CHICO, CA / ACCESSWIRE / January 24, 2024 / Golden Valley Bancshares (OTC Pink:GVYB), with its wholly owned subsidiary, Golden Valley Bank headquartered in Chico, California today reported fourth quarter 2023 net profit of $905,891, and year to date net profit of $3,750,4533 compared to $1,160.168 and $4,579,956 for the same periods last year, respectively. While earnings were down year over year, they were ahead of the Bank’s forecast. The difference in earnings can be attributed to one-time fees received on PPP loans in 2022 and higher interest expense on deposit accounts in 2023, a result of the increased interest rate environment.
As of December 31, 2023, total assets were $488.6 million, a decrease of 3.8% from the prior quarter and an increase of 2.2% year over year. Total loans, net of unearned income remained relatively even at $240.1 million compared to the prior quarter and prior year. Asset quality continues to be excellent as there were no loans considered to be non-performing. By comparison, the average was 0.53% of total assets for the Bank’s national peer group, based on data provided as of September 30, 2023 (the most recent data available). The company has set aside $3.94 million in allowance for credit losses to protect it from future economic uncertainties. Deposits were $445 million, a decrease of 4.9% from September 30, 2023 and an increase of 0.4% from December 31, 2022. The decline in deposits from the prior quarter was attributed to the extended tax deadline to October as well as depositors changing their business and personal investment behaviors. "I’m extremely proud of how the bank handled the economic volatility during 2023 and we will continue to build and strengthen business relationships throughout 2024," said President and Chief Executive Officer Mark Francis.
The Bank opened a new full-service office in Oroville, California in late October. "We are pleased with the impact our Oroville Office has already made and look forward to deepening our presence and serving that community at an even higher level," added Francis.
Golden Valley continues to be a well-capitalized bank and far exceeds minimum regulatory requirements. More complete financial information can be viewed on the Bank’s website.
Golden Valley Bancshares, a bank holding company with its wholly owned subsidiary, Golden Valley Bank is a locally owned and operated commercial bank serving the needs of individuals and businesses in northern California. The Bank has full service offices in Chico, Redding and Oroville, California. For more information regarding the bank please call at (530) 894-1000 or visit goldenvalley.bank.
Forward-Looking Statements
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results are pre-fiscal year-end audit and may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, technological factors (including external fraud and cybersecurity threats), natural disasters, pandemics such as COVID-19 and financial policies of the United States government and general economic conditions. Golden Valley Bancshares disclaims any obligation to update any such factors.
NORTHAMPTON, MA / ACCESSWIRE / January 24, 2024 / Enbridge
One million people, 160 community projects benefit from Rampion Community Benefit Fund
Creative Heart. Open arms.
Based in Littlehampton, England, Creative Heart is a non-profit community hub and arts café. A safe and genuinely inclusive space, Creative Heart tackles social isolation and loneliness, inspires creativity, and improves emotional, physical and mental well-being.
"It’s wonderful to be able to provide a safe, warm and inviting space for some very lonely and vulnerable people in our community," says Claire Jones, Creative Heart’s director.
Creative Heart is one of about 160 charities, community groups and non-profits in the Sussex region supported by the Rampion Community Benefit Fund. Those organizations serve nearly a million residents living near the Rampion Offshore Wind Project.
The Fund, established to coincide with the opening of the offshore wind project in November 2018, supports organizations that help disadvantaged people and communities, as well as community groups and charities that focus on the environment, energy efficiency, biodiversity and sustainability,
The Sussex Community Foundation will manage the fund of £3.1 million for 10 years, offering grants of up to £10,000 for community project and £20,000 for capital projects. There is an endowment fund that will continue to support the Fund’s mandate after the initial 10 years.
At Creative Heart, the fund has helped install an array of solar panels, battery and three-phase battery inverter for the café, all of which have helped subsidize its ongoing energy costs.
Other charitable organizations benefiting from the fund include:
Quiet Down There, in Brighton, an open market offering free energy-efficient laundry facilities, which received a new washer and heat-pump tumble dryer.
Henfield Hall, in Horsham District, the first public use building in Henfield retrofitted with rooftop solar panels.
Memorial Hall, in Patcham, East Sussex, which was gifted a new air source heat pump system to replace three aging gas heaters.
The Rampion Offshore Wind Farm, Enbridge’s first offshore wind project, is owned by Enbridge, RWE Renewables UK and Equitix, and produces about 1,400 Gigawatt hours of power every year, which is enough to power almost 350,000 homes-around half the homes in Sussex-with clean, green energy. Enbridge has a 24.9% ownership interest in the Rampion Offshore Wind Project.
Enbridge and its partners, RWE and a Macquarie-led consortium, are currently developing the Rampion Extension Offshore Project, which is adjacent to the existing Rampion Offshore Wind Farm, about 13 kilometres off the Sussex coast.
"For us, it’s more than the energy we deliver-it’s also how we use our personal energy to help those around us," said Matthew Akman, Executive Vice President of Corporate Strategy and President of Power at Enbridge. "The Rampion project team is committed to being a good neighbour by supporting important community organizations near the wind farm. I’m proud that the Fund has supported so many of those living in the region."
In addition to the Rampion Community Benefit Fund, Rampion Offshore Wind Farm created the Rampion Visitor Centre for the Sussex community on Brighton Seafront.
