First Bancshares, Inc. Announces Third Quarter 2019 Results

MOUNTAIN GROVE, Miss., Oct. 11, 2019 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCPink – FstBksh: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2019.

For the quarter ended September 30, 2019, the Company had net income of $997,000, or $0.39 per share-diluted, compared to $831,000, or $0.32 per share diluted, for the comparable period in 2018. The $166,000 increase in net income for the quarter ended September 30, 2019 compared to the quarter ended September 30, 2018 was attributable to a $177,000 increase in net interest income after provisions for loan losses due to a $60,000 increase in provision expenses which was offset by a $76,000 decrease in non-interest expense, a $3,000 increase in non-interest income, and a $90,000 increase in tax expense.

Year to date 2019, the Company has net income $2.77 million, or $1.09 per share diluted, compared to $2.21 million, or $0.86 per share diluted, for the nine months ended 2018. Total provisions came to $945,000, resulting in net interest income after provisions of $9.19 million, compared to $366,000 in provisions and $8.89 million in net interest income after provision over the same period in 2018.

As of September 30, 2019, non-performing assets including loans 30 days past due and loans in nonaccrual status totaled $1.64 million or 0.45% of total assets and the allowance for loan and lease losses was 1.15% of total loans, resting at $3.11 million.

Consolidated total assets at September 30, 2019 were $359.95 million, compared to $345.32 million at December 31, 2018. During the nine months of the year, net loans increased 2.65% to $267.31 million, total deposits increased 4.85% to $311.97 million, and total capital increased to $36.85 million, or 10.24% of total assets, compared to $33.82 million, or 9.79% of total assets, at December 31, 2018.

The Bank continues to meet all regulatory requirements for “well-capitalized” status and reports Tier 1 Leverage Ratio of 9.28%, Common Equity Tier 1 Capital Ratio of 11.93%, Tier 1 Capital Ratio of 11.93%, Total Risk Based Capital Ratio of 13.92%, and a Capital Conservation Buffer of 5.92%. Regulatory requirements for these ratios respectively are 5.00%, 6.50%, 8.00%, 10.00%, and 2.50%.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, eight full service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Sparta, Crane and Springfield, and a full service office in Bartley, Nebraska.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly-owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing. 

The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Robert M. Alexander, Chairman and CEO – (719) 955-2800

First Bancshares, Inc. and Subsidiaries
Financial Highlights
(In thousands, except per share amounts)
               
               
  Quarter Ended   Nine Months Ended
  September 30,   September 30,
  2019   2018   2019   2018
Operating Data:              
               
Total interest income $   4,264   $   3,802   $   12,627   $   11,057  
Total interest expense     885       661       2,495       1,797  
Net interest income     3,379       3,141       10,132       9,260  
Provision for loan losses     160       100       945       366  
Net interest income after provision for loan losses     3,219       3,041       9,187       8,894  
Gain (loss) on sale of investments     –       –       –       (1 )
Non-interest income     304       301       957       935  
Non-interest expense     2,190       2,290       6,468        6,895  
Income before taxes     1,333       1,052       3,676       2,933  
Income tax expense     336       246       904       725  
Net income $   997   $   806   $   2,772   $   2,208  
               
Earnings per share $    0.39   $   0.32   $   1.09   $   0.86  
               
   At    At        
   September 30,    December 31,        
Financial Condition Data: 2019   2018        
               
Cash and cash equivalents (excludes CDs) $   20,195   $   15,719        
Investment securities (includes CDs)     49,261       47,760        
Loans receivable, net     267,313       260,411        
Goodwill and intangibles     2,265       2,372        
Total assets     359,954       345,324        
Deposits     311,966       297,531        
Repurchase agreements     5,539       5,566        
FHLB advances     500       4,000        
Stockholders’ equity     36,849       33,817        
Book value per share $   14.52   $   13.29        
                   

Malaga Financial Corporation Reports Increased Earnings And Strong Growth in the Loan Portfolio

PALOS VERDES ESTATES, Calif., Oct. 11, 2019 (GLOBE NEWSWIRE) — Malaga Financial Corporation (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended September 30, 2019 was $3,882,000 ($0.56 basic and $0.55 fully diluted earnings per share), an increase of $121,000 or 3% from net income of $3,761,000 ($0.54 basic and fully diluted earnings per share) for the quarter ended June 30, 2019. Compared to the same quarter last year, net income increased $16,000 from $3,866,000 ($0.58 basic and fully diluted earnings per share, as adjusted for stock dividend declared on November 19, 2018). Net income for the nine months ended September 30, 2019 was $11,100,000 ($1.60 basic and $1.59 fully diluted earnings per share) compared to $11,460,000 ($1.66 basic and $1.65 fully diluted earnings per share, as adjusted for the stock dividend declared on November 19, 2018) for the nine months ended September 30, 2018. For the first nine months of 2019, the Company’s annualized return on average equity was 10.60% and the annualized return on average assets was 1.30%.

