Chris Chiozza (Brooklyn Nets) with an assist vs the Dallas Mavericks, 02/27/2021
Chris Chiozza (Brooklyn Nets) with an assist vs the Dallas Mavericks, 02/27/2021
Kolkata Knight Riders vs Chennai Super Kings Head to Head Matches in IPL/IPL 2021: Who gets the ball after Shardul Thakur was thrashed the last over? Sam Curran it is. Second ball and Andre Russell leaves his leg stump exposed to be bowled. He expected it to go on for a wide but didn't get the positioning right. But what a knock. Russell departs for 54 runs from 22 balls. Is that it for KKR? Russell, a dejected figure, sits down on the steps ont he way to the pavillion. DK with a six and a four to close the over out. He's not done. Certainly not.
Voting ends on Friday.
Stocks rose on Wednesday and looked to rise for the first time in three sessions.
Coronavirus LIVE Updates: As per the new rules, weddings can be held in marriage halls with 25 people for 2 hours and those seen to be flaunting the restraints or not following these may be fined Rs 50,000
John Glen, Economic Secretary to the Treasury, said he recognised the ‘significant uncertainty’ savers in the collapsed scheme had faced.
The initiative is part of the partnership the luxury group launched in 2018 with the Fondazione Gianni Bonadonna, named after the late oncologist.
CASINO, GUICHARD-PERRACHONA French société anonyme (joint-stock company) with share capital of €165,892,131.90Registered office: 1, Cours Antoine Guichard42000 Saint-Etienne, FranceRegistered with the Saint-Etienne Trade and Companies Registry Availability of preparatory documentsfor the Ordinary and Extraordinary Annual General Meeting of 12 May 2021 The shareholders of Casino, Guichard-Perrachon are hereby informed that the Company's Ordinary and Extraordinary Annual General Meeting will take place on Wednesday, 12 May 2021 at 10 a.m. CEST at 148, rue de l’Université in Paris (75007). The Meeting will be held without the physical presence of shareholders and other persons entitled to attend. Information and documents pertaining to this Meeting have been made available to shareholders under the conditions laid down by applicable law and regulations. They may be consulted online and downloaded directly from the Company’s website, at http://www.groupe-casino.fr/en, in the Investors/Shareholders/Shareholders’ Meeting section, where they can be found chiefly in the following documents: Annual General Meeting documents: Preliminary Notice published in the Bulletin des Annonces Légales Obligatoires (BALO) on 5 April 2021; Notice of Meeting, including in particular the agenda, the presentation of the resolutions and the text of the resolutions; Voting and Proxy Form; Number of outstanding shares and voting rights at 5 April 2021. 2020 Universal Registration Document: Business report on the Company and its subsidiaries, notes to the financial statements, parent company and consolidated financial statements, the Board of Directors’ report on corporate governance, and the Statutory Auditors’ reports. All of these documents may also be consulted by shareholders at the Company’s registered office (1, Cours Antoine Guichard – 42000 Saint-Etienne) or be obtained free of charge by submitting a request to BNP Paribas Securities Services, by email (firstname.lastname@example.org) or by letter to BNP Paribas Securities Services – CTO – Service Assemblées – Grands Moulins de Pantin – 9, rue du Débarcadère – 93761 PANTIN Cedex. The notice of meeting will be published in the BALO and in the newspaper “L’Essor – Affiches” on 23 April 2021. Audio of the entire Meeting will be broadcast live in French on Wednesday, 12 May 2021, from 10:00 a.m. CEST on the Company’s website (www.groupe-casino.fr) via a dedicated platform. Those wishing to follow the broadcast may do so by signing up to the platform from now on. The replay platform for the Meeting will remain accessible after the Meeting. In addition to the "written questions" provided for by law under the French Commercial Code (Code de Commerce), shareholders may submit questions in writing in advance that would customarily be asked orally during the Meeting. Accordingly, a dedicated portal for these questions will be available on the replay platform from Tuesday, 4 May 2021 at 10 a.m. CEST until Tuesday, 11 May 2021 at 12 p.m. CEST (the day before the Meeting). These questions will be answered orally during the Annual General Meeting within the time set aside for them. The practical arrangements for the Meeting will be made available to shareholders on the Company’s website at www.groupe-casino.fr/en, in the Investors/Shareholders/Shareholders’ Meeting section. The scrutineers for the Meeting, selected from the ten shareholders with the largest number of voting rights on the date of the notice of the Annual General Meeting, and who have accepted this duty, are Rallye and Equitis Gestion. ****** Saint-Etienne, 21 April 2021 Attachment CGP_AG 2021_CP - Availability of preparatory documents for the AGM of 12 May 2021
"We all parent in our own way and I have no idea what I'm doing most of the time."
The casino company forecasts its BetMGM venture will get up to 25% market share in a multibillion-dollar growth market.
On behalf of the Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation, the Honourable Ahmed Hussen, the Minister of Fisheries, Oceans and the Canadian Coast Guard, the Honourable Bernadette Jordan, along with the Member of Parliament for Dartmouth—Cole Harbour, Darren Fisher, will meet with representatives from Efficiency Nova Scotia to highlight investments in Budget 2021 that create jobs and promote a green recovery.
