Market Newsdesk

April 27, 2021 4:33 pm

Warrior Met Coal Declares Regular Quarterly Cash Dividend

Warrior Met Coal Declares Regular Quarterly Cash Dividend

BROOKWOOD, Ala.–(BUSINESS WIRE)–
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”) today announced its board of directors has declared a regular quarterly cash dividend of $0.05 per share to be paid on May 12, 2021, to stockholders of record as of the close of business on May 7, 2021.

About Warrior

Warrior is a U.S.-based, environmentally, and socially minded supplier to the global steel industry. It is dedicated entirely to mining non-thermal metallurgical (met) coal used as a critical component of steel production by metal manufacturers in Europe, South America, and Asia. Warrior is a large-scale, low-cost producer and exporter of premium met coal, also known as hard coking coal (“HCC”), operating highly efficient longwall operations in its underground mines based in Alabama. The HCC that Warrior produces from the Blue Creek coal seam contains very low sulfur, has strong coking properties and is of a similar quality to coal referred to as the premium HCC produced in Australia. The premium nature of Warrior’s HCC makes it ideally suited as a base feed coal for steel makers and results in price realizations near the Platts Premium LV FOB Index price. For more information, please visit www.warriormetcoal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005109/en/

For Investors:

Dale W. Boyles, 205-554-6129

[email protected]

For Media:

D’Andre Wright, 205-554-6131

[email protected]

KEYWORDS: United States North America Alabama

INDUSTRY KEYWORDS: Mining/Minerals Manufacturing Coal Energy Natural Resources Steel

MEDIA:

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April 27, 2021 4:33 pm

Randolph Bancorp, Inc. Announces First Quarter 2021 Financial Results

STOUGHTON, Mass., April 27, 2021 (GLOBE NEWSWIRE) — Randolph Bancorp, Inc. (the “Company”) (NASDAQ Global Market: RNDB), the holding company for Envision Bank (the “Bank”), today announced net income of $4.1 million, or $0.81 per basic share and $0.78 per diluted share, for the three months ended March 31, 2021 compared to net income of $5.3 million, or $1.03 per basic and $1.01 per diluted share for the three months ended December 31, 2020 and a net loss of $0.8 million, or $0.16 per basic and diluted share, for the three months ended March 31, 2020. Excluding one-time charges of $109,000 in severance expenses, earnings were $4.2 million, or $0.79 per diluted share for the three months ended March 31, 2021. Excluding one-time charges of $294,000 related to the closing of a residential lending office and $69,000 in severance expenses, earnings were $5.6 million, or $1.06 per diluted share, for the three months ended December 31, 2020.

At March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. An increase in cash and cash equivalents of $41.2 million was partially offset by a decrease in loans held for sale of $25.9 million relative to the prior quarter. Compared to March 31, 2020, total assets grew $85.3 million, or 13.1% from $652.9 million. The growth from the prior year period was caused by an increase in loans held for sale of $34.4 million, or 58.5%, an increase in commercial real estate loans of $20.3 million, or 16.1%, and an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by lending associated with the Small Business Administration’s (the “SBA’s”) Paycheck Protection Program (“PPP”).

William M. Parent, President and Chief Executive Officer, stated, “The first quarter was another strong quarter for our Company, as mortgage refinancing volume, combined with improving banking results, drove performance metrics to elevated levels. We are very pleased with our performance as we migrate our mortgage banking operations from a higher volume refinance environment to more normalized levels while continuing to expand our consumer and commercial banking business. We remain optimistic regarding local economic activity, our ability to continue to grow our business and generate recurring operating leverage.”

First Quarter Operating Results

Net interest income increased by $51,000, or 1.0%, to $5.1 million for the three months ended March 31, 2021 from $5.0 million for the three months ended December 31, 2020. This increase was primarily due to an increase in average loans and a decrease in the cost of funds driven by a shortening of deposit liabilities and a decline in the cost of non-maturity deposits from the prior quarter. The average balance of term certificates decreased $15.3 million, or 13.6%, from the prior quarter and the average balance of savings and NOW accounts increased $19.2 million, or 8.0%, from the prior quarter. This contributed to a decrease of 9 basis points in the cost of interest-bearing liabilities. The net interest margin decreased in the first quarter by 6 basis points to 2.96% from 3.02% in the prior quarter. The change reflects a decrease of 11 basis points in loan yields, due to a decline in the forgiveness of SBA PPP loans, which resulted in a decline in loan yields of 2 basis points, and payoffs of higher yielding loans.

The net interest margin increased in the first quarter of 2021 to 2.96%, from 2.91% in the first quarter of 2020. The change reflects the shortening and downward pricing of deposit liabilities, exceeding the decreases in the rates earned on interest-earning assets because of the lower interest-rate environment. Net interest income increased by $666,000, or 15.1%, to $5.1 million for the three months ended March 31, 2021 from $4.4 million the same period in the prior year. This increase was primarily due to a decrease in deposit costs, complemented by change in the mix of deposits. The average balance of savings and NOW accounts in the first quarter of 2021 increased $55.5 million, or 41.1% and $30.5 million, or 78.0%, respectively, from the prior year quarter and the average balance of term certificates decreased $91.7 million, or 48.6%, from the prior year quarter, contributing to an 80 basis point decrease in the cost of interest-bearing liabilities. This decrease was primarily driven by an 89 basis point decline in the cost of interest-bearing deposits, as market interest rates declined sharply from the prior year.

The Company recognized a credit for loan losses of $213,000 for the quarter ended March 31, 2021, driven by changes in the qualitative factors related to the impact of the COVID-19 pandemic and the economic outlook used in the Company’s calculation. The allowance for loan losses was 1.32%, 1.38% and 1.04% of total loans at March 31, 2021, December 31, 2020 and March 31, 2020, respectively, and was 79.0%, 94.6% and 146.6% of non-performing assets at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

Non-interest income decreased $3.2 million, or 20.3%, to $12.4 million for the quarter ended March 31, 2021 from $15.6 million in the quarter ended December 31, 2020, due to a decrease of $3.6 million in the net gain on loan origination and sale activities, partially offset by an increase of $504,000 related to net mortgage servicing fees. Sold mortgages totaled $503.3 million in the first quarter of 2021, compared to $426.5 million in the fourth quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $396.6 million at the end of the fourth quarter of 2020, contributing to the decrease in the net gain on loan origination and sales activities. Mortgage servicing fees increased $504,000, or 183.3% for the first quarter of 2021 to $779,000 from $275,000 in the fourth quarter of 2020 due to a fair value adjustment of $421,000 in the first quarter of 2021, based on an increase in mortgage interest rates from the prior quarter.

Non-interest income increased $6.0 million, or 92.6%, to $12.4 million for the quarter ended March 31, 2021 from $6.5 million for the quarter ended March 31, 2020, principally due to an increase of $3.8 million in the net gain on loan origination and sale activities and an increase of $2.0 million in net mortgage servicing fees. Sold mortgage loans totaled $503.3 million in the first quarter of 2021, compared to sold mortgage loans of $217.9 million during the first quarter of 2020. The first quarter of 2021 ended with a mortgage pipeline of $239.5 million, compared to a pipeline of $395.6 million at the end of the first quarter of 2020. Mortgage servicing fees increased $2.0 million in the quarter ended March 31, 2021, principally due to an impairment of mortgage servicing rights of $1.6 in the quarter ended March 31, 2020.

Non-interest expenses decreased $976,000, or 7.6%, to $12.0 million in the quarter ended March 31, 2021 from $12.9 million in the quarter ended December 30, 2020. The decrease was due to a decrease in occupancy and equipment costs of $406,000, or 35.3%, and a provision for unfunded commitments of $584,000 taken in the fourth quarter of 2020. Occupancy and equipment expenses decreased $406,000 in the quarter ended March 31, 2021 from the prior quarter due to the closing of residential lending offices in the fourth quarter of 2020, which resulted in a one-time charge of $294,000. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses decreased by $285,000, or 9.3% in the quarter ended March 31, 2021 versus the prior quarter, as the fourth quarter of 2020 included a $584,000 provision for unfunded loan commitments.

Non-interest expenses increased $992,000 to $12.0 million in the quarter ended March 31, 2021 from $11.0 million in the quarter ended March 31, 2020. The increase is principally due to an increase in salaries and employee benefits of $311,000, primarily attributed to higher commissions and incentives associated with increased residential loan production, partially offset by a $1.4 million charge related to the retirement of senior executives in the first quarter of 2020. In addition, other non-interest expenses increased $463,000 from the prior year quarter due to elevated loan production costs. Occupancy and equipment expenses increased $46,000 in the quarter ended March 31, 2021 over the prior year period due to seasonal increases in snowplowing expenses. Other non-interest expenses comprising professional fees, marketing, FDIC insurance and other non-interest expenses increased by $635,000, or 29.7% in the quarter ended March 31, 2021 versus the prior year period, due to elevated mortgage loan production costs.