Entry is free, and visitors can enjoy dozens of displays and interactive exhibits that bring to life the story of human settlement, technological advancement and population growth, alongside climate change, renewable energy and the construction of Rampion.
Creative Heart, a non-profit community hub and arts café in Littlehampton, is one of 160 community organizations that have benefited from the Rampion Community Benefit Fund.
NEW YORK, NY / ACCESSWIRE / January 24, 2024 / CSRHub is excited to announce that ESG Playbook and CSRHub have a formal agreement to collaborate in serving their customers’ needs. This agreement recognizes that CSRHub and ESG Playbook offer high quality products in their own area and that our products support and add value to each other.
CSRHub and ESG Playbook share a belief that transparent access to environment, social and governance (ESG) information will drive responsible supply chain decisions and sustainability strategies. By ensuring that our customers have access to both a broad, stable source of ESG ratings (CSRHub) and a robust sustainability reporting platform (ESG Playbook), we will accelerate progress towards a more sustainable future.
Sonia Zugel, ESG Playbook CEO says, "for ESG reporting to be meaningful, you first need to measure, then assess and finally set goals to improve your performance. ESG Playbook walks you step by step on how to report and set goals to improve your ESG reporting with transparency and accuracy. The platform is audit-ready and verifiable. It is already a cliche that ESG reporting is no longer a nice to have but a must have. Investors want to know you understand how resilient your business is and employees and customers want to work and buy sustainable goods. ESG reporting is a game changer and helps your company stand out."
"We are excited to bring ESG Playbook’s solution to our customers to enable them to improve their Sustainability and ESG reporting transparency," said Cynthia Figge, CSRHub CEO and Cofounder. "ESG Playbook is an innovative solution in helping companies meet the expanding requirements for ESG reporting and stakeholder requirements globally."
About CSRHub CSRHub offers one of the world’s broadest and most consistent set of Environment, Social, and Governance (ESG) ratings, covering 50,000 companies. Its Big Data algorithm combines millions of data points on ESG performance from hundreds of sources, including leading ESG analyst raters, to produce consensus scores on all aspects of corporate social responsibility and sustainability. CSRHub ratings help drive corporate, investor and consumer ESG decisions. For more information, visit www.CSRHub.com. CSRHub is a B Corporation.
Grant will fund expansion of popular JA BizTown and JA Finance Park simulations, with a focus on inclusion of diverse youth
PORTLAND, OR / ACCESSWIRE / January 24, 2024 / Junior Achievement of Oregon and SW Washington has announced a grant of $225,000 from KeyBank to launch the expansion of its JA Capstone Program. The funds will support upgrades to its S.E. Portland facilities and spearhead a major initiative to serve more Oregon and Washington youth with JA BizTown and JA Finance Park, which provide a proven model for economic empowerment and project-based and experiential learning. During these experiences, students interact within a simulated economy and take on the challenge of managing organizations as they learn more about the various jobs that exist within a community.
JA serves youth throughout the region, with a focus on reaching students who are from low-income families, students in rural areas, young people of color, and historically and currently marginalized youth. This investment from KeyBank will help expand equitable access to JA programs to new student markets and provide tens of thousands of local youth with critical life and career skills. Most of the grant funds will be used to focus on the educational experiences being provided to low-income schools and students.
"KeyBank has long supported JA and its curriculums that provide schools with a fun, engaging and effective program for students," said Josh Lyons, KeyBank’s Market President for Oregon and S.W. Washington and Commercial Banking leader. "KeyBank considers financial literacy as an essential skill to succeed in life, and we are impressed with how JA helps students gain critical thinking skills related to budgeting, money management and living within one’s means. We look forward to supporting JA’s expansion as it aims to provide more equity in educational opportunities and contributes to a skilled workforce."
"We are grateful for the unwavering support and generosity of KeyBank. Their steadfast partnership over the last couple of decades has been instrumental in advancing our mission of promoting our equitable education initiatives," said Barb Smith President/CEO for Junior Achievement of Oregon & SW Washington. "The funding and support provided by KeyBank will empower us to expand our reach and make a meaningful impact on more students’ lives. Through their partnership, we are able to inspire and prepare students for success in a global economy and their thriving communities. KeyBank’s commitment to our mission has truly made a difference, and we look forward to continuing our collaborative efforts to create a brighter future for the next generation."
About Junior Achievement of Oregon and SW Washington
Junior Achievement of Oregon & SW Washington is a non-profit organization whose core purpose is to inspire and prepare young people to succeed in a global economy. We work in partnership with school and business communities to improve student knowledge in the areas of work readiness, entrepreneurship, and financial literacy with an emphasis on serving marginalized youth in the highest needs schools.
About KeyBank
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
ST LOUIS, MO / ACCESSWIRE / January 24, 2024 / Gorilla Roofing & Construction, founded by the dedicated Lang brothers, has rapidly become synonymous with reliability and superior craftsmanship in the St. Louis roofing industry. Known for their commitment to honesty and quality, Gorilla Roofing has grown while continually operating on the principle that every job, whether a simple repair or a full installation, deserves the utmost attention to detail.
Photo Credit: Home Frame Pro
Plans For Greater Expectations In 2024
The team at Gorilla Roofing has recently moved to a more central location in Chesterfield while expanding its team to include a number of experienced professionals in home construction. As the company chose a new office location to better serve the greater St. Louis area in 2024, one thing is certain, maintaining quality customer service and workmanship will continue to stay top of mind no matter the job location. Gorilla Roofing provides comprehensive services and their expertise in guiding both home and business owners thorough inspections, expert repairs, and durable installations.
