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Amcor develops breakthrough recyclable healthcare packaging

– New AmSky™ blister system, the latest in Amcor’s recent innovation breakthroughs, has the potential to transform the sustainability of healthcare packaging

– Innovation eliminates PVC from blister packaging – enabling Amcor healthcare customers to improve the recyclability of their packaging

– Innovation will deliver the first child-resistant and senior-friendly (CRSF) recyclable solution for the most in-demand pharmaceutical packaging type

PR Newswire

ZURICH, April 29, 2021 /PRNewswire/ — Building on its recent track record of breakthrough innovations to deliver recyclable packaging, Amcor is today announcing customer trials of the world’s first recyclable* Polyethylene-based thermoform blister packaging. The new packaging is designed to meet the stringent requirements of highly specialized and regulated pharmaceutical packaging and creates a more sustainable alternative for the most in-demand healthcare packaging type.  This innovation also benefits from up to 70% reduction in its carbon footprint, when compared to packaging alternatives on the market today.**

AmSky™ eliminates PVC (PolyVinyl Chloride) from the packaging by using a mono-material Polyethylene (PE) thermoform blister and lidding film. PVC can make packaging recycling more difficult or contaminate other materials if consumers attempt to recycle it.  By removing PVC – whilst retaining all the benefits of pre-existing blister packaging – Amcor has created a new, recyclable solution that benefits the entire recycling process.

Amcor is currently working with several leading pharmaceutical companies to bring AmSky™ to market globally. The company expects AmSky™ to be available in the healthcare market by the second half of 2022.


Peter Konieczny, Amcor’s Chief Commercial Officer, said: “Amcor is deploying our unique innovation capabilities to solve the biggest and most significant issues in packaging today. With AmSky™ Amcor has signalled our commitment to breakthrough innovation in the healthcare space – this is why we remain the packaging partner of choice for our healthcare customers, generating close to $2bn in annual sales in this market. This new blister packaging solution will significantly enhance the ability of healthcare and pharmaceutical brands to put sustainability at the heart of their businesses.”


William Jackson, Amcor’s Chief Technology Officer for Flexibles, commented: “This exciting solution is a result of Amcor’s continued focus on advanced technology and growth, using the entire power of our global R&D network to bring recyclable solutions to our customers.” 

Learn more about how Amcor is making its packaging more sustainable at www.amcor.com/sustainability


*

 The recyclability of AmSky blister packaging was independently verified by cyclos-HTP based on evaluations of the compatibility of this solution with the rigid polyethylene (PE) and the mixed-polyolefins (MPO) stream as operated in Europe. Similar analysis for other regions are currently underway.


**

 Carbon footprint reduction based on an ASSET™ lifecycle assessment of a standard PVC blister with Aluminium foil lidding vs. Amcor AmSky mono-PE blister and lidding film. Assumes end-of-life scenario of 100% recycling of the AmSky packaging and 100% incineration with energy recovery of the non-recyclable PVC/foil packaging. The ASSET™ tool is externally certified by the Carbon Trust against ISO 14041/44 and other international standards.

About Amcor

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home- and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using an increasing amount of recycled content. Around 47,000 Amcor people generate US$12.5 billion in sales from operations that span about 230 locations in 40-plus countries. (NYSE: AMCR) (ASX: AMC)

www.amcor.com  I  LinkedIn  I  Facebook  I  Twitter  I  YouTube

Photo – https://mma.prnewswire.com/media/1499950/AmSky_Blister_System.jpg

 

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SOURCE Amcor

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AcuityAds Announces Date for First Quarter 2021 Financial Results Video Conference Call

PR Newswire

TORONTO and NEW YORK, April 29, 2021 /PRNewswire/ – AcuityAds Holdings Inc. (TSX: AT) (“AcuityAds” or “Company”), the leading technology company that enables advertisers to connect intelligently with audiences across digital advertising campaigns from a single platform, is pleased to announce that it will report its first quarter 2021 financial results before market open on Tuesday, May 11th, 2021.

The Company will host a live video Zoom webcast to discuss the results on Tuesday, May 11th, 2021 at 8:30am Eastern Time. The Zoom webcast will be hosted by Tal Hayek, Co-Founder and Chief Executive Officer, and Jonathan Pollack, Chief Financial Officer, with a question and answer session to follow.

Conference Call Details:

To register for the conference call webcast and presentation, please visit

https://www.acuityads.com/q1

Participant Dial-in Numbers:

Canada – (+1) 647 374 4685
US – (+1) 646 558 8656

Webinar ID: 979 0282 2999

Please connect at 15 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

A recording of the conference call webcast will be available after the call by visiting the Company’s website at https://www.acuityads.com/q1.


About AcuityAds:

AcuityAds is a leading technology company that provides marketers a one-stop solution for omnichannel digital advertising with best-of-category return on advertising spend. Its journey automation technology, illumin™, offers planning, buying and real-time intelligence from one platform. With proprietary Artificial Intelligence, illumin™ brings unique programmatic capabilities to close the gap between advertising planning and execution. The company brings an integrated ecosystem of privacy-protected data, inventory, brand safety and fraud prevention partners, offering trusted solutions with proven, above-benchmark outcomes for the most demanding marketers.

AcuityAds is headquartered in Toronto with offices throughout Canada, the U.S., Europe and Latin America. For more information, visit AcuityAds.com.

Disclaimer in regard to Forward-looking Statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Investors are cautioned not to put undue reliance on forward-looking statements.  Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. The Company’s client that has been mentioned in this press release has the right to exercise an out-clause right at any time during the advertising campaign.

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

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SOURCE AcuityAds Holdings Inc.

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The Freedom Bank of Virginia Announces Earnings for the First Quarter of 2021

PR Newswire

FAIRFAX, Va., April 29, 2021 /PRNewswire/ — The Freedom Bank of Virginia (OTCQX: FDVA), (the “Bank” or “Freedom”) today announced net income of $2,468,211, or $0.34 per diluted share, for the three months ended March 31, 2021. This compares to net income of $2,413,775 or $0.33 per diluted share, for the linked quarter and net income of $849,806 or $0.11 per diluted share for the three months ending March 31, 2020.   

Joseph J. Thomas, President and CEO, commented, “Balance sheet growth fueled by new lead relationships and additional PPP clients, along with continued improvement in the composition and cost of our deposits, enabled the bank to drive our net income for the first quarter of 2021 to another record level, overcoming a softening in mortgage business volumes caused by rising rates and historically low levels of homes for sale in our primary market.  The Bank’s momentum enabled us to nearly triple net income in the first quarter of 2021 compared to the prior year and sustain strong returns on average assets and returns on average equity relative to peers.  I remain grateful to our clients for choosing Freedom Bank in this challenging business climate and proud of our employees who continue to work virtually and deliver strong results in the face of persistent impacts of the COVID-19 pandemic across the DC region. “

First Quarter 2021 Highlights include:

  • Net income for the first quarter was $2,468,211 or $0.34 per diluted share compared to net income of $2,413,775 or $0.33 per diluted share in the linked quarter and net income of $849,806 or $0.11 per diluted share for the three months ended March 31, 2020. The increase in net income in calendar quarters was primarily due to an increase in earning assets and an expansion in net interest margin;
  • Pre-tax, pre-provision net income was $3,122,414 for the first quarter compared to pre-tax, pre-provision net income of $1,398,806 for the same period in 2020;
  • Return on Average Assets (“ROAA”) was 1.26% for the quarter ended March 31, 2021 compared to 1.28% for the linked quarter and 0.68% for the three months ended March 31, 2020;
  • Return on Average Equity (“ROAE”) was 13.44% for the three months ended March 31, 2021 compared to 13.43% for the linked quarter and 5.27% for the three months ended March 31, 2020;
  • Total assets were $871.04 million on March 31, 2021, an increase of $103.99 million or 13.56% from total assets on December 31, 2020;
  • Total loans increased by $50.94 million or by 8.55% during the quarter. Loans held-for-investment (excluding PPP loans) increased by $26.20 million or 5.83% during the quarter, while PPP loan balances increased by $22.32 million and mortgage loans held for sale increased by $2.42 million;
  • Cash balances at the Federal Reserve increased by $49.91 million during the first quarter, primarily due to a surge in deposit growth;
  • Total deposits increased by $78.63 million or by 14.34% in the first quarter. Non-interest bearing demand deposits increased by $24.45 million from the linked quarter to $217.44 million and represented 34.67% of total deposits on March 31, 2021;
  • The net interest margin increased in the first quarter to 3.55%, higher by 49 basis points compared to the linked quarter and higher by 29 basis points compared to the same period in 2020. The increase in the net interest margin across linked quarters was primarily due to higher loan yields, up by 47 basis points, and a 12 basis point reduction in funding costs. The increase in loan yields was due to strong loan growth during the quarter as well as acceleration of deferred fees from PPP loans that were forgiven in the first quarter. Excluding the additional income from PPP loan forgiveness would have reduced the net interest margin by 31 basis points;
  • The cost of funds was 0.51% for the first quarter, lower by 12 basis points compared to the linked quarter and lower by 93 basis points compared to the same period in 2020, as deposit and borrowing costs declined across the board;
  • Non-interest income decreased by 35.16% compared to the linked quarter, primarily due to lower mortgage revenue as higher rates caused mortgage activity to slow from the linked quarter;
  • Non-interest expense decreased by 4.41% compared to the linked quarter and increased by 37.96% compared to the same period in 2020. The increase in non-interest expense in calendar quarters was primarily due to higher performance related costs: specifically, commissions paid to mortgage loan officers and mortgage settlement costs, as well as an increase in data processing expenses stemming from loan and deposit growth;
  • The Efficiency Ratio was 67.91% for the quarter ended March 31, 2021, compared to 67.52% for the linked quarter and 76.15% for the same period in 2020;
  • Asset quality remained strong with the ratio of non-performing assets to total assets at 0.28% on March 31, 2021 compared to 0.41% on December 31, 2020;
  • As a result of an increase in loans held-for-investment during the quarter and an assessment of the risks in the held-for-investment loan portfolio, the Bank recognized a $64,000 provision for loan losses during the first quarter and the ratio of the allowance for loan and lease losses to loans held-for-investment was 0.92% (or 1.16% excluding PPP loans, which carry a full faith and guarantee of the US Government) compared to 0.99% in the linked quarter (or 1.21% excluding PPP loans);
  • The Bank continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 10.95%, Common Equity Tier 1 ratio of 12.88%, Tier 1 Risk Based Capital ratio of 12.88% and a Total Capital ratio of 13.84%.

Total Revenue
Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was less than the linked quarter, primarily due to lower non-interest income, and higher by 54.69% compared to the same period in 2020.  

Payment Protection Program Activity
In the second quarter of 2020, the Bank processed and funded 510 PPP loans (referred to as 2020 PPP loans), with balances of $106.37 million.  The interest rate on these 2020 PPP loans was 1% and the term varied from two to five years. The SBA also paid processing fees which were deferred over the term of the loans. The loans were fully guaranteed and could be forgiven in whole or in part by the SBA. 

In December of 2020, Congress approved a renewal of the PPP loan program with different rules and requirements for small businesses to receive loans, referred to as 2021 PPP loans. These 2021 PPP loans were also fully guaranteed and may be forgiven in whole or in part by the SBA. The interest rate on the loans was 1% and the term was five years. As with 2020 PPP loans, the SBA paid processing fees which are being deferred over the term of the loans. As of April 13, 2021, the bank had made 337 of these PPP loans with a total balance of $50.14 million and expects to collect $2.10 million in fees over the term of the loans.

