July 22, 2021 - Page 7 of 12 - Elite Stock Chat

T – Will AT&T Stock Go Back To Its Pre-Covid Level?

Written by Trefis Team on July 22, 2021. Posted in Stock Report, T.

We believe at the current price of $28 per share, AT&T stock (NYSE: T) looks a bit undervalued. The stock is down 28% from the level of $39 seen in the beginning of 2020. It traded at $38 in February 2020 (just before the coronavirus pandemic) and it is currently still 26% below that level, as well. AT&T stock has managed to gain only 6% from its March 2020 low of $28. The stock has significantly underperformed the market over recent months because of a lackluster launch of its streaming offering – HBO Max, along with the acquisition of Warner Media not adding much to the top line in 2020 due to the pandemic severely hitting the movie and advertising revenues for media giants. Also, AT&T continues to face intense competition from Verizon

VZ
and T-Mobile in the 5G technology expansion, alongside Dish Network

DISH
who announced a partnership with Amazon’s

AMZN
AWS for 5G. While HBO Max is expected to gradually increase its subscriber base, it will face intense competition from bigger rivals like Netflix

NFLX
and Disney

DIS
. Thus, we believe that AT&T stock is unlikely to go back to the pre-pandemic level any time soon, due to rising competition in streaming and 5G businesses. One positive for the company is that its video subscriber loss narrowed in Q2 2021 to 473,000. This is the least quarterly loss since Q4 2018. The stock will likely see a modest uptick to settle close to $30. Our conclusion is based on our comparative analysis on AT&T stock performance during the current financial crisis with that during the 2008 recession in our dashboard.

2020 Coronavirus Crisis

Timeline of 2020 Crisis So Far:

12/12/2019: Coronavirus cases first reported in China
1/31/2020: WHO declares a global health emergency.
2/19/2020: Signs of effective containment in China and hopes of monetary easing by major central banks helps S&P 500 reach a record high
3/23/2020: S&P 500 drops 34% from the peak level seen on Feb 19, 2020, as COVID-19 cases accelerate outside China. Doesn’t help that oil prices crash in mid-March amid Saudi-led price war
Since 3/24/2020: S&P 500 recovers 93% from the lows seen on Mar 23, 2020, as the Fed’s multi-billion dollar stimulus package suppresses near-term survival anxiety and infuses liquidity into the system.

Stock % Change

Trefis

In contrast, here is how AT&T stock and the broader market fared during the 2007-08 crisis

Timeline of 2007-08 Crisis

10/1/2007: Approximate pre-crisis peak in S&P 500 index
9/1/2008 – 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08)
3/1/2009: Approximate bottoming out of S&P 500 index
12/31/2009: Initial recovery to levels before accelerated decline (around 9/1/2008)

AT&T and S&P 500 Performance Over 2007-08 Financial Crisis

AT&T stock declined from levels of about $42 in September 2007 (pre-crisis peak) to levels of $24 in March 2009 (as the markets bottomed out), implying AT&T stock lost 44% from its approximate pre-crisis peak. It recovered post the 2008 crisis, to levels of little over $28 in early 2010, rising by 18% between March 2009 and January 2010. In comparison, the S&P 500 Index saw a decline of 51% and recovered 48%.

AT&T Fundamentals Over Recent Years

AT&T revenues increased from $160.5 billion in 2017 to $171.8 billion in 2020, due to increase in post-paid connections. Despite higher revenues, margins declined over recent years with EPS decreasing from $4.77 in 2017 to -$0.75 in 2020. Margins in 2020 were hit due to lower revenue, higher equipment costs, and high asset impairment.

Does AT&T Have Sufficient Cash Cushion To Meet Its Obligations Through The Coronavirus Crisis?

AT&T’s total debt decreased from $164.3 billion in 2017 to $157.2 billion in 2020, while its total cash went down from $50.5 billion to $9.7 billion over the same period. AT&T generated healthy cash from operation of $43 billion in the last twelve months. Though the debt level is quite high, a healthy cash from operations generation capacity over recent years provides the company a liquidity cushion to weather the current crisis.