The increase in earnings of $121,000 for the third quarter of 2019 compared to second quarter 2019 was primarily attributable to a $223,000 increase in net interest income and a $269,000 decrease in other operating expenses, partially offset by an increase in provision for loan losses of $265,000, a $56,000 decrease in other operating income and a $50,000 increase in income tax expense. The increase in provision for loan losses of $265,000 is due to increase in loans outstanding of $77,864,000.

Net interest income totaled $8,280,000 in the third quarter of 2019, an increase of $177,000 or 2% from the third quarter of 2018. This resulted from an increase in average interest earning assets of $119,803,000 offset by a decrease in the interest rate spread from 3.07% to 2.77%. The decrease in the interest rate spread is primarily attributable to an increase of 0.36% in yield on average interest-bearing liabilities offset by an increase of 0.06% in yield on average interest-earning assets.

Other operating income increased 4% to $205,000 in the third quarter of 2019 from $197,000 in the third quarter of 2018. 

Operating expenses decreased 7% to $2,723,000 in the third quarter of 2019 from $2,938,000 in the third quarter of 2018. The decrease is due primarily to assessment credits received from FDIC for our contributions to the Deposit Insurance Fund (DIF) reserve ratio exceeding 1.35%.

The Company had one 60-89 days delinquent loan in the amount of $233,000 and one 90+ days delinquent loan in the amount of $321,000. The Company had no foreclosed real estate owned at September 30, 2019. The Company’s allowance for loan losses was $3,468,000, or 0.31% of total loans, at September 30, 2019.

Randy C. Bowers, Chairman, President and CEO, commented, “The 3rd quarter continued to be challenging. Competition for deposits intensified while rates on loan originations continued to decline. Growth in the loan portfolio was strong and helped to mitigate the effects of further flattening of the yield curve. Our capital levels are strong, quality remains excellent and our efficiency ratio continues to be one of the best in the industry. We are optimistic as we approach the 4th quarter and the new year .”

Malaga’s total assets increased 15% to $1.232 billion at September 30, 2019 compared to $1.069 billion at September 30, 2018. The loan portfolio at September 30, 2019 was $1.127 billion, an increase of $148 million or 15% from September 30, 2018. Malaga originates loans principally for its own portfolio and not for sale. 

Malaga funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $650.9 million as of September 30, 2019, a $4.0 million decrease from $654.9 million at September 30, 2018. Wholesale deposits, comprised mainly of State of California certificates of deposit, totaled $124.9 million as of September 30, 2019, a $27.3 million increase from $97.6 million at September 30, 2018. FHLB borrowings increased $127 million or 78% from $163 million at September 30, 2018 to $290 million at September 30, 2019. The increase in State of California certificates of deposit and FHLB borrowings were used to fund the increase in loans.

As of September 30, 2019, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 13.01% and 22.90%, respectively, at September 30, 2019, significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively. 

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank with assets over $1 billion, headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded their premier Top 5-Star rating for the 47th consecutive quarter as of June 2019. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Contact: Randy Bowers
  Chairman of the Board, President and Chief Executive Officer
  Malaga Financial Corporation
  310-375-9000
  [email protected]

Coca-Cola Consolidated, Inc. Announces Fourth Quarter Dividend

CHARLOTTE, N.C., Oct. 11, 2019 (GLOBE NEWSWIRE) — Coca-Cola Consolidated, Inc. (NASDAQ: COKE) announced that the Board of Directors has declared a dividend for the fourth quarter of 2019 of $0.25 per share on shares of the Company’s Common Stock and Class B Common Stock payable on November 8, 2019 to shareholders of record as of the close of business on October 25, 2019.

About Coca-Cola Consolidated, Inc.

Coke Consolidated is the largest Coca-Cola bottler in the United States. Our Purpose is to honor God, serve others, pursue excellence and grow profitably. For 117 years, we have been deeply committed to the consumers, customers, and communities we serve and passionate about the broad portfolio of beverages and services we offer. We make, sell, and deliver beverages of The Coca-Cola Company and other partner companies in more than 300 brands and flavors to 66 million consumers in territories spanning 14 states and the District of Columbia.

Headquartered in Charlotte, N.C., Coke Consolidated is traded on the NASDAQ Global Select Market under the symbol “COKE.” More information about the company is available at www.cokeconsolidated.com. Follow Coke Consolidated on Facebook, Twitter, Instagram and LinkedIn.

–Enjoy Coca-Cola–

Media Contact:
Kimberly Kuo
Senior Vice President, Public Affairs,
Communications and Communities
704-557-4584

Investor Contact:
Scott Anthony
Executive Vice President, Chief Financial Officer
704-557-4633

Hillman Group Capital Trust Announces Cash Distribution on Trust Preferred Securities

CINCINNATI, Oct. 11, 2019 (GLOBE NEWSWIRE) — The Hillman Companies, Inc. (“Hillman” or the “Company”) – Doug Cahill, President and CEO of The Hillman Companies, Inc., announced today that a cash distribution has been declared by Hillman Group Capital Trust for the month of October in the amount of $0.241667 for each Trust Preferred Security (NYSE-Amex: HLM_P). The distribution will be payable October 31, 2019 to holders of record October 22, 2019.

Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading North American provider of complete hardware solutions, delivered with industry best customer service to over 38,000 customers.  Hillman designs innovative product and merchandising solutions for complex categories that deliver an outstanding customer experience to home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and OEM & Industrial customers.  Leveraging a world-class distribution and sales network, Hillman delivers a “small business” experience with “big business” efficiency.

For more information on the Company, please visit our website at http://www.hillmangroup.com
or call Investor Relations at (513) 851-4900, ext. 68284

Rush Enterprises, Inc. Conference Call Advisory for Third Quarter 2019 Earnings Results

SAN ANTONIO, Texas, Oct. 11, 2019 (GLOBE NEWSWIRE) — Rush Enterprises, Inc., (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America will host a conference call to discuss earnings for the third quarter of 2019 on Thursday, October 24, 2019 at 10:00 a.m. Eastern/9:00 a.m. Central.  Earnings will be reported after the close of market on Wednesday, October 23, 2019.

Listen to the live conference call on Thursday, October 24, 2019 at 10:00 a.m. Eastern/9:00 a.m. Central by dialing one of the following telephone numbers:

   
Dial in:  914-495-8522
Dial in (Toll Free):    877-638-4557   
Conference ID:    3181958   
   

The conference call, featuring President, Chief Executive Officer and Chairman Rusty Rush; Executive Vice President Derrek Weaver; Chief Operating Officer Michael McRoberts; and Chief Financial Officer Steve Keller, can be accessed live via the Internet at http://investor.rushenterprises.com/events.cfm.

For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until January 15, 2020.  Listen to the audio replay until October 31, 2019 by dialing one of the following telephone numbers:

   
Dial in: 404-537-3406
Dial in (Toll Free):  855-859-2056
Encore:    800-585-8367
Conference ID:  3181958
   

About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 100 dealership locations in 22 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and collision center operations plus financing, insurance, leasing and rental. Rush Enterprises’ operations also provide vehicle upfitting, CNG fuel systems and vehicle telematics products. Additional information about Rush Enterprises’ products and services is available at www.rushenterprises.com. Follow our news on Twitter at @rushtruckcenter and on Facebook at facebook.com/rushtruckcenters.

Contact:
Rush Enterprises, Inc., San Antonio, Texas
Steve Keller (830) 302-5226

Hingham Savings Reports Third Quarter 2019 Results

HINGHAM, Mass., Oct. 11, 2019 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced third quarter results for 2019.

Net income for the quarter ended September 30, 2019 was $9,033,000 or $4.23 per share basic and $4.14 per share diluted, as compared to $8,848,000 or $4.15 per share basic and $4.05 per share diluted for the same period last year.  The Bank’s annualized return on average equity for the third quarter of 2019 was 15.33%, and the annualized return on average assets was 1.40%, as compared to 17.06% and 1.52% for the same period in 2018.  Net income per share (diluted) for the third quarter of 2019 increased by 2% over the same period of 2018. 

Excluding the after-tax gains and losses on securities, both realized and unrealized, core net income for the third quarter of 2019 was $8,801,000 or $4.12 per share basic and $4.03 per share diluted, as compared to $8,424,000 or $3.95 per share basic and $3.85 per share diluted for the same period last year.  The Bank’s annualized core return on average equity for the third quarter of 2019 was 14.94%, and the annualized core return on average assets was 1.37%, as compared to 16.24% and 1.45% for the same period in 2018.  Core net income per share (diluted) for the third quarter of 2019 increased by 5% over the same period in 2018.

Net income for the nine months ended September 30, 2019 was $27,563,000 or $12.92 per share basic and $12.63 per share diluted, as compared to $25,735,000 or $12.07 per share basic and $11.77 per share diluted for the same period last year.  The Bank’s annualized return on average equity for the first nine months of 2019 was 16.17%, and the annualized return on average assets was 1.47%, as compared to 17.17% and 1.49% for the same period last year.  Net income per share (diluted) for the first nine months of 2019 increased by 7% over the same period in 2018.

Excluding the after-tax gains and losses on securities, both realized and unrealized, core net income for the nine months ended September 30, 2019 was $24,182,000 or $11.33 per share basic and $11.08 per share diluted, as compared to $24,729,000 or $11.60 per share basic and $11.31 per share diluted for the same period last year.  The Bank’s annualized core return on average equity for the first nine months of 2019 was 14.19% and the annualized core return on average assets was 1.29%, as compared to 16.50% and 1.43% for the same period last year.  Core net income per share (diluted) for the first nine months of 2019 declined by 2% over the same period in 2018.