Beginning in January of 2021, the bank began to process loan forgiveness applications from borrowers of 2020 PPP loans. As of April 13, 2021, the SBA had forgiven 277 of these PPP loans with balances of $33.19 million, and the bank had earned $1.31 million in fees expected to be collected on all 2020 PPP loans. 

Net Interest Income
The Bank recorded net interest income of $6.67 million for the first quarter of 2021, an increase of 20.88% compared to the linked quarter, and 70.20% higher than the same period in 2020. The net interest margin in the first quarter of 2021 was 3.55%, higher by 49 basis points compared to the linked quarter and higher by 29 basis points compared to the same period in 2020. Income from PPP loan forgiveness during the quarter was $576,748.

The following factors contributed to the changes in net interest margin during the first quarter of 2021 compared to the linked quarter:

  • The surge in deposits during the quarter resulted in high levels of excess liquidity which pressured yields on average earning assets.
  • Yields on average earning assets increased by 38 basis points to 4.02% compared to 3.64% in the linked quarter, primarily due to higher yields on loans and investment securities.
  • Loan yields increased by 47 basis points to 4.61% from 4.14% in the linked quarter, while yields on investment securities increased by 4 basis points to 2.34% from 2.30% in the linked quarter.
  • Cost of funds decreased by 12 basis points to 0.51%, from 0.63% in the linked quarter, on continued declines in deposit and borrowing costs.
  • Excluding the additional income from PPP loan forgiveness would have reduced the net interest margin by 31 basis points.

Non-interest Income
Non-interest income was $3.06 million for the first quarter, lower by 35.16% compared to the linked quarter and higher by 29.06% compared to the same period in 2020. The decline in non-interest income compared to the previous quarter was largely due to lower mortgage gain-on-sale and fee revenue, stemming from a decline in mortgage originations in the first quarter of 2021.  

Non-interest Expenses
Non-interest expenses in the first quarter of 2021 decreased by 4.41% compared to the linked quarter and increased by 37.96% compared to the same period in 2020.   The decline in non-interest expenses in the first quarter compared to the linked quarter was largely due to lower mortgage settlement costs, and declines in professional fees and data processing expenses.    

The Efficiency Ratio was 67.91% for the quarter ended March 31, 2021, compared to 67.52% for the prior quarter and 76.15% for the same period in 2020.  

Income Taxes
The bank’s effective tax rate during the quarter was 19.30% compared to an effective tax rate of 21.83% in the fourth quarter of 2020. The lower effective tax rate was largely due to application of tax credits received from an investment in low income housing tax credits. The bank expects to receive additional tax credits from this investment in 2021.

Asset Quality
Non-accrual loans were $2.48 million or 0.41% of loans held-for-investment at the end of the first quarter of 2021, compared to $3.18 million or 0.58% of loans held-for-investment at the end of the linked quarter. There were no troubled debt restructurings (“TDRs”) as of March 31, 2021. On March 31, 2021, there were no loans that were 90 days or more past due and accruing.  There was no Other Real Estate Owned (“OREO”) on the balance sheet as of March 31, 2021. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and accruing, loans that are TDRs but not on non-accrual, and OREO assets) were $2.48 million or 0.28% of total assets at March 31, 2021 compared to $3.18 million or 0.41% of total assets, at the end of the linked quarter.

In 2020, in accordance with the spirit and provisions of the CARES Act, the Bank allowed borrowers who had been impacted by the COVID-19 pandemic, to defer loan payments for six months. All of those borrowers had resumed loan payments and there were no loans on payment deferrals as of March 31, 2021.

Following an assessment of the collectability of the loans held-for-investment at the end of the first quarter, it was determined that a $64,000 provision for loan losses was necessary to account for loan growth, the release of reserves related to loans whose payments had been deferred, and changes to environmental factors. The Bank booked a provision of $238,000 in the fourth quarter of 2020. The Bank’s ALLL ratio was 0.92% of loans held-for-investment (or 1.16% of loans held-for investment excluding PPP loans) as of March 31, 2021 compared to an ALLL ratio of 0.99% at December 31, 2020 (or 1.21% of loans held-for-investment excluding PPP loans).

Total Assets
Total assets at March 31, 2021 were $871.04 million compared to $767.04 million on December 31, 2020. Changes in major asset categories during linked quarters were as follows:

  • PPP loan balances increased by $22.32 million
  • Other loans held-for investment grew by $26.20 million
  • Cash balances at the Federal Reserve increased by $49.91 million

Total Liabilities
Total liabilities at March 31, 2021 were $795.41 million compared to total liabilities of $693.59 million on December  31, 2020.  Total deposits were $627.12 million compared to total deposits of $548.49 million on December 31, 2020. The primary reason for the increase in deposits compared to the linked quarter was an increase in non-interest bearing deposits. Non-interest bearing demand deposits increased by $27.45 million during the quarter, and comprised 34.67% of total deposits at the end of the quarter, compared to 35.19% of total deposits on December 31, 2020, and 20.58% of total deposits on March 31, 2020. Federal Home Loan Bank advances declined during the quarter, while lower cost PPP Liquidity Facility term advances increased.

Stockholders’ Equity and Capital
Stockholders’ equity at March 31, 2021 was $75.63 million compared to $73.46 million on December 31, 2020. Additional paid in capital was $59.35 million on March 31, 2021 compared to $59.22 million on December 31, 2020.   Accumulated Other Comprehensive Income (“AOCI”), which generally comprises unrealized gains and losses on available-for-sale securities and derivative positions, decreased by $420,596 on net unrealized losses during the first quarter of 2021.  Total shares issued and outstanding were 7,307,915 on March 31, 2021 compared to 7,283,647 shares on December 31, 2020. The tangible book value of the Bank’s common stock at March 31, 2021 was $10.35 per share compared to $10.09 per share on December 31, 2020 and $9.02 per share on March 31, 2020.

As of March 31, 2021 of the Bank’s capital ratios were well above regulatory minimum capital ratios for well-capitalized banks. The Bank’s capital ratios on March 31, 2021 and December 31, 2020 were as follows:

March 31, 2021

December 31, 2020

Total Capital Ratio

13.84%

14.21%

Tier 1 Capital Ratio

12.88%

13.21%

Common Equity

Tier 1 Capital Ratio

12.88%

13.21%

Leverage Ratio

10.95%

11.20%

About Freedom Bank

Freedom Bank is a community-oriented bank with locations in Fairfax, Reston, Chantilly, Vienna and Manassas, Virginia. Freedom Bank also has a mortgage division headquartered in Chantilly.  For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at www.freedom.bank

Forward Looking Statements

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing; general economic and financial market conditions, in the United States generally and particularly in the markets in which the Bank operates and which its loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels and slowdowns in economic growth, including as a result of COVID-19;  maintenance and development of well-established and valued client relationships and referral source relationships; the adequacy or inadequacy of our allowance for loan and lease losses; acquisition or loss of key production personnel; and the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (such as COVID-19), and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Bank’s borrowers to satisfy their obligations to the Bank, on the value of collateral securing loans, on the demand for the Bank’s loans or its other products and services, on incidents of cyberattack and fraud, on the Bank’s liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Bank’s business operations and on financial markets and economic growth. The Bank cautions readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and the Bank may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.  Some of the financial tables in this document reflect classifications to accounts to improve consistency in financial reporting


THE FREEDOM BANK OF VIRGINIA

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Audited)

March 31,

December 31,

2021

2020


ASSETS

Cash and Due from Banks

$            2,070,355

$            1,792,660

Interest Bearing Deposits with Banks

75,456,515

25,543,295

Securities Available-for-Sale

99,205,646

97,188,125

Securities Held-to-Maturity

16,102,737

16,132,367

Restricted Stock Investments

3,243,650

3,607,800

Loans Held for Sale

47,468,542

45,047,711

PPP Loans Held for Investment 

123,536,745

101,215,376

Other Loans Held for Investment 

475,410,582

449,211,475

Allowance for Loan Losses

(5,534,832)

(5,454,925)

Net Loans

593,412,495

544,971,926

Bank Premises and Equipment, net

1,249,420

1,298,409

Accrued Interest Receivable

2,762,987

2,868,868

Deferred Tax Asset

949,565

1,154,078

Bank-Owned Life Insurance

17,161,100

17,035,214

Right of Use Asset, net

3,421,073

3,258,817

Other Assets

8,540,665

7,145,687

Total Assets

871,044,750

767,044,957


LIABILITIES AND STOCKHOLDERS’ EQUITY


Liabilities

Deposits

Demand Deposits

Non-interest Bearing

$       217,441,663

$       192,987,984

Interest Bearing

206,798,973

176,424,255

Savings Deposits

3,864,523

2,962,303

Time Deposits

199,011,687

176,114,292

Total Deposits

627,116,846

548,488,834

Federal Home Loan Bank Advances

26,928,571

30,071,429

PPP Liquidity Facility Advances

123,053,517

101,951,020

Accrued Interest Payable

432,554

480,816

Lease Liability

3,512,888

3,347,075

Other Liabilities

14,365,904

9,247,507

Total Liabilities

795,410,280

693,586,681


Stockholders’ Equity

Preferred stock, $0.01 par value, 5,000,000 shares authorized;

0 Shares Issued and Outstanding, March 31, 2021 and December 31, 2020

–

–

Common Stock, $0.01 Par Value, 25,000,000 Shares:

23,000,000 Shares Voting and 2,000,000 Shares Non-voting.