Balance Sheet

At March 31, 2021, total assets amounted to $738.2 million, compared to $721.1 million at December 31, 2020, an increase of $17.1 million, or 2.4%. A $41.2 million increase in cash and cash equivalents from the prior quarter was partially offset by a $25.9 million decrease in loans held for sale. Net loan growth of $8.4 million, or 1.7%, was driven by SBA PPP loan originations of $10.2 million. SBA PPP loans totaled $14.7 million at the end of the first quarter of 2021. Non-brokered deposits increased by $31.5 million, or 6.3%, to $528.0 million from $496.6 million in the prior quarter.

Total assets at March 31, 2021 increased $85.3 million, or 13.1% from $652.9 million at March 31, 2020. Contributing to asset growth was a $34.4 million increase in loans held for sale to $93.2 million at March 31, 2021 from $58.8 million at March 31, 2020. Cash and cash equivalents increased by $33.7 million, or 159.0%, to $55.0 million at March 31, 2021 from $21.2 million at March 31, 2020, mainly as a result of strong core growth in deposits and higher loan sales at quarter end. Net loans increased by $15.8 million, or 3.3%, to $492.0 million at March 31, 2021 from $476.2 million at March 31, 2020, mainly as a result commercial real estate growth of $20.3 million, or 16.1%, as we focus on diversifying our loan mix and reducing our exposure to long-term fixed rate 1-4 family residential loans. Another factor for net loan growth was an increase in commercial and industrial loans of $14.8 million, or 164.3%, driven by SBA PPP lending.

The increase in total assets at March 31, 2021 from the prior quarter was funded by deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $31.5 million, or 6.3%, during the quarter from $496.6 million at December 31, 2020. Driving the growth in non-brokered deposits were customers’ receipt of government stimulus and our focus on deposit gathering. Federal Home Loan Bank of Boston (“FHLBB”) and Federal Reserve Bank advances decreased by $13.3 million to $60.0 million at March 31, 2021, from $73.3 million at December 31, 2020, primarily as a result of the full repayment of Federal Reserve Bank advances.

The increase in total assets from the prior year quarter was also funded by continued deposit growth. Non-brokered deposits totaled $528.0 million at March 31, 2021, increasing by $109.0 million, or 26.0%, during the quarter ended March 31, 2021 from $419.1 million at March 31, 2020. Driving the growth in non-brokered deposits was customers’ receipt of government stimulus and our focus on deposit gathering. Brokered deposits decreased by $53.7 million to $32.2 million at March 31, 2021, from $86.0 million at March 31, 2020. FHLBB advances increased by $8.0 million to $60.0 million at March 31, 2021, from $52.0 million at March 31, 2020.

Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $99.8 million at December 31, 2020. The increase of $1.0 million reflects net income during the first quarter of $4.1 million, partially offset by share repurchases of $2.7 million and a decrease in the fair value of available-for-sale equity securities, net of taxes, of $794,000.

Total stockholders’ equity was $100.9 million at March 31, 2021 compared to $79.0 million at March 31, 2020. The increase of $21.9 million relates mainly to net income from the previous twelve months of $24.9 million, partially offset by share repurchases of $3.2 million and a decrease in the fair value of available-for-sale securities, net of taxes, of $927,000. In addition, equity adjustments related to equity-based compensation amounted to an increase of $1.1 million.

COVID-19 Impact

In response to the impact of the COVID-19 pandemic on our customers and our business, the Company implemented a series of measures through the date of this release, including participation in the PPP, for which we funded $25.6 million of SBA PPP Loans through March 31, 2021, and granting payment deferrals for residential mortgage, home equity and certain commercial borrowers who were current in their payments at the time the deferral was requested. Depending on the circumstances of the borrowers, the forbearance calls for a reduced or full deferral of payment. Please refer to the Loan Payment Deferrals and COVID-19 Most Impacted Sections for statistics on loan payment deferrals and the commercial loan sectors we believe could be exposed to the economic impact of the COVID-19 pandemic.

About Randolph Bancorp, Inc.

Randolph Bancorp, Inc. is the holding company for Envision Bank and its Envision Mortgage Division. Envision Bank is a full-service community bank with five retail branch locations, loan operations centers in North Attleboro and Stoughton, Massachusetts, three loan production offices located in Massachusetts and one loan production office in Southern New Hampshire.

Forward Looking Statements

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the negative impacts and disruptions of the COVID-19 pandemic and the measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in the general business and economic conditions on a national basis and in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; changes in consumer behavior due to changing political, business and economic conditions or legislative or regulatory initiatives; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; turbulence in the capital and debt markets and the impact of such conditions on the Company’s business activities; and the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures, such as return on average assets, return on average equity, the efficiency ratio, profit percentage, tangible book value per share and, where applicable, as adjusted for non-recurring items. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of on-going business activities, and to enhance comparability with peers across the financial services sector.

Randolph Bancorp, Inc.
Consolidated Balance Sheet
(Dollars in thousands)
(Unaudited)

										% Change
	March 31,			December 31,			March 31,			Mar 2021 vs.			Mar 2021 vs.
	2021			2020			2020			Dec 2020			Mar 2020
Assets
Cash and cash equivalents	$	54,950		$	13,774		$	21,245			298.9	%		158.6	%
Certificates of deposit		–			–			490		– %				(100.0	)%
Securities available for sale, at fair value		54,148			55,366			55,465			(2.2	)%		(2.4	)%
Loans held for sale, at fair value		93,176			119,112			58,781			(21.8	)%		58.5	%
Loans:
1-4 family residential		239,190			235,648			250,006			1.5	%		(4.3	)%
Home equity		49,073			48,166			43,503			1.9	%		12.8	%
Commercial real estate		146,930			143,893			126,608			2.1	%		16.1	%
Construction		29,975			31,050			35,327			(3.5	)%		(15.1	)%
Total real estate loans		465,168			458,757			455,444			1.4	%		2.1	%
Commercial and industrial		23,869			20,259			9,030			17.8	%		164.3	%
Consumer		8,724			10,289			15,344			(15.2	)%		(43.1	)%
Total loans		497,761			489,305			479,818			1.7	%		3.7	%
Allowance for loan losses		(6,563	)		(6,784	)		(4,996	)		(3.3	)%		31.4	%
Net deferred loan costs and fees, and purchase premiums		785			1,123			1,404			(30.1	)%		(44.1	)%
Loans, net		491,983			483,644			476,226			1.7	%		3.3	%
Federal Home Loan Bank of Boston stock, at cost		3,576			3,576			2,873			0.0	%		24.5	%
Accrued interest receivable		1,501			1,562			1,397			(3.9	)%		7.4	%
Mortgage servicing rights, net		14,744			12,377			7,488			19.1	%		96.9	%
Premises and equipment, net		4,709			4,781			5,667			(1.5	)%		(16.9	)%
Bank-owned life insurance		8,662			8,622			8,486			0.5	%		2.1	%
Foreclosed real estate, net		132			132			132			0.0	%		0.0	%
Other assets		10,607			18,126			14,636			(41.5	)%		(27.5	)%
Total assets	$	738,188		$	721,072		$	652,886			2.4	%		13.1	%

Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	118,623		$	96,731		$	65,017			22.6	%		82.4	%
Savings accounts		192,712			185,481			144,980			3.9	%		32.9	%
NOW accounts		62,772			53,530			39,598			17.3	%		58.5	%
Money market accounts		78,236			77,393			67,220			1.1	%		16.4	%
Term certificates		75,690			83,444			102,253			(9.3	)%		(26.0	)%
Brokered		32,225			31,728			85,951			1.6	%		(62.5	)%
Total deposits		560,258			528,307			505,019			6.0	%		10.9	%
Federal Reserve Bank advances		–			11,431			–			(100.0	)%	– %
Federal Home Loan Bank of Boston advances		60,024			61,895			52,013			(3.0	)%		15.4	%
Mortgagors’ escrow accounts		1,924			2,338			2,074			(17.7	)%		(7.2	)%
Post-employment benefit obligations		2,235			2,382			2,329			(6.2	)%		(4.0	)%
Other liabilities		12,888			14,900			12,495			(13.5	)%		3.1	%
Total liabilities		637,329			621,253			573,930			2.6	%		11.0	%
Stockholders’ Equity:
Common stock		53			54			55			(1.9	)%		(3.6	)%
Additional paid-in capital		48,613			50,937			50,832			(4.6	)%		(4.4	)%
Retained earnings		55,801			51,689			30,939			8.0	%		80.4	%
ESOP-Unearned compensation		(3,709	)		(3,756	)		(3,897	)		(1.3	)%		(4.8	)%
Accumulated other comprehensive income, net of tax		101			895			1,027			(88.7	)%		(90.2	)%
Total stockholders’ equity		100,859			99,819			78,956			1.0	%		27.7	%
Total liabilities and stockholders’ equity	$	738,188		$	721,072		$	652,886			2.4	%		13.1	%

