves and management’s judgments regarding the collectability of loans; (4) changes in the regulation of lending and deposit operations or other regulatory actions, whether industry-wide or focused on our operations, including increases in capital requirements or directives to increase loan loss allowances or make other changes in our business operations; (5) legislative or regulatory changes, including those that may be implemented by the current administration in Washington, D.C. and the Federal Reserve Board; (6) possible adverse rulings, judgments, settlements and other outcomes of litigation; (7) problems that may arise in integrating the businesses of our pre-merger companies, which may result in the combined company not operating as effectively and efficiently as expected, or that we may not be able to successfully integrate the businesses of our pre-merger companies; (8) actions undertaken by both current and potential new competitors; (9) the possibility of adverse trends in property values or economic trends in the residential and commercial real estate markets in which we compete; (10) the effect of changes in economic conditions; (11) the effect of geopolitical uncertainties; (12) an inability to obtain and retain sufficient operating cash at our holding company; (13) the discontinuation of LIBOR as an interest rate benchmark; (14) the impact of COVID-19 or other health crises on our future financial condition and operations; (15) the impact of recent volatility in the banking sector due to the failure of certain banks due to high levels of exposure to liquidity risk, interest rate risk, uninsured deposits and cryptocurrency risk; and (16) other risks and uncertainties. All such factors are difficult to predict and are beyond our control. Additional factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at http://www.cityfirstbank.com/node/430 and on the SEC’s website at http://www.sec.gov.

Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY
Selected Financial Data and Ratios (Unaudited)
(Dollars in thousands, except per share data)
					March 31, 2023					December 31, 2022
Selected Financial Condition Data and Ratios:
Cash and cash equivalents					$	29,648				$	16,105
Securities available-for-sale, at fair value						329,026					328,749
Loans receivable held for investment						783,348					772,434
Allowance for credit losses						(6,285	)				(4,388	)
		Loans receivable held for investment, net of allowance				777,063					768,046
Total assets						1,205,780					1,184,293
Deposits						657,542					686,916
Securities sold under agreements to repurchase						70,941					63,471
FHLB advances						168,810					128,344
Notes payable						14,000					14,000
Total stockholders’ equity						280,395					279,482
Book value per share					$	1.77				$	1.76
Equity to total assets						23.25	%				23.60	%
Asset Quality Ratios:
Non-accrual loans to total loans						0.00	%				0.02	%
Non-performing assets to total assets						0.00	%				0.01	%
Allowance for credit losses to total gross loans						0.80	%				0.57	%
Allowance for credit losses to non-performing loans						–					3047.22	%
Non-Performing Assets:
Non-accrual loans					$	–				$	144
Loans delinquent 90 days or more and still accruing						–					–
Real estate acquired through foreclosure						–					–
Total non-performing assets					$	–				$	144
Delinquent loans less than 30 days delinquent					$	16,452				$	8,253
Delinquent loans 30 to 89 days delinquent					$	–				$	–
Delinquent loans greater than 90 days delinquent					$	–				$	–
					Three Months Ended March 31,
Selected Operating Data and Ratios:						2023					2022
Interest income					$	11,174				$	8,011
Interest expense						2,900					839
Net interest income						8,274					7,172
Credit loss provision						88					148
Net interest income after loan loss provision						8,186					7,025
Non-interest income						289					281
Non-interest expense						(6,206	)				(5,960	)
Income (loss) before income taxes						2,269					1,345
Income tax expense (benefit)						674					363
Net income (loss)					$	1,595				$	982
		Net income – non-controlling interest				22					24
		Net income (loss) Broadway Financial Corporation			$	1,573				$	958
Earnings per common share-diluted					$	0.02				$	0.01
Loan originations (1)					$	34,236				$	54,705
Net recoveries to average loans						(0.00	)%	(2	)		(0.00	)%	(2	)
Return on average assets						0.54	%	(2	)		0.35	%	(2	)
Return on average equity						2.27	%	(2	)		2.83	%	(2	)
Net interest margin						2.96	%	(2	)		2.76	%	(2	)
(1	)	Does not include net deferred origination costs.
(2	)	Annualized

 

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Investor Relations

Brenda J. Battey, Chief Financial Officer, (323) 556-3264

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Accounting Professional Services Finance