Voting Common Stock:

           6,634,915 and 6,610,647 Shares Issued and Outstanding

    at March 31, 2021 and December 31, 2020 respectively

    (Includes 97,805 and 100,002 Unvested Shares at March 31, 2021 and December 31, 2020,   

   respectively)

65,371

65,106

Non-Voting Common Stock:

673,000 Shares Issued and Outstanding March 31, 2021 and December 31, 2020, 

6,730

6,730

Additional Paid-in Capital

59,351,852

59,223,538

Accumulated Other Comprehensive Income, Net

920,057

1,340,654

Retained Earnings

15,290,459

12,822,248

Total Stockholders’ Equity

75,634,469

73,458,276


Total Liabilities and Stockholders’ Equity

871,044,750

767,044,957

 


THE FREEDOM BANK OF VIRGINIA

CONSOLIDATED STATEMENTS OF OPERATIONS  

(Unaudited)

(Unaudited)

For the three

For the three

months ended

months ended

March 31, 2021

March 31, 2020


Interest Income

Interest and Fees on Loans

$              6,912,386

$                  5,035,645

Interest on Investment Securities

636,742

357,942

Interest on Deposits with Other Banks

8,831

78,237

Total Interest Income

7,557,959

5,471,824


Interest Expense

Interest on Deposits

675,824

1,395,959

Interest on Borrowings

212,923

157,519

Total Interest Expense

888,747

1,553,478

Net Interest Income

6,669,212

3,918,346


Provision for Loan Losses

(64,000)

(549,000)

Net Interest Income After

Provision for Loan Losses

6,605,212

3,369,346


Non-Interest Income

Mortgage Loan Gain-on-Sale and Fee Revenue

2,822,186

2,117,866

Service Charges and Other Income

48,702

39,075

Gain on Sale of Securities

12,885

25,608

 Servicing Income

51,643

–

Swap Fee Income

–

87,500

Increase in Cash Surrender Value of Bank-

owned Life Insurance

125,886

101,998

Total Non-interest Income

3,061,302

2,372,047


Non-Interest Expenses

Officer and Employee Compensation

and Benefits

4,662,235

3,200,721

Occupancy Expense

290,389

292,794

Equipment and Depreciation Expense

155,916

184,022

Insurance Expense

57,056

52,335

Professional Fees

291,434

281,396

Data and Item Processing

267,783

174,135

Advertising  

73,078

58,804

Franchise Taxes and State Assessment Fees

185,429

175,870

Mortgage Fees and Settlements

463,419

221,374

Other Operating Expense

161,361

148,487

Total Non-interest Expenses

6,608,100

4,789,938

Income Before Income Taxes

3,058,414

951,455


Income Tax Expense

590,203

101,649


Net Income

$                    2,468,211

$                       849,806


Earnings per Common Share – Basic

$                             0.34

$                             0.12


Earnings per Common Share – Diluted

$                             0.34

$                             0.11


Weighted-Average Common Shares


Outstanding – Basic

7,295,190

7,348,022


Weighted-Average Common Shares 


Outstanding – Diluted

7,334,463

7,435,490

 


THE FREEDOM BANK OF VIRGINIA

CONSOLIDATED STATEMENTS OF OPERATIONS  

For the three

For the three

For the three

For the three

For the three

months ended

months ended

months ended

months ended

months ended

March 31, 2021

December 31, 2020

September 30, 2020

June 30, 2020

March 31, 2020


Interest Income

Interest and Fees on Loans

$            6,912,386

$            5,931,405

$            5,657,929

$          5,508,679

$         5,035,645

Interest on Investment Securities

636,742

630,449

799,976

500,293

357,942

Interest on Deposits with Other Banks  

8,831

10,083

8,236

13,002

78,237

Total Interest Income

7,557,959

6,571,937

6,466,141

6,021,974

5,471,824


Interest Expense

Interest on Deposits

675,824

827,780

919,326

1,095,532

1,395,959

Interest on Borrowings

212,923

226,724

231,700

208,765

157,519

Total Interest Expense

888,747

1,054,504

1,151,026

1,304,297

1,553,478

Net Interest Income

6,669,212

5,517,433

5,315,115

4,717,677

3,918,346


Provision for Loan Losses

(64,000)

(238,000)

–

(705,000)

(549,000)

Net Interest Income after

Provision for Loan Losses

6,605,212

5,279,433

5,315,115

4,012,677

3,369,346


Non-Interest Income

Mortgage Loan Gain-on-Sale and Fee Revenue

2,822,186

4,283,961

4,742,574

2,805,570

2,117,878

Service Charges and Other Income

48,702

30,535

14,802

33,923

39,062

Gains on Sale of Securities

12,885

3,921

17,174

–

25,608

Servicing Income

51,643

–

–

–

–

Swap Fee Income

–

270,450

–

299,762

87,500

Increase in Cash Surrender Value of Bank-

owned Life Insurance

125,886

132,555

277,164

127,496

101,998

Total Non-interest Income

3,061,302

4,721,422

5,051,714

3,266,751

2,372,046

Revenue

$              9,730,514

$           10,238,855

$           10,366,829

$           7,984,428

$           6,290,392


Non-Interest Expenses

Officer and Employee Compensation

and Benefits

4,662,235

4,479,310

5,065,021

3,488,369

3,200,721

Occupancy Expense

290,389

294,600

306,291

300,634

292,794

Equipment and Depreciation Expense

155,916

227,758

175,684

147,910

184,022

Insurance Expense

57,056

49,008

43,836

51,263

52,335

Professional Fees

291,434

417,497

274,505

325,545

281,396

Data and Item Processing

267,783

322,373

230,152

285,942

174,135

Advertising

73,078

83,559

99,508

36,732

58,804

Franchise Taxes and State Assessment Fees

185,429

185,379

185,404

178,812

175,870

Mortgage Fees and Settlements

463,419

675,218

600,592

454,866

221,374

Other Operating Expense

161,361

178,287

194,777

156,733

148,486

Total Non-interest Expenses

6,608,100

6,912,989

7,175,770

5,426,806

4,789,937

Income before Income Taxes

3,058,414

3,087,866

3,191,059

1,852,622

951,455


Income Tax Expense

590,203

674,091

615,689

327,097

101,649


Net Income

$              2,468,211

$           2,413,775

$           2,575,370

$           1,525,525

$              849,806


Earnings per Common Share – Basic

$                       0.34

$                    0.33

$                    0.36

$                    0.21

$                    0.12


Earnings per Common Share – Diluted

$                       0.34

$                    0.33

$                    0.35

$                    0.21

$                    0.11


Weighted-Average Common Shares


Outstanding – Basic

7,295,190

7,252,552

7,234,294

7,238,751

7,348,022


Weighted-Average Common Shares 


Outstanding – Diluted

7,334,463

7,312,247

7,277,112

7,267,773

7,435,490

 


Average Balances, Income and Expenses, Yields and Rates


(Unaudited)


Three Months Ended


Three Months Ended


Three Months Ended


Three Months Ended


Three Months Ended


March 31, 2021


December 31, 2020


September 30, 2020


June 30, 2020


March 31, 2020

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield

Average Balance

Income/ Expense

Yield


Assets

Cash

$              42,563,835

$          8,831

0.08%

$              38,217,380

$       10,083

0.10%

$              29,769,485

$          8,236

0.11%

$              59,558,556

$       13,002

0.09%

$              24,919,112

$       78,237

1.26%

Investments (Tax Exempt)

24,057,819

152,583

23,815,369

151,564

11,434,264

250,016

5,953,752

48,657

4,541,049

38,411

Investments (Taxable)

91,675,593

516,202

90,609,147

510,714

90,668,376

602,463

65,890,906

399,846

51,701,396

327,597

Total Investments

115,733,412

668,785

2.34%

114,424,516

662,278

2.30%

102,102,640

852,479

3.32%

71,844,658

448,503

2.51%

56,242,445

366,008

2.62%

Total Loans 

607,880,043

$6,912,386

4.61%

569,936,960

5,931,405

4.14%

549,575,996

5,657,929

4.10%

510,763,192

5,521,293

4.35%

404,818,548

5,048,285

5.02%

Earning Assets

766,177,290

7,590,002

4.02%

722,578,856

6,603,766

3.64%

681,448,121

6,518,644

3.81%

642,166,406

5,982,798

3.75%

485,980,105

5,492,530

4.55%

Assets

$            794,829,492

$            747,427,986

$            705,290,352

$            665,767,229

$            504,847,678


Liabilities

Interest Checking

$              32,270,173

15,629

0.20%

$              39,206,072

15,165

0.15%

$              27,902,031

11,914

0.17%

$              23,143,536

13,029

0.23%

$              25,788,577

22,351

0.35%

Money Market

148,969,677

62,497

0.17%

138,196,830

74,468

0.21%

132,371,367

93,750

0.28%

129,569,263

139,111

0.43%

94,433,574

275,134

1.17%

Savings

3,301,845

814

0.10%

2,836,001

717

0.10%

3,055,994

761

0.10%

2,533,676

703

0.11%

2,382,236

1,099

0.19%

Time Deposits 

172,994,520

596,885

1.40%

175,514,471

737,430

1.67%

178,221,780

812,901

1.82%

183,220,441

942,690

2.07%

195,524,566

1,097,375

2.26%

Interest Bearing Deposits

357,536,215

675,825

0.77%

355,753,374

827,780

0.93%

341,551,172

919,326

1.07%

338,466,916

1,095,533

1.30%

318,128,953

1,395,959

1.76%

Borrowings

$            134,120,845

212,923

0.64%

$            135,328,997

226,724

0.67%

$            136,793,181

231,700

0.67%

$            110,132,851

208,765

0.76%

$              40,076,102

157,519

1.58%

Interest Bearing Liabilities

491,657,060

888,748

0.73%

491,082,371

1,054,504

0.85%

478,344,353

1,151,026

0.96%

448,599,767

1,304,298

1.17%

358,205,055

1,553,478

1.74%

Non Interest Bearing Deposits

$            215,148,589

$            177,583,960

$            151,878,149

$            145,370,721

$              76,609,290

Cost of Funds

0.51%

0.63%

0.73%

0.88%

1.44%

Net Interest Margin1

$  6,701,254

3.55%

$  5,549,262

3.06%

$  5,367,618

3.13%

$  4,678,500

2.93%

$  3,939,052

3.26%

Shareholders Equity

$              74,480,607

$              71,511,341

$              68,801,586

$              66,403,194

$              64,868,539


1Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

 


Average Balances, Income and
Expenses, Yields and Rates


(Unaudited)


Three Months Ended


Three Months Ended


March 31, 2021

Income /


March 30, 2020

Income /

Average Balance

Expense

Yield

Average Balance

Expense

Yield


Assets

Cash

$              42,563,835

$           8,831

0.08%

$              24,919,112

$         78,237

1.26%

Investments (Tax Exempt)

24,057,819

152,583

4,541,049

38,411

Investments (Taxable)

91,675,593

516,202

51,701,396

327,597

Total Investments

115,733,412

668,785

2.34%

56,242,445

366,008

2.62%

Total Loans 

607,880,043

6,912,386

4.61%

404,818,548

5,048,285

5.02%

Earning Assets

766,177,290

7,590,002

4.02%

485,980,105

5,492,530

4.55%

Assets

$            794,829,492

$            504,847,678


Liabilities

Interest Checking

$              32,270,173

15,629

0.20%

$              25,788,577

22,351

0.35%

Money Market

148,969,677

62,497

0.17%

94,433,574

275,134

1.17%

Savings

3,301,845

814

0.10%

2,382,236

1,099

0.19%

Time Deposits 

172,994,520

596,885

1.40%

195,524,566

1,097,375

1.26%

Interest Bearing Deposits

357,536,215

675,825

0.77%

318,128,953

1,395,959

1.76%

Borrowings

134,120,845

212,923

0.64%

40,076,102

157,519

1.58%

Interest Bearing Liabilities

491,657,060

888,748

0.73%

358,205,055

1,553,478

1.74%

Non Interest Bearing Deposits

$            215,148,589

$              76,609,290

Cost of Funds

0.51%

1.44%

Net Interest Margin1

$   6,701,254

3.55%

$   3,939,052

3.26%

Shareholders Equity

$              74,480,607

$              64,868,539

ROAA

1.26%

0.68%

ROAE

13.44%

5.27%


1Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

 


Selected Financial Data by Quarter Ended:


(Unaudited)


Balance Sheet Ratios


March 31, 2021


December 31, 2020


September 30, 2020


June 30, 2020


March 31, 2020

Loans held-for-investment to Deposits 

95.51%

100.35%

94.34%

105.31%

97.52%


Income Statement Ratios (Quarterly)

Return on Average Assets (ROAA)

1.26%

1.28%

1.45%

0.92%

0.68%

Return on Average Equity (ROAE)

