Market Newsdesk

April 29, 2021 4:24 pm

ECN Capital Schedules Q1-2021 Conference Call

TORONTO, April 29, 2021 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or “the Company”) announced today that it intends to file its financial statements and management discussion and analysis for the three-month period ended March 31, 2021 after markets close on Wednesday, May 12, 2021.

The Company will host an analyst briefing to discuss these results commencing at 5:30 PM (ET) on Wednesday, May 12, 2021. The call can be accessed as follows:

Webcast	http://services.choruscall.ca/links/ecncapitalcorp20210512.html

Toll-free dial in	North America 1-800-319-8560 International 1-604-638-5345

Presentation slides	http://ecncapitalcorp.com/investors/presentations

A telephone replay of the conference call may also be accessed until June12, 2021 by dialing 1-800-319-6413 and entering the passcode 6813#.

About ECN Capital Corp.

With managed and advised assets of US$33 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and investment funds (collectively our “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically unsecured loan portfolios, secured loan portfolios and credit card portfolios. Our Partners are seeking high quality assets to match with their deposits or other liabilities. These services are offered through three operating businesses: Service Finance, Triad Financial Services and The Kessler Group.

Contact

John Wimsatt
647-649-4634
[email protected]

April 29, 2021 4:24 pm

Rand Capital Announces Second Quarter Dividend of $0.10 per share

Rand Capital Announces Second Quarter Dividend of $0.10 per share

BUFFALO, N.Y.–(BUSINESS WIRE)–Rand Capital Corporation (Nasdaq: RAND) (“Rand”), a business development company (“BDC”), today announced that its Board of Directors declared its regular quarterly cash dividend of $0.10 per share. The cash dividend will be paid on or about June 16, 2021 to shareholders of record as of June 2, 2021. At March 31, 2021, Rand had approximately 2.6 million shares outstanding.

Additional Information Regarding Dividend Payments

The amount and timing of dividends, including future dividends, are subject to the discretion of Rand’s Board of Directors. When declaring distributions, Rand’s Board of Directors reviews estimates of taxable income available for distribution, which may differ from consolidated net income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given year for distribution in the following year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

ABOUT RAND CAPITAL

Rand Capital (Nasdaq: RAND) is an externally-managed Business Development Company (BDC) with a wholly-owned subsidiary licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC). The Company’s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand invests in early to later stage businesses that have sustainable, differentiated and market-proven products, revenue of more than $2 million and a path to free cash flow or are already generating up to $5 million in EBITDA. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company’s website where it regularly posts information: https://www.randcapital.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005934/en/

Company:

Allen F. (“Pete”) Grum

President and CEO

Phone: 716.853.0802

Email: [email protected]

Investors:

Deborah K. Pawlowski

Kei Advisors LLC

Phone: 716.843.3908

Email: [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Small Business Banking Professional Services Finance

MEDIA:

Logo

April 29, 2021 4:24 pm

IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2021

IF Bancorp, Inc. Announces Results for Third Quarter of Fiscal Year 2021

WATSEKA, Ill.–(BUSINESS WIRE)–
IF Bancorp, Inc. (NASDAQ: IROQ) (the “Company”), the holding company for Iroquois Federal Savings and Loan Association (the “Association”), announced unaudited net income of $1.6 million, or $0.51 per basic share and $0.50 per diluted share, for the three months ended March 31, 2021, compared to net income of $810,000, or $0.27 per basic share and $0.26 per diluted share, for the three months ended March 31, 2020.

For the three months ended March 31, 2021, net interest income was $5.0 million compared to $4.6 million for the three months ended March 31, 2020. We recorded a credit for loan losses of $(101,000) for the three months ended March 31, 2021, compared to a provision for loan losses of $282,000 for the three months ended March 31, 2020. Interest and dividend income decreased to $5.9 million for the three months ended March 31, 2021, from $6.8 million for the three months ended March 31, 2020. Interest expense decreased to $902,000 for the three months ended March 31, 2021, from $2.2 million for the three months ended March 31, 2020. Non-interest income increased to $1.6 million for the three months ended March 31, 2021, from $1.2 million for the three months ended March 31, 2020. Non-interest expense increased to $4.6 million for the three months ended March 31, 2021, from $4.4 million for the three months ended March 31, 2020. Provision for income tax increased to $600,000 for the three months ended March 31, 2021, from $316,000 for the three months ended March 31, 2020.

The Company announced unaudited net income of $4.4 million, or $1.43 per basic share and $1.42 per diluted share for the nine months ended March 31, 2021, compared to $2.9 million, or $0.92 per basic share and $0.90 per diluted share for the nine months ended March 31, 2020. For the nine months ended March 31, 2021, net interest income was $15.0 million compared to $13.5 million for the nine months ended March 31, 2020. We recorded a provision for loan losses of $165,000 for the nine months ended March 31, 2021, compared to a provision for loan losses of $198,000 for the nine months ended March 31, 2020. The provision for loan losses recorded in the nine months ended March 31, 2021, was primarily the result of an increase in risk associated with outstanding loans due to a change in portfolio mix, and to a lesser extent, additional reserves for all loans that remain under temporary COVID-19 modifications. These factors were partially offset by a decrease in total loans and the addition of SBA Paycheck Protection Program (PPP) loans that do not require a reserve since they are 100% guaranteed by the US government. While we closed 305 SBA PPP loans representing $26.3 million in funding during 2020, and another 245 SBA PPP loans representing $16.5 million in funding as of March 31, 2021, after SBA forgiveness-to-date, we have 313 loans totaling $27.9 million remaining in our portfolio at March 31, 2021.

Interest and dividend income decreased to $18.4 million for the nine months ended March 31, 2021, from $20.6 million for the nine months ended March 31, 2020. Interest expense decreased to $3.5 million for the nine months ended March 31, 2021 from $7.1 million for the nine months ended March 31, 2020. Our interest income could be reduced in the future due to the effects of the COVID-19 pandemic. In keeping with guidance from our regulators, we are executing payment deferrals for our lending clients who are adversely affected by the pandemic. At March 31, 2021, we had 163 loans with current balances of $86.7 million that have received COVID-19 modifications. These modifications allowed borrowers to pay interest only for up to six months. As of March 31, 2021, 147 of these loans totaling $58.1 million have returned to principal and interest payment, leaving 16 loans totaling $28.6 million still under temporary modifications. These 16 loans include 8 one- to four-family loans totaling $2.0 million, 4 multi-family loans totaling $22.0 million, 3 commercial real estate loans for $3.4 million and one commercial business loan for $1.2 million.

Non-interest income increased to $4.9 million for the nine months ended March 31, 2021, from $3.5 million for the nine months ended March 31, 2020. The increase in non-interest income was mostly due to an increase in gain on sale of loans as a result of a significant increase in refinance activity stimulated by a low interest environment, and also by an increase in gain on sale of available-for-sale securities. Non-interest expense increased to $13.6 million for the nine months ended March 31, 2021 from $12.8 million for the nine months ended March 31, 2020. Provision for income tax increased to $1.7 million for the nine months ended March 31, 2021, from $1.1 million for the nine months ended March 31, 2020.

Total assets at March 31, 2021 were $745.4 million compared to $735.5 million at June 30, 2020. Cash and cash equivalents decreased to $33.3 million at March 31, 2021, from $33.5 million at June 30, 2020. Investment securities increased to $175.8 million at March 31, 2021, from $162.4 million at June 30, 2020. Net loans receivable decreased to $504.5 million at March 31, 2021, from $509.8 million at June 30, 2020. Deposits increased to $617.2 million at March 31, 2021, from $601.7 million at June 30, 2020. Total borrowings, including repurchase agreements, decreased to $33.7 million at March 31, 2021 from $41.2 million at June 30, 2020. Stockholders’ equity increased to $83.5 million at March 31, 2021 from $82.6 million at June 30, 2020. Equity increased due to net income of $4.4 million, and ESOP and stock equity activity of $421,000, partially offset by a decrease of $2.9 million in accumulated other comprehensive income, net of tax, and the accrual of approximately $940,000 in dividends to our shareholders, of which about half were still payable as of March 31, 2021, and were subsequently paid on April 16, 2021.

IF Bancorp, Inc. is the savings and loan holding company for Iroquois Federal Savings and Loan Association (the “Association”). The Association, originally chartered in 1883 and headquartered in Watseka, Illinois, conducts its operations from seven full-service banking offices located in Watseka, Danville, Clifton, Hoopeston, Savoy, Bourbonnais, and Champaign, Illinois and a loan production and wealth management office in Osage Beach, Missouri. The principal activity of the Association’s wholly-owned subsidiary, L.C.I. Service Corporation, is the sale of property and casualty insurance.