The State and Treasury departments announced they were targeting Myanmar’s main timber and pearl exporting firms with penalties aimed at reducing the junta's resources after a coup in February that has been followed by a harsh crackdown on pro-democracy protests. The sanctions freeze any assets Myanmar Timber Enterprise and Myanmar Pearl Enterprise may have in U.S. jurisdictions and bar Americans from doing business with them. “Our action today reinforces our message to the military that the United States will continue to target specific funding channels and promote accountability for the coup and related violence,” Secretary of State Antony Blinken said in a statement that used the country's former name, Burma.
(Bloomberg) -- Stocks snapped a two-day drop as dip buyers emerged, fueling a rally in companies that stand to benefit the most from an economic revival. Treasuries and the dollar fluctuated.Most major groups in the S&P 500 rose, with commodity and industrial shares leading the charge. The Russell 2000 gauge of small caps outperformed major equity benchmarks. CSX Corp. paced gains in the Dow Jones Transportation Average after a strong revenue outlook. Netflix Inc. tumbled on disappointing subscriber figures. The Canadian dollar climbed after the nation’s central bank said it’ll pare back asset purchases and move up its expected timeline for potential rate hikes.Equities rebounded as traders sifted through corporate results for signs on whether an anticipated jump in profits would bring with it forecasts for stronger growth. Earlier losses were driven by concern over a flare-up in coronavirus cases around the world that could jeopardize an economic rebound, with stocks trading near their all-time highs.“Investors are trying to figure out what’s going to accelerate through the reopening based on earnings and guidance, while simultaneously keeping an eye on any reports of a coronavirus resurgence globally,” said Mike Loukas, chief executive officer at TrueMark Investments. “It’ll be a tug-of-war for direction on certain days.”Here are some key events to watch this week:European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases new home sales data Friday.These are some of the main moves in markets:StocksThe S&P 500 rose 0.6% at 1:04 p.m. New York time.The Stoxx Europe 600 climbed 0.7%.The MSCI All-Country World gained 0.2%.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.1%.The euro fell 0.1% to $1.2029.The Japanese yen was unchanged at 108.11 per dollar.BondsThe yield on 10-year Treasuries rose one basis point to 1.57%.Germany’s 10-year yield was unchanged at -0.26%.Britain’s 10-year yield climbed one basis point to 0.74%.CommoditiesWest Texas Intermediate crude fell 1.2% to $61.89 a barrel.Gold gained 0.7% to $1,791.30 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Today, Atlantic Shores Offshore Wind (Atlantic Shores) announced the launch of two buoys that will collect critical atmospheric and weather data, and track the migration of species of birds, fish, turtles and other animals that have been nanotagged by researchers. Each buoy will be deployed in the offshore wind developer’s Lease Area off the coast of Atlantic City to strengthen atmospheric models that help inform how the developer designs and estimates energy production for their proposed project. Some data collected will also help deepen research of the Mid-Atlantic Cold Pool as well as help study animal migration and stop-over activities to inform the development of offshore wind in the area.
The White House is still putting the finishing touches on its plan to cut U.S. greenhouse gas emissions by 2030, ahead of a summit this week with world leaders including Russia's Vladimir Putin and China's Xi Jinping. President Joe Biden's administration has been pressing other countries to make ambitious targets to reduce their emissions but has yet to unveil its own plan. Before the summit begins on Thursday, the White House is expected to announce a target to cut emissions roughly 50% by 2030 compared with 2005 levels.
Rod Brind’Amour wants to win the Central Division. But he knows the season is taking a physical, mental toll.
Looking for a striking Mother’s Day gift that supports mom’s health and wellbeing? The Limited-Edition Cuzen Matcha Mother’s Day Gift Set is the one gift that does it all (just like your mom!) thanks to its award-winning design and the superior flavor and health benefits of freshly ground, organic matcha. Starting at $369, Cuzen’s Mother’s Day Starter Kit includes everything mom needs to become a matcha master: the Cuzen Matcha Maker, a selection of organic tea leaves, a booklet of 10 simple starter recipes and well-being tips, and a customized Mother’s Day card. For free shipping, order by April 29th by visiting https://cuzenmatcha.com/products/mother-s-day-starter-kit.
