CIT Serves as Lead Arranger of $50.5 Million Financing for New York State Solar Portfolio

PR Newswire

NEW YORK, Jan. 19, 2022 /PRNewswire/ — CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as lead arranger of $50.5 million in financing for construction of Amp’s NY3 assets, a planned portfolio of new community solar installations in New York State.

CIT arranged the financing on behalf of a subsidiary of Amp Energy, a leading global developer of clean energy infrastructure. NY3 consists of six solar projects located throughout central New York State.

Taken together, they will comprise a total of 34 megawatts of generation capacity. Commercial operation is expected to begin in the first quarter of 2022. Energy generated by the project is fully contracted for sale to area businesses and consumers.

Amp is a leading global energy transition platform. Founded in 2009 and headquartered in Toronto, Canada, with global operations throughout North America, Australia, Japan, Spain, Czech Republic, and the UK, Amp has acquired or developed more than 6 gigawatts of renewable power generation since its inception.

Earlier this year, CIT supported Amp Energy as the sole lead arranger of financing for the AMP NY2 community solar and battery storage portfolio. That project represented 40 megawatts of solar generation capacity across five sites, with three sites having battery storage capabilities of 9 megawatts each.

“This new portfolio of solar power assets continues our investment in NY community solar, creating jobs and supporting economic development while also responding to growing consumer demand for clean, renewable power generation,” said Jared Donald, EVP and Head of USA for Amp. “We were pleased to again leverage CIT’s industry knowledge and experience to finance this project.”

“Amp is recognized industry-wide for its development and operation of top-tier renewable power generation projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “We look forward to the opportunity to support their future growth as they continue to build their portfolio of clean energy assets.”

CIT consistently ranks among the nation’s top lenders for renewable energy projects, as reported by market research firm Inframation, an Acuris company. CIT also was recognized as Renewable Energy Lead Arranger of the Year in 2020 by Power Finance & Risk, a top energy industry trade publication.

Power and Energy, part of CIT’s Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company’s commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.


MEDIA RELATIONS:


John M. Moran

212-461-5507
[email protected]

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SOURCE CIT, a division of First Citizens Bank

Conn’s HomePlus Supports Florida Students Through Scholarship Program

With $174,000 contribution to Step Up For Students

PR Newswire

HOUSTON, Jan. 19, 2022 /PRNewswire/ — Conn’s HomePlus (NASDAQ: CONN), a specialty retailer of furniture, mattresses, home appliances and consumer electronics, has contributed $174,000 to Step Up For Students, helping 23 deserving Florida schoolchildren access the right education to help them succeed.

This is the first year Conn’s HomePlus has partnered with Step Up For Students to contribute to the Florida Tax Credit Scholarship Program, an income-based scholarship program funded by tax-credited contributions from corporations. The K-12 scholarships allow Florida students to pursue and engage in the best learning environments for their individual needs by attending a private school or public school other than their zoned district school.

A recent study done by the Urban Institute, a Washington, D.C. based think tank, on the effectiveness of the Florida Tax Credit Scholarship Program found that students on scholarship for four or more years were up to 99% more likely to attend a four-year college than their peers in public school, and up to 45% more likely to earn bachelor’s degrees.

“At Conn’s HomePlus, we are committed to supporting students and families in the communities where we live and work,” said Chandra Holt, Conn’s HomePlus President and CEO. “We believe in the mission of Step Up For Students and are excited to partner with them to help provide Florida students the educational options they need to succeed.” 

During the 2020-21 school year, nearly 100,000 Florida students benefited from a Florida Tax Credit scholarship administered by Step Up for Students. About 57% of these scholars are from single-parent households and nearly 68% are Black or Hispanic. The average household income of families accepted to receive scholarships is $25,755 – a mere 9% above poverty. More than 1,800 private schools participate in the scholarship program statewide.

“With the support of Conn’s HomePlus, even more students in Florida will be given access to the educational environment that works best for them,” said Doug Tuthill, President of Step Up For Students. “We are grateful for Conn’s HomePlus’  generosity and commitment to helping families and students throughout Florida.”

About Conn’s HomePlus

Conn’s HomePlus is a specialty retailer currently operating 150+ retail store locations in Alabama, Arizona, Colorado, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.

The Company’s primary product categories include:

  • Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as traditional and specialty mattresses;
  • Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
  • Consumer electronics, including LED, OLED, QLED, Ultra HD, and internet-ready televisions, gaming consoles, home theater and portable audio equipment;
  • Home office, including computers, printers and accessories; and
  • At-home fitness equipment, including treadmills, ellipticals and studio cycles.

Additionally, Conn’s HomePlus offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn’s HomePlus provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party lease-to-own payment plans.

About Step Up For Students
Step Up For Students is a non-profit organization that helps administer the donor-funded, income-based Florida Tax Credit Scholarship Program.  The scholarship program provides tuition assistance to the private school of their parents’ choice, or financial assistance to offset the transportation cost to an out-of-district public school.  Since 2002, Step Up For Students has awarded more than 1 million Florida Tax Credit Scholarships.

In February 2019, the Urban Institute, a Washington, D.C.-based think tank, released results of a study on the effectiveness of the Florida Tax Credit Scholarship Program, the nation’s largest private K-12 scholarship program. The study found that students on scholarship for four or more years were up to 99% more likely to attend a four-year college than their peers in public school, and up to 45% more likely to earn bachelor’s degrees.

Step Up also helps administer that state-funded the Family Empowerment Scholarship for Students with Unique Abilities, plus three other scholarships, the income-based Family Empowerment Scholarship for Educational Options, the Hope Scholarship for public school students who are bullied, and the Reading Scholarship Accounts for third- through fifth-grade students enrolled in public school who struggle with reading. 

For more information, visit www.StepUpForStudents.org.

The Zimmerman Agency
[email protected], 850-668-2222

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SOURCE Conn’s HomePlus

Evofem Biosciences Announces Record Net Sales and Phexxi Prescriptions in Q4 2021

Net product revenue more than doubled in the fourth quarter of 2021 vs. third quarter of 2021

81% increase in Phexxi units dispensed

69% increase in total prescriptions of Phexxi

Net cash burn decreased to $17 million

PR Newswire

SAN DIEGO, Jan. 19, 2022 /PRNewswire/ — Evofem Biosciences, Inc. (NASDAQ: EVFM) today announced strong preliminary results for the fourth quarter of 2021, including record growth in net product sales of its hormone-free prescription contraceptive gel, Phexxi® (lactic acid, citric acid and potassium bitartrate).

  • Achieved preliminary net product sales of $3.5 million in Q4, more than double Q3 net product sales.
    • 39,121 boxes of Phexxi were dispensed, up 81% from Q3.
    • 32,386 Phexxi total prescriptions (TRx) were filled, up 69% from Q3.
    • 22,659 new patients started Phexxi, up 56% from Q3.
    • Refill volumes continued to increase as a percentage of TRx, reaching 37% in December 2021.
  • Reduced net cash burn rate to approximately $17 million in the fourth quarter of 2021 versus $32.0 million in Q3.
  • Raised $5 million of non-dilutive capital in January 2022 to continue funding Evofem’s pivotal Phase 3 trial in STI prevention, and other ongoing initiatives.

“Strong demand for Phexxi and gross-to-net improvement in the fourth quarter enabled us to deliver over $3.5 million in net sales – more than twice Q3 levels, and ahead of the current consensus estimate,” said Saundra Pelletier, CEO of Evofem Biosciences.

“More than 55,000 women made the Phexxi choice in 2021 and our refill rate continues to rise, demonstrating high satisfaction amongst Phexxi users,” Pelletier added.  “We believe these numbers paint a clear picture: women want access to non-hormonal contraception as a standard of care.”