MEDIA:

Posted on May 5, 2023 4:10 pm

FCPT Announces Acquisition of a Brookshire Brothers Grocery Store for $3.0 Million

FCPT Announces Acquisition of a Brookshire Brothers Grocery Store for $3.0 Million

MILL VALLEY, Calif.–(BUSINESS WIRE)–
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Brookshire Brothers grocery store property for $3.0 million. Founded in 1921, Brookshire Brothers is an employee-owned grocery store chain with over 100 locations in Texas and Louisiana. The property is located in a strong retail corridor in Texas and is occupied under a long-term, triple net lease with approximately four years of term remaining. The transaction was priced at a 6.8% cap rate exclusive of transaction costs.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005436/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: REIT Retail Commercial Building & Real Estate Supermarket Construction & Property

MEDIA:

Posted on May 5, 2023 4:10 pm

Glaukos Announces FDA Acceptance of NDA Submission for iDose TR

Glaukos Announces FDA Acceptance of NDA Submission for iDose TR

PDUFA Date Set for December 22, 2023

ALISO VIEJO, Calif.–(BUSINESS WIRE)–
Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology and pharmaceutical company focused on novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases, today announced it has received the “Day 74” notification from the U.S. Food and Drug Administration (FDA) acknowledging the previously submitted New Drug Application (NDA) for iDose^® TR (travoprost intraocular implant) is sufficiently complete to permit a substantive review. The Prescription Drug User Fee Act (PDUFA) goal date for the completion of the FDA’s review of the iDose TR NDA is set for December 22, 2023. This date reflects a standard 10-month review period and is consistent with management’s expectations for the 505(b)(2) filing.

“The acceptance of the iDose TR NDA represents another important step in bringing this potential game-changing therapy one step closer to patients who may need a new treatment alternative,” said Thomas Burns, Glaukos chairman and chief executive officer. “We look forward to working closely with the FDA throughout their review process and continue to believe iDose TR can be a transformative novel technology able to fundamentally improve the treatment paradigm for patients with open-angle glaucoma or ocular hypertension.”

The NDA submission includes data from two Phase 3 pivotal trials of iDose TR, which both successfully achieved the pre-specified primary efficacy endpoints through 3 months and demonstrated a favorable tolerability and safety profile through 12 months. In addition, the submission also includes data from the iDose TR exchange trial, which included a second administration of iDose TR and removal of the original iDose TR , with the second iDose TR administration demonstrating a favorable safety profile over a 12-month evaluation period.

iDose TR is a micro-invasive intraocular implant designed to lower intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. iDose TR is designed to continuously deliver therapeutic levels of a proprietary formulation of travoprost from within the eye for extended periods of time. It is designed such that it can be removed and replaced with a new iDose TR, thus potentially offering a long-term dropless alternative to daily eye drop treatment. iDose TR is intended to address ubiquitous patient non-compliance and chronic side effects associated with topical IOP-lowering medications.

About Glaukos

Glaukos (www.glaukos.com) is an ophthalmic medical technology and pharmaceutical company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012, and continues to develop a portfolio of technologically distinct and leverageable platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma, corneal disorders and retinal diseases.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties include, without limitation, the timing and extent to which we obtain regulatory approval for investigational products such as iDose TR, our ability to successfully commercialize such products, the ability to obtain and maintain adequate financial coverage and reimbursement for this product, and the continued efficacy and safety profile of this product as reported in the pivotal trials and other clinical studies. These and other risks, uncertainties and factors related to Glaukos, and our business are described in detail under the caption “Risk Factors” and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which was filed with the Securities and Exchange Commission (SEC) on May 4, 2023. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005442/en/

Media Contact:

Cassandra Dump

(619) 971-1887

[email protected]

Investor Contact:

Chris Lewis

Vice President, Investor Relations & Corporate Affairs

(949) 481-0510

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: FDA Health Clinical Trials Pharmaceutical Optical Biotechnology

MEDIA:

Posted on May 5, 2023 4:09 pm

Hope Bancorp Announces Extension of Time Period to Exercise Contractual Put Right of 2.00% Convertible Senior Notes

