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Simon Property Group Announces Reporting Information For 2020 Distributions

PR Newswire

INDIANAPOLIS, Jan. 15, 2021 /PRNewswire/ — Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, announced today 2020 year-end tax reporting information. 

Simon’s fourth quarter 2020 common stock dividend of $1.30 per share was declared on December 15, 2020 to shareholders of record as of December 24, 2020 which is payable on January 22, 2021.  Pursuant to relevant U.S. tax rules, the dividend is taxable to our shareholders as part of their 2020 dividend income as shown in the table below.

Simon Property Group, Inc. Common Stock

CUSIP 828806109

Ticker Symbol:  SPG


% of

Record 2/14/20

Record 7/10/20

Record 10/9/20

Record 12/24/20


Annual

Dividend Dates


Pmt 2/28/20


Pmt 7/24/20


Pmt 10/23/20


Pmt 1/22/21


Totals



Total

Total Distribution per Share

$ 2.100000

$ 1.300000

$ 1.300000

$ 1.300000

$ 6.000000

Taxable Ordinary Dividends

$ 2.044626

$ 1.265721

$ 1.265721

$ 1.265721

$ 5.841789


97.4%

Qualified Dividends

$ 0.160171

$ 0.099153

$ 0.099153

$ 0.099153

$ 0.457630


(included in


Taxable Ordinary Dividends)

Total Capital Gain Distribution

$ 0.055374

$ 0.034279

$ 0.034279

$ 0.034279

$ 0.158211


2.6%

Unrecaptured Sec. 1250 Gain

$ 0.005739

$ 0.003553

$ 0.003553

$ 0.003553

$ 0.016398


(included in


Total Capital Gain Distribution)

Nondividend Distributions

$               –

$               –

$               –

$               –

$              –

Section 199A Dividends (1)

$ 1.884455

$ 1.166568

$ 1.166568

$ 1.166568

$ 5.384159

Simon Property Group, Inc. 8.375% Series J Cumulative Redeemable Preferred Stock

CUSIP 828806885

Ticker Symbol:  SPGPrJ     


% of

Record 3/17/20

Record 6/16/20

Record 9/16/20

Record 12/17/20


Annual

Dividend Dates


Pmt 3/31/20


Pmt 6/30/20


Pmt 9/30/20


Pmt 12/31/20


Totals



Total

Total Distribution per Share

$ 1.046875

$ 1.046875

$ 1.046875

$ 1.046875

$ 4.187500

Taxable Ordinary Dividends

$ 1.019270

$ 1.019270

$ 1.019270

$ 1.019270

$ 4.077080


97.4%

Qualified Dividends

$ 0.079847

$ 0.079847

$ 0.079847

$ 0.079847

$ 0.319388


(included in


Taxable Ordinary Dividends)

Total Capital Gain Distribution

$ 0.027605

$ 0.027605

$ 0.027605

$ 0.027605

$ 0.110420


2.6%

Unrecaptured Sec. 1250 Gain

$ 0.002861

$ 0.002861

$ 0.002861

$ 0.002861

$ 0.011444


(included in


Total Capital Gain Distribution)

Nondividend Distributions

$               –

$               –

$               –

$               –

$               –

Section 199A Dividends (1)

$ 0.939423

$ 0.939423

$ 0.939423

$ 0.939423

$ 3.757692

(1)

Under Section 199A, REIT dividends are eligible for a 20% deduction when received by eligible taxpayers.  Please consult your tax advisor for proper tax treatment of the dividend distribution.

 

THIS INFORMATION REPRESENTS (check one):

 


 X


FINAL INCOME ALLOCATIONS

 


ESTIMATED INCOME ALLOCATIONS

About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.

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SOURCE Simon

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JPMorgan Chase Reports Fourth-Quarter and Full-Year 2020 Financial Results

JPMorgan Chase Reports Fourth-Quarter and Full-Year 2020 Financial Results

NEW YORK–(BUSINESS WIRE)–
JPMorgan Chase & Co. has released its fourth-quarter and full-year 2020 financial results. Results can be found at the Firm’s Investor Relations website at https://www.jpmorganchase.com/ir/quarterly-earnings.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investor Contact: Reggie Chambers

212-270-2479

Media Contact: Joseph Evangelisti

212-270-7438

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

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Phase 2 FIGHT Trial Results Presented at ASCO GI Validate Importance of FGFR2b Overexpression and Reinforce Potential of Bemarituzumab Plus Chemotherapy as a Frontline Targeted Treatment for FGFR2b+ Gastric and GEJ Cancers

Phase 2 FIGHT Trial Results Presented at ASCO GI Validate Importance of FGFR2b Overexpression and Reinforce Potential of Bemarituzumab Plus Chemotherapy as a Frontline Targeted Treatment for FGFR2b+ Gastric and GEJ Cancers

  • All three efficacy endpoints (PFS, OS and ORR) in the FIGHT Phase 2 trial met pre-specified statistical significance
  • 2021 priorities for the bemarituzumab program include collaborating with regulatory agencies on next steps, initiating a global Phase 3 trial in gastric and GEJ cancers and evaluating bemarituzumab in other epithelial cancers that overexpress FGFR2b
  • Results presented today in a late-breaking oral presentation at the 2021 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Virtual Annual Symposium
  • Five Prime to host webcast and conference call today at 1:30pm PST / 4:30pm EST

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Five Prime Therapeutics, Inc. (NASDAQ: FPRX) today announced clinical results from the global, randomized, double-blind placebo-controlled Phase 2 FIGHT trial evaluating first-in-class targeted therapy bemarituzumab in advanced gastric or gastroesophageal junction (GEJ) cancer. Trial results were presented in a late-breaking oral presentation today by UCLA Health’s Zev Wainberg, M.D., at the 2021 ASCO Gastrointestinal Cancers Virtual Annual Symposium (ASCO GI). The ASCO GI presentation slides are available on the company’s website.

The FIGHT trial evaluated bemarituzumab plus chemotherapy (mFOLFOX6) versus placebo plus chemotherapy in patients with fibroblast growth factor receptor 2b-positive (FGFR2b+), non HER2 positive frontline advanced gastric or GEJ cancer. The trial enrolled 155 patients in 15 countries across Asia, the European Union, and the United States, with 77 patients randomized to the bemarituzumab arm and 78 patients to the placebo arm.

The Phase 2 trial met all three efficacy endpoints and demonstrated statistically significant and clinically meaningful improvements in the primary endpoint of progression-free survival (PFS) and secondary endpoints of overall survival (OS) and overall response rate (ORR). Additional analysis showed a positive correlation between benefit and the percentage of FGFR2b+ tumor cells, confirming both the importance of the FGFR2b target and the activity of bemarituzumab against this target.

“Systemic chemotherapy is the standard of care for this deadly and aggressive form of gastric cancer. We are strongly encouraged by these data and the potential for a frontline targeted treatment that can improve overall survival,” said Zev A. Wainberg, M.D., Associate Professor of Medicine at UCLA, Co-director of the Gastrointestinal Oncology Program and Director of Early Phase Clinical Research at the Jonsson Comprehensive Cancer Center. “The FIGHT trial results demonstrate that treatment with bemarituzumab in combination with chemotherapy can deliver a significant reduction in the risk of disease progression and death in gastric cancer patients whose tumors overexpress FGFR2b.”

“The Phase 2 FIGHT clinical trial results validate our pioneering work on the role of FGFR2b overexpression in gastric cancer, and we’re excited about the implications of this new scientific understanding for other cancers,” said Helen Collins, M.D., Five Prime’s Executive Vice President and Chief Medical Officer. “With these data in hand, we plan to continue to collaborate with regulatory agencies on next steps, initiate a global Phase 3 trial in gastric cancer and begin studying bemarituzumab in other epithelial cancers that overexpress FGFR2b.”

Phase 2 FIGHT Trial: Summary of Efficacy*

 

Control Arm

Placebo + mFOLFOX6

Investigational Arm

Bema + mFOLFOX6

Statistical Measures

Median PFS, months

All patients (n=155)

7.4

9.5

HR (95% CI): 0.68

(0.44, 1.04); p=0.073

IHC 2+/3+ ≥ 5% (n=118)

7.3

10.2

HR (95% CI): 0.54 (0.33, 0.87)

IHC 2+/3+ ≥ 10% (n=96)

7.3

14.1

HR (95% CI): 0.44 (0.25, 0.77)

Median OS, months

All patients (n=155)

12.9

Not Reached

HR (95% CI): 0.58; (0.35, 0.95); p=0.027

IHC 2+/3+ ≥ 5% (n=118)

12.5

Not Reached

HR (95% CI): 0.52 (0.30, 0.91)

IHC 2+/3+ ≥ 10% (n=96)

11.1

Not Reached

HR (95% CI): 0.41 (0.22, 0.79)

ORR, %

ORR (Intent to Treat)

33

47

Improved by 13.1%

(p=0.106)

ORR (measurable disease at baseline)

40

53

Improved by 13%

*All three efficacy endpoints in the FIGHT Phase 2 trial met pre-specified statistical significance (2-sided alpha of 0.20)

The incidence of all grade adverse events was similar in the bemarituzumab and placebo arms of the study (100% vs 98.7%, respectively). Corneal events were reported more frequently in the bemarituzumab arm (67.1% vs 10.4%), with the most common corneal events in the bemarituzumab arm being dry eye (26.3%), keratitis (15.8%) and punctate keratitis (14.5%). Stomatitis (31.6% vs 13.0%) and elevated transaminases (34.2% vs 19.5%) were also more common in the bemarituzumab arm. Grade 3 and higher adverse events (82.9% vs 74.0%), serious adverse events (31.6% vs 36.4%) and deaths (6.6% vs 5.2%) were comparable across arms.

Ocular events are common in therapies targeting FGFR and were also reported in the FIGHT trial. More patients in the FIGHT trial discontinued bemarituzumab compared to placebo due to an adverse event (34.2% vs 5.2%) and the majority of these patients (21 of 26 patients) discontinued due to an ocular event.

The discontinuation of bemarituzumab due to an ocular event decreased the median duration of exposure to bemarituzumab by 3.2 weeks; from 25.3 weeks (n=55, range: 2.0 to 71.7 weeks) to 22.1 weeks (n=21, range: 12.0 to 46.7 weeks).

In designing the Phase 3 trial, the company plans to incorporate findings from the FIGHT trial including baseline eye exams, prophylactic lubricating eye drops and close monitoring for signs and symptoms of corneal toxicity, including dry eye.

