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April 20, 2021 4:34 pm

Mastercard to Participate in Upcoming Investor Conference

Mastercard to Participate in Upcoming Investor Conference

PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard Incorporated (NYSE: MA) today announced that Sachin Mehra, chief financial officer, will present at the virtual MoffettNathanson Payments, Processors & IT Services Summit on Monday, May 10. The discussion will begin at 8:00 a.m. Eastern Time and last for approximately 50 minutes.

There will be a live audio webcast and a replay will be archived for 30 days at investor.mastercard.com.

About Mastercard Incorporated (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210420006162/en/

Investor Relations: Gina Accordino, [email protected], 914-249-4565

Communications: Seth Eisen, [email protected], 914-249-3153

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Technology Software Finance Networks Banking

MEDIA:

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April 20, 2021 4:33 pm

Preferred Bank Reports Quarterly Earnings

LOS ANGELES, April 20, 2021 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2021. Preferred Bank (“the Bank”) reported net income of $21.2 million or $1.42 per diluted share for the first quarter of 2021. This is up from net income of $20.9 million or $1.40 per diluted share for the fourth quarter of 2020 and easily tops recorded net income of $16.2 million or $1.08 per diluted share for the first quarter of 2020. The primary reasons for the increase compared to the prior year is a $3.9 million decrease in the provision for credit losses this quarter, an increase in net interest income of $3.6 million, partially offset by a decrease in noninterest income of $325,000 as well as an increase in non-interest expense of $468,000. When compared to the prior quarter, the provision for credit losses decreased by $2.8 million but that was partially offset by a decrease in net interest income as well as an increase in noninterest expense.

First Quarter 2021 Highlights:

Net income of $21.2 million, or $1.42 per diluted share
Linked quarter loan growth (non – PPP) of 2.6%
Linked quarter deposit growth of 6.3%
NIM held fairly steady at 3.61%
Return on average assets (“ROA”) of 1.65%
Return on beginning equity (“ROE”) of 16.36%

Li Yu, Chairman and CEO, commented, “We are pleased to report another record quarter of earnings for our Bank. For the first quarter of 2021, our net income was $21.2 million or $1.42 per share.

“The quarter features significant growth in total assets of 5.9%, resulting from deposit growth of $280 million or 6.30% from year-end totals. This outsized growth in deposits increased the Bank’s excess cash on hand but moderately compressed capital ratios, ROA, net interest income and net interest margin. It does, however, provide the Bank with more opportunities to grow.

“First quarter loan growth was $104 million excluding PPP or 2.6% from year end. We can’t help but take note of how our customers have become more optimistic about the nation’s economy and thus are increasing their business or expansion activities. Likewise, we are also planning for increased efforts to serve our customers. During the quarter, we opened a loan production office in Houston, Texas and will continue to look for opportunities in new markets. In California, we have also added several relationship officers.

“You may recall that beginning in the fourth quarter of 2020, we started discussing potential inflation and its potential impact on the yield curve. We are convinced, going forward that interest rates overall will be trending upward. Therefore, we have been preparing and will continue to work to generate more asset sensitivity in our balance sheet.

“At March 31, 2021, credit metrics are stable. Total loans on payment deferral from COVID is down to $25.8 million. Operation expenses were elevated this quarter but for very specific reasons. We are now preparing ourselves for post-pandemic normalized operations to begin in the summer.”

Results of Operations

Net Interest Income and Net Interest Margin.
Net interest income before provision for credit losses was $45.3 million for the first quarter of 2021. This was down slightly from the $46.1 million recorded in the fourth quarter of 2020 but was well ahead of the $41.8 million recorded in the first quarter of 2020. The decrease from last quarter was due primarily to two items that increased fourth quarter 2020 loan interest. One was a non-recurring fee collected in the Main Street Lending Program and the second was interest we had collected on a purchased credit deteriorated loan. These two items added $972,000 to fourth quarter loan interest. The increase over first quarter of 2020 was due to a substantial decrease in interest expense ($7.1 million) partially offset by a decrease in interest income of $3.5 million. The Bank’s taxable equivalent net interest margin was 3.61% for the first quarter of 2021, down slightly from the 3.66% achieved in the fourth quarter of 2020 and a 9 basis point decrease from the 3.70% posted in the first quarter of 2020.

Noninterest Income.
For the first quarter of 2021, noninterest income was $1,347,000 compared with $1,672,000 for the same quarter last year and compared to $1,356,000 for the fourth quarter of 2020. The decrease compared to last year was due to loss on sales of loans of $379,000 this quarter. Although total noninterest income was relatively flat compared to last quarter, there were variances; letter of credit (“LC”) fee income was down by $197,000 this quarter and last quarter the Bank recorded a $663,000 loss on sale of investment securities.

Noninterest Expense

. Total noninterest expense was $15.7 million for the first quarter of 2021. This is up compared to the $15.2 million recorded in the same quarter last year and is also up from the $14.2 million posted in the fourth quarter of 2020. Salaries and benefits expense totaled $11.1 million for the first quarter of 2021, an increase of $221,000 from the first quarter of 2020 and an increase of $1.7 million from the fourth quarter of 2020. The increase over the prior quarter was due mainly to higher incentive compensation expense and the increase over the prior year was due to increased payroll tax expense, increased vacation accrual and lowered capitalized loan origination costs versus the fourth quarter of 2020. Occupancy expense totaled $1.4 million for the quarter which was relatively flat compared to both comparable periods. Business development and promotion expense was $73,000 for the quarter, a decrease from both comparable periods. The decrease from the fourth quarter of 2020 was due to the fact that our annual donations typically are paid out in the fourth quarter each year. The decrease from the first quarter of last year was due primarily to fewer opportunities to engage in person with clients for events such as lunches and entertainment. Professional services expense was $981,000 for the first quarter of 2021, a slight decrease from the $1.0 million posted in the same period last year and a $103,000 decrease from the previous quarter. The decrease from the fourth quarter of 2020 was due to lower legal fees. Other expenses were $1.6 million for the first quarter of 2021, an increase of $405,000 over the same period last year and essentially flat compared to the fourth quarter of 2020. The increase over the prior year was due to FDIC insurance premiums which were significantly lower in the first quarter of 2020. For the quarter ended March 31, 2021, the Bank’s efficiency ratio was 33.5%, a small increase from the two comparable periods.