This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Such forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “intend” and “potential.” For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions, including as a result of the COVID-19 pandemic; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; the effects of government actions taken as a result of the COVID-19 pandemic; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services and other factors that may be 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 forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Selected Income Statement Data (Dollars in thousands, except per share data)

	For the Three Months Ended March 31,					For the Nine Months Ended March 31,
	2021			2020		2021			2020
	(unaudited)
Interest and dividend income	$	5,926		$	6,799	$	18,429	$	20,596
Interest expense		902			2,209		3,467		7,079
Net interest income		5,024			4,590		14,962		13,517
Provision (credit) for loan losses		(101	)		282		165		198
Net interest income after provision for loan losses		5,125			4,308		14,797		13,319
Non-interest income		1,647			1,174		4,861		3,465
Non-interest expense		4,612			4,356		13,621		12,807
Income before taxes		2,160			1,126		6,037		3,977
Income tax expense		600			316		1,683		1,103

Net income	$	1,560		$	810	$	4,354	$	2,874

Earnings (loss) per share (1)
Basic	$	0.51		$	0.27	$	1.43	$	0.92
Diluted	$	0.50		$	0.26	$	1.42	$	0.90
Weighted average shares outstanding (1)
Basic		3,040,709			3,038,060		3,035,898		3,128,823
Diluted		3,090,698			3,089,722		3,069,406		3,182,563
						footnotes on following page

Performance Ratios

	For the Nine Months Ended March 31, 2021	For the Year Ended June 30, 2020
	(unaudited)
Return on average assets	0.79%	0.61%
Return on average equity	6.91%	5.30%
Net interest margin on average interest earning assets	2.74%	2.75%

Selected Balance Sheet Data (Dollars in thousands, except per share data)

	At March 31, 2021			At June 30, 2020
	(unaudited)
Assets	$	745,446		$	735,517
Cash and cash equivalents		33,256			33,467
Investment securities		175,760			162,394
Net loans receivable		504,454			509,817
Deposits		617,234			601,700
Borrowings and repurchase agreements		33,701			41,238
Total stockholders’ equity		83,484			82,564
Book value per share (2)		25.76			25.48
Average stockholders’ equity to average total assets		11.50	%		11.55	%

Asset Quality (Dollars in thousands)

	At March 31, 2021			At June 30, 2020
	(unaudited)
Non-performing assets (3)	$	448		$	1,095
Allowance for loan losses		6,351			6,234
Non-performing assets to total assets		0.06	%		0.15	%
Allowance for losses to total loans		1.24	%		1.21	%
Allowance for losses to total loans excluding PPP loans (4)		1.31	%		1.27	%

(1)	Shares outstanding do not include ESOP shares not committed for release.
(2)	Total stockholders’ equity divided by shares outstanding of 3,240,376 at both March 31, 2021, and June 30, 2020.
(3)	Non-performing assets include non-accrual loans, loans past due 90 days or more and accruing, and foreclosed assets held for sale.
(4)	Paycheck Protection Program (PPP) loans are administered by the SBA and are fully guaranteed by the U.S. government.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005826/en/

Walter H. Hasselbring, III

(815) 432-2476

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

April 29, 2021 4:23 pm

FTAI Reports First Quarter 2021 Results, Dividend of $0.33 per Common Share

NEW YORK, April 29, 2021 (GLOBE NEWSWIRE) — Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company” or “FTAI”) today reported financial results for the first quarter 2021. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial Results	Q1’21
Net Cash Used in Operating Activities	$	(48,932	)
Net Loss Attributable to Shareholders	$	(34,540	)
Basic and Diluted Loss per Common Share	$	(0.40	)

Funds Available for Distribution (“FAD”)⁽¹⁾	$	14,407
Adjusted EBITDA⁽¹⁾	$	47,154

_______________________________

⁽¹⁾	For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

For the first quarter of 2021, total FAD was $14.4 million. This amount includes $60.6 million from our aviation leasing portfolio, offset by $(3.8) million from our infrastructure business and $(42.4) million from corporate and other.

First Quarter 2021 Dividends

On April 29, 2021, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common shares of $0.33 per share for the quarter ended March 31, 2021, payable on May 25, 2021 to the holders of record on May 14, 2021.

Additionally, on April 29, 2021, the Board declared cash dividends on its Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”) and Fixed Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) of $0.51563, $0.50000 and $0.45833 per share, respectively, for the quarter ended March 31, 2021, payable on June 15, 2021 to the holders of record on June 1, 2021.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.ftandi.com, and the Company’s Quarterly Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

The Company will host a conference call on Friday, April 30, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (877) 447-5636 (from within the U.S.) or (615) 247-0080 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “FTAI First Quarter 2021 Earnings Call.” A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.ftandi.com.

Following the call, a replay of the conference call will be available after 12:00 P.M. on Friday, April 30, 2021 through 11:30 A.M. Friday, May 7, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 8347267.

About Fortress Transportation and Infrastructure Investors LLC

Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
Fortress Transportation and Infrastructure Investors LLC
(212) 798-6128
[email protected]

Withholding Information for Withholding Agents

This announcement is intended to be a qualified notice as provided in the Internal Revenue Code (the “Code”) and the Regulations thereunder. For U.S. federal income tax purposes, the common dividend and the Series A Preferred, Series B Preferred and Series C Preferred dividends declared in April 2021 will be treated as a partnership distribution and guaranteed payments, respectively. For U.S. tax withholding purposes, the per share distribution components are as follows:

Common Distribution Components
Non-U.S. Long Term Capital Gain	$	—
U.S. Portfolio Interest Income⁽¹⁾	$	0.03036
U.S. Dividend Income⁽²⁾	$	—
Income Not from U.S. Sources⁽³⁾	$	0.29964
U.S. Long Term Capital Gain ⁽⁴⁾	$	—
Distribution Per Share	$	0.33000

Series A Preferred Distribution Components
Guaranteed Payments⁽⁵⁾	$	0.51563
Distribution Per Share	$	0.51563

Series B Preferred Distribution Components
Guaranteed Payments⁽⁵⁾	$	0.50000
Distribution Per Share	$	0.50000

Series C Preferred Distribution Components
Guaranteed Payments⁽⁵⁾	$	0.45833
Distribution Per Share	$	0.45833

⁽¹⁾	Eligible for the U.S. portfolio interest exemption for any holder not considered a 10-percent shareholder under §871(h)(3)(B) of the Code.

⁽²⁾	This income is subject to withholding under §1441 or §1442 of the Code.

⁽³⁾	This income is not subject to withholding under §1441, §1442 or §1446 of the Code.

⁽⁴⁾	U.S. Long Term Capital Gain attributable to the sale of a U.S. Real Property Holding Corporation. As a result, the gain will be treated as income that is effectively connected with a U.S. trade or business and be subject to withholding.

⁽⁵⁾	Brokers and nominees should treat this income as subject to withholding under §1441 or §1442 of the Code.

For U.S. shareholders: In computing your U.S. federal taxable income, you should not rely on this qualified notice, but should generally take into account your allocable share of the Company’s taxable income as reported to you on your Schedule K-1.

Exhibit – Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollar amounts in thousands, except per share data)

	Three Months Ended March 31,
	2021			2020
Revenues
Equipment leasing revenues	$	56,607		$	86,449
Infrastructure revenues	20,542			26,391
Total revenues	77,149			112,840
Expenses
Operating expenses	24,997			33,444
General and administrative	4,252			4,663
Acquisition and transaction expenses	1,643			3,194
Management fees and incentive allocation to affiliate	3,990			4,766
Depreciation and amortization	44,535			42,197
Asset impairment	2,100			—
Interest expense	32,990			22,861
Total expenses	114,507			111,125
Other income (expense)
Equity in earnings of unconsolidated entities	1,374			265
Gain (loss) on sale of assets, net	811			(1,819		)
Loss on extinguishment of debt	—			(4,724		)
Interest income	285			41
Other income	181			33
Total other income (expense)	2,651			(6,204		)
Loss from continuing operations before income taxes	(34,707		)	(4,489		)
Provision for (benefit from) income taxes	169			(98		)
Net loss from continuing operations	(34,876		)	(4,391		)
Net income from discontinued operations, net of income taxes	—			1,331
Net loss	(34,876		)	(3,060		)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(4,961		)	(4,736		)
Less: Dividends on preferred shares	4,625			4,539
Net loss attributable to shareholders	$	(34,540	)	$	(2,863	)

(Loss) earnings per share:
Basic
Continuing operations	$	(0.40	)	$	(0.05	)
Discontinued operations	$	—		$	0.02
Diluted
Continuing operations	$	(0.40	)	$	(0.05	)
Discontinued operations	$	—		$	0.02
Weighted average shares outstanding:
Basic	86,027,944			86,008,099
Diluted	86,027,944			86,008,099

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollar amounts in thousands, except per share data)

	(Unaudited)
	March 31, 2021			December 31, 2020
Assets
Cash and cash equivalents	$	160,252		$	121,703
Restricted cash	33,224			39,715
Accounts receivable, net	111,898			91,691
Leasing equipment, net	1,684,816			1,635,259
Operating lease right-of-use assets, net	64,801			62,355
Finance leases, net	13,966			6,927
Property, plant, and equipment, net	1,000,988			964,363
Investments	161,767			146,515
Intangible assets, net	16,809			18,786
Goodwill	122,735			122,735
Other assets	220,791			177,928
Total assets	$	3,592,047		$	3,387,977

Liabilities
Accounts payable and accrued liabilities	$	101,155		$	113,185
Debt, net	2,077,402			1,904,762
Maintenance deposits	140,487			148,293
Security deposits	35,117			37,064
Operating lease liabilities	64,231			62,001
Other liabilities	30,003			23,351
Total liabilities	$	2,448,395		$	2,288,656