13.44%

13.43%

14.89%

9.24%

5.27%

Efficiency Ratio

67.91%

67.52%

69.22%

67.97%

76.15%

Net Interest Margin1

3.55%

3.06%

3.13%

2.93%

3.26%

Yield on Average Earning Assets

4.02%

3.64%

3.81%

3.75%

4.55%

Yield on Securities

2.34%

2.30%

3.32%

2.51%

2.62%

Yield on Loans

4.61%

4.14%

4.10%

4.35%

5.02%

Cost of Funds

0.51%

0.63%

0.73%

0.88%

1.44%

Noninterest income to Total Revenue

31.46%

46.11%

48.73%

40.91%

37.71%


Per Share Data

Tangible Book Value

$10.35

$10.09

$9.75

$9.33

$9.02


Share Price Data

Closing Price

$10.90

$9.10

$7.20

$7.50

$5.80

Book Value Multiple

105%

90%

74%

80%

64%


Common Stock Data

Outstanding Shares at End of Period

7,307,915

7,283,647

7,233,751

7,238,751

7,238,751

Weighted Average shares outstanding, basic

7,295,190

7,252,552

7,234,294

7,238,751

7,348,022

Weighted Average shares outstanding, diluted

7,334,463

7,312,247

7,277,112

7,267,773

7,435,490


Capital Ratios

Tier 1 Leverage ratio

10.95%

11.20%

11.57%

11.23%

12.88%

Common Equity Tier 1 ratio

12.88%

13.21%

14.10%

13.90%

14.35%

Tier 1 Risk Based Capital ratio

12.88%

13.21%

14.10%

13.90%

14.35%

Total Risk Based Capital ratio

13.84%

14.21%

15.17%

14.99%

15.38%


Credit Quality

Net Charge-offs to Average Loans

0.00%

0.00%

0.00%

0.02%

0.00%

Total Non-performing Loans to loans held-for-investment

0.41%

0.58%

1.06%

0.77%

0.57%

Total Non-performing Assets to Total Assets

0.28%

0.41%

0.49%

0.57%

0.43%

Nonaccrual Loans to loans held-for-investment

0.41%

0.58%

0.76%

0.70%

0.54%

Provision for Loan and Lease Losses

$64,000

$238,000

$0

$705,000

$549,000

Allowance for Loan and Lease Losses to loans held-for-investment

0.92%

0.99%

1.04%

1.02%

1.16%

Allowance for Loan and Lease Losses to loans held-for-investment (ex PPP loans)

1.16%

1.21%

1.32%

1.28%

1.16%


1Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

Contact:

Joseph J. Thomas

President  & Chief Executive Officer
703-667-4161: Phone
[email protected]: Email

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/the-freedom-bank-of-virginia-announces-earnings-for-the-first-quarter-of-2021-301279662.html

SOURCE Freedom Bank of Virginia

Posted on

Hizentra® (Immune Globulin Subcutaneous [Human] 20% Liquid) Label Update Provides New Dosing Guidelines for Physicians, Allowing for Greater Flexibility in Treating CIDP Patients

The label update is based on open label extension data from the landmark PATH (Polyneuropathy And Treatment with Hizentra) study

PR Newswire

KING OF PRUSSIA, Pa., April 29, 2021 /PRNewswire/ — Global biotherapeutics leader CSL Behring today announced that the U.S. Food and Drug Administration (FDA) has approved a label update for Hizentra® (Immune Globulin Subcutaneous [Human] 20% Liquid) for Chronic Inflammatory Demyelinating Polyneuropathy (CIDP). The approval, based on data from the PATH (Polyneuropathy And Treatment with Hizentra) Extension study, simplifies dosage adjustments between two safe and effective doses proven to prevent CIDP relapse – without the need for intravenous immune globulin treatment in the event of a relapse on the low dose. The PATH Extension study was a multicenter, open-label extension study to the Phase III PATH study that evaluated the long-term safety and efficacy of Hizentra 0.2 g/kg and 0.4 g/kg weekly doses in the maintenance treatment of CIDP.

“This label update and data show that physicians can confidently adjust their patient’s subcutaneous immune globulin treatment,” said Arie Katz, Senior Medical Director at CSL Behring. “Providing consistency in a proven treatment can lessen some of the burden that patients living with CIDP may face.”

Hizentra is the most prescribed self-infused subcutaneous immune globulin (SCIg) treatment and the first and only SCIg treatment approved for CIDP, allowing CIDP patients the flexibility to self-infuse their immune globulin treatment at home. In 2020, CSL Behring introduced the first and only pre-filled syringes as a simple, convenient and ready-to-use option.

“At CSL Behring, we are dedicated to improving the lives of people with rare and serious diseases and we are fully committed to our promise of innovating treatments that lessen the burden patients and physicians may face in managing CIDP,” said Bernadine Koziara, Vice President, Marketing, CSL Behring. “This approval will add another great benefit for physicians and patients, providing greater flexibility and a more streamlined treatment approach to deliver the best possible care for CIDP.”  

About the PATH Extension Study
The 48-week, open-label, prospective extension study to PATH enrolled 82 patients, with 62 patients starting on 0.4 g/kg weekly infusion of Hizentra and 20 patients starting on 0.2 g/kg weekly. If clinically stable, patients on 0.4 g/kg were switched to 0.2 g/kg after 24 weeks. If relapse occurred while on the 0.2 g/kg dose, 0.4 g/kg was either initiated or reinitiated. While most patients remained relapse-free while on either dose of Hizentra, of the 72 patients who received 0.4 g/kg at any point during the extension study, 90% remained relapse-free. Results demonstrated that the 0.4 g/kg dose had a higher likelihood of preventing relapse than the 0.2 g/kg dose.

The PATH study was a Phase III clinical trial designed to demonstrate the efficacy, safety and tolerability of two different doses of Hizentra, compared with placebo, in the maintenance treatment of CIDP patients previously treated with intravenous immune globulin. The PATH study was the largest ever CIDP trial.

About CIDP
CIDP is a rare autoimmune disorder that affects the peripheral nerves (those outside the brain and spinal cord) and damages the protective covering of the nerves known as the myelin sheath. This may result in numbness or tingling, muscle weakness, fatigue and other symptoms. CIDP effects can worsen over time, leading to significant activity limitations and a decreased quality of life. CIDP can occur at any age and is more common in men than in women. The GBS|CIDP Foundation estimates that approximately 30 percent of CIDP patients progress to wheelchair dependence if not treated. The Foundation also estimates that the incidence of CIDP in the U.S. is as high as two in 100,000 people each year, with the accumulation of cases over time resulting in prevalence as high as nine in 100,000 in some areas.

About Hizentra
®  
Registered in more than 60 countries, Hizentra is the world’s most prescribed subcutaneous immunoglobulin for primary immunodeficiency (PI), with more than 9.3 million exposures worldwide since 2010. It has a proven track record of safety, efficacy, and tolerability. Hizentra was first approved by the U.S. FDA in March 2010 for the treatment of patients with PI and was approved in March 2018 for the treatment of adults with Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) to prevent relapse of neuromuscular disability and impairment. For more information about Hizentra, including the U.S. prescribing information, visit www.hizentra.com.

IMPORTANT SAFETY INFORMATION
Hizentra®, Immune Globulin Subcutaneous (Human), 20% Liquid, is a prescription medicine used to treat:

  • Primary immune deficiency (PI) in patients 2 years and older
  • Chronic inflammatory demyelinating polyneuropathy (CIDP) in adults

WARNING: Thrombosis (blood clots) can occur with immune globulin products, including Hizentra. Risk factors can include: advanced age, prolonged immobilization, a history of blood clotting or hyperviscosity (blood thickness), use of estrogens, installed vascular catheters, and cardiovascular risk factors.

If you are at high risk of blood clots, your doctor will prescribe Hizentra at the minimum dose and infusion rate practicable and will monitor for signs of clotting events and hyperviscosity. Always drink sufficient fluids before infusing Hizentra.

See your doctor for a full explanation, and the full prescribing information for complete boxed warning.

Treatment with Hizentra might not be possible if your doctor determines you have hyperprolinemia (too much proline in the blood), or are IgA-deficient with antibodies to IgA and a history of hypersensitivity. Tell your doctor if you have previously had a severe allergic reaction (including anaphylaxis) to the administration of human immune globulin. Tell your doctor right away or go to the emergency room if you have hives, trouble breathing, wheezing, dizziness, or fainting. These could be signs of a bad allergic reaction.

Inform your doctor of any medications you are taking, as well as any medical conditions you may have had, especially if you have a history of diseases related to the heart or blood vessels, or have been immobile for some time. Inform your physician if you are pregnant or nursing, or plan to become pregnant.

Infuse Hizentra under your skin only; do not inject into a blood vessel. Self-administer Hizentra only after having been taught to do so by your doctor or other healthcare professional, and having received dosing instructions for treating your condition.

Immediately report to your physician any of the following symptoms, which could be signs of serious adverse reactions to Hizentra:

  • Reduced urination, sudden weight gain, or swelling in your legs (possible signs of a kidney problem).
  • Pain and/or swelling or discoloration of an arm or leg, unexplained shortness of breath, chest pain or discomfort that worsens on deep breathing, unexplained rapid pulse, or numbness/weakness on one side of the body (possible signs of a blood clot).
  • Bad headache with nausea; vomiting; stiff neck; fever; and sensitivity to light (possible signs of meningitis).
  • Brown or red urine; rapid heart rate; yellowing of the skin or eyes; chest pains or breathing trouble; fever over 100°F (possible symptoms of other conditions that require prompt treatment).

Hizentra is made from human blood. The risk of transmission of infectious agents, including viruses and, theoretically, the Creutzfeldt-Jakob disease (CJD) agent and its variant (vCJD), cannot be completely eliminated.

The most common side effects in the clinical trials for Hizentra include redness, swelling, itching, and/or bruising at the infusion site; headache; chest, joint or back pain; diarrhea; tiredness; cough; rash; itching; fever, nausea, and vomiting. These are not the only side effects possible. Tell your doctor about any side effect that bothers you or does not go away.

Before receiving any vaccine, tell immunizing physician if you have had recent therapy with Hizentra, as effectiveness of the vaccine could be compromised.

Please see full prescribing information for Hizentra, including boxed warning and the patient product information.

You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

You can also report side effects to CSL Behring’s Pharmacovigilance Department at 1-866-915-6958.

About CSL Behring
CSL Behring is a global biotherapeutics leader driven by its promise to save lives. Focused on serving patients’ needs by using the latest technologies, the company develops and delivers innovative therapies that are used to treat coagulation disorders, primary immune deficiencies, hereditary angioedema, respiratory disease, and neurological disorders. The company’s products are also used in cardiac surgery, burn treatment and to prevent hemolytic disease of the newborn.

CSL Behring operates one of the world’s largest plasma collection networks, CSL Plasma. The parent company, CSL Limited (ASX:CSL;USOTC:CSLLY), headquartered in Melbourne, Australia, employs more than 27,000 people worldwide, and delivers its life-saving therapies to people in more than 100 countries. For inspiring stories about the promise of biotechnology, visit Vita at CSLBehring.com/Vita and follow us on Twitter.com/CSLBehring.