Balance sheet growth was mixed, as deposits were $1.706 billion at September 30, 2019, representing 11% annualized growth year-to-date and 1% decline from September 30, 2018.  The growth during the first nine months of 2019 reflected strong growth in retail and business deposits.  The decline over the trailing year was driven by a substantial decline in wholesale deposits, offset by growth in retail and business deposits.  Net loans were $2.141 billion at September 30, 2019, representing 9% annualized growth year-to-date and 8% growth from September 30, 2018.  Total assets were $2.480 billion, representing 4% annualized growth year-to-date and 5% growth from September 30, 2018.  During the third quarter of 2019, the Bank used a portion of its cash balances to reduce outstanding Federal Home Loan Bank advances and brokered time deposits, in order to minimize the carrying cost of its on-balance sheet liquidity.  Book value per share was $111.47 as of September 30, 2019, representing 16% annualized growth year-to-date and 13% growth from September 30, 2018.  In addition to the increase in book value per share, the Bank declared $2.04 in dividends per share since September 30, 2018, including a special dividend of $0.50 per share declared during the fourth quarter of 2018.

Key credit and operational metrics remained strong in the third quarter of 2019.  At September 30, 2019, non-performing assets totaled 0.05% of total assets, compared to 0.02% at December 31, 2018 and 0.02% at September 30, 2018.  Non-performing loans as a percentage of the total loan portfolio totaled 0.06% at September 30, 2019, compared to 0.02% at December 31, 2018 and 0.02% at September 30, 2018.  The Bank recorded $1,000 in net recoveries for both the first nine months of 2019 and 2018.  At September 30, 2019, December 31 and September 30, 2018, the Bank did not own any foreclosed property.  The efficiency ratio was 29.28% for the third quarter of 2019, as compared to 29.17% for the same period last year.  Operating expenses as a percentage of average assets fell to 0.81% in the third quarter of 2019, as compared to 0.86% for the same period last year.  

Chairman Robert H. Gaughen, Jr. stated, “Although returns on equity and assets were adequate in the third quarter of 2019, we continue to face significant headwinds from a now-inverted yield curve and an extraordinarily competitive market for both high-quality lending and deposit relationships.  Given the unique structure and composition of our balance sheet, this is a particularly challenging environment.  As always, we remain focused on careful capital allocation, defensive underwriting, and disciplined cost control – the keys to compounding shareholder capital through all stages of the credit cycle.”

The Bank’s quarterly financial results are summarized in the earnings release, but shareholders are encouraged to read the Bank’s quarterly reports on Form 10-Q, which are generally available several weeks after the earnings release.  The Bank expects to file Form 10-Q for the third quarter of 2019 with the FDIC on or about November 5, 2019.

Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts.  Incorporated in 1834, it is one of America’s oldest banks.  The Bank’s Main Office is located in Hingham and the Bank maintains offices on the South Shore, in Boston (South End and Beacon Hill), and on the island of Nantucket.  The Bank also maintains a commercial lending office in Washington, D.C. 

The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

HINGHAM INSTITUTION FOR SAVINGS
Selected Financial Ratios
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2018   2019   2018   2019
(Unaudited)                      
                       
Key Performance Ratios                      
Return on average assets (1) 1.52 %   1.40 %   1.49 %   1.47 %
Return on average equity (1) 17.06     15.33     17.17     16.17  
Core return on average assets (1) (5) 1.45     1.37     1.43     1.29  
Core return on average equity (1) (5) 16.24     14.94     16.50     14.19  
Interest rate spread (1) (2) 2.67     2.42     2.72     2.36  
Net interest margin (1) (3) 2.93     2.77     2.93     2.69  
Operating expenses to average assets (1) 0.86     0.81     0.88     0.83  
Efficiency ratio (4) 29.17     29.28     29.84     30.70  
Average equity to average assets 8.91     9.16     8.69     9.08  
Average interest-earning assets to average interest-                      
bearing liabilities 119.39     120.49     118.61     120.31  
                       
  September 30,
2018

 
  December 31,
2018

  September 30,
2019
(Unaudited)                      
                       
Asset Quality Ratios                      
Allowance for loan losses/total loans   0.68 %   0.68 %     0.70 %
Allowance for loan losses/non-performing loans   2,807.44     2,852.89       1,138.01  
                     
Non-performing loans/total loans   0.02     0.02       0.06  
Non-performing loans/total assets   0.02     0.02       0.05  
Non-performing assets/total assets   0.02     0.02       0.05  
                     
Share Related                    
Book value per share $ 98.35     $ 99.67     $   111.47  
Market value per share $ 219.81     $ 197.74     $   189.00  
Shares outstanding at end of period   2,132,750       2,132,750       2,133,750  

(1) Annualized.

(2) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(3) Net interest margin represents net interest income divided by average interest-earning assets.

(4) The efficiency ratio represents total operating expenses, divided by the sum of net interest income and total other income, excluding gain on equity securities, net.

(5) Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax gain on equity securities, net.