Conclusion

Phases of Covid-19 Crisis:

Early- to mid-March 2020: Fear of the coronavirus outbreak spreading rapidly translates into reality, with the number of cases accelerating globally
Late-March 2020 onward: Social distancing measures + lockdowns
April 2020: Fed stimulus suppresses near-term survival anxiety
May-June 2020: Recovery of demand, with gradual lifting of lockdowns – no panic anymore despite a steady increase in the number of cases
Since late 2020: Weak quarterly results, but continued improvement in demand and progress with vaccine development buoy market sentiment

Despite the recent surge in the number of new Covid-19 cases in the U.S., we expect an improvement in demand (with lockdowns being lifted and vaccination coverage widening) to buoy market expectations. As investors focus their attention on expected 2021 results, we believe the recent rise in AT&T stock has already accounted for the growth in subscriber base, revenue, and earnings in the coming quarters. The company faces intense competition in the streaming and 5G businesses and we will likely see only a modest rise in AT&T’s stock in the near term.

5G wireless technology is a hot trend. Which stocks should you pick? Check out our theme on 5G Stocks for details.

See all Trefis Featured Analyses and Download Trefis Data here

UBER – Uber Freight to Acquire Transplace

Written by admin on July 22, 2021. Posted in Stock Report, UBER.

SAN FRANCISCO & FRISCO, Texas–(BUSINESS WIRE)–Uber Freight and Transplace have entered into a definitive agreement for Uber Freight to acquire Transplace for approximately $2.25 billion, consisting of up to $750 million in common stock of Uber Freight’s parent company, Uber Technologies, Inc. (NYSE: UBER) and the remainder in cash. Uber Freight will acquire Transplace from TPG Capital, the private equity platform of alternative asset firm TPG. Uber Freight’s acquisition of Transplace will create one of the leading logistics technology platforms, with one of the largest and most comprehensive managed transportation and logistics networks in the world. The transaction is subject to regulatory approval and other customary closing conditions.

The acquisition comes at a time of accelerated transformation in logistics. The demands of a volatile market and the increasing complexity of globalized logistics are clashing with industrial-age transportation technology. In the midst of capacity constraints and escalating transportation costs, shippers are adapting their operations at an increasing pace and looking for technology, support, and solutions that can modernize their supply chain and keep critical goods, and the economy, moving.

“This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem,” said Lior Ron, Head of Uber Freight. “This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers’ entire supply chains, delivering operational resilience and reducing costs at a time when it matters most.”

“The acquisition will combine the world’s premier shipper network platform with one of the industry’s most innovative supply platforms, to the benefit of all stakeholders,” said Frank McGuigan, CEO of Transplace. “Our expectation is that shippers will see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios. All in all, we expect to significantly reduce shipper and carrier empty miles to the benefit of highway and road infrastructures and the environment. Finally, we want to thank TPG for their partnership as we have worked together to position Transplace as a leader in supply chain innovation.”

Transplace was acquired by TPG Capital in 2017. Over the course of the partnership, Transplace has invested heavily in technology and other growth initiatives to further bolster the company’s expansive, high-quality, customizable solutions for managing today’s supply chain. Digitization of the global supply chain and the rapid adoption of logistics technology and solutions continue to drive investment activity across TPG’s platforms.

“Our partnership with Transplace is a strong example of TPG Capital’s strategy to identify industry-leading tech-enabled services companies and invest behind them to drive sustained growth,” said Jack Daly, Partner at TPG Capital and Chairman of Transplace, and Alex Minasian, Principal at TPG Capital. “In a category that continues to benefit from several secular tailwinds, Frank and his experienced team have positioned the company as an innovative leader that is empowering customers of all sizes to improve and optimize their supply chains. We thank the entire Transplace team for their partnership and wish them continued success in their next chapter.”

A logistics platform built for both shippers and carriers

The combination of Uber Freight and Transplace will optimize the movement of freight across the entire marketplace and deliver best-in-class services to shippers, while also unlocking opportunities for carriers. Uber Freight’s vast network of digitally-enabled carriers, combined with Transplace’s trusted shipper technology and operational solutions, will result in a fully scaled logistics platform built to meet both shippers and carriers where they are, no matter the size of their business or their transportation needs.