Five Prime Webcast /Conference Call Information

Five Prime Therapeutics will host a KOL conference call and live audio webcast following ASCO GI on Friday, January 15, 2021 at 4:30pm (EST) / 1:30pm (PST) to review the Phase 2 FIGHT clinical trial results and provide an update on the bemarituzumab program. The presentation will feature members of the Five Prime management team and Zev A. Wainberg, M.D., Associate Professor of Medicine at UCLA, Co-director of the Gastrointestinal Oncology Program and Director of Early Phase Clinical Research at the Jonsson Comprehensive Cancer Center, and an investigator in the trial.

To participate in the conference call, please dial (877) 878-2269 (domestic) or (253) 237-1188 (international) and refer to conference ID: 2063209. To access the live webcast please visit https://investor.fiveprime.com/events-presentations.

An archived copy of the webcast will be available on Five Prime’s website beginning approximately two hours after the conference call. Five Prime will maintain an archived replay of the webcast on its website for at least 30 days after the conference call.

About FGFR2b

The fibroblast growth factor (FGF)/fibroblast growth factor receptor (FGFR) pathway is implicated in the development and growth of cancer cells. FGFR2b is a splice form of FGFR which can be found in tumors of epithelial origin. Data from the FIGHT trial suggests that approximately 30 percent of patients with non HER2 positive gastroesophageal cancers overexpress FGFR2b.1 Five Prime and Roche Tissue Diagnostics have also found that FGFR2b is overexpressed in numerous other cancers, including squamous non-small cell lung cancer (NSCLC), triple negative breast cancer (TNBC), ovarian, pancreatic and intrahepatic cholangiocarcinoma.

AboutBemarituzumab

Bemarituzumab (anti-FGFR2b) is a first-in-class targeted antibody that blocks fibroblast growth factors (FGFs) from binding and activating FGFR2b, inhibiting several downstream pro-tumor signaling pathways and potentially slowing cancer progression. Bemarituzumab is being developed in gastric and GEJ cancer as a targeted therapy for tumors that overexpress FGFR2b. The company is also evaluating the potential for bemarituzumab in other cancers that overexpress FGFR2b.

Five Prime granted an exclusive license to Zai Lab to develop and commercialize bemarituzumab in Greater China, and Zai Lab collaborated with Five Prime on the Phase 2 FIGHT trial in Greater China.

About Gastric Cancer and GEJ Cancer

Gastric cancer, also known as stomach cancer, is the third most common cause of cancer death worldwide and, excluding non-melanoma skin cancer, the fifth most common cancer worldwide, with over 1,000,000 new cases diagnosed each year.2 For HER2 negative patients, frontline therapy available today is the same systemic chemotherapy available since the 1990s.3,4

About Five Prime Therapeutics

Five Prime is a clinical stage biotechnology company relentlessly focused on rewriting cancer. By tackling the tough scientific questions and untapped pathways, we aim to offer new hope by developing novel, breakthrough therapies that have potential to alter the course of disease in cancers with few treatment options. This vision is what defines us and guides our research, clinical development and partnerships. To build a better tomorrow for people with cancer, we are teaming up with patients, physicians, scientists, and industry partners to make a meaningful difference in patients’ lives. Five Prime collaborates with leading global pharmaceutical companies and has therapies in pre-clinical and clinical development. For more information, please visit www.fiveprime.com.

Cautionary Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Five Prime’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Forward-looking statements contained in this press release include statements regarding (i) the potential advancement of the development of bemarituzumab; (ii) the potential use of bemarituzumab, including in combination with other products, to treat patients; (iii) the potential development of bemarituzumab in indications in addition to gastric and GEJ cancer; (iv) the timing of the presentation of data for bemarituzumab; and (v) the extent of FGFR2b protein overexpression in certain patient populations. Actual results may differ materially from these forward-looking statements. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during research, preclinical or clinical studies, changes in expected or existing competition, changes in the regulatory, pricing or reimbursement environment, and unexpected litigation or other disputes. In addition, while the company expects the COVID-19 pandemic to adversely affect its business operations and financial results, the extent of the impact on the company’s ability to advance its preclinical development and business and corporate development and other objectives will depend on future developments that are highly uncertain, and the company cannot predict with confidence the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S. and in other countries and the effectiveness of actions taken globally to contain and treat COVID-19. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Five Prime’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” contained therein. Except as required by law, Five Prime assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

References

1. Data on file. Five Prime Therapeutics; 2020.

2. Bray F, Ferlay J, Soerjomataram I, et al: Global cancer statistics 2018: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries. CA Cancer J Clin. 2018;68(6):394-424. doi:10.3322/caac.21492

3. Wagner AD, Syn NL, Moehler M, et al. Chemotherapy for advanced gastric cancer. Cochrane Database Syst Rev. 2017;8(8):CD004064. doi:10.1002/14651858.CD004064.pub4

4. Drugs approved for stomach (gastric) cancer. Food and Drug Administration. Updated April 21, 2020. Accessed October 14, 2020. https://www.cancer.gov/about-cancer/treatment/drugs/stomach#1

Source: Five Prime Therapeutics, Inc.

Media and Investor Contact

Martin Forrest

VP, Investor Relations & Corporate Communications

Five Prime Therapeutics, Inc.

415-365-5625

[email protected]

 

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

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The GEO Group Declares Quarterly Cash Dividend of $0.25 Per Share

The GEO Group Declares Quarterly Cash Dividend of $0.25 Per Share

BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE: GEO) (“GEO”) announced that on January 15, 2021, its Board of Directors declared a quarterly cash dividend of $0.25 per share. The quarterly cash dividend will be paid on February 1, 2021 to shareholders of record as of the close of business on January 25, 2021.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We have announced today a reduction of our quarterly dividend payment to accelerate our focus on paying down debt. We believe the dividend announced today represents a sustainable distribution to our shareholders given our current environment. We believe that our new quarterly dividend payment will allow GEO to balance our continued creation of value for our shareholders with prudent management of our balance sheet.”

The GEO Group (NYSE: GEO) is a fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO is a leading provider of enhanced in-custody rehabilitation, post-release support, electronic monitoring, and community-based programs. GEO’s worldwide operations include the ownership and/or management of 123 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals.

This press release contains forward-looking statements regarding future events and the future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding the timing and amount of dividends. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to declare future quarterly cash dividends and the timing and amount of such future dividends; (2) GEO’s ability to successfully pursue further growth and continue to enhance shareholder value; (3) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (4) GEO’s ability to control operating costs associated with contract start-ups; (5) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (6) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (7) GEO’s ability to obtain future financing on acceptable terms or at all; (8) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (9) other factors contained in GEO’s Securities and Exchange Commission filings, including its Form 10-K, 10-Q and 8-K reports.

Pablo E. Paez 1-866-301-4436

Executive Vice President, Corporate Relations

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Technology Construction & Property REIT Security

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Silvercorp Reports Operational Results and the Financial Results Release Date for the Third Quarter of Fiscal 2021

VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) — Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) reports production and sales figures for the third quarter of Fiscal 2021 ended December 31, 2020 (“Q3 Fiscal 2021”).  The Company produced approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead, and 8.7 million pounds of zinc, and sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc in Q3 Fiscal 2021.  For the first nine months of Fiscal 2021, the Company produced approximately 5.1 million ounces of silver, 3,200 ounces of gold, 56.3 million pounds of lead, and 23.3 million pounds of zinc.

The Company is on track to produce between 6.2 – 6.5 million ounces of silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million pounds of zinc in Fiscal 2021, in line with the annual production guidance previously reported in the Company’s news release dated February 6, 2020.  The Company will report its unaudited financial and operating results for Q3 Fiscal 2021, expected to be released on Thursday, February 4, 2021 after market close.



Q3 FISCAL 2021 OPERATING HIGHLIGHTS

  • At the Ying Mining District, the Company mined 182,268 tonnes of ore, a 3% increase compared to the third quarter of Fiscal 2020 (“Q3 Fiscal 2020”), and milled 162,905 tonnes of ore, down 7% over Q3 Fiscal 2020.  This decrease was caused by power rationing in December 2020 as the local government is subject to an annual environmental emissions KPI assessment.  Approximately 1.5 million ounces of silver, 900 ounces of gold, 14.4 million pounds of lead, and 1.9 million pounds of zinc were produced, representing a 7% increase in gold production, and decreases of 6% in silver, 13% in lead, and 25% in zinc production compared to Q3 Fiscal 2020.
  • At the GC Mine, the Company mined 97,177 tonnes of ore, a 12% increase over Q3 Fiscal 2020, and milled 97,743 tonnes of ore, a 9% increase over Q3 Fiscal 2020.  Approximately 212 thousand ounces of silver, 2.8 million pounds of lead, and 6.8 million pounds of zinc were produced, representing a 23% increase in zinc production, and decreases of 2% in silver and 21% in lead production compared to Q3 Fiscal 2020.
  • On a consolidated basis, the Company mined 279,445 tonnes of ore, a 6% increase over Q3 Fiscal 2020, and milled 260,648 tonnes of ore, a decrease of 2% compared to Q3 Fiscal 2020.  Approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead, and 8.7 million pounds of zinc were produced, representing increases of 7% in gold and 8% in zinc production, and decreases of 6% in silver and 15% in lead production compared to Q3 Fiscal 2020.
  • On a consolidated basis, the Company sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc, representing increases of 14% in gold and 7% in zinc sold, and decreases of 4% in silver and 11% in lead sold compared to Q3 Fiscal 2020.