Hope Bancorp Announces Extension of Time Period to Exercise Contractual Put Right of 2.00% Convertible Senior Notes

LOS ANGELES–(BUSINESS WIRE)–
Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE) announced today that it has extended the expiration time for the previously announced right of holders of its 2.00% Convertible Senior Notes due 2038 (CUSIP NUMBER 43940TAB5) (the “Notes”) to surrender their Notes for repurchase by the Company for cash pursuant to their option (the “Optional Put”) under the Indenture (the “Indenture”), dated as of May 11, 2018, between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) as trustee and paying agent (the “Trustee” or “Paying Agent”). The opportunity to exercise the Optional Put, or validly withdraw Notes previously surrendered, now expires at 12:00 midnight New York City time at the end of the day on May 12, 2023 (the “Expiration Date”). The Optional Put was originally set to expire at 5:00p.m. New York City time on May 11, 2023. Except for the extension of the time period to exercise the Optional Put, all of the terms of the Optional Put remain unchanged.

In order to exercise the Optional Put and receive the repurchase price therefor, a holder must surrender the Notes for repurchase through the transmittal procedures of the Depository Trust Company (“DTC”).

The Company is not providing for procedures for tenders of Notes to be made by guaranteed delivery. Accordingly, you must allow sufficient time for the necessary tender procedures to be completed during the normal business hours of DTC on or prior to the Expiration Date. If you hold your Notes through a broker, dealer, commercial bank, trust company or other nominee, you should keep in mind that such entity may require you to take action with respect to the Optional Put a number of days before the Expiration Date in order for such entity to tender Notes on your behalf at or prior to the end of the Expiration Date.

U.S. Bank Trust Company, National Association is the trustee and paying agent with respect to the Notes. Its address and email is:

Regular Mail, Registered & Certified Mail, or Courier:

U.S. Bank Global Corporate Trust Services

111 E Fillmore Ave, St. Paul, MN 55107

Corporate Trust Support & Operations

EP-MN-WS1P

[email protected]

This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell securities of the Company. The repurchase of the Notes will only be pursuant to, and the Notes may be surrendered only in accordance with, the Indenture and the repurchase notice dated April 17, 2023, as amended on May 5, 2023.

None of the Company, its Board of Directors or its officers is making any representation or recommendation to any holder of the Notes as to whether to exercise the Optional Put. Beneficial owners and holders of the Notes should consult with their own financial and tax advisors and must make their own decision as to whether to exercise the Optional Put and, if so, the principal amount of Notes for which the Optional Put should be exercised.

About Hope Bancorp, Inc.

Hope Bancorp, Inc. (NASDAQ: HOPE) is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $20.6 billion in total assets as of March 31, 2023. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 53 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Alabama and Georgia. Bank of Hope also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, New York City, Northern California and Houston; commercial loan production offices in Northern California, Seattle and Tampa, Fla.; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. None of the information on or hyperlinked from the Company’s website is incorporated by reference herein.

Forward-Looking Statements

Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in our areas of operation; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see the Company’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005458/en/

Julianna Balicka

EVP & Chief Financial Officer

213-235-3235

[email protected]

Angie Yang

SVP, Director of IR & Corporate Communications

213-251-2219

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

MEDIA:

Posted on May 5, 2023 4:09 pm

Savara Announces New Employment Inducement Grant

Savara Announces New Employment Inducement Grant

AUSTIN, Texas–(BUSINESS WIRE)–Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to two new employees.

On May 3, 2023, the Compensation Committee of Savara’s Board of Directors granted the inducement awards to two new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 195,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 125,000 shares of the Company’s common stock. These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employees’ acceptance of employment with the Company.

The options have an exercise price of $1.89 per share, the closing trading price of the Company’s common stock on the NASDAQ Global Market on the grant date. Each option has a 10-year term and vests as to 1/16^th of the number of shares subject to the option on each quarterly anniversary of the employee’s first day of employment, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of the employee’s first day of employment, subject to the employee’s continued employment on such vesting date.