How Maintaining Quality Craftsmanship & Higher Standards of Roofing Installation Pays
While any company can ensure the use of high-quality materials, adhering to safety and building codes, backing warranties with the highest quality work takes knowledge and first hand experience many lack. The difference between a quality licensed provider and others is significant; licensed roofers have verified skills, are up-to-date with industry standards, and often provide better insurance and liability coverage. This professionalism and reliability translate into better customer service, lasting results, and peace of mind for homeowners.
"We’re not just fixing roofs; we’re protecting homes and building trust," says Jonathan Lang, co-founder. This ethos has garnered Gorilla Roofing a stellar reputation, reinforced by 5-star customer review ratings and an A- BBB accreditation since April 2023, a remarkable achievement for a business just over a year old.
Help With Insurance Coverage for Roofing Claims
While insurance typically covers roofing damage caused by unpreventable reasons like hail or storms, wear and tear or poor maintenance issues are generally not covered. It’s vital to understand your policy details and work with a knowledgeable roofer who can help navigate claims as needed.
"A licensed and quality local roofing service ensures your home is properly safeguarded in any situation, even those completely out of your control. Top rated materials are nothing unless it is backed by experienced and thoughtful craftsmanship." remarked Anthonly Lang.
When asked about the company’s growth and how his goal of keeping the quality service is always accomplished he had this to say. "Great partners with proven expertise offer peace of mind for all, knowing that your property is protected by certified professionals adhering to the highest standard possible goes beyond safety regulations, and building codes."
Educating Home and Business Owners Essential Roles of Roofing Contractors in Property Maintenance
In the face of challenges like severe weather, aging structures, and complex repairs, home and business owners often struggle to maintain their properties effectively. A trusted and reliable roofing contractor is not just a service provider but a partner in safeguarding and enhancing one’s investment. They offer expertise, quality workmanship, and peace of mind, ensuring that properties are not only protected from the elements but also see an increase in value.
The integrity, attention to detail, and honesty of home service experts are key to maintaining the value and aesthetics of any property, regardless of the situation. To better fulfill the vision of quality service and continual improvement of customer experiences in the roofing industry Gorilla will also offer free and useful online resources for education.
New AMA CPT® Code Establishes Pathway For Clinicians To Submit Claims For Use Of MediPines AGM100®
YORBA LINDA, CA / ACCESSWIRE / January 24, 2024 / MediPines, (www.medipines.com), the developer and manufacturer of a non-invasive cardiorespiratory assessment technology, AGM100, is pleased to announce that the American Medical Association (AMA) has issued a new Current Procedural Terminology (CPT) code for non-invasive cardiorespiratory assessment. Providers can now utilize the code when performing assessment procedures on patients across the United States.
The release of this new reimbursement code represents a major healthcare breakthrough as hospitals and clinics across the US will be able to conduct non-invasive cardiorespiratory assessments and submit claims directly related to this simple patient procedure. CPT codes are granted and regulated by the AMA CPT Editorial Panel and are widely used by government payers, including Medicare and Medicaid, and commercial health plans to describe healthcare services and procedures for reimbursement. Ultimately, this new code will provide patients and physicians access to Oxygen Deficit and other cardiorespiratory parameters that were either missing or difficult to obtain in the past, to assess oxygenation in the lungs, blood, gas exchange efficiency, and cardiorespiratory status to improve patient care.
The new CPT code, 0893T will be used for "Noninvasive assessment of blood oxygenation, gas exchange efficiency, and cardiorespiratory status, with physician or other qualified health care professional interpretation and report," and will become effective in 2024.
The MediPines AGM100 is an FDA-cleared, advanced cardiorespiratory technology that provides Oxygen Deficit – a respiratory impairment measurement – and other sensitive measures of cardiorespiratory health. The technology provides reliable, discriminative readings that support real-time decision making when assessing and treating cardiorespiratory patients. The commercial success of any new and useful medical technology largely depends on the ability of the healthcare ecosystem to get adequately paid for medical innovation.
"The recent AMA approval further validates the clinical and economic value of this innovation," said MediPines CEO, Steve Lee, "and we are delighted that the forward-looking AMA with the support of major medical societies decided to allow reimbursement for this non-invasive procedure to improve patient care."
About MediPines
Orange County, California-based MediPines is a pioneer in non-invasive pulmonary gas exchange technology. The company’s mission is to advance respiratory medicine by providing physiology-based cardiorespiratory devices that enhance clinical effectiveness and achieve superior patient outcomes. The company’s MediPines AGM100 is an industry award-winning, FDA-cleared, advanced pulmonary gas exchange technology that provides critical cardiorespiratory measures instantly and is used by medical providers and clinicians to raise diagnostic accuracy, improve treatment decisions, and accelerate healthcare decision-making.AGM100 exclusively provides Oxygen Deficit, a non-invasive alveolar to arterial oxygen difference (AaDO2), as well as blood oxygen level (gPaO2), alveolar carbon dioxide level (PetCO2), and other sensitive measurements of pulmonary gas exchange relevant for cardiorespiratory patient assessment.