Commitments and contingencies

Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 85,630,753 and 85,617,146 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)	$	856		$	856
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 9,120,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)	133			91
Additional paid in capital	1,198,386			1,130,106
Accumulated deficit	(58,073		)	(28,158		)
Accumulated other comprehensive loss	(16,283		)	(26,237		)
Shareholders’ equity	1,125,019			1,076,658
Non-controlling interest in equity of consolidated subsidiaries	18,633			22,663
Total equity	1,143,652			1,099,321
Total liabilities and equity	$	3,592,047		$	3,387,977

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollar amounts in thousands, unless otherwise noted)

	Three Months Ended March 31,
	2021			2020
Cash flows from operating activities:
Net loss	$	(34,876	)	$	(3,060	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in earnings of unconsolidated entities	(1,374		)	(265		)
Gain on sale of subsidiaries	—			(1,331		)
(Gain) loss on sale of assets, net	(811		)	1,819
Security deposits and maintenance claims included in earnings	(2,836		)	8,844
Loss on extinguishment of debt	—			4,724
Equity-based compensation	1,114			291
Depreciation and amortization	44,535			42,197
Asset impairment	2,100			—
Change in deferred income taxes	—			3,822
Change in fair value of non-hedge derivative	(7,964		)	181
Amortization of lease intangibles and incentives	8,108			6,867
Amortization of deferred financing costs	2,268			2,065
Bad debt expense	(547		)	632
Other	(279		)	363
Change in:
Accounts receivable	(19,786		)	(10,780		)
Other assets	(17,953		)	7,063
Accounts payable and accrued liabilities	(19,707		)	(46,316		)
Management fees payable to affiliate	(602		)	(20,865		)
Other liabilities	(322		)	(8,057		)
Net cash used in operating activities	(48,932		)	(11,806		)

Cash flows from investing activities:
Investment in unconsolidated entities	(1,278		)	(2,452		)
Principal collections on finance leases	395			320
Acquisition of leasing equipment	(114,781		)	(57,570		)
Acquisition of property, plant and equipment	(39,302		)	(60,402		)
Acquisition of lease intangibles	(386		)	1,161
Purchase deposits for acquisitions	(9,250		)	(3,100		)
Proceeds from sale of leasing equipment	4,574			28,568
Return of purchase deposit for aircraft and aircraft engines	4,600			—
Return of deposit on sale of engine	1,010			2,350
Net cash used in investing activities	$	(154,418	)	$	(91,125	)

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollar amounts in thousands, unless otherwise noted)

	Three Months Ended March 31,
	2021			2020
Cash flows from financing activities:
Proceeds from debt	$	171,600		$	303,980
Repayment of debt	—			(275,991		)
Payment of deferred financing costs	(563		)	(11,767		)
Receipt of security deposits	70			130
Return of security deposits	(975		)	(3,815		)
Receipt of maintenance deposits	8,770			13,626
Release of maintenance deposits	(11,483		)	(9,185		)
Proceeds from issuance of preferred shares, net of underwriter’s discount and issuance costs	101,180			(246		)
Settlement of equity-based compensation	(183		)	—
Cash dividends – common shares	(28,383		)	(28,391		)
Cash dividends – preferred shares	(4,625		)	(4,539		)
Net cash provided by (used in) financing activities	$	235,408		$	(16,198	)

Net increase (decrease) in cash and cash equivalents and restricted cash	32,058			(119,129		)
Cash and cash equivalents and restricted cash, beginning of period	161,418			242,517
Cash and cash equivalents and restricted cash, end of period	$	193,476		$	123,388

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (losses) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net loss attributable to shareholders from continuing operations to Adjusted EBITDA for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands)	2021			2020
Net loss attributable to shareholders from continuing operations	$	(34,540	)	$	(4,194	)
Add: Provision for (benefit from) income taxes	169			(98		)
Add: Equity-based compensation expense	1,114			291
Add: Acquisition and transaction expenses	1,643			3,194
Add: Losses on the modification or extinguishment of debt and capital lease obligations	—			4,724
Add: Changes in fair value of non-hedge derivative instruments	(7,964		)	181
Add: Asset impairment charges	2,100			—
Add: Incentive allocations	—			—
Add: Depreciation and amortization expense ⁽¹⁾	52,643			49,064
Add: Interest expense	32,990			22,861
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities ⁽²⁾	2,402			(413		)
Less: Equity in earnings of unconsolidated entities	(1,374		)	(265		)
Less: Non-controlling share of Adjusted EBITDA ⁽³⁾	(2,029		)	(3,350		)
Adjusted EBITDA (non-GAAP)	$	47,154		$	71,995

________________________________________________________

⁽¹⁾	Includes the following items for the three months ended March 31, 2021 and 2020: (i) depreciation and amortization expense of $44,535 and $42,197, (ii) lease intangible amortization of $752 and $1,132 and (iii) amortization for lease incentives of $7,356 and $5,735, respectively.

⁽²⁾	Includes the following items for the three months ended March 31, 2021 and 2020: (i) net income of $1,180 and $223, (ii) interest expense of $187 and $35, (iii) depreciation and amortization expense of $1,912 and $962, (iv) acquisition and transaction expenses of $0 and $81 and (v) changes in fair value of non-hedge derivatives of $(877) and $(1,714), respectively.

⁽³⁾	Includes the following items for the three months ended March 31, 2021 and 2020: (i) equity-based compensation of $198 and $47, (ii) provision for income taxes of $13 and $28, (iii) interest expense of $281 and $720, (iv) depreciation and amortization expense of $1,811 and $1,524, (v) changes in fair value of non-hedge derivative instruments of $(274) and $38 and (vi) loss on extinguishment of debt of $0 and $993 respectively.

The Company uses Funds Available for Distribution (“FAD”) in evaluating its ability to meet its stated dividend policy. FAD is not a financial measure in accordance with GAAP. The GAAP measure most directly comparable to FAD is net cash provided by operating activities. The Company believes FAD is a useful metric for investors and analysts for similar purposes.

The Company defines FAD as: Net Cash Provided by Operating Activities plus principal collections on finance leases, proceeds from sale of assets, and return of capital distributions from unconsolidated entities, less required payments on debt obligations and capital distributions to non-controlling interest, and excluding changes in working capital.

The following table sets forth a reconciliation of Net Cash Used in Operating Activities to FAD for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands)	2021			2020
Net Cash Used in Operating Activities	$	(48,932	)	$	(11,806	)
Add: Principal Collections on Finance Leases	395			320
Add: Proceeds from Sale of Assets	4,574			28,568
Add: Return of Capital Distributions from Unconsolidated Entities	—			—
Less: Required Payments on Debt Obligations ⁽¹⁾	—			—
Less: Capital Distributions to Non-Controlling Interest	—			—
Exclude: Changes in Working Capital	58,370			78,955
Funds Available for Distribution (FAD)	$	14,407		$	96,037

________________________________________________________

(1)	Required payments on debt obligations for the three months ended March 31, 2020 exclude repayments of $144,200 for the Series 2016 Bonds, $50,262 for the Jefferson Revolver, $45,520 for the Series 2012 Bonds and $36,009 for the FTAI Pride Credit Agreement.

The following tables set forth a reconciliation of Net Cash Used in Operating Activities to FAD for the three months ended March 31, 2021:

	Three Months Ended March 31, 2021
(in thousands)	Equipment Leasing		Infrastructure			Corporate and Other			Total
Funds Available for Distribution (FAD)	$	60,653	$	(3,841	)	$	(42,405	)	$	14,407
Less: Principal Collections on Finance Leases									(395		)
Less: Proceeds from Sale of Assets									(4,574		)
Less: Return of Capital Distributions from Unconsolidated Entities									—
Add: Required Payments on Debt Obligations									—
Add: Capital Distributions to Non-Controlling Interest									—
Include: Changes in Working Capital									(58,370		)
Net Cash Used in Operating Activities									$	(48,932	)

FAD is subject to a number of limitations and assumptions and there can be no assurance that the Company will generate FAD sufficient to meet its intended dividends. FAD has material limitations as a liquidity measure of the Company because such measure excludes items that are required elements of the Company’s net cash provided by operating activities as described below. FAD should not be considered in isolation nor as a substitute for analysis of the Company’s results of operations under GAAP, and it is not the only metric that should be considered in evaluating the Company’s ability to meet its stated dividend policy. Specifically:

FAD does not include equity capital called from the Company’s existing limited partners, proceeds from any debt issuance or future equity offering, historical cash and cash equivalents and expected investments in the Company’s operations.
FAD does not give pro forma effect to prior acquisitions, certain of which cannot be quantified.
While FAD reflects the cash inflows from sale of certain assets, FAD does not reflect the cash outflows to acquire assets as the Company relies on alternative sources of liquidity to fund such purchases.
FAD does not reflect expenditures related to capital expenditures, acquisitions and other investments as the Company has multiple sources of liquidity and intends to fund these expenditures with future incurrences of indebtedness, additional capital contributions and/or future issuances of equity.
FAD does not reflect any maintenance capital expenditures necessary to maintain the same level of cash generation from our capital investments.
FAD does not reflect changes in working capital balances as management believes that changes in working capital are primarily driven by short term timing differences, which are not meaningful to the Company’s distribution decisions.
Management has significant discretion to make distributions, and the Company is not bound by any contractual provision that requires it to use cash for distributions.

If such factors were included in FAD, there can be no assurance that the results would be consistent with the Company’s presentation of FAD.