Cision View original content:http://www.prnewswire.com/news-releases/hizentra-immune-globulin-subcutaneous-human-20-liquid-label-update-provides-new-dosing-guidelines-for-physicians-allowing-for-greater-flexibility-in-treating-cidp-patients-301280065.html

SOURCE CSL Behring

Posted on

Dorel Industries Will Hold a Conference Call to Discuss Its First Quarter Results

MONTREAL, April 29, 2021 (GLOBE NEWSWIRE) —

CONFERENCE CALL
:
OPEN TO:
Analysts, investors and all interested parties
   
DATE: Friday, May 7, 2021
   
TIME: 1:00 PM Eastern Time
   
CALL: 1-888-440-3307

THE PRESS RELEASE WILL BE PUBLISHED BEFORE MARKETS OPEN THE SAME DAY THROUGH GLOBENEWSWIRE.

Please dial in 15 minutes before the conference begins.

If you are unable to call in at this time, you may access a recording of the meeting by calling 1-800-770-2030 and entering the passcode 4231183 on your phone. This recording will be available on Friday, May 7, 2021 as of 4:00 PM until 11:59 PM on Friday, May 14, 2021.

MEDIA WISHING TO QUOTE AN ANALYST SHOULD CONTACT THE ANALYST PERSONALLY FOR PERMISSION.


NOTE TO FIRST-TIME ANALYSTS
: Please contact Saint Victor Investments Inc. at 514-245-9232 prior to the day of the conference call.

Interested parties may also listen to a live webcast at https://www.dorel.com/eng/shareholder-information.

For further information contact Rick Leckner, Saint Victor Investments Inc. at 514-245-9232.



Posted on

Red River Bancshares, Inc. Reports First Quarter 2021 Financial Results

ALEXANDRIA, La., April 29, 2021 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the first quarter of 2021.

Net income for the first quarter of 2021 was $8.1 million, or $1.10 per diluted common share (“EPS”), an increase of $804,000, or 11.1%, compared to $7.3 million, or $0.99 EPS, for the fourth quarter of 2020, and an increase of $1.3 million, or 19.6%, compared to $6.7 million, or $0.92 EPS, for the first quarter of 2020. For the first quarter of 2021, the quarterly return on assets was 1.20% and the quarterly return on equity was 11.36%.

First Quarter 2021 Performance and Operational Highlights

The first quarter of 2021 included record-high quarterly net income, the implementation of the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) Second Draw loans, an increase to the quarterly cash dividend, stock repurchase activity, and executive management and board member changes. Economic activity in Louisiana improved due to an easing of the Louisiana COVID-19 pandemic restrictions, the rollout of COVID-19 vaccines, and the distribution of additional government stimulus funds.

  • Net income for the first quarter of 2021 was $8.1 million, $804,000 higher than the prior quarter primarily due to lower provision for loan loss expense, partially offset by lower PPP loan income.
  • Assets increased $178.0 million in the first quarter of 2021 to $2.82 billion as of March 31, 2021, driven by a $174.9 million increase in deposits. Deposits increased as a result of customers receiving funds from government stimulus programs, customers depositing the proceeds from their PPP Second Draw (“PPP2”) loans, and customers maintaining larger deposit balances, partially offset by the normal seasonal drawdowns as public entity customers distributed their year-end funds to other organizations.
  • Red River Bank has participated in the SBA PPP. In the first quarter of 2021, forgiveness of PPP First Draw (“PPP1”) loans was offset by the issuance of PPP2 loans. Total PPP loans outstanding were consistent between March 31, 2021 and December 31, 2020. PPP loan income for the first quarter of 2021 was $2.1 million, $891,000 lower than $3.0 million for the prior quarter.
  • The net interest margin fully tax equivalent (“FTE”) for the first quarter of 2021 was 2.76%, compared to 3.08% for the prior quarter. The net interest margin for the first quarter of 2021 was negatively impacted by a higher level of low yielding short-term liquid assets, combined with lower PPP loan income.
  • Mortgage loan production remained strong with the low mortgage interest rate environment resulting in continued mortgage refinancing activity. Mortgage loan income for the first quarter of 2021 was $2.9 million, $203,000 higher than the prior quarter.
  • Brokerage income for the first quarter of 2021 was $834,000, a quarterly record-high level.
  • Nonperforming assets (“NPA(s)”) decreased $602,000 in the first quarter and were $3.6 million, or 0.13% of assets as of March 31, 2021. Due to positive asset quality trends, the rollout of COVID-19 vaccines, and the easing of pandemic-related restrictions on businesses, the provision for loan losses for the first quarter of 2021 was $1.5 million, compared to $2.7 million for the prior quarter. As of March 31, 2021, the allowance for loan losses (“ALL”) was $19.4 million, or 1.21% of loans held for investment (“HFI”) and 1.31%(1) of non-PPP loans HFI (non-GAAP).
  • We increased the quarterly cash dividend to $0.07 per common share.
  • In accordance with the stock repurchase program implemented in the third quarter of 2020, we repurchased 19,661 shares of our common stock in the first quarter of 2021 at an aggregate cost of $1.0 million.
  • Various executive management changes at Red River Bank occurred. Jeffrey R. Theiler stepped down as Senior Vice President and Chief Operations Officer for Red River Bank. Bridges Hall transitioned from being Northwest Market President to Senior Vice President and Credit Policy Officer. Jennifer Elliott joined Red River Bank as the Northwest Market President.
  • Various changes occurred with the Boards of Directors of the Company and Red River Bank. Anna Brasher Moreau, DDS, MS, was appointed to the boards of the Company and Red River Bank. John C. Simpson transitioned from his role as Chairman of the Board of the Company and Red River Bank to Chair Emeritus and is also remaining a member on both boards. Teddy R. Price was elected by the board to serve as Chair of the Board of the Company and Red River Bank.
  • In April 2021, the Company decided to invest in the JAM FINTOP Banktech, L.P. fund to strategically develop partnerships as we build the Bank’s digital offerings.

Blake Chatelain, President and Chief Executive Officer, stated, “The first quarter of 2021 was busy on many fronts. Economic activity in our markets is slowly returning to pre-COVID-19 levels, our mortgage and brokerage volume was solid, lending activity picked up, and core relationship growth was steady. Mortgage loan activity and income continues at high levels. Our lenders processed PPP1 loan forgiveness applications while also implementing the PPP2 loan program. In keeping with our long-term relationship approach, we experienced robust deposit growth which was driven by both our legacy and new customers.

“We are pleased with the record-high earnings and solid balance sheet growth in the first quarter of 2021. Due to our financial results and capital levels, we increased the quarterly cash dividend to $0.07 per share for the first quarter of 2021 and were active with the stock buyback program.

“We are pleased to welcome Bridges Hall back to the Credit Policy Officer position, a position he had previously held for 2 years. We also welcome Jennifer Elliott as our new Northwest Market President. Jennifer has over 20 years of banking experience and knows the northwest Louisiana region very well.

“We also had various board member changes in the first quarter. We welcome Dr. Anna Moreau as a new board member and believe that she will add great value to our Company with her perspective and insight. Also, after 22 years as chair of our board, John Simpson passed along that responsibility. We are deeply grateful for his leadership, knowledge, and dedication to our Company since its founding. Teddy Price, also a founding board member, was elected as our new board chair, and we look forward to his guidance and leadership.

“All of us are hopeful that the transition to pre-COVID-19 normal life continues in 2021. Loan demand, while increasing, is still tepid and liquidity levels are high for most banks. Our first quarter results are encouraging, and we are cautiously optimistic that by the end of the year, the economy will have returned to pre-pandemic levels.”

Net Interest Income and Net Interest Margin FTE

Net interest income and net interest margin FTE for the first quarter of 2021 were negatively impacted by lower PPP loan income. The net interest margin FTE was also impacted by a higher level of low yielding short-term liquid assets. For the first quarter of 2021, deposit growth resulted in additional liquidity which was deployed primarily into interest-bearing deposits in other banks and also into securities.

Average PPP loans outstanding, net of deferred income, for the first quarter of 2021 were $108.3 million, which was $52.8 million lower than the prior quarter. PPP loans have a 1.0% interest rate, and PPP origination fees totaled $9.5 million, or 3.73% of originated PPP loans. PPP loan origination fees are recorded to interest income over the 24- or 60-month loan term, for PPP1 and PPP2, respectively, or until the loans are forgiven by the SBA. When PPP loan forgiveness payments are received in full, the remaining portion of origination fees are recorded to income. Through March 31, 2021, we had received $132.1 million in SBA forgiveness and borrower payments on 78.6% of the 1,384 PPP1 loans originated. For the first quarter of 2021, PPP loan interest and fees totaled $2.1 million, resulting in a 7.97% yield, compared to $3.0 million in interest and fees and a 7.45% yield for the prior quarter.

Net interest income for the first quarter of 2021 was $17.6 million, which was $1.1 million, or 5.7%, lower than the fourth quarter of 2020, due to a $1.3 million decrease in interest and dividend income, partially offset by a $278,000 decrease in interest expense. The decrease in interest and dividend income was primarily due to an $891,000 decrease in PPP loan income and a $549,000 decrease in non-PPP loan income for the first quarter of 2021 compared to the prior quarter. PPP loan income decreased primarily due to lower origination fees recorded as a result of a decrease in PPP loan forgiveness payments received in the first quarter of 2021, compared to the fourth quarter of 2020. Non-PPP loan income decreased due to a lower yield on loans compared to the prior quarter. Interest expense decreased as a result of our adjustments to rates on interest-bearing deposits in the first quarter of 2021.

The net interest margin FTE decreased 32 basis points (“bp(s)”) to 2.76% for the first quarter of 2021, compared to 3.08% for the prior quarter. Contributing to this decrease was a 16 bp decrease in the yield on loans due to an $891,000 decrease in PPP loan income compared to the prior quarter, combined with the continued impact of the lower interest rate environment on new and renewed non-PPP loans. The net interest margin FTE was also impacted by additional funds that were deployed into interest-bearing deposits in other banks at low yields during the first quarter. Average interest-bearing deposits in other banks, yielding 0.09%, were $447.3 million which was $207.3 million, or 86.4%, higher than the prior quarter and were 17.1% of average earning assets. The yield on tax-exempt securities decreased 17 bps as a result of purchasing tax-exempt municipal securities during the first quarter with lower yields which further impacted the net interest margin FTE. The resulting yield on interest-earning assets was 2.94% for the first quarter of 2021, compared to 3.32% for the fourth quarter of 2020. The cost of deposits was 0.27% for the first quarter of 2021, compared to 0.33% for the prior quarter. The cost of deposits was lower for the first quarter due to a 12 bp decrease in the rate on interest-bearing deposits as a result of our adjustments to deposit rates.

Excluding PPP loan income, net interest income (non-GAAP) for the first quarter of 2021 was $15.5 million,(1) which was $179,000, or 1.1%, lower than the fourth quarter of 2020. Also, with PPP loans excluded for the first quarter of 2021, the yield on non-PPP loans (non-GAAP) was 4.05%,(1) and the net interest margin FTE (non-GAAP) was 2.53%.(1) PPP loans had a 26 bp accretive impact to the yield on loans and a 23 bp accretive impact to the net interest margin FTE in the first quarter of 2021.

Provision for Loan Losses

The provision for loan losses for the first quarter of 2021 was $1.5 million, which was $1.2 million lower than $2.7 million for the prior quarter. This decrease was due to positive asset quality trends, the availability of COVID-19 vaccines, and the easing of pandemic restrictions on businesses in Louisiana. As we continue to monitor the economy for signs that recovery is underway, we expect to return to pre-COVID-19 provision expense levels.