MediPines manufactures the AGM100 in their FDA-registered MDSAP/ISO 13485 certified medical device manufacturing facility in California. Learn more at medipines.com.
MYRTLE BEACH, SC / ACCESSWIRE / January 24, 2024 / Coastal Carolina Bancshares, Inc. (the "Company") (OTCQX:CCNB), parent of Coastal Carolina National Bank (the "Bank"), reported unaudited financial results for the fourth quarter and year end 2023. The Company reported net income of $8,129,920 or $1.31 per share for the year ended December 31, 2023, compared to $7,211,060 or $1.16 per share for the same period ended December 31, 2022, representing a 13% increase. Net income for the three months ended December 31, 2023 was $1,990,916 or $0.32 cents per share which represents a 2% decrease when compared to prior quarter income of $2,033,656 and a 15% decrease compared to quarterly net income of $2,342,030 during the fourth quarter of 2022.
2023 Fourth Quarter and Annual Financial Highlights
Annual net income of $8,129,920 for the year ended December 31, 2023, an increase of 13% over the same period in 2022
Diluted EPS of $0.32 per share for the quarter and $1.31 per share for the year
Annual and quarterly Return on Average Equity of 13.41% and 12.54%, respectively
Increased book value per share and tangible book value per share from $9.83 and $9.31 at September 30, 2023 to $10.67 and $10.15 at December 31, 2023
Annual deposit growth of $86 million or 12% from $742 million at December 31, 2022 to $828 million at December 31, 2023
Annual loan growth of $115 million or 18% from $649 million at December 31, 2022 to $764 million at December 31, 2023
Key credit quality metrics remained strong with a non-performing assets ratio of 0.0% and no past due loans over the most recent five consecutive quarter ends
"We are very pleased with our strong performance in 2023 in spite of the headwinds we faced with pressure on our net interest margin as a result of unprecedented rate increases. I am very proud of the CCNB team who worked diligently this year to provide exemplary customer service to our clients and prospects which resulted in 12% deposit growth in a very competitive deposit environment. Our lending team continued to execute on our disciplined growth strategy which resulted in 18% loan growth this year. The majority of our loan portfolio growth this year was in 1-4 family residential mortgages and owner occupied commercial real estate which were two areas of focus. Our credit quality metrics continue to be exceptional with no past dues and a non-performing assets ratio of 0.0% for the fifth consecutive quarter. We remain encouraged by the strong local economies in all of our markets and feel we are positioned well for additional growth while also focusing on gaining operating efficiencies," says Laurence S. Bolchoz, Jr., President and Chief Executive Officer of the Company and the Bank.
Coastal Carolina Bancshares, Inc. Selected Financial Highlights (unaudited)
December 31, 2023
September 30, 2023
June 30, 2023
March 31, 2023
December 31, 2022
Balance Sheet (In Thousands)
Total Assets
$
937,070
$
917,807
$
908,839
$
868,409
$
824,817
Investment Securities
103,401
99,404
103,394
105,390
107,075
Loans, net of unearned income (total loans)
763,716
748,400
731,429
685,251
648,509
Deposits
828,350
824,784
791,679
767,408
742,389
Shareholders’ Equity
66,131
60,926
60,583
59,404
56,897
Total Shares Outstanding (1)
6,200,138
6,200,138
6,193,138
6,171,970
6,162,470
Book Value per Share
$
10.67
$
9.83
$
9.78
$
9.62
$
9.23
Tangible Book Value Per Share
$
10.15
$
9.31
$
9.27
$
9.11
$
8.71
Selected % Increases
4th Qtr 2023
3rd Qtr 2023
2nd Qtr 2023
1st Qtr 2023
4th Qtr 2022
Total Assets
2
%
1
%
5
%
5
%
2
%
Total Loans
2
%
2
%
7
%
6
%
9
%
Total Deposits
0
%
4
%
3
%
3
%
3
%
Selected Ratios
Loan Loss Reserve to Total Loans
1.02
%
1.04
%
1.04
%
1.08
%
1.02
%
Non-Performing Assets (excl TDRs) to Total Assets
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Net Charge-Offs to Avg Total Loans (annualized)
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
For the
For the
For the
For the
For the
Three Months Ended
Three Months Ended
Three Months Ended
Twelve Months Ended
Twelve Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Earnings Breakdown (In Thousands)
Total Interest Income
$
11,653
$
11,050
$
8,904
$
42,165
$
29,504
Total Interest Expense
4,750
3,992
1,200
14,317
3,150
Net Interest Income
6,903
7,058
7,704
27,848
26,354
Total Noninterest Income
515
474
481
1,888
2,241
Total Noninterest Expense
4,859
4,889
4,823
19,087
18,152
Provision for Loan Losses
46
95
505
436
1,585
Income Before Taxes
2,513
2,548
2,857
10,213
8,858
Taxes
522
514
515
2,083
1,647
Net Income
$
1,991
$
2,034
$
2,342
$
8,130
$
7,211
Basic Earnings Per Share
$
0.32
$
0.33
$
0.38
$
1.31
$
1.17
Diluted Earnings Per Share
$
0.32
$
0.33
$
0.38
$
1.31
$
1.16
Weighted Average Shares Outstanding – Basic
6,200,138
6,195,018
6,162,470
6,184,781
6,157,281
Weighted Average Shares Outstanding – Diluted
6,224,168
6,207,520
6,210,962
6,213,826
6,208,595
Selected Ratios
Return On Average Assets
0.86
%
0.89
%
1.15
%
0.91
%
0.90
%
Return On Average Equity
12.54
%
13.39
%
16.96
%
13.41
%
12.96
%
Efficiency Ratio
65.37
%
64.74
%
58.74
%
64.04
%
63.28
%
Net Interest Margin *Bank Level*
3.17
%
3.31
%
4.08
%
3.35
%
3.58
%
(1) – Total shares outstanding excludes unvested restricted stock awards
Capital
At December 31, 2023, the Bank’s regulatory capital ratios (Leverage, Tier 1, and Total Risk-Based) were 9.18%, 11.44%, and 12.44%, respectively. Each of these ratios exceed the regulatory minimums to be considered well capitalized.