About Savara

Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). Molgramostim is delivered via an investigational eFlow^® Nebulizer System (PARI Pharma GmbH). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at www.savarapharma.com. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005205/en/

Savara Inc. IR & PR

Anne Erickson ([email protected])

(512) 851-1366

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

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Grove to Report First Quarter 2023 Financial Results on May 11, 2023

SAN FRANCISCO–(BUSINESS WIRE)–
Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the Company”), a leading sustainable consumer products company and certified B Corp^™, today announced that it will report fiscal first quarter 2023 financial results after the market closes on Thursday, May 11, 2023.

The Company will host an investor conference call and webcast to review these financial results at 5:00pm ET / 2:00pm PT on the same day. The webcast can be accessed at https://investors.grove.co/. The conference call can be accessed by calling (877) 413-7205. International callers may dial (201) 689-8537. A replay of the call will be available until May 25, 2023 and can be accessed by dialing (877) 660-6853 or (201) 612-7415, access code: 13738115. The webcast will remain available on the Company’s investor relations website for 6 months following the webcast.

About Grove Collaborative Holdings, Inc.

Launched in 2016 as a Certified B Corp, Grove Collaborative Holdings, Inc. (NYSE: GROV) is transforming consumer products into a positive force for human and environmental good. Driven by the belief that sustainability is the only future, Grove creates and curates more than 150 high-performing eco-friendly brands of household cleaning, personal care, laundry, clean beauty, baby, and pet care products serving millions of households across the U.S. each year. With a flexible monthly delivery model and access to knowledgeable Grove Guides, Grove makes it easy for everyone to build sustainable routines.

Every product Grove offers — from its flagship brand of sustainably powerful home care essentials, Grove Co., plastic-free, vegan personal care line, Peach Not Plastic, and zero-waste pet care brand, Good Fur, to its exceptional third-party brands — has been thoroughly vetted against Grove’s strict standards to be beautifully effective, supportive of healthy habits, ethically produced and cruelty-free. Grove is a public benefit corporation on a mission to move Beyond Plastic™ and in 2021, entered physical retail for the first time at Target stores nationwide, making sustainable home care products even more accessible. Grove is the first plastic neutral retailer in the world and is committed to being 100% plastic-free by 2025. For more information, visit www.grove.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005343/en/

Investor Relations Contact:

[email protected]

Media Relations Contact:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Other Consumer Consumer Other Retail Home Goods Specialty

MEDIA:

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The European Equity Fund, Inc. and The New Germany Fund, Inc. Declare Distributions

NEW YORK–(BUSINESS WIRE)–
The European Equity Fund, Inc. (NYSE: EEA) and The New Germany Fund, Inc. (NYSE: GF) (each, a “Fund,” and, collectively, the “Funds”) each announced today that its Board of Directors declared the distributions set forth below. GF’s and EEA’s total distributions will be paid in cash to any stockholder of record as of May 15, 2023.

Details for each Fund’s distributions are as follows:

Declaration – 5/5/2023	Ex-Date – 5/12/2023		Record – 5/15/2023	Payable – 5/31/2023
Fund	Ticker	Net Investment Income per Share	Short-Term Capital Gains per Share	Long-Term Capital Gains per Share	Total Distribution per Share
The European Equity Fund, Inc.	EEA	$0.0325	$0.0000	$0.0000	$0.0325
The New Germany Fund, Inc.	GF	$0.0136	$0.0000	$0.0000	$0.0136

For more information on each Fund, including the most recent month-end performance, visit www.dwsfunds.com or call (800) 349-4281.

Important Information

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

The European Equity Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in that region.

The New Germany Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in Germany, thereby increasing its vulnerability to developments in that that country.

Investing in foreign securities presents certain risks, such as currency fluctuations, and risks of currency and capital controls, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the funds and their investments.

The European Union, the United States and other countries have imposed sanctions on Russia in response to Russian military and other actions in recent years. These sanctions have adversely affected Russian individuals, issuers and the Russian economy. Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy, but also the economies of many countries in Europe, including countries in Central and Eastern Europe.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises (including the recent pandemic spread of the novel coronavirus), war, terrorism, trade disputes and related geopolitical events.

Past performance is no guarantee of future results.

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. (R-095758-1) (05/23)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230505005253/en/

For additional information:

DWS Press Office (212) 454-4500

Shareholder Account Information (800) 294-4366

DWS Closed-End Funds (800) 349-4281

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

MEDIA:

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