Noninterest Income

Noninterest income totaled $6.8 million for the first quarter of 2021, an increase of $582,000, or 9.4%, compared to $6.2 million for the previous quarter. The increase was mainly due to increased brokerage income, higher mortgage loan income, and higher loan and deposit income.

Brokerage income for the first quarter of 2021 was a quarterly record-high of $834,000, an increase of $236,000, or 39.5%, compared to $598,000 for the previous quarter. This increase was primarily due to an increase in sales activity and additional funds invested by existing clients.

Mortgage loan income for the first quarter of 2021 was $2.9 million, an increase of $203,000, or 7.6%, compared to $2.7 million in the previous quarter. Due to the low mortgage interest rate environment, mortgage activity continued at high levels.

Loan and deposit income totaled $473,000 for the first quarter of 2021, an increase of $112,000, or 31.0%, from the prior quarter. This increase was primarily related to $110,000 of nonrecurring commercial real estate loan fees in the first quarter of 2021.

Operating Expenses

Operating expenses for the first quarter of 2021 totaled $13.2 million, a decrease of $173,000, or 1.3%, compared to $13.3 million for the previous quarter. This decrease was mainly due to lower legal and professional expenses and data processing expense, partially offset by an increase in other taxes.

Legal and professional expenses totaled $368,000 for the first quarter of 2021, down $186,000, or 33.6%, from the previous quarter. This decrease was due to lower attorney, compliance, and accounting expenses in the first quarter of 2021.

Data processing expense decreased $108,000, or 21.9%, to $385,000 for the first quarter of 2021 compared to $493,000 for the previous quarter. This decrease was mainly due to receipt of a $173,000 nonrecurring refund from our data processing center in the first quarter of 2021.

Other taxes totaled $525,000 for the first quarter of 2021, up $100,000, or 23.5%, from the previous quarter. This increase was due to a $101,000 increase in State of Louisiana bank stock tax resulting from higher deposit account balances and higher net income for the applicable tax years.

Asset Overview

As of March 31, 2021, assets totaled $2.82 billion, which was $178.0 million, or 6.7%, higher than $2.64 billion as of December 31, 2020. This increase was primarily due to a $174.9 million increase in deposits in the first quarter. Because deposit growth exceeded loan growth, excess funds were deployed primarily into interest-bearing deposits in other banks and also into securities. Interest-bearing deposits in other banks increased $148.5 million to $566.1 million and were 20.9% of earning assets as of March 31, 2021. Securities available-for-sale increased $17.7 million to $515.9 million and were 19.0% of earning assets as of March 31, 2021. The loans HFI to deposits ratio was 63.69% as of March 31, 2021, compared to 67.87% as of December 31, 2020.

Assets excluding PPP loans, net of deferred income (non-GAAP) as of March 31, 2021, totaled $2.70 billion(1) which was $177.1 million, or 7.0%, higher than $2.52 billion(1) as of December 31, 2020. The non-PPP loans HFI to deposits ratio (non-GAAP) was 58.95%(1) as of March 31, 2021, compared to 62.81%(1) as of December 31, 2020.

Loans

Loans HFI as of March 31, 2021, were $1.60 billion, an increase of $13.6 million, or 0.9%, from December 31, 2020. As of March 31, 2021, PPP loans totaled $119.4 million, net of $3.4 million in deferred income, and were 7.5% of loans HFI. As of March 31, 2021, non-PPP loans were $1.48 billion,(1) an increase of $12.7 million, or 0.9%, from December 31, 2020.

In the second quarter of 2020, Red River Bank originated 1,384 PPP1 loans totaling $199.0 million, with an average loan size of $144,000. We began accepting PPP1 loan forgiveness applications on September 14, 2020, and in the fourth quarter of 2020, we began receiving PPP1 loan forgiveness payments from the SBA. As of March 31, 2021, we had received $132.1 million in SBA forgiveness and borrower payments on 78.6% of the 1,384 PPP1 loans originated. Through April 20, 2021, we had received $137.4 million in SBA forgiveness and borrower payments on 80.1% of the 1,384 PPP1 loans originated.

With the passing of the Economic Aid Act in December of 2020, Red River Bank issued additional PPP1 loans and new PPP2 loans in the first quarter of 2021. As of March 31, 2021, new PPP1 loans were minimal, and we originated 436 PPP2 loans totaling $52.6 million, with an average size of $121,000. PPP2 loans resulted in $2.4 million of gross origination fees, yielding 4.64%.

During 2020, we began granting loan payment deferments for requesting borrowers impacted by pandemic-related economic shutdowns. As of March 31, 2021, $9.7 million, or 0.7% of non-PPP loans HFI (non-GAAP), remained on active deferral and were deferrals of principal payments only, compared to $12.5 million, or 0.8% of non-PPP loans HFI (non-GAAP), as of December 31, 2020.

We have identified certain sectors within our portfolio that we believe have a heightened overall level of risk due to pandemic-related macro-economic conditions. The following table shows non-PPP loans HFI (non-GAAP) in these sectors:

  March 31, 2021
  Loans
(dollars in thousands) Amount   Percent of
Non-PPP
Loans HFI
(non-GAAP)
Hospitality services:      
Hotels and other overnight lodging $ 26,477     1.8 %
Restaurants – full service 12,258     0.8 %
Restaurants – limited service 12,235     0.8 %
Other 7,130     0.5 %
Total hospitality services $ 58,100     3.9 %
       
Retail trade (excluding automobile dealers) $ 21,336     1.4 %
       
Energy $ 29,916     2.0 %

Loan payment deferments in the hospitality services sector represent 86.2% of our active deferrals. As of March 31, 2021, active deferrals in the hospitality services sector were $8.4 million, or 0.6% of non-PPP loans HFI (non-GAAP), compared to $8.1 million, or 0.6% of non-PPP loans HFI (non-GAAP), as of December 31, 2020.

The following table shows non-PPP loans HFI (non-GAAP) in other non-industry specific areas that we believe may be affected by the pandemic:

  March 31, 2021
(dollars in thousands) Amount   Percent of
Non-PPP
Loans HFI
(non-GAAP)
Loans collateralized by non-owner occupied properties leased to retail establishments $ 42,681     2.9 %
       
Credit card loans:      
Commercial $ 1,752     0.1 %
Consumer 913     0.1 %
Total credit card loans $ 2,665     0.2 %

Our health care loans are made up of a diversified portfolio of health care providers. As of March 31, 2021, health care credits were 9.8% of non-PPP loans HFI (non-GAAP), with nursing and residential care loans and loans to physician and dental practices of 4.0% and 5.7%, of non-PPP loans HFI (non-GAAP), respectively. The average loan size was $294,000. Health care deferral requests were minimal, and as of March 31, 2021, there were no health care credits with active deferrals.

Asset Quality and Allowance for Loan Losses

NPAs totaled $3.6 million as of March 31, 2021, down $602,000, or 14.3%, from December 31, 2020, primarily due to the payoff of nonaccrual loans and the sale of foreclosed assets. The ratio of NPAs to total assets improved to 0.13% as of March 31, 2021, from 0.16% as of December 31, 2020.

As of March 31, 2021, the ALL was $19.4 million. The ratio of ALL to loans HFI was 1.21% as of March 31, 2021, and 1.13% as of December 31, 2020. The ratio of ALL to non-PPP loans HFI (non-GAAP) was 1.31%(1) as of March 31, 2021, and 1.22%(1) as of December 31, 2020. The net charge-off ratio was 0.00% for the first quarter of 2021 and 0.06% for the fourth quarter of 2020.

Deposits

Deposits as of March 31, 2021, were $2.52 billion, an increase of $174.9 million, or 7.5%, compared to December 31, 2020. Average deposits for the first quarter of 2021 were $2.42 billion, an increase of $177.0 million, or 7.9%, from the prior quarter. This increase was a result of customers receiving funds from government stimulus programs, customers depositing the proceeds from their PPP2 loans, and customers maintaining larger deposit balances, partially offset by the normal seasonal drawdowns as public entity customers distributed their year-end funds to other organizations. Noninterest-bearing deposits totaled $1.02 billion as of March 31, 2021, up $71.7 million, or 7.6%, from December 31, 2020. As of March 31, 2021, noninterest-bearing deposits were 40.37% of total deposits. Interest-bearing deposits totaled $1.50 billion as of March 31, 2021, up $103.2 million, or 7.4%, compared to December 31, 2020.

Stockholders’ Equity

Total stockholders’ equity decreased to $284.9 million as of March 31, 2021, from $285.5 million as of December 31, 2020. The $567,000 decrease in stockholders’ equity during the first quarter of 2021 was attributable to a $7.3 million, net of tax, market adjustment to accumulated other comprehensive income related to securities available-for-sale, the repurchase of 19,661 shares of common stock for $1.0 million, and $511,000 in cash dividends, partially offset by $8.1 million of net income and $149,000 of stock compensation. We paid a quarterly cash dividend of $0.07 per share on March 25, 2021.

Non-GAAP Disclosure

Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and PPP-adjusted metrics as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that are discussed may differ from that of other companies reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

(1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.

About Red River Bancshares, Inc.

The Company is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 25 banking centers throughout Louisiana and one combined loan and deposit production office in Lafayette, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; and the Northshore, which includes Covington.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

Contact:
Isabel V. Carriere, CPA, CGMA
Executive Vice President and Chief Financial Officer
318-561-4023
[email protected]

FINANCIAL HIGHLIGHTS (UNAUDITED)
 
  As of and for the

Three Months Ended
(Dollars in thousands, except per share data) March 31,

2021 		  December 31,

2020 		  March 31,

2020
           
Net Income $ 8,065     $ 7,261     $ 6,745  
           
Per Common Share Data:          
Earnings per share, basic $ 1.10     $ 0.99     $ 0.92  
Earnings per share, diluted $ 1.10     $ 0.99     $ 0.92  
Book value per share $ 38.99     $ 38.97     $ 36.08  
Tangible book value per share(1) $ 38.78     $ 38.76     $ 35.87  
Cash dividends per share $ 0.07     $ 0.06     $ 0.06  
Shares outstanding 7,306,747     7,325,333     7,322,532  
Weighted average shares outstanding, basic 7,317,995     7,325,333     7,313,279  
Weighted average shares outstanding, diluted 7,337,151     7,343,859     7,351,409  
           
Summary Performance Ratios:          
Return on average assets 1.20 %   1.13 %   1.36 %
Return on average equity 11.36 %   10.23 %   10.53 %
Net interest margin 2.69 %   3.01 %   3.36 %
Net interest margin FTE 2.76 %   3.08 %   3.41 %
Efficiency ratio 54.02 %   53.66 %   57.40 %
Loans HFI to deposits ratio 63.69 %   67.87 %   83.77 %
Noninterest-bearing deposits to deposits ratio 40.37 %   40.32 %   35.15 %
Noninterest income to average assets 1.01 %   0.97 %   0.95 %
Operating expense to average assets 1.96 %   2.08 %   2.41 %
           
Summary Credit Quality Ratios:          
Nonperforming assets to total assets 0.13 %   0.16 %   0.30 %
Nonperforming loans to loans HFI 0.18 %   0.21 %   0.36 %
Allowance for loan losses to loans HFI 1.21 %   1.13 %   0.99 %
Net charge-offs to average loans 0.00 %   0.06 %   0.00 %
           