April 29, 2021 4:23 pm

JBG SMITH Declares a Quarterly Common Dividend of $0.225 Per Share

JBG SMITH Declares a Quarterly Common Dividend of $0.225 Per Share

BETHESDA, Md.–(BUSINESS WIRE)–
JBG SMITH (NYSE: JBGS), a leading owner and developer of high-quality, mixed-use properties in the Washington, DC market, today announced that its Board of Trustees has declared a quarterly dividend of $0.225 per common share. The dividend will be paid on May 27, 2021 to common shareholders of record as of May 13, 2021.

About JBG SMITH

JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it serves as the exclusive developer for Amazon’s new headquarters. JBG SMITH’s portfolio currently comprises 16.7 million square feet of high-growth office, multifamily and retail assets at share, 98% at share of which are Metro-served. It also maintains a development pipeline encompassing 17.6 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005895/en/

Barbat Rodgers

JBG SMITH

Senior Vice President, Investor Relations

(240) 333-3805

[email protected]

KEYWORDS: United States North America District of Columbia Maryland

INDUSTRY KEYWORDS: Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT

MEDIA:

April 29, 2021 4:23 pm

The First Bancshares to Participate in Virtual Gulf South Bank Conference and D.A. Davidson 23rd Annual Financial Institutions Conference

The First Bancshares to Participate in Virtual Gulf South Bank Conference and D.A. Davidson 23^rd Annual Financial Institutions Conference

HATTIESBURG, Miss.–(BUSINESS WIRE)–
The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) will participate in the 2021 Gulf South Bank Conference, which is being held virtually, on May 3, 2021 through May 4, 2021 and will have one-on-one meetings with certain bank stock analysts and investors. The First Bancshares, Inc. will also participate in the D.A. Davidson 23^rd Annual Financial Institutions Virtual Conference which is being held on May 5, 2021 through May 6, 2021 and will have one-on-one meetings with certain bank stock analysts and investors.

The presentation prepared for use during these meetings will be available at the company’s website www.thefirstbank.com under Investor Relations>News & Events>Presentations.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005864/en/

M. Ray “Hoppy” Cole, CEO or

DeeDee Lowery, CFO

Phone: 601-268-8998

KEYWORDS: United States North America Mississippi

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

April 29, 2021 4:23 pm

JMP Group Reports First Quarter 2021 Financial Results

JMP Group Reports First Quarter 2021 Financial Results

SAN FRANCISCO–(BUSINESS WIRE)–
JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter ended March 31, 2021.

A summary of JMP Group’s operating results for the quarter ended March 31, 2021, and for comparable prior periods, is set forth below.

	Quarter Ended
(in thousands, except per share amounts)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020

Total net revenues	$38,493	$53,615	$5,267

Net income/(loss) attributable to JMP Group	$1,089	$9,009	($11,748	)
Net income/(loss) attributable to JMP Group per share	$0.05	$0.45	($0.60	)

Operating net income/(loss)	$3,784	$8,427	($537	)
Operating net income/(loss) per share	$0.18	$0.42	($0.03	)

Book value per share	$3.38	$3.18	$2.64
Adjusted book value per share	$4.24	$4.03	$3.45

For more information about operating net income, including a reconciliation to net income, and adjusted book value per share, including a reconciliation to book value per share, see the section below titled “Non-GAAP Financial Measures.”

“Driven by strong results at JMP Securities, JMP Group posted operating EPS of $0.18 for the first quarter and a record $0.84 for the latest 12 months,” said Joe Jolson, chairman and CEO of JMP Group. “We continue to make good progress at refocusing our company on its core operations, while looking to opportunistically monetize corporate investments and retire long-term debt. We redeemed $10 million of senior notes in February and expect to reduce the remaining balance later this year, if the sale of Harvest Capital Credit Corporation closes in June as planned. Our adjusted book value per share has increased from $3.45 to $4.24 over the past year, and improving this metric continues to be a key objective for us.”

“We’re very proud of our first-quarter results, as they represent a continuation of the terrific momentum we built during such a successful 2020,“ said Mark Lehmann, president of JMP Group and CEO of JMP Securities. “JMP Securities produced capital markets revenues of $31.6 million, a new record not just for the first quarter but for any quarter of the year. We underwrote nine IPOs and 18 follow-on offerings during the period, bookrunning five of those transactions. In addition, our ECM backlog is as strong as it’s ever been, across multiple verticals, making us optimistic about our prospects for the balance of the year. On the advisory front, we remain active, and our M&A fee revenues should build as many of the deals in a very full pipeline close in coming quarters.“

Segment Results of Operations

A summary of JMP Group’s operating net income per share by segment for the quarter ended March 31, 2021, and for comparable prior periods, is set forth below.

		Quarter Ended
($ as shown)		Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020

Broker-dealer		$0.21		$0.42		($0.01	)

Asset management:
	Asset management fee income	0.00		0.03		(0.02	)
	Investment income	0.06		0.10		0.07
	Total asset management	0.06		0.13		0.05

Corporate costs		(0.08	)	(0.13	)	(0.07	)

	Operating EPS (diluted)	$0.18		$0.42		($0.03	)

	Note: Due to rounding, numbers in columns above may not sum to totals presented.

For more information about operating net income, including a reconciliation to net income, see the section below titled “Non-GAAP Financial Measures.”

Composition of Revenues

Investment Banking

Investment banking revenues for the quarter were $32.6 million, an increase of 122.7% from $14.6 million for the quarter ended March 31, 2020. The $32.6 million for the quarter ended March 31, 2021, represents a record first-quarter total and the second-largest total for any quarter in the company’s history, trailing only the $43.3 million recorded for the quarter ended December 31, 2020.

A summary of the company’s investment banking revenues and transaction counts for the quarter ended March 31, 2021, and for comparable prior periods, is set forth below.

	Quarter Ended
	Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020
($ in thousands)	Count	Revenues	Count	Revenues	Count	Revenues

Equity and debt origination	41	$25,670	33	$20,658	17	$8,556
Strategic advisory and private placements	6	6,899	12	22,632	4	6,069

Total	47	$32,569	45	$43,290	21	$14,625

Brokerage

Net brokerage revenues for the quarter were $5.9 million, an increase of 41.0% from $4.2 million for the quarter ended March 31, 2020.

Total capital markets revenues, which consist of net brokerage revenues produced by the institutional equities division in addition to equity and debt origination revenues generated by the investment banking division, were $31.6 million for the quarter, an increase of 147.8% from $12.7 million for the quarter ended March 31, 2020.

Asset Management

Asset management fees for the quarter were $2.2 million, an increase of 26.4% from $1.7 million for the quarter ended March 31, 2020.

A summary of the company’s client assets under management for the quarter ended March 31, 2021, and for comparable prior periods, is set forth below.

(in millions)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020

Client assets under management⁽¹⁾	$694	$660	$549
Assets under management by sponsored funds ⁽²⁾	4,825	4,934	5,136

Client assets under management including sponsored funds	$5,519	$5,594	$5,685

⁽¹⁾	Includes assets managed by Harvest Capital Strategies, JMP Asset Management, and HCAP Advisors on behalf of third parties.
⁽²⁾	Sponsored funds are asset management strategies in which JMP Group owns an economic interest. Includes assets managed by Medalist Partners Corporate Finance, the former JMP Credit Advisors.

Principal Transactions

Principal transactions generated a net realized and unrealized loss of $3.2 million for the quarter, compared to a net realized and unrealized loss of $17.6 million for the quarter ended March 31, 2020. The year-over-year difference is in part due to the impairment of CLO equity owned by JMP Group. A reduction in the net present value of forecasted cash flows through the end of the expected life of the collateralized loan obligations required an impairment charge of $4.6 million for the quarter ended March 31, 2021. For the quarter ended March 31, 2020, the impairment charge was $13.5 million.

Net Interest Income

Net interest income for the quarter was $0.5 million, an increase of 23.4% from $0.4 million for the quarter ended March 31, 2020.

Expenses

Compensation and Benefits

Compensation and benefits expense for the quarter was $29.9 million, compared to $16.2 million for the quarter ended March 31, 2020. As a percentage of net revenues, compensation and benefits expense was 77.8%, compared to 307.8% for the quarter ended March 31, 2020.

Non-Compensation Expense

Non-compensation expense for the quarter was $7.0 million, compared to $8.1 million for the quarter ended March 31, 2020.

Share Repurchase Activity

JMP Group did not repurchase any outstanding common shares during the quarter ended March 31, 2021.

Personnel

At March 31, 2021, the company had 179 full-time employees, compared to 180 at December 31, 2020, and 192 at March 31, 2020.

Non-GAAP Financial Measures

In addition to the GAAP financial results presented in this press release, JMP Group presents the non-GAAP financial measures discussed below. These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance. Furthermore, company management believes that this presentation enables a more meaningful comparison of JMP Group’s financial performance across various periods. However, the non-GAAP financial results presented should not be considered a substitute for results that are presented in a manner consistent with GAAP. A limitation of the non-GAAP financial measures presented is that the adjustments concern gains, losses or expenses that JMP Group generally expects to continue to recognize. The adjustment of these non-GAAP items should not be construed as an inference that these gains or expenses are unusual, infrequent or non-recurring. Therefore, both GAAP measures of JMP Group’s financial performance and the respective non-GAAP measures should be considered together. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.