Income Taxes.
The Bank recorded a provision for income taxes of $8.4 million for the first quarter of 2021. This represents an effective tax rate (“ETR”) of 28.5% and a slight increase from the ETR of 28.1% for the prior quarter but a decrease from the ETR of 29.7% in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at March 31, 2021 were $4.16 billion, an increase of $128.8 million or 3.2% over the total of $4.04 billion as of December 31, 2020. Total deposits increased to $4.72 billion, an increase of $280.0 million or 6.3% over the $4.44 billion as of December 31, 2020. Total assets ended the quarter at $5.45 billion, an increase of $304.4 million or 5.9% over the total of $5.14 billion as of December 31, 2020.

Asset Quality

As of March 31, 2021, nonaccrual loans totaled $22.0 million, up slightly from the $20.5 million reported as of December 31, 2020. A $2.3 million CRE loan on nonaccrual status was paid off, however a C&I loan of $3.8 million, related to the C&I loan already on nonaccrual status, was placed on nonaccrual status. Total net charge-offs (recoveries) for the first quarter of 2021 were ($57,000) compared to $0 in the first quarter of 2020 and compared $2.0 million in the fourth quarter of 2020.

At March 31, 2021, total dollar amount of loans that were in COVID-19 deferral status were equal to 0.6% of the Bank’s loan portfolio. Of the total modifications at present, approximately 62% are for the deferral of principal only and 38% are for principal and interest deferral.

Allowance for Credit Losses

The provision for credit losses for the first quarter of 2021 was $1.4 million compared to $5.3 million for the same period last year and to $4.2 million for the fourth quarter of 2020. In the first quarter of 2020, the Bank implemented the current expected credit losses (“CECL”) methodology under Accounting Standards Codification (“ASC”) 326, in which the allowance for credit losses now reflects expected credit losses over the life of loans and held-to-maturity debt securities, and incorporates macroeconomic forecasts as well as historical loss rates. Between the adoption of CECL in the first quarter of last year, and the heightened provisions for credit losses in 2020, the Bank’s allowance coverage ratio has increased to 1.59% of total non-PPP loans as of March 31, 2021 from a total coverage level of 0.94% as of December 31, 2019.

Capitalization

As of March 31, 2021, the Bank’s leverage ratio was 10.26% the common equity tier 1 capital ratio was 11.34% and the total capital ratio was 14.73%. As of December 31, 2020, the Bank’s leverage ratio was 10.08%, the common equity tier 1 ratio was 11.21% and the total risk based capital ratio was 14.64%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2021 financial results will be held tomorrow, April 21, 2021 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com. Web participants are encouraged to go to the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

Preferred Bank’s Chairman and Chief Executive Officer Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will be present to discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will remain available in the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 5, 2021; the passcode is 10155105.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and one branch in Flushing, New York. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2020 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


				For the Quarter Ended
				March 31,			December 31,			March 31,
					2021			2020			2020
Interest income:
	Loans, including fees			$	49,859		$	51,299		$	51,564
	Investment securities				2,277			2,320			3,979
	Fed funds sold				24			30			124
		Total interest income			52,160			53,649			55,667

Interest expense:
	Interest-bearing demand				1,437			1,499			3,368
	Savings				19			21			14
	Time certificates				3,827			4,534			8,962
	Subordinated debit				1,531			1,532			1,531
		Total interest expense			6,814			7,586			13,876
		Net interest income			45,346			46,063			41,791
Provision for credit losses					1,400			4,200			5,300
		Net interest income after provision for
			credit losses		43,946			41,863			36,491

Noninterest income:
	Fees & service charges on deposit accounts				426			456			405
	Letters of credit fee income				808			1,004			848
	BOLI income				96			96			94
	Net gain (loss) on called and sale of investment securities				–			(663	)		–
	Net gain (loss) on sale of loans				(379	)		–			–
	Other income				396			463			325
		Total noninterest income			1,347			1,356			1,672

Noninterest expense:
	Salary and employee benefits				11,123			9,440			10,902
	Net occupancy expense				1,401			1,378			1,396
	Business development and promotion expense				73			204			151
	Professional services				981			1,084			1,014
	Office supplies and equipment expense				438			454			489
	Other real estate owned expense				–			–			1
	Other				1,636			1,617			1,231
		Total noninterest expense			15,652			14,177			15,184
		Income before provision for income taxes			29,641			29,042			22,979
Income tax expense					8,447			8,162			6,825
		Net income		$	21,194		$	20,880		$	16,154

Dividend and earnings allocated to participating securities					(3	)		(42	)		(51	)
Net income available to common shareholders				$	21,191		$	20,838		$	16,103

Income per share available to common shareholders
		Basic		$	1.42		$	1.40		$	1.08
		Diluted		$	1.42		$	1.40		$	1.08

Weighted-average common shares outstanding
		Basic			14,950,019			14,895,925			14,870,715
		Diluted			14,950,019			14,895,925			14,870,715

Cash dividends per common share				$	0.38		$	0.30		$	0.30

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)


			March 31,			December 31,
			2021			2020
			(Unaudited)			(Audited)
Assets
Cash and due from banks			$	921,626		$	739,465
Fed funds sold				21,500			20,000
	Cash and cash equivalents			943,126			759,465