Capital Ratios:          
Total stockholders’ equity to total assets 10.10 %   10.80 %   13.14 %
Tangible common equity to tangible assets(1) 10.05 %   10.75 %   13.07 %
Total risk-based capital to risk-weighted assets 18.87 %   18.68 %   18.18 %
Tier 1 risk-based capital to risk-weighted assets 17.66 %   17.55 %   17.21 %
Common equity Tier 1 capital to risk-weighted assets 17.66 %   17.55 %   17.21 %
Tier 1 risk-based capital to average assets 10.43 %   10.92 %   12.89 %

(1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
(in thousands) March 31,

2021 		  December 31,

2020 		  September 30,

2020 		  June 30,

2020 		  March 31,

2020
ASSETS                  
Cash and due from banks $ 36,856     $ 29,537     $ 31,422     $ 31,097     $ 31,858  
Interest-bearing deposits in other banks 566,144     417,664     239,466     210,254     48,605  
Securities available-for-sale 515,942     498,206     467,744     413,246     401,944  
Equity securities 3,951     4,021     4,032     4,032     3,998  
Nonmarketable equity securities 3,447     3,447     3,445     3,441     1,354  
Loans held for sale 18,449     29,116     23,358     14,578     6,597  
Loans held for investment 1,602,086     1,588,446     1,649,272     1,615,298     1,447,362  
Allowance for loan losses (19,377 )   (17,951 )   (16,192 )   (14,882 )   (14,393 )
Premises and equipment, net 46,950     46,924     44,501     41,465     41,711  
Accrued interest receivable 6,460     6,880     6,617     6,492     5,240  
Bank-owned life insurance 22,546     22,413     22,270     22,131     21,987  
Intangible assets 1,546     1,546     1,546     1,546     1,546  
Right-of-use assets 4,053     4,154     4,255     4,355     4,454  
Other assets 11,619     8,231     9,192     8,813     8,438  
Total Assets $ 2,820,672     $ 2,642,634     $ 2,490,928     $ 2,361,866     $ 2,010,701  
                   
LIABILITIES                  
Noninterest-bearing deposits $ 1,015,350     $ 943,615     $ 923,286     $ 858,397     $ 607,322  
Interest-bearing deposits 1,499,925     1,396,745     1,270,654     1,210,925     1,120,460  
Total Deposits 2,515,275     2,340,360     2,193,940     2,069,322     1,727,782  
Accrued interest payable 1,699     1,774     1,805     1,994     2,307  
Lease liabilities 4,138     4,233     4,327     4,419     4,511  
Accrued expenses and other liabilities 14,649     10,789     12,778     15,014     11,926  
Total Liabilities 2,535,761     2,357,156     2,212,850     2,090,749     1,746,526  
COMMITMENTS AND CONTINGENCIES —     —     —     —     —  
STOCKHOLDERS’ EQUITY                  
Preferred stock, no par value —     —     —     —     —  
Common stock, no par value 67,093     68,055     68,055     68,177     68,177  
Additional paid-in capital 1,638     1,545     1,487     1,429     1,333  
Retained earnings 216,511     208,957     202,136     195,291     188,877  
Accumulated other comprehensive income (loss) (331 )   6,921     6,400     6,220     5,788  
Total Stockholders’ Equity 284,911     285,478     278,078     271,117     264,175  
Total Liabilities and Stockholders’ Equity $ 2,820,672     $ 2,642,634     $ 2,490,928     $ 2,361,866     $ 2,010,701  

RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
      
  For the Three Months Ended
(in thousands)
 March 31,

2021
   December 31,

2020
   March 31,

2020
INTEREST AND DIVIDEND INCOME                      
Interest and fees on loans $ 17,165     $ 18,605     $ 16,466  
Interest on securities 1,890     1,834     1,791  
Interest on federal funds sold 22     28     113  
Interest on deposits in other banks 100     58     206  
Dividends on stock 1     1     4  
Total Interest and Dividend Income 19,178     20,526     18,580  
INTEREST EXPENSE          
Interest on deposits 1,587     1,865     2,492  
Total Interest Expense 1,587     1,865     2,492  
Net Interest Income 17,591     18,661     16,088  
Provision for loan losses 1,450     2,675     503  
Net Interest Income After Provision for Loan Losses 16,141     15,986     15,585  
NONINTEREST INCOME          
Service charges on deposit accounts 1,059     1,107     1,228  
Debit card income, net 1,046     1,011     755  
Mortgage loan income 2,882     2,679     889  
Brokerage income 834     598     744  
Loan and deposit income 473     361     300  
Bank-owned life insurance income 133     143     142  
Gain (Loss) on equity securities (70 )   (11 )   63  
Gain (Loss) on sale of securities 159     93     383  
SBIC income 241     207     178  
Other income 18     5     49  
Total Noninterest Income 6,775     6,193     4,731  
OPERATING EXPENSES          
Personnel expenses 8,021     8,089     7,348  
Occupancy and equipment expenses 1,278     1,367     1,185  
Technology expenses 665     680     586  
Advertising 183     216     261  
Other business development expenses 299     238     295  
Data processing expense 385     493     450  
Other taxes 525     425     437  
Loan and deposit expenses 255     244     246  
Legal and professional expenses 368     554     495  
Regulatory assessment expenses 201     201     26  
Other operating expenses 983     829     621  
Total Operating Expenses 13,163     13,336     11,950  
Income Before Income Tax Expense 9,753     8,843     8,366  
Income tax expense 1,688     1,582     1,621  
Net Income $ 8,065     $ 7,261     $ 6,745  

RED RIVER BANCSHARES, INC.
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
 
  For the Three Months Ended
  March 31, 2021   December 31, 2020   March 31, 2020
(dollars in thousands) Average

Balance

Outstanding 		  Interest

Earned/

Interest

Paid 		  Average

Yield/

Rate 		  Average

Balance

Outstanding 		  Interest

Earned/

Interest

Paid 		  Average

Yield/

Rate 		  Average

Balance

Outstanding 		  Interest

Earned/

Interest

Paid 		  Average

Yield/

Rate
Assets                                  
Interest-earning assets:                                  
Loans(1,2) $ 1,594,796     $ 17,165     4.31 %   $ 1,635,103     $ 18,605     4.47 %   $ 1,449,995     $ 16,466     4.50 %
Securities – taxable 295,501     862     1.17 %   303,689     873     1.15 %   262,417     1,267     1.93 %
Securities – tax-exempt 195,406     1,028     2.10 %   169,621     961     2.27 %   86,891     524     2.41 %
Federal funds sold 77,484     22     0.11 %   80,175     28     0.14 %   34,030     113     1.32 %
Interest-bearing balances due from banks 447,265     100     0.09 %   239,953     58     0.09 %   59,756     206     1.36 %
Nonmarketable equity securities 3,447     1     0.13 %   3,446     1     0.13 %   1,351     4     1.07 %
Total interest-earning assets 2,613,899     $ 19,178     2.94 %   2,431,987     $ 20,526     3.32 %   1,894,440     $ 18,580     3.89 %
Allowance for loan losses (18,669 )           (16,653 )           (14,078 )        
Noninterest earning assets 133,381             131,220             115,245          
Total assets $ 2,728,611             $ 2,546,554             $ 1,995,607          
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:                                  
Interest-bearing transaction deposits $ 1,124,341     $ 479     0.17 %   $ 983,992     $ 610     0.25 %   $ 795,390     $ 986     0.50 %
Time deposits 340,705     1,108     1.32 %   333,575     1,255     1.50 %   335,629     1,506     1.81 %
Total interest-bearing deposits 1,465,046     1,587     0.44 %   1,317,567     1,865     0.56 %   1,131,019     2,492     0.89 %
Other borrowings —     —     — %   —     —     — %   80     —     0.55 %
Total interest-bearing liabilities 1,465,046     $ 1,587     0.44 %   1,317,567     $ 1,865     0.56 %   1,131,099     $ 2,492     0.89 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits 956,612             927,123             590,370          
Accrued interest and other liabilities 18,187             19,468             16,584          
Total noninterest-bearing liabilities: 974,799             946,591             606,954          
Stockholders’ equity 288,766             282,396             257,554          
Total liabilities and stockholders’ equity $ 2,728,611             $ 2,546,554             $ 1,995,607          
Net interest income     $ 17,591             $ 18,661             $ 16,088      
Net interest spread         2.50 %           2.76 %           3.00 %
Net interest margin         2.69 %           3.01 %           3.36 %
Net interest margin FTE(3)         2.76 %           3.08 %           3.41 %
Cost of deposits         0.27 %           0.33 %           0.58 %
Cost of funds         0.25 %           0.31 %           0.53 %

(1) Includes average outstanding balances of loans held for sale of $11.1 million, $17.1 million, and $4.2 million for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively.
(2) Nonaccrual loans are included as loans carrying a zero yield.
(3) Net interest margin FTE includes an FTE adjustment using a 21% federal income tax rate on tax-exempt securities and tax-exempt loans.

RED RIVER BANCSHARES, INC.
LOAN INTEREST INCOME AND NET INTEREST RATIOS EXCLUDING PPP LOANS (NON-GAAP) (UNAUDITED)
 
The following table presents interest income for total loans, PPP loans, and total non-PPP loans (non-GAAP), as well as net interest ratios excluding PPP loans (non-GAAP) for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020.
   
  For the Three Months Ended
  March 31, 2021   December 31, 2020   March 31, 2020
(dollars in thousands) Average

Balance

Outstanding 		  Interest/Fees

Earned 		  Average

Yield 		  Average

Balance

Outstanding 		  Interest/Fees

Earned 		  Average

Yield 		  Average

Balance

Outstanding 		  Interest/Fees

Earned 		  Average

Yield
Loans(1,2) $ 1,594,796     $ 17,165     4.31 %   $ 1,635,103     $ 18,605     4.47 %   $ 1,449,995     $ 16,466     4.50 %
Less: PPP loans, net                                  
Average 108,334             161,109             —          
Interest     284             419             —      
Fees     1,848             2,604             —      
Total PPP loans, net 108,334     2,132     7.97 %   161,109     3,023     7.45 %   —     —     — %
Non-PPP loans (non-GAAP)(4) $ 1,486,462     $ 15,033     4.05 %   $ 1,473,994     $ 15,582     4.14 %   $ 1,449,995     $ 16,466     4.50 %
                                   
Ratios excluding PPP loans, net (non-GAAP)(4)                            
Net interest spread         2.28 %           2.47 %           3.00 %
Net interest margin         2.47 %           2.70 %           3.36 %
Net interest margin FTE(3)       2.53 %           2.77 %           3.41 %
(1) Includes average outstanding balances of loans held for sale of $11.1 million, $17.1 million, and $4.2 million for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively.
(2) Nonaccrual loans are included as loans carrying a zero yield.
(3) Net interest margin FTE includes an FTE adjustment using a 21% federal income tax rate on tax-exempt securities and tax-exempt loans.
(4) Non-GAAP financial measure.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
 