First Quarter 2021 Record Net Income of $1.59 per Basic Common ShareQuarterly Cash Dividend Increased 3.4% to $0.30 Per Common ShareNon-performing Assets were 0.41% of Total Assets Compared with 0.44% at December 31, 2020Common Equity Tier 1 and Total Risk-Based Capital Ratios of 13.33% and 14.58%, RespectivelyIssued $25 Million of Subordinated Debt and Announced a Share Repurchase Program LAKEVILLE, Conn., April 21, 2021 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2021. Net income available to common shareholders was $4.5 million, or $1.59 per basic common share, for Salisbury’s first quarter ended March 31, 2021 (first quarter 2021), compared with $2.8 million, or $0.99 per basic common share, for the fourth quarter ended December 31, 2020 (fourth quarter 2020), and $2.0 million, or $0.72 per basic common share, for the first quarter ended March 31, 2020 (first quarter 2020). Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Thanks to the continued dedication and commitment of our employees, we are pleased to report record results for the quarter. Asset quality remains strong and the economic climate in the markets in which we operate is expected to continue to improve as the vaccine rollout gains momentum. We continued to support our customers and local communities during the first quarter by processing an additional 435 loan applications for $47 million under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Since the inception of the program, we have processed nearly 1,400 loan applications for aggregate loans approaching $150 million. In addition, we strengthened our capital base through a $25 million subordinated debt offering on extremely favorable terms, and our Board of Directors approved a common stock repurchase program, which authorizes Salisbury to repurchase up to 5% of its outstanding common shares. We are well-positioned to grow our franchise and continue to meet the needs of our customers. We remain committed to providing outstanding customer service and supporting our local communities.” Net Interest and Dividend Income Tax equivalent net interest income of $10.5 million for the first quarter 2021 increased $527 thousand, or 5.3%, versus fourth quarter 2020, and increased $1.6 million, or 17.5%, versus first quarter 2020. Tax equivalent interest income of $11.3 million for first quarter 2021 increased $320 thousand, or 2.9%, versus fourth quarter 2020 and increased $381 thousand, or 3.5%, from first quarter 2020. First quarter 2021 interest income included PPP fees and interest of $1.3 million compared with $855 thousand in fourth quarter 2020. The cost of interest bearing liabilities of $746 thousand for first quarter 2021 decreased $207 thousand, or 21.8%, compared to fourth quarter 2020 and declined $1.2 million, or 61.4% from first quarter 2020. Average earning assets of $1.3 billion for first quarter 2021 were essentially unchanged from fourth quarter 2020, and increased $194.2 million, or 18.3%, versus first quarter 2020. Average earning assets for first quarter 2021 included average PPP loan balances of $92.8 million, net of deferred fees. Average total interest bearing liabilities of $0.9 billion for first quarter 2021 were essentially unchanged from fourth quarter 2020 and increased $97.5 million, or 12.7%, versus first quarter 2020. The increase from first quarter 2020 primarily reflected the funding of PPP loans. The tax equivalent net interest margin for first quarter 2021 was 3.34% compared with 3.17% for fourth quarter 2020 and 3.35% for first quarter 2020. Excluding the impact of PPP loans, the tax equivalent net interest margin for first quarter 2021 was 3.16% compared with 3.13% for fourth quarter 2020. There were no PPP loans recorded on Salisbury’s consolidated balance sheet in first quarter 2020. See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on page 8 on this release for additional details. Non-Interest Income Non-interest income of $2.8 million for first quarter 2021 increased $365 thousand versus fourth quarter 2020 and increased $596 thousand versus first quarter 2020. Trust and Wealth Advisory fees of $1.1 million for first quarter 2021 increased $80 thousand from fourth quarter 2020 and increased $116 thousand versus first quarter 2020. The increase from first quarter 2020 primarily reflected higher asset-based fees. Assets under administration were $902.1 million at March 31, 2021 compared with $944.3 million at December 31, 2020 and $639.5 million at March 31, 2020. Discretionary assets under administration of $578.2 million in first quarter 2021 increased from $555.0 million in fourth quarter 2020 and $425.4 million in first quarter 2020 primarily due to higher market valuations. Non-discretionary assets under administration of $323.9 million in first quarter 2021 declined from $389.4 million in fourth quarter 2020 and increased from $214.1 million in first quarter 2020. The decline from fourth quarter 2020 reflected a lower valuation of shares in a partnership for one significant client relationship, and the increase from first quarter 2020 was due to the addition of partnership assets under administration for the same client relationship. The trust and wealth business records only a nominal annual fee on this relationship. Service charges and fees of $0.9 million for first quarter 2021 increased $92 thousand versus fourth quarter 2020 and increased $45 thousand versus first quarter 2020. The increase from fourth quarter 2020 primarily reflected an additional two months of deposit fees as such fees were reinstated in late November 2020. The increase from first quarter 2020 primarily reflected higher interchange fees partially offset by lower deposit fees. Income from mortgage sales and servicing increased $169 thousand versus fourth quarter 2020 and increased $480 thousand versus first quarter 2020. The increase from the prior periods reflected a higher sales volume of residential mortgage loans to the FHLB Boston. Non-interest income for the first quarter 2021 included BOLI income of $125 thousand compared to $110 thousand in fourth quarter 2020 and $134 thousand in first quarter 2020. Non-Interest Expense Non-interest expense of $7.3 million for first quarter 2021 decreased $794 thousand versus fourth quarter 2020 and increased $323 thousand versus first quarter 2020. Compensation expense of $4.2 million for first quarter 2021 decreased $529 thousand from fourth quarter 2020 and increased $217 thousand versus first quarter 2020. The decline from fourth quarter 2020 primarily reflected lower salaries, production, and incentive accruals as well as higher deferred loan origination expenses related to the processing of PPP loans. The increase from first quarter 2020 primarily reflected higher salary, production and incentive accruals, partly offset by higher deferred loan origination expenses related to the processing of PPP loans. Excluding compensation, other non-interest expenses for first quarter 2021 declined $265 thousand from fourth quarter 2020 and increased $106 thousand from first quarter 2020. The decline from fourth quarter 2020 primarily reflected lower premises and equipment and marketing expenses. The increase from first quarter 2020 primarily reflected higher professional fees, higher FDIC insurance costs and higher lending related costs. The effective income tax rates for first quarter 2021, fourth quarter 2020 and first quarter 2020 were 21.6%, 17.5% and 14.4%, respectively. The higher tax rate in first quarter 2021 primarily reflected a lower mix of tax-exempt income from municipal bonds, tax advantaged loans and bank-owned life insurance on a comparatively higher level of pre-tax income. Loans Gross loans receivable of $1.1 billion increased $13.6 million from December 31, 2020, and increased $95.3 million from $959.8 million at March 31, 2020. Commercial & industrial loan growth during first quarter 2021 reflected the origination of approximately $47 million of additional PPP loans, partly offset by the forgiveness of approximately $36 million of PPP loans by the SBA. At March 31, 2021 Salisbury had PPP loans, net of deferred fees, of approximately $94 million on its balance sheet compared with approximately $85 million at December 31, 2020. The decline in residential real estate balances reflected the sale of $21.3 million of loans to the FHLB Boston during first quarter 2021 as part of the Bank’s strategy to manage interest rate risk. The ratio of gross loans to deposits for first quarter 2021 was 87.1% compared with 92.2% for fourth quarter 2020 and 99.4% for first quarter 2020. Balances by loan type for the comparative periods were as follows: Loan Type Q1 2021 Q4 2020 Q1 2020Residential Real Estate $418,991 $425,677 $432,241Commercial Real Estate 341,142 342,563 321,358Commercial & Industrial 249,357 227,148 157,573Farm Land 3,606 3,198 3,612Vacant Land 13,228 14,079 14,488Municipal 21,495 21,512 20,964Consumer 8,617 7,687 8,195Deferred (Fees)/Cost (1,365) (372) 1,329Gross Loans Receivable $1,055,071 $1,041,492 $959,760 Asset Quality In March 2020, Salisbury implemented a loan payment deferral program which allowed residential, commercial and consumer borrowers, who have been adversely affected by the COVID-19 pandemic, to defer loan payments for up to three months. Customers may also apply for additional deferments. As of March 31, 2021, loan payments were deferred on 14 commercial loans ($27 million loan balance). There were no outstanding deferrals related to residential and consumer loans as of March 31, 2021. Non-performing assets increased $58 thousand during the first quarter to $5.7 million, or 0.41% of total assets at March 31, 2021, from $5.6 million, or 0.44% of total assets at December 31, 2020, and increased $2.5 million from $3.2 million, or 0.28% of total assets, at March 31, 2020. The amount of total impaired and potential problem loans was $48.9 million or 4.64% of gross loans receivable at March 31, 2021 compared to $30.1 million, or 2.90% of gross loans receivable at December 31, 2020 and $28.1 million, or 2.93% of gross loans receivable at March 31, 2020. The increase from the comparative periods primarily reflected loans to certain borrowers in the hospitality and entertainment and recreation industries for which loan payments are currently deferred due to COVID-19. Accruing loans receivable 30-to-89 days past due decreased $4.5 million during first quarter 2021 to $2.4 million, or 0.23% of gross loans receivable, from $6.9 million, or 0.66% of gross loans receivable at December 31, 2020, and decreased $3.7 million from $6.1 million, or 0.64% of gross loans receivable at March 31, 2020. The allowance for loan losses for first quarter 2021 was $13.9 million compared with $13.8 million for fourth quarter 2020 and $10.6 million for first quarter 2020.The provision for loan loss expense was $158 thousand for first quarter 2021 versus $840 thousand for fourth quarter 2020, and $1.7 million for the first quarter 2020. The decrease in the provision versus comparative periods reflected management’s current assessment of the impact of the COVID-19 pandemic on the Bank’s loan portfolio. Net loan charge-offs (recoveries) were $25 thousand for the first quarter 2021, $368 thousand for fourth quarter 2020 and ($17) thousand for the first quarter 2020. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, excluding PPP loans, was 1.45% for the first quarter 2021, versus 1.44% for the fourth quarter 2020 and 1.11% for the first quarter 2020. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 243% for the first quarter 2021, versus 244% for fourth quarter 2020 and 333% for first quarter 2020. Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral. Deposits and Borrowings Deposits were $1.2 billion at March 31, 2021 compared with $1.1 billion at December 31, 2020 and $965.6 million at March 31, 2020. The increase in deposits from fourth quarter 2020 of $82.1 million reflected the funding and forgiveness of PPP loans as well as other customer activity. Deposits at March 31, 2021 reflected brokered deposits, including CDARS one-way buys, of $18.0 consistent with December 31, 2020 and $58.2 million at March 31, 2020. Average total deposits for the first quarter 2021 were $1.2 billion compared with $1.1 billion for the fourth quarter 2020 and $949.5 million for the first quarter 2020. Average total deposits for the first quarter 2021 included average brokered deposits of $18.0 million consistent with fourth quarter 2020 and $33.3 million for first quarter 2020. Federal Home Loan Bank of Boston (FHLBB) advances decreased $1.2 million during the quarter to $11.4 million at March 31, 2021 and decreased $29.5 million from March 31, 2020. Salisbury’s excess borrowing capacity at FHLBB was approximately $248 million at March 31, 2021. Capital Shareholders’ equity increased $2.5 million in first quarter to $127.2 million at March 31, 2021 as net income of $4.5 million, and restricted stock activity of $0.2 million were partly offset by common stock dividends paid of $0.8 million and unrealized losses in the available-for-sale securities portfolio of $1.4 million. Book value per common share increased $0.84 during the first quarter 2021 to $44.72 per share and increased $3.67 from the first quarter 2020. Tangible book value per common share increased $0.87 during first quarter 2021 to $39.65 and increased $3.80 as compared to the first quarter 2020. The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At March 31, 2021, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.83%, 14.58%, and 13.33%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively. On March 31, 2021 Salisbury issued $25 million of subordinated debt that matures in 2031. During the first five years, the debt is non-callable, and the coupon is fixed at 3.50%. After year five, the coupon will float at the then three-month Secured Overnight Financing Rate plus 280 basis points. The proceeds, net of issuance costs, will be used for general corporate purposes, including the redemption of $10 million in outstanding subordinated debt, which Salisbury issued over five years ago at a higher coupon rate, as well as potential share repurchases pursuant to the Common Stock Repurchase Plan approved by the Board of Directors in March 2021. At March 31, 2021, $15 million of the net proceeds was retained at the holding company level and the remainder was allocated to the Bank. In March 2021, Salisbury announced that its Board of Directors adopted a share repurchase program, which provides for the repurchase of Salisbury’s common stock in amounts up to an aggregate of five percent (5%) of the outstanding shares of Salisbury’s common stock from time to time over the next twelve months. Dividend on Common Shares The Board of Directors of Salisbury approved a $0.01 increase in the quarterly dividend at its April 21, 2021 meeting. The quarterly cash dividend of $0.30 per common share will be paid on May 28, 2021 to shareholders of record as of May 14, 2021. Background Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services. Forward-Looking Statements This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law. Investor presentation slides, which include a review of financial results and trends through the period ended March 31, 2021, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under Shareholder Relations/News & Market Information/Presentations. Source: Salisbury Bancorp, Inc. Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer860-435-9801 or email@example.com Salisbury Bancorp, Inc. and SubsidiaryCONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data)March 31, 2021 December 31, 2020ASSETS Cash and due from banks$8,785 $10,599 Interest bearing demand deposits with other banks 150,411 82,563 Total cash and cash equivalents 159,196 93,162 Interest bearing Time Deposits with Financial Institutions 750 750 Securities Available-for-sale at fair value 127,343 98,411 CRA mutual fund at fair value 904 917 Federal Home Loan Bank of Boston stock at cost 1,713 1,713 Loans held-for-sale 2,313 2,735 Loans receivable, net (allowance for loan losses: $13,886 and $13,754) 1,041,185 1,027,738 Bank premises and equipment, net 20,831 20,355 Goodwill 13,815 13,815 Intangible assets (net of accumulated amortization: $5,278 and $5,207) 603 674 Accrued interest receivable 6,237 6,373 Cash surrender value of life insurance policies 21,307 21,182 Deferred taxes 2,849 2,412 Other assets 4,083 3,423 Total Assets$1,403,129 $1,293,660 LIABILITIES and SHAREHOLDERS' EQUITY Deposits Demand (non-interest bearing)$334,638 $310,769 Demand (interest bearing) 229,200 218,869 Money market 311,971 278,146 Savings and other 207,109 189,776 Certificates of deposit 128,253 131,514 Total deposits 1,211,171 1,129,074 Repurchase agreements 8,687 7,116 Federal Home Loan Bank of Boston advances 11,396 12,639 Subordinated debt 34,305 9,883 Note payable 197 208 Finance lease obligations 1,658 1,673 Accrued interest and other liabilities 8,473 8,315 Total Liabilities 1,275,887 1,168,908 Shareholders' Equity Common stock - $0.10 per share par value Authorized: 5,000,000; Issued: 2,845,147 and 2,843,292 Outstanding: 2,845,147 and 2,843,292 285 284 Unearned compensation – restricted stock awards (646) (774)Paid-in capital 45,369 45,264 Retained earnings 80,675 76,974 Accumulated other comprehensive income, net 1,559 3,004 Total Shareholders' Equity 127,242 124,752 Total Liabilities and Shareholders' Equity$1,403,129 $1,293,660 Salisbury Bancorp, Inc. and SubsidiaryCONSOLIDATED STATEMENTS OF INCOME (unaudited) Three months ended March 31, (in thousands, except per share amounts) 2021 2020Interest and dividend income Interest and fees on loans$10,477 $9,987Interest on debt securities Taxable 423 455 Tax exempt 162 185Other interest and dividends 34 91 Total interest and dividend income 11,096 10,718Interest expense Deposits 555 1,509Repurchase agreements 3 7Finance lease 32 36Note payable 3 4Subordinated debt 119 156Federal Home Loan Bank of Boston advances 34 219 Total interest expense 746 1,931Net interest and dividend income 10,350 8,787Provision for loan losses 158 1,706 Net interest and dividend income after provision for loan losses 10,192 7,081Non-interest income Trust and wealth advisory 1,146 1,030Service charges and fees 950 905Mortgage banking activities, net 608 128(Losses) gains on CRA mutual fund (16) 14Gains on securities, net - 1Bank-owned life insurance (“BOLI”) income 125 134Other 28 33 Total non-interest income 2,841 2,245Non-interest expense Salaries 2,901 2,850Employee benefits 1,312 1,146Premises and equipment 954 911Data processing 565 540Professional fees 711 628Collections, OREO, and loan related 84 25FDIC insurance 145 105Marketing and community support 82 125Amortization of intangibles 71 87Other 434 519 Total non-interest expense 7,259 6,936Income before income taxes 5,774 2,390Income tax provision 1,248 343Net income$4,526 $2,047Net income available to common shareholders$4,462 $2,013 Basic earnings per common share$1.59 $0.72Diluted earnings per common share 1.59 0.72Common dividends per share 0.29 0.29 Salisbury Bancorp, Inc. and SubsidiarySELECTED CONSOLIDATED FINANCIAL DATA (unaudited) At or for the quarters ended (in thousands, except per share amounts and ratios)Q1 2021Q4 2020Q3 2020Q2 2020Q1 2020Total assets$1,403,129 $1,293,660 $1,292,760 $1,287,137 $1,145,751 Loans receivable, net 1,041,185 1,027,738 1,031,593 1,039,524 949,142 Total securities 129,960 101,043 99,794 93,717 94,966 Deposits 1,211,171 1,129,074 1,095,141 1,085,599 965,620 FHLBB advances 11,396 12,639 43,880 55,118 40,932 Shareholders’ equity 127,242 124,752 122,240 118,444 116,143 Wealth assets under administration 902,141 944,349 748,188 704,052 639,457 Discretionary wealth assets under administration 578,199 554,997 514,988 480,456 425,359 Non-discretionary wealth assets under administration 323,942 389,352 233,200 223,596 214,098 Non-performing loans 5,706 5,648 4,681 4,815 3,188 Non-performing assets 5,706 5,648 4,681 4,815 3,188 Accruing loans past due 30-89 days 2,374 6,850 1,638 2,656 6,109 Net interest and dividend income 10,350 9,817 9,925 9,617 8,787 Net interest and dividend income, tax equivalent(1) 10,520 9,993 10,101 9,786 8,954 Provision for loan losses 158 840 686 1,806 1,706 Non-interest income 2,841 2,476 3,286 2,316 2,245 Non-interest expense 7,259 8,054 7,259 6,789 6,936 Income before income taxes 5,774 3,399 5,266 3,338 2,390 Income tax provision 1,248 596 910 604 343 Net income 4,526 2,803 4,356 2,734 2,047 Net income allocated to common shareholders 4,462 2,764 4,288 2,691 2,013 Per share data Basic earnings per common share$1.59 $0.99 $1.53 $0.96 $0.72 Diluted earnings per common share 1.59 0.98 1.53 0.96 0.72 Dividends per common share 0.29 0.29 0.29 0.29 0.29 Book value per common share 44.72 43.88 42.99 41.66 41.05 Tangible book value per common share - Non-GAAP ⁽2⁾ 39.65 38.78 37.87 36.51 35.85 Common shares outstanding at end of period (in thousands) 2,845 2,843 2,843 2,843 2,829 Weighted average common shares outstanding, to calculate basic earnings per share (in thousands) 2,804 2,803 2,799 2,796 2,788 Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands) 2,815 2,811 2,807 2,803 2,797 Profitability ratios Net interest margin (tax equivalent) (1) 3.34% 3.17% 3.29% 3.31% 3.35%Efficiency ratio (3) 53.75 63.88 