The combination of trusted services and technology solutions available via Uber Freight will help reduce friction across the supply chain and enable a new era of logistics management:

Shippers will have access to an even more robust set of technology solutions across all transportation modes and services, bolstered by support services based on Uber’s advanced technology and data science expertise.
Carriers will have the ability to collaborate directly with shippers within a seamless marketplace as well as access high quality freight across multiple expanded service lines, including intermodal, cross border and Less-Than-Truckload.

Uber Freight’s brokerage will continue to operate independently from Transplace’s managed transportation services to ensure the highest-quality service for shippers.

Accelerating Uber Freight’s path to profitability

Completion of this transaction will enable Uber Freight to serve substantially more customers at all levels of the freight industry and will expand its presence into Mexico and through new capabilities in intermodal and customs brokerage.

This transaction is expected to accelerate Uber Freight’s path to profitability and help the segment to break even on an Adjusted EBITDA basis by the end of 2022.

A slide presentation with additional information about the transaction will be available on the Uber Investor Relations website at investor.uber.com.

Advisors

Morgan Stanley & Co. LLC is acting as financial advisor to Uber, and Cooley LLP and Sullivan & Cromwell LLP are serving as legal counsel. Goldman Sachs & Co. LLC is serving as lead financial advisor to Transplace and TPG Capital. Harris Williams is also serving as financial advisor. Kirkland & Ellis and Cleary Gottlieb are serving as legal counsel to Transplace and TPG Capital.

About Uber Freight

Uber Freight is a logistics platform built on the power of Uber with the goal to reshape global logistics and deliver reliability, flexibility and transparency for shippers and carriers. Since launching in 2017, Uber Freight has built one of the world’s largest digitally-enabled carrier networks and transformed entrenched practices around pricing and booking freight to reduce inefficiencies and increase opportunities for business growth and industry collaboration. Today, the business counts over 70,000 carriers in its network and thousands of shippers as customers, from small businesses to Fortune 500 companies, including AB Inbev, Nestle, LG, Land O’Lakes and many more.

About Transplace

Transplace powers one of the largest managed transportation and logistics networks in the world. Its tech-enabled services and solutions platform are backed by the combination of innovative technology and a dedicated team of domain experts, engineers and data scientists. Transplace is committed to thrilling its customers by consistently improving supply chain performance and providing greater visibility and control of their logistics networks. Companies of all sizes rely on Transplace to deliver trusted outcomes through best-in-class logistics management, strategic capacity and cross-border services.

About TPG

TPG is a leading global alternative asset firm founded in 1992 with $96 billion of assets under management and offices in Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington D.C. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com or @TPG on Twitter.

Forward-Looking Statements

This communication contains forward-looking statements regarding Uber Freight Holding Corporation (“Freight,” “we” or “our”) future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending acquisition of Transplace, including the failure to obtain, or delays in obtaining, required regulatory approvals, any reverse termination fee that may be payable by us in connection with any failure to obtain regulatory approvals, the risk that such approvals may result in the imposition of conditions that could adversely affect us or the expected benefits of the proposed transaction, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the acquisition of Transplace, including the integration of the Transplace business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; failure to accelerate Freight’s profitability in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with our and/or Transplace’s employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to us and/or Transplace; inability to retain key personnel; changes in legislation or government regulations affecting us or Transplace; developments in the COVID-19 pandemic and resulting business and operational impacts on us and/or Transplace; and economic financial, social or political conditions that could adversely affect us, Transplace or the proposed transaction. All information provided in this communication is as of the date of this communication and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable, and information available to us, as of such date. We undertake no duty to update this information unless required by law.

The forward-looking statements in this communication may also relate to the business and expectations of Freight’s parent company, Uber Technologies, Inc. (“Uber”). In addition to the risks related to the proposed transaction and the business of Freight and/or Transplace, for additional information on other potential risks and uncertainties that could cause actual results of Uber to differ from the results predicted, please see its Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Form 10-Qs and Form 8-Ks filed with the Securities and Exchange Commission (the “SEC”). Uber undertakes no duty to update this information unless required by law.

KTB – Billabong Partners with Wrangler® to Combine the Best of Denim and Swim

Written by admin on July 22, 2021. Posted in KTB, Stock Report.