The operational results for Q3 Fiscal 2021 are summarized as follows:

     Three months ended December 31, 2020 
   Three months ended December 31, 2019
    Ying Mining
District 		GC Consolidated   Ying Mining
District		 GC Consolidated
                 
Production Data               
  Ore Mined (tonne)   182,268 97,177 279,445   176,149 86,437 262,586
  Ore Milled (tonne)  162,905 97,743 260,648   175,488 89,372 264,860
                 
  Head Grades               
  Silver (gram/tonne)  297 82 216   296 96 228
  Lead  (%)  4.3 1.4 3.2   4.6 2.0 3.7
  Zinc (%)  0.8 3.5 1.8   0.9 3.3 1.7
                 
  Recovery Rates               
  Silver  (%)   93.9 82.6     96.1 78.0  
  Lead  (%)  96.4 89.6     96.3 90.4  
  Zinc (%)  63.3 89.7     70.3 85.5  
                 
Sales Data               
  Silver (in thousands of ounces)  1,446 201 1,647   1,475 234 1,709
  Gold  (in thousands of ounces)  0.8 –   0.8   0.7 – 0.7
  Lead (in thousands of pounds)  14,207 2,599 16,806   14,912 3,867 18,779
  Zinc  (in thousands of pounds)  2,241 6,724 8,965   2,882 5,471 8,353
                 
Metal production               
  Silver (in thousands of ounces)  1,464 212 1,676   1,563 216 1,779
  Gold (in thousands of ounces)  0.9 – 0.9   0.9   0.9
  Lead (in thousands of pounds)  14,361 2,750 17,111   16,548 3,496 20,044
  Zinc (in thousands of pounds)  1,857 6,816 8,673   2,483 5,552 8,035

The operational results for the first nine months of Fiscal 2021 are summarized as follows:

    Nine months ended December 31, 2020 
   Nine months ended December 31, 2019
    Ying Mining
District 		GC BYP  Consolidated    Ying Mining
District		 GC Consolidated
                   
Production Data                 
  Ore Mined (tonne)   537,464 264,389 – 801,853   528,818 250,417 779,235
  Ore Milled (tonne)  519,677 267,230 – 786,908   532,317 257,367 789,684
        –          
  Head Grades      –          
  Silver (gram/tonne)  293 85 – 222   311 97 241
  Lead  (%)  4.4 1.7 – 3.5   4.6 1.9 3.7
  Zinc (%)  0.8 3.4 – 1.7   0.9 3.3 1.7
                   
  Recovery Rates                 
  Silver  (%)   94.4 82.6 –     96.1 76.9  
  Lead  (%)  96.2 89.5 –     95.9 89.2  
  Zinc (%)  61.7 88.2 –     62.6 85.8  
                   
Sales Data                 
  Silver (in thousands of ounces)  4,674 585 – 5,259   4,848 610 5,458
  Gold  (in thousands of ounces)  2.9 – 1.2 4.1   2.8 – 2.8
  Lead (in thousands of pounds)  47,571 8,671 – 56,242   46,137 9,553 55,690
  Zinc  (in thousands of pounds)  5,662 17,672 – 23,334   6,400 15,942 22,342
                   
Metal production                 
  Silver (in thousands of ounces)  4,532 604 – 5,135   4,978 617 5,595
  Gold  (in thousands of ounces)  3.2 – – 3.2   3.1 – 3.1
  Lead  (in thousands of pounds)  47,382 8,892 – 56,274   49,863 9,738 59,601
  Zinc   (in thousands of pounds)  5,420 17,919 – 23,340   6,338 15,967 22,304

Ying Mining District

In Q3 Fiscal 2021, ore mined at the Ying Mining District was 182,268 tonnes, an increase of 3% compared to 176,149 tonnes in Q3 Fiscal 2020.  Ore milled was 162,905 tonnes, with average head grades of 297 grams per tonne (“g/t”) for silver, 4.3% for lead, and 0.8% for zinc, compared to 175,488 tonnes of ore milled with average head grades of 296 g/t for silver, 4.6% for lead, and 0.9% for zinc in Q3 Fiscal 2020.  The decrease in ore milled during the quarter was caused by the milling operations being temporarily suspended for seven days due to power rationing.  The Company expects to process the unmilled ores in Q4 Fiscal 2021.  Metals production at the Ying Mining District in Q3 Fiscal 2021 was approximately 1.5 million ounces of silver, 14.4 million pounds of lead, and 1.9 million pounds of zinc, compared to approximately 1.6 million ounces of silver, 16.5 million pounds of lead, and 2.5 million pounds of zinc produced in Q3 Fiscal 2020.

For the first nine months of Fiscal 2021, metals production at the Ying Mining District was approximately 4.5 million ounces of silver, 47.4 million pounds of lead, and 5.4 million pounds of zinc, compared to approximately 4.9 million ounces of silver, 49.9 million pounds of lead, and 6.3 million pounds of zinc during the same prior year period.  The Ying Mining District is on track to achieve its annual guidance to produce 5.6 – 5.8 million ounces of silver, 56.6 – 58.0 million pounds of lead, and 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

GC Mine

In Q3 Fiscal 2021, ore mined at the GC Mine was 97,177 tonnes, an increase of 12% compared to 86,437 tonnes in Q3 Fiscal 2020.  Ore milled was 97,743 tonnes, with average head grades of 82 g/t for silver, 1.4% for lead, and 3.5% for zinc, compared to 89,372 tonnes of ore milled with average head grades of 96 g/t for silver, 2.0% for lead, and 3.3% for zinc in Q3 Fiscal 2020.  Metals production at the GC Mine in Q3 Fiscal 2021 was approximately 212 thousand ounces of silver, 2.8 million pounds of lead, and 6.8 million pounds of zinc, compared to approximately 216 thousand ounces of silver, 3.5 million pounds of lead, and 5.6 million pounds of zinc produced in Q3 Fiscal 2020.   

For the first nine months of Fiscal 2021, metals production at the GC Mine was approximately 604 thousand ounces of silver, 8.9 million pounds of lead, and 17.9 million pounds of zinc, compared to approximately 617 thousand ounces of silver, 9.7 million pounds of lead, and 16.0 million pounds of zinc in the same prior year period.  The GC Mine is on track to achieve its annual guidance to produce 600 – 700 thousand ounces of silver, 9.5 – 10.5 million pounds of lead, and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China.  The Company’s goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.  Silvercorp balances profitability, social and environmental relationships, employees’ wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.

For further information

Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: [email protected]
Website: www.silvercorp.ca


CAUTIONARY DISCLAIMER – FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.  Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: social and economic impacts of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form under the heading “Risk Factors”.  Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  Accordingly, readers should not place undue reliance on forward-looking statements.  

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.



Posted on

PNC Reports Full Year 2020 Net Income Of $7.6 Billion, $16.96 Diluted EPS

Fourth quarter net income was $1.5 billion, $3.26 diluted EPS

Supported stakeholders and generated annual positive operating leverage

PR Newswire

PITTSBURGH, Jan. 15, 2021 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the year

For the quarter


In millions, except per share data

2020

2019

4Q20

3Q20

4Q19

Net income from continuing operations 

$3,003

$4,591

$1,456

$1,532

$1,143

Net income from discontinued operations 

4,555

827

—

—

238


Net income    


$7,558


$5,418


$1,456


$1,532


$1,381

Diluted earnings per common share from continuing
operations

$6.36

$9.57

$3.26

$3.39

$2.43

Diluted earnings per common share from discontinued
operations

10.60

1.82

—

—

0.54


Diluted earnings per common share


$16.96


$11.39


$3.26


$3.39


$2.97

 

“PNC had a notable year in 2020 amid the many challenges of the pandemic. We achieved solid financial results, grew loans and deposits, delivered positive operating leverage, and maintained our strong capital position. Nonetheless, net income from continuing operations decreased as we built substantial reserves to address the uncertain economic environment that still remains. During the year, we sold our equity stake in BlackRock and are redeploying those proceeds towards the pending acquisition of BBVA USA Bancshares, Inc. Through the hard work and dedication of our employees, we supported the financial needs of our customers and communities, including committing more than $1 billion to advance economic empowerment and social justice. As the new year begins, we are optimistic about PNC’s future. With the continued execution of our strategic priorities and the planned addition of BBVA USA we believe we are well positioned to deliver for all our stakeholders in 2021 and beyond.” 

             Bill Demchak, PNC Chairman, President and Chief Executive Officer

Agreement to Buy BBVA USA Bancshares, Inc.

  • On November 16, 2020 PNC announced a definitive agreement to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary BBVA USA, from the Spanish financial group BBVA S.A. for a fixed purchase price of $11.6 billion in cash. BBVA USA operates over 600 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The transaction is expected to close in mid-2021 and will increase PNC’s total assets by an estimated $102 billion, creating the fifth largest bank by assets and a PNC presence in 29 of the 30 largest markets in the U.S.

Income Statement Highlights

Fourth quarter 2020 compared with third quarter 2020

  • Net income of $1.5 billion decreased $76 million, or 5%.
  • Total revenue of $4.2 billion declined $73 million, or 2%.
  • Net interest income of $2.4 billion decreased $60 million, or 2%, reflecting a decrease in loans outstanding and lower securities balances and yields, partially offset by higher loan yields and a decline in deposit and borrowing costs.
    • Net interest margin decreased 7 basis points to 2.32% due to the impact of higher balances held with the Federal Reserve Bank.
  • Noninterest income of $1.8 billion decreased $13 million, or 1%.
    • Fee income of $1.5 billion increased $151 million, or 11%, as a result of higher corporate service fees and service charges on deposits, partially offset by lower residential mortgage revenue.
    • Other noninterest income of $293 million decreased $164 million, or 36%, and included negative Visa Class B derivative fair value adjustments of $173 million, primarily related to the extension of anticipated litigation resolution timing.
  • Noninterest expense of $2.7 billion increased $177 million, or 7%, primarily reflecting higher incentive compensation related to increased business activity, as well as seasonality and equipment impairments.
  • Provision recapture was $254 million compared with a provision for credit losses of $52 million in the third quarter reflecting improvements in macroeconomic factors.
  • The effective tax rate was 17.0% for the fourth quarter and 9.8% for the third quarter. The third quarter included tax credit benefits and the favorable resolution of certain tax matters.