Operating Net Income

Operating net income is a non-GAAP financial measure that (i) excludes compensation expense related to share-based awards and deferred compensation, (ii) reverses impairment charges related to CLO equity, (iii) excludes costs resulting from the early retirement of debt, (iv) reverses unrealized gains or losses on real estate investments, (v) reverses net unrealized gains and losses on strategic equity investments and warrants, and (vi) assumes an effective tax rate. In particular, operating net income adjusts for:

the grant of restricted stock units and options;

net deferred compensation, which consists of (a) deferred compensation awarded in a given period but recognized as a GAAP expense over the subsequent three years, less (b) GAAP expense recognized in a given period but already reflected in the operating income of a prior period; the purpose of this adjustment is to fully reflect compensation awarded in a given year, notwithstanding the timing of GAAP expense;

the impairment of CLO equity recorded among principal transactions, as the company believes that the forecasted reduction in future cash flows will be mitigated by a change in the interest rate environment and that distributions will be larger than currently projected;

expenses associated with the redemption of outstanding senior notes and the resulting acceleration of the amortization of remaining capitalized issuance costs;

unrealized gains or losses related to commercial real estate investments, adjusted for non-cash expenditures, including depreciation and amortization;

unrealized mark-to-market gains or losses on the company’s strategic equity investments as well as certain warrant positions; and

a combined federal, state and local income tax rate of 26% at the consolidated taxable parent company, JMP Group.

A reconciliation of JMP Group’s net income to its operating net income for the quarter ended March 31, 2021, and for comparable prior periods is set forth below.

	Quarter Ended
(in thousands, except per share amounts)	Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020

Net income/(loss) attributable to JMP Group	$1,089		$9,009		($11,748	)

Add back/(subtract):
Income tax expense/(benefit)	379		3,907		(7,239	)
Income/(loss) before taxes	1,468		12,916		(18,987	)

Add back/(subtract):
Share-based awards and deferred compensation	(521	)	(2,440	)	546
Impairment of CLO equity	4,587		4,420		13,523
Early retirement of debt	288		–		89
Unrealized (gain)/loss – real estate-related depreciation and amortization	371		564		338
Unrealized mark-to-market (gain)/loss – strategic equity investments and warrants	(1,080	)	(4,072	)	3,766
Operating income/(loss) before taxes	5,113		11,388		(725	)

Income tax expense/(benefit)	1,329		2,961		(189	)
Operating net income/(loss)	$3,784		$8,427		($537	)

Operating net income/(loss) per share:
Basic	$0.19		$0.43		($0.03	)
Diluted ⁽¹⁾	$0.18		$0.42		($0.03	)

Weighted average shares outstanding:
Basic	19,824		19,709		19,532
Diluted ⁽¹⁾	20,678		19,943		19,654

⁽¹⁾

On a GAAP basis, the weighted average number of diluted shares outstanding for the quarter ended March 31, 2020, was 19,531,824. Due to the company’s net loss for the period, all share counts are equivalent to the weighted average number of basic shares outstanding. Under GAAP, in a period of net loss, dilutive securities are disregarded in the calculation of earnings per share.

Book Value per Share

At March 31, 2021, JMP Group’s book value per share was $3.38. Adding back accumulated depreciation and amortization expense related to commercial real estate investments that is recognized by JMP Group as a result of equity method accounting reflects the reversal of that expense in the calculation of operating net income. The add-back includes a tax provision related to the expense reversed in a given period, due to the company’s election to be taxed as a C corporation as of January 1, 2019. As a result, adjusted book value per share was $4.24 for the quarter ended March 31, 2021, as set forth below.

(in thousands, except per share amounts)	Mar. 31, 2021		Dec. 31, 2020		Mar. 31, 2020

Shareholders’ equity	$66,933		$62,940		$51,629

Accumulated unrealized loss – real estate-related depreciation and amortization	17,148		16,873		15,750
Adjusted shareholders’ equity	$84,081		$79,813		$67,379

Book value per share	$3.38		$3.18		$2.64
Adjusted book value per share	$4.24		$4.03		$3.45

Basic shares outstanding	19,825		19,790		19,547

Quarterly operating ROE⁽¹⁾	23.3	%	57.7	%	(3.8	%)
LTM operating ROE⁽¹⁾	28.9	%	21.9	%	(4.4	%)

Quarterly adjusted operating ROE⁽¹⁾	18.5	%	44.9	%	(3.0	%)
LTM adjusted operating ROE⁽¹⁾	22.6	%	17.1	%	(3.6	%)

⁽¹⁾

Operating return on equity (ROE) equals operating net income divided by average shareholders’ equity. Adjusted operating ROE equals operating net income divided by average adjusted shareholders’ equity. For more information about operating net income, including a reconciliation to net income attributable to JMP Group, see the section above titled “Operating Net Income.”

Conference Call

JMP Group will not hold a conference call in connection with the release of the company’s financial results.

Cautionary Note Regarding Quarterly Financial Results

Due to the nature of its business, JMP Group’s quarterly revenues and net income may fluctuate materially depending on many factors, including: the size and number of investment banking transactions on which it advises; the timing of the completion of those transactions; the size and number of securities trades which it executes for brokerage customers; the performance of its asset management funds and inflows and outflows of assets under management; gains or losses stemming from sales of or prepayments on, or losses stemming from defaults on, loans underlying collateralized loan obligations in which the company has financial interests; and the effect of the overall condition of the securities markets and economy as a whole. Accordingly, revenues and net income in any particular quarter may not be indicative of future results. Furthermore, JMP Group’s compensation expense is generally based upon revenues and can fluctuate materially in any quarter, depending upon the amount and sorts of revenue recognized as well as other factors. The amount of compensation and benefits expense recognized in a particular quarter may not be indicative of such expense in any future period. As a result, the company suggests that its annual results may be the most meaningful gauge for investors in evaluating the performance of its business.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain 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. Forward-looking statements reflect JMP Group’s current expectations or forecasts about future events, including beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. The words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to JMP Group, may identify forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission on March 29, 2021, as well as in the similarly captioned sections of other periodic reports filed by the company under the Exchange Act. The Form 10-K for the year ended December 31, 2020, and all other periodic reports are available on JMP Group’s website at www.jmpg.com and on the SEC’s website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof. Unless required by law, JMP Group undertakes no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this press release.

Disclosure Information

JMP Group uses the investor relations section of its website as a means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company’s website in addition to its press releases, SEC filings, and webcasts.

About JMP Group

JMP Group LLC is a diversified capital markets firm that provides investment banking, equity research, and sales and trading services to corporate and institutional clients as well as alternative asset management products and services to institutional and high-net-worth investors. JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities; its venture capital and private capital activities through Harvest Capital Strategies and JMP Asset Management; and the management of Harvest Capital Credit Corporation (NASDAQ: HCAP), a business development company, through HCAP Advisors. For more information, visit www.jmpg.com.

JMP GROUP LLC Consolidated Statements of Financial Condition (Unaudited)

	(in thousands)	Mar. 31, 2021		Dec. 31, 2020

	Assets

	Cash and cash equivalents	$61,204		$91,444
	Restricted cash and deposits	1,293		1,287
	Marketable securities owned	57,653		55,494
	Loans held for investment, net of allowance for loan losses	901		994
	Other investments	25,093		26,821
	Other assets	69,120		65,291
	Total assets	$215,264		$241,331

	Liabilities and Shareholders’ Equity

	Liabilities:
	Marketable securities sold, but not yet purchased	$446		$ –
	Accrued compensation	18,264		46,353
	Bond payable, net of issuance costs	71,289		80,912
	Note payable	10,610		10,610
	Other liabilities	48,174		41,048
	Total liabilities	148,783		178,923

	Shareholders’ Equity:
	Total JMP Group LLC shareholders’ equity	66,933		62,940
	Non-redeemable non-controlling interest	(452	)	(532	)
	Total equity	66,481		62,408
	Total liabilities and shareholders’ equity	$215,264		$241,331

JMP GROUP LLC Consolidated Statements of Operations (Unaudited)

	Quarter Ended
(in thousands, except per share amounts)	Mar. 31, 2021		Mar. 31, 2020

Revenues:
Investment banking	$32,569		$14,625
Brokerage	5,905		4,187
Asset management fees	2,169		1,716
Principal transactions	(3,211	)	(17,552	)
Net dividend income	–		227
Other income	816		935
Non-interest revenues	38,248		4,138

Interest income	2,101		2,214
Interest expense	(1,568	)	(1,782	)
Net interest income	533		432

Gain/(loss) on repurchase or early retirement of debt	(288	)	697
Total net revenues	38,493		5,267

Non-interest expenses:
Compensation and benefits	29,945		16,213
Administration	1,491		2,222
Brokerage, clearing and exchange fees	680		634
Travel and business development	67		922
Managed deal expenses	1,398		588
Communications and technology	1,107		1,129
Occupancy	1,198		1,199
Professional fees	827		890
Depreciation	275		548
Other	(42	)	–
Total non-interest expense	36,946		24,345

Net income/(loss) before income tax	1,547		(19,078	)
Income tax expense/(benefit)	379		(7,239	)
Net income/(loss)	1,168		(11,839	)
Less: Net income/(loss) attributable to non-redeemable non-controlling interest	79		(91	)
Net income/(loss) attributable to JMP Group	$1,089		($11,748	)

Net income/(loss) attributable to JMP Group per share:
Basic	$0.05		($0.60	)
Diluted	$0.05		($0.60	)

Weighted average common shares outstanding:
Basic	19,824		19,532
Diluted	20,678		19,532

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005829/en/

Investor Relations Contact

JMP Group LLC

Andrew Palmer

(415) 835-8978

[email protected]

Media Relations Contacts

Dukas Linden Public Relations, Inc.