HUNTINGTON BEACH, Calif.–(BUSINESS WIRE)–Billabong and Wrangler® are pleased to announce the launch of their first-ever collaboration – the Billabong x Wrangler Collection – which celebrates the best of both brands and the exciting result achieved when you put a western spin on vintage surf. The Billabong x Wrangler Collection’s first installment launches today in anticipation of back-to-school season, with a second fall-inspired installment in September 2021.

For decades, both Billabong and Wrangler have been committed to making products you want to live in forever. The parallels between surf and western culture, along with the origin stories of the brands, make this unexpected partnership a perfect fit. Billabong founder Gordon Merchant’s favorite pair of Wrangler jeans influenced the fit for the first pair of Billabong boardshorts, which were created as a new offering at a time when boardshorts were stiff, abrasive and uncomfortable.

This collection — which is made with eco-conscious materials, including recycled P.E.T., organic cotton and hemp — is a nod to that origin story, while taking cues from the Wrangler brand’s own unique history and its deep connection to cowboy and rodeo culture.

“Whether you’re passionate about riding in the rodeo arena or riding a wave, a shared love for the outdoors can connect us all,” said Holly Wheeler, vice president of global brand marketing at Wrangler. “As we continue to offer new apparel through meaningful collaborations, it’s great to work with a brand like Billabong that aligns with our values and was inspired by our product from the very beginning. The result of our brands authentically coming together is a truly unique, sustainable collection that sits at the intersection of surf and western.”

“Wrangler denim has always been synonymous with timeless craftsmanship and quality and we were really fortunate to work intimately with the team there,” said Brad Lancaster, vice president, Men’s Creative, Billabong. “We’re also feeling really good about the materials we used to create this collection. End to end it’s a sustainable line, using recycled PETs, hemp and organic cottons and recycled materials for the trims – a first for Billabong, and certainly a step in the right direction for the planet.”

There are more than 40 styles in the Men’s collection. A highlight of the collection includes the Icons boardshort, a bold-colored, interchange boardshort that pays homage to the original boardshort style and soul from the ’70s.

The women’s offering is equally robust, with a wide array of styles, materials and silhouettes. The first release is a collection laced with the spirit of the ’70s and country soul, where shoreline tropicals meet western-spun surf graphics and under-the-sun accessories. The second release draws from Wrangler’s primary palette of vibrant retro hues, with a thoughtful assortment of fresh-spun range jackets, denim, fleece and high-waisted cords to face the onset of a changing season.

“Both of our teams are intrigued and enamored with the cultures we live in, so it was a true pleasure and honor to celebrate the collision of two distinct worlds in a modern take on our early years,” says Billabong Women’s Creative Director Allison Roberts. “Just as a denim designer obsesses on creating the most functional and comfortable jeans for riding, we as a surf brand obsess on making the best product for life in and around the ocean. The result is a beautiful intersection of well-worn workwear, forever denim pieces, country surf and timeless bikinis.”

To bring the collection to life, Billabong tapped into the spirit of the Wrangler-inspired Billabong origin story with some of the surf brand’s most recognizable faces of today. Shot in and around the idyllic pointbreaks of Northern New South Wales, Australia, the campaign celebrates a free-and-easy era when function and fashion were one and the same. The premium design collaboration with Wrangler comes through Billabong LAB, a platform that supports artists, musicians, designers and photographers.

The Billabong x Wrangler collection is available on billabong.com, wrangler.com and select retailers.

About Billabong

Billabong is a boardshort and bikini brand committed to the leading edge of surf culture. Founded in 1973 in Australia by visionary surfboard shaper and designer Gordon Merchant, Billabong seeks to share the magic feeling of waveriding with the world. That feeling comes to life in many forms, from award-winning boardshorts and swimwear to an eclectic bunch of culture-defining ambassadors to a legacy of game-changing experiences from the ocean to the mountains and beyond. Merchant originally envisioned a world where surfers and the surf-inspired feel special — like they’re the luckiest people on the planet. Now distributed in more than 100 countries across the globe, Billabong remains dedicated to his original vision — and making that feeling even more special tomorrow.

About Wrangler

Wrangler®, a Kontoor Brands (NYSE: KTB) brand, has been an icon in authentic American style around the world for more than 70 years. With a rich legacy rooted in the American west, Wrangler commits to offering unmatched quality and timeless design. Its collections for men, women and children look and feel great, inspiring those who wear them to be strong and ready for life, every day. Wrangler is available in retail stores worldwide, including brand flagship stores in Denver and Dallas, department stores, mass-market retailers, specialty shops, western outfitters, and online. For more information, visit Wrangler.com.