“In 2022, we expect to benefit from guidance issued last week by the Health Resources and Services Administration and the U.S. Department of Labor, which is an important step toward securing access to Phexxi for all women at zero copay without overly burdensome denials or being forced to try other contraceptive products first. These guidelines should favorably impact Phexxi access and our gross-to-net in 2022 and beyond,” Pelletier concluded.

About Evofem Biosciences

Evofem Biosciences, Inc., (NASDAQ: EVFM) is developing and commercializing innovative products and product candidates to address unmet needs in women’s sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (chlamydia and gonorrhea). The Company’s first FDA-approved product, Phexxi® (lactic acid, citric acid and potassium bitartrate), is a hormone-free, on-demand prescription contraceptive vaginal gel. It comes in a box of 12 pre-filled applicators and is applied 0-60 minutes before each act of sex. Learn more at phexxi.com and evofem.com. 

Phexxi® is a registered trademark of Evofem Biosciences, Inc.

Forward-Looking Statements

This press release includes “forward-looking statements,” within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and relate to future events or circumstances and the Company’s future performance. These statements include, without limitation, estimates and expectations regarding prescription growth, net sales growth, new patient and refill growth, the results of gross-to-net improvements and cash burn reductions, and statements, evaluations and judgments related to, among other things, demand for Phexxi and the effect of the guidelines issued by the Health and Human Services Administration and the U.S. Department of Labor. These statements and estimates are based on management’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company’s business. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Various factors could cause actual results to differ materially from these estimates and those discussed or implied in the forward-looking statements, including market and other conditions and the Company’s ability to obtain capital when and as needed to continue its ongoing operations. Other important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements, or that could impair the value of Evofem Biosciences’ assets and business, are disclosed in the Company’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 4, 2021 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the SEC on November 15, 2021. All forward-looking statements are expressly qualified in their entirety by such factors. The Company does not undertake any duty to update any forward-looking statement except as required by law.

Investor Contact

Amy Raskopf

Evofem Biosciences, Inc.
[email protected]
Mobile: (917) 673-5775

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SOURCE Evofem Biosciences, Inc.

Brivo Appoints Ingo Meijer to Lead the Company’s European Expansion

Meijer to drive Brivo’s regional leadership in smart building technologies

PR Newswire

BETHESDA, Md., Jan. 19, 2022 /PRNewswire/ — Brivo – the global leader in cloud-based access control and smart building technologies that recently entered into a definitive merger agreement with Crown PropTech Acquisitions (NYSE: CPTK) – today announced the appointment of Ingo Meijer as Regional Director, Europe to drive Brivo’s European expansion. With over 20 years of experience in the security industry, Ingo will lead the efforts across the region to accelerate European customer growth and increase global revenue.

“We’re excited to have Ingo lead our Brivo team in Europe at a time when we’re rapidly growing our presence and investment in the region,” said Steve Van Till, founder and CEO of Brivo. “International growth is a top priority for Brivo as we embark on this next chapter. With Ingo’s decades of experience managing global teams, his leadership will be key to growing and maintaining our regional momentum.”

Brivo currently has over 200 customers in Europe and works with over a hundred partners across the continent, with partner growth increasing by 64% in 2021. Brivo is growing marketing, sales and technical support in multiple countries in the region to further support its rapidly growing customer and dealer base. Further, in 2022 Brivo expects to be able to offer our data residency services in Europe to support and serve our growing European customers.

“I’m thrilled to be joining Brivo at such a momentous time for the company and at a critical juncture for the European market’s cloud journey,” said Meijer. “We are in a time where cloud-based systems of on-premise software are phasing out and cloud-based systems are rapidly adding value. Brivo’s cloud-based secure access platform provides the assurance of health and safety as well as delivering the insights and experience needed by our customers. I look forward to growing Brivo’s European presence and bringing more regional customers’ security portfolio into the cloud.”

Meijer was previously the general manager at Wiek de Laat Prolians, a systems integrator company, and sales manager for Benelux, UK and Ireland for ASSA ABLOY Entrance Systems. Ingo will be based out of Brivo’s Eindhoven office.

About Brivo
Brivo, Inc. created the cloud-based access control and smart spaces technology category over 20 years ago and remains the global leader serving commercial real estate, multifamily residential and large distributed enterprises. The company’s comprehensive product ecosystem and open API provide businesses with powerful digital tools to increase security automation, elevate employee and tenant experience and improve the safety of all people and assets in the built environment. Brivo’s building access platform is now the digital foundation for the largest collection of customer facilities in the world, occupying over 300 million square feet across 42 countries. On November 10, 2021, Brivo entered into a definitive merger agreement with Crown PropTech Acquisitions (NYSE: CPTK), which is anticipated to close in Q2 2022, subject to shareholder approvals and other closing conditions. The merger will result in Brivo becoming a publicly listed company on the New York Stock Exchange under the new ticker symbol “BRVS.” Additional information about the transaction can be viewed here: www.brivo.com/about/investor-relations. Legal Disclaimer: https://www.brivo.com/about/investor-relations/legal-disclaimer/.  

This communication is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination (the “proposed business combination”) between Brivo, Inc. (“Brivo”) and Crown PropTech Acquisition Corp. (“Crown”) and related transactions and for no other purpose. 

Forward Looking Statements 
These communications include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expectations and timing related to commercial product launches, potential benefits of the proposed business combination and the potential success of Brivo’s go-to-market strategy, and expectations related to the terms and timing of the proposed business combination. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Brivo’s and Crown’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Brivo and Crown. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of Crown or Brivo is not obtained; the lack of third party valuation in determining whether or not to pursue the proposed business combination; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Brivo; the risk that the conditions to the financing for the proposed business combination may not be satisfied or waived; the effect of the announcement or pendency of the proposed business combination on Brivo’s business relationships, performance and business generally; risks that the proposed business combination disrupts current plans of Brivo and potential difficulties in Brivo employee retention as a result of the proposed business combination; the ability to implement business plans, forecasts and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities; Brivo’s ability to attract and retain customers; the combined company’s ability to up-sell and cross-sell to customers, including the success of Brivo’s customers’ development programs, which will drive future revenues; the ability of the combined company to compete effectively and its ability to manage growth; the amount of redemption requests made by Crown’s public shareholders; the ability of Crown or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; the risk that the combined company’s securities will not be approved for listed on the New York Stock Exchange or if approved, that such listing will be maintained; and those factors discussed in Crown’s final prospectus dated February 8, 2021, Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, dated August 16, 2021 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, dated October 12, 2021, and the preliminary proxy statement/prospectus of Crown related to the proposed business combination dated December 22, 2021, in each case, under the heading “Risk Factors,” and other documents of Crown filed, or to be filed, with the Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Crown nor Brivo presently know or that Crown and Brivo currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Crown’s and Brivo’s expectations, plans or forecasts of future events and views as of the date of this communication. Crown and Brivo anticipate that subsequent events and developments will cause Crown’s and Brivo’s assessments to change. However, while Crown and Brivo may elect to update these forward-looking statements at some point in the future, Crown and Brivo specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Crown’s and Brivo’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Proposed Business Combination and Where To Find It 
The proposed business combination will be submitted to shareholders of Crown for their consideration. Crown filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC which includes a preliminary proxy statement and will include, when available, a definitive proxy statement to be distributed to Crown’s shareholders in connection with Crown’s solicitation for proxies for the vote by Crown’s shareholders in connection with the proposed business combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Brivo’s shareholders in connection with the completion of the proposed business combination. After the Registration Statement has been declared effective, Crown will mail a definitive proxy statement and other relevant documents to its shareholders as of the record date established for voting on the proposed business combination. Crown’s shareholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with Crown’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about Crown, Brivo and the proposed business combination. Shareholders may also obtain a copy of the preliminary proxy statement or, once available, the definitive proxy statement as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by Crown, without charge, at the SEC’s website located at www.sec.gov or by directing a request to 667 Madison Avenue, 12th Floor, New York, NY 10065, attention: Nikki Sacks.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation 
Crown, Brivo and certain of their respective directors, executive officers and other members of management, employees and consultants may, under SEC rules, be deemed to be participants in the solicitations of proxies from Crown’s shareholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Crown’s shareholders in connection with the proposed business combination is set forth in the Registration Statement. You can find more information about Crown’s directors and executive officers in Crown’s final prospectus dated February 8, 2021 and filed with the SEC on February 10, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement / prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement / prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation 
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