Randolph Bancorp, Inc.
Consolidated Balance Sheet Trend
(Dollars in thousands)
(Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
		2021			2020			2020			2020			2020
Assets
Cash and cash equivalents	$	54,950		$	13,774		$	49,091		$	76,003		$	21,245
Certificates of deposit		–			–			–			490			490
Securities available for sale, at fair value		54,148			55,366			55,551			54,462			55,465
Loans held for sale, at fair value		93,176			119,112			87,805			61,673			58,781
Loans:
1-4 family residential		239,190			235,648			235,955			246,236			250,006
Home equity		49,073			48,166			48,097			43,493			43,503
Commercial real estate		146,930			143,893			141,862			134,750			126,608
Construction		29,975			31,050			32,064			35,181			35,327
Total real estate loans		465,168			458,757			457,978			459,660			455,444
Commercial and industrial		23,869			20,259			20,388			22,940			9,030
Consumer		8,724			10,289			11,696			13,435			15,344
Total loans		497,761			489,305			490,062			496,035			479,818
Allowance for loan losses		(6,563	)		(6,784	)		(6,597	)		(6,059	)		(4,996	)
Net deferred loan costs and fees, and purchase premiums		785			1,123			1,083			962			1,404
Loans, net		491,983			483,644			484,548			490,938			476,226
Federal Home Loan Bank of Boston stock, at cost		3,576			3,576			3,797			4,072			2,873
Accrued interest receivable		1,501			1,562			1,654			1,760			1,397
Mortgage servicing rights, net		14,744			12,377			10,944			8,094			7,488
Premises and equipment, net		4,709			4,781			5,133			5,313			5,667
Bank-owned life insurance		8,662			8,622			8,577			8,532			8,486
Foreclosed real estate, net		132			132			132			132			132
Other assets		10,607			18,126			15,736			12,572			14,636
Total assets	$	738,188		$	721,072		$	722,968		$	724,041		$	652,886

Liabilities and Stockholders’ Equity
Deposits:
Non-interest bearing	$	118,623		$	96,731		$	93,352		$	89,014		$	65,017
Savings accounts		192,712			185,481			175,316			165,234			144,980
NOW accounts		62,772			53,530			47,032			48,014			39,598
Money market accounts		78,236			77,393			74,874			75,827			67,220
Term certificates		75,690			83,444			94,438			104,905			102,253
Brokered		32,225			31,728			37,273			55,972			85,951
Total deposits		560,258			528,307			522,285			538,966			505,019
Federal Reserve Bank advances		–			11,431			15,318			15,010			–
Federal Home Loan Bank of Boston advances		60,024			61,895			66,903			71,944			52,013
Mortgagors’ escrow accounts		1,924			2,338			1,959			1,824			2,074
Post-employment benefit obligations		2,235			2,382			2,289			2,319			2,329
Other liabilities		12,888			14,900			19,276			9,449			12,495
Total liabilities		637,329			621,253			628,030			639,512			573,930
Stockholders’ Equity:
Common stock		53			54			55			55			55
Additional paid-in capital		48,613			50,937			51,201			51,013			50,832
Retained earnings		55,801			51,689			46,415			36,130			30,939
ESOP-Unearned compensation		(3,709	)		(3,756	)		(3,803	)		(3,850	)		(3,897	)
Accumulated other comprehensive income, net of tax		101			895			1,070			1,181			1,027
Total stockholders’ equity		100,859			99,819			94,938			84,529			78,956
Total liabilities and stockholders’ equity	$	738,188		$	721,072		$	722,968		$	724,041		$	652,886

Randolph Bancorp, Inc.
Consolidated Statements of Operations
(Dollars in thousands except per share amounts)
(Unaudited)

	Three Months Ended								% Change
	March 31,			December 31,		March 31,			Mar 2021 vs.			Mar 2021 vs.
	2021			2020		2020			Dec 2020			Mar 2020
Interest and dividend income:
Loans	$	5,508		$	5,532	$	5,620			(0.4	)%		(2.0	)%
Other interest and dividend income		253			296		433			(14.5	)%		(41.6	)%
Total interest and dividend income		5,761			5,828		6,053			(1.1	)%		(4.8	)%

Interest expense		670			788		1,628			(15.0	)%		(58.8	)%

Net interest income		5,091			5,040		4,425			1.0	%		15.1	%
Provision (credit) for loan losses		(213	)		215		724			(199.1	)%		(129.4	)%
Net interest income after provision (credit) for loan losses		5,304			4,825		3,701			9.9	%		43.3	%

Non-interest income:
Customer service fees		367			381		306			(3.7	)%		19.9	%
Gain on loan origination and sale activities, net		10,993			14,620		7,144			(24.8	)%		53.9	%
Mortgage servicing fees, net		779			275		(1,254	)		183.3	%		(162.1	)%
Other		284			311		255			(8.7	)%		11.4	%
Total non-interest income		12,423			15,587		6,451			(20.3	)%		92.6	%
Non-interest expenses:
Salaries and employee benefits		8,437			8,722		8,126			(3.3	)%		3.8	%
Occupancy and equipment		744			1,150		698			(35.3	)%		6.6	%
Professional fees		561			389		405			44.2	%		38.5	%
Marketing		170			231		152			(26.4	)%		11.8	%
FDIC insurance		54			51		56			5.9	%		(3.6	)%
Other non-interest expenses		1,985			2,384		1,522			(16.7	)%		30.4	%
Total non-interest expenses		11,951			12,927		10,959			(7.6	)%		9.1	%
Income (loss) before income taxes		5,776			7,485		(807	)		(22.8	)%		(815.7	)%
Income tax expense		1,664			2,211		11			(24.7	)%		15027.3	%
Net income (loss)	$	4,112		$	5,274	$	(818	)		(22.0	)%		(602.7	)%

Net income (loss) per share:
Basic	$	0.81		$	1.03	$	(0.16	)
Diluted	$	0.78		$	1.01	$	(0.16	)

Weighted average shares outstanding:
Basic		5,056,165			5,135,069		5,158,294
Diluted		5,254,907			5,244,414		5,158,294

Randolph Bancorp, Inc.
Consolidated Statements of Operations Trend
(Dollars in thousands except per share amounts)
(Unaudited)

	Three Months Ended
	March 31,			December 31,		September 30,		June 30,			March 31,
	2021			2020		2020		2020			2020
Interest and dividend income:
Loans	$	5,508		$	5,532	$	5,337	$	5,723		$	5,620
Other interest and dividend income		253			296		311		336			433
Total interest and dividend income		5,761			5,828		5,648		6,059			6,053

Interest expense		670			788		979		1,326			1,628

Net interest income		5,091			5,040		4,669		4,733			4,425
Provision (credit) for loan losses		(213	)		215		546		1,068			724
Net interest income after provision (credit) for loan losses		5,304			4,825		4,123		3,665			3,701

Non-interest income:
Customer service fees		367			381		330		266			306
Gain on loan origination and sale activities, net		10,993			14,620		18,102		14,370			7,144
Mortgage servicing fees, net		779			275		1,180		(1,354	)		(1,254	)
Other		284			311		262		217			255
Total non-interest income		12,423			15,587		19,874		13,499			6,451
Non-interest expenses:
Salaries and employee benefits		8,437			8,722		7,911		8,402			8,126
Occupancy and equipment		744			1,150		859		838			698
Professional fees		561			389		253		230			405
Marketing		170			231		154		152			152
FDIC insurance		54			51		41		39			56
Other non-interest expenses		1,985			2,384		1,833		1,718			1,522
Total non-interest expenses		11,951			12,927		11,051		11,379			10,959
Income (loss) before income taxes		5,776			7,485		12,946		5,785			(807	)
Income tax expense		1,664			2,211		2,661		594			11
Net income (loss)	$	4,112		$	5,274	$	10,285	$	5,191		$	(818	)

Net income (loss) per share:
Basic	$	0.81		$	1.03	$	2.01	$	1.02		$	(0.16	)
Diluted	$	0.78		$	1.01	$	2.01	$	1.02		$	(0.16	)

Weighted average shares outstanding:
Basic		5,056,165			5,135,069		5,120,367		5,092,490			5,158,294
Diluted		5,254,907			5,244,414		5,120,367		5,092,490			5,158,294