Securities held to maturity, at amortized cost				6,039			6,568
Securities available-for-sale, at fair value				228,635			239,682
Loans				4,164,241			4,035,394
	Less allowance for credit losses			(64,883	)		(63,426	)
	Less amortized deferred loan fees, net			(4,872	)		(4,574	)
	Loans, net			4,094,486			3,967,394

Customers’ liability on acceptances				9,670			3,596
Bank furniture and fixtures, net				11,571			11,825
Bank-owned life insurance				9,893			9,828
Accrued interest receivable				23,095			23,692
Investment in affordable housing partnerships				59,824			62,521
Federal Home Loan Bank stock, at cost				15,000			15,000
Deferred tax assets				25,573			24,466
Operating lease right-of-use assets				17,141			16,106
Other assets				3,951			3,498
	Total assets		$	5,448,004		$	5,143,641

Liabilities and Shareholders’ Equity
Deposits:
	Non-interest bearing demand deposits		$	1,026,260		$	938,911
	Interest-bearing deposits:			1,751,951			1,700,818
		Savings		37,551			34,702
		Time certificates of $250,000 or more		927,043			912,546
		Other time certificates		979,694			855,503
		Total deposits		4,722,499			4,442,480

Acceptances outstanding				9,670			3,596
Subordinated debt issuance, net				99,365			99,334
Commitments to fund investment in affordable housing partnerships				27,918			30,715
Operating lease liabilities				19,331			18,682
Accrued interest payable				2,619			1,245
Other liabilities				27,333			22,142
	Total liabilities			4,908,735			4,618,194

Shareholders’ equity				539,269			525,447
	Total liabilities and shareholders’ equity		$	5,448,004		$	5,143,641

Book value per common share			$	36.07		$	31.47
Number of common shares outstanding				14,951,838			14,931,861

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



			For the Quarter Ended

			March 31,			December 31,			September 30,			June 30,			March 31,
				2021			2020			2020			2020			2020
Unaudited historical quarterly operations data:
	Interest income		$	52,160		$	53,649		$	52,782		$	52,164		$	55,667
	Interest expense			6,814			7,586			8,663			9,983			13,876
		Interest income before provision for credit losses		45,346			46,063			44,119			42,181			41,791
	Provision for credit losses			1,400			4,200			9,000			7,500			5,300
	Noninterest income			1,347			1,356			1,605			1,430			1,672
	Noninterest expense			15,652			14,177			13,663			14,334			15,184
	Income tax expense			8,447			8,162			5,936			6,468			6,825
		Net income	$	21,194		$	20,880		$	17,125		$	15,309		$	16,154

	Earnings per share
		Basic	$	1.42		$	1.40		$	1.15		$	1.03		$	1.08
		Diluted	$	1.42		$	1.40		$	1.15		$	1.03		$	1.08

Ratios for the period:
	Return on average assets			1.65	%		1.63	%		1.34	%		1.26	%		1.40	%
	Return on beginning equity			16.36	%		16.49	%		13.94	%		13.00	%		13.82	%
	Net interest margin (Fully-taxable equivalent)			3.61	%		3.66	%		3.54	%		3.57	%		3.70	%
	Noninterest expense to average assets			1.22	%		1.10	%		1.07	%		1.18	%		1.31	%
	Efficiency ratio			33.52	%		29.90	%		29.88	%		32.87	%		34.93	%
	Net charge-offs (recoveries) to average loans (annualized)			-0.01	%		0.20	%		0.35	%		-0.01	%		0.00	%

Ratios as of period end:
	Tier 1 leverage capital ratio			10.26	%		10.08	%		9.75	%		9.87	%		10.05	%
	Common equity tier 1 risk-based capital ratio			11.34	%		11.21	%		11.02	%		10.39	%		10.80	%
	Tier 1 risk-based capital ratio			11.34	%		11.21	%		11.02	%		10.39	%		10.80	%
	Total risk-based capital ratio			14.73	%		14.64	%		14.51	%		13.80	%		14.26	%
	Allowances for credit losses to loans at end of period			1.56	%		1.57	%		1.55	%		1.41	%		1.24	%
	Allowance for credit losses to non-performing loans			294.74	%		308.96	%		243.56	%		211.08	%		2263.66	%

Average balances:
	Total securities		$	242,200		$	251,284		$	237,801		$	250,134		$	247,689
	Total loans		$	4,044,800		$	3,971,537		$	3,956,145		$	3,919,674		$	3,717,175
	Total earning assets		$	5,102,291		$	5,018,031		$	4,975,005		$	4,768,537		$	4,548,512
	Total assets		$	5,200,079		$	5,110,065		$	5,073,548		$	4,868,356		$	4,651,956
	Total time certificate of deposits		$	1,820,461		$	1,764,528		$	1,841,901		$	1,757,531		$	1,765,816
	Total interest bearing deposits		$	3,531,358		$	3,508,276		$	3,501,275		$	3,399,924		$	3,244,711
	Total deposits		$	4,486,399		$	4,426,326		$	4,408,882		$	4,220,197		$	4,010,629
	Total interest bearing liabilities		$	3,630,705		$	3,607,592		$	3,600,560		$	3,499,178		$	3,343,933
	Total equity		$	538,282		$	518,567		$	503,421		$	486,931		$	475,409

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)