Zach Leibowitz

(646) 722-6528

[email protected]

Michael Falco

(646) 808-3611

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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April 29, 2021 4:23 pm

Barnes Group Inc. Names Julie K. Streich Senior Vice President, Finance and Chief Financial Officer

Barnes Group Inc. Names Julie K. Streich Senior Vice President, Finance and Chief Financial Officer

BRISTOL, Conn.–(BUSINESS WIRE)–
Barnes Group Inc. (NYSE: B), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today announced the appointment of Julie K. Streich to the position of Senior Vice President, Finance and Chief Financial Officer, effective May 3, 2021.

“Julie is a proven leader with deep and extensive experience in a variety of multi-billion dollar publicly-traded companies in the energy, consumer services and manufacturing sectors and comes with an impressive background and proven strategic leadership in corporate finance, financial planning and analysis, mergers & acquisitions, business development, and process automation,” said Patrick J. Dempsey, President and Chief Executive Officer, Barnes Group Inc. “I am excited to have Julie as a key member of our senior leadership team and business partner. I expect her to have an immediate, positive impact on the business, helping us drive long-term profitable growth.”

Prior to joining the Company, Ms. Streich served in various roles of increasing responsibility at Centrica PLC—an international energy services and solutions business—from 2012 to 2020, most recently as the Senior Vice President, Head of Finance Operations from 2019 to 2020. Ms. Streich previously served as Vice President, Head of Global Planning and Analytics at Centrica from 2017 to 2019. Prior to joining Centrica in 2012, Ms. Streich held positions of increasing responsibility in finance, sales, strategy, business development and banking with Pentair Process Technologies, Irwin Financial Corporation, Eagle Materials, MeadWestvaco, and Menasha Corporation.

“I am excited to join Patrick and the talented senior leadership team at Barnes and I look forward to working with the team to execute on the Company’s priorities, accelerate growth and enhance value for all stakeholders,” said Streich.

Marian Acker, who has served as interim CFO since January 1, 2021, will continue her duties as Vice President, Controller. “On behalf of the entire Barnes Group team, I want to thank Marian for her excellent leadership during this transition period,” said Dempsey.

About Barnes Group

Barnes Group Inc. (NYSE: B) is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications including aerospace, transportation, manufacturing, automation, healthcare, and packaging. The skilled and dedicated employees of Barnes Group around the globe are committed to the highest performance standards and achieving consistent, sustainable profitable growth. Barnes Group is committed to corporate accountability and furthering environmental, social and governance principles as evidenced by our listing as one of America’s Most Responsible Companies by Newsweek. For more information, visit www.BGInc.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address our expected future operating and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “expect,” “plan,” “estimate,” “project,” “continue,” “will,” “should,” and similar terms. These forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. These risks include uncertainties relating to conditions in financial markets; future financial performance of the industries or customers that we serve; risks associated with international sales and operations; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in Barnes Group Inc.’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. The Company assumes no obligation to update our forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005681/en/

Barnes Group Inc.

William Pitts

Director, Investor Relations

860.583.7070

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Other Manufacturing Steel Packaging Engineering Chemicals/Plastics Automotive Manufacturing Aerospace Manufacturing

MEDIA:

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April 29, 2021 4:23 pm

Mackinac Financial Corporation Reports 2021 First Quarter Financial Results

MANISTIQUE, Mich., April 29, 2021 (GLOBE NEWSWIRE) — Mackinac Financial Corporation (Nasdaq: MFNC) (“we”, or the “Corporation”) the bank holding company for mBank (“the Bank”) today announced 2021 first quarter net income of $3.88 million, or $.37 per share, compared to 2020 first quarter net income of $3.05 million, or $.28 per share. Weighted average shares outstanding for the first quarter of 2021 were 10,522,899 compared to 10,717,967 for the same period of 2020.

Total assets of the Corporation at March 31, 2021 were $1.51 billion, compared to $1.36 billion at March 31, 2020. Shareholders’ equity at March 31, 2021 totaled $170.18 million, compared to $160.06 million at March 31, 2020. Book value per share outstanding equated to $16.13 at the end of the first quarter 2021, compared to $14.93 per share outstanding a year ago. Tangible book value at quarter-end was $146.40 million, or $13.88 per share outstanding, compared to $135.61 million, or $12.87 per share outstanding at the end of the first quarter 2020.

Additional notes:

mBank, the Corporation’s primary asset, recorded net income of $4.26 million for the first quarter of 2021.
The Bank funded approximately $53 million of Paycheck Protection Program (PPP) loans in the first quarter of 2021 with origination fees totaling approximately $2.78 million. These loans continue to support small businesses throughout our footprint with the majority of recipients residing in the Upper Peninsula and Northern Michigan.
Non-interest income was very solid for the quarter including secondary market mortgage fees and gains on sale of $1.30 million and premiums on the sale of Small Business Administration (SBA) guaranteed loans of $433 thousand.
The residential mortgage pipeline resides at robust levels and we expect strong output from this line of business as we look to upcoming quarters.
Core operating margin, which is net of accretion from acquired loans and PPP fees that were subject to purchase accounting adjustments, was 4.14%.
On April 12, 2021 the Board of Directors of MFNC announced the signing of a definitive agreement for Nicolet Bankshares (Green Bay, WI) to acquire the Corporation. The transaction is expected to close in the third quarter of 2021. Specific information regarding the transaction can be found at www.bankmbank.com.

Revenue & PPP Recognition

Total revenue of the Corporation for first quarter 2021 was $17.29 million, compared to $17.60 million for the first quarter of 2020. Total interest income for the first three months of 2021 was $14.89 million, compared to $15.67 million for the same period in 2020. The 2021 first quarter interest income included accretive yield of $237 thousand from combined credit mark accretion associated with acquisitions, compared to $818 thousand in the same period of 2020.

The first quarter 2021 interest income was also positively impacted by recognition of a portion of the PPP loan origination fees that were earned during the quarter:

The bank originated approximately $53 million of PPP loans in the first quarter.
The origination efforts resulted in fees earned of $2.78 million, which are subject to FASB accounting guidance for recognition.
In accordance with applicable accounting guidance, the bank recognized $826 thousand in pre-tax fee revenue that offset ASC 310-20 eligible origination costs.
This recognition resulted in $1.95 million of fees remaining to be accreted over the expected life of the PPP loan pool, which will initially be 12-months unless acceleration occurs due to the loans being paid off or forgiven before maturity.
The amount accreted during the second quarter was $296 thousand.
The total amount of PPP fees that were recognized in the second quarter was $1.12 million, leaving $1.66 million to be accreted or accelerated upon payoff.

Loan Production and Portfolio Mix

Total balance sheet loans at March 31, 2021 were $1.06 billion, compared to March 31, 2020 balances of $1.04 billion. Total loans under management reside at $1.31 billion, which includes $244.14 million of service retained loans. Overall loan production for the first three months of 2021 was $133.56 million, which included $53.73 million of PPP loans. The remaining $79.8 million was inclusive of $35.1 million of secondary market loans, compared to total production of $66.9 million in the first quarter 2020, which was inclusive of $19.0 million of secondary market production.

Overall Quarterly Loan Production is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f450277-ef09-4a10-8450-2f908fce2b32

Credit Quality

Nonperforming loans totaled $5.02 million, or .47% of total loans (.53% when excluding PPP loans) at March 31, 2021, compared to $6.42 million, or .61% of total loans at March 31, 2020. Total loan delinquencies greater than 30 days resided at .43% (.48% when excluding PPP loans), compared to 1.23% in 2020. The nonperforming assets to total assets ratio resided at .45% (.48 when excluding PPP loans) for the first quarter of 2021, compared to .64% for the first quarter of 2020. The Corporation currently has no commercial loans in full payment deferral and a nominal $5.3 million that remain in the interest- only portion of their COVID-19 loan modification period. These loans are expected to return to normal principal and interest payments over the next quarter. There are $300 thousand of consumer loans that remain in full payment deferral. Total loans in some type of COVID-19 payment modification are a minimal .59% of total loans. There remains no sign of any adverse systemic issues or deterioration in the loan portfolio and we expect good payment performance as we look to our stronger commerce months ahead.

Margin Analysis, Funding and Liquidity

Net interest income for first quarter 2021 was $13.78 million, resulting in a Net Interest Margin (NIM) of 4.52%, compared to $13.40 million in the first quarter 2020 and a NIM of 4.60%. Core operating margin, which is net of accretion from acquired loans that were subject to purchase accounting adjustments (as well as PPP impact for the 2021 period), was 4.14% for the first quarter of 2021, compared to 4.32% for the same period of 2020.

Margin Analysis Per Quarter is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6792bddd-857d-40a7-affe-d09627009945

Total bank deposits (excluding brokered deposits) have increased by approximately $261 million year-over-year from $999.09 million at March 31, 2020 to $1.26 billion at first quarter-end 2021. Total brokered deposits have decreased significantly and were $13.35 million at March 31, 2021, compared to $96.29 million at March 31, 2020, a decrease of 86%. FHLB (Federal Home Loan Bank) borrowings have also decreased from $64.12 million at March 31, 2020 to $53.46 million at March 31, 2021. The company plans to retire an additional $25 million of FHLB borrowings in June 2021. Overall access to short-term functional liquidity remains very strong through multiple sources, if needed.