GSFI – Green Stream Holdings, Inc. (OTC PINK:GSFI) Nationally Recognized Solar Engineer Completes First Feasibility Study for Three 37 Acre Multi Meg Solar Farms

Written by admin on July 22, 2021. Posted in GSFI, Stock Report.

25 Year Model Program with Expected Project Revenues in Excess of $31 Million Over Life of the Initial Five Megawatt Project
KMB Design Group is a Full Service Engineering Solutions Provider that has Provided Designs and Engineering Services for Over 1,000 Projects Nationwide with Over 1,500 MW of Solar Designed.

NEW YORK, NY / ACCESSWIRE / July 22, 2021 / Green Stream Holdings Inc. (OTC PINK:GSFI) (“the Company”) (https://greensolarutility.com), an emerging leader in the solar utility and finance space, previously announced earlier this month that it had engaged KMB Design Group, a nationally known a full service engineering solutions provider with extensive international expertise in the solar renewable energy field providing photovoltaic design and engineering services, to assist the Company in installing three ground-mount solar farms. Today, the Company is announcing that the survey for one of the three sites is completed, and that the property owner has signed an agreement.

KMB was initially hired to conduct solar feasibility studies for three separate locations in the State of New York. Each site is 37 acres. Their study will determine the most efficient configuration for the arrays, estimated production matters, utility interconnect feasibility & process, as well as identifying any potential incentive programs.

The survey for the first of the three locations, 312 Cornish Hill Road, Cooperstown, NY, is completed and the owner has signed a 25-year lease for the property.

A picture containing text, blue, solar cell, tennis

Description automatically generated

KMB is a full service engineering solutions provider that has provided designs and engineering services for over 1,000 projects and 1,500 MW for a wide range of solar installations from small scale to large scale. KMB Design Group is at the forefront of the escalating solar industry, and is considered a leading consulting firm in the renewable energy field providing photovoltaic design and engineering services. Licensed in 50 states. They have the ability to work nationally without limitations. https://www.kmbdg.com/services/solar-engineering/

About KMB Design Group
KMB is a full service engineering solutions provider licensed in the United States and Europe. We take a systematic approach to developing comprehensive solutions for our clients; guiding projects from conception through site acquisition, engineering and construction. We focus on collaboration and communication throughout the process to achieve mutual success for our clients and our firm. We take a systematic approach to develop comprehensive engineering solutions for our clients; guiding projects from conception through site acquisition, engineering & construction. We focus on collaboration and communication throughout the process to achieve mutual success for our clients and our firm.

KMB Design Group, LLC was founded by a team of seasoned professionals who have been working together for over 15 years. Their extensive experience in the engineering and telecommunications industries provide a great foundation for a successful design firm. KMB’s focus on technology and continuous improvement enables the firm to keep up with the latest innovations and provide state-of-the-art design solutions for our clients. KMB continues to look for strategic acquisitions as well as potential joint ventures to grow the firm and expand our services.

KMB is licensed in 50 states and in Europe allowing us to do business both nationally and internationally. https://www.kmbdg.com

About Green Stream Finance, Inc.
Green Stream Finance, Inc., a solar utility and finance company with satellite offices in Malibu, CA and New York, NY, is focused on exploiting currently unmet markets in the solar energy space, and is currently licensed in California, Nevada, Arizona, Washington, New York, New Jersey, Massachusetts, New Mexico, Colorado, Hawaii, and Canada. The Company’s next-generation solar greenhouses constructed and managed by Green Rain Solar, LLC, a Nevada-based division, utilize proprietary greenhouse technology and trademarked design developed by world-renowned architect Mr. Antony Morali. The Company is currently targeting high-growth solar market segments for its advanced solar greenhouse and advanced solar battery products. The Company has a growing footprint in the significantly underserved solar market in New York City where it is targeting 50,000 to 100,000 square feet of rooftop space for the installation of its solar panels. Green Stream is looking to forge key partnership with major investment groups, brokers, and private investors in order to capitalize on a variety of unique investment opportunities in the commercial solar energy markets. The Company is dedicated to becoming a major player in this critical space. Through its innovative solar product offerings and industry partnerships, the Company is well-positioned to become a significant player in the solar space. Please visit: https://greensolarutility.com