				As of

				March 31,			December 31,			September 30,			June 30,			March 31,
					2021			2020			2020			2020			2020
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	943,126		$	759,465		$	807,791		$	656,183		$	484,869
	Securities held-to-maturity, at amortized cost				6,039			6,568			6,727			6,922			7,077
	Securities available-for-sale, at fair value				228,635			239,682			219,778			270,667			235,097
	Loans:
		Real estate – Mortgage:
			Real estate—Residential	$	541,313		$	523,789		$	528,371		$	511,354		$	493,226
			Real estate—Commercial		1,925,554			1,911,485			1,808,200			1,781,660			1,730,017
			Total Real Estate – Mortgage		2,466,867			2,435,274			2,336,571			2,293,014			2,223,243
		Real estate – Construction:
			R/E Construction — Residential		123,302			148,825			170,773			187,083			177,364
			R/E Construction — Commercial		229,933			215,032			223,706			217,729			223,385
			Total real estate construction loans		353,235			363,857			394,480			404,812			400,749
		Commercial and industrial			1,248,550			1,165,990			1,144,051			1,192,056			1,269,242
		PPP			95,434			70,234			74,551			73,524			–
		Consumer and others			155			39			68			241			91
			Gross loans		4,164,241			4,035,394			3,949,721			3,963,647			3,893,325
	Allowance for credit losses on loans				(64,883	)		(63,426	)		(61,262	)		(55,762	)		(48,130	)
	Net deferred loan fees				(4,872	)		(4,574	)		(4,411	)		(5,097	)		(3,084	)
		Net loans, excluding loans held for sale		$	4,094,486		$	3,967,394		$	3,884,048		$	3,902,788		$	3,842,111
	Loans held for sale			$	–		$	–		$	–		$	–		$	–
		Net loans		$	4,094,486		$	3,967,394		$	3,884,048		$	3,902,788		$	3,842,111

	Investment in affordable housing partnerships				59,824			62,521			47,917			49,658			51,400
	Federal Home Loan Bank stock, at cost				15,000			15,000			15,000			15,000			13,101
	Other assets				100,894			93,011			104,313			103,239			93,979
		Total assets		$	5,448,004		$	5,143,641		$	5,085,574		$	5,004,457		$	4,727,634

Liabilities:
	Deposits:
		Demand		$	1,026,260		$	938,911		$	926,166		$	934,764		$	753,750
		Interest-bearing demand			1,751,951			1,700,818			1,620,495			1,594,682			1,503,618
		Savings			37,551			34,702			32,830			27,737			23,035
		Time certificates of $250,000 or more			927,043			912,546			977,821			970,649			1,030,282
		Other time certificates			979,694			855,503			857,113			822,404			775,792
		Total deposits		$	4,722,499		$	4,442,480		$	4,414,425		$	4,350,236		$	4,086,477

	Acceptances outstanding			$	9,670		$	3,596		$	7,463		$	6,112		$	6,507
	Subordinated debt issuance, net				99,365			99,334			99,304			99,273			99,242
	Commitments to fund investment in affordable housing partnerships				2,619			30,715			16,689			17,536			21,195
	Other liabilities				74,582			42,069			43,826			42,571			40,428
		Total liabilities		$	4,908,735		$	4,618,194		$	4,581,707		$	4,515,728		$	4,253,849

Equity:
	Net common stock, no par value			$	218,593		$	217,444		$	213,519		$	212,187		$	210,091
	Retained earnings				316,481			300,969			284,568			271,923			261,095
	Accumulated other comprehensive income				4,195			7,034			5,780			4,619			2,599
		Total shareholders’ equity		$	539,269		$	525,447		$	503,867		$	488,729		$	473,785
		Total liabilities and shareholders’ equity		$	5,448,004		$	5,143,641		$	5,085,574		$	5,004,457		$	4,727,634

			PREFERRED BANK
			Quarter-To-Date Average Balances, Yield And Rates
			(Unaudited)


			Three months ended March 31,							Three months ended December 31,							Three months ended March 31,
			2021							2020							2020
						Interest		Average					Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate

ASSETS			(Dollars in thousands)
Interest-earning assets:
	Loans ^(1,2)		$	4,044,823			49,859	5.00	%	$	3,974,599		$	51,299	5.13	%	$	3,717,212		$	51,564	5.58	%
	Investment securities ⁽³⁾			242,200			1,884	3.16	%		251,284			1,936	3.07	%		247,689			2,127	3.45	%
	Federal funds sold			21,474			24	0.45	%		22,939			30	0.51	%		30,153			124	1.66	%
	Other earning assets			793,794			493	0.25	%		769,209			487	0.25	%		553,458			1,946	1.41	%
		Total interest-earning assets		5,102,291			52,260	4.15	%		5,018,031			53,752	4.26	%		4,548,512			55,761	4.93	%
	Deferred loan fees, net			(4,344	)						(4,162	)						(3,079	)
	Allowance for credit losses on loans			(63,450	)						(60,875	)						(42,800	)
Noninterest earning assets:
	Cash and due from banks			9,923							8,214							6,334
	Bank furniture and fixtures			11,772							11,892							12,269
	Right of use assets			16,847							16,272							17,006
	Other assets			127,040							120,693							113,714
		Total assets	$	5,200,079						$	5,110,065						$	4,651,956

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
	Deposits:
		Interest-bearing demand and savings		1,710,897		$	1,456	0.35	%		1,743,748		$	1,520	0.35	%	$	1,478,895		$	3,382	0.92	%
		TCD $250K or more		919,155			1,918	0.85	%		923,079			2,298	0.99	%		969,343			4,852	2.01	%
		Other time certificates		901,306			1,909	0.86	%		841,449			2,236	1.06	%		796,473			4,111	2.08	%
		Total interest-bearing deposits		3,531,358			5,283	0.61	%		3,508,276			6,054	0.69	%		3,244,711			12,345	1.53	%
Short-term borrowings				–			–	0.00	%		3			0	0.20	%		–			–	0.00	%
Subordinated debt, net				99,347			1,531	6.25	%		99,316			1,532	6.14	%		99,222			1,531	6.21	%
		Total interest-bearing liabilities		3,630,705			6,814	0.76	%		3,607,595			7,586	0.84	%		3,343,933			13,876	1.67	%
Non-interest bearing liabilities:
	Demand deposits			955,041							918,050							765,918
	Lease Liability			19,289							18,936							20,314
	Other liabilities			56,762							46,917							463,382
		Total liabilities		4,661,797							4,591,498							4,176,547
Shareholders’ equity				538,282							518,567							475,409
		Total liabilities and shareholders’ equity	$	5,200,079						$	5,110,065						$	4,651,956
Net interest income						$	45,446						$	46,166						$	41,885
Net interest spread								3.39	%						3.42	%						3.26	%
Net interest margin								3.61	%						3.66	%						3.70	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	955,041						$	918,050						$	765,918
	Interest bearing deposits			3,531,358			5,283	0.61	%		3,508,276			6,054	0.69	%		3,244,711			12,345	1.53	%
		Total Deposits	$	4,486,399		$	5,283	0.48	%	$	4,426,326		$	6,054	0.54	%	$	4,010,629		$	12,345	1.24	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $539,000, $1.1 million and $670,000 for the quarter ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