56.33 56.23 61.36 Effective income tax rate 21.61 17.52 17.28 18.11 14.35 Return on average assets 1.38 0.85 1.34 0.89 0.73 Return on average common shareholders’ equity 14.53 8.97 14.31 9.36 7.07 Credit quality ratios Non-performing loans to loans receivable, gross 0.54% 0.54% 0.45% 0.46% 0.33%Accruing loans past due 30-89 days to loans receivable, gross 0.23 0.66 0.16 0.25 0.64 Allowance for loan losses to loans receivable, gross 1.32 1.32 1.24 1.18 1.11 Allowance for loan losses to non-performing loans 243.4 243.5 277.8 256.9 333.0 Non-performing assets to total assets 0.41 0.44 0.36 0.37 0.28 Capital ratios Common shareholders' equity to assets 9.07% 9.64% 9.46% 9.20% 10.14%Tangible common shareholders' equity to tangible assets - Non-GAAP(2) 8.12 8.62 8.42 8.16 8.97 Tier 1 leverage capital (4) 9.83 8.90 8.93 8.95 9.65 Total risk-based capital (4) 14.58 13.57 13.60 13.15 12.97 Common equity tier 1 capital (4) 13.33 12.31 12.35 11.90 11.79 (1) Adjusted to reflect the U.S. federal statutory benefit on income derived from tax-exempt securities and loans. (2) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.(3) Calculated as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses. (4) Represents the capital ratios of the Bank. Salisbury Bancorp, Inc. and SubsidiarySUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited) At or for the quarters ended (in thousands, except per share amounts and ratios)Q1 2021Q4 2020Q3 2020Q2 2020 Q1 2020Common Shareholders' Equity$127,242 $124,752 $ 122,240 $ 118,444 $ 116,143 Less: Goodwill (13,815) (13,815) (13,815) (13,815) (13,815)Less: Intangible assets (603) (674) (748) (825) (908)Tangible Common Shareholders' Equity$112,824 $110,263 $ 107,677 $103,804 $101,420 Total Assets$1,403,129 $1,293,660 $1,292,760 $1,287,137 $1,145,751 Less: Goodwill (13,815) (13,815) (13,815) (13,815) (13,815)Less: Intangible assets (603) (674) (748) (825) (908)Tangible Total Assets$1,388,711 $1,279,171 $1,278,197 $1,272,497 $1,131,028 Common Shares outstanding 2,845 2,843 2,843 2,843 2,829 Book value per Common Share – GAAP$44.72 $43.88 $42.99 $41.66 $41.05 Tangible book value per Common Share - Non-GAAP 39.65 38.78 37.87 36.51 35.85 Tangible common shareholders’ equity to tangible total assets - Non-GAAP 8.12% 8.62% 8.42% 8.16% 8.97%Consolidated: Non-interest expense$7,259 $8,054 $7,259 $6,789 $6,936 Less: Amortization of core deposit intangibles (71) (74) (78) (83) (87)Less: Foreclosed property expense including OREO gains, losses andWrite downs - - 2 (7) 13 Adjusted non-interest expense$7,188 $7,980 $ 7,183 $6,699 $6,862 Net interest and dividend income, tax equivalent$10,520 $9,993 $10,101 $9,786 $8,955 Non-interest income 2,841 2,476 3,286 2,316 2,245 Losses (gains) on securities 16 24 (34) (189) (15)BOLI proceeds - - (601) - - Adjusted revenue$13,377 $12,493 $ 12,752 $11,914 $11,185 Efficiency Ratio – Non-GAAP 1 53.75% 63.88% 56.33% 56.23% 61.36% 1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q1 2021: 51.97%; Q4 2020: 62.62%; Q3 2020: 54.76%; Q2 2020: 54.29%; Q1 2020: 59.83%. Salisbury Bancorp, Inc. and SubsidiarySUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited) At or for the quarters endedAverage BalanceIncome / ExpenseAverage Yield / Rate(dollars in thousands)Q1 2021Q4 20201Q 2020Q1 2021Q4 20201Q 2020Q1 2021Q4 20201Q 2020Loans (a)(d)$1,051,658$1,043,613$948,035$10,592$10,257$10,0964.02%3.90%4.26%Securities (c)(d) 103,062 92,633 89,596 640 624 6982.48 2.70 3.12 FHLBB stock 1,948 2,594 3,041 9 34 331.85 5.28 4.34 Short term funds (b) 101,401 112,463 23,218 25 31 580.10 0.11 1.00 Total interest-earning assets 1,258,069 1,251,303 1,063,890 11,266 10,946 10,8853.57 3.48 4.09 Other assets 71,252 63,937 64,438 Total assets$1,329,321$1,315,240$1,128,328 Interest-bearing demand deposits$218,425$212,375$154,604 106 110 1190.20 0.21 0.31 Money market accounts 288,767 288,629 240,680 129 150 5600.18 0.21 0.93 Savings and other 197,526 188,080 164,174 56 59 2340.11 0.12 0.57 Certificates of deposit 129,603 130,809 154,869 264 310 5960.83 0.94 1.54 Total interest-bearing deposits 834,321 819,893 714,327 555 629 1,5090.27 0.31 0.84 Repurchase agreements 8,453 9,220 5,672 3 3 70.15 0.15 0.49 Capital lease 2,824 2,897 3,050 32 35 364.60 4.81 4.72 Note payable 200 212 240 3 3 46.18 6.10 6.67 Subordinated debt (f) 10,156 9,879 9,860 119 150 1564.68 6.06 6.33 FHLBB advances 11,825 23,491 37,118 34 133 2191.14 2.21 2.36 Total interest-bearing liabilities 867,779 865,592 770,267 746 953 1,9310.35 0.44 1.00 Demand deposits 328,372 318,370 235,129 Other liabilities 6,839 7,267 6,856 Shareholders’ equity 126,331 124,011 116,076 Total liabilities & shareholders’ equity$1,329,321$1,315,240$1,128,328 Net interest income $10,520$9,993$8,954 Spread on interest-bearing funds 3.22 3.04 3.09 Net interest margin (e) 3.34 3.17 3.35 (a) Includes non-accrual loans.(b) Includes interest-bearing deposits in other banks and federal funds sold.(c) Average balances of securities are based on amortized cost.(d) Includes tax exempt income benefit of $170,000, $176,000 and $167,000, respectively, for Q1 2021, Q4 2020 and Q1 2020 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis. The income benefit reflected the U.S. federal statutory tax rate of 21.0% for 2021 and 2020. (e) Net interest income divided by average interest-earning assets.(f) Net of issuance costs.