The Company reported book value per share and tangible book value per share at December 31, 2023 of $10.67 and $10.15, respectively, compared to $9.83 and $9.31 at September 30, 2023 and $9.23 and $8.71 at December 31, 2023. Increased book value per share during the quarter resulted from retained earnings accumulation and improved investment portfolio valuations. As market interest rates declined during the latter part of the fourth quarter, bond market values increased resulting in a reduction in the Company’s Accumulated Other Comprehensive Losses (AOCL) and a positive impact on book value.
Balance Sheet and Credit Quality
Total Assets increased by 14% during the year to $937 million at December 31, 2023, compared to $825 million at December 31, 2022. Asset growth was driven primarily by significant loan growth throughout the year and quarter.
Net Loans increased $115 million or 18% during the year from $649 million at December 31, 2022 to $764 million at December 31, 2023. Net loans increased $15 million or 2% during the fourth quarter of 2023. Year-to-date loan growth was concentrated in 1-4 family residential and owner occupied CRE which accounted for $67 million and $24 million in net growth, respectively, which equates to 79% of the Bank’s 2023 net loan growth.
The Company experienced strong deposit growth during the year, reporting $828 million in total deposits on December 31, 2023, compared to $742 million on December 31, 2022, and $825 million at September 30, 2023. Deposits increased 12% during the year and were relatively flat on a linked quarter basis. During the fourth quarter, the Company issued $14 million in brokered certificates of deposit ranging in terms from one year to four years. Each issuance with a maturity greater than one year is callable at the Company’s option after 3 months. Total checking and savings represented 41% of the Bank’s total deposits at quarter end while money market accounts and time deposits represented 41% and 18% of total deposits, respectively.
Asset quality metrics remain pristine at year end 2023 with no loans classified as non-accrual and no loans past due greater than 30 days. This is the fifth consecutive quarter end where the Bank has reported zero non-accrual and past due loans. Additionally, the Bank’s non-performing asset ratio as of December 31, 2023 was 0.00% excluding TDRs and 0.02% when including performing TDRs. The Bank had no charge-offs during the quarter and no outstanding OREO property at December 31, 2023.
Income Statement
Net Interest Income
Net interest income decreased to $6.9 million for the quarter ended December 31, 2023, compared to $7.1 million during the prior quarter ended September 30, 2023, and $7.7 million during the fourth quarter of 2022. The Bank’s net interest margin was 3.17% for the quarter ended December 31, 2023, compared to 3.31% for the prior quarter ended September 30, 2023, and 4.08% during the fourth quarter of 2022.
Year over year and linked quarter margin decline resulted primarily from increased funding costs in a very competitive deposit environment following the Federal Reserve’s cumulative rate hikes totaling 525 basis points over the past two years. The Bank’s cost of funds increased to 2.15% during the fourth quarter of 2023 from 1.83% during the previous quarter, and 0.52% during the fourth quarter of 2022.
Increased funding costs were partially offset by increased yields on earning assets resulting from loan growth and loan repricing in a rising rate environment. The Bank’s yield on earning assets increased to 5.17% during the fourth quarter of 2023 from 5.01% during the third quarter of 2023, and 4.57% during the fourth quarter of 2022.
Noninterest Income
Noninterest income totaled $515 thousand for the quarter ended December 31, 2023, compared to $474 thousand earned during the most recent quarter ended September 30, 2023 and $481 thousand in the fourth quarter of 2022. Noninterest income declined year over year from $2.2 million for the year ended December 31, 2022 to $1.9 million for the year ended December 31, 2023.
Decreasing annual noninterest income primarily resulted from reduced secondary market mortgage revenues partially offset by increasing deposit service charge income, interchange income, and BOLI (Bank Owned Life Insurance) interest. Mortgage sales volume continues to be negatively impacted by the rising rate environment and low housing inventories. The Company recorded mortgage sales revenues of $759 thousand during the year ended December 31, 2022 compared to $158 thousand for the year ended December 31, 2023.
While mortgage sales volume was down in 2023, a significant portion of the Bank’s mortgage production during the year was retained and contributed to the Bank’s portfolio loan growth and core interest earnings. Portfolio mortgage products are primarily originated with adjustable rate mortgage (ARM) structures and provide an alternative to fixed rate mortgage loans.
Noninterest Expense
Noninterest expense totaled $4.9 million for the quarter ended December 31, 2023, compared to $4.9 million for the prior quarter ended September 30, 2023, and $4.8 million for the comparative quarter ended December 31, 2022. Noninterest expense increased year over year from $18.2 million for the year ended December 31, 2022 to $19.1 million for the year ended December 31, 2023. Increases resulted primarily from higher compensation and benefits expense, increased data processing costs, and higher regulatory assessments/insurance supporting the Company’s continued growth.