Preferred Bank
Loan and Credit Quality Information

Allowance For Credit Losses History
			Three Months Ended			Year ended
			March 31, 2021			December 31, 2020
			(Dollars in 000’s)
Allowance For Credit Losses
Balance at Beginning of Period			$	63,426		$	34,830
	Charge-Offs
		Commercial & Industrial		–			3,700
		Mini-perm Real Estate		–			1,900
		Others		–			7
		Total Charge-Offs		–			5,607

	Recoveries
		Commercial & Industrial		57			–
		Mini-perm Real Estate		–			–
		Construction – Commercial		–			194
		Land – Commercial		–			9
		Total Recoveries		57			203

	Net Charge-Offs (Recoveries)			(57	)		5,404
	Provision for Credit Losses:
		CECL Cumulative Effect Adjustment		–			8,000
		Current Provision		1,400			26,000
Balance at End of Period			$	64,883		$	63,426
Average Loans Held for Investment			$	4,044,823		$	3,892,811
Loans Held for Investment at End of Period			$	4,164,241		$	4,035,394
Net Charge-Offs (Recoveries) to Average Loans				-0.01	%		0.14	%
Allowances for Credit Losses to Loans at End of Period				1.56	%		1.57	%

AT THE COMPANY:	AT FINANCIAL PROFILES:
Edward J. Czajka	Jeffrey Haas
Executive Vice President	General Information
Chief Financial Officer	(310) 622-8240
(213) 891-1188	[email protected]

April 20, 2021 4:33 pm

BlueLinx to Host First Quarter 2021 Results Conference Call and Webcast

MARIETTA, Ga., April 20, 2021 (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE: BXC), a leading U.S. wholesale distributor of building products, will issue first quarter 2021 financial results after the market closes on Tuesday, May 4, 2021. A conference call to discuss the Company’s first quarter will be hosted by Mitch Lewis, President and Chief Executive Officer, and Kelly Janzen, Senior Vice President and Chief Financial Officer, on Wednesday, May 5, 2021, at 10:00 AM ET. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the BlueLinx website at http://bluelinxco.com/webcast-presentations, and a replay of the webcast will be available at the same site shortly after the webcast is complete.

To participate in the live teleconference:

Domestic Live:	877.873.5864
Passcode:	7956909

To listen to a replay of the teleconference, which will be available through May 11, 2021:

Domestic Replay:	404.537.3406
Passcode:	7956909

ABOUT BLUELINX HOLDINGS, INC.

BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, metal building products, and other construction materials. With a strong market position, broad geographic coverage footprint servicing 40 states, and the strength of a locally focused sales force, we distribute our comprehensive range of products to over 15,000 national, regional, and local dealers, specialty distributors, national home centers, and manufactured housing customers. BlueLinx is able to provide a wide range of value added services and solutions to our customers and suppliers. We are headquartered in Georgia, with executive offices located at 1950 Spectrum Circle, Marietta, Georgia, and we operate our distribution business through a broad network of distribution centers. BlueLinx encourages investors to visit its website, www.BlueLinxCo.com, which is updated regularly with financial and other important information about BlueLinx.

CONTACT

Noel Ryan
(720) 778-2415
[email protected]

April 20, 2021 4:33 pm

Univar Solutions and Novozymes® Announce Expanded Distribution Agreement in Latin America

PR Newswire

DOWNERS GROVE, Ill., April 20, 2021 /PRNewswire/ — Univar Solutions Inc. (NYSE: UNVR) (“Univar Solutions” or “the Company”), a global chemical and ingredient distributor and provider of value-added services, today announced an agreement to expand its existing global relationship with Novozymes, a world leader in biological solutions, to include Latin America. Under terms of the new agreement, Univar Solutions will distribute enzymes for the dairy and protein ingredient sectors in Brazil and the protein ingredient and brewing sectors in Colombia, Ecuador, Peru and Bolivia. Meanwhile, in Mexico and Central America, Univar Solutions will distribute Novozymes’ entire food and beverage enzyme portfolio.

“Our strategic collaboration with Novozymes demonstrates our commitment to providing customers with the finest raw materials and solutions from world-class producers and this affords Univar Solutions a significant opportunity to expand our food ingredients business into Latin America,” said Kevin Hack, vice president of global Food Ingredients at Univar Solutions. “We see significant growth potential for Novozymes’ portfolio as we continue to expand our partnership and strengthen our offering to customers across Latin America.”

Novozymes is a global leader in the production and development for the food and beverage industries and impacting the sustainable growth of these markets. Novozymes and Univar Solutions started their business relationship in 2004. Since then, the companies’ partnership has expanded across geographies and serving several food ingredients market segments to now include Latin America.

“We are proud to be one of the leading global food ingredient distributors, but the value we bring to partners like Novozymes goes far beyond distribution,” commented Jorge Buckup, president, Latin America, for Univar Solutions. “Our value-added services offering is fueled by our team of food scientists in test kitchens and Solution Centers around the world. By providing customers and partners with insight regarding top market trends, access to best-in-class ingredients and unmatched services and solutions, we create value and advance go-to-market efforts.”