Balance Sheet Highlights

Fourth quarter 2020 compared with third quarter 2020, or December 31, 2020 compared with September 30, 2020

  • Average loans decreased $7.3 billion, or 3%, to $245.8 billion.
    • Average commercial loans of $170.3 billion decreased $5.3 billion, or 3%, reflecting lower utilization of loan commitments and originations, partially offset by higher multi-family agency warehouse lending.
    • Average consumer loans of $75.5 billion decreased $2.0 billion, or 3%, primarily due to lower auto and home equity loans.
  • Loans at December 31, 2020 declined $7.4 billion, or 3%, to $241.9 billion. Commercial loans decreased $5.5 billion, or 3%, and consumer loans decreased $1.9 billion, or 2%.
  • Credit quality performance:
    • Overall delinquencies of $1.4 billion at December 31, 2020 increased $125 million, or 10%.
    • Nonperforming assets of $2.3 billion at December 31, 2020 increased $185 million, or 9%.
    • Net loan charge-offs increased $74 million to $229 million, reflecting higher commercial loan charge-offs, primarily in industries adversely impacted by the pandemic.
    • The allowance for credit losses to total loans was 2.46% at December 31, 2020 compared with 2.58% at September 30, 2020.
  • Average deposits increased $8.9 billion, or 3%, to $359.4 billion due to growth in both commercial and consumer deposits. Commercial deposits reflected the enhanced liquidity position of our customers and seasonal growth. Consumer deposits increased driven by lower consumer spending.
    • Deposits at December 31, 2020 increased $10.2 billion, or 3%, to $365.3 billion.
  • Average investment securities decreased $4.8 billion, or 5%, to $85.7 billion as portfolio prepayments exceeded purchases.
    • Investment securities at December 31, 2020 decreased $2.4 billion, or 3%, to $88.8 billion.
  • Average balances held with the Federal Reserve Bank of $76.1 billion increased $16.1 billion reflecting liquidity from deposit growth and lower loan and security balances.
    • Federal Reserve Bank balances at December 31, 2020 increased $14.3 billion to $84.9 billion.
  • PNC maintained strong capital and liquidity positions.
    • On January 5, 2021, the PNC board of directors declared a quarterly cash dividend on common stock of $1.15 per share payable on February 5, 2021.
    • The Basel III common equity Tier 1 capital ratio was an estimated 12.1% at December 31, 2020 and 11.7% at September 30, 2020.
    • The Liquidity Coverage Ratio at December 31, 2020 for both PNC and PNC Bank, N.A. exceeded the regulatory minimum requirement.

 


Earnings Summary


In millions, except per share data

4Q20

3Q20

4Q19

Net income

$

1,456

$

1,532

$

1,381

Net income attributable to diluted common shares

$

1,387

$

1,447

$

1,302

Diluted earnings per common share

$

3.26

$

3.39

$

2.97

Average diluted common shares outstanding

426

426

438

Return on average assets

1.24

%

1.32

%

1.33

%

Return on average common equity

11.16

%

11.76

%

11.54

%

Book value per common share


Quarter end

$

119.11

$

117.44

$

104.59

Tangible book value per common share (non-
GAAP)


Quarter end

$

97.43

$

95.71

$

83.30

Cash dividends declared per common share

$

1.15

$

1.15

$

1.15

In the second quarter of 2020 PNC divested its entire 22.4% equity investment in BlackRock. Net proceeds from the sale were $14.2 billion. For all periods presented, BlackRock’s historical results, and the after-tax gain on the sale of $4.3 billion, are reported as discontinued operations.

The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Fee income, a non-GAAP financial measure, refers to noninterest income in the following categories: asset management, consumer services, corporate services, residential mortgage and service charges on deposits. Information in this news release, including the financial tables, is unaudited.


CONSOLIDATED REVENUE REVIEW


Revenue

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Net interest income

$

2,424

$

2,484

$

2,488

(2)

%

(3)

%

Noninterest income

1,784

1,797

1,833

(1)

%

(3)

%

Total revenue

$

4,208

$

4,281

$

4,321

(2)

%

(3)

%

Total revenue for the fourth quarter of 2020 decreased $73 million compared with the third quarter of 2020 and $113 million compared with the fourth quarter of 2019, reflecting lower net interest income and noninterest income.

Net interest income of $2.4 billion for the fourth quarter of 2020 decreased $60 million compared to the third quarter, reflecting a decrease in loans outstanding and lower securities balances and yields, partially offset by higher loan yields and a decline in deposit and borrowing costs. In comparison with the fourth quarter of 2019, net interest income decreased $64 million due to lower yields on earning assets partially offset by lower rates on deposits, higher average earning assets and a decline in borrowing costs and balances. The net interest margin declined to 2.32% for the fourth quarter of 2020 from 2.39% in the third quarter and 2.78% in the fourth quarter of 2019. In both comparisons the decrease reflected higher balances held with the Federal Reserve Bank. Compared with the fourth quarter of 2019, the decrease also resulted from lower yields on loans and securities, partially offset by lower rates on deposits.


Noninterest Income

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Asset management

$

221

$

215

$

216

3

%

2

%

Consumer services

387

390

390

(1)

%

(1)

%

Corporate services

650

479

499

36

%

30

%

Residential mortgage

99

137

87

(28)

%

14

%

Service charges on deposits

134

119

185

13

%

(28)

%

Other

293

457

456

(36)

%

(36)

%

$

1,784

$

1,797

$

1,833

(1)

%

(3)

%

Noninterest income for the fourth quarter of 2020 decreased $13 million compared with the third quarter. Asset management revenue increased $6 million as a result of higher average equity markets. Consumer services decreased $3 million and included lower brokerage fees. Corporate services increased $171 million primarily due to higher merger and acquisition advisory fees. Residential mortgage revenue declined $38 million driven by lower results from residential mortgage servicing rights valuation, net of economic hedge, as well as lower servicing fees and loan sales revenue. Service charges on deposits increased $15 million due to higher transaction volumes. Other noninterest income decreased $164 million due to a negative Visa Class B derivative fair value adjustment of $173 million in the fourth quarter of 2020, primarily related to the extension of anticipated litigation resolution timing. In addition, other noninterest income included favorable assumption updates to credit valuation adjustments related to the derivatives portfolio and higher net securities gains, partially offset by lower private equity revenue. 

Noninterest income for the fourth quarter of 2020 decreased $49 million compared with the fourth quarter of 2019. Corporate services increased $151 million primarily due to higher merger and acquisition advisory fees. Residential mortgage revenue increased $12 million driven by higher loan sales revenue. Service charges on deposits decreased $51 million reflecting lower transaction volumes and lower revenue related to the elimination of certain checking product fees. Other noninterest income decreased $163 million primarily due to a negative fair value adjustment related to the Visa Class B derivative. Other noninterest income in the fourth quarter of 2020 also reflected lower private equity revenue, higher credit valuation adjustments and higher net securities gains while the fourth quarter of 2019 included a gain on sale of proprietary mutual funds. 


CONSOLIDATED EXPENSE REVIEW


Noninterest Expense

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Personnel

$

1,521

$

1,410

$

1,468

8

%

4

%

Occupancy

215

205

201

5

%

7

%

Equipment

296

292

348

1

%

(15)

%

Marketing

64

67

77

(4)

%

(17)

%

Other

612

557

668

10

%

(8)

%

$

2,708

$

2,531

$

2,762

7

%

(2)

%

Noninterest expense for the fourth quarter of 2020 increased $177 million compared with the third quarter. Personnel expense increased $111 million due to higher incentive compensation related to increased business activity. Other expenses increased $55 million reflecting seasonality and equipment impairments.

Noninterest expense for the fourth quarter of 2020 decreased $54 million compared with the fourth quarter of 2019, due to technology-related equipment write-offs recognized in the fourth quarter of 2019 and a decrease in costs associated with business travel, partially offset by higher incentive compensation related to increased business activity. 

The effective tax rate was 17.0% for the fourth quarter of 2020, 9.8% for the third quarter of 2020 and 14.6% for the fourth quarter of 2019. The third quarter of 2020 included tax credit benefits and the favorable resolution of certain tax matters.

CONSOLIDATED BALANCE SHEET REVIEW

Average total assets were $465.0 billion in the fourth quarter of 2020 compared with $462.1 billion in the third quarter and $411.4 billion in the fourth quarter of 2019. Total assets were $466.7 billion at December 31, 2020, $461.8 billion at September 30, 2020 and $410.3 billion at December 31, 2019. Balance sheet growth in the fourth quarter of 2020 resulted from higher balances maintained with the Federal Reserve Bank driven by increased deposits in all comparisons.


Loans

Change

Change

4Q20 vs

4Q20 vs


In billions

4Q20

3Q20

4Q19

3Q20

4Q19


Average

Commercial

$

170.3

$

175.6

$

160.8

(3)

%

6

%

Consumer

75.5

77.5

78.1

(3)

%

(3)

%

Average loans

$

245.8

$

253.1

$

238.9

(3)

%

3

%


Quarter end

Commercial

$

167.2

$

172.7

$

160.6

(3)

%

4

%

Consumer

74.7

76.6

79.2

(2)

%

(6)

%

Total loans

$

241.9

$

249.3

$

239.8

(3)

%

1

%

Average loans for the fourth quarter of 2020 decreased $7.3 billion compared with the third quarter. Average commercial loans declined $5.3 billion reflecting lower utilization of loan commitments and originations, partially offset by higher multi-family agency warehouse lending. Average consumer loans decreased $2.0 billion primarily due to lower auto and home equity loans.

Total loans at December 31, 2020 decreased $7.4 billion compared with September 30, 2020 driven by a decline in commercial loans of $5.5 billion. At December 31, 2020 PNC had $12.0 billion of PPP loans outstanding, down from $12.9 billion at September 30, 2020. Consumer loans at December 31, 2020 decreased $1.9 billion compared with September 30, 2020.

Average and period-end loans for the fourth quarter of 2020 increased $6.9 billion and $2.1 billion compared with the fourth quarter of 2019, respectively. The increase in both comparisons was driven by growth in commercial loans, including PPP lending, partially offset by a decline in consumer loans, primarily within the auto loan portfolio. 


Investment Securities

Change

Change

4Q20 vs

4Q20 vs


In billions

4Q20

3Q20

4Q19

3Q20

4Q19

Average

$

85.7

$

90.5

$

83.5

(5)

%

3

%

Quarter end

$

88.8

$

91.2

$

86.8

(3)

%

2

%

Average investment securities for the fourth quarter of 2020 decreased $4.8 billion and period-end balances decreased $2.4 billion compared with the third quarter, due to prepayments exceeding purchases, primarily within the agency residential mortgage-backed securities portfolio.

Fourth quarter 2020 average and period-end investment securities increased $2.2 billion and $2.0 billion, respectively, compared with the fourth quarter of 2019, primarily due to net purchases of U.S. agency securities. Net unrealized gains on available for sale securities were $3.2 billion at December 31, 2020, $3.4 billion at September 30, 2020 and $1.4 billion at December 31, 2019.

Average balances held with the Federal Reserve Bank of $76.1 billion in the fourth quarter of 2020 increased from $60.0 billion in the third quarter reflecting deposit growth and lower loan and security balances. Federal Reserve Bank balances at December 31, 2020 of $84.9 billion increased from $70.6 billion at September 30, 2020. Average balances held with the Federal Reserve Bank increased $53.1 billion from $23.0 billion in the fourth quarter of 2019 driven by higher deposits. Federal Reserve Bank balances were $23.2 billion at December 31, 2019.