Provision for Loan Losses
During the quarter the Bank recorded a net provision of $46 thousand for changes in CECL allowance for credit losses. At quarter end the Bank’s allowance for credit losses on loans increased to $7.8 million while the reserve on unfunded commitments remained relatively flat at $407 thousand. The cumulative CECL reserve of $8.2 million was 1.07% of total loans at December 31, 2023.
About Coastal Carolina Bancshares, Inc.Coastal Carolina Bancshares, Inc. is the Bank holding Company of Coastal Carolina National Bank, a Myrtle Beach-based community bank serving Horry, Georgetown, Aiken, Richland, Greenville, Spartanburg, and Brunswick (NC) counties. Coastal Carolina National Bank is a locally operated financial institution focused on providing personalized service. It offers a full range of banking services designed to meet the specific needs of individuals and small and medium-sized businesses. Headquartered in Myrtle Beach, SC, the Bank also has branches in Garden City, North Myrtle Beach, Conway, Aiken, Columbia, Greenville, and Spartanburg, South Carolina. Through the substantial experience of our local management and Board of Directors, Coastal Carolina Bancshares, Inc. seeks to enhance value for our shareholders, build lasting customer relationships, benefit our communities and give our employees meaningful career opportunities. To learn more about the Company and its subsidiary bank, please visit our website at www.myccnb.com.
Forward-Looking StatementsExcept for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, without limitation: the effects of future economic conditions; governmental fiscal and monetary policies; legislative and regulatory changes; the risks of changes in interest rates; successful merger integration; management of growth; fluctuations in our financial results; reliance on key personnel; our ability to compete effectively; privacy, security and other risks associated with our business. Coastal Carolina Bancshares, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
DENVER, CO / ACCESSWIRE / January 24, 2024 / SOBR Safe, Inc. (NASDAQ:SOBR) ("SOBRsafe"), providers of next-generation transdermal alcohol detection solutions, today announced that Dave Gandini, CEO, will participate in a fireside chat and host one-on-one meetings with investors at the Lytham Partners 2024 Investor Select Conference taking place virtually on February 1, 2024.
Management will be participating in virtual one-on-one meetings throughout the event. To arrange a meeting with management, please contact Lytham Partners at 1×1@lythampartners.com or register for the event at https://lythampartners.com/select2024invreg/. Further information on the conference is available at https://lythampartners.com/select2024.—
About SOBRsafe
Alcohol misuse is the fourth leading cause of preventable death in America, and the seventh worldwide. Yet prevention and monitoring solutions have not kept pace with this epidemic. Legacy technologies are invasive and inefficient, unhygienic and unconnected. There has to be a better way.
Enter SOBRsafe. Our advanced transdermal (touch-based) technology detects and instantaneously reports the presence of alcohol as emitted through a user’s skin – no breath, blood or urine sample is required. With a powerful backend data platform, SOBRsafe provides next generation, passive detection technology for the behavioral health, justice and consumer markets, and for licensing and integration.
The SOBRsafe technology is commercially available for access control (SOBRcheck), wearable use (SOBRsure) and licensing/white labeling. At SOBRsafe, we are creating a culture of prevention and support. To learn more, visit www.sobrsafe.com.
Our prospects here at SOBRsafe are subject to uncertainties and risks. This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this press release. In some cases, you can identify these statements by words such as "if," "may," "might," "will, "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed under risk factors in our registration statement on Form S-1, (File No. 333-267882) as well as our other filings with the SEC. We undertake no obligation to revise or update any forward-looking statement for any reason.
NORTHAMPTON, MA / ACCESSWIRE / January 24, 2024 / In this edition of the Insights Series, we look at the key themes in ESG reporting and the main responsibilities of those specialist functions across investment management, banking and insurance and private markets.
With ESG reporting absorbing a significant amount of capacity, and obligations under new and existing regulations such as SFDR, TCFD, TNFD and ISSB, increasing stakeholder expectations and pressure from investors, the demand for enhanced ESG reporting remains high.
So too does the need for reporting professionals with a good understanding of the evolving regulatory and ESG reporting landscape in financial services. For publicly listed companies, the sustainability ratings strategy and management of the engagement with external Sustainability rating agencies often falls to the sustainability reporting lead.
So, what do we mean when we refer to "ESG reporting" in the context of financial services?
At a corporate level, this is the disclosure of an organisation’s environmental, social and governance performance and practices. It provides transparent information about how an organisation addresses various sustainability and ethical considerations in its operations, policies, and decision-making processes.
For investors, ESG reporting also provides non-financial data to help inform valuations, company engagements and portfolio management. ESG reporting functions support investors with data gathering, analysis, and disclosure, as well as the incorporation of steadily growing set of sustainability metrics
In banks & insurers, ESG reporting work covers the coordination and integration of company wide ESG metrics as well as the external disclosures of this data and oversight of greenwashing risk.
The talent landscape
The structure of ESG and scope of reporting teams in any financial services organization largely depend on the size and complexity of the business and the regulatory framework it operates in:
Investment management: ESG reporting is often continually being integrated into financial reporting process with one or two people coordinating activities, providing guidance and specialist expertise from a central sustainable investing team. Those in the central teams will often have a role where reporting is just one component with other integration focused tasks involving data, tools and frameworks often included.