About Chuck’s Vintage:
Chuck’s Vintage, a division, provides its clients access to historical fashion accessories, garments and complete ensembles from a bygone era. In these times of uncertainty, and ever-changing conditions, , Chuck’s Vintage is doing its best to provide clients with a consistent white glove experience. Come to Chuck’s for the denim, but stick around and complete your look with the founder’s sampling of vintage American workwear: rugged military and work boots, buttery leather bomber jackets, and soft, perfectly worn-in vintage 70’s rock tees. Classic American Cool.

Chuck’s Vintage was founded by GSFI former CEO Madeline Cammarata (fka Madeline Harmon), who hailed from an illustrious background in fashion. Her career began as a fashion model, where she was soon discovered by the iconic and provocative fashion photographer Helmet Newton, launching Cammarata to the runways of Europe. Returning to the US, Madeline found a powerful niche in the high fashion world of denim, where she was instrumental in providing fabric development for powerful brands like 7 For All Mankind and provided thousands of pieces to celebrity and business elites from Steve Jobs to Morrisey and everywhere in between. https://chucksvintage.com/

Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Green Stream Finance, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Green Stream Finance, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.

For All Inquiries Contact:
+1 (424) 280-4096
[email protected]

Website: greensolarutility.com
Instagram: chucksvintage original
Phone number: 646) 669-7007

SOURCE: Green Stream Holdings Inc.

UNH – UnitedHealthcare Donates $300,000 to Nonprofits in Tennessee

Written by admin on July 22, 2021. Posted in Stock Report, UNH.

NASHVILLE, Tenn.–(BUSINESS WIRE)–UnitedHealthcare, a UnitedHealth Group (NYSE: UNH) company, is awarding $300,000 in Empowering Health grants to four community-based organizations in Tennessee to expand access to care and address the social determinants of health for uninsured individuals and underserved communities.

In total, UnitedHealthcare is donating $11.4 million through Empowering Health grants across 18 states and the District of Columbia. The grants will assist individuals and families experiencing challenges from food insecurity, social isolation and behavioral health issues, and support local health promotion and health literacy efforts.

Grant recipients in Tennessee include:

Second Harvest Food Bank of Middle Tennessee – $125,000 for a food pantry safety net clinic in collaboration with Neighborhood Health to support food pantries at eight clinics in the Nashville area.
Chattanooga Area Food Bank – $70,000 for refrigeration infrastructure in support of a new pilot program to strategically place food lockers in high-need areas where individuals can access them at any time.
Second Harvest Food Bank of Northeast Tennessee – $70,000 to support product sourcing for the Food to Encourage program, which distributes lean meats, fresh produce, low-sodium canned fruits and vegetables, and dairy products to people in need of food assistance in Northeast Tennessee.
YMCA of Memphis & the Mid-South – $35,000 to purchase refrigeration for the Y on the Fly program to allow delivery of fresh produce and dairy products to rural and underserved areas in and around Memphis.

“Social and economic factors have a profound impact on achieving and maintaining good health,” said Keith Payet, CEO, UnitedHealthcare Community Plan of Tennessee. “Through Empowering Health grants, we’re working with local organizations to provide Tennesseans with greater access to essential resources in high-risk and high-need communities so they can live healthier lives.”

Good health encompasses more than simply visiting a doctor’s office. According to the American Journal of Preventive Medicine, nearly 80% of what influences a person’s health relates to nonmedical issues, such as food, housing, transportation and the financial means to pay for basic daily needs. And for so many, the global pandemic has caused additional social and economic challenges that continue to affect healthy behaviors and exacerbate health disparities.

Since launching its Empowering Health commitment in 2018, UnitedHealthcare has now invested more than $40 million in Empowering Health grants reaching more than 6 million people through partnerships with community-based organizations in 29 states.

UnitedHealth Group, including UnitedHealthcare and Optum, and its affiliated companies, is committed to reducing health disparities and building healthier communities by supporting programs to improve access to care and address key determinants of health. In Tennessee this includes more than $8.3 million in contributions from 2018-2020 representing its businesses, foundations and employees.

Additionally, UnitedHealth Group has invested more than $500 million in affordable housing communities since 2011, partnered with food banks and meal-delivery services, and in 2019 joined with the American Medical Association to standardize how social determinants of health data is collected and used to create more holistic care plans.

About UnitedHealthcare

UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.3 million physicians and care professionals, and 6,500 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities in South America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow @UHC on Twitter.

SINT – SINTX Enters Ceramic Armor Market Through Purchase of Assets from B4C, LLC and Technology License from Precision Ceramics USA Inc.

Written by admin on July 22, 2021. Posted in SINT, Stock Report.

SALT LAKE CITY–(BUSINESS WIRE)–SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) (www.sintx.com), an original equipment manufacturer (OEM) of silicon nitride ceramic for medical and non-medical applications, announced today that it has entered an asset purchase agreement with B4C, LLC of Dayton, Ohio, to acquire the equipment and technical processes required to make ballistic armor plates. Separately, SINTX also entered into a technology license agreement with Precision Ceramics USA Inc. (precision-ceramics.com) to manufacture a ceramic composite for defense armor applications.

Ceramic materials are an integral part of modern armor systems because of their light weight and resistance to high velocity projectiles. Governments worldwide are investing in novel ceramic armor solutions to protect law enforcement and military personnel as well as vehicles, aircraft, and ships against high-intensity threats. B4C, LLC is a specialty producer of Boron Carbide, a ceramic material used in the manufacture of protective body armor plates. Precision Ceramics USA Inc. is an international expert in technical ceramic component solutions.

Through its newly-created and wholly-owned subsidiary called SINTX Armor, the Company plans to utilize a two-pronged strategy. The assets acquired from B4C will be used to manufacture and market pure Boron Carbide – the highest strength ceramic armor available. These are designed to protect soldiers against hardened, high-velocity projectiles, against which other materials are not as effective. Additionally, SINTX will jointly develop and manufacture a special, lower cost composite of Boron Carbide and Silicon Carbide, under an exclusive license from Precision Ceramics USA Inc. The composite material is targeted at the law enforcement and civilian armor markets.

“The agreement with SINTX is exciting and will open new markets for our respective businesses,” said Sohail Amer, Chairman of Precision Ceramics USA Inc. “We are looking forward to combining our industry and product knowledge with SINTX’s expertise in materials science to create high-tech, innovative solutions that are unmatched in today’s market. Precision Ceramics is committed to working closely with SINTX to make this venture a success.”

“With equipment and expertise acquired from B4C, LLC, and the license from Precision Ceramics in place, SINTX intends to apply its material science expertise toward the development of personnel, aircraft, and vehicle armor,” said Dr. Sonny Bal, President, and CEO, SINTX Technologies. “This is a very significant diversification of our products into the U.S. military, Department of Defense, and law enforcement segments. All of us at SINTX take particular pride at this opportunity and feel great responsibility to protect and serve our fellow citizens who risk their lives for our safety.”

Going forward, Don Bray, VP of Business Development at SINTX will focus entirely on industrial and armor ceramics. SINTX expects to hire additional personnel who will assume responsibilities in the antipathogenic business segment as well as additional staff to support the armor business as the Company transitions the assets purchased in Dayton, OH to Salt Lake City, UT over the coming months.

Advisory services related to the B4C asset purchase were provided by Ascendiant Capital Markets.

About SINTX Technologies, Inc.

SINTX Technologies is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The company presently manufactures silicon nitride powders and components in its FDA registered, ISO 9001:2015 certified, ISO 13485:2016 certified, and AS9100D certified manufacturing facility.

For more information on SINTX Technologies or its silicon nitride material platform, please visit www.sintx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) that are subject to a number of risks and uncertainties. Risks and uncertainties that may cause such differences include, among other things: incorporation of silicon nitride into personal protective equipment may not be safe or effective; volatility in the price of SINTX’s common stock; the uncertainties inherent in new product development, including the cost and time required to commercialize such product(s); market acceptance of our products once commercialized; SINTX’s ability to raise additional funding and other competitive developments. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 22, 2021, and in SINTX’s other filings with the SEC. SINTX disclaims any obligation to update any forward-looking statements. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report.

UNH – UnitedHealthcare Donates $500,