Deposits

Change

Change

4Q20 vs

4Q20 vs


In billions

4Q20

3Q20

4Q19

3Q20

4Q19


Average

Noninterest-bearing

$

109.9

$

101.9

$

73.7

8

%

49

%

Interest-bearing

249.5

248.6

214.1

—

17

%

Average deposits

$

359.4

$

350.5

$

287.8

3

%

25

%


Quarter end

Noninterest-bearing 

$

112.6

$

107.3

$

72.8

5

%

55

%

Interest-bearing

252.7

247.8

215.7

2

%

17

%

Total deposits

$

365.3

$

355.1

$

288.5

3

%

27

%

Average deposits for the fourth quarter of 2020 increased $8.9 billion compared with the third quarter and deposits at December 31, 2020 increased $10.2 billion compared with September 30, 2020 due to growth in commercial and consumer deposits. Commercial deposits reflected the enhanced liquidity position of our customers and seasonal growth. Consumer deposits increased reflecting lower consumer spending. Fourth quarter 2020 average and period-end deposits increased $71.6 billion and $76.8 billion, respectively, compared with fourth quarter 2019 as a result of overall growth in commercial and consumer liquidity and customers.


Borrowed Funds

Change

Change

4Q20 vs

4Q20 vs


In billions

4Q20

3Q20

4Q19

3Q20

4Q19

Average

$

38.2

$

43.3

$

60.0

(12)

%

(36)

%

Quarter end

$

37.2

$

42.1

$

60.3

(12)

%

(38)

%

Average borrowed funds for the fourth quarter of 2020 decreased $5.1 billion compared with the third quarter and borrowed funds at December 31, 2020 decreased $4.9 billion compared with September 30, 2020 due to lower Federal Home Loan Bank borrowings and bank notes and senior debt, reflecting the use of liquidity from deposit growth. Average borrowed funds for the fourth quarter of 2020 declined $21.8 billion compared with the fourth quarter of 2019 and period-end borrowed funds decreased $23.1 billion reflecting the use of excess liquidity.


Capital

12/31/2020

*

9/30/2020

12/31/2019

Common shareholders’ equity    In billions

$

50.5

$

49.8

$

45.3

Basel III common equity Tier 1 capital ratio

12.1

%

11.7

%

9.5

%

Basel III common equity Tier 1 fully implemented
capital ratio

11.8

%

11.3

%

N/A


*
Ratios estimated

PNC maintained a strong capital position. Common shareholders’ equity at December 31, 2020 increased $0.7 billion, or 1%, over September 30, 2020 due to fourth quarter net income partially offset by dividends and a decrease in accumulated other comprehensive income related to prepayments in the agency residential mortgage-backed securities portfolio. 

The PNC board of directors declared a quarterly cash dividend on common stock payable on February 5, 2021 of $1.15 per share.

For information regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights. The 2019 Tailoring Rules became effective for PNC as of January 1, 2020. PNC elected a five-year transition provision effective March 31, 2020 to delay for two years the full impact of the Current Expected Credit Losses (CECL) standard on regulatory capital, followed by a three-year transition period. The fully implemented ratios reflect the full impact of CECL and exclude the benefits of this transition provision.


CREDIT QUALITY REVIEW


Credit Quality

Change

Change

At or for the quarter ended

4Q20 vs

4Q20 vs


In millions

12/31/2020

9/30/2020

12/31/2019

3Q20

4Q19

Provision for (recapture of) credit
losses

$

(254)

$

52

$

221

$

(306)

$

(475)

Net loan charge-offs

$

229

$

155

$

209

48

%

10

%

Nonperforming loans

$

2,286

$

2,085

$

1,635

10

%

40

%

Nonperforming assets

$

2,337

$

2,152

$

1,752

9

%

33

%

Accruing loans past due 90 days or
more

$

509

$

448

$

585

14

%

(13)

%

Allowance for loan and lease losses

$

5,361

$

5,751

$

2,742

$

(390)

$

2,619

Allowance for unfunded lending
related commitments

$

584

$

689

$

318

$

(105)

$

266

Allowance for credit losses to total
loans

2.46

%

2.58

%

1.28

%

Provision recapture was $254 million in the fourth quarter of 2020 compared with a provision for credit losses of $52 million in the third quarter. Commercial loan provision recapture was $182 million in the fourth quarter of 2020 compared to a provision for credit losses of $219 million in the third quarter, primarily reflecting improvements in macroeconomic factors. Provision recapture for the consumer loan portfolio decreased $128 million to $87 million for the fourth quarter of 2020, primarily due to lower impacts related to improvements in credit quality and macroeconomic factors in the fourth quarter. Provision for credit losses for securities and other assets was $15 million for the fourth quarter of 2020.

Net loan charge-offs for the fourth quarter of 2020 increased $74 million compared with the third quarter. Commercial loan net charge-offs increased $71 million from the third quarter reflecting higher charge-offs of commercial and industrial loans, primarily in industries adversely impacted by the pandemic. Consumer loan net charge-offs modestly increased $3 million from the third quarter. Compared to the fourth quarter of 2019, net loan charge-offs increased $20 million due to higher commercial loan net charge-offs of $50 million, partially offset by lower consumer loan net charges-offs of $30 million. Net charge-offs were .37% of average loans on an annualized basis at December 31, 2020, .24% at September 30, 2020 and .35% at December 31, 2019.

Nonperforming assets at December 31, 2020 increased $185 million compared with September 30, 2020. Higher nonperforming commercial loans of $8 million and higher nonperforming consumer loans of $193 million were partially offset by lower other real estate owned and foreclosed assets of $16 million. Higher nonperforming consumer loans reflected an increase in nonperforming residential real estate of $189 million primarily related to borrowers exiting forbearance and deferring payments to the end of the loan term. Nonperforming assets increased $585 million compared with December 31, 2019 primarily due to the economic impacts of the pandemic. Commercial and consumer nonperforming loans increased $422 million and $229 million, respectively. This increase was partially offset by lower other real estate owned and foreclosed assets of $66 million. Nonperforming assets to total assets were .50% at December 31, 2020 compared with .47% at September 30, 2020 and .43% at December 31, 2019.

Overall delinquencies at December 31, 2020 increased $125 million compared with September 30, 2020. Consumer loan delinquencies increased $72 million primarily due to increases in government insured residential real estate. Commercial loan delinquencies grew $53 million reflecting increases in the commercial and industrial portfolio. Loans past due 30 to 59 days decreased $81 million, loans past due 60 to 89 days decreased $17 million and loans past due 90 days or more increased $61 million. Under the CARES Act credit reporting rules and guidance from regulatory agencies, certain loans modified due to pandemic-related hardships were considered current and not reported as past due at December 31, 2020 and September 30, 2020.

The allowance for credit losses was $5.9 billion at December 31, 2020 and $6.4 billion at September 30, 2020. The allowance for credit losses as a percentage of total loans was 2.46% at December 31, 2020 and 2.58% at September 30, 2020.


BUSINESS SEGMENT RESULTS


Business Segment Income


In millions

4Q20

3Q20

4Q19

Retail Banking

$

336

$

530

$

277

Corporate & Institutional Banking

992

670

649

Asset Management Group

82

91

91

Other

46

241

126

Net income from continuing operations

$

1,456

$

1,532

$

1,143


See accompanying notes in Consolidated Financial Highlights

 


Retail Banking

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Net interest income

$

1,380

$

1,383

$

1,402

$

(3)

$

(22)

Noninterest income

$

473

$

673

$

652

$

(200)

$

(179)

Provision for (recapture of) credit losses

$

(81)

$

(157)

$

161

$

76

$

(242)

Noninterest expense

$

1,482

$

1,512

$

1,516

$

(30)

$

(34)

Earnings

$

336

$

530

$

277

$

(194)

$

59


In billions

Average loans

$

79.7

$

81.8

$

79.5

$

(2.1)

$

0.2

Average deposits

$

200.8

$

197.9

$

170.8

$

2.9

$

30.0

Retail Banking earnings for the fourth quarter of 2020 decreased compared with the third quarter of 2020 and increased compared with the fourth quarter of 2019. Noninterest income decreased over the third quarter driven by the impact of a negative derivative fair value adjustment related to Visa Class B common shares in the fourth quarter of 2020, as well as lower residential mortgage revenue, primarily due to lower residential mortgage servicing rights valuation, net of economic hedge, and lower servicing fees and loan sales revenue. This decrease was partially offset by higher service charges on deposits due to increased transaction volumes. In comparison with the fourth quarter of 2019, noninterest income decreased driven by the impact of a negative derivative fair value adjustment related to Visa Class B Common shares in the fourth quarter of 2020, as well as lower service charges on deposits due to lower transaction volumes and lower revenue related to the elimination of certain checking product fees. The decline was partially offset by higher residential mortgage revenue, driven by higher loan sales revenue.

Provision recapture for the fourth quarter of 2020 decreased compared with the third quarter, primarily due to lower impacts related to improvements in credit quality and macroeconomic factors in the fourth quarter. Noninterest expense decreased compared with the third quarter reflecting lower customer related transaction costs, branch-related expenses, and marketing. Compared with the fourth quarter of 2019, noninterest expense decreased primarily as a result of lower customer related transaction costs and costs associated with business travel.

  • Average loans decreased 3% compared with the third quarter of 2020 and were flat compared with the fourth quarter of 2019. The decrease from the third quarter of 2020 was driven by declines in auto, residential mortgage and home equity, reflecting lower consumer demand. Compared with the fourth quarter 2019, average loans were flat due to growth in commercial, driven by PPP loans, and residential mortgage, resulting from increased originations in the low interest rate environment, offset primarily by auto, credit card, and student lending.
  • Average deposits increased 1% compared with the third quarter and 18% compared with the fourth quarter of 2019 due to increases in demand deposits and savings, reflecting lower consumer spending partially offset by lower certificates of deposit.
  • Net loan charge-offs were $136 million for the fourth quarter of 2020 compared with $125 million in the third quarter of 2020 and $154 million in the fourth quarter of 2019.
  • Residential mortgage loan origination volume was $3.7 billion in the fourth quarter of 2020 compared with $4.0 billion for the third quarter and $3.5 billion for the fourth quarter of 2019. Approximately 45% of fourth quarter 2020 volume was for home purchase transactions compared with 44% for the third quarter of 2020 and 40% for the fourth quarter of 2019.
  • The third party residential mortgage servicing portfolio was $121 billion at December 31, 2020 compared with $119 billion at September 30, 2020 and $120 billion at December 31, 2019. Residential mortgage loan servicing acquisitions were $12 billion for the fourth quarter of 2020 compared with $8 billion for the third quarter of 2020 and $3 billion for the fourth quarter of 2019.
  • Approximately 77% of consumer customers used non-teller channels for the majority of their transactions during the fourth quarter of 2020 compared with 75% in the third quarter of 2020 and 71% in the fourth quarter of 2019.
  • Deposit transactions via ATM and mobile channels were 66% of total deposit transactions in the fourth quarter of 2020 compared with 67% in the third quarter of 2020 and 58% in the fourth quarter of 2019.