Private markets: As ESG teams tend to be leaner, reporting requirements less onerous and access to consistent data more challenging, ESG reporting is often undertaken by analysts working with portfolio operations teams at an asset class level. Some of the larger GPs may opt for a senior specialist, sitting centrally, whose main purpose is to oversee ESG reporting for the business. Many GP’s who do not have the scale to justify a large inhouse team rely on an ever increasing pool of professional services firms and individual consultants who offer outsources ESG reporting solutions
Banking: ESG reporting capability in banks is significantly greater than in their financial services peers due to scale of operations and the regulatory burden placed on the industry. Banks will often have dedicated senior resource in the role of Head of Sustainability Reporting or Head of Sustainability disclosures, supported by specialist reporting teams looking at specific frameworks like TCFD, TNFD, CDP and GHG Protocol.
Insurance: In the last 12 months, we have begun to see ESG reporting move from centralised sustainability teams to the finance function in some insurers. There is still a dotted line into the group sustainability team to provide thematic expertise. This shift reflects the overlap between ESG issues and areas of finance such as accounting IR and tax. It mirrors what is already happening in other sectors, where companies are setting up a designated role within the finance function to work closely with sustainability, legal and communications teams to prepare for ESG disclosure mandates.
Interim talent focus: Acre is seeing a surge in demand for flexible, non-permanent resources in response to the escalating requirements on ESG reporting. Freelancers specialising in ESG reporting and disclosure are entering the market with targeted skill sets, addressing projects like SFDR, implementation, evaluating businesses’ preparedness for incoming regulation such as TNFD, and supplementing reporting teams facing short term capacity challenges. This trend reflects a dynamic shift towards agile and specialised workforce solutions to navigate the evolving landscape of ESG reporting.
Talent pool analysis
Despite the significant ESG reporting burden across financial services, there is still a lack of senior-level talent focused purely on this area. Most reporting specialists tend to broaden out from "doing" reporting into more of an oversight or strategic role as they progress – keen to get "get out of the weeds". Consequently, the talent pool at a senior manager/VP or head of level is small. Clients frequently recruit from consultancies (with backgrounds in audit and/or accountancy) or corporates for their head of reporting roles, where they exist.
For many smaller firms there may still be insufficient demand for a full-time senior reporting lead. For example, in smaller private markets funds, the requirement may be for a broader role combining senior ESG reporting expertise with commercial acumen/value creation. Finding the right combination of skills can be problematic; someone with deep technical regulatory understanding with an interest in reporting does not always possess the requisite commercial acumen and client-facing experience to fulfil a broader remit.
Looking ahead, if the integration of sustainability and financial reporting becomes more common, there may be the emergence of a more mainstream talent pool, including a Head of Reporting role, that combines financial and non-financial reporting.
Key responsibilities in reporting roles across financial services
Data Collection and Analysis: Gathering relevant ESG data from various sources, such as company reports, databases, and third-party providers. Analyzing this data to assess the environmental, social, and governance performance of companies, assets or financial products.
Reporting and Disclosure: Compiling accurate and comprehensive ESG reports that provide transparency on the ESG practices and performance of the assets under management or financial products. Ensuring compliance with relevant reporting frameworks, standards, and regulations.
Integration of ESG Factors: Collaborating with investment teams and risk management to integrate ESG factors into investment decision-making processes. Providing insights and recommendations on how ESG considerations can be incorporated into investment strategies, product development and risk assessments.
Stakeholder Engagement: Engaging with internal and external stakeholders, such as clients, regulators, and industry organizations, to communicate ESG initiatives, performance, and progress. Addressing inquiries and providing information related to ESG reporting.
Monitoring and Evaluation: Continuously monitoring and evaluating the effectiveness of ESG strategies and initiatives. Identifying areas for improvement and implementing appropriate measures to enhance ESG performance.
Policy Development & Implementation: Continuously monitoring and evaluating the effectiveness of ESG strategies and initiatives within financial services.
Training & Development: internal training on ESG concepts, reporting requirements and best practices
We hope you have found this a useful snapshot of the market. If you would like to discuss the key trends in the talent market or your hiring requirements across sustainable finance in more detail then please email ian.povey-hall@acre.com to set up a call.
About Acre
At Acre, we work with the most aspirational businesses with potential to make real change; from those who are just starting out to those who are well on the journey to crafting a legacy.
Our 18 years’ experience in sustainability recruitment, combined with our extensive global network, enables us to provide talent solutions that are designed to deliver this change.
Through our unique behavioural assessment technology, we understand the types of people, skills and behaviours required to create impact. We can develop these qualities within your existing teams too.
We find talented people and develop their skills to ensure they make a true impact in ambitious, progressive organisations.
NORTHAMPTON, MA / ACCESSWIRE / January 24, 2024 / Pepco Pepco | The Source
We’re proud to once again be a sponsor at the Washington D.C. Auto Show for a fifth year! The District’s premier annual auto show is held at the Walter E. Washington Convention Center and offers car enthusiasts a chance to see hundreds of vehicles, including electric vehicles (EV), from the world’s top manufactures.
Our popular Pepco EVsmart Ride and Drive experience returns this year and offers guests the opportunity to test drive EV’s from multiple car brands. Above is a breakdown of the manufacturers participating.