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SOURCE Brivo

BMO Financial Group named North America’s most sustainable bank for third consecutive year

PR Newswire

  • Ranked #1 bank in North America for the third year in a row on Corporate Knights’ 2022 Ranking of the World’s 100 Most Sustainable Corporations.
  • Ranked eighth bank out of 751 banks, globally
  • High scores in clean revenue and executive and board diversity

TORONTO, Jan. 19, 2022 /PRNewswire/ – BMO Financial Group (TSX: BMO) (NYSE: BMO) has been named to Corporate Knights’ 2022 Ranking of the World’s 100 Most Sustainable Corporations and, for the third year in a row, is ranked as the most sustainable bank in North America. BMO ranked in the top quartile for clean revenue and diversity on its board and among its leadership.  

“At BMO our Purpose is to Boldly Grow the Good in business and life for a thriving economy, a sustainable future and an inclusive society,” said Sharon Haward-Laird, General Counsel, BMO Financial Group and Executive Committee Sponsor for Sustainability. “We’re excited to be recognized for the progress we’re making responding to some of today’s most pressing issues, from climate change to diversity, equity and inclusion. We look forward to leveraging our position as a leading financial services organization to create opportunities, lift communities and foster a more sustainable world.”

Carbon neutral in its own operations since 2010, BMO announced its Climate Ambition in March 2021 with a commitment to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025.  BMO is focused on being its clients’ lead partner in their transition to a net zero future and, since December 2019, has completed green and sustainability-linked loans for companies in a range of sectors, with targets including sustainability, diversity, and health and safety. To support clients’ pursuit of opportunities driven by the increasing momentum of the global economy’s shift in production and consumption of energy, in 2021 BMO established a dedicated Energy Transition Group and the BMO Climate Institute.

BMO’s leadership on sustainability has been recognized on a number of rankings, including the Wall Street Journal’s 100 Most Sustainably Managed Companies in the World, the Dow Jones Sustainability Indices World Index, and Ethisphere Institute’s list of the World’s Most Ethical Companies.

For information on BMO’s commitment to a sustainable future, see its Sustainability Report.
For more information on BMO’s Purpose, please visit its Purpose page.
Visit BMO’s Zero Barriers to Inclusion 2025 site for more on Diversity and Inclusion.
For BMO’s climate ambition, visit its Climate page.

About BMO Financial Group 

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $988 billion as of October 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

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SOURCE BMO Financial Group

Qualcomm Schedules First Quarter Fiscal 2022 Earnings Release and Conference Call

PR Newswire

SAN DIEGO, Jan. 19, 2022 /PRNewswire/ — Qualcomm Incorporated (NASDAQ: QCOM) today announced that it will publish the Company’s financial results for its first quarter fiscal 2022 on Wednesday, February 2, 2022, after the close of the market on the Company’s Investor Relations website, at https://investor.qualcomm.com/financial-information. The earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K, which will be available on the SEC website at http://www.sec.gov.

Qualcomm will host a conference call to discuss its first quarter fiscal 2022 results which will be broadcast live on February 2, 2022, beginning at 1:45 p.m. Pacific Time (PT) at https://investor.qualcomm.com/news-events/events. An audio replay will be available at https://investor.qualcomm.com/news-events/events and via telephone following the live call for 30 days thereafter. To listen to the replay via telephone, U.S. callers may dial (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use reservation number 13726028.

About Qualcomm

Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business. For more information, visit www.qualcomm.com.  

Qualcomm Contact: 
Mauricio Lopez-Hodoyan
Vice President, Investor Relations
Phone: (858) 658-4813
Email: [email protected]

 

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SOURCE Qualcomm Incorporated

Arcimoto and Adventure Center to Begin FUV rentals to Fort Lauderdale, Florida

Pure-electric Fun Utility Vehicles will be available to rent in February 2022

EUGENE, Ore., Jan. 19, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, and Adventure Center, the premier adventure rental company in South Florida, announced today that they will begin renting Arcimoto Fun Utility Vehicles in Fort Lauderdale beginning in February 2022.

“Adventure Center has long been leading the charge for three-wheel vehicle rentals in South Florida, and we are thrilled to now offer their customers a pure electric option.” said Mark Frohnmayer, Arcimoto Founder and CEO. “This partnership continues to build upon Arcimoto’s destination rental strategy, driving revenue per vehicle built, as well as brand awareness as happy customers cruise FUVs up A1A, and beyond. There is simply no better advertising.”

“We just took delivery of our FUV fleet, and even before our first rental they are already generating incredible interest from tourists and locals alike,” said Brian Freedman, Founder of Adventure Center. “FUVs are moving billboards for our business, turning heads wherever they go. For our customers, they have the range to explore West Palm Beach or South Beach, unlocking all of South Florida, a great complement to our fleets of Slingshots, jet skis, and traditional motorcycles. We can’t wait to begin rentals in the coming weeks.”

Adventure Center is the seventh planned Arcimoto rental location, with rentals also available in San Francisco, San Diego, Santa Monica, Key West, Marco Island, Florida, and Eugene, Oregon. For more information, visit Arcimoto.com/rental and Advcenter.com.

For the latest company updates, follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor information about the company, including press releases, stakeholder webcast replays, and more can be found at http://arcimoto.com/ir.

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Our flagship vehicle, the Arcimoto FUV®, is purpose-built for everyday driving and transforms ordinary trips into pure-electric joyrides. Launched in 2021, the all-new Arcimoto Roadster is designed to be the ultimate open-road fun machine and is the purest expression of the Arcimoto Platform. The Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Expected to launch in 2022, the Flatbed represents Arcimoto’s vision of a pure-electric, rightsized utility pickup truck. The upcoming Cameo™ is designed to create a smooth, silent, sustainable camera vehicle for the film and influencer industries. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Safe Harbor / Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.

Public Relations Contact:

Megan Kathman
(651) 785-3212
[email protected]

Investor Relations Contact:


[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd652e6-a950-41b3-802c-d225b6958cd9

 



AMP IT UP:Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity

AMP IT UP:Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity

Exponential growth is a critical goal for today’s emerging ventures. And while such growth can feel elusive, game-changing transformation is within our grasp — with the right leadership mindset.

No-Headquarters/BOZEMAN, Mont.–(BUSINESS WIRE)–
In AMP IT UP: Leading for Hypergrowth with High Expectations, Urgency, and Intensity (Wiley; January 19, 2022), Frank Slootman, chairman and CEO of Data Cloud company Snowflake (NYSE: SNOW), reveals what it takes to transform any organization, to maximize growth and scale. The three-time CEO and industry leader spearheaded the largest software IPO in history for Snowflake in 2020, previously led IPO’s for both Data Domain and ServiceNow. In AMP IT UP, he shares how leaders can convert lingering potential into superior results with the resources they already possess. Order a copy of AMP IT UP here.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220119005295/en/

AMP IT UP: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity, by Frank Slootman, chairman and CEO of Data Cloud company Snowflake. (Graphic: Business Wire)

AMP IT UP: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity, by Frank Slootman, chairman and CEO of Data Cloud company Snowflake. (Graphic: Business Wire)

Slootman focuses on the keys to mission-driven leadership discipline, proven to drive exponential growth – and hundreds of billions of dollars in market value.