 


Corporate & Institutional Banking

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Net interest income

$

994

$

1,025

$

969

$

(31)

$

25

Noninterest income

$

919

$

723

$

646

$

196

$

273

Provision for (recapture of) credit losses

$

(166)

$

211

$

65

$

(377)

$

(231)

Noninterest expense

$

801

$

663

$

726

$

138

$

75

Earnings

$

992

$

670

$

649

$

322

$

343


In billions

Average loans

$

154.2

$

159.5

$

147.9

$

(5.3)

$

6.3

Average deposits

$

138.8

$

133.1

$

98.5

$

5.7

$

40.3

Corporate & Institutional Banking earnings for the fourth quarter of 2020 increased compared to both the third quarter of 2020 and fourth quarter of 2019. Noninterest income increased in both comparisons primarily due to higher capital markets-related revenue, led by a significant increase in merger and acquisition advisory fees. Higher revenue from commercial mortgage banking activities also contributed to the increase compared with the fourth quarter of 2019. Provision recapture in the fourth quarter of 2020 reflected improvements in macroeconomic factors. Noninterest expense increased in both comparisons largely due to higher variable costs associated with increased business activity.

  • Average loans decreased 3% compared to the third quarter due to a decline in PNC’s corporate banking business, reflecting lower average utilization of loan commitments. Average loans increased 4% over the fourth quarter of 2019 primarily due to PPP loan originations and higher multifamily agency warehouse lending, partially offset by lower average utilization of loan commitments.
  • Average deposits increased 4% from the third quarter reflecting seasonal growth and 41% from the fourth quarter of 2019 reflecting liquidity maintained by customers due to the economic impact of the pandemic.
  • Net charge-offs were $99 million in the fourth quarter of 2020 compared with $32 million in the third quarter of 2020 and $47 million in the fourth quarter of 2019.

 


Asset Management Group

Change

Change

4Q20 vs

4Q20 vs


In millions

4Q20

3Q20

4Q19

3Q20

4Q19

Net interest income

$

91

$

89

$

80

$

2

$

11

Noninterest income

$

225

$

221

$

272

$

4

$

(47)

Provision for (recapture of) credit losses

$

(2)

$

(19)

$

1

$

17

$

(3)

Noninterest expense

$

211

$

211

$

232

—

$

(21)

Earnings

$

82

$

91

$

91

$

(9)

$

(9)


In billions

Client assets under administration at 
quarter end

$

324

$

300

$

297

$

24

$

27

Average loans

$

8.2

$

7.9

$

7.1

$

0.3

$

1.1

Average deposits

$

19.6

$

19.1

$

17.9

$

0.5

$

1.7

Asset Management Group earnings for the fourth quarter of 2020 decreased in both comparisons. Noninterest income increased compared to the prior quarter due to higher average equity markets. Noninterest income declined compared to the fourth quarter of 2019 due to the prior year gain on the sale of components of the PNC Capital Advisors investment management business, primarily proprietary mutual funds. Noninterest expense was stable compared to the third quarter of 2020 and declined compared to the fourth quarter of 2019 due to lower run-rate expenses driven by 2019 divestitures.

Client assets under administration at December 31, 2020 included discretionary client assets under management of $170 billion and nondiscretionary client assets under administration of $154 billion. Discretionary client assets under management increased $12 billion compared with September 30, 2020 and $16 billion compared with December 31, 2019 primarily driven by higher spot equity markets.  

Other

The “Other” category, for the purposes of this release, includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses, and differences between business segment performance reporting and financial statement reporting under generally accepted accounting principles.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 11:00 a.m. Eastern Time regarding the topics addressed in this news release and the related financial supplement. Dial-in numbers for the conference call are (877) 272-3568 and (303) 223-2681 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC’s fourth quarter and full year 2020 earnings release, related financial supplement, and presentation slides to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for one week at (800) 633-8284 and (402) 977-9140 (international), conference ID 21972639 and a replay of the audio webcast will be available on PNC’s website for 30 days.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

 [TABULAR MATERIAL FOLLOWS]


The PNC Financial Services Group, Inc.


Consolidated Financial Highlights (Unaudited)


FINANCIAL RESULTS

Three months ended

Year ended


Dollars in millions, except per share data

December 31

September 30

December 31

December 31

December 31

2020

2020

2019

2020

2019

Revenue

Net interest income

$

2,424

$

2,484

$

2,488

$

9,946

$

9,965

Noninterest income

1,784

1,797

1,833

6,955

6,874

Total revenue

4,208

4,281

4,321

16,901

16,839

Provision for (Recapture of) credit losses

(254)

52

221

3,175

773

Noninterest expense

2,708

2,531

2,762

10,297

10,574

Income from continuing operations before income taxes and
noncontrolling interests

$

1,754

$

1,698

$

1,338

$

3,429

$

5,492

Income taxes from continuing operations

298

166

195

426

901

    Net income from continuing operations

$

1,456

$

1,532

$

1,143

$

3,003

$

4,591

Income from discontinued operations before taxes

$

288

$

5,777

$

988

Income taxes from discontinued operations

50

1,222

161

    Net income from discontinued operations

$

238

$

4,555

$

827

Net income

$

1,456

$

1,532

$

1,381

$

7,558

$

5,418

Less:

Net income attributable to noncontrolling interests

14

13

14

41

49

Preferred stock dividends (a)

48

63

55

229

236

Preferred stock discount accretion and redemptions

1

1

1

4

4

Net income attributable to common shareholders

$

1,393

$

1,455

$

1,311

$

7,284

$

5,129


Per Common Share

Basic earnings from continuing operations

$

3.26

$

3.40

$

2.44

$

6.37

$

9.59

Basic earnings from discontinued operations

0.54

10.62

1.84

Total basic earnings

$

3.26

$

3.40

$

2.98

$

16.99

$

11.43

Diluted earnings from continuing operations

$

3.26

$

3.39

$

2.43

$

6.36

$

9.57

Diluted earnings from discontinued operations

0.54

10.60

1.82

Total diluted earnings

$

3.26

$

3.39

$

2.97

$

16.96

$

11.39

Cash dividends declared per common share

$

1.15

$

1.15

$

1.15

$

4.60

$

4.20

Effective tax rate from continuing operations (b)

17.0

%

9.8

%

14.6

%

12.4

%

16.4

%

 

(a)

Dividends are payable quarterly other than Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock.

(b)

The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

 


The PNC Financial Services Group, Inc.


Consolidated Financial Highlights (Unaudited)

Three months ended

Year ended

December 31

September 30

December 31

December 31

December 31

2020

2020

2019

2020

2019


PERFORMANCE RATIOS

Net interest margin (a)

2.32

%

2.39

%

2.78

%

2.53

%

2.89

%

Noninterest income to total revenue

42

%

42

%

42

%

41

%

41

%

Efficiency (b)

64

%

59

%

64

%

61

%

63

%

Return on:

Average common shareholders’ equity

11.16

%

11.76

%

11.54

%

15.21

%

11.50

%

Average assets

1.24

%

1.32

%

1.33

%

1.68

%

1.35

%


BUSINESS SEGMENT NET INCOME (c)


In millions

Retail Banking

$

336

$

530

$

277

$

844

$

1,213

Corporate & Institutional Banking

992

670

649

1,674

2,448

Asset Management Group

82

91

91

255

262

Other (d)

46

241

126

230

668

Net income from continuing operations

$

1,456

$

1,532

$

1,143

$

3,003

$

4,591

 

(a)

Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest margins, we use net interest income on a taxable-equivalent basis in calculating average yields used in the calculation of net interest margin by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended December 31, 2020, September 30, 2020 and December 31, 2019 were $17 million, $17 million and $23 million, respectively. The taxable equivalent adjustments to net interest income for the twelve months ended December 31, 2020 and December 31, 2019 were $75 million and $103 million, respectively.

(b)

Calculated as noninterest expense divided by total revenue. 

(c)

Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflect PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors. 

(d)

Includes earnings and gains or losses related to residual activities that do not meet the criteria for disclosure as a separate reportable business. We provide additional information on these activities in our Form 10-K and Form 10-Q filings with the SEC.

 


The PNC Financial Services Group, Inc.