Here’s how it works: Attendees will be able to test drive each EV for free. Participants will be joined by a specialist from the corresponding manufacturer who will explain the vehicle and its features . Visitors can register to test drive one or all of the EV’s in the Ride and Drive Experience. Pepco representatives are also available to answer questions about EVs, share important things to consider if you are planning to switch to an EV, and highlight programs available to support the transition.
We’re also participating in FedFleet 2024 (January 23-24), a unique, educational experience that assembles fleet management professionals for training. Sessions include a wide range of topics, including electrification of the federal fleet. We will have a booth in the FedFleet exhibitor area, where EV program managers will provide attendees information about the company’s EVsmart Fleet program. This program offers make-ready incentives (up to $15,000) to Pepco Maryland business customers installing EV charging equipment for their company fleets. Visitors can also interact with the EV Fleet Savings calculator at our booth to learn more about how much they can save by converting to an electric fleet, and can check out our Rivian truck, an example of one of the EVs we are introducing to our own fleet.
The Washington D.C. 2024 Auto Show runs through January 28. To learn more about the show click here.
NEW YORK, NY / ACCESSWIRE / January 24, 2024 / Aegis Capital Corp. acted as Sole Bookrunner on an Upsized $7.0 Million Underwritten Public Offering for C3is Inc. (NASDAQ:CISS).
About C3is Inc.
C3is Inc. provides international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil. C3is Inc. was founded in 2021 and is based in Athens, Greece.
Aegis Capital Corporation ("Aegis") has been in the wealth management and investment banking business since 1984. Aegis is dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Aegis also provides research, sales and trading services to institutional and retail investors. Aegis offers its investment representatives a conflict free service platform and is able to provide a full-range of products and services including investment banking, wealth management, insurance, retirement planning, structured products, private equity, alternatives, equity research, fixed income and special purpose vehicles.
For more information about this offering or Investment Banking Services please email Banking@aegiscap.com or call (212) 813-1010.
Brokerage and investment advisory services are offered through Aegis Capital Corporation, a member of FINRA and SIPC. Investment and insurance products offered are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.
SINGAPORE / ACCESSWIRE / January 24, 2024 / The advent of Information Technology and the emergence of web3 have significantly transformed the financial landscape, introducing a new era of rapid transactions that align with their fast-paced communication and impending swift transportation. This symbiosis between technology and finance has made financial transactions not just a necessity, but an exciting venture that everyone should partake in.
Web3 emerged from the revolutionary concepts of Bitcoin, Ethereum, and Uniswap, introducing tokens as a powerful new model akin to shareholders in a company, but without the legal constraints and protections. Tokens, like the ETF Rocks ($ETF), offer a unique opportunity for individuals to participate in the financial market, with the ability to effortlessly convert tokens back to Ethereum (ETH) at any time, regardless of market volatility. However, it’s crucial to exercise caution in this new frontier. Never share your seed phrase or connect your wallet with all your funds on unknown websites. This freedom, while exhilarating, is surrounded by potential threats.
ETF Rocks ($ETF) exemplifies the potential of this new financial era. Born on the historic day of Bitcoin’s entry into the financial world, it offers an unprecedented opportunity for exponential growth with a current market cap of just $57,000. Backed by a team of seven experienced professionals and fortified with top-of-the-line multi-sig vaults, ETF Rocks prioritizes transparency and security. It’s also developing a cutting-edge news aggregator dapp, aiming to attract more users and drive demand for $ETF tokens.
Here are some facts about ETF Rocks $EFT Tokens:
Tied to $ETH: ETF Rocks enables you to seamlessly convert your $ETF tokens back to Ethereum (ETH) at any moment, irrespective of market fluctuations.
Small Market Cap, Infinite Potential: With a current market cap of merely $57,000, ETF Rocks offers an unparalleled opportunity for exponential growth.
Unmatched Security: ETF Rocks emphasizes transparency and security by renouncing ownership and securing the pool for an extended duration. Your funds are protected, allowing you to hodl with assurance!
Skilled Team at the Helm: Supported by a team of seven seasoned professionals, ETF Rocks is propelled by a collective vision of elevating this project to unprecedented heights. Have faith in their expertise and commitment to success!
Enhanced Protection: ETF Rocks utilizes state-of-the-art multisig vaults with a 3/5 configuration, offering an extra layer of security for your funds. Your funds are safeguarded from potential threats!
Certified Security: Rest assured knowing that ETF Rocks has passed a stringent audit by @sourcehat, guaranteeing the utmost level of security and reliability. Your peace of mind is paramount!
News Aggregator Dapp on the Horizon: ETF Rocks is actively crafting a pioneering news aggregator dapp, aiming to attract more users and stimulate demand for $ETF tokens. Stay tuned for thrilling updates on this front!
ETF Rocks carries a deep significance as it was conceived on the historic day of Bitcoin’s foray into the financial world. This marked the dawn of a new era, the Web3 era, which has since been transforming the financial world. Bitcoin, followed by Ethereum and Uniswap, paved the way for the emergence of Web3, a decentralized and democratized version of the internet.
Tokens, like $ETF, are akin to shares in a company, but without the legal constraints and protections. They represent a powerful new model of participation and ownership in the digital world. The world of Web3 is also home to scammers and fraudsters. Never share your seed phrase or connect your wallet containing all your funds to unknown websites.