Randolph Bancorp, Inc.
Average Balances/Yields
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	March 31, 2021								December 31, 2020								March 31, 2020
	Average			Interest		Average			Average			Interest		Average			Average			Interest		Average
	Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/			Outstanding			Earned/		Yield/
(Dollars in thousands)	Balance			Paid		Rate			Balance			Paid		Rate			Balance			Paid		Rate
Interest-earning assets:
Loans ⁽¹⁾	$	594,021		$	5,508		3.71	%	$	580,002		$	5,532		3.82	%	$	531,141		$	5,620		4.23	%
Investment securities^{(2) (3)}		57,818			247		1.71	%		58,329			290		1.99	%		58,799			379		2.58	%
Interest-earning deposits		35,492			7		0.08	%		30,573			8		0.10	%		18,458			56		1.21	%
Total interest-earning assets		687,331			5,762		3.35	%		668,904			5,830		3.49	%		608,398			6,055		3.98	%
Noninterest-earning assets		42,045								45,015								31,774
Total assets	$	729,376							$	713,919							$	640,172
Interest-bearing liabilities:
Savings accounts		190,313			98		0.21	%		181,653			142		0.31	%		134,843			284		0.84	%
NOW accounts		69,511			48		0.28	%		59,005			43		0.29	%		39,049			51		0.52	%
Money market accounts		75,994			54		0.28	%		75,106			62		0.33	%		78,394			197		1.01	%
Term certificates		96,978			238		0.98	%		112,260			293		1.04	%		188,654			893		1.89	%
Total interest-bearing deposits		432,796			438		0.40	%		428,024			540		0.50	%		440,940			1,425		1.29	%
FHLBB and FRB advances		70,857			232		1.31	%		77,584			247		1.27	%		47,102			203		1.72	%
Total interest-bearing liabilities		503,653			670		0.53	%		505,608			787		0.62	%		488,042			1,628		1.33	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits		106,929								94,540								62,718
Other noninterest-bearing liabilities		15,375								13,539								9,549
Total liabilities		625,957								613,687								560,309
Total stockholders’ equity		103,419								100,232								79,863
Total liabilities and stockholders’ equity	$	729,376							$	713,919							$	640,172
Net interest income				$	5,092							$	5,043							$	4,427
Interest rate spread⁽⁴⁾							2.82	%							2.87	%							2.65	%
Net interest-earning assets⁽⁵⁾	$	183,678							$	163,296							$	120,356
Net interest margin⁽⁶⁾							2.96	%							3.02	%							2.91	%

Ratio of interest-earning assets to interest-bearing liabilities		136.47	%							132.30	%							124.66	%

(1) Includes nonaccruing loan balances and interest received on such loans.
(2) Includes carrying value of securities classified as available-for-sale and FHLBB stock.
(3) Includes tax equivalent adjustments for municipal securities, based on a statutory tax rate of 21%, of $1,000, $1,000 and $2,000 for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
(4) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.

Randolph Bancorp, Inc.
Average Balances Trend
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Interest-earning assets:
Total loans	$	594,021	$	580,002	$	559,370	$	576,964	$	531,141
Investment securities		57,818		58,329		57,211		58,119		58,799
Interest-earning deposits		35,492		30,573		48,949		22,918		18,458
Total interest-earning assets		687,331		668,904		665,530		658,001		608,398
Non-interest earning assets		42,045		45,015		41,037		40,156		31,774
Total assets	$	729,376	$	713,919	$	706,567	$	698,157	$	640,172

Interest-bearing liabilities:
Savings accounts	$	190,313	$	181,653	$	170,762	$	158,427	$	134,843
NOW accounts		69,511		59,005		57,646		46,593		39,049
Money market accounts		75,994		75,106		72,369		71,396		78,394
Term certificates		96,978		112,260		131,053		159,224		188,654
Total interest-bearing deposits		432,796		428,024		431,830		435,640		440,940
FHLBB and FRB advances		70,857		77,584		82,639		79,133		47,102
Total interest-bearing liabilities		503,653		505,608		514,469		514,773		488,042
Noninterest-bearing liabilities:
Noninterest-bearing deposits		106,929		94,540		88,394		77,947		62,718
Other noninterest-bearing liabilities		15,375		13,539		12,724		22,893		9,549
Total liabilities		625,957		613,687		615,587		615,613		560,309
Total stockholders’ equity		103,419		100,232		90,980		82,544		79,863
Total liabilities and stockholders’ equity	$	729,376	$	713,919	$	706,567	$	698,157	$	640,172

Randolph Bancorp, Inc.
Average Balances Trend
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Interest-earning assets:
Total loans		3.71	%		3.82	%		3.82	%		3.97	%		4.23	%
Investment securities		1.71	%		1.99	%		2.13	%		2.28	%		2.58	%
Interest-earning deposits		0.08	%		0.10	%		0.06	%		0.09	%		1.21	%
Total interest-earning assets		3.35	%		3.49	%		3.40	%		3.68	%		3.98	%

Interest-bearing liabilities:
Savings accounts		0.21	%		0.31	%		0.40	%		0.59	%		0.84	%
NOW accounts		0.28	%		0.29	%		0.28	%		0.43	%		0.52	%
Money market accounts		0.28	%		0.33	%		0.41	%		0.68	%		1.01	%
Term certificates		0.98	%		1.04	%		1.35	%		1.70	%		1.89	%
Total interest-bearing deposits		0.40	%		0.50	%		0.68	%		0.99	%		1.29	%
FHLBB and FRB advances		1.31	%		1.27	%		1.21	%		1.23	%		1.72	%
Total interest-bearing liabilities		0.53	%		0.62	%		0.76	%		1.03	%		1.33	%

Interest rate spread		2.82	%		2.87	%		2.64	%		2.65	%		2.65	%
Net interest rate margin		2.96	%		3.02	%		2.81	%		2.88	%		2.91	%
Ratio of interest-earning assets to interest-bearing liabilities		136.47	%		132.30	%		129.36	%		127.82	%		124.66	%

Randolph Bancorp, Inc.
Rate/Volume Analysis
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	March 31, 2021 vs. December 31, 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans	$	135		$	(159	)	$	(24	)
Investment securities		(3	)		(40	)		(43	)
Interest-earning deposits		1			(1	)		–
Total interest-earning assets		133			(200	)		(67	)
Interest-bearing liabilities:
Savings accounts		6			(50	)		(44	)
NOW accounts		7			(2	)		5
Money market accounts		1			(9	)		(8	)
Term certificates		(39	)		(16	)		(55	)
Total interest-bearing deposits		(25	)		(77	)		(102	)
FHLBB and FRB advances		(22	)		6			(16	)
Total interest-bearing liabilities		(47	)		(71	)		(118	)
Change in net interest income	$	180		$	(129	)	$	51

	Three Months Ended
	March 31, 2021 vs. 2020
	Increase (Decrease)						Total
	Due to Changes in						Increase
	Volume			Rate			(Decrease)
Interest-earning assets:
Loans	$	623		$	(735	)	$	(112	)
Investment securities		(6	)		(126	)		(132	)
Interest-earning deposits		27			(75	)		(48	)
Total interest-earning assets		644			(936	)		(292	)
Interest-bearing liabilities:
Savings accounts		85			(271	)		(186	)
NOW accounts		28			(31	)		(3	)
Money market accounts		(6	)		(137	)		(143	)
Term certificates		(329	)		(326	)		(655	)
Total interest-bearing deposits		(222	)		(765	)		(987	)
FHLBB and FRB advances		85			(56	)		29
Total interest-bearing liabilities		(137	)		(821	)		(958	)
Change in net interest income	$	781		$	(115	)	$	666

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

	For the Three Months Ended March 31, 2021
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	4,201		$	890	$	5,091
Provision (credit) for loan losses		(213	)		–		(213	)
Net interest income after provision for loan losses		4,414			890		5,304

Non-interest income:
Customer service fees		340			27		367
Gain on loan origination and sale activities, net ⁽¹⁾		–			11,674		11,674
Mortgage servicing fees, net		(94	)		873		779
Other		151			133		284
Total non-interest income		397			12,707		13,104

Non-interest expenses:
Salaries and employee benefits		1,802			6,635		8,437
Occupancy and equipment		443			301		744
Other non-interest expenses		1,087			1,683		2,770
Total non-interest expenses		3,332			8,619		11,951

Income before income taxes and elimination of inter-segment profit	$	1,479		$	4,978		6,457

Elimination of inter-segment profit							(681	)
Income before income taxes							5,776

Income tax expense							1,664
Net income						$	4,112

(1) Before elimination of inter-segment profit.

The information above was derived from the internal management reporting system used to measure performance of the segments.

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

	For the Three Months Ended December 31, 2020
	Envision Bank			Envision Mortgage		Consolidated Total
Net interest income	$	4,265		$	775	$	5,040
Provision for loan losses		215			–		215
Net interest income after provision for loan losses		4,050			775		4,825

Non-interest income:
Customer service fees		353			28		381
Gain on loan origination and sale activities, net ⁽¹⁾		–			15,062		15,062
Mortgage servicing fees, net		(100	)		375		275
Other		147			164		311
Total non-interest income		400			15,629		16,029

Non-interest expenses:
Salaries and employee benefits		2,178			6,544		8,722
Occupancy and equipment		465			685		1,150
Other non-interest expenses		1,942			1,113		3,055
Total non-interest expenses		4,585			8,342		12,927

Income (loss) before income taxes and elimination of inter-segment profit	$	(135	)	$	8,062		7,927

Elimination of inter-segment profit							(442	)
Income before income taxes							7,485

Income tax expense							2,211
Net income						$	5,274

(1) Before elimination of inter-segment profit.