Consolidated Financial Highlights (Unaudited)

December 31

September 30

December 31

2020

2020

2019


BALANCE SHEET DATA


Dollars in millions, except per share data

Assets

$

466,679

$

461,817

$

410,295

Loans (a)

$

241,928

$

249,279

$

239,843

Allowance for loan and lease losses (b)

$

5,361

$

5,751

$

2,742

Interest-earning deposits with banks

$

85,173

$

70,959

$

23,413

Investment securities

$

88,799

$

91,185

$

86,824

Loans held for sale (a)

$

1,597

$

1,787

$

1,083

Equity investments

$

6,052

$

4,938

$

5,176

Asset held for sale (c)

$

8,558

Mortgage servicing rights

$

1,242

$

1,113

$

1,644

Goodwill

$

9,233

$

9,233

$

9,233

Other assets (a)

$

30,999

$

32,445

$

32,202

Noninterest-bearing deposits

$

112,637

$

107,281

$

72,779

Interest-bearing deposits

$

252,708

$

247,798

$

215,761

Total deposits

$

365,345

$

355,079

$

288,540

Borrowed funds (a)

$

37,195

$

42,110

$

60,263

Allowance for unfunded lending related commitments (b)

$

584

$

689

$

318

Total shareholders’ equity

$

54,010

$

53,276

$

49,314

Common shareholders’ equity

$

50,493

$

49,760

$

45,321

Accumulated other comprehensive income (loss)

$

2,770

$

2,997

$

799

Book value per common share

$

119.11

$

117.44

$

104.59

Tangible book value per common share (Non-GAAP) (d)

$

97.43

$

95.71

$

83.30

Period end common shares outstanding (millions)

424

424

433

Loans to deposits

66

%

70

%

83

%

Common shareholders’ equity to total assets

10.8

%

10.8

%

11.0

%


CLIENT ASSETS (billions)

Discretionary client assets under management

$

170

$

158

$

154

Nondiscretionary client assets under administration

154

142

143

Total client assets under administration

324

300

297

Brokerage account client assets

59

55

54

Total client assets

$

383

$

355

$

351


CAPITAL RATIOS


Basel III (e) (f)

Common equity Tier 1

12.1

%

11.7

%

9.5

%

Common equity Tier 1 fully implemented (g)

11.8

%

11.3

%

N/A

Tier 1 risk-based

13.2

%

12.8

%

10.7

%

Total capital risk-based (h)

15.6

%

15.2

%

12.7

%

Leverage

9.5

%

9.4

%

9.1

%

   Supplementary leverage

9.9

%

9.5

%

7.6

%


ASSET QUALITY

Nonperforming loans to total loans

0.94

%

0.84

%

0.68

%

Nonperforming assets to total loans, OREO and foreclosed assets

0.97

%

0.86

%

0.73

%

Nonperforming assets to total assets

0.50

%

0.47

%

0.43

%

Net charge-offs to average loans (for the three months ended) (annualized)

0.37

%

0.24

%

0.35

%

Allowance for loan and lease losses to total loans (i)

2.22

%

2.31

%

1.14

%

Allowance for credit losses to total loans (i) (j)

2.46

%

2.58

%

1.28

%

Allowance for loan and lease losses to nonperforming loans (i)

235

%

276

%

168

%

Accruing loans past due 90 days or more (in millions)

$

509

$

448

$

585

 

(a)

Amounts include assets and liabilities for which we have elected the fair value option. Our third quarter 2020 Form 10-Q included, and our 2020 Form 10-K will include, additional information regarding these Consolidated Balance Sheet line items.

(b)

Amounts at December 31, 2020 and September 30, 2020 reflect the impact of adopting Accounting Standards Update 2016-13 – Financial Instruments – Credit Losses, which is commonly referred to as the Current Expected Credit Losses (CECL) standard and our transition from an incurred loss methodology for these reserves to an expected credit loss methodology. Our 2019 Form 10-K and our 2020 Form 10-Qs included, and our 2020 Form 10-K will include additional information related to our adoption of this standard.

(c)

Represents our held for sale investment in BlackRock. In the second quarter of 2020, PNC divested its entire holding in BlackRock. Prior period BlackRock investment balances have been reclassified to the Asset held for sale line in accordance with Accounting Standard Codification 205-20, Presentation of Financial Statements – Discontinued Operations. Our second and third quarter 2020 Form 10-Qs included, and our 2020 Form 10-K will include additional information.

(d)

See the Tangible Book Value per Common Share table on page 18 for additional information.

(e)

All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented and calculated based on the standardized approach. See Capital Ratios on page 17 for additional information.  The ratios as of December 31, 2020 are estimated.

(f)

The December 31, 2020 and September 30, 2020 ratios are calculated to reflect PNC’s election to adopt the CECL optional five-year transition provision.

(g)

The December 31, 2020 and September 30, 2020 fully implemented ratios are calculated to reflect the full impact of CECL and excludes the benefits of the five-year transition provision.

(h)

The 2020 and 2019 Basel III Total risk-based capital ratios include nonqualifying trust preferred capital securities of $40 million and $60 million, respectively, that are subject to a phase-out period that runs through 2021.

(i)

Ratios at December 31, 2020 and September 30, 2020 reflect an increase in reserves due to the impact of CECL adoption, the significant economic impact of COVID-19 and loan growth. Our 2019 Form 10-K and our 2020 Form 10-Qs included, and our 2020 Form 10-K will include additional information related to our adoption of this standard.

(j)

Excludes allowances for investment securities and other financial assets.

 


The PNC Financial Services Group, Inc.


Consolidated Financial Highlights (Unaudited)

CAPITAL RATIOS

As of January 1, 2020, the 2019 Tailoring Rules became effective for PNC. The most significant changes involve the election to exclude specific Accumulated Other Comprehensive Income (AOCI) items from common equity Tier 1 capital and higher thresholds used to calculate common equity Tier 1 capital deductions. Effective January 1, 2020, PNC must deduct from common equity Tier 1 capital investments in unconsolidated financial institutions, mortgage servicing rights and deferred tax assets (in each case net of associated deferred tax liabilities) to the extent such items individually exceed 25% of the institution’s adjusted common equity Tier 1 capital.

Under the Basel III rules applicable to PNC during 2019, significant common stock investments in unconsolidated financial institutions (for PNC, primarily BlackRock), mortgage servicing rights and deferred tax assets were deducted from common equity Tier 1 capital (net of associated deferred tax liabilities) to the extent they individually exceeded 10%, or in the aggregate exceeded 15%, of the institution’s adjusted common equity Tier 1 capital. Also, PNC’s Basel III regulatory capital during 2019 included AOCI related to securities then held, and those transferred from, available for sale, as well as pension and other postretirement plans.

PNC’s regulatory risk-based capital ratios in 2020 and 2019 are both calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

Effective for March 31, 2020, regulators issued an interim final rule permitting banks that have adopted the CECL standard to delay for two years CECL’s full impact on regulatory capital, relative to the incurred loss methodology’s impact on regulatory capital, followed by a three year transition period.  PNC elected to adopt this optional five-year transition provision effective as of March 31, 2020.  See the table below for the September 30, 2020 ratio and estimated December 31, 2020 ratio. For the full impact of PNC’s adoption of CECL, which excludes the benefits of the five-year transition provision, see the December 31, 2020 and September 30, 2020 (Fully Implemented) estimates presented in the table below.

We also provide additional information below regarding PNC’s December 31, 2019 Basel III Common equity Tier 1 capital ratios.

Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis.



Basel lll Common Equity Tier 1 Capital Ratios (Non-GAAP) (a)

Basel III

December 31
2020
(estimated) (b)

September 30
2020 (b)

December 31
 2019

December 31, 2020
(Fully Implemented)
(estimated) (c)

September 30, 2020
(Fully Implemented)
(estimated) (c)


Dollars in millions

Common stock, related surplus and retained earnings,
net of treasury stock

$

48,958

$

48,122

$

44,522

$

47,722

$

46,763

Less regulatory capital adjustments:

Goodwill and disallowed intangibles, net of deferred
tax liabilities

(9,192)

(9,208)

(9,254)

(9,192)

(9,208)

Basel III total threshold deductions (d)

(3,276)

Accumulated other comprehensive income (loss) (e)

659

All other adjustments

(31)

(63)

(173)

(33)

(65)

Basel III Common equity Tier 1 capital

$

39,735

$

38,851

$

32,478

$

38,497

$

37,490

Basel III standardized approach risk-weighted assets (f)

$

327,192

$

331,748

$

340,799

$

325,967

$

330,462

Basel III advanced approaches risk-weighted assets (g)

$

318,722

Basel III Common equity Tier 1 capital ratio

12.1

%

11.7

%

9.5

%

11.8

%

11.3

%

 

(a)

All ratios are calculated using the regulatory capital methodology applicable to PNC during each period presented.

(b)

The December 31, 2020 and September 30, 2020 ratio is calculated to reflect PNC’s election to adopt the CECL optional five-year transition provision.

(c)

The December 31, 2020 and September 30, 2020 ratio is calculated to reflect the full impact of CECL and excludes the benefits of the five-year transition provision.

(d)

Based on the Tailoring Rules, effective January 1, 2020 for PNC, the limit for threshold deductions increased, resulting in no deduction as of December 31, 2020 and September 30, 2020.

(e)

Based on the Tailoring Rules effective January 1, 2020, PNC elected to opt-out of the inclusion of accumulated other comprehensive income in regulatory capital.

(f)

Basel III standardized approach risk-weighted assets are based on the Basel III standardized approach rules and include credit and market risk-weighted assets.

(g)

Basel III advanced approaches risk-weighted assets in 2019 were based on the Basel III advanced approaches rules, and include credit, market and operational risk-weighted assets. Based on the Tailoring Rules effective January 1, 2020, PNC is no longer required to report advanced approaches risk-weighted assets.

 


The PNC Financial Services Group, Inc.


Consolidated Financial Highlights (Unaudited)

Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders’ equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as an additional, conservative measure of total company value.



Tangible Book Value per Common Share (Non-GAAP)

December 31

September 30

December 31


Dollars in millions, except per share data

2020

2020

2019

Book value per common share

$

119.11

$

117.44

$

104.59

Tangible book value per common share

Common shareholders’ equity

$

50,493

$

49,760

$

45,321

Goodwill and other intangible assets

(9,381)

(9,396)

(9,441)

Deferred tax liabilities on Goodwill and other intangible assets 

188

187

187

Tangible common shareholders’ equity

$

41,300

$

40,551

$

36,067

Period-end common shares outstanding (millions)

424

424

433

Tangible book value per common share (Non-GAAP)

$

97.43

$

95.71

$

83.30

Cautionary Statement Regarding Forward-Looking Information

We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting PNC and its future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions.

Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements speak only as of the date made. We do not assume any duty and do not undertake to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. As a result, we caution against placing undue reliance on any forward-looking statements.

Our forward-looking statements are subject to the following principal risks and uncertainties.