 

HINGHAM INSTITUTION FOR SAVINGS
Consolidated Balance Sheets
 
           
 
(In thousands, except share amounts)
September 30,
2018
  December 31,
2018
  September 30,
2019
(Unaudited)                 
ASSETS                
                 
Cash and due from banks  $ 10,043   $ 8,004   $ 10,233
Federal Reserve and other short-term investments   286,449     287,971     221,022
Cash and cash equivalents    296,492     295,975     231,255
                 
CRA investment   7,605     7,680     7,948
Debt securities available for sale   15     14     11
Other marketable equity securities   32,099     30,766     38,981
Securities, at fair value   39,719     38,460     46,940
Federal Home Loan Bank stock, at cost   21,682     28,696     23,615
Loans, net of allowance for loan losses of $13,588                
at September 30, 2018, $13,808 at December 31, 2018                
and $15,090 at September 30, 2019   1,976,422     2,009,288     2,140,514
Foreclosed assets          
Bank-owned life insurance    12,414     12,476     12,661
Premises and equipment, net    14,458     14,553     14,339
Accrued interest receivable   5,066     4,581     4,912
Deferred income tax asset, net   1,128     2,258     1,303
Other assets   2,981     2,300     4,833
Total assets $ 2,370,362   $ 2,408,587   $ 2,480,372


LIABILITIES AND STOCKHOLDERS’ EQUITY

                 
Interest-bearing deposits $ 1,494,193   $ 1,359,581   $ 1,474,113
Non-interest-bearing deposits   220,943     213,573     231,616
Total deposits   1,715,136     1,573,154     1,705,729
Federal Home Loan Bank advances   431,242     606,600     519,900
Mortgage payable   766     751     703
Mortgagors’ escrow accounts   6,901     7,402     7,544
Accrued interest payable   1,687     2,187     2,198
Other liabilities   4,883     5,917     6,445
Total liabilities   2,160,615     2,196,011     2,242,519
                 
Stockholders’ equity:                
Preferred stock, $1.00 par value,                
2,500,000 shares authorized, none issued          
Common stock, $1.00 par value, 5,000,000 shares                
authorized; 2,132,750 shares issued and outstanding at   2,133     2,133     2,134
September 30 and December 31, 2018 and 2,133,750 shares                
issued and outstanding at September 30, 2019                
Additional paid-in capital   11,843     11,863     12,073
Undivided profits   195,771     198,580     223,646
Accumulated other comprehensive income          
Total stockholders’ equity   209,747     212,576     237,853
Total liabilities and stockholders’ equity $ 2,370,362   $ 2,408,587   $ 2,480,372
HINGHAM INSTITUTION FOR SAVINGS
Consolidated Statements of Income
 
  Three Months Ended   Nine Months Ended
  September 30,   September 30,
(In thousands, except per share amounts)  2018    2019   2018   2019
(Unaudited)                      
Interest and dividend income:                      
Loans $ 22,523   $ 26,153   $ 64,306   $ 74,049
Equity securities   503     518     1,487     1,503
Federal Reserve and other short-term investments   1,317     1,527     3,814     4,716
Total interest and dividend income   24,343     28,198     69,607     80,268
Interest expense:                      
Deposits   5,291     7,585     13,202     20,805
Federal Home Loan Bank advances   2,294     3,099     6,653     9,766
Mortgage payable   12     11     36     33
Total interest expense   7,597     10,695     19,891     30,604
Net interest income   16,746     17,503     49,716     49,664
Provision for loan losses   350     302     1,050     1,282
Net interest income, after provision for loan losses   16,396     17,201     48,666     48,382
Other income:                      
Customer service fees on deposits   216     213     638     598
Increase in bank-owned life insurance   65     61     193     185
Gain on equity securities, net   544     298     1,290     4,337
Miscellaneous   42     42     129     125
Total other income   867     614     2,250     5,245
Operating expenses:                      
Salaries and employee benefits   3,146     3,290     9,534     9,614
Occupancy and equipment   421     453     1,313     1,354
Data processing   353     419     1,042     1,154
Deposit insurance   258     22     757     530
Foreclosure   (33)     34     (41)     101
Marketing   139     188     488     497
Other general and administrative   695     811     2,028     2,276
Total operating expenses   4,979     5,217     15,121     15,526
Income before income taxes   12,284     12,598     35,795     38,101
Income tax provision   3,436     3,565     10,060     10,538
Net income $ 8,848   $ 9,033   $ 25,735   $ 27,563
                       
Cash dividends declared per share $ 0.36   $ 0.40   $ 1.05   $ 1.17
                       
Weighted average shares outstanding:                      
Basic   2,133     2,134     2,133     2,133
Diluted   2,188     2,183     2,187     2,182
                       
Earnings per share:                      
Basic $ 4.15   $ 4.23   $ 12.07   $ 12.92
Diluted $ 4.05   $ 4.14   $ 11.77   $ 12.63
HINGHAM INSTITUTION FOR SAVINGS  
Net Interest Income Analysis  
   