The Amp It Up process features five key steps to boost growth and meaningful change, including:

  • Raise Your Standards: be mission-driven, combat incrementalism, and place execution ahead of strategy.
  • Align Your People: empower your team with a shared mission; hire drivers, not passengers, and get the wrong people off the bus.
  • Sharpen Your Focus: put analysis before solutions;prioritize more and multitask less.
  • Pick Up the Pace: speed up timelines, seize the moment to ramp up speed, and deliver.
  • Transform Your Strategy: sharpen yourperipheral vision to expand your reach and growth potential.

Leading for growth means declaring war on mediocrity, breaking the status quo, and making choices, all with a relentless focus on the mission. AMP IT UP empowers executives, entrepreneurs, founders, managers, and leaders of all kinds, to unleash the growth potential of a company, and scale it to new heights with urgency and intensity.

ADVANCE PRAISE for Amp It Up:

“Over the last 20 years I have been fortunate to watch Frank Slootman build a Hall Of Fame career. In Amp It Up, he shares his must read offensive game plan for your business. Unlike most CEO books today, this is a plain spoken, hard driving, attack oriented, precision obsessed offense. If you want to be the best – Amp It Up is for you. ”

Brad Gerstner, Founder & CEO, Altimeter Capital

“With Frank, it all starts and ends with hardcore and focused execution.”

Doug Leone, Global Managing Partner, Sequoia Capital

“Amp It Up is a terrific read for leaders and future leaders, whether they are at a start-up, an SMB, or a big company. If you are looking for a must-read about leadership, being focused on your mission and executing at the highest levels, this is the book!”

Joe Tucci, former Chairman and CEO, EMC

“Frank Slootman is one of the best-performing CEOs there is. This book is essential reading for every leader who aspires to motivate teams, inspire excellence and deliver beyond expectations.”

—Bill McDermott, President and CEO, ServiceNow

“What makes Frank the best technology CEO on the planet: he sets and then beats unreasonably high expectations; he is a high-integrity people leader; he makes the strategy clear to all; and he is a fearless leader willing to do whatever it takes to win. Amp It Up is a must-read book for anyone looking to take their team and organization to the next level.”

—Mike Speiser, Managing Director, Sutter Hill Ventures

“What an incredible leader Frank is. At Data Domain, he built an intensity around clear business priorities and the customer value proposition and drove it through the organization daily. Amp It Up tells that story and how it can be recreated in other organizations.”

Pat Gelsinger, CEO, Intel

“Frank Slootman brings his practical experience of delivering success into plain sight for all of us to learn and be inspired by. Amp It Up is a recipe we can all apply.”

Frans van Houten, CEO, Royal Philips

About Snowflake

Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 223 of the 2021 Fortune 500 as of October 31, 2021, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.

Danica Stanczak

Sr. PR Manager, Snowflake

[email protected]

KEYWORDS: United States North America Canada Montana

INDUSTRY KEYWORDS: Mobile/Wireless Technology Publishing Security Marketing Communications Software Networks Internet Data Management

MEDIA:

Logo
Logo
Photo
Photo
AMP IT UP: Leading for Hypergrowth by Raising Expectations, Increasing Urgency, and Elevating Intensity, by Frank Slootman, chairman and CEO of Data Cloud company Snowflake. (Graphic: Business Wire)

Scotia Global Asset Management announces January 2022 cash distributions for Scotia ETFs

Canada NewsWire

TORONTO, Jan. 19, 2022 /CNW/ – Scotia Global Asset Management announced today the January 2022 cash distributions for the Scotia ETFs listed on the NEO Exchange, which pay on a monthly basis. Unitholders of record on January 26, 2022 will receive a cash distribution payable on February 2, 2022, as noted below.


Scotia ETF name


Ticker


symbol
 


Cash distribution
per unit ($)

Scotia Canadian Bond Index Tracker ETF

SITB

0.032

Scotia Responsible Investing Canadian Bond Index ETF

SRIB

0.003

For more information on the Scotia ETFs, please visit here.

Commissions, management fees and expenses all may be associated with investments in exchange-traded funds (ETFs). Please read the prospectus before investing. The securities held by the ETFs can change at any time without notice. Investments in ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

About Scotia Global Asset Management
Scotia Global Asset Management includes 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs.

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at October 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

First Community Corporation Announces Fourth Quarter and Record Annual Earnings and Increased Cash Dividend

PR Newswire

LEXINGTON, S.C., Jan. 19, 2022 /PRNewswire/ —


Highlights

  • Net income of 15.465 million for the year of 2021, an increase of 53.1% over 2020.
  • Net income of $3.919 million for the fourth quarter, up 14.1% year-over-year and down 17.5% from the linked quarter.
  • Pre-tax pre-provision earnings of $19.982 million for the year of 2021, an increase of 22.9% over 2020.
  • Pre-tax pre-provision earnings of $4.912 million for the fourth quarter, up 5.9% year-over year and down 19.7% from the linked quarter.
  • Income related to Paycheck Protection Program (PPP) loans, including interest and deferred fees, was $254 thousand in the fourth quarter of 2021 compared to $1.646 million in the third quarter of the year.  Total income related to interest and deferred fees on PPP loans for 2021 was $3.340 million, which includes $2.955 million in accretion of net deferred fees. 
  • Diluted EPS of $0.52 per common share for the fourth quarter and $2.05 per common share for the year of 2021.
  • Pure (non-CD) deposit growth, including customer cash management accounts, of $191.2 million during the year, a 17.4% growth rate.
  • Total loan growth of $19.5 million or 2.3% during the year.  Loan growth, excluding PPP loans and a related credit facility was $65.5 million during the year, an 8.2% growth rate.
  • Total loans declined by $17.8 million during the fourth quarter.  Loans, excluding PPP loans, declined $10.2 million during the fourth quarter.
  • Key credit quality metrics continue to be strong with 2021 net loan recoveries of $478 thousand, non-performing assets of 0.09%, and past due loans of 0.03% at year end.
  • Investment advisory revenue of $1.121 million for the fourth quarter and $3.995 million for the year of 2021.  Assets under management were $650.9 million at December 31, 2021.
  • Increased cash dividend of $0.13 per common share, the 80th consecutive quarter of cash dividends paid to common shareholders.

Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income for the fourth quarter and year end of 2021.  Net income for the fourth quarter of 2021 was $3.919 million and diluted earnings per share were $0.52 compared to $3.436 million and $0.46 in the fourth quarter of 2020 and $4.748 million and $0.63 in the third quarter of 2021, an increase in net income of 14.1% year-over-year and a decrease of 17.5% on a linked quarter basis.  Pre-tax pre-provision earnings (PTPPE) in the fourth quarter of 2021 were $4.912 million compared to fourth quarter of 2020 PTPPE of $4.640 million and third quarter 2021 PTPPE of $6.115 million, an increase of 5.9% year-over-year and a decrease of 19.7% on a linked quarter.  Income related to PPP loan deferred fees decreased over the linked quarter by $1.392 million from $1.646 million in the third quarter of 2021 to $254 thousand in the fourth quarter of the year.

For the year ended December 31, 2021 net income was $15.465 million compared to $10.099 million in 2020, an increase of 53.1%.  Diluted earnings per share were $2.05 for 2021 compared to $1.35 in 2020.  For the year ended December 31, 2021 PTPPE were $19.982 million compared to $16.258 million during the year of 2020, an increase of 22.9%. 


Cash Dividend and Capital

The Board of Directors has approved an increased cash dividend for the fourth quarter of 2021 of $0.13 per common share.  This dividend is payable on February 15, 2022 to shareholders of record of the company’s common stock as of February 1, 2022.  First Community President and CEO, Mike Crapps commented, “The entire board is pleased that our performance enables the company to increase our cash dividend which has continued uninterrupted for 80 consecutive quarters.” 