(dollars in thousands, except per share data) March 31,
2021 		  December 31,

2020 		  March 31,
2020
Tangible common equity          
Total stockholders’ equity $ 284,911       $ 285,478       $ 264,175    
Adjustments:          
Intangible assets (1,546 )     (1,546 )     (1,546 )  
Total tangible common equity (non-GAAP) $ 283,365       $ 283,932       $ 262,629    
Common shares outstanding 7,306,747       7,325,333       7,322,532    
Book value per common share $ 38.99       $ 38.97       $ 36.08    
Tangible book value per common share (non-GAAP) $ 38.78       $ 38.76       $ 35.87    
           
Tangible assets          
Total assets $ 2,820,672       $ 2,642,634       $ 2,010,701    
Adjustments:          
Intangible assets (1,546 )     (1,546 )     (1,546 )  
Total tangible assets (non-GAAP) $ 2,819,126       $ 2,641,088       $ 2,009,155    
Total stockholders’ equity to assets 10.10   %   10.80   %   13.14   %
Tangible common equity to tangible assets (non-GAAP) 10.05   %   10.75   %   13.07   %
           
Non-PPP loans HFI          
Loans HFI $ 1,602,086       $ 1,588,446       $ 1,447,362    
Adjustments:          
PPP loans, net (119,358 )     (118,447 )     —    
Non-PPP loans HFI (non-GAAP) $ 1,482,728       $ 1,469,999       $ 1,447,362    
           
Assets excluding PPP loans, net          
Assets $ 2,820,672       $ 2,642,634       $ 2,010,701    
Adjustments:          
PPP loans, net (119,358 )     (118,447 )     —    
Assets excluding PPP loans, net (non-GAAP) $ 2,701,314       $ 2,524,187       $ 2,010,701    
           
Allowance for loan losses $ 19,377       $ 17,951       $ 14,393    
Deposits $ 2,515,275       $ 2,340,360       $ 1,727,782    
           
Loans HFI to deposits ratio 63.69   %   67.87   %   83.77   %
Non-PPP loans HFI to deposits ratio (non-GAAP) 58.95   %   62.81   %   83.77   %
           
Allowance for loan losses to loans HFI 1.21   %   1.13   %   0.99   %
Allowance for loan losses to non-PPP loans HFI (non-GAAP) 1.31   %   1.22   %   0.99   %



Posted on

Lifetime Brands to Report First Quarter 2021 Financial Results on Thursday, May 6, 2021

GARDEN CITY, N.Y., April 29, 2021 (GLOBE NEWSWIRE) — Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, will release its first quarter 2021 financial results at 7:00 a.m. (Eastern Time) on Thursday, May 6, 2021.

The Company has scheduled a conference call for 11:00 a.m., at which time Chief Executive Officer Rob Kay and Chief Financial Officer Larry Winoker will discuss the Company’s financial results and will be available to answer investor questions.

The dial-in number for the conference call is (866) 610-1072 (U.S.) or (973) 935-2840 (International), Conference ID: 7117416. A live webcast of the conference call will be accessible through https://event.on24.com/wcc/r/3152139/7349A42078F1F4A138F6F93840ADD392. For those who cannot listen to the live broadcast, an audio replay of the webcast will be available.

About Lifetime Brands, Inc.

Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef’n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, Kizmos™, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, and Rabbit®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Creative Tops®, Empire Silver™, Gorham®, International® Silver, Kirk Stieff®, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A® and Royal Botanic Gardens Kew®; and valued home solutions brands, including BUILT NY®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather and Planet Box®. The Company also provides exclusive private label products to leading retailers worldwide.

The Company’s corporate website is www.lifetimebrands.com.

Contacts:

Lifetime Brands, Inc.
Larry Winoker, Chief Financial Officer
516-203-3590
[email protected]

OR

Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel / Andrew Squire / Rose Temple
212-355-4449



Posted on

HYCU® Ushers in New Era of Data Protection for Containers with addition of Kubernetes to HYCU Protégé

Customers Now Have Application Aware, As A Service Data Protection for Physical, Virtual and Container-based Workloads

Boston, Massachusetts, April 29, 2021 (GLOBE NEWSWIRE) — HYCU, Inc., a pioneering enterprise software company specializing in multi-cloud data backup and recovery as a service, today announced the general availability of HYCU Protégé for Kubernetes, the industry’s first native, as a service solution for Kubernetes workloads. The newest, as a service, cloud-native solution from HYCU gives customers a tightly integrated and application aware solution to protect, manage and recover data across physical, virtual and containers.

Container-based workloads are on the rise in enterprises. According to initial data from Evaluator Group’s upcoming “Spring 2021 Hybrid Cloud Study,” 29% of enterprises are using Kubernetes in a production environment, and another 40% are testing Kubernetes with the goal of progressing Kubernetes into production. With the increase in containers comes a number of challenges to maintain and minimize disruption for IT departments. While there are several approaches to add container data protection processes and procedures to an organizations’ protection plans, container-aware and consistent backup has been emerging, until now.

“While the use of containers has been on the rise, data protection approaches are still emerging and have not kept pace with the adoption and interest to date,” said Simon Taylor, Founder and CEO, HYCU, Inc. “The reason is there were really only two approaches organizations were able to use. They treat containers as a separate workload with separate infrastructure and create a siloed data protection process. Or, they use legacy data protection to just protect the persistent storage alone that only addresses a portion of what is required to keep the workload available. Our belief remains that backup and recovery should be delivered as a service, leveraging the platform capabilities and should be as powerful yet easy to use regardless of location, be it be physical, virtual or now containers.”

HYCU Protégé’s design and architecture allow for support of all platforms. The first release available today includes Google Kubernetes Engine (GKE) with other Kubernetes cloud services following shortly. 

  • Automated and instantaneous discovery of applications: Ensuring Kubernetes-based workloads are identified and managed from one single user interface.
  • Assured Data Protection: With set and forget policy-based data protection, users do not need to be IT backup administrators to use. For developers, this provides ease of use and self-service capabilities to support container-based application development. Protection policies can be applied globally, across container and non-container sources.
  • Ability to set different SLAs for applications within the same cluster: Ease of management and flexibility to provide policy-based SLAs for container-based workloads regardless of location.
  • Granular and flexible recovery: Users can recover an entire application, from individual persistent disks and configuration files.
  • Ease of recovery validation with selective cross-cluster recovery: Users have the flexibility to leverage multi-regions and locations to spin up applications for recovery.
  • Simplify Dev/Test and DR with cross project and cross regional cloning: Users gain an extra layer of protection from cyberattacks, erroneous or malicious deletion, and system outages.

For Sherif Kozman, CEO at Extreme Solution, a Google Cloud partner focused on aligning innovative technology solutions to help customers with their digital transformation initiatives, HYCU for Kubernetes is the right solution at the right time. “Current Kubernetes-based data protection solutions present more complexity than you need and present more challenges than they address for our customers. That was until now. We have been working with HYCU to deploy HYCU for Kubernetes to protect, manage and recover Kubernetes workloads for our customers. We were more than pleasantly surprised at how easy HYCU is to use, and it is even easier to manage while allowing us to integrate HYCU for all our data protection needs for customers regardless if they are physical, virtual or Kubernetes-based.”

Innext, an IT consulting company based in Italy and Google Cloud Partner since 2008 and first in Europe to successfully migrate SAPHANA to Google Cloud added, “We’ve been working with HYCU for two years to help our customers address their multi-cloud IT challenges,” said Luca Carobolante, Marketing and Communication Specialist at Innext. “This new HYCU support for Google Kubernetes Engine (GKE) is an important solution for many of our customers. We’re excited to be able to offer this to help our customers protect, recover and manage data easily and cost-effectively”

For information on HYCU and HYCU Protégé for Kubernetes, visit: https://www.hycu.com/data-protection/hycu-for-kubernetes/, follow @hycuinc and connect with us on LinkedIn.

Pricing and Availability

HYCU Protégé for Kubernetes is available immediately through authorized HYCU reseller and channel partners worldwide.

###

About HYCU

HYCU is the fastest-growing leader in the multi-cloud backup and recovery as a service industry. By bringing true SaaS-based data backup to both on-premises and cloud-native environments, the company provides unparalleled data protection, migration and disaster recovery to more than 2,000 companies worldwide. HYCU’s award-winning, purpose-built solutions eliminate the complexity, risk and high cost of legacy-based solutions, providing data protection simplicity in a hyper-connected, multi-cloud world. Customers experience frictionless, cost-effective data backup and recovery, no matter where their data resides. Based in Boston, Mass., the company employs 200 people across the globe. Learn more at www.hycu.com.

Attachment 



Don Jennings
HYCU, Inc.
617-791-1710
[email protected]

Posted on

AMG to Announce First Quarter Results on May 3, 2021


Conference Call Scheduled for 8:30 a.m. Eastern Time

WEST PALM BEACH, Fla., April 29, 2021 (GLOBE NEWSWIRE) — Affiliated Managers Group, Inc. (NYSE: AMG) will report financial and operating results for the first quarter ended March 31, 2021 on Monday, May 3, 2021. A conference call will be held at 8:30 a.m. Eastern time on the same day.
        
In addition to quarterly results, the conference call may include discussion of management’s expectations of future financial and operating results. Jay C. Horgen, President and Chief Executive Officer, and Thomas M. Wojcik, Chief Financial Officer, will host the session.

Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13718538. The live call and replay of the session, and a presentation highlighting the Company’s performance, can also be accessed via AMG’s website at https://ir.amg.com/.

For more information on AMG, please visit www.amg.com.

 

Investor Relations:
Anjali Aggarwal

Media Relations:                           
Jonathan Freedman

+1 (617) 747-3300
[email protected]
[email protected]



Posted on

Albireo to Report First Quarter 2021 Financial Results on May 6

Conference call and webcast to be held at 10:00 a.m. ET

BOSTON, April 29, 2021 (GLOBE NEWSWIRE) — Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage orphan pediatric liver disease company developing novel bile acid modulators, today announced that management will host a conference call and live audio webcast at 10:00 a.m. ET on May 6, 2021, to provide a business update and review the company’s financial results for the first quarter ended March 31, 2021.

To access the live conference call by phone, please dial 888-599-8686 (domestic) or 323-994-2082 (international) and provide the access code 8407763. A live audio webcast will be accessible from the Media & Investors page of Albireo’s website, https://ir.albireopharma.com/. To ensure a timely connection to the webcast, it is recommended that users register at least 15 minutes prior to the start time. An archived version of the webcast will be available for replay in the Events & Presentations section of the Media & Investors page of Albireo’s website for 3 months following the event.

About Albireo
Albireo Pharma is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases. Albireo’s lead product candidate, odevixibat, is being developed to treat rare pediatric cholestatic liver diseases with Phase 3 trials in PFIC, Alagille syndrome and biliary atresia. For PFIC, the FDA granted Priority Review and set a PDUFA goal date of July 20, 2021. In Europe, the EMA validated MAA.Odevixibat is the only IBATi granted accelerated assessment by the EMA. The Company has also initiated a Phase 1 clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies moving ahead with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. The Boston Business Journal named Albireo one of the 2020 Best Places to Work in Massachusetts for the second consecutive year. For more information on Albireo, please visit www.albireopharma.com.

Media Contact:

Colleen Alabiso, 857-356-3905, [email protected]
Lisa Rivero, 617-947-0899, [email protected]

Investor Contact:

Hans Vitzthum, LifeSci Advisors, LLC., 617-430-7578