(Bloomberg) -- The Bank of Canada took the the biggest step yet by a major economy to reduce emergency levels of monetary stimulus as it hailed a stronger-than-expected recovery from the pandemic.Policy makers led by Governor Tiff Macklem said Wednesday they would scale back their purchases of government debt by a quarter to C$3 billion ($2.4 billion) and accelerate the timetable for a possible interest-rate increase.The upbeat turn toward plotting a return to more normal policy has been resisted by counterparts elsewhere, including the U.S. Federal Reserve. Investors reacted by boosting the Canadian dollar to its highest since January.“This is a fairly hawkish message cast by the Bank of Canada,” Simon Harvey, a senior foreign exchange analyst at Monex Canada, said by email. “They seem quite confident that once the current wave of infections subsides the economic recovery will be robust.”The central bank reiterated its guidance that it won’t raise its benchmark interest rate, currently at 0.25%, until the recovery is complete and inflation is sustainably at 2%. But it changed its projections on when that would happen.New TimelineIn new quarterly economic projections, it revised higher its growth estimate for 2021 by more than two percentage points, to 6.5%, and brought forward its forecasts for when slack would be absorbed.“Based on the Bank’s latest projection, this is now expected to happen some time in the second half of 2022,” the bank said in its latest Monetary Policy Report.At a subsequent press conference, Macklem emphasized that the central bank’s commitment is not to raise interest rates before the economy fully recovers, and that any future hike would reflect economic conditions at the time.The Federal Reserve, by contrast, says it won’t begin scaling back the pace of its $120 billion-a-month bond purchases until it sees “substantial further progress” on employment and inflation. Economists surveyed by Bloomberg ahead of the Fed’s March meeting didn’t expect that to happen until 2022.Macklem’s growth revisions bring policy makers more into line with economist projections. Markets had already been pricing in a rate increase in 2022 before Wednesday’s changes. Investors have also been anticipating that Canada’s central bank would be more aggressive than the Federal Reserve in its normalization path.Swaps trading suggests about a 50% chance of a hike in Canada this time next year. Almost three hikes are fully priced in over the next two years, and five hikes over the next three years.Chair Jerome Powell, for his part, has been careful to avoid putting a date on beginning to taper asset purchases in the U.S., though his No. 2, Vice Chair Richard Clarida, has said he doesn’t expect those thresholds to be met this year.Powell has promised to give investors plenty of warning that officials are beginning to debate the timing of a move. He’s been up front in wanting to avoid surprising markets and re-running the 2013 Taper Tantrum, when unexpected news that the Fed was thinking of paring its purchases sent financial markets into a spasm with harmful economic consequences.Loonie SoarsThe Canadian dollar rose as much as 0.8% to C$1.2510 per U.S. dollar. The market consensus was for the Bank of Canada to pare back its government bond purchases in line with the bank’s new guidance, without altering expectations for no rate hike before 2023.Even before Wednesday’s statement, investors were anticipating the Bank of Canada to be among the most aggressive advanced economies in unwinding stimulus. One reason may be that Canada’s jobs market has recouped 90% of losses during the pandemic, versus just over 60% in the U.S.Still, policy makers remain cautious despite the more positive tone, saying there’s more uncertainty than usual that might affect its estimates for slack. Officials also highlighted concern about the uneven recovery and the potential for scarring in the labor market.On technical grounds alone, the central bank’s purchases of Canadian government bonds need to be pared back as the government’s financing requirements drop. It now owns more than 40% of outstanding bonds and is on pace to go above 50% in a few months as Prime Minister Justin Trudeau’s government reduces its issuance by about C$90 billion this year.It’s actually the second time the Bank of Canada has tapered during the pandemic. Macklem reduced the bank’s minimum weekly purchases in October, which had been C$5 billion initially. But at the time, officials characterized the taper as neutral in terms of stimulus, because they shifted purchases toward long-term bonds concurrently.This time, the central bank acknowledges that its reduction in purchases will have an “incremental” impact on stimulus.(Updates with global context throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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OTTAWA — Two-time world pairs champion Eric Radford is coming out of retirement. The 36-year-old, who won two world figure skating titles and an Olympic bronze medal for Canada in 2018 with Meagan Duhamel, will skate with Vanessa James next season. The 33-year-old James is from Toronto, but previously competed internationally for France. "I'm looking forward to this new partnership with Vanessa and getting back on the ice and doing what we love," Radford said in a statement. "Vanessa and I are thrilled to have the opportunity to represent Canada this coming season and are looking forward to see what the future holds for our partnership." "Partnering up with Eric is a very exciting career opportunity. I am looking forward to a season full of inspiration, joy and personal growth," James said. "We're both very much looking forward to this new chapter in our lives." Neither skater competed in a 2020-21 season that was all but wiped out by COVID-19. They'll train in Quebec with coach Julie Marcotte. Duhamel sounded blindsided by the news in a tweet she posted Wednesday. "The professional skating career that Eric and I had worked so hard for has now come to an abrupt end, and that breaks my heart and hurts me so deeply," she wrote. In her long Twitter post, Duhamel said she only learned of the new partnership when it was finalized and a press release had been written. Duhamel said she and Radford had a verbal agreement on doing professional shows together, and that she hadn't been asked if she had any interest in a competitive comeback with Radford. Radford and Duhamel also captured Olympic gold in the team event in 2018, and were seven-time national champions. They announced their retirement in 2018. Duhamel became a mom to daughter, Zoey, in October of 2019. This report by The Canadian Press was first published April 21, 2021. The Canadian Press