Randolph Bancorp, Inc.
Segment Information
(Dollars in thousands)
(Unaudited)

	For the Three Months Ended March 31, 2020
	Envision Bank			Envision Mortgage			Consolidated Total
Net interest income	$	3,994		$	431		$	4,425
Provision for loan losses		724			–			724
Net interest income after credit for loan losses		3,270			431			3,701

Non-interest income:
Customer service fees		273			33			306
Gain on loan origination and sale activities, net ⁽¹⁾		–			7,472			7,472
Mortgage servicing fees, net		(87	)		(1,167	)		(1,254	)
Other		140			115			255
Total non-interest income		326			6,453			6,779

Non-interest expenses:
Salaries and employee benefits		3,098			5,028			8,126
Occupancy and equipment		404			294			698
Other non-interest expenses		1,145			990			2,135
Total non-interest expenses		4,647			6,312			10,959

Income (loss) before income taxes and elimination of inter-segment profit	$	(1,051	)	$	572			(479	)

Elimination of inter-segment profit								(328	)
Loss before income taxes								(807	)

Income tax expense								11
Net loss							$	(818	)

(1) Before elimination of inter-segment profit.

The information above was derived from the internal management reporting system used to measure performance of the segments.

Randolph Bancorp, Inc.
Reconciliation of GAAP to Non-GAAP Net Income
(in thousands)
(Unaudited)

	Quarter Ended
	March 31, 2021
	Income Before Taxes			Provision for Income Taxes		Net Income			Earnings per Common Share (diluted)
GAAP basis	$	5,776		$	1,664	$	4,112		$	0.78
Non-interest expense adjustments:
Accrued severance expenses		109			31		78			0.01
Non-GAAP basis	$	5,885		$	1,695	$	4,190		$	0.79

	Quarter Ended
	December 31, 2020
	Income Before Taxes			Provision for Income Taxes		Net Income			Earnings per Common Share (diluted)
GAAP basis	$	7,485		$	2,211	$	5,274		$	1.01
Non-interest expense adjustments:
Residential lending office closure		294			63		231			0.04
COVID-19 related expenses		69			15		54			0.01
Non-GAAP basis	$	7,848		$	2,289	$	5,559		$	1.06

	Quarter Ended
	September 30, 2020
	Income Before Taxes			Provision for Income Taxes		Net Income			Earnings per Common Share (diluted)
GAAP basis	$	12,946		$	2,661	$	10,285		$	2.01
Non-interest expense adjustments:
COVID-19 related expenses		22			4		18			–
Non-GAAP basis	$	12,968		$	2,665	$	10,303		$	2.01

	Quarter Ended
	June 30, 2020
	Income Before Taxes			Provision for Income Taxes		Net Income			Earnings per Common Share (diluted)
GAAP basis	$	5,785		$	594	$	5,191		$	1.02
Non-interest expense adjustments:
COVID-19 related expenses		189			–		189			0.04
Non-GAAP basis	$	5,974		$	594	$	5,380		$	1.06

	Quarter Ended
	March 31, 2020
	Income (Loss) Before Taxes			Provision for Income Taxes		Net Income (Loss)			Earnings (Loss) per Common Share (diluted)
GAAP basis	$	(807	)	$	11	$	(818	)	$	(0.16	)
Non-interest expense adjustments:
Retirement salary and benefits compensation		692		$	–		692			0.13
Accelerated vesting of stock-based compensation		683		$	–		683			0.13
COVID-19 related expenses		18		$	–		18			–
Non-GAAP basis	$	586		$	11	$	575		$	0.10

Randolph Bancorp, Inc.
Selected Financial Highlights
(Unaudited)

	At or for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Return on average assets: ^{(1, 5)}
GAAP		2.26	%		2.95	%		5.82	%		2.97	%		(0.51	%)
Non-GAAP ⁽²⁾		2.30	%		3.11	%		5.83	%		3.08	%		0.36	%

Return on average equity: ^{(1, 6)}
GAAP		15.90	%		21.05	%		45.22	%		25.16	%		(4.10	%)
Non-GAAP ⁽²⁾		16.21	%		22.18	%		45.30	%		26.07	%		2.88	%

Net interest margin		2.96	%		3.02	%		2.81	%		2.88	%		2.91	%

Non-interest income to total income:
GAAP		70.93	%		75.57	%		80.98	%		74.04	%		59.31	%

Profit percentage ⁽⁹⁾
GAAP		31.76	%		37.33	%		54.97	%		37.59	%		(0.76	%)
Non-GAAP ⁽²⁾		32.39	%		39.09	%		55.06	%		38.62	%		12.04	%

Efficiency ratio: ⁽⁷⁾
GAAP		68.24	%		62.67	%		45.03	%		62.41	%		100.76	%
Non-GAAP ⁽²⁾		67.61	%		60.91	%		44.94	%		61.38	%		87.96	%

Tier 1 capital to average assets ⁽³⁾		13.81	%		13.85	%		13.28	%		11.93	%		12.17	%

Non-performing assets as a percentage of total assets ⁽⁴⁾		1.14	%		1.01	%		1.38	%		0.47	%		0.52	%

Allowance for loan losses as a percentage of total loans ⁽⁴⁾		1.32	%		1.39	%		1.35	%		1.22	%		1.04	%
Allowance for loan losses as a percentage of total loans, excluding SBA PPP Loans ⁽⁴⁾		1.36	%		1.41	%		1.39	%		1.26	%		1.04	%

Allowance for loan losses as a percentage of non-performing assets		78.99	%		94.58	%		67.21	%		179.31	%		146.64	%
Allowance for loan losses as a percentage of non-performing loans		77.75	%		92.87	%		66.31	%		186.60	%		152.55	%

Tangible book value per share ⁽⁸⁾	$	18.80		$	18.16		$	17.18		$	15.43		$	14.44
Outstanding shares		5,364,240			5,495,514			5,524,390			5,479,884			5,466,344

(1) Annualized for quarterly periods presented.
(2) See page 16 – Reconciliation of GAAP to Non-GAAP Net Income.
(3) Average assets calculated on a quarterly basis for all periods presented.
(4) Total loans exclude loans held for sale but includes net deferred loan costs and fees.
(5) This non-GAAP measure represents net income divided by average total assets.
(6) This non-GAAP measure represents net income divided by average stockholders’ equity.
(7) This non-GAAP measure represents total non-interest expenses divided by net interest income and non-interest income.
(8) This non-GAAP measure represents total stockholders’ equity, minus intangible assets of $31,000, $33,000, $36,000, $38,000, and $41,000 at March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively, divided by outstanding shares at period end.
(9) This non-GAAP measure represents net interest income plus noninterest income less non-interest expense divided by net interest income plus non-interest income.

Randolph Bancorp, Inc.
COVID-19 Supplemental Disclosure
(Unaudited)

Loan Payment Deferrals

	As of March 31, 2021
	Commercial loans			Residential and consumer loans			Residential loans serviced for others

	(Dollars in thousands)
Balance outstanding	$	182,277		$	315,485		$	1,940,443

COVID-19 related loan payment deferrals: ⁽¹⁾
Loans in COVID-19-related loan payment deferral	$	6,241		$	4,777		$	11,544
Loans in deferral as a percentage of category loans		3.4	%		1.5	%		0.6	%
Loans with suspended payment	$	6,241		$	4,543		$	4,657
Loans with reduced payment		–			234			6,887

Loans which obtained a COVID-19-related payment deferral but
have since resumed payment	$	31,954		$	15,602		$	54,450
Loans reinstated (borrower paid any unpaid principal and interest)		–			2,253			6,353
Loans on a repayment plan		–			–			1,354
Loans which resumed payment but deferred principal and/or
interest payments to maturity⁽²⁾		26,197			8,713			36,811
Loans which were paid off completely		5,757			4,636			9,932

(1) Includes commercial loans that have been approved for loan payment deferral but for which documentation is closing or pending.
(2) Includes commercial loan for which maturity was extended.