On April 12, 2021, the Company announced that its Board of Directors approved the repurchase of up to 375,000 shares of its common stock, which represents approximately 5% of the Company’s 7,548,638 shares outstanding as of December 31, 2021.   Under the repurchase plan, the Company may repurchase shares from time to time.  No share repurchases have been made under the plan as of December 31, 2021.  Mr. Crapps noted, “This approved share repurchase plan provides us with some flexibility in managing capital going forward.”    

Each of the regulatory capital ratios for the bank exceed the well capitalized minimum levels currently required by regulatory statute.  At December 31, 2021, the bank’s regulatory capital ratios (Leverage, Tier I Risk Based and Total Risk Based) were 8.45%, 14.00%, and 15.18%, respectively.  This compares to the same ratios as of December 31, 2020 of 8.84%, 12.83%, and 13.94%, respectively. As of December 31, 2021, the bank’s Common Equity Tier One ratio was 14.00% compared to 12.83% at December 31, 2020.  Further, the company’s Tangible Common Equity to Tangible Assets ratio was 8.00% as of December 31, 2021 compared to 8.74% as of December 31, 2020.


Asset Quality

The company’s asset quality remains extremely strong.  The non-performing assets ratio was 0.09% of total assets at December 31, 2021 compared to 0.50% at December 31, 2020.  Non-performing assets were $1.4 million at year-end 2021, relatively flat on a linked quarter and a decrease of 79.9% from $7.0 million at the end of 2020.  The past due ratio for all loans was 0.03% at year-end 2021, unchanged on a linked quarter and a decrease from 0.23% at year-end 2020.  During the fourth quarter the bank experienced net loan recoveries of $219 thousand, with overall net loan recoveries for the year of 2021 of $478 thousand.   The ratio of classified loans plus OREO now stands at 6.27% of total bank regulatory risk-based capital as of December 31, 2021 compared to 6.51% on a linked quarter and 6.89% at the end of 2020. 


Balance Sheet

For the year of 2021, total loans increased $19.5 million, a 2.3% growth rate.  Total loans, excluding PPP loans and a related credit facility, increased $65.5 million during the year, an 8.2% growth rate.  During the fourth quarter of 2021, total loans declined by $17.8 million due to elevated payoffs and paydowns. PPP loans outstanding decreased $7.642 million during the quarter resulting in only $1.467 million in PPP loans remaining at year end.  Additionally, a $1.8 million PPP related credit facility paid off during the quarter.  The remaining decrease is due to elevated early payoffs exceeding otherwise good production.  Mr. Crapps noted, “As a community bank committed to the success of local businesses, we were pleased to be able to support our customers with access to the PPP funding.  With the majority of these loans now forgiven, the impact to the bank going forward will be negligible.”

For the year of 2021, total deposits increased $171.9 million, an annual growth rate of 14.5%.  Pure deposits, which are defined as total deposits less certificates of deposits, increased $177.9 million, during 2021 to $1.237 billion at December 31, 2021 from $1.059 billion at December 30, 2020, a 16.8 % annual growth rate.  Securities sold under agreements to repurchase, which are related to customer cash management accounts or business sweep accounts, increased 32.5% during 2021, to $54.2 million at December 31, 2021 from $40.9 million at December 31, 2020.  During the fourth quarter of 2021, total deposits increased to $1.361 billion at December 31, 2021 compared to $1.334 billion at September 30, 2021, an annualized growth rate of 8.2%.  Pure deposits increased $29.2 million, during the fourth quarter to $1.237 billion at December 31, 2021 from $1.208 billion at September 30, 2021, a 9.6 % annualized growth rate.  Securities sold under agreements to repurchase were $54.2 million at December 31, 2021 compared to $59.8 million at September 30, 2021.  Costs of deposits decreased on a linked quarter basis to 0.11% in the fourth quarter from 0.12% in the third quarter of 2021.  Cost of funds also decreased on a linked quarter basis to 0.14% in the fourth quarter from 0.15% in the third quarter of the year.  Mr. Crapps commented, “A strength of our bank has been and continues to be our low cost deposit base.  During 2021, we have continued to grow pure deposits while at the same time working to keep our cost of deposits low.”          


Revenue

Net Interest Income/Net Interest Margin

Net interest income for the year of 2021 increased 13.1% to $45.3 million compared to $40.0 million for the year of 2020.  On a linked quarter basis net interest income decreased to $11.2 million in the fourth quarter from $12.5 million in the third quarter.  The net interest margin, on a taxable equivalent basis, was 3.01% for the fourth quarter of 2021 compared to 3.47% in the third quarter of the year. It should be noted that during the third quarter of 2021, the bank benefitted from $1.561 million in accretion of net deferred PPP loan fees related to a large reduction in PPP loans during the quarter compared to $241 thousand during the fourth quarter of 2021 that positively impacted both net interest income and net interest margin.  Additionally, the third quarter included $140 thousand in recovered interest income related to the resolution of a non-accrual loan. 

Non-Interest Income

Total non-interest income was $3.626 million in the fourth quarter of 2021 compared to $3.564 million in the third quarter of the year and $3.604 million in the fourth quarter of 2020.  Total non-interest income, for the year was $13.904 million, an increase over 2020 non-interest income of $13.769 million.  Total non-interest income, adjusted for non-recurring items was $3.499 million in the fourth quarter of 2021, $3.504 in the third quarter of 2021 and $13.540 million for the year of 2021.   

Revenues in the mortgage line of business were $1.039 million in the fourth quarter of 2021 compared to $1.147 on a linked quarter and $1.600 million year-over-year.  Total revenues for the mortgage line of business in 2021 were $4.319 million compared to $5.557 million for the year of 2020.  Total mortgage loan production decreased 28.7% in 2021 compared to 2020.  Crapps noted, “The year of 2020 was extremely strong for the mortgage industry and our mortgage line of business.  Production in 2021 has been impacted by low housing inventory and a 36% reduction in refinance activity compared to 2020.”  Year-over-year, the impact of lower mortgage loan production was partially offset by a 25 basis points increase in the gain-on-sale margin.

Revenue in the investment advisory line of business was $1.121 million in the fourth quarter of 2021 an increase of 7.8% on a linked quarter basis from $1.040 million in the third quarter of 2021 and an increase of 50.9% year-over-year from $743 thousand in the fourth quarter of 2020.  Total revenue in 2021 was $3.995 million compared to $2.720 million in 2020, an increase of 46.9% year-over-year.  Notably, assets under management (AUM), ended 2021 at $650.9 million compared to $501.6 million at year-end 2020 and $369.7 million at year-end 2019.  Mr. Crapps commented, “Our strategy of multiple revenue streams continues to serve us well as we focus our efforts to accelerate growth in these lines of business.” 


Non-Interest Expense

Total non-interest expense was relatively flat on a linked quarter basis.  Several expense categories decreased during the fourth quarter, including salaries and benefits expense which was down $206 thousand, primarily due to the incentive accrual catch up that occurred in the third quarter; other real estate expense that was down by $95 thousand due to lower than expected property taxes and there was a decrease in the FDIC assessment expense of $75 thousand.  There was an increase in marketing and public relations expenses of $184 thousand in the fourth quarter related to the production of new ad campaigns and related creative materials and there was also an increase in other expense of $169 thousand to a more normalized level.  During the third quarter, the bank received a reimbursement of $153 thousand in legal fees paid in prior periods related to the resolution of a particular loan relationship.   


About First Community Corporation

First Community Corporation stock trades on the NASDAQ Capital Market under the symbol “FCCO” and is the holding company for First Community Bank, a local community bank based in the Midlands of South Carolina.  First Community Bank is a full-service commercial bank offering deposit and loan products and series, residential mortgage lending and financial planning/investment advisory services for businesses and consumers.  First Community serves customers in the Midlands, Aiken, and Greenville, South Carolina markets as well as Augusta, Georgia.  For more information, visit www.firstcommunitysc.com.