  Three Months Ended September 30,  
  2018     2019  
  AVERAGE       YIELD/     AVERAGE       YIELD/  
  BALANCE   INTEREST   RATE (8)     BALANCE   INTEREST   RATE (8)  
(Dollars in thousands)                                  
(Unaudited)                                  
                                   
Loans (1) (2) $ 1,973,987   $ 22,523   4.56 %   $ 2,191,324   $ 26,153   4.77 %
Securities (3) (4)   52,166     503   3.86       58,133     518   3.56  
Federal Reserve and other short-term investments   262,943     1,317   2.00       279,802     1,527   2.18  
Total interest-earning assets   2,289,096     24,343   4.25       2,529,259     28,198   4.46  
Other assets   38,380                 43,578            
Total assets $ 2,327,476               $ 2,572,837            
                                   
Interest-bearing deposits (5) $ 1,503,771     5,291   1.41     $ 1,616,151     7,585   1.88  
Borrowed funds   413,497     2,306   2.23       482,975     3,110   2.58  
Total interest-bearing liabilities   1,917,268     7,597   1.58       2,099,126     10,695   2.04  
Demand deposits   197,838                 230,505            
Other liabilities   4,927                 7,514            
Total liabilities   2,120,033                 2,337,145            
Stockholders’ equity   207,443                 235,692            
Total liabilities and stockholders’ equity $ 2,327,476               $ 2,572,837            
Net interest income       $ 16,746               $ 17,503      
                                   
Weighted average spread             2.67 %               2.42 %
                                   
Net interest margin (6)             2.93 %               2.77 %
                                   
Average interest-earning assets to average                                  
interest-bearing liabilities (7)   119.39 %               120.49 %          
(1) Before allowance for loan losses.
(2) Includes non-accrual loans.
(3) Excludes the impact of the average net unrealized gain or loss on securities.
(4) Includes Federal Home Loan Bank stock.
(5) Includes mortgagors’ escrow accounts.
(6) Net interest income divided by average total interest-earning assets.
(7) Total interest-earning assets divided by total interest-bearing liabilities.
(8) Annualized.
HINGHAM INSTITUTION FOR SAVINGS  
Net Interest Income Analysis  
   
  Nine Months Ended September 30,  
  2018     2019  
  AVERAGE
BALANCE
  INTEREST   YIELD/
RATE (8)
    AVERAGE
BALANCE
  INTEREST   YIELD/
RATE (8)
 
(Dollars in thousands)                                  
(Unaudited)                                  
                                   
Loans (1) (2) $ 1,918,239   $ 64,306   4.47 %   $ 2,134,186   $ 74,049   4.63 %
Securities (3) (4)   52,870     1,487   3.75       57,118     1,503   3.51  
Federal Reserve and other short-term investments   289,018     3,814   1.76       270,882     4,716   2.32  
Total interest-earning assets   2,260,127     69,607   4.11       2,462,186     80,268   4.35  
Other assets   38,668                 41,483            
Total assets $ 2,298,795               $ 2,503,669            
                                   
Interest-bearing deposits (5) $ 1,430,524     13,202   1.23     $ 1,548,791     20,805   1.79  
Borrowed funds   475,050     6,689   1.88       497,694     9,799   2.63  
Total interest-bearing liabilities   1,905,574     19,891   1.39       2,046,485     30,604   1.99  
Demand deposits   188,441                 222,280            
Other liabilities   4,954                 7,635            
Total liabilities   2,098,969                 2,276,400            
Stockholders’ equity   199,826                 227,269            
Total liabilities and stockholders’ equity $ 2,298,795               $ 2,503,669            
Net interest income       $ 49,716               $ 49,664      
                                   
Weighted average spread             2.72 %               2.36 %
                                   
Net interest margin (6)             2.93 %               2.69 %
                                   
Average interest-earning assets to average                                  
interest-bearing liabilities (7)   118.61 %               120.31 %          
(1) Before allowance for loan losses.
(2) Includes non-accrual loans.
(3) Excludes the impact of the average net unrealized gain or loss on securities.
(4) Includes Federal Home Loan Bank stock.
(5) Includes mortgagors’ escrow accounts.
(6) Net interest income divided by average total interest-earning assets.
(7) Total interest-earning assets divided by total interest-bearing liabilities.
(8) Annualized.

Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

TrustCo to Release Third Quarter 2019 Results on October 21, 2019; Conference Call on October 22, 2019

GLENVILLE, N.Y., Oct. 11, 2019 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release third quarter 2019 results after the market close on October 21, 2019.  Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday.  A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on October 22, 2019.  Those wishing to participate in the call may dial toll-free 1-888-339-0764.  International callers must dial 1-412-902-4195.   Please ask to be joined into the TrustCo Bank Corp NY / TRST call.  A replay of the call will be available for thirty days by dialing 1-877-344-7529 (1-412-317-0088 for international callers), Conference Number 10135926.