Noninterest Income / Expense

First quarter 2021 Noninterest Income was $2.40 million, compared to $1.94 million for the same period of 2020. The significant year-over-year improvement is mainly due to the increase of secondary market mortgage sales. Noninterest Expense for the first quarter of 2021 was $11.85 million, compared to $11.37 million for the same period of 2020. The expense variance was largely a result of PPP related expenses.

Assets and Capital

Both the Corporation and the Bank are “well-capitalized” with total risk-based capital to risk-weighted assets of 15.34% and 14.62% and tier 1 capital to total tier 1 average assets at the Corporation of 9.63% and at the bank of 9.16%. The leverage ratio is calculated inclusive of PPP loan balances.

Paul D. Tobias, Chairman and Chief Executive Officer of the Corporation and Chairman of mBank concluded, “As we move toward closing of the Nicolet transaction, the company continues to work on behalf of all constituencies to make the transition as smooth as possible while maintaining best-in-class service to our valued clients. We know that with our experience on the buy-side and Nicolet being an active acquirer, we have two dedicated teams that will complete this process in the best manner possible.”

Mackinac Financial Corporation is a registered bank holding company formed under the Bank Holding Company Act of 1956 with assets in excess of $1.5 billion and whose common stock is traded on the NASDAQ stock market as “MFNC.” The principal subsidiary of the Corporation is mBank. Headquartered in Manistique, Michigan, mBank has 28 branch locations: ten in the Upper Peninsula, ten in the Northern Lower Peninsula, one in Oakland County, Michigan, and seven in Northern Wisconsin. The Corporation’s banking services include commercial lending and treasury management products and services geared toward small to mid-sized businesses, as well as a full array of personal and business deposit products and consumer loans.

Forward-Looking Statements

This release contains certain forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “should,” “will,” and variations of such words and similar expressions are intended to identify forward-looking statements: as defined by the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current beliefs as to expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include among others: risks that the Company’s proposed merger with Nicolet Bankshares, Inc. (“Nicolet”) will not be consummated due to inability to obtain shareholder or regulatory approval or to satisfy certain closing conditions, or if consummated, the possibility that any of the anticipated benefits of the proposed merger will not be realized; changes in the national and local economies or market conditions; changes in interest rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions, bank consolidations, and other sources may not be fully realized at all or within specified time frames as well as other risks and uncertainties including but not limited to those detailed from time to time in filings of the Company with the Securities and Exchange Commission. These and other factors may cause decisions and actual results to differ materially from current expectations. Mackinac Financial Corporation undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

Important Information and Where to Find It

Certain communications in this release relate to the proposed merger transaction involving Nicolet and Mackinac. In connection with the proposed merger, Nicolet and Mackinac will file a joint proxy statement/‌prospectus on Form S-4 and other relevant documents concerning the merger with the Securities and Exchange Commission (the “SEC”).

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/‌PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE JOINT PROXY STATEMENT/‌PROSPECTUS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NICOLET, MACKINAC AND THE PROPOSED MERGER.

When available, the joint proxy statement/

‌

prospectus will be delivered to shareholders of Nicolet and Mackinac. Investors may obtain copies of the joint proxy statement/prospectus and other relevant documents (as they become available) free of charge at the SEC’s website

(www.sec.gov)

. Copies of the documents filed with the SEC by Nicolet will be available free of charge on Nicolet’s website at

www.nicoletbank.com

. Copies of the documents filed with the SEC by Mackinac will be available free of charge on Mackinac’s website at
www.bankmbank.com
.

Nicolet, Mackinac and certain of their directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Nicolet and the shareholders of Mackinac in connection with the proposed merger. Information about the directors and executive officers of Nicolet and Mackinac will be included in the joint proxy statement/

‌

prospectus for the proposed transaction filed with the SEC. Information about the directors and executive officers of Nicolet is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on March 2, 2021. Information about the directors and executive officers of Mackinac is also included in the proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 22, 2021. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus and the other relevant documents filed with the SEC when they become available.

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

	As of and For the			As of and For the			As of and For the
	Period Ending			Year Ending			Period Ending
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)	2021			2020			2020
	(Unaudited)						(Unaudited)
Selected Financial Condition Data (at end of period) :
Assets	$	1,508,248		$	1,501,730		$	1,356,381
Loans		1,063,756			1,077,592			1,044,177
Investment securities		109,414			111,836			114,734
Deposits		1,273,279			1,258,776			1,095,381
Borrowings		53,459			63,479			67,120
Shareholders’ equity		170,176			167,864			160,060

Selected Statements of Income Data (three months and year ended)
Net interest income	$	13,778		$	54,806		$	13,397
Income before taxes		4,278			17,056			3,862
Net income		3,880			13,473			3,051
Income per common share – Basic		0.37			1.27			0.28
Income per common share – Diluted		0.37			1.27			0.28
Weighted average shares outstanding – Basic		10,522,899			10,580,044			10,717,967
Weighted average shares outstanding- Diluted		10,522,899			10,580,044			10,817,470

Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		4.52	%		4.37	%		4.60	%
Efficiency ratio		73.19			71.84			73.78
Return on average assets		1.04			0.92			0.93
Return on average equity		9.31			8.19			7.54

Average total assets	$	1,512,496		$	1,464,674		$	1,321,134
Average total shareholders’ equity		169,023			164,505			162,661
Average loans to average deposits ratio		84.26	%		93.34	%		97.30	%

Common Share Data at end of period:
Market price per common share	$	14.02		$	12.76		$	10.45
Book value per common share		16.13			15.99			15.20
Tangible book value per share		13.88			13.71			12.87
Dividends paid per share, annualized		0.56			0.56			0.56
Common shares outstanding		10,550,393			10,500,758			10,533,589

Other Data at end of period:
Allowance for loan losses	$	5,842		$	5,816		$	5,292
Non-performing assets		6,716			7,210			8,644
Allowance for loan losses to total loans		0.55	%		0.54	%		0.51	%
Non-performing assets to total assets		0.45	%		0.48	%		0.64	%
Texas ratio		4.41	%		4.82	%		6.13	%

Number of:
Branch locations		28			28			29
FTE Employees		310			315			316

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			March 31,
	2021			2020			2020
	(Unaudited)						(Unaudited)
ASSETS

Cash and due from banks	$	239,831		$	218,901		$	97,041
Federal funds sold		3,661			76			31
Cash and cash equivalents		243,492			218,977			97,072

Interest-bearing deposits in other financial institutions		2,427			2,917			8,825
Securities available for sale		109,414			111,836			114,734
Federal Home Loan Bank stock		4,924			4,924			4,924

Loans:
Commercial		818,584			819,907			760,357
Mortgage		226,780			238,705			263,445
Consumer		18,392			18,980			20,375
Total Loans		1,063,756			1,077,592			1,044,177
Allowance for loan losses		(5,842	)		(5,816	)		(5,292	)
Net loans		1,057,914			1,071,776			1,038,885

Premises and equipment		25,010			25,518			24,522
Other real estate held for sale		1,692			1,752			2,228
Deferred tax asset		2,492			3,303			3,154
Deposit based intangibles		4,200			4,368			4,874
Goodwill		19,574			19,574			19,574
Other assets		37,109			36,785			37,589

TOTAL ASSETS	$	1,508,248		$	1,501,730		$	1,356,381

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Deposits:
Noninterest bearing deposits	$	443,956		$	414,804		$	278,191
NOW, money market, interest checking		478,181			450,556			369,003
Savings		137,134			130,755			109,818
CDs<$250,000		190,320			202,266			227,924
CDs>$250,000		10,337			15,224			14,152
Brokered		13,351			45,171			96,293
Total deposits		1,273,279			1,258,776			1,095,381

Federal funds purchased								22,790
Borrowings		53,459			63,479			67,120
Other liabilities		11,334			11,611			11,030
Total liabilities		1,338,072			1,333,866			1,196,321

SHAREHOLDERS’ EQUITY:
Common stock and additional paid in capital – No par value Authorized – 18,000,000 shares Issued and outstanding – 10,550,393; 10,500,758 and 10,533,589 respectively		127,397			127,164			127,003
Retained earnings		41,721			39,318			33,316
Accumulated other comprehensive income (loss)
Unrealized (losses) gains on available for sale securities		1,641			1,965			151
Minimum pension liability		(583	)		(583	)		(410	)
Total shareholders’ equity		170,176			167,864			160,060

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,508,248		$	1,501,730		$	1,356,381

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended
	March 31,
		2021			2020

	(Unaudited)
INTEREST INCOME:
Interest and fees on loans:
Taxable	$	14,122		$	14,613
Tax-exempt		20			74
Interest on securities:
Taxable		524			621
Tax-exempt		142			87
Other interest income		84			270
Total interest income		14,892			15,665

INTEREST EXPENSE:
Deposits		889			1,927
Borrowings		225			341
Total interest expense		1,114			2,268

Net interest income		13,778			13,397
Provision for loan losses		50			100
Net interest income after provision for loan losses		13,728			13,297