FORWARD-LOOKING STATEMENTS

This news release and certain statements by our management may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, goals, projections and expectations, and are thus prospective. Forward looking statements can be identified by words such as “anticipate”, “expects”, “intends”, “believes”, “may”, “likely”, “will” or other statements that indicate future periods.  Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Such risks, uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected including, but not limited to, due to the negative impacts and disruptions resulting from the outbreak of the novel coronavirus, or COVID-19, on the economies and communities we serve, which has had and may continue to have an adverse impact on our business, operations, and performance, and could continue to have a negative impact on our credit portfolio, share price, borrowers, and on the economy as a whole both domestically and globally; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental, or legislative action, (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersecurity risks, including potential business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; and (7) risks, uncertainties and other factors disclosed in our most recent Annual Report on Form 10-K filed with the SEC, or in any of our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K filed with the SEC since the end of the fiscal year covered by our most recently filed Annual Report on Form 10-K, which are available at the SEC’s Internet site (http://www.sec.gov).

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. We can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.


FIRST COMMUNITY CORPORATION


BALANCE SHEET DATA


(Dollars in thousands, except per share data)

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2021

2021

2021

2021

2020

  Total Assets

$    1,584,508

$    1,560,326

$    1,514,973

$    1,492,494

$    1,395,382

  Other Short-term Investments and CD’s1

47,049

55,259

52,316

88,389

46,062

  Investment Securities

566,624

515,260

470,669

407,547

361,919

  Loans Held for Sale

7,120

6,213

11,416

23,481

45,020

  Loans

     Paycheck Protection Program (PPP) Loans

1,467

9,109

47,229

61,836

42,242

     Non-PPP Loans

862,235

872,411

831,089

807,230

801,915

  Total Loans

863,702

881,520

878,318

869,066

844,157

  Allowance for Loan Losses

11,179

11,025

10,638

10,563

10,389

  Goodwill

14,637

14,637

14,637

14,637

14,637

  Other Intangibles

919

959

1,011

1,063

1,120

  Total Deposits

1,361,291

1,333,568

1,289,883

1,271,440

1,189,413

  Securities Sold Under Agreements to Repurchase

54,216

59,821

60,487

60,319

40,914

  Federal Home Loan Bank Advances

  Junior Subordinated Debt

14,964

14,964

14,964

14,964

14,964

  Shareholders’ Equity

140,998

139,113

137,927

132,687

136,337

  Book Value Per Common Share

$          18.68

$          18.44

$          18.29

$          17.63

$          18.18

  Tangible Book Value Per Common Share 

$          16.62

$          16.37

$          16.22

$          15.55

$          16.08

  Equity to Assets

8.90%

8.92%

9.10%

8.89%

9.77%

  Tangible Common Equity to Tangible Assets

8.00%

8.00%

8.16%

7.92%

8.74%

  Loan to Deposit Ratio (Includes Loans Held for Sale)

63.97%

66.57%

68.98%

70.20%

74.76%

  Loan to Deposit Ratio (Excludes Loans Held for Sale)

63.45%

66.10%

68.09%

68.35%

70.97%

  Allowance for Loan Losses/Loans

1.29%

1.25%

1.21%

1.22%

1.23%

Regulatory Capital Ratios (Bank):

  Leverage Ratio

8.45%

8.56%

8.48%

8.73%

8.84%

  Tier 1 Capital Ratio

14.00%

13.58%

13.52%

13.20%

12.83%

  Total Capital Ratio

15.18%

14.74%

14.66%

14.34%

13.94%

  Common Equity Tier 1 Capital Ratio

14.00%

13.58%

13.52%

13.20%

12.83%

  Tier 1 Regulatory Capital

$       132,918

$       129,741

$       125,732

$       122,854

$       120,385

  Total Regulatory Capital

$       144,097

$       140,766

$       136,370

$       133,417

$       130,774

  Common Equity Tier 1 Capital

$       132,918

$       129,741

$       125,732

$       122,854

$       120,385


1 Includes federal funds sold, securities sold under agreement to resell and interest-bearing deposits


Average Balances:

Three months ended

Twelve months ended

December 31,

December 31,

2021

2020

2021

2020

  Average Total Assets

$    1,593,657

$    1,392,030

$    1,520,358

$    1,296,081

  Average Loans (Includes Loans Held for Sale)

880,026

892,771

888,973

835,091

  Average Earning Assets

1,490,507

1,296,891

1,419,165

1,198,887

  Average Deposits

1,363,235

1,181,772

1,292,727

1,087,448

  Average Other Borrowings

77,098

63,620

77,158

66,528

  Average Shareholders’ Equity

140,180

133,257

137,866

128,863


Asset Quality:

 As of 

December 31,

September 30,

June 30,

March 30,

December 31,

2021

2021

2021

2021

2020

Loan Risk Rating by Category (End of Period)

  Special Mention

$          1,626

$          2,851

$          3,085

$          3,507

$          7,757

  Substandard

7,872

7,992

11,707

12,136

7,810

  Doubtful

  Pass

854,204

870,677

863,526

853,423

828,590

$       863,702

$       881,520

$       878,318

$       869,066

$       844,157

Nonperforming Assets

  Non-accrual Loans

$             250

$             359

$          3,986

$          4,521

$          4,562

  Other Real Estate Owned and Repossessed Assets

1,165

1,165

1,182

1,076

1,201

  Accruing Loans Past Due 90 Days or More

4,165

1,260

Total Nonperforming Assets

$          1,415

$          1,524

$          9,333

$          5,597

$          7,023

Accruing Trouble Debt Restructurings

$          1,444

$          1,474

$          1,510

$          1,515

$          1,552

 Three months ended 

 Twelve months ended 

December 31,

December 31,

2021

2020

2021

2020

  Loans Charged-off

$                5

$                1

$             132

$               25

  Overdrafts Charged-off

10

37

49

85

  Loan Recoveries

(224)

(22)

(610)

(167)

  Overdraft Recoveries

(4)

(16)

(27)

(42)

     Net Charge-offs (Recoveries)

$            (213)

$               –

$            (456)

$              (99)

Net Charge-offs / (Recoveries) to Average Loans2

-0.10%

0.00%

-0.05%

-0.01%


2 Annualized

 

 

 


FIRST COMMUNITY CORPORATION


INCOME STATEMENT DATA


(Dollars in thousands, except per share data)

Three months ended

Three months ended

Three months ended

Three months ended

Twelve months ended

December 31,

September 30,

June 30,

March 31,

December 31,

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

  Interest income

$   11,656

$   11,426

$   12,982

$   10,976

$   11,664

$    10,666

$    11,218

$    10,710

$   47,520

$   43,778

  Interest expense

492

739

526

800

572

923

651

1,293

2,241

3,755

  Net interest income

11,164

10,687

12,456

10,176

11,092

9,743

10,567

9,417

45,279

40,023

  Provision for loan losses

(59)

276

49

1,062

168

1,250

177

1,075

335

3,663

  Net interest income after provision

11,223

10,411

12,407

9,114

10,924

8,493

10,390

8,342

44,944

36,360

  Non-interest income

    Deposit service charges

262

270

257

242

212

210

246

399

977

1,121

    Mortgage banking income

1,039

1,600

1,147

1,403

1,143

1,572

990

982

4,319

5,557

    Investment advisory fees and non-deposit commissions

1,121

743

1,040

672

957

671

877

634

3,995

2,720

    Gain (loss) on sale of securities

99

99

    Gain (loss) on sale of other assets

103

13

141

77

6

193

147

    Non-recurring BOLI income

311

311

    Other non-recurring income

24

47

100

171

    Other

1,077

991

1,060

982

1,106

934

1,006

907

4,249

3,814

  Total non-interest income

3,626

3,604

3,564

3,850

3,418

3,387

3,296

2,928

13,904

13,769

  Non-interest expense

    Salaries and employee benefits

6,188

6,446

6,394

6,087

5,948

5,840

5,964

5,653

24,494

24,026

    Occupancy

740

651

743

736

734

679

730

643

2,947

2,709

    Equipment

347

303

336

318

338

298

275

318

1,296

1,237

    Marketing and public relations

324

100

140

342

313

247

396

354

1,173

1,043

    FDIC assessment 

114

137

189

137

146

88

169

42

618

404

    Other real estate expenses

(37)