Across Latin America, Univar Solutions helps customers create streamlined, highly efficient production cycles and offers deep experience across a vast range of industries. Through our partnerships with suppliers like Novozymes, we’re well-positioned to help customers anticipate, navigate and leverage growth opportunities.

“As we continue to bring innovative enzyme products to market, we recognize the importance of a successful and expansive distribution partnership,” said Viviane Pereira de Souza, director of Consumer Biosolutions-AS at Novozymes South America.

“We are happy to expand our relationship with Univar Solutions in Latin America and to be able to build the same model of success that we have already achieved around the world, providing solutions and innovation in biotechnology for food and beverage industries,” added Ángel Cortés, sales manager at Nozozymes Mexico, Central America & Caribbean.

About Novozymes
Novozymes is the world leader in biological solutions. Together with customers, partners and the global community, Novozymes improves industrial performance while preserving the planet’s resources and helping build better lives. As the world’s largest provider of enzyme and microbial technologies, its bio-innovation enables higher agricultural yields, low-temperature washing, energy-efficient production, renewable fuel and many other benefits that we rely on today and in the future. We call it Rethink Tomorrow. www.novozymes.com.

About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and North American sales force, unparalleled logistics know-how, deep market and regulatory knowledge, world-class formulation and recipe development, and leading digital tools the company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. Univar Solutions is committed to helping customers and suppliers innovate and grow together. Learn more at UnivarSolutions.com.

Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and predictions for the future, which are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the ultimate geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo Solutions, Inc., or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company’s filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek, “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

###

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SOURCE Univar Solutions Inc.

April 20, 2021 4:33 pm

Marathon Oil Provides Preliminary First Quarter 2021 Update

PR Newswire

HOUSTON, April 20, 2021 /PRNewswire/ — Marathon Oil Corporation (NYSE: MRO) today provided preliminary information regarding certain first quarter 2021 financial and operational estimates in light of uncertainty from Winter Storm Uri. The Company will report final first quarter results on Wednesday, May 5, after the close of U.S. financial markets. The Company will conduct a conference call on Thursday, May 6, at 9 a.m. ET.

Preliminary 1Q21 Results

Cash flow from operations of $610 million to $630 million, including $10 million to $20 million of negative changes in working capital
Cash additions to property, plant, and equipment of approximately $200 million
Total Company oil production of 172,000 net bopd with sales of 168,000 net bopd; total Company oil-equivalent production of 345,000 net boed with sales of 341,000 net boed; difference between production and sales due primarily to an underlift in Equatorial Guinea
Estimated unhedged U.S. segment realizations¹ of approximately $55/bbl for oil, $24/bbl for NGLs, and $6.30/mcf for natural gas; International segment oil realizations of approximately $44/bbl
Realized derivative loss of $71 million
General and administrative expense of approximately $90 million, including $11 million of severance expense and $13 million of corporate aircraft lease termination expense, both related to cost reduction actions during first quarter 2021

Footnotes:
¹ Inclusion of realized gains (losses) on crude oil derivative instruments would have decreased average price realizations by approximately $4.60 per bbl for first quarter 2021.

Forward-Looking Statements

This release contains forward-looking statements. All statements, other than statements of historical fact, including, without limitation, statements regarding the Company’s anticipated results of operations and financial performance, including estimates related to cash flow from operations, cash additions to property, plant and equipment, production, segment realizations, derivative losses and general and administrative expenses. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “outlook,” “plan,” “positioned,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the Company expresses an expectation or estimate as to its results, such expectation or estimate is expressed in good faith and believed to be reasonable at the time such statement is made. However, a number of factors could cause actual results to differ materially from those projected, including, but not limited to: any adjustments to our results of operations recognized as part of our regular process for producing and reviewing our financial statements for completed periods; conditions in the oil and gas industry, including supply/demand levels for crude oil and condensate, NGLs and natural gas and the resulting impact on price; changes in expected reserve or production levels; changes in political or economic conditions in the U.S. and Equatorial Guinea, including changes in foreign currency exchange rates, interest rates, and inflation rates; actions taken by the members of the Organization of the Petroleum Exporting Countries and Russia affecting the production and pricing of crude oil; other global and domestic political, economic or diplomatic developments; capital available for exploration and development; risks related to the Company’s hedging activities; voluntary or involuntary curtailments, delays or cancellations of certain drilling activities; well production timing; liability resulting from litigation; drilling and operating risks; lack of, or disruption in, access to storage capacity, pipelines or other transportation methods; availability of drilling rigs, materials and labor, including the costs associated therewith; difficulty in obtaining necessary approvals and permits; non-performance by third parties of contractual obligations; unforeseen hazards such as weather conditions, a health pandemic (including COVID-19), acts of war or terrorist acts and the government or military response thereto; cyber-attacks; changes in safety, health, environmental, tax and other regulations, requirements or initiatives, including initiatives addressing the impact of global climate change, air emissions, or water management; other geological, operating and economic considerations; and the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s 2020 Annual Report on Form 10-K and other public filings and press releases, available at https://ir.marathonoil.com/. Except as required by law, the Company undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.

Media Relations Contact

Stephanie Gentry: 713-296-3307

Investor Relations Contacts:

Guy Baber: 713-296-1892
John Reid: 713-296-4380

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SOURCE Marathon Oil Corporation

April 20, 2021 4:33 pm

Bally’s Corporation Closes Common Stock Offering

PR Newswire

PROVIDENCE, R.I., April 20, 2021 /PRNewswire/ — Bally’s Corporation (NYSE: BALY) (“Bally’s“) today announced that it completed its previously announced underwritten public offering of common stock at a price to the public of $55.00 per share. Bally’s issued a total of 12.65 million shares of common stock in the offering, which included 1.65 million shares issued pursuant to the full exercise of the underwriters’ over-allotment option.