  • Our businesses, financial results and balance sheet values are affected by business and economic conditions, including the following:
    • Changes in interest rates and valuations in debt, equity and other financial markets.
    • Disruptions in the U.S. and global financial markets.
    • Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply and market interest rates.
    • Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives.
    • Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness.
    • Impacts of tariffs and other trade policies of the U.S. and its global trading partners.
    • The length and extent of the economic impact of the COVID-19 pandemic.
    • The impact of the results of the recent U.S. elections on the regulatory landscape, capital markets, and the response to and management of the COVID-19 pandemic.
    • Commodity price volatility.
  • Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our view that:
    • The U.S. economy is in an economic recovery, following a very severe but very short economic contraction in the first half of 2020 due to the COVID-19 pandemic and public health measures to contain it.
    • Despite the improvement in the economy in recent months, economic activity remains far below its pre-pandemic level and unemployment remains elevated.
    • Growth will be much weaker in early 2021 because of record coronavirus cases and a tightening of government restrictions of economic activity. Growth should then pick up in the spring of 2021 as vaccines are more widely available and the federal government provides aid to households and small and medium-sized businesses. PNC does not expect real GDP to return to its pre-pandemic level until late 2021, and does not expect employment to return to its pre-pandemic level until at least 2023.
    • PNC expects the Federal Open Market Committee to keep the fed funds rate in its current range of 0.00 to 0.25 percent through at least mid-2024.
  • Our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on businesses and activities continue in place for extended periods or are increased, the recovery would likely be much weaker and the economy could fall back into recession. While several vaccines have been approved for use and other remain in development or clinical trials, significant uncertainty remains regarding the speed with which effective vaccines can be manufactured and widely distributed. As a result, there is still a great deal of uncertainty about the length and severity of the pandemic and the strength or reversal of the economic rebound.
  • PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) process. The Federal Reserve also has imposed additional limitations on capital distributions through the first quarter of 2021 by CCAR-participating bank holding companies and may extend these limitations, potentially in modified form.

Cautionary Statement Regarding Forward-Looking Information (Continued)

  • PNC’s regulatory capital ratios in the future will depend on, among other things, the company’s financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models.
  • Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain management. These developments could include:
    • Changes to laws and regulations, including changes affecting oversight of the financial services industry, consumer protection, bank capital and liquidity standards, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles.
    • Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to PNC.
    • Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
    • Impact on business and operating results of any costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
  • Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards.
  • Our planned acquisition of BBVA USA Bancshares, Inc. presents us with risks and uncertainties related both to the acquisition transaction itself and to the integration of the acquired business into PNC after closing:
    • The business of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, going forward may not perform as we currently project or in a manner consistent with historical performance. As a result, the anticipated benefits, including estimated cost savings, of the transaction may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events, including those that are outside of our control.
    • The combination of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, with that of PNC and PNC Bank may be more difficult to achieve than anticipated or have unanticipated adverse results relating to BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, or our existing businesses.
    • Completion of the transaction is dependent on the satisfaction of customary closing conditions, which cannot be assured. The timing of completion of the transaction is dependent on various factors that cannot be predicted with precision at this point.
  • In addition to the planned BBVA USA Bancshares, Inc. transaction, we grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, and the integration of the acquired businesses into PNC after closing.
  • Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands.
  • Business and operating results can also be affected by widespread natural and other disasters, pandemics, dislocations, terrorist activities, system failures, security breaches, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically.

We provide greater detail regarding these as well as other factors in our 2019 Form 10-K and subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other subsequent SEC filings. In particular, our forward-looking statements are subject to risks and uncertainties related to the COVID-19 pandemic and the resulting governmental and societal responses. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC’s website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.

MEDIA:

Marcey Zwiebel

(412) 762-4550
[email protected]

INVESTORS:

Bryan Gill

(412) 768-4143
[email protected]

 

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SOURCE The PNC Financial Services Group, Inc.

Posted on

Golden Minerals Regains Compliance with NYSE American Continued Listing Standards

GOLDEN, Colo., Jan. 15, 2021 (GLOBE NEWSWIRE) — Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) announced today that it has received written notice from the NYSE American LLC (the “NYSE American”) that the Company has regained full compliance with the continued listing standards outlined in Part 10 of the NYSE American Company Guide (the “Company Guide”).

As previously disclosed, the Company received notice from the NYSE American on August 19, 2019 that it was not in compliance with Section 1003(a)(iii) of the Company Guide when it reported stockholders’ equity of less than $6.0 million as of June 30, 2019.

The Company has regained compliance by meeting the requirements of the $50 million market capitalization exemption in Section 1003(a) of the Company Guide from the stockholders’ equity requirement. As of January 15, 2021 the below compliance (“.BC”) indicator was no longer disseminated and the Company was removed from the list of NYSE American noncompliant issuers on the NYSE American’s website.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its Rodeo and Velardeña properties in Mexico and, through partner-funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing mining properties in Mexico, Argentina, and Nevada.

For additional information please visit http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060
SOURCE: Golden Minerals Company



Posted on

Eaton to Announce Fourth Quarter 2020 Earnings on February 2, 2021

Eaton to Announce Fourth Quarter 2020 Earnings on February 2, 2021

DUBLIN–(BUSINESS WIRE)–
Power management company Eaton (NYSE:ETN) will announce fourth quarter 2020 earnings on Tuesday, February 2, 2021, before the opening of the New York Stock Exchange. The company will host a conference call at 11 a.m. Eastern time that day to discuss fourth quarter 2020 earnings results with securities analysts and institutional investors.

The conference call will be available through a live webcast that can be accessed via the Eaton Fourth Quarter 2020 Earnings Results link on Eaton’s home page, which is www.eaton.com. The call replay and news release will also be available at the same link.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit Eaton.com.

Margaret Hagan, Media Relations, +1 (440) 523-4343

Yan Jin, Investor Relations, +1 (440) 523-7558

KEYWORDS: Ohio Europe Ireland United States North America

INDUSTRY KEYWORDS: Other Energy Utilities Manufacturing Alternative Energy Energy Other Manufacturing

MEDIA:

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Posted on

Lilly Announces $30 Million Limited Partner Investment in Unseen Capital Health Fund

Fund will provide support for minority-owned early-stage healthcare companies and is a component of Lilly’s racial justice efforts

PR Newswire

INDIANAPOLIS, Jan. 15, 2021 /PRNewswire/ — Eli Lilly and Company (NYSE: LLY) today announced a $30 million limited partner investment in Unseen Capital Health Fund LP, a newly-formed venture fund created by racially diverse and historically underrepresented business leaders that is intended to identify, fund and support underrepresented founders of early-stage healthcare companies and those building solutions for marginalized communities. The $30 million investment by Lilly is a component of the company’s racial justice efforts and provides mission-aligned capital for the Fund. Unseen Capital is now active and investing, and with Lilly’s investment, is well on its way to achieving its target of $100 million.

People from African American and other minority communities are frequently “unseen” by the U.S. healthcare system. Likewise, diverse business founders who understand and live the healthcare concerns of these communities are often “unseen” or overlooked by traditional institutions that allocate capital. The Unseen Capital Health Fund intends to address these challenges by investing in up to 50 early-stage healthcare companies operated by underrepresented founders. These founders many times have developed insights and connections into the challenges presented by the traditional healthcare system, particularly at the intersection of digital health and social determinants of health.

“The pandemic has reinforced our understanding that there is unequal treatment and unequal access to healthcare in underserved communities, made worse by a lack of financial investment for the promising ideas that rise up from within these communities,” said Joshua Smiley, Lilly chief financial officer. “At Lilly, we are committed to helping address systemic inequities in health and business that too often have devastating effects on the lives of historically marginalized people.”

Smiley added, “Our investment in the Unseen Capital Health Fund will allow the Fund to identify, fund and support the most promising founders at the earliest stages of their businesses and help them grow. We hope that our investment will serve as a model for how established and emerging partners in health can work together to source, and ultimately scale, the next generation of health companies helmed by founders who are more representative of the communities they serve.”

“Lilly has been a staunch supporter of our mission to source outstanding historically underrepresented founders in health and to redefine what investing in health means for a new generation of founders,” said Kayode Owens, general partner of Unseen Capital. “Unseen Capital is working in lockstep with Lilly to identify and fund those leaders in health doing work that is both amazing and underestimated, as we move to address inequities and access to quality care for all. This marks an important step on our collective journey to change the face of health, but there is much more work to be done.”

About Lilly’s Commitment to Racial Justice
Lilly’s investment in the Unseen Capital Health Fund is the latest step in the company’s racial justice work. Other aims include: expanding diversity in Lilly’s clinical trials programs; joining forces with other major companies to hire, train and advance African-Americans into one million family-sustaining jobs through a partnership with the OneTen coalition; doubling Lilly’s spend with diverse suppliers; and building or strengthening existing community and national partnerships to help drive social change.

About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com. C-LLY

Lilly Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Lilly’s investment in Unseen Capital Health Fund LP, and the fund’s mission, fundraising, activities, and potential investments, and reflects Lilly’s current beliefs and expectations. There can be no assurance that Lilly’s investment in the fund will achieve Lilly’s objectives or generate returns.  For further discussion of risks and uncertainties relevant to Lilly’s business, see Lilly’s Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.


Refer to:

Mark Taylor; [email protected]; (317) 276-5795 (Media)

Kevin Hern; [email protected]; (317) 209-6325 (Investors)     

 

 

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SOURCE Eli Lilly and Company

Posted on

CrossAmerica Partners to Announce Year-End/Fourth Quarter 2020 Earnings Results on March 1

Allentown, Jan. 15, 2021 (GLOBE NEWSWIRE) — CrossAmerica Partners to Announce

Year-End/Fourth Quarter 2020 Earnings Results on March 1

ALLENTOWN, PA, January 15, 2021 – CrossAmerica Partners LP (NYSE: CAPL) today announced that it will release its year-end/fourth quarter 2020 results after the market closes on Monday, March 1, 2021. In conjunction with the news release, management will host a conference call on Tuesday, March 2, at 9:00 a.m. Eastern Time.

The conference call numbers are 800-774-6070 or 630-691-2753 and the passcode for both is 7265208#. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com).  To listen to the audio webcast, go to https://caplp.gcs-web.com/webcasts-presentations.

After the live conference call, an archive of the webcast will be available on the investor section of the CrossAmerica site at https://caplp.gcs-web.com/webcasts-presentations within 24 hours after the call for a period of sixty days.

About CrossAmerica Partners LP

CrossAmerica Partners is a leading wholesale distributor of motor fuels and owner and lessor of real estate used in the retail distribution of motor fuels. Its general partner, CrossAmerica GP LLC, is indirectly owned and controlled by entities affiliated with Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012. Formed in 2012, CrossAmerica Partners LP is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,700 locations and owns or leases approximately 1,100 sites. With a geographic footprint covering 34 states, the Partnership has well-established relationships with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon and Phillips 66. CrossAmerica Partners ranks as one of ExxonMobil’s largest distributors by fuel volume in the United States and in the top 10 for additional brands. For additional information, please visit www.crossamericapartners.com.

Contacts

Investors:
Randy Palmer, 210-742-8316
[email protected]