The call will also be audio webcast at https://services.choruscall.com/links/trst191022.html, and will be available for one year.  The earnings press release will be posted on the Company’s Investor Relations website at: http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=100465.  Other information, including the Company’s most recent annual report, proxy statement and filings with the Securities and Exchange Commission can also be found at this website.

TrustCo Bank Corp NY is a $5.2 billion savings and loan holding company and through its subsidiary, Trustco Bank, operates 148 offices in New York, New Jersey, Vermont, Massachusetts, and Florida.  For more information, visit www.trustcobank.com.

In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services.

The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST.

Safe Harbor Statement 

All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended.  Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance during current and future periods and for the growth of loans and deposits throughout our branch network, our ability to capitalize on economic changes in the areas in which we operate and the extent to which higher expenses to fulfill operating and regulatory requirements recur or diminish over time.  Such forward-looking statements are subject to factors that could cause actual results to differ materially for TrustCo from those discussed. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement:  our ability to continue to originate a significant volume of one-to-four family mortgage loans in our market areas; our ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income; our ability to comply with the supervisory agreement entered into with Trustco Bank’s regulator and potential regulatory actions if we fail to comply; restrictions or conditions imposed by our regulators on our operations that may make it more difficult for us to achieve our goals; the future earnings and capital levels of Trustco Bank and the continued ability of Trustco Bank under regulatory rules and the supervisory agreement to distribute capital to TrustCo, which could affect our ability to pay dividends; results of examinations of Trustco Bank and TrustCo by our respective regulators; our ability to make accurate assumptions and judgments regarding the credit risks associated with lending and investing activities; the effect of changes in financial services laws and regulations and the impact of other governmental initiatives affecting the financial services industry; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board, inflation, interest rates, market and monetary fluctuations; the perceived overall value of our products and services by users, including in comparison to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for our products and services; real estate and collateral values; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or PCAOB; changes in local market areas and general business and economic trends, as well as changes in consumer spending and saving habits; our success at managing the risks involved in the foregoing and managing our business; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and in our subsequent quarterly reports on Form 10-Q or other securities filings.

Subsidiary:  Trustco Bank

Robert Leonard
Executive Vice President and
Chief Risk Officer
(518) 381-3693

Gazit Globe Reaffirms its Commitment and Price

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTION OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

TEL-AVIV, Israel, Oct. 11, 2019 (GLOBE NEWSWIRE) — On 23 July 2019, Atrium European Real Estate Limited (VSE/Euronext: ATRS) (“Atrium” or the “Company”) announced that the Independent Committee of the Board of Directors of Atrium had reached an agreement with Nb (2019) B.V., which is an indirect wholly-owned subsidiary of Gazit-Globe Ltd (“Gazit”), on the terms and conditions of an all cash acquisition  of the entire issued, and to be issued ordinary share capital of Atrium that is not already owned directly or indirectly by Gazit or its subsidiaries Gazit Gaia Limited and Gazit Midas Limited to be implemented by a court sanctioned scheme of arrangement under Jersey Companies Law (the “Acquisition”) for EUR 3.75 per share in cash (the “Offer Price” and such offer being the “Gazit Offer”). The Independent Committee of the Board of Directors of Atrium has received a fairness opinion letter as to the financial terms of the Gazit Offer from its financial adviser UBS AG London Branch and has unanimously recommended the Gazit Offer.

On 11 September 2019, Atrium announced the completion of an independent process which was designed by the Independent Committee of the Board of Directors of Atrium to determine if there were any third-party bona fide proposals superior to the Gazit Offer (the “Go-Shop”). Gazit committed to consider in good faith any such superior proposals resulting from the Go-Shop. Atrium has since announced that despite engaging with 35 potential investors during the Go Shop period, including a number of investors that devoted significant time and resource to consider a potential transaction and undertake due diligence, no superior proposal was received. The Independent Committee of the Board of Directors of Atrium therefore reaffirmed its recommendation of the Gazit Offer to the minority shareholders.

Gazit notes the statements in the press by certain shareholders who do not support the Gazit Offer relating to the Offer Price. Gazit continues to believe that the Gazit Offer represents an attractive price for minority shareholders to monetize their investment in Atrium as well as offers them a premium of 18.3% to the closing price immediately prior to the announcement of the Gazit Offer, a premium of 18.0% to the volume-weighted average price for the one-month period prior to the announcement of the Gazit Offer and a premium of 15.3% to the volume-weighted average price for the three-month period prior to the announcement of the Gazit Offer. Accordingly, Gazit hereby confirms that it remains fully committed to its offer, that the Offer Price is final and that it has no intention of increasing the Offer Price.

The Acquisition remains subject to the satisfaction or (where applicable) waiver of the conditions set out in the announcement of the Acquisition by Atrium and Gazit on 23 July 2019 and in the scheme circular published by Atrium on 27 September 2019. Such conditions include, amongst others, the approvals of Atrium shareholders and sanction by the Royal Court of Jersey.