OTHER INCOME:
Deposit service fees		257			403
Income from loans sold on the secondary market		1,302			538
SBA/USDA loan sale gains		433			710
Mortgage servicing amortization		241			189
Net security gains		36			–
Other		129			97
Total other income		2,398			1,937

OTHER EXPENSE:
Salaries and employee benefits		6,824			6,051
Occupancy		1,183			1,124
Furniture and equipment		842			802
Data processing		770			825
Advertising		113			212
Professional service fees		498			498
Loan origination expenses and deposit and card related fees		450			381
Writedowns and losses on other real estate held for sale		(52	)		3
FDIC insurance assessment		140			150
Communications expense		241			213
Other		839			1,113
Total other expenses		11,848			11,372

Income before provision for income taxes		4,278			3,862
Provision for income taxes		398			811

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	3,880		$	3,051

INCOME PER COMMON SHARE:
Basic	$	0.37		$	0.28
Diluted	$	0.37		$	0.28

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES

LOAN PORTFOLIO AND CREDIT QUALITY

(Dollars in thousands)

Loan Portfolio Balances (at end of period):

	March 31,		December 31,		March 31,
	2021		2020		2020
	(Unaudited)		(Audited)		(Unaudited)
Commercial Loans:
Real estate – operators of nonresidential buildings	$	137,356	$	138,992	$	136,477
Hospitality and tourism		105,077		100,237		94,734
Lessors of residential buildings		51,288		52,035		48,529
Gasoline stations and convenience stores		27,562		29,046		26,495
Logging		16,756		18,651		21,380
Commercial construction		49,240		47,698		29,971
Other		431,305		433,248		402,771
Total Commercial Loans		818,584		819,907		760,357

1-4 family residential real estate		214,034		227,044		244,059
Consumer		18,392		18,980		20,375
Consumer construction		12,746		11,661		19,386

Total Loans	$	1,063,756	$	1,077,592	$	1,044,177

Credit Quality (at end of period):

	March 31,			December 31,			March 31,
	2021			2020			2020
	(Unaudited)			(Audited)			(Unaudited)
Nonperforming Assets :
Nonaccrual loans	$	5,024		$	5,458		$	6,416
Loans past due 90 days or more		–			–			–
Restructured loans		–			–			–
Total nonperforming loans		5,024			5,458			6,416
Other real estate owned		1,692			1,752			2,228
Total nonperforming assets	$	6,716		$	7,210		$	8,644
Nonperforming loans as a % of loans		0.47	%		0.51	%		0.61	%
Nonperforming assets as a % of assets		0.45	%		0.48	%		0.64	%
Reserve for Loan Losses:
At period end	$	5,842		$	5,816		$	5,292
As a % of outstanding loans		0.55	%		0.54	%		0.51	%
As a % of nonperforming loans		116.28	%		106.56	%		82.48	%
As a % of nonaccrual loans		116.28	%		106.56	%		82.48	%
Texas Ratio		4.41	%		4.82	%		6.13	%

Charge-off Information (year to date):
Average loans	$	1,078,022		$	1,117,132		$	1,047,144
Net charge-offs (recoveries)	$	24		$	492		$	116
Charge-offs as a % of average
loans, annualized		0.01	%		0.04	%		0.04	%

MACKINAC FINANCIAL CORPORATION AND SUBSIDIARIES QUARTERLY FINANCIAL HIGHLIGHTS


	QUARTER ENDED
	(Unaudited)
	March 31,			December 31,			September 30,			June, 30			March 31,
		2021			2020			2020			2020			2020
BALANCE SHEET (Dollars in thousands)

Total loans	$	1,063,756		$	1,077,592		$	1,144,325		$	1,153,790		$	1,044,177
Allowance for loan losses		(5,842	)		(5,816	)		(5,832	)		(5,355	)		(5,292	)
Total loans, net		1,057,914			1,071,776			1,138,493			1,148,435			1,038,885
Total assets		1,508,248			1,501,730			1,522,917			1,518,473			1,356,381
Core deposits		1,249,591			1,198,381			1,195,062			1,122,582			984,936
Noncore deposits		23,688			60,395			85,825			104,970			110,445
Total deposits		1,273,279			1,258,776			1,280,887			1,227,552			1,095,381
Total borrowings		53,459			63,479			63,505			114,466			67,120
Total shareholders’ equity		170,176			167,864			166,168			164,157			160,060
Total tangible equity		146,402			143,922			142,057			139,877			135,612
Total shares outstanding		10,550,393			10,500,758			10,533,589			10,533,589			10,533,589
Weighted average shares outstanding		10,522,899			10,536,023			10,533,589			10,533,589			10,717,967

AVERAGE BALANCES (Dollars in thousands)

Assets	$	1,512,496		$	1,505,869		$	1,536,128		$	1,501,423		$	1,321,134
Earning assets		1,235,235			1,252,038			1,303,102			1,290,012			1,171,551
Loans		1,078,022			1,118,665			1,154,670			1,147,620			1,047,144
Noninterest bearing deposits		426,890			422,081			422,134			346,180			284,677
Deposits		1,279,362			1,255,669			1,269,658			1,211,694			1,076,206
Equity		169,023			167,459			165,450			161,811			162,661

INCOME STATEMENT (Dollars in thousands)

Net interest income	$	13,778		$	13,898		$	13,052		$	14,458		$	13,397
Provision for loan losses		50			400			400			100			100
Net interest income after provision		13,728			13,498			12,652			14,358			13,297
Total noninterest income		2,398			2,779			3,116			2,367			1,937
Total noninterest expense		11,848			11,663			11,561			12,352			11,372
Income before taxes		4,278			4,614			4,207			4,373			3,862
Provision for income taxes		398			970			883			919			811
Net income available to common shareholders	$	3,880		$	3,644		$	3,324		$	3,454		$	3,051
Income pre-tax, pre-provision	$	4,328		$	5,014		$	4,607		$	4,473		$	3,962

PER SHARE DATA

Earnings per common share	$	0.37		$	0.35		$	0.32		$	0.33		$	0.28
Book value per common share		16.13			15.99			15.78			15.58			15.20
Tangible book value per share		13.88			13.71			13.49			13.28			12.87
Market value, closing price		14.02			12.76			9.65			10.37			10.45
Dividends per share		0.14			0.14			0.14			0.14			0.14

ASSET QUALITY RATIOS

Nonperforming loans/total loans		0.47	%		0.51	%		0.47	%		0.53	%		0.61	%
Nonperforming assets/total assets		0.45			0.48			0.48			0.55			0.64
Allowance for loan losses/total loans		0.55			0.54			0.51			0.46			0.51
Allowance for loan losses/nonperforming loans		116.28			106.56			107.72			87.44			82.48
Texas ratio		4.41			4.82			4.91			4.22			6.13

PROFITABILITY RATIOS

Return on average assets		1.04	%		0.96	%		0.86	%		0.93	%		0.93	%
Return on average equity		9.31			8.66			7.99			8.58			7.54
Net interest margin		4.52			4.42			3.98			4.51			4.60
Average loans/average deposits		84.26			89.09			90.94			94.71			97.30

CAPITAL ADEQUACY RATIOS

Tier 1 leverage ratio		9.63	%		9.63	%		9.20	%		9.45	%		10.20	%
Tier 1 capital to risk weighted assets		14.74			14.48			13.91			13.27			12.89
Total capital to risk weighted assets		15.34			15.07			14.49			13.79			13.41
Average equity/average assets (for the quarter)		11.18			11.12			10.77			10.78			12.31

Contact: Jesse A. Deering, EVP & Chief Financial Officer (248) 290-5906 /[email protected]
Website: www.bankmbank.com

April 29, 2021 4:23 pm

Firsthand Technology Value Fund Discloses Preliminary NAV of $16.31 Per Share as of March 31, 2021

Top Holdings Include Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and Hera Systems

SAN JOSE, Calif., April 29, 2021 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its preliminary NAV, as of March 31, 2021, was $16.31. The Fund further announced that its top five holdings as of March 31, 2021, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and Hera Systems.

Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of March 31, 2021, the Fund’s investment in Pivotal consisted of 31,089,506 shares of common stock equivalents (CDI’s) and represented approximately 27.3% of the Fund’s preliminary net assets.
IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver electron-based radiation to cancer patients. As of March 31, 2021, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 25.7% of the Fund’s preliminary net assets.
Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty trucks. As of March 31, 2021, the Fund’s investment in Wrightspeed consisted of 60,802,795 shares of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 23.6% of the Fund’s preliminary net assets.
Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of March 31, 2021, the Fund’s investment in Revasum consisted of 46,834,340 shares of common stock equivalents (CDI’s) and represented approximately 11.2% of the Fund’s preliminary net assets.
Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of March 31, 2021, the Fund’s investment in Hera consisted of 13,331,527 shares of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 3.3% of the Fund’s preliminary net assets.

The Fund’s preliminary net assets as of March 31, 2021, include cash and cash equivalents of approximately $0.07 per share. Preliminary total investments as of March 31, 2021 were $111.2 million, or approximately $16.14 per share. As of March 31, 2021, the Fund’s top five holdings constituted 91.1% of the Fund’s preliminary net assets, and 91.7% of our preliminary total investments. The Fund’s NAV for March 31, 2021, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s quarterly report filing on Form 10-Q in May 2021.

About Firsthand Technology Value Fund

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.

Contact:

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
[email protected]