Randolph Bancorp, Inc.
COVID-19 Supplemental Disclosure
(Unaudited)

COVID-19 Highly Impacted Sectors

	As of March 31, 2021
	Exposure Balance												Exposure by Risk Weighting
																	Balance
				Real			Commercial										with
				Estate			&										Deferred
Industry ⁽¹⁾	Total			Secured			Industrial			Construction			Pass		Criticized		Payments

	(Dollars in thousands)
Group home/care facility	$	1,079		$	1,079		$	–		$	–		$	1,079	$	–	$	–
Hotels/hospitality		9,635			9,566			69			–			69		9,566		3,543
Restaurants/food service		2,713			1,554			1,159			–			2,713		–		–
Retail/shopping center		21,887			17,211			–			4,675			20,261		1,626		1,006
Other sectors ⁽²⁾		11,385			10,972			113			300			9,383		2,002		1,692
Total loans in COVID-19 impacted sectors	$	46,698		$	40,382		$	1,341		$	4,975		$	33,505	$	13,194	$	6,241
Percentage of commercial loans outstanding	25.6		%	27.5		%	5.6		%	43.3		%
Commercial loans outstanding	$	182,277		$	146,930		$	23,869		$	11,478
Loan to value secured by real estate ⁽³⁾				47.5		%				66.9		%

(1) This disclosure focuses on industries with balances that are significant to the portfolio at March 31, 2021 and omits industries affected by the COVID-19 pandemic (oil and gas, transportation, etc.) to which the Company has minimal or no exposure. This disclosure also excludes SBA PPP Loans, given their government guarantee.
(2) Includes customers operating in various sectors which have been impacted by COVID-19.
(3) Loan to value secured by real estate equals the exposure balance divided by the most recent appraised value.

For More Information, Contact:
William M. Parent, President and Chief
Executive Officer (617-925-1955)

April 27, 2021 4:33 pm

Affinia Therapeutics to Present New Data and Updates on AAV Platform at the American Society of Gene and Cell Therapy Annual Meeting

WALTHAM, Mass., April 27, 2021 (GLOBE NEWSWIRE) — Affinia Therapeutics, an innovative gene therapy company with a proprietary platform for rationally designed adeno-associated virus (AAV) vectors and gene therapies for rare and non-rare diseases, today announced an oral presentation and three digital posters have been accepted for presentation at the American Society of Gene and Cell Therapy (ASGCT) 24^th Annual Meeting, taking place virtually May 11-14, 2021.

The presentations will showcase Affinia Therapeutics’ vectors, which have enhanced tropism for the central nervous system, safety such as liver de-targeting, and improved manufacturing yields. The data provides insight into the company’s viral vector library of novel AAVs, its AAV ancestral sequence reconstruction platform, and the potential of this platform to broaden the reach of gene therapies. Details for the oral presentation and posters are as follows:

Oral Presentation

Title: AAVX Resin Binding Site Identification Via Library Screening Analysis on Novel AAV Vectors
Education Session Title: Downstream Process of Vector Manufacturing
Date and Time: Thursday, May 13, 2021, 6:30-6:45 p.m. ET
Room: Room 9
Abstract Number: 170

Digital Posters

Title: CSF Delivery of Anc80L65 in Nonhuman Primates Results in More Widespread Gene Transfer Throughout the Central Nervous System Compared to AAV9
Date and Time: Tuesday, May 11, 2021, 8:00-10:00 a.m. ET
Poster Session Title: AAV Vectors – Preclinical and Proof-of-Concept Studies
Abstract Number: 362

Title: Network Analysis of Complex Novel AAV Vector Library Datasets for De-risking Gene Therapy Candidate Selection
Date and Time: Tuesday, May 11, 2021, 8:00-10:00 a.m. ET
Poster Session Title: AAV Vectors – Virology and Vectorology
Abstract Number: 285

Title: AAVmod2, An AAV Capsid Engineered to Independently Detarget the Liver and Enhance Gene Delivery to Skeletal Muscle
Date and Time: Tuesday, May 11, 2021, 8:00-10:00 a.m. ET
Poster Session Title: AAV Vectors – Virology and Vectorology
Abstract Number: 286

Founded in 2019, Affinia Therapeutics’ science originates from work done by Luk Vandenberghe, Ph.D., associate professor at Massachusetts Eye and Ear and Harvard Medical School and a co-inventor of AAV9. The Company recently expanded its state-of-the-art discovery laboratories in Waltham, Mass., to add process science, analytical development, and manufacturing pilot plant capabilities as it advances its programs into the clinic.

About Affinia Therapeutics

Affinia Therapeutics’ purpose is to develop gene therapies that can have a transformative impact on people affected by devastating rare and non-rare diseases. The Company’s proprietary platform enables it to methodically engineer novel AAV vectors and regulatory elements to make gene therapies with potentially improved tissue tropism, cell specificity, safety, and yields. With its innovative science, the Company is working to broaden the reach of life-changing gene therapies to meaningful numbers of patients with an initial focus on central nervous system (CNS) and muscle diseases with significant unmet need. For more information, visit www.affiniatx.com.

Affinia Therapeutics Contacts

Investors:

[email protected]

Media:

[email protected]

April 27, 2021 4:33 pm

Akouos to Present Nonclinical Data from AK-OTOF and AK-antiVEGF Programs at the American Society of Gene and Cell Therapy 24th Annual Meeting

BOSTON, April 27, 2021 (GLOBE NEWSWIRE) — Akouos, Inc. (NASDAQ: AKUS), a precision genetic medicine company dedicated to developing potential gene therapies for individuals living with disabling hearing loss worldwide, today announced that new nonclinical data will be presented at the American Society of Gene and Cell Therapy 24^th Annual Meeting, which is being held virtually from May 11 to 14, 2021.

Three digital presentations will highlight nonclinical data that support future clinical development of AK-OTOF, a gene therapy intended for the treatment of otoferlin gene (OTOF)-mediated hearing loss, and AK-antiVEGF, a gene therapy intended for the treatment of vestibular schwannoma. These digital presentations will occur on Tuesday, May 11, 2021 from 8:00 to 10:00 a.m. EDT.

Details are as follows:

Digital Presentation Title: In Vitro and In Vivo Analyses of Dual Vector Otoferlin Expression to Support the Clinical Development of AK-OTOF (AAVAnc80-hOTOF Vector)
Presenting Author: Eva Andres-Mateos
Session Title: AAV Vectors – Preclinical and Proof-of-Concept Studies
Abstract Number: 355

Digital Presentation Title: Durable Recovery of Auditory Function Following Intracochlear Delivery of AK-OTOF (AAVAnc80-hOTOF Vector) in a Translationally Relevant Mouse Model of Otoferlin Gene (OTOF)-Mediated Hearing Loss
Presenting Author: Ann Hickox
Session Title: Neurologic Diseases
Abstract Number: 569

Digital Presentation Title: Demonstration of Tolerability of a Novel Delivery Approach and Secreted Protein Expression Following Intracochlear Delivery of AK-antiVEGF (AAVAnc80-antiVEGF Vector) in Non-Human Primates
Presenting Author: John Connelly
Session Title: AAV Vectors – Preclinical and Proof-of-Concept Studies
Abstract Number: 358

About Akouos

Akouos is a precision genetic medicine company dedicated to developing gene therapies with the potential to restore, improve, and preserve high-acuity physiologic hearing for individuals living with disabling hearing loss worldwide. Leveraging its precision genetic medicine platform that incorporates a proprietary adeno-associated viral (AAV) vector library and a novel delivery approach, Akouos is focused on developing precision therapies for forms of sensorineural hearing loss. Headquartered in Boston, Akouos was founded in 2016 by leaders in the fields of neurotology, genetics, inner ear drug delivery, and AAV gene therapy.

Contacts

Media:
Katie Engleman, 1AB
[email protected]

Investors:
Courtney Turiano, Stern Investor Relations
[email protected]

April 27, 2021 4:33 pm

Travere Therapeutics to Present at the BofA Securities 2021 Virtual Health Care Conference

SAN DIEGO, April 27, 2021 (GLOBE NEWSWIRE) — Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that Eric Dube, Ph.D., chief executive officer, will present at the BofA Securities 2021 Virtual Health Care Conference on Tuesday, May 11, 2021 at 5:00 p.m. ET.

A live webcast of the presentation will be available at https://ir.travere.com/events-presentations and an archived replay will be accessible for up to 30 days.

About Travere Therapeutics

At Travere Therapeutics we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com

Contact:
Chris Cline, CFA
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879
[email protected]

April 27, 2021 4:32 pm

Ogilvy Tapped to Lead Global Brand Strategy for Enterprise Holdings

PR Newswire

NEW YORK, April 27, 2021 /PRNewswire/ — Ogilvy today announced it has been selected by Enterprise Holdings to lead global brand strategy for the company as it looks to support customers and drive future growth in the evolving mobility market. Enterprise Holdings, Inc. owns and operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands. Enterprise also offers carsharing, truck rental, fleet management, retail car sales, vanpooling, exotics, as well as travel management and other transportation services aimed at making travel easier and more convenient for customers.

Ogilvy is partnering with Enterprise Holdings to further strengthen its trusted brands as the company looks to continue to lead in the changing mobility landscape. This includes developing overall brand strategy, positioning, architecture, identity and design standards.

“Mobility has grown just as we have and as we look ahead, it’s exploding with new possibilities. As we continue to build and invest for the future, we were looking for a strong partner to work alongside us to unlock new growth opportunities and help us deliver on our brand purpose,” said Randal Narike, Executive Vice President, Global Mobility and Customer Experience at Enterprise Holdings. “Their team brings a deep understanding of the mobility landscape and a data-driven approach to building brands that will bolster our efforts to be the leading mobility provider in the world.”