47

58

79

55

40

29

35

105

201

    Amortization of intangibles

40

68

52

95

52

95

57

105

201

363

    Other

2,162

1,899

1,993

1,920

2,292

1,844

1,920

1,888

8,367

7,551

  Total non-interest expense

9,878

9,651

9,905

9,714

9,878

9,131

9,540

9,038

39,201

37,534

  Income before taxes

4,971

4,364

6,066

3,250

4,464

2,749

4,146

2,232

19,647

12,595

  Income tax expense

1,052

928

1,318

598

921

532

891

438

4,182

2,496

  Net income

$     3,919

$     3,436

$     4,748

$     2,652

$     3,543

$      2,217

$      3,255

$      1,794

$   15,465

$   10,099

  Per share data

     Net income, basic 

$       0.52

$       0.46

$       0.63

$       0.36

$       0.47

$        0.30

$       0.44

$       0.24

$       2.06

$       1.36

     Net income, diluted 

$       0.52

$       0.46

$       0.63

$       0.35

$       0.47

$        0.30

$       0.43

$       0.24

$       2.05

$       1.35

  Average number of shares outstanding – basic

7,503,835

7,463,583

7,498,832

7,457,750

7,485,625

7,435,933

7,475,522

7,427,257

7,491,053

7,445,906

  Average number of shares outstanding – diluted

7,564,909

7,503,184

7,555,998

7,481,568

7,537,179

7,465,212

7,522,568

7,472,956

7,548,840

7,482,062

  Shares outstanding period end

7,548,638

7,500,338

7,544,374

7,492,908

7,539,587

7,486,151

7,524,944

7,462,247

7,548,638

7,500,338

  Return on average assets

0.98%

0.98%

1.22%

0.78%

0.94%

0.70%

0.92%

0.61%

1.02%

0.78%

  Return on average common equity

11.09%

10.26%

13.42%

8.01%

10.51%

7.03%

9.74%

5.84%

11.22%

7.84%

  Return on average common tangible equity

12.48%

11.64%

15.10%

9.11%

11.89%

8.04%

11.01%

6.72%

12.65%

8.94%

  Net interest margin (non taxable equivalent) 

2.97%

3.28%

3.43%

3.24%

3.17%

3.35%

3.20%

3.52%

3.19%

3.34%

  Net interest margin (taxable equivalent)

3.01%

3.31%

3.47%

3.28%

3.20%

3.38%

3.23%

3.55%

3.23%

3.37%

  Efficiency ratio1

66.74%

67.05%

61.56%

71.53%

67.50%

69.00%

69.16%

72.79%

66.09%

69.99%


1 Calculated by dividing non-interest expense by net interest income on tax equivalent basis and non interest income, excluding gain on sale of other assets and other non-recurring noninterest income.

 

 

 


FIRST COMMUNITY CORPORATION


Yields on Average Earning Assets and  


Rates on Average Interest-Bearing Liabilities

Three months ended December 31, 2021

Three months ended December 31, 2020

Average

Interest 

Yield/

Average

Interest 

Yield/


Balance


Earned/Paid


Rate


Balance


Earned/Paid


Rate


Assets

Earning assets

  Loans

     PPP loans

$            4,882

$          254

20.64%

$          47,872

$          496

4.12%

     Non-PPP loans

875,144

9,269

4.20%

844,899

9,287

4.37%

  Total loans

880,026

9,523

4.29%

892,771

9,783

4.36%

  Securities

532,392

2,096

1.56%

322,245

1,603

1.98%

  Other short-term investments and CD’s

78,089

37

0.19%

81,875

40

0.19%

Total earning assets

1,490,507

11,656

3.10%

1,296,891

11,426

3.50%

Cash and due from banks

26,113

16,775

Premises and equipment

32,932

34,519

Goodwill and other intangibles

15,575

15,789

Other assets

39,639

38,246

Allowance for loan losses

(11,109)

(10,190)

Total assets

$     1,593,657

$     1,392,030


Liabilities

Interest-bearing liabilities

  Interest-bearing transaction accounts

$        325,007

$            44

0.05%

$        279,264

$            65

0.09%

  Money market accounts

290,401

112

0.15%

237,289

146

0.24%

  Savings deposits

141,745

20

0.06%

122,665

19

0.06%

  Time deposits

155,333

194

0.50%

165,722

376

0.90%

  Other borrowings

77,098

122

0.63%

63,620

133

0.83%

Total interest-bearing liabilities

989,584

492

0.20%

868,560

739

0.34%

Demand deposits

450,749

376,832

Other liabilities

13,144

13,381

Shareholders’ equity

140,180

133,257

Total liabilities and shareholders’ equity

$     1,593,657

$     1,392,030

Cost of deposits, including demand deposits

0.11%

0.20%

Cost of funds, including demand deposits

0.14%

0.24%

Net interest spread 

2.90%

3.17%

Net interest income/margin – excluding PPP loans

$     10,910

2.91%

$     10,191

3.25%

Net interest income/margin – including PPP loans

$     11,164

2.97%

$     10,687

3.28%

Net interest income/margin (tax equivalent) – excl. PPP loans

$     11,047

2.95%

$     10,294

3.28%

Net interest income/margin (tax equivalent) – incl. PPP loans

$     11,301

3.01%

$     10,790

3.31%

 

 

 


FIRST COMMUNITY CORPORATION


Yields on Average Earning Assets and  


Rates on Average Interest-Bearing Liabilities

Twelve months ended December 31, 2021

Twelve months ended December 31, 2020

Average

Interest 

Yield/

Average

Interest 

Yield/


Balance


Earned/Paid


Rate


Balance


Earned/Paid


Rate


Assets

Earning assets

  Loans

     PPP loans

$          36,837

$       3,340

9.07%

$          32,312

$       1,073

3.32%

     Non-PPP loans

852,136

36,331

4.26%

802,779

35,964

4.48%

  Total loans

888,973

39,671

4.46%

835,091

37,037

4.44%

  Securities

456,805

7,719

1.69%

300,893

6,465

2.15%

  Other short-term investments and CD’s

73,387

130

0.18%

62,903

276

0.44%

Total earning assets

1,419,165

47,520

3.35%

1,198,887

43,778

3.65%

Cash and due from banks

23,668

15,552

Premises and equipment

33,780

34,769

Goodwill and other intangibles

15,649

15,922

Other assets

38,846

39,541

Allowance for loan losses

(10,750)

(8,590)

Total assets

$     1,520,358

$     1,296,081


Liabilities

Interest-bearing liabilities

  Interest-bearing transaction accounts

$        303,633

196

0.06%

$        246,385

284

0.12%

  Money market accounts

273,005

471

0.17%

217,018

820

0.38%

  Savings deposits

134,980

78

0.06%

113,255

84

0.07%

  Time deposits

158,053

995

0.63%

166,791

1,833

1.10%

  Other borrowings

77,158

501

0.65%

66,528

734

1.10%

Total interest-bearing liabilities

946,829

2,241

0.24%

809,977

3,755

0.46%

Demand deposits

423,056

343,999

Other liabilities

12,607

13,242

Shareholders’ equity

137,866

128,863

Total liabilities and shareholders’ equity

$     1,520,358

$     1,296,081

Cost of deposits, including demand deposits

0.13%

0.28%

Cost of funds, including demand deposits

0.16%

0.33%

Net interest spread 

3.11%

3.19%

Net interest income/margin – excluding PPP loans

$     41,939

3.03%

$     38,950

3.34%

Net interest income/margin – including PPP loans

45,279

3.19%

40,023

3.34%

Net interest income/margin (tax equivalent) – excl. PPP loans

$     42,436

3.07%

$     39,340

3.37%

Net interest income/margin (tax equivalent) – incl. PPP loans

$     45,776

3.23%

$     40,413

3.37%

 