The net proceeds from the offering were approximately $671.4 million, after deducting underwriting discounts, but before expenses. Bally’s intends to apply the net proceeds from the offering to fund a portion of the cash consideration payable to shareholders of Gamesys Group plc (“Gamesys”) upon consummation of the previously announced combination of Bally’s and Gamesys (the “Combination”). If the Combination is not consummated, Bally’s expects to apply the net proceeds from the offering for general corporate purposes, which may include repayment of debt, repurchases of its common stock, capital expenditures, acquisitions and investments.

Bally’s common stock is listed on the New York Stock Exchange under the symbol “BALY.”

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Barclays Capital Inc. acted as the lead joint book-running managers for the offering. Citizens Capital Markets, Inc., Truist Securities, Inc., Fifth Third Securities, Inc. and Capital One Securities, Inc. acted as the bookrunners for the offering. B. Riley Securities, Inc., BTIG, LLC, Cowen and Company, LLC, Craig-Hallum Capital Group LLC, KeyBanc Capital Markets Inc., Roth Capital Partners, LLC, Stifel, Nicolaus & Company, Incorporated and Union Gaming Securities, LLC acted as co-managers for the offering.

About Bally’s Corporation

Bally’s Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, Bally’s operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer’s Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally’s will own and manage 15 casinos across 11 states. Bally’s also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa, as well as a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY.”

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally’s plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally’s current expectations and assumptions. Although Bally’s believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally’s expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally’s does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally’s control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

uncertainties surrounding the COVID-19 pandemic, including limitations on Bally’s operations, increased costs, changes in customer attitudes, impact on Bally’s employees and the ongoing impact of COVID-19 on general economic conditions;
unexpected costs, difficulties integrating and other events impacting Bally’s recently completed and proposed acquisitions and Bally’s ability to realize anticipated benefits;
risks associated with Bally’s rapid growth, including those affecting customer and employee retention, integration and controls, and whether Bally’s recently announced combination with Gamesys will be completed and its timing for completion;
risks associated with the impact of the digitalization of gaming on Bally’s casino operations, Bally’s expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally’s new interactive businesses generally;
the very substantial regulatory restrictions applicable to Bally’s, including costs of compliance;
restrictions and limitations in agreements governing Bally’s debt could significantly affect Bally’s ability to operate its business and its liquidity; and
other risks identified in Part I. Item 1A. “Risk Factors” of Bally’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally’s forward-looking statements.

Investor Contact

Steve Capp

Executive Vice President and CFO
401-475-8564
[email protected]

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
[email protected]

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SOURCE Bally’s Corporation

April 20, 2021 4:33 pm

SM Energy Schedules First Quarter 2021 Earnings Release And Call

PR Newswire

DENVER, April 20, 2021 /PRNewswire/ — SM Energy Company (the “Company”) (NYSE: SM) today announces that it expects to release its first quarter 2021 financial and operating results after market on April 29, 2021. See schedule below:

April 29, 2021 – After market close, the Company plans to issue its first quarter 2021 earnings release, a pre-recorded webcast discussion of the first quarter 2021 financial and operating results, and an associated presentation, all of which will be posted to the Company’s website at ir.sm-energy.com.

April 30, 2021 – Please join SM Energy management at 8:00 a.m. Mountain time/10:00 a.m. Eastern time for the first quarter 2021 financial and operating results Q&A session. This discussion will be accessible via webcast (available live and for replay) on the Company’s website at ir.sm-energy.com or by telephone. In order to join the live conference call, please register at the link below for dial-in information.

Live Conference Call Registration: http://www.directeventreg.com/registration/event/2889264
Replay (conference ID 2889264) – Domestic toll free/International: 800-585-8367/416-621-4642

The call replay will be available approximately one hour after the call and until May 7, 2021.

ABOUT THE COMPANY

SM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com.

SM ENERGY INVESTOR CONTACTS

Jennifer Martin Samuels, [email protected], 303-864-2507

Jeremy Kline, [email protected], 303-863-4313

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SOURCE SM Energy Company

April 20, 2021 4:33 pm

China Biologic Announces Completion of Going Private Transaction

PR Newswire

BEIJING, April 20, 2021 /PRNewswire/ — China Biologic Products Holdings, Inc. (NASDAQ: CBPO, “China Biologic” or the “Company”), a leading fully integrated plasma-based biopharmaceutical company in China, today announced the completion of its merger (the “Merger”) with CBPO Group Limited (“Merger Sub”), a wholly owned subsidiary of CBPO Holdings Limited (“Parent”), pursuant to the previously announced agreement and plan of merger, dated as of November 19, 2020 (the “Merger Agreement”) among the Company, Parent and Merger Sub. As a result of the Merger, the Company became a wholly owned subsidiary of Parent and will cease to be a publicly traded company.

Pursuant to the terms of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on March 1, 2021, each ordinary share of the Company (each, a “Share”) issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”), has been cancelled and ceased to exist in exchange for the right to receive US$120.00 per Share in cash without interest and net of any applicable withholding taxes, except for (i) Shares held by the Company as treasury shares or by any direct or indirect subsidiary of the Company, which have been cancelled and ceased to exist without consideration, (ii) Shares held by Parent or any direct or indirect subsidiary of Parent (including rollover shares deemed contributed to Parent immediately prior to or at the Effective Time), which have been cancelled and ceased to exist without consideration, (iii) Shares owned by holders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger pursuant to Section 238 of the Companies Act of the Cayman Islands, which have been cancelled and ceased to exist in exchange for the right to receive the payment of fair value of such dissenting Shares determined in accordance with Section 238 of the Companies Act of the Cayman Islands, and (iv) Shares owned by holders who had previously validly exercised their rights to dissent from the Merger pursuant to Section 238 of the Companies Act of the Cayman Islands and thereafter have effectively withdrawn such rights to dissent pursuant to agreements entered into between such holders and the Company prior to the Effective Time, which have been cancelled and ceased to exist in exchange for the right to receive such amounts as specified in such agreements.