Andy Main, Global CEO at Ogilvy, said: “We’re thrilled that Enterprise Holdings has chosen Ogilvy to be its brand strategy partner. Their purpose and ambition create an opportunity to further enhance their trusted brands while also shaping where mobility goes next. We’ve seen first-hand how mobility has started to revolutionize entire industries and provide an ever-growing mobility ecosystem. We look forward to partnering with the team at Enterprise Holdings to create innovative ideas and scale them to drive value for Enterprise, their customers and mobility business partners.”

About Enterprise Holdings

Enterprise Holdings, Inc. is a leading provider of mobility solutions, owning and operating the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands through its integrated global network of independent regional subsidiaries. Enterprise Holdings and its affiliates offer extensive car rental, carsharing, truck rental, fleet management, retail car sales, as well as travel management and other transportation services to make travel easier and more convenient for customers. Privately held by the Taylor family of St. Louis, MO., Enterprise Holdings, manages a diverse fleet of nearly 1.7 million vehicles through a network of more than 9,500 fully staffed neighborhood and airport rental locations in nearly 100 countries and territories. For more information about Enterprise Holdings visit www.enterpriseholdings.com.

About Ogilvy

Ogilvy has been producing iconic, culture-changing marketing campaigns since the day its founder David Ogilvy opened up shop in 1948. Today, Ogilvy is an award-winning integrated creative network that makes brands matter for Fortune Global 500 companies as well as local businesses across 132 offices in 83 countries. Ogilvy is a WPP company (NASDAQ: WPPGY). For more information, visit Ogilvy.com, or follow Ogilvy on Twitter at @Ogilvy and on Facebook.com/Ogilvy.

Media Contacts: David Ford / [email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/ogilvy-tapped-to-lead-global-brand-strategy-for-enterprise-holdings-301278410.html

SOURCE Ogilvy

April 27, 2021 4:27 pm

Citizens Financial Group to Participate at the Barclays Americas Select Franchise Conference

Citizens Financial Group to Participate at the Barclays Americas Select Franchise Conference

PROVIDENCE, R.I.–(BUSINESS WIRE)–
Citizens Financial Group, Inc. (NYSE: CFG) announced today that Chairman and CEO Bruce Van Saun will participate at the Barclays Americas Select Franchise Conference to be held virtually on Tuesday, May 18, 2021 at 8:00 am ET.

The live webcast will be available at https://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

CFG-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210427006136/en/

Media: Peter Lucht – 781.655.2289

Investors: Kristin Silberberg – 203.900.6854

KEYWORDS: United States North America Rhode Island

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo

April 27, 2021 4:26 pm

LeMaitre to Present at Upcoming Investor Conferences

BURLINGTON, Mass., April 27, 2021 (GLOBE NEWSWIRE) — LeMaitre Vascular, Inc. (Nasdaq:LMAT) announced today that it is participating in two investor conferences in May.

David Roberts, President, is scheduled to participate in the 7th Annual Truist Securities Life Sciences Summit on Tuesday, May 4, 2021.

He is also scheduled to present at the UBS Global Healthcare Virtual Conference on Wednesday, May 26, 2021, at 9:00 AM EDT.

About LeMaitre

LeMaitre is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. The Company develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon. Additional information can be found at www.lemaitre.com.

Contact:
Sandra Millar
LeMaitre Vascular, Inc.
+1-781-425-1686
[email protected]

April 27, 2021 4:26 pm

Elmira Savings Bank Reports First Quarter Earnings

ELMIRA, N.Y., April 27, 2021 (GLOBE NEWSWIRE) — Elmira Savings Bank (NASDAQ:ESBK)

Highlights

Net income was $1,204,000 for the three months ended March 31, 2021 compared to $1,018,000 for the same period in 2020.
Diluted earnings per share were $.34 per share for the three months ended March 31, 2021 compared to $.29 per share for the same period in 2020.
Return on average assets was .75% for the three months ended March 31, 2021 and .68% for the same period in 2020.
Return on average equity was 7.93% for the three months ended March 31, 2021 compared to 6.93% for the same period in 2020.

“We are pleased to report an increase in first quarter net income year-to-year, while at the same time continuing to increase our loan loss reserves in response to the continuing economic uncertainty resulting from the ongoing pandemic,” said Thomas M Carr, President and CEO. Carr continued, “We continue to be concerned about the economic impact in our region from the pandemic, but we are dedicated to continuing to provide the financial services needed in the communities we serve, balancing those efforts with prudent safety measures to minimize potential COVID health risks to our customers and staff.”

Net Income

Net income totaled $1,204,000 for the three months ended March 31, 2021, an increase of $186,000 or 18.3% from the $1,018,000 recorded for the same period in 2020. This increase was the net result of an increase in net interest income of $240,000 and an increase in noninterest income of $786,000, offset by an increase in the provision for loan losses of $100,000, an increase in noninterest expense of $619,000, and an increase in tax expense of $121,000.

Basic and diluted earnings per share for the three months ended March 31, 2021 were both $.34 per share compared to $.29 per share for both for the same period in 2020.

The increase in noninterest income for the three months ended March 31, 2021 is primarily due to increases in the gain on sale of loans, reflecting higher levels of residential mortgages originated for sale to the secondary markets compared to the same period in 2020. The increase in noninterest expense for the three months ended March 31, 2021 reflects higher levels of salaries and benefits, occupancy expense, and other expense. The higher levels of salaries and benefits and other expense for the three months ended March 31, 2021 are in part related to higher levels of residential mortgage originations and earnings in 2021. The increase in occupancy expense relates primarily to non-recurring costs for property maintenance projects.

For the three months ended March 31, 2021, the increase in the provision for loan losses reflects management’s consideration of the uncertainty of ongoing economic conditions resulting from the COVID-19 pandemic and associated economic slowdown.

Net Interest Margin

The net interest margin for the three months ended March 31, 2021 was 3.57% compared to 3.16% for the first quarter of 2020. The yield on average earning assets was 4.29% for the three months ended March 31, 2021 compared to 4.38% for the same period in 2020. The average cost of interest-bearing liabilities was 0.79% for the three months ended March 31, 2021 compared to 1.45% for the three months ended March 31, 2020.

Assets

Total assets increased $14.7 million or 2.3% to $659.3 million at March 31, 2021 compared to $644.6 million at December 31, 2020. Loans receivable decreased 0.3% to $482.2 million at March 31, 2021 compared to December 31, 2020. The available-for-sale investment portfolio decreased $521,000 from December 31, 2020 to March 31, 2021, and cash and cash equivalents increased by $19.1 million from December 31, 2020 to March 31, 2021. The $19.1 million increase in cash resulted primarily from a $3.4 million decrease in loans, including loans held for sale, and an increase of $15.9 million in deposits.

Nonperforming Loans

Our nonperforming loans to total loans ratio was 1.13% at March 31, 2021 and 1.07% at December 31, 2020. Net loan charge-offs to average loans for the three months ended March 31, 2021 was .03% and .05% for the three months ended March 31, 2020. The allowance for loan losses was 1.22% of total loans at March 31, 2021 and 1.19% at December 31, 2020.

Liabilities

Deposits totaled $562.9 million at March 31, 2021, an increase of $15.9 million or 2.9% from the December 31, 2020 total of $547.0 million. Borrowed funds decreased by $3.0 million from December 31, 2020 to $26.0 million at March 31, 2021.

Shareholders’ Equity

Shareholders’ equity increased $701,000 to $61.5 million at March 31, 2021 compared to December 31, 2020. The current level of shareholders’ equity equates to a book value per share of $17.34 at March 31, 2021, compared to $17.23 at December 31, 2020. Dividends paid to common shareholders were $0.15 for the three months ended March 31, 2021 and $0.23 for the same period in 2020.

Elmira Savings Bank, with $659.3 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank’s regulatory reports.