 

The tables below provide a reconciliation of non–GAAP measures to GAAP for the periods indicated:

 

December 31,

 

September 30,

June

 30,

March

 31,

December 31,


Tangible book value per common share

2021

2021

2021

2021

2020

Tangible common equity per common share (non–GAAP)

$

16.62

$

16.37

$

16.22

$

15.55

$

16.08

Effect to adjust for intangible assets

2.06

2.07

2.07

2.08

2.10

Book value per common share (GAAP)

$

18.68

$

18.44

$

18.29

$

17.63

$

18.18


Tangible common shareholders’ equity to tangible assets

Tangible common equity to tangible assets (non–GAAP)

8.00

%

8.00

%

8.16

%

7.92

%

8.74

%

Effect to adjust for intangible assets

0.90

%

0.92

%

0.94

%

0.97

%

1.03

%

Common equity to assets (GAAP)

8.90

%

8.92

%

9.10

%

8.89

%

9.77

%

 

 


Return on average tangible
common equity

Three months ended December 31,

Three months ended September 30,

Three months ended June 30,

Three months ended March 31,

Twelve months ended December 31,


2021


2020


2021


2020


2021


2020


2021


2020


2021


2020

Return on average common
tangible equity (non-GAAP)

12.48

%

11.64

%

 

15.10

 

%

9.11

%

11.89

%

8.04

%

11.01

%

6.72

%

12.65

%

8.94

%

Effect to adjust for intangible
assets

(1.39)

%

(1.38)

%

 

(1.68)

%

 

(1.10)

%

(1.38)

%

(1.01)

%

(1.27)

%

(0.88)

%

(1.43)

%

(1.10)

%

Return on average common
equity (GAAP)

11.09

%

10.26

%

13.42

 

%

 

8.01

%

10.51

%

7.03

%

9.74

%

5.84

%

11.22

%

7.84

%

 

Three months ended

 Twelve months ended

December

31,

September

30,

December

31,

 

December 31,


Pre-tax, pre-provision earnings

2021

2021

2020

2021

2020

Pre-tax, pre-provision earnings (non–GAAP)

$

4,912

$

6,115

$

4,640

$

19,982

$

16,258

Effect to adjust for pre-tax, pre-provision earnings

(993)

(1,367)

(1,204)

(4,517)

(6,159)

Net Income (GAAP)

$

3,919

$

4,748

$

3,436

$

15,465

$

10,099

 

 

 

 Three months ended

Twelve months ended

December 31,

December 31,


Net interest margin excluding PPP Loans

2021

2020

2021

2020

Net interest margin excluding PPP loans (non-GAAP)

2.91%

3.25%

3.03%

3.34%

Effect to adjust for PPP loans

0.06

0.03

0.16

0.00

Net interest margin (GAAP)

2.97%

3.28%

3.19%

3.34%

 

 

 Three months ended

Twelve months ended

December 31,

December 31,


Net interest margin on a tax-equivalent basis
excluding PPP Loans

2021

2020

2021

2020

Net interest margin on a tax-equivalent basis excluding
PPP loans (non-GAAP)

2.95%

3.28%

 

3.07%

3.37%

Effect to adjust for PPP loans

0.06

0.03

0.16

0.00

Net interest margin on a tax equivalent basis (GAAP)

3.01%

3.31%

3.23%

3.37%

 

December 31,

September 30,

Growth

Annualized Growth


Loans and loan growth

2021

2021

Dollars


Rate

Non-PPP Loans and Related Credit Facilities (non-GAAP)

$

862,235

870,608

(8,373)

(3.8)

%

PPP Related Credit Facilities

0

1,803

(1,803)

(100.0)

%

Non-PPP Loans (non–GAAP)

$

862,235

$

872,411

$

(10,176)

(4.6)

%

PPP Loans

1,467

9,109

(7,642)

(332.8)

%

Total Loans (GAAP)

$

863,702

$

881,520

$

(17,818)

(8.0)

%

 

December 31,

December 31,

Growth

Annualized Growth


Loans and loan growth

2021

2020

Dollars


Rate

Non-PPP Loans and Related Credit Facilities (non-GAAP)

$

862,235

796,727

65,508

8.2

%

PPP Related Credit Facilities

0

5,188

(5,188)

(100.0)

%

Non-PPP Loans (non–GAAP)

$

862,235

$

801,915

$

60,320

7.5

%

PPP Loans

1,467

42,242

(40,775)

(96.5)

%

Total Loans (GAAP)

$

863,702

$

844,157

$

19,545

2.3

%

Certain financial information presented above is determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP financial measures include “Tangible book value per common share,” “Tangible common shareholders’ equity to tangible assets,” “Return on average tangible common equity,” “Pre-tax, pre-provision earnings,” “Net interest margin excluding PPP Loans,” “Net interest margin on a tax-equivalent basis excluding PPP Loans,” “Non-PPP Loans and Related Credit Facilities,” and “Non-PPP Loans.”

  • “Tangible book value per common share” is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding.
  • “Tangible book value per common share” is defined as total equity reduced by recorded intangible assets divided by total common shares outstanding.
  • “Tangible common shareholders’ equity to tangible assets” is defined as total common equity reduced by recorded intangible assets divided by total assets reduced by recorded intangible assets.
  • “Return on average tangible common equity” is defined as net income on an annualized basis divided by average total equity reduced by average recorded intangible assets.  
  • “Pre-tax, pre-provision earnings” is defined as net interest income plus non-interest income, reduced by non-interest expense.
  • “Net interest margin excluding PPP Loans” is defined as annualized net interest income less annualized interest income on PPP Loans divided by average earning assets less the average balance of PPP Loans. 
  • “Net interest margin on a tax-equivalent basis excluding PPP Loans” is defined as annualized net interest income on a tax-equivalent basis less annualized interest income on PPP Loans divided by average earning assets less the average balance of PPP Loans. 
  • “Non-PPP Loans and Related Credit Facilities” is defined as Total Loans less PPP Related Credit Facilities and PPP Loans.
  • “Non-PPP Loans” is defined as Total Loans less PPP Loans.
  • “Non-PPP Loans and Related Credit Facilities Growth – Dollars” is calculated by taking the difference between two time periods compared for Total Loans less PPP Loans and PPP Related Credit Facilities.  “Non-PPP Loans and Related Credit Facilities – Annualized Growth Rate” is calculated by (i) dividing “Non-PPP Loans and Related Credit Facilities Loan Growth – Dollars” by the number of days between the two time periods compared (ii) times the number of days in the year (iii) divided by the prior time period Non-PPP Loans and Related Credit Facilities balance.  
  • “Non-PPP Loans Growth – Dollars” is calculated by taking the difference between two time periods compared for Total Loans less PPP Loans.  “Non-PPP Loans – Annualized Growth Rate” is calculated by (i) dividing “Non-PPP Loans Loan Growth – Dollars” by the number of days between the two time periods compared (ii) times the number of days in the year (iii) divided by the prior time period Non-PPP Loans balance. 

Our management believes that these non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare our operating results from period-to-period in a meaningful manner. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the company’s results as reported under GAAP.

 

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SOURCE First Community Corporation