Gazit has been a material investor in Atrium for eleven years and has and continues to be a strong supporter of the Company’s strategy. Regardless of the outcome of the Acquisition, Gazit will continue to support Atrium and its strategy going forward for the benefit of all shareholders.

About Gazit Globe
Gazit Globe is a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in North America, Israel, Brazil, Northern, Central and Eastern Europe, located in urban growth markets. Gazit Globe is listed on the Tel Aviv Stock Exchange (TASE: GZT) and is included in the TA-35 index in Israel. As of June 30, 2019, Gazit Globe owns and operates 102 properties, with a gross leasable area of approximately 2.5 million square meters and a total value of approximately NIS 40 billion. In addition, as of June 30, 2019 the Company owns approximately 9.9% of First Capital Realty Inc.

FOR ADDITIONAL INFORMATION
A comprehensive copy of the Company’s financial report is available on Gazit Globe website at www.gazitglobe.com
Investors Contact: [email protected], Media Contact: [email protected]
Gazit Globe Headquarters, Tel-Aviv, Israel, Tel: +972 3 6948000

An Individualized Path to Healing Through Equine Therapy

An Individualized Path to Healing Through Equine Therapy

Denver, CO, October 11, 2019 –(PR.com)– Tracy Boone and her 13-year-old son Elijah, from Colorado, have been working with horses for almost seven years. However, they don’t always ride. The Boones specialize in equine-assisted philosophy which is experiential learning with horses. Last week, their foundation, Elijah’s Path to Healing was featured on Channel 9 News and captured the hearts of the journalists. The television feature has created increased exposure in helping the foundation get even closer to achieving their goal of traveling across the country bringing support and resources to children who have lost a parent.

In 2012, Tracy Boone and her young son, Elijah, lost their happily ever after when Reid, Tracy’s beloved husband, and Elijah’s dad died. Tracy was left a widow and Elijah fatherless without his hero. Although fighting the brain disease Reid had was difficult, Tracy realized that the healing process might be even more difficult especially for her young son of six years. Sadly, she was right.

“Whenever you go through a traumatic experience you can’t forget it. It’s like a scar,” Elijah says. “It’s with you. Over time it heals, but it never really goes away.”

The mission of the foundation is to provide resources to grieving widows and children who have lost a parent – resources like equine-assisted philosophy, workshops, and retreats, prayer groups, access to medical practitioners who specialize in children’s development needs, grief therapists, financial advisors and even a photographer for new family portraits. The foundation is actively raising funds to purchase a Keystone Raptor 429 and a F450 Duely to set up communities across America.

Boone describes a horse’s response as a mirror of yourself. Horses can pick up on anxiety, depression, traumatic brain injuries, behavioral issues and a range of other mental health problems and past traumas. “You get someone with anxiety like we had, and you walk up to a horse and you start brushing it, right? It calms you and you start to get into connection again,” Boone said.

About Elijah’s Path to Healing Foundation: The foundation provides paths to healing through relationships, community, and partnerships for the widows and the fatherless using a faith-based model. Partnerships and donations allow the foundation to offer widows and their children a community of support and hope through specialized services and education. www.IcanFinishWell.com

Urbanfund Corp. Declares Dividend

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 11, 2019 (GLOBE NEWSWIRE) — Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”), announces that the Board of Directors of the Company has declared a dividend of $0.0075 per common share and $0.0075 per Series A, first preferred share for the three-month period ended September 30, 2019, representing $0.03 per share on an annualized basis. The dividend is payable on October 29, 2019 to the shareholders of record on October 22, 2019.

This dividend is designated by the Company as an eligible dividend as defined by the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

The Company has Dividend Reinvestment Plans for holders of its common shares and Series A, first preferred shares (collectively, the “DRIPs”). The DRIPs provide eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares of the Company at a 5% discount to the volume-weighted average trading price of the common shares for the ten-day period preceding the dividend payment date. Shareholders are encouraged to review the text of the DRIPs, which are available at www.sedar.com, and consult with their investment advisors should they desire to participate. 

The declaration and payment of dividends is at the discretion of the board of directors of the Company and any future declaration of dividends will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the Company.

ABOUT URBANFUND

Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.

The Company’s focus is to identify, evaluate and invest in real estate or real estate related projects.  The Company’s assets are located in Toronto, Belleville, Kitchener, London, and Brampton Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia.

FORWARD-LOOKING INFORMATION

This press release contains certain forward-looking statements, including statements about the Company’s dividend policy and dividend payment, which constitute forward-looking statements. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company’s control such as real estate taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company’s assets.

More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the “Risks and Uncertainties” section of the Company’s most recent Management’s Discussion and Analysis dated August 26, 2019.

For further information, please contact:

Mitchell Cohen
Chief Executive Officer and President
Urbanfund Corp.
416-703-1877 ext. 1025

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