ELMIRA SAVINGS BANK
CONSOLIDATED BALANCE SHEET
(unaudited)

(in thousands, except for share and per share data)	March 31,			December 31,
		2021			2020		% Change
ASSETS

Cash and due from banks	$	107,955		$	88,536		21.9	%
Federal funds sold and other short-term investments		359			651		-44.9	%
Total cash and cash equivalents		108,314			89,187		21.4	%

Securities available for sale, at fair value		5,604			6,125		-8.5	%
Securities held to maturity – fair value $6,798
at March 31, 2021, and $7,211 at December 31, 2020		6,537			6,597		-0.9	%
Federal Reserve and Federal Home Loan Bank (FHLB) stock, at cost		8,596			9,054		-5.1	%

Loans held for sale		3,574			5,408		-33.9	%

Loans receivable		482,248			483,768		-0.3	%
Less: Allowance for loan losses		5,865			5,755		1.9	%
Net loans		476,383			478,013		-0.3	%

Premises and equipment, net		15,719			15,876		-1.0	%
Bank-owned life insurance		15,512			15,410		0.7	%
Accrued interest receivable		1,487			1,564		-4.9	%
Goodwill		12,320			12,320		0.0	%
Other assets		5,287			5,033		5.0	%
Total assets	$	659,333		$	644,587		2.3	%

LIABILITIES AND SHAREHOLDERS’ EQUITY

Deposits	$	562,893		$	547,021		2.9	%
Borrowings		26,000			29,000		-10.3	%
Other liabilities		8,978			7,805		15.0	%
Total liabilities		597,871			583,826		2.4	%

Shareholders’ equity:
Preferred stock, $1 par value; $1,000 liquidation value per issued share; 5,000,000 shares authorized;
10,000 shares issued and none outstanding at March 31, 2021 and at December 31, 2020		9,700			9,700		0.0	%
Common stock, $1 par value; authorized 5,000,000 shares; 3,636,137 shares issued and 3,542,254 outstanding
at March 31, 2021 and 3,616,770 shares issued and 3,522,887 outstanding at December 31, 2020		3,636			3,617		0.5	%
Additional paid-in capital		54,281			54,255		0.0	%
Retained earnings		5,869			5,197		12.9	%
Treasury stock, at cost – 93,883 common shares and 10,000 preferred shares
at March 31, 2021 and December 31, 2020		(12,202	)		(12,202	)	0.0	%
Accumulated other comprehensive income		128			144		-11.1	%
Total Elmira Savings Bank shareholders’ equity		61,412			60,711		1.2	%
Noncontrolling interest		50			50		0.0	%
Total shareholders’ equity		61,462			60,761		1.2	%
Total liabilities and shareholders’ equity	$	659,333		$	644,587		2.3	%

ELMIRA SAVINGS BANK
CONSOLIDATED STATEMENT OF INCOME
(unaudited)

	Three Months Ended
	March 31,
(in thousands, except for per share data)	2021		2020		% Change

Interest and dividend income:
Interest and fees on loans	$	5,212	$	5,622	-7.3	%
Interest and dividends on securities
Taxable		143		213	-32.9	%
Non-taxable		69		82	-15.9	%
Total interest and dividend income		5,424		5,917	-8.3	%

Interest expense:
Interest on deposits		725		1,417	-48.8	%
Interest on borrowings		178		219	-18.7	%
Total interest expense		903		1,636	-44.8	%
Net interest income		4,521		4,281	5.6	%
Provision for loan losses		150		50	200.0	%
Net interest income after provision for loan losses		4,371		4,231	3.3	%

Noninterest income:
Service fees		308		331	-6.9	%
Gain on sale of loans held for sale		1,211		435	178.4	%
Other service fees		210		188	11.7	%
Earnings on bank-owned life insurance		101		98	3.1	%
Other		95		87	9.2	%
Total noninterest income		1,925		1,139	69.0	%

Noninterest expense:
Salaries and benefits		2,307		2,144	7.6	%
Net occupancy		626		394	58.9	%
Equipment		442		400	10.5	%
Marketing and public relations		241		177	36.2	%
Professional fees		147		166	-11.4	%
Other		937		800	17.1	%
Total noninterest expense		4,700		4,081	15.2	%
Income before income taxes		1,596		1,289	23.8	%
Income taxes		392		271	44.6	%
Net income		1,204		1,018	18.3	%
Less: Net income attributable to noncontrolling interest		–		–	–

Net income attributable to Elmira Savings Bank	$	1,204	$	1,018	18.3	%


Basic earnings per share	$	0.34	$	0.29	17.2	%

Diluted earnings per share	$	0.34	$	0.29	17.2	%

Weighted average shares outstanding – basic		3,514,650		3,503,344	0.3	%

Weighted average shares outstanding – diluted		3,515,256		3,506,591	0.2	%

Dividends per share	$	0.15	$	0.23	-34.8	%

ELMIRA SAVINGS BANK
AVERAGE BALANCES AND INTEREST RATES

(Dollars in Thousands)	For the Three Months Ended
	March 31, 2021						March 31, 2020
ASSETS:	Average Balance		Interest		Average Rate		Average Balance		Interest		Average Rate
Loans	$	485,646	$	5,212	4.31	%	$	511,479	$	5,622	4.39	%
Short-term investments		617		–	0.02			747		1	0.70
Securities		21,267		212	4.01			27,819		294	4.23
Total interest-earning assets		507,530		5,424	4.29			540,045		5,917	4.38

Noninterest-earning assets		140,728						59,734

TOTAL ASSETS	$	648,258					$	599,779

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing deposits	$	436,731	$	725	0.67		$	420,993	$	1,417	1.35
Borrowings		26,933		178	2.65			31,755		219	2.73
Total interest-bearing liabilities		463,664		903	0.79			452,748		1,636	1.45

Noninterest-bearing liabilities		123,014						87,899
Shareholders’ equity		61,580						59,132

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	648,258					$	599,779
Interest rate spread					3.50	%					2.93	%
Net interest income/margin			$	4,521	3.57	%			$	4,281	3.16	%

						Quarter Ended
(Dollars in Thousands, Except Per Share Data)				3/31/2021			12/31/2020			9/30/2020			6/30/2020			3/31/2020

Operating Data

	Net income		$	1,204		$	1,284		$	948		$	909		$	1,018
	Net interest income			4,521			4,310			3,852			4,137			4,281
	Provision for loan losses			150			375			450			575			50
	Non-interest income			1,925			2,504			1,928			1,648			1,139
	Non-interest expense			4,700			4,771			4,155			4,085			4,081

Performance Statistics

	Net interest margin			3.57	%		3.24	%		2.81	%		2.98	%		3.16	%
	Annualized return on average assets			0.75	%		0.78	%		0.55	%		0.57	%		0.68	%
	Annualized return on average equity			7.93	%		8.40	%		6.27	%		6.12	%		6.93	%
	Annualized net loan charge-offs to avg loans			0.03	%		0.03	%		0.04	%		0.09	%		0.05	%
	Net charge-offs			40			38			57			116			60
	Efficiency ratio			72.9	%		70.0	%		71.9	%		70.6	%		75.3	%

Per Share Data

	Basic earnings per share		$	0.34		$	0.37		$	0.27		$	0.26		$	0.29
	Diluted earnings per share			0.34			0.37			0.27			0.26			0.29
	Dividend declared per share			0.15			0.15			0.15			0.15			0.23
	Book value			17.34			17.23			17.01			16.87			16.77
	Common stock price:
		High		16.00			13.25			11.18			13.39			17.40
		Low		11.41			10.44			10.30			10.49			11.50
		Close		13.50			11.50			11.02			11.00			11.50
	Weighted average common shares:
		Basic		3,515			3,512			3,509			3,507			3,503
		Fully diluted		3,515			3,512			3,509			3,507			3,507
	End-of-period common shares:
		Issued		3,636			3,617			3,617			3,617			3,611
		Treasury		94			94			94			94			94


Financial Condition Data:
General
	Total assets		$	659,333		$	644,587		$	674,032		$	675,862		$	598,017
	Loans, net			476,383			478,013			504,946			518,698			506,076
	Intangibles			12,320			12,320			12,320			12,320			12,320
	Total deposits			562,893			547,021			551,350			551,225			501,760

		Noninterest-bearing		121,101			109,346			107,423			109,985			83,431

		Savings		87,228			82,573			79,492			79,150			72,174
		NOW		111,414			100,293			98,464			91,166			83,323
		Money Market		35,011			35,920			34,375			28,467			20,306
		Time deposits		208,139			218,889			231,596			242,457			242,526
		Total interest-bearing deposits		441,792			437,675			443,927			441,240			418,329

	Shareholders’ equity			61,462			60,761			59,960			59,496			59,044

Asset Quality

	Non-performing assets		$	5,602		$	5,304		$	5,507		$	5,578		$	4,686
	Non-performing assets to total assets			0.85	%		0.82	%		0.82	%		0.83	%		0.78	%
	Allowance for loan losses			5,865			5,755			5,418			5,025			4,566
	Allowance for loan losses to total loans			1.22	%		1.19	%		1.06	%		0.96	%		0.89	%
	Allowance for loan losses to
		non-performing loans		108.63	%		112.67	%		104.11	%		95.28	%		105.43	%
	Non-performing loans to total loans			1.13	%		1.07	%		1.03	%		1.02	%		0.86	%

Capitalization

	Shareholders’ equity to total assets			9.32	%		9.43	%		8.90	%		8.80	%		9.87	%

For further information contact:
Thomas M. Carr, President & CEO
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660
[email protected]

April 27, 2021 4:25 pm

IIROC Trading Resumption – VOTI

Canada NewsWire

VANCOUVER, BC, April 27, 2021 /CNW/ – Trading resumes in:

Company: Voti Detection Inc.

TSX-Venture Symbol: VOTI

All Issues: Yes

Resumption (ET): 8:00 4/28/2021

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions