Patsy Palmer 'does a Piers Morgan' as she quits a virtual GMB interview after the programme referenced her addiction past.
Patsy Palmer 'does a Piers Morgan' as she quits a virtual GMB interview after the programme referenced her addiction past.
A man pleaded guilty in the murders of his child's mother and seven other members of her family on Thursday, the fifth anniversary of when the shootings were discovered in southern Ohio. One of their relatives, Tony Rhoden Sr., has sued the suspects, saying he wanted to be sure none of them benefitted financially from the slayings.
Where can you spend your cryptocurrency? Yahoo Money rounded up U.S. merchants that accept it as tender and third-party merchants that can convert your crypto into cash.
Moog Inc. Announces Second Quarter Fiscal Year 2021 Earnings Webcast on April 30, 2021
Daunte Wright, a 20-year-old Black father in Minnesota, was fatally shot by police officer Kim Potter during a traffic stop earlier this month.
Republicans proposed eliminating spending on caregivers, combating climate change and manufacturing that go beyond physical infrastructure.
West Virginia coach Neal Brown has received a two-year contract extension through the 2026 season, athletic director Shane Lyons announced Thursday. Brown has coached the Mountaineers to an 11-11 record in his first two seasons, including a 6-4 mark in 2020. Brown was hired in January 2019 to replace Dana Holgorsen after going 35-16 in four years at Troy.
WASHINGTON — The Department of Housing and Urban Development is withdrawing a Trump-era policy that would have allowed taxpayer-funded homeless shelters to deny access to transgender people. The move is partially symbolic; the proposed policy never truly took hold on the ground and was still being hotly debated last fall when former President Donald Trump lost his bid for reelection. One of President Joe Biden's first actions after taking office was signing a Jan. 20 executive order on combating discrimination on the basis of gender identity or sexual orientation. Biden directed every executive branch agency to examine further steps that could be taken to combat such discrimination. “Access to safe, stable housing — and shelter — is a basic necessity,” said new HUD Secretary Marcia Fudge. “Unfortunately, transgender and gender non-conforming people report more instances of housing instability and homelessness than cisgender people. Today, we are taking a critical step in affirming HUD’s commitment that no person be denied access to housing or other critical services because of their gender identity.” The 2012 Equal Access Rule bars federally funded housing programs from discriminating based on sexual orientation or gender identity. But under Trump and his housing secretary, Ben Carson, HUD proposed a modification to the rule that would have allowed single-sex homeless shelters to deny transgender people access. Democratic Virginia Rep. Jennifer Wexton, who clashed publicly with Carson over the issue in 2019, hailed Thursday's announcement as an expected but necessary step to ensure protections for one of the country's vulnerable populations. "It’s a relief to see it officially withdrawn," Wexton said. "Housing saves lives, especially for the trans community who face disproportionate rates of violence and homelessness. HUD’s actions today will advance equality and protect the well-being of transgender Americans across the country.” Ashraf Khalil, The Associated Press
LOWELL, Mass., April 22, 2021 (GLOBE NEWSWIRE) -- Enterprise Bancorp, Inc. (NASDAQ: EBTC), parent of Enterprise Bank, announced net income for the three months ended March 31, 2021 of $10.4 million, or $0.86 per diluted common share, compared to $4.0 million, or $0.34 per diluted common share, for the three months ended March 31, 2020. As previously announced on April 20, 2021, the Company declared a quarterly dividend of $0.185 per common share to be paid on June 1, 2021 to shareholders of record as of May 11, 2021. Chief Executive Officer Jack Clancy commented, “Our first quarter 2021 results compared to 2020 were largely the result of growth in net interest income and a decrease in the provision for credit losses. As of March 31, 2021, both loans and customer deposits have grown significantly compared to March 31, 2020, with loan growth derived principally from PPP loans, which has also positively impacted deposit growth. Deposit growth has additionally benefited from government stimulus checks and customers proactively building liquidity in response to the economic uncertainty caused by the pandemic. We anticipate that as the majority of outstanding PPP loans are forgiven or paid off, which we believe will occur principally during the remainder of 2021, and as customers spend down their PPP funds, that we will likely experience a reduction in assets, loans and deposits.” Mr. Clancy further commented, “The government's extension of the Paycheck Protection Program has continued to be a significant initiative for the Bank in 2021 and has provided much needed financial support to many of our customers. We have actively participated in round three of the PPP, which began on January 11, 2021, and through April 20, 2021 we have received approval from the SBA for 1,317 PPP loans amounting to $200.9 million with an average loan size of $153 thousand. In total, we have received approval from the SBA for 4,080 PPP loans amounting to $710.3 million and received $25.8 million in SBA fees since the program began in April 2020.” As previously announced on April 2, 2021, the Company redeemed on March 31, 2021, $15.0 million in 6.00% fixed-to-floating rate subordinated notes that were issued in January 2015 and due on January 30, 2030. Founder and Chairman of the Board George Duncan noted, “The opportunity to prepay the subordinated notes resulted from our strong capital and allowance for credit loss positions, the $60.0 million in subordinated notes we issued last July, and the stabilizing economy. The early redemption resulted in an expense of approximately $713 thousand which will be recovered through a reduction in interest expense in approximately nine months and will result in annual pre-tax savings of approximately $900 thousand beginning in 2022.” Mr. Duncan further commented, “We remain steadfastly committed to our long-term focus of serving our customers, building relationships, investing in our future, cultivating our digital evolution, expanding our market area, and further developing our services and products. Regarding our branch network, we opened our 26th branch in North Andover, Massachusetts in January 2021 and expect to open our 27th branch in Londonderry, New Hampshire in early 2022. We are relocating our Lawrence, Massachusetts branch this summer within the same building to the end unit to provide for a drive-up window and drive-up ATM and will also move from our temporary Lexington, Massachusetts location later this year to a prime location in the Lexington downtown area where we will have dedicated parking and a vestibule for an ATM and night-time deposit drop.” Mr. Clancy and Mr. Duncan jointly added, “We want to thank our valued customers for their patience and understanding over the past year as we navigated through the various pandemic protocols which were all intended to keep everyone safe. We have been intensely focused on our team members’ and customers’ safety and well-being. We want to thank every team member in our Enterprise family. We could not be prouder of the dedication, care and teamwork each team member has displayed for our customers and each other. It has really energized us both and we look forward to continued growth and achievement in the years to come.” Paycheck Protection Program (“PPP”)Throughout this press release we have noted certain balances, ratios or other measures of the Company’s performance which exclude the impact of PPP loans, which we expect to be short-term in nature. We refer to any balance, ratio or measure that excludes PPP loans as “core.” The core balances, ratios and measures were derived in order to provide more meaningful comparisons to prior periods as the majority of PPP loans outstanding are expected to pay off during the next several quarters. The table on page 9 provides a reconciliation of the non-GAAP measures to the information presented under U.S. generally accepted accounting principles (“GAAP”). The PPP was created by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and instituted by the Small Business Administration (“SBA”). The PPP allowed entities to apply for a 1.00% interest rate loan with payments generally deferred until the date the lender receives the applicable forgiveness amount from the SBA. The PPP loans may be partially or fully forgiven by the SBA if the entity meets certain conditions. The maturity term for any principal portion left unforgiven is either 2 or 5 years from the funding date, depending on when the loan was originated. All PPP loans are fully guaranteed by the SBA and are included in total loans. As of March 31, 2021, the Company had 3,150 PPP loans outstanding with a principal balance of $496.5 million and deferred SBA fees of $12.3 million. Results of Operations Net income for the three months ended March 31, 2021 amounted to $10.4 million, an increase of $6.3 million, compared to the three months ended March 31, 2020. The increase in net income for the three months ended March 31, 2021 was driven primarily by an increase in net interest income and a decrease in the provision for credit losses, partially offset by an increase in non-interest expense. Net interest income for the three months ended March 31, 2021 amounted to $34.7 million, an increase of $4.8 million, or 16%, compared to the three months ended March 31, 2020. The increase in net interest income was due largely to interest-earning asset growth, primarily in PPP loans, and lower deposit interest expense, partially offset by an increase in subordinated debt interest expense. For the three months ended March 31, 2021, net interest income included $1.1 million in PPP interest income and $4.9 million in PPP related SBA fee income. Average loan balances (including loans held for sale) increased $468.7 million, or 18%, for the three months ended March 31, 2021, compared to the three months ended March 31, 2020. Average balances, excluding PPP loans, have remained relatively unchanged compared to the three months ended March 31, 2020. Tax equivalent net interest margin (“net interest margin” or “margin”) was 3.62%, 3.49%, and 3.89% for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. The change in net interest margin for the three months ended March 31, 2021 compared to March 31, 2020, resulted primarily from lower interest rates and interest-earning asset yields declining more than the cost of funds. Margin for the three months ended March 31, 2021 and December 31, 2020 was positively impacted by accelerated SBA fee income on PPP loan forgiveness and negatively impacted by large interest-earning deposit balances, which consists primarily of short-term, overnight balances held at the Federal Reserve Bank. PPP loan forgiveness amounted to approximately $153.0 million and $46.6 million for the three months ended March 31, 2021 and December 31, 2020, respectively, resulting in higher margin for the three months ended March 31, 2021 compared to the three months ended December 31, 2020. The quarterly average interest-earning deposit balance was $279.8 million, $303.7 million and $35.5 million for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. The increase in the March 31, 2021 and December 31, 2020 periods compared to the March 31, 2020 period resulted primarily from increases in customer deposit balances and to a lesser extent funds received from PPP loan forgiveness. Adjusted net interest margin, excluding PPP loans and average interest-earning deposit balances, was 3.68%, 3.76%, and 3.92% for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. For the three months ended March 31, 2021, the provision for credit losses amounted to $680 thousand, compared to $6.1 million for the three months ended March 31, 2020. The provision for the quarter ended March 31, 2021 resulted from an increase in specific reserves and a change in loan mix, partially offset by a slight decrease in core loans during the period. The provision for the prior year quarter reflected increases in reserves related to the impact of COVID-19 and from an increase in impaired loan reserves. Non-interest income for the three months ended March 31, 2021, amounted to $4.3 million, an increase of $101 thousand, or 2%, compared to the three months ended March 31, 2020. Quarter-to-date non-interest income increased in 2021 due primarily to increases in wealth management fees and gains on equity investment fair values, partially offset by a decrease in loan derivative fees. The latter two items are included in other income. Non-interest expense for the three months ended March 31, 2021, amounted to $24.7 million, an increase of $2.0 million, or 9%, compared to the three months ended March 31, 2020. Increases in non-interest expense in the first quarter of 2021 related primarily to the Company’s strategic growth initiatives, particularly salaries and employee benefits, and to a lesser extent occupancy, technology and telecommunications expenses. The increase in non-interest expense also resulted from a loss of $713 thousand on the early redemption of $15.0 million in 6.00% fixed-to-floating rate subordinated notes issued in January 2015 and due in January 2030. The loss on the extinguishment of subordinated debt consisted of $600 thousand in prepayment penalties and $113 thousand in unamortized issuance costs. CECL Adoption In the first quarter of 2021, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments, including the current expected credit losses (“CECL”) methodology for estimating the allowance for credit losses ("ACL"). The CECL methodology requires earlier recognition of credit losses using a lifetime credit loss measurement approach that also requires the consideration of reasonable and supportable forecasts in the estimate. The adoption of CECL resulted in the Company recording a net cumulative-effect adjustment, effective January 1, 2021, that decreased retained earnings by $6.5 million, net of $2.5 million in deferred income taxes. The ACL for loans increased by $6.6 million and the ACL for unfunded commitments (included in other liabilities) increased by $2.4 million. Credit Quality At March 31, 2021, the ACL for loans amounted to $49.9 million, or 1.60% of total loans and 1.90% of total core loans, compared to $44.6 million, or 1.45% of total loans and 1.69% of core loans at December 31, 2020. The ACL for unfunded commitments amounted to $2.5 million. Net charge-offs for the quarters ended March 31, 2021 and December 31, 2020 amounted to $1.8 million and $1.4 million, respectively, compared to net recoveries of $3 thousand for the quarter ended March 31, 2020. The net charge-offs for the quarter ended March 31, 2021, related primarily to an individually evaluated commercial real estate loan, which was fully reserved in late 2020. The charge-off resulted in the loan being recorded at the estimated fair value less cost to sell the underlying collateral. The Company transferred the property to other real estate owned (“OREO”) in April 2021 by accepting the deed in-lieu of foreclosure. As of March 31, 2021, short-term payment deferrals due to the COVID-19 pandemic remained active on 31 loans, amounting to $39.9 million, or 1.52%, of total core loans, compared to 47 loans amounting to $46.7 million, or 1.78%, of total core loans, as of December 31, 2020. As of April 20, 2021, the balance of loans with a short-term payment deferral was reduced to 0.75% of total core loans. Non-performing assets are comprised of non-accrual loans and OREO. The Company had no OREO at March 31, 2021, December 31, 2020 or March 31, 2020. As noted above, in April of 2021, the Company transferred a commercial office building with a net book value of $2.4 million to OREO. Non-performing assets to total core assets amounted to 0.94% at March 31, 2021, compared to 1.07% and 0.47% at December 31, 2020 and March 31, 2020, respectively. Non-performing loans to total core loans amounted to 1.36% at March 31, 2021, compared to 1.45% and 0.59% at December 31, 2020 and March 31, 2020, respectively. The increase at March 31, 2021, compared to March 31, 2020, was due to credit downgrades partially offset by payoffs, credit upgrades and charge-offs since the prior period. Credit downgrades included three commercial relationships which became non-accrual in the fourth quarter of 2020 and are in industries that have been highly impacted by the pandemic. One of these relationships had a charge-off of $1.8 million during the quarter ended March 31, 2021, which largely accounted for the decrease compared to December 31, 2020. This relationship was transferred to OREO in April 2021. Key Financial Highlights Total assets amounted to $4.26 billion at March 31, 2021, compared to $4.01 billion at December 31, 2020, an increase of $243.4 million, or 6%. Total core assets have increased $202.3 million, or 6%, since December 31, 2020. The increase in total assets since December 31, 2020, is related primarily to the increase in interest-earning deposits of $187.6 million. Total interest-earning deposits, which consists primarily of short-term, overnight balances held at the Federal Reserve Bank, amounted to $400.8 million at March 31, 2021 compared to $213.1 million at December 31, 2020. The increase relates primarily to increases in customer deposit balances, and to a lesser extent, funds received from the SBA for PPP loan forgiveness.Total loans amounted to $3.11 billion at March 31, 2021, compared to $3.07 billion at December 31, 2020, an increase of $35.5 million, or 1%. Total core loans have decreased slightly since December 31, 2020.Customer deposits amounted to $3.74 billion at March 31, 2021, compared to $3.48 billion at December 31, 2020, an increase of $264.9 million, or 8%. Management believes the deposit growth since December 31, 2020 was due in large part to customers depositing funds received from round three PPP loan advances, stimulus checks, and generally maintaining higher liquidity in response to the pandemic. Investment assets under management, which are not carried as assets on the Company's Consolidated Balance Sheets, amounted to $930.2 million at March 31, 2021, compared to $1.00 billion at December 31, 2020, a decrease of $73.6 million, or 7%. The decrease resulted primarily from the departure of a large, institutional relationship, following the client's merger, partially offset by net new assets and increases in market values.The Total Regulatory Capital and Tier 1 Capital to risk weighted asset ratios for the Company, on a consolidated basis, were 14.28% and 10.94%, respectively, at March 31, 2021, compared to 14.62% and 10.77%, respectively, at December 31, 2020, and 11.61% and 9.84%, respectively, at March 31, 2020. The decrease in the Company's Total Regulatory Capital since December 31, 2020 primarily reflects the March 31, 2021 redemption of $15.0 million in fixed-to-floating rate subordinated notes issued in January 2015 and due in January 2030. The subordinated notes were classified as Tier 2 capital for the Company and Tier 1 capital was not impacted by the redemption. Additionally, Total Regulatory Capital and Tier 1 Capital were impacted by the $6.5 million deduction from the adoption of CECL, offset by net income less dividends paid.The increase in the Company's Total Regulatory Capital to risk weighted asset ratio since March 31, 2020 reflects primarily the Company’s issuance of $60.0 million in fixed-to-floating rate subordinated notes in July 2020. The July 2020 notes were classified as Tier 2 regulatory capital for the Company and did not impact the Company's Tier 1 capital ratios. Additionally, the Total Regulatory Capital and Tier 1 Capital ratios increased over the period from growth in net income less dividends paid, and from low core loan growth during the period. Despite the increase in Tier 1 capital, the Company's Tier 1 capital to average assets ratio did not increase due to average asset growth from PPP loans, which are excluded from the risk weighted capital ratios. During the quarter, the Bank's Total Regulatory and Tier 1 capital ratios were impacted by the adoption of CECL and the redemption of the subordinated notes. Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 126 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, and commercial insurance services, as well as wealth management, and trust services. The Company’s headquarters and Enterprise Bank’s main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company’s primary market area is the Greater Merrimack Valley, Nashoba Valley, and North Central regions of Massachusetts and Southern New Hampshire (Southern Hillsborough and Rockingham counties). Enterprise Bank has 26 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Nashua (2), Pelham, Salem and Windham. The Company is in the process of establishing a branch office in Londonderry, New Hampshire and anticipates that this location will open in early 2022. This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “plan,” and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, general economic conditions, the impact of the ongoing COVID-19 pandemic, changes in interest rates, regulatory considerations, competition and market expansion opportunities, changes in non-interest expenditures or in the anticipated benefits of such expenditures, the receipt of required regulatory approvals, changes in tax laws, and current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law. ENTERPRISE BANCORP, INC.Consolidated Balance Sheets(unaudited) (Dollars in thousands, except per share data) March 31,2021 December 31,2020 March 31,2020Assets Cash and cash equivalents: Cash and due from banks $40,539 $40,636 $32,833 Interest-earning deposits 400,777 213,146 42,024 Total cash and cash equivalents 441,316 253,782 74,857 Investments: Debt securities at fair value (amortized cost of $581,360, $551,191, and $482,699, respectively) 601,264 582,303 505,671 Equity securities at fair value 1,197 746 588 Total investment securities at fair value 602,461 583,049 506,259 Federal Home Loan Bank stock 2,010 1,905 5,624 Loans held for sale 7,545 371 476 Loans: Total loans 3,109,360 3,073,860 2,683,927 Allowance for credit losses (49,899) (44,565) (39,764)Net Loans 3,059,461 3,029,295 2,644,163 Premises and equipment, net 46,040 46,708 46,734 Lease right-of-use asset 18,279 18,439 18,893 Accrued interest receivable 15,958 16,079 12,977 Deferred income taxes, net 16,239 11,290 9,045 Bank-owned life insurance 31,499 31,363 30,929 Prepaid income taxes 3,600 2,449 1,005 Prepaid expenses and other assets 7,697 13,938 10,535 Goodwill 5,656 5,656 5,656 Total assets $4,257,761 $4,014,324 $3,367,153 Liabilities and Stockholders’ Equity Liabilities Deposits: Customer deposits $3,741,146 $3,476,268 $2,912,850 Brokered deposits 75,015 74,995 — Total deposits 3,816,161 3,551,263 2,912,850 Borrowed funds 8,631 4,774 84,169 Subordinated debt 58,889 73,744 14,876 Lease liability 17,397 17,539 17,968 Accrued expenses and other liabilities 26,979 30,638 31,756 Accrued interest payable 949 1,940 897 Total liabilities 3,929,006 3,679,898 3,062,516 Commitments and Contingencies Stockholders’ Equity Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued — — — Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,007,998 shares issued and outstanding at March 31, 2021;11,937,795 shares issued and outstanding at December 31, 2020; and 11,897,322 shares issued and outstanding at March 31, 2020 120 119 119 Additional paid-in capital 97,970 97,137 94,920 Retained earnings 216,610 214,977 193,791 Accumulated other comprehensive income 14,055 22,193 15,807 Total stockholders’ equity 328,755 334,426 304,637 Total liabilities and stockholders’ equity $4,257,761 $4,014,324 $3,367,153 ENTERPRISE BANCORP, INC.Consolidated Statements of Income(unaudited) Three months ended March 31,(Dollars in thousands, except per share data) 2021 2020Interest and dividend income: Loans and loans held for sale $33,650 $31,298 Investment securities 3,394 3,484 Other interest-earning assets 65 165 Total interest and dividend income 37,109 34,947 Interest expense: Deposits 1,323 4,405 Borrowed funds 8 415 Subordinated debt 1,042 231 Total interest expense 2,373 5,051 Net interest income 34,736 29,896 Provision for credit losses 680 6,147 Net interest income after provision for credit losses 34,056 23,749 Non-interest income: Wealth management fees 1,612 1,440 Deposit and interchange fees 1,606 1,691 Income on bank-owned life insurance, net 136 153 Net gains on sales of debt securities 128 100 Net gains on sales of loans 128 147 Other income 689 667 Total non-interest income 4,299 4,198 Non-interest expense: Salaries and employee benefits 15,721 14,819 Occupancy and equipment expenses 2,381 2,176 Technology and telecommunications expenses 2,554 2,188 Advertising and public relations expenses 514 645 Audit, legal and other professional fees 567 605 Deposit insurance premiums 356 404 Supplies and postage expenses 227 247 Loss on extinguishment of subordinated debt 713 — Other operating expenses 1,651 1,595 Total non-interest expense 24,684 22,679 Income before income taxes 13,671 5,268 Provision for income taxes 3,319 1,251 Net income $10,352 $4,017 Basic earnings per common share $0.87 $0.34 Diluted earnings per common share $0.86 $0.34 Basic weighted average common shares outstanding 11,959,469 11,841,392 Diluted weighted average common shares outstanding 11,994,437 11,877,031 ENTERPRISE BANCORP, INC.Selected Consolidated Financial Data and Ratios(unaudited) At or for the three months ended At or for theyear ended At or for the three months ended(Dollars in thousands, except per share data) March 31,2021 December 31,2020 March 31,2020BALANCE SHEET DATA Total assets $4,257,761 $4,014,324 $3,367,153 Loans serviced for others 80,176 78,991 97,195 Investment assets under management 930,226 1,003,841 793,185 Total assets under management $5,268,163 $5,097,156 $4,257,533 INCOME STATEMENT RATIOS (annualized) Return on average total assets 1.03% 0.82 % 0.49 %Return on average stockholders’ equity 12.78% 9.95 % 5.34 %Net interest margin (tax equivalent)(1) 3.62% 3.59 % 3.89 % STOCKHOLDERS EQUITY RATIOS Book value per common share $27.38 $28.01 $25.61 Dividends paid per common share $0.185 $0.700 $0.175 CAPITAL RATIOS Total capital to risk weighted assets 14.28% 14.62 % 11.61 %Tier 1 capital to risk weighted assets 10.94% 10.77 % 9.84 %Tier 1 capital to average assets 7.62% 7.52 % 8.69 %Common equity tier 1 capital to risk weighted assets 10.94% 10.77 % 9.84 % CREDIT QUALITY DATA Non-performing assets $35,630 $38,050 $15,801 Non-performing assets to total assets 0.84% 0.95 % 0.47 %Non-performing assets to total core assets 0.94% 1.07 % 0.47 %Non-performing loans to total loans 1.15% 1.24 % 0.59 %Non-performing loans to total core loans 1.36% 1.45 % 0.59 %Allowance for credit losses to total loans 1.60% 1.45 % 1.48 %Allowance for credit losses to total core loans 1.90% 1.69 % 1.48 % (1) Tax equivalent net interest margin is net interest income adjusted for the tax equivalent effect associated with tax exempt loan and investment income, expressed as a percentage of average interest-earning assets.Enterprise Bank’s capital ratios as of the periods indicated: March 31,2021(2) December 31,2020(2) March 31, 2020Total capital to risk weighted assets 14.27 % 14.55 % 11.60 %Tier 1 capital to risk weighted assets 13.01 % 13.29 % 10.35 %Tier 1 capital to average assets 9.06 % 9.27 % 9.14 %Common equity tier 1 capital to risk weighted assets 13.01 % 13.29 % 10.35 % (2) Increased capital ratios since March 31, 2020 reflect the investment of $53.0 million from the Company to the Bank resulting from the Company’s issuance on July 7, 2020 of $60.0 million in subordinated notes, net income growth less dividends paid, and low core loan growth during the period. The decreased capital ratios since December 31, 2020 reflect the adoption of CECL and a dividend from the Bank to the Company to fund the redemption of the 2015 subordinated notes. Despite the increase in Tier 1 capital, the Bank’s Tier 1 capital to average assets ratio did not increase due to average asset growth from PPP loans, which are excluded from the risk weighted capital ratios. ENTERPRISE BANCORP, INC.Selected Consolidated Financial Data and Ratios (continued)(unaudited) NON-GAAP MEASURES The accompanying unaudited consolidated interim financial statements have been prepared in accordance with GAAP. However, certain financial measures and ratios we present, including PPP-adjusted metrics are supplemental measures that are not required by, or are not presented in accordance with, GAAP. These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In addition, the non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. Certain non-GAAP measures provided in this press release exclude the outstanding balance of PPP loans that theCompany began originating in April 2020, and which are expected to be short-term in nature. We refer to anybalance, ratio or measure that excludes PPP loans as “core.” The Company normalized for this activity by excludingPPP loans from the calculations below in order to provide a more informative analysis of results. The following table summarizes the reconciliation of GAAP items to non-GAAP items related to the impact of PPP loans on total loans and assets: (Dollars in thousands) March 31,2021 December 31,2020TOTAL CORE LOANS Total loans (GAAP) $3,109,360 $3,073,860 Adjustment: PPP loans (496,457) (453,084)Adjustment: Deferred PPP fees 12,282 10,014 Total core loans (non-GAAP) $2,625,185 $2,630,790 TOTAL CORE ASSETS Total assets (GAAP) $4,257,761 $4,014,324 Adjustment: PPP loans (496,457) (453,084)Adjustment: Deferred PPP fees 12,282 10,014 Total core assets (non-GAAP) $3,773,586 $3,571,254 ENTERPRISE BANCORP, INC.Selected Consolidated Financial Data and Ratios (continued)(unaudited) Additional non-GAAP measures provided in this press release exclude the impact of PPP loans and interest-earning deposits, which have abnormally impacted margin over the past several quarters. Customer deposit growth has benefited from government stimulus checks and customers proactively building liquidity in response to the economic uncertainty caused by the pandemic. This deposit inflow has in turn increased our liquidity held as short-term interest-earning deposits. We refer to any balance, ratio or measure that excludes the impact of PPP loans and interest-earning deposits as “adjusted.” The Company has normalized for this activity in order to provide a more meaningful comparison to prior periods. The following table summarizes the reconciliation of GAAP items to non-GAAP items related to the impact of PPP loans and interest-earning deposits on margin: Three months ended Three months ended Three months ended(Dollars in thousands) March 31,2021 December 31,2020 March 31,2020ADJUSTED INTEREST-EARNING ASSETS Total average interest-earning assets (GAAP) $3,924,153 $3,940,679 $3,127,401 Adjustment: Average PPP loans, net (452,813) (481,012) — Adjustment: Average interest-earning deposits (279,796) (303,745) (35,538) Total adjusted average interest-earning assets (non-GAAP) $3,191,544 $3,155,922 $3,091,863 ADJUSTED INTEREST INCOME Interest income (tax equivalent) (GAAP) $37,454 $37,314 $35,307 Adjustment: PPP income (6,013) (4,685) — Adjustment: Interest on interest-earning deposits (68) (71) (93) Adjusted interest income (tax equivalent) (non-GAAP) $31,373 $32,558 $35,214 ADJUSTED NET INTEREST MARGIN Net interest margin (tax equivalent) (GAAP) 3.62 % 3.49% 3.89%Adjustment: PPP effect(1) (0.23)% (0.05)% —%Adjustment: Interest-earning deposits effect(2) 0.29 % 0.32% 0.03%Adjusted net interest margin (tax equivalent) (non-GAAP) 3.68 % 3.76% 3.92% (1) PPP loan adjustments include an elimination of average PPP loans, net of deferred SBA fees, as well as interest income on PPP loans and related SBA fee accretion, included in interest income. (2) Interest-earning deposit adjustments include an elimination of average interest-earning deposits, as well as interest income on interest-earning deposits, included in interest income. Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578
SAN FRANCISCO, April 22, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Infinity Q Diversified Alpha Fund (NASDAQ: IQDAX; IQDNX) (the “Fund”) investors with significant losses to submit your losses now. A securities fraud class action with an April 27th lead plaintiff deadline has been filed after advisor Infinity Q Capital Management admitted to mispricing the Fund’s NAV resulting in the Fund being liquidated. Contact us to discuss your potential ability to be a lead plaintiff. Class Period: Dec. 21, 2018 – Feb. 22, 2021Lead Plaintiff Deadline: Apr. 27, 2021 Visit: www.hbsslaw.com/investor-fraud/IQDAX Contact An Attorney Now: IQDAX@hbsslaw.com 844-916-0895 Infinity Q Diversified Alpha Fund (NASDAQ: IQDAX; IQDNX) Securities Fraud Class Action: The complaint alleges defendants misrepresented and concealed that (1) the Fund’s Chief Investment Officer manipulated variables going into valuation of significant Fund assets, (2) as a consequence, the Fund and its advisor would not be able to correctly calculate the Fund’s net asset value (“NAV”), (3) previously reported NAVs were unreliable, and (4) because of the foregoing the fund would halt redemptions and liquidate assets. The truth emerged on Feb. 22, 2021, when Bloomberg published an article entitled “Mutual Fund Locks Out Founder After SEC Questions Swaps Pricing” reporting that the fund’s advisor (1) cut off founder, majority owner, and CIO James Velissaris’ access to accounts and trading, and (2) had verified that Velissaris did in fact access and alter the third-party valuation models pertaining to hundreds of millions of dollars of swaps. Most recently, on Mar. 29, 2021 Institutional Investor reported that as of Mar. 25, 2021, Infinity Q calculated the NAV for the fund to be $1.25 billion, about $477.7 million (27%) lower than the Feb. 18, 2021 NAV calculation. “We’re focused on investors’ losses and proving defendants intentionally inflated the fund’s NAV,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you are an Infinity Q Diversified Alpha Fund investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding Infinity Q Diversified Alpha Fund should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email IQDAX@hbsslaw.com. About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact: Reed Kathrein, 844-916-0895
The former Ohio state senator previously ran a progressive group that technically raised “dark money.”
TORONTO — North American stock markets moved lower on a report that U.S. President Joe Biden is planning to nearly double the capital gains tax on wealthier Americans. The S&P/TSX composite index closed down 111.61 points to 19,031.64. In New York, the Dow Jones industrial average lost 321.41 points at 33,815.90. The S&P 500 index was down 38.44 points at 4,134.98, while the Nasdaq composite was down 131.81 points at 13,818.41. Updated numbers for the Canadian dollar weren't immediately available. The June crude oil contract was up eight cents at US$61.43 per barrel and the June natural gas contract was up 5.5 cents at US$2.83 per mmBTU. The June gold contract was down US$11.10 at US$1,782.00 an ounce and the May copper contract was down 0.6 of a cent at US$4.27 a pound. This report by The Canadian Press was first published April 22, 2021. Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X) The Canadian Press
TORONTO, April 22, 2021 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health” or the “Company”), a multi-state primary care management group in the United States, announced today it has filed a preliminary short form base shelf prospectus (with the securities regulators in the following provinces of Canada; Alberta, British Columbia, Manitoba and Ontario) (the “Prospectus”) and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission. The Prospectus, when final and effective, will enable the Company to offer, issue and sell, from time to time: subordinate voting shares; restricted voting shares; limited voting shares; warrants; subscription receipts; debt securities; convertible securities; units; or any combination of such securities (collectively, the “Securities”) for up to an aggregate offering price of CA$100,000,000 (or its equivalent), in one or more transactions during the effective period of the Prospectus. Skylight Health has filed the Prospectus and corresponding registration statement in order to provide the Company with greater financial flexibility going forward. The registration statement is not yet effective, and the securities may not be sold, nor may offers to buy, be accepted prior to the time the registration statement becomes effective. “Our strategy continues to be organic growth and growth through acquisition, and we have built a robust pipeline of immediately accretive and strategic targets,” says Prad Sekar, Co-Founder and CEO. “As we move closer to our expected NASDAQ uplisting, it is more important than ever to have the financial flexibility to continue to execute on our growth and expansion strategy.” This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale, of the securities in any province, state, or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration of such securities under the securities laws of any such jurisdiction. A copy of the final short form base shelf prospectus can be found on SEDAR at www.sedar.com and a copy of the registration statement can be found on EDGAR at www.sec.gov. About Skylight Health Group Skylight Health Group (TSXV:SHG; OTCQX:SHGFF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state health network that comprises of physical multi-disciplinary medical clinics providing a range of services from primary care, sub-specialty, allied health and laboratory/diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of care to patients via telemedicine and other remote monitoring system integrations. The Company has operations serving 16 states and continues to expand in services and locations both organically and by way of strategic acquisitions. The Company primarily operates a traditional insurable fee-for-service model contracting with Medicare, Medicaid and other Commercial Payors. The Company also offers a disruptive subscription-based telemedicine service for the un/under-insured population who have limited access to urgent care due to cost. For more information, please visit www.skylighthealthgroup.com or contact: Investor Relations:Jackie Kellyinvestors@skylighthealthgroup.com416-301-2949 Currency Usage, Cautionary and Forward-Looking Statements All currency contained in this Press Release represent Canadian Dollars unless otherwise stated. Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Skylight Health's filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the Company's Prospectus and registration statement going effective and the Company’s anticipated uplist to NASDAQ. Although Skylight Health has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: the ability of Skylight Health to execute on its business strategy, continued revenue growth in accordance with management’s expectations, operating expenses continuing in accordance with management expectations, dependence on obtaining regulatory approvals; Skylight Health being able to find, complete and effectively integrate target acquisitions; change in laws relating to health care regulation; reliance on management; requirements for additional financing; competition; hindering market growth or other factors that may not currently be known by the Company. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Skylight Health disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Skylight Health does not assume any liability for disclosure relating to any other company mentioned herein. Neither the 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.
SAN FRANCISCO, CA / ACCESSWIRE / April 22, 2021 / Hagens Berman urges Ebix, Inc. (NASDAQ:EBIX) investors with significant losses to submit your losses now.
AMESBURY, Mass., April 22, 2021 (GLOBE NEWSWIRE) -- Provident Bancorp, Inc. (the “Company”) (NasdaqCM: PVBC), the holding company for The Provident Bank (the “Bank”), reported net income for the three months ended March 31, 2021 of $4.3 million, or $0.24 per diluted share, compared to $1.2 million, or $0.07 per diluted share, for the three months ended March 31, 2020. The increase in net income is primarily attributable to the impact COVID-19 had on the 2020 provision for loan losses which were $3.1 million for the three months ended March 31, 2020 compared to $753,000 for the same period in 2021. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share, which will be paid on May 21, 2021 to stockholders of record as of May 7, 2021. In announcing these results, Dave Mansfield, Chief Executive Officer said, “We entered this year eager to embrace the future of banking and excited to form new relationships and explore potential business opportunities. We have been particularly focused on meeting the full-service banking needs of our growing list of digital asset customers. In the first quarter we have nearly doubled our digital asset deposit portfolio. We are optimistic about putting this deposit growth to work on our robust pipeline of loans. I am very proud of our first quarter’s financial results and am encouraged by the increase in economic activity we are currently seeing and expect to continue to see as more people are vaccinated against COVID-19 and businesses are able to return to normal operations. We are excited to share our financial success and announce an increase in this quarter’s cash dividend to $0.04 per share.” COVID–19 Response Since the distribution of the first COVID-19 vaccination began in December, additional vaccines have been approved for use and the Company’s market area has progressed through different phases of the vaccine rollout. As larger percentages of the population become fully vaccinated, and warmer weather has begun, there has been an uptick in economic activity, particularly in those industries that had been most heavily impacted by the economic downturn caused by the COVID-19 pandemic. In December 2020, Congress approved a bill which allocated additional funds to the Small Business Administration (“SBA”) for a second round of Paycheck Protection Program (“PPP”) loans to assist with the economic fall out caused by the COVID-19 pandemic. The SBA, in consultation with the U.S. Treasury department, announced that the PPP was to resume in January of 2021 and has since extended the program through May 31, 2021. During the first round of the PPP, which ran from March to August 2020, the Company originated $78.0 million in PPP loans. As of March 31, 2021, the Company has originated an additional $42.7 million under the second round of the PPP. The Company continues to work with customers who received PPP loans on applying for loan forgiveness, and as of March 31, 2021, of the $120.7 million in PPP loans issued, only $57.5 million remained outstanding. The Company’s focus has been on meeting the needs of its customers through the height of the pandemic and now through the economic recovery. We continue to maintain close communication with commercial customers, especially in those industries most heavily impacted by the pandemic and continue to allow for loan deferral extensions on an as-needed and case-by-case basis. Most loans that were modified under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act have resumed repayment or have been paid off. We have not experienced any significant delinquencies related to these loans. As of Mach 31, 2021, remaining loan modifications that were made under the CARES Act totaled $35.2 million, or 2.7% of total loans, compared to $44.0 million, or 3.3% of total loans at December 31, 2020. Financial Results Net interest and dividend income before provision for loan losses increased by $2.8 million, or 23.5%, compared to the three months ended March 31, 2020. The growth in net interest and dividend income is primarily the result of an increase in our average interest-earning assets of $330.2 million, or 29.2%, offset by an increase in average interest-bearing liabilities of $145.7 million, or 20.4%, and a decrease in net interest margin of 19 basis points to 4.08%. The decrease in the net interest margin is the result of a combination of factors including a decreasing rate environment and an increase in mortgage warehouse loan balances, which have lower rates than our traditional commercial loans. The net interest margin benefitted from the accretion of fee income related to the forgiveness of the SBA PPP loans. The amount of income recognized from the forgiveness totaled $625,000 for the three months ended March 31, 2021. Excluding this income, net interest margin would be 3.91% for the three months ended March 31, 2021. As of March 31, 2021, there was $1.8 million in SBA PPP fee income remaining to be accreted. Provision for loan losses of $753,000 were recognized for the three months ended March 31, 2021 compared to $3.1 million for the same period in 2020. The changes in the provision were based on management’s assessment of economic conditions, including the impact of the COVID-19 pandemic, loan portfolio growth and composition changes, historical charge-off trends, levels of problem loans and other asset quality trends. The allowance for loan losses as a percentage of total loans was 1.43% as of March 31, 2021 compared to 1.39% as of December 31, 2020. The primary reason for the increase was a $2.4 million loan relationship that was placed on nonaccrual status and downgraded to doubtful status in the first quarter of 2021 with specific reserves of $1.5 million. This increase was partially offset by a slight decrease in the provision allocated across the portfolio due to a reduction in economic factors. In addition, there was a decrease in the provision allocated to mortgage warehouse loan balances resulting from the Bank’s seasoning experience with this line of lending. There were $244.1 million and $265.4 million in outstanding mortgage warehouse loan balances at March 31, 2021 and December 31, 2020, respectively. Loans in this segment are facility lines to non-bank mortgage origination companies for sale into secondary markets, which is typically within 15 days of the loan closure. Due to their short-term nature, these loans are assessed at a lower credit risk and do not carry the same allocation as traditional loans. Included in total loans is $57.5 million in PPP loans originated as part of the CARES Act that we believe have no credit risk due to a government guarantee, therefore we have not provided for losses for these loans. Excluding PPP loans, the allowance for loan losses as a percentage of total loans was 1.50% as of March 31, 2021 compared to 1.43% at December 31, 2020. The allowance for loan losses as a percentage of non-performing loans was 255.29% as of March 31, 2021 compared to 341.72% as of December 31, 2020. Non-performing loans were $7.5 million, or 0.48% of total assets as of March 31, 2021, compared to $5.4 million, or 0.36% of total assets, as of December 31, 2020. As of March 31, 2021, non-performing loans consist primarily of three commercial relationships totaling $5.9 million. These loan relationships were evaluated for impairment and specific reserves of $3.3 million were allocated as of March 31, 2021. Noninterest income increased $8,000, or 0.8%, and was $1.0 million for each of the three months ended March 31, 2021 and 2020. The increase is primarily due to an increase in bank owned life insurance income and other income partially offset by a decrease in other service charges and fees. Other income increased $51,000, or 268.4% primarily due to a one-time incentive payment on a service contract. Bank owned life insurance income increased $40,000, or 22.3%, due to the purchase of additional insurance policies in 2020. Other service charges and fees decreased $110,000, or 23.9% primarily due to higher average deposit balances, which resulted in decreased overdraft fees. Noninterest expense increased $907,000, or 10.9%, to $9.2 million for the three months ended March 31, 2021 compared to $8.3 million for the three months ended March 31, 2020. The increase is primarily due to an increase in salaries and employee benefits expense, deposit insurance expenses, data processing fees and other expenses, partially offset by a decrease in write downs of other assets and receivables. The increase of $1.1 million, or 19.9%, for the three months ended March 31, 2021 when compared to the same period in 2020 in salary and employee benefits was primarily due to stock based compensation expense and a higher number of sales and operations positions compared to the same period in 2020. Deposit insurance expenses increased $75,000, or 241.9%, primarily due to one-time credits that were recognized in the first quarter of 2020 that resulted in a lower expense. Data processing fees increased $96,000 or 42.7%, primarily due to new contracts for deposit services. These increases were offset by a decrease in write downs of other assets and receivables of $500,000. In the first quarter of 2020 a write-down of a notes receivable balance was completed after the Company evaluated the collectability and determined that $500,000 was uncollectible. As of March 31, 2021, total assets have increased $46.1 million, or 3.1%, to $1.55 billion compared to $1.51 billion at December 31, 2020. The primary reasons for the increase are increases in cash and cash equivalents, debt securities available-for-sale and other assets, partially offset by a decrease in net loans. The increase in cash and cash equivalents of $49.1 million, or 58.5% is primarily due to an increase in deposits and loan payoffs. The increase in debt securities available-for-sale of $2.4 million, or 7.5%, resulted primarily from the purchase of a $5.0 million bond offset by principal pay downs on government mortgage-backed securities. Net loans decreased $6.7 million, or 0.5%, and was $1.31 billion as of March 31, 2021 and December 31, 2020. The decrease in net loans was due to a decreases in mortgage warehouse loans of $21.3 million, or 8.0%, commercial real estate loans of $3.9 million, or 0.9%, residential real estate loans of $2.9 million, or 8.8% and consumer loans of $1.4 million, or 25.4%, partially offset by increases in commercial loans of $19.4 million, or 3.4% and construction and land development loans of $4.9 million, or 16.8%. Included in commercial loans at March 31, 2021and December 31, 2020 are $57.4 million and $41.8 million in SBA PPP loans, respectively. Total liabilities increased $47.8 million, or 3.8%, due to increased deposits. Deposits were $1.29 billion as of March 31, 2021, representing an increase of $47.8 million, or 3.9%, compared to December 31, 2020. The increase in deposits was due to an increase of $30.6 million, or 5.5%, in NOW and demand deposits, an increase of $33.0 million, or 9.3% in money market accounts, an increase of $4.1 million, or 2.7%, in savings accounts, partially offset by a decrease of $19.9 million, or 11.2%, in time deposits. NOW and demand deposits and money market deposits increased primarily due to funds from the origination of PPP loans and increased deposit balances from new and expanded relationships with digital asset customers, which totaled $53.7 million at March 31, 2021. The increase in savings accounts is primarily caused by increased consumer savings. The decrease in time deposits is primarily due to roll-off of brokered certificates of deposit. In addition, the Bank has increased focused on growing non-interest bearing deposit balances and as of March 31, 2021 non-interest bearing deposits represented 33.5% of total deposits compared to 31.0% at December 31, 2020. As of March 31, 2021, shareholders’ equity was $234.1 million compared to $235.9 million at December 31, 2020, representing a decrease of $1.7 million, or 0.7%. The decrease was primarily due to the repurchase of common stock of $6.2 million, $532,000 from dividends paid and a decrease in other comprehensive income of $185,000, partially offset by net income of $4.3 million, stock-based compensation expense of $604,000 and employee stock ownership plan shares earned of $286,000. About Provident Bancorp, Inc. BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and search fund lending. We are committed to offering a state-of-the-art API suite for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about BankProv please visit our website www.bankprov.com or call 877-487-2977. Forward-looking statements This news release may contain certain forward-looking statements, such as statements of the Company’s or the Bank’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as, “expects,” “subject,” “believe,” “will,” “intends,” “may,” “will be” or “would.” These statements are subject to change based on various important factors (some of which are beyond the Company’s or the Bank’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include: general economic conditions; the effects of any pandemic; trends in interest rates; the ability of our borrowers to repay their loans; and the ability of the Company or the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents of the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K. Provident Bancorp, Inc.Carol Houle, 603-334-1253Executive Vice President/CFOchoule@bankprov.com Provident Bancorp, Inc.Consolidated Balance Sheet At At March 31, December 31, 2021 2020(Dollars in thousands)(unaudited) Assets Cash and due from banks$17,560 $11,830 Short-term investments 115,313 71,989 Cash and cash equivalents 132,873 83,819 Debt securities available-for-sale (at fair value) 34,629 32,215 Federal Home Loan Bank stock, at cost 895 895 Loans, net of allowance for loan losses of $19,032 and $18,518 as of March 31, 2021 and December 31, 2020, respectively 1,308,136 1,314,810 Bank owned life insurance 36,903 36,684 Premises and equipment, net 14,655 14,716 Accrued interest receivable 6,456 6,371 Right-of-use assets 4,219 4,258 Other assets 13,126 12,013 Total assets$1,551,892 $1,505,781 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing$431,028 $383,079 Interest-bearing 854,196 854,349 Total deposits 1,285,224 1,237,428 Long-term borrowings 13,500 13,500 Operating lease liabilities 4,463 4,488 Other liabilities 14,563 14,509 Total liabilities 1,317,750 1,269,925 Shareholders' equity: Preferred stock; authorized 50,000 shares: no shares issued and outstanding — — Common stock, $0.01 par value, 100,000,000 shares authorized; 18,574,127 and 19,047,544 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 186 191 Additional paid-in capital 133,981 139,450 Retained earnings 108,273 104,508 Accumulated other comprehensive income 873 1,058 Unearned compensation - ESOP (9,171) (9,351)Total shareholders' equity 234,142 235,856 Total liabilities and shareholders' equity$1,551,892 $1,505,781 Provident Bancorp, Inc.Consolidated Income Statements Three Months Ended March 31, 2021 2020(Dollars in thousands, except per share data)(unaudited)Interest and dividend income: Interest and fees on loans$15,697 $13,760Interest and dividends on debt securities available-for-sale 169 258Interest on short-term investments 23 71Total interest and dividend income 15,889 14,089Interest expense: Interest on deposits 911 1,646Interest on borrowings 70 371Total interest expense 981 2,017Net interest and dividend income 14,908 12,072Provision for loan losses 753 3,099Net interest and dividend income after provision for loan losses 14,155 8,973Noninterest income: Customer service fees on deposit accounts 379 352Service charges and fees - other 350 460Bank owned life insurance income 219 179Other income 70 19Total noninterest income 1,018 1,010Noninterest expense: Salaries and employee benefits 6,477 5,402Occupancy expense 412 441Equipment expense 122 137Deposit insurance 106 31Data processing 321 225Marketing expense 37 64Professional fees 431 386Directors' compensation 254 194Software depreciation and implementation 246 200Write down of other assets and receivables — 500Other 807 726Total noninterest expense 9,213 8,306Income before income tax expense 5,960 1,677Income tax expense 1,663 446 Net income $4,297 $1,231Earnings per share: Basic$0.25 $0.07Diluted$0.24 $0.07Weighted Average Shares: Basic 17,263,759 18,115,970Diluted 17,558,160 18,261,282 Provident Bancorp, Inc.Net Interest Income Analysis(Unaudited) For the Three Months Ended March 31, 2021 2020 Interest Interest Average Earned/ Yield/ Average Earned/ Yield/ Balance Paid Rate Balance Paid Rate(Dollars in thousands) Assets: Interest-earning assets: Loans$1,317,638 $15,697 4.77% $1,068,525 $13,760 5.15%Short-term investments 112,198 23 0.08% 19,176 71 1.48%Debt securities available-for-sale 31,344 166 2.12% 41,031 237 2.31%Federal Home Loan Bank stock 895 3 1.34% 3,161 21 2.66%Total interest-earning assets 1,462,075 15,889 4.35% 1,131,893 14,089 4.98%Non-interest earning assets 66,157 57,183 Total assets$1,528,232 $1,189,076 Liabilities and shareholders' equity: Interest-bearing liabilities: Savings accounts$151,375 55 0.15% $121,106 105 0.35%Money market accounts 375,078 477 0.51% 255,883 705 1.10%NOW accounts 153,294 98 0.26% 124,286 155 0.50%Certificates of deposit 166,388 281 0.68% 133,819 681 2.04%Total interest-bearing deposits 846,135 911 0.43% 635,094 1,646 1.04%Borrowings 13,500 70 2.07% 78,869 371 1.88%Total interest-bearing liabilities 859,635 981 0.46% 713,963 2,017 1.13%Noninterest-bearing liabilities: Noninterest-bearing deposits 412,350 226,440 Other noninterest-bearing liabilities 17,987 15,731 Total liabilities 1,289,972 956,134 Total equity 238,260 232,942 Total liabilities and equity$1,528,232 $1,189,076 Net interest income $14,908 $12,072 Interest rate spread (1) 3.89% 3.85%Net interest-earning assets (2)$602,440 $417,930 Net interest margin (3) 4.08% 4.27%Average interest-earning assets to interest-bearing liabilities 170.08% 158.54% (1) Net interest rate spread represents the difference between the weighted average yield on interest-bearing assets and the weighted average rate of interest-bearing liabilities.(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.(3) Net interest margin represents net interest income divided by average total interest-earning assets. Provident Bancorp, Inc.Select Financial Highlights Three Months Ended March 31, 2021 2020(unaudited) Performance Ratios: Return on average assets (1)1.12% 0.41%Return on average equity (1)7.21% 2.11%Interest rate spread (1) (3)3.89% 3.85%Net interest margin (1) (4)4.08% 4.27%Non-interest expense to average assets (1)2.41% 2.79%Efficiency ratio (5)57.85% 63.49%Average interest-earning assets to average interest-bearing liabilities170.08% 158.54%Average equity to average assets15.59% 19.59% At At At March 31, December 31, March 31, 2021 2020 2020Asset Quality Non-accrual loans: Real estate: Commercial$— $— $21,199 Residential 969 1,156 732 Construction and land development — — 165 Commercial 6,469 4,198 2,754 Consumer 17 65 84 Mortgage warehouse — — — Total non-accrual loans 7,455 5,419 24,934 Accruing loans past due 90 days or more — — — Other real estate owned — — — Total non-performing assets$7,455 $5,419 $24,934 Asset Quality Ratios Allowance for loan losses as a percent of total loans (2) 1.43% 1.39% 1.46%Allowance for loan losses as a percent of non-performing loans 255.29% 341.72% 66.87%Non-performing loans as a percent of total loans (2) 0.56% 0.41% 2.18%Non-performing loans as a percent of total assets 0.48% 0.36% 2.22%Non-performing assets as a percent of total assets (6) 0.48% 0.36% 2.22%Capital and Share Related Stockholders' equity to total assets 15.1% 15.7% 20.7%Book value per share$12.61 $12.38 $11.95 Market value per share$14.40 $12.00 $8.62 Shares outstanding 18,574,127 19,047,544 19,476,248 (1) Annualized(2) Loans are presented before the allowance but include deferred costs/fees.(3) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities.(4) Represents net interest income as a percent of average interest-earning assets.(5) Represents noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on securities available for sale, net.(6) Non-performing assets consists of non-accrual loans plus loans accruing but 90 days overdue and OREO.
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