Each record holder of Shares as of immediately prior to the Effective Time who is entitled to the merger consideration will receive a letter of transmittal specifying how the delivery of the merger consideration will be effected and instructions for surrendering their Shares in exchange for the merger consideration. Record holders of Shares should wait to receive the letters of transmittal before surrendering their Shares. A holder of Shares held in “street name” by a broker, bank or other nominee should receive instructions from its broker, bank or other nominee as to how to receive the applicable merger consideration and should address any questions in relation thereto to its broker, bank or other nominee.

The Company also announced today that it has requested that trading of its Shares on the Nasdaq Global Select Market (“Nasdaq”) be suspended as of the close of trading on April 20, 2021 (New York time). The Company has requested that Nasdaq file a Form 25 with the Securities and Exchange Commission (the “SEC”) notifying the SEC of the delisting of the Shares on Nasdaq and the deregistration of the Company’s registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in approximately ten days following the filing of the Form 25. The Company’s obligations to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.

About China Biologic Products Holdings, Inc.
China Biologic Products Holdings, Inc. (NASDAQ: CBPO) is a leading fully integrated plasma-based biopharmaceutical company in China. The Company’s products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 different dosage forms of plasma products through its indirect majority-owned subsidiary, Shandong Taibang Biological Products Co., Ltd. and its wholly owned subsidiary, Guizhou Taibang Biological Products Co., Ltd. The Company also has an equity investment in Xi’an Huitian Blood Products Co., Ltd. Since the acquisition of TianXinFu (Beijing) Medical Appliance Co., Ltd. in 2018, China Biologic is also engaged in the sale of medical devices, primarily regenerative medical biomaterial products. The Company sells its products to hospitals, distributors and other healthcare facilities in China. For additional information, please see the Company’s website www.chinabiologic.com.

Safe Harbor Statement

This news release may contain certain “forward-looking statements”. All statements, other than statements of historical fact included herein, are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “intend,” “believe,” “expect,” “are expected to,” “will,” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:

China Biologic Products Holdings, Inc.
Mr. Ming Yin
Senior Vice President
Email: [email protected]

The Foote Group
Mr. Philip Lisio
Phone: +86-135-0116-6560
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/china-biologic-announces-completion-of-going-private-transaction-301272457.html

SOURCE China Biologic Products Holdings, Inc.

April 20, 2021 4:33 pm

Vanda Pharmaceuticals to Announce First Quarter 2021 Financial Results on May 5, 2021

Conference Call and Webcast to Follow

PR Newswire

WASHINGTON, April 20, 2021 /PRNewswire/ — Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced it will release results for the first quarter 2021 on Wednesday, May 5, 2021, after the market closes.

Vanda will host a conference call at 4:30 PM ET on Wednesday, May 5, 2021, during which management will discuss the first quarter 2021 financial results and other corporate activities. To participate in the conference call, please dial 1-866-688-9426 (domestic) or 1-409-216-0816 (international) and use passcode 5709209.

The conference call will be broadcast simultaneously and archived on Vanda’s website, www.vandapharma.com. Investors should go to the website at least 15 minutes early to register, download, and install any necessary audio software.

A replay of the call will be available on Wednesday, May 5, 2021, beginning at 7:30 PM ET and will be accessible until Wednesday, May 12, 2021, at 7:30 PM ET. The replay call-in number is 1-855-859-2056 for domestic callers and 1-404-537-3406 for international callers. The passcode number is 5709209.

About Vanda Pharmaceuticals Inc.

Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on Twitter @vandapharma.

Corporate Contact:

AJ Jones II
Chief Corporate Affairs and Communications Officer
Vanda Pharmaceuticals Inc.
202-734-3400
[email protected]

Elizabeth Van Every

Head of Corporate Affairs
Vanda Pharmaceuticals Inc.
202-734-3400
[email protected]

View original content:http://www.prnewswire.com/news-releases/vanda-pharmaceuticals-to-announce-first-quarter-2021-financial-results-on-may-5-2021-301273128.html

SOURCE Vanda Pharmaceuticals Inc.

April 20, 2021 4:33 pm

TrueCar to Announce First Quarter Financial Results on May 6

PR Newswire

SANTA MONICA, Calif., April 20, 2021 /PRNewswire/ — TrueCar, Inc., (NASDAQ: TRUE) will report its financial results for the first quarter ended March 31, 2021 on Thursday, May 6, 2021, following the close of market.

Mike Darrow, President and Chief Executive Officer, and Jantoon Reigersman, Chief Financial Officer, will host a conference call to discuss the results at 4:30 p.m. Eastern Time. A live webcast of the call will be accessible through the Investor Relations section of TrueCar’s website at ir.truecar.com.

TrueCar First Quarter 2021 Conference Call Details

Date: Thursday, May 6, 2021

Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)

Dial-In: 1-888-428-7458 (domestic); 1-862-298-0702 (international)

Webcast: Investor Relations section of TrueCar’s website at ir.truecar.com

A replay of the call may be accessed the same day from Thursday, May 6, 2021 until Thursday, May 13, 2021 until 7 p.m. Eastern Time, by dialing 1-888-539-4649 (domestic) or 1-754-333-7735 (international) and entering the replay pin number: 155575.

An archived version of the call will also be available upon completion on the Investor Relations section of TrueCar’s website at ir.truecar.com.

About TrueCar
TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our nationwide network of Certified Dealers. We are building the industry’s most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what’s a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including AARP, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin, Texas and Boston, Massachusetts.

For more information, please visit www.truecar.com, and follow us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US toll-free) | Email: [email protected]

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SOURCE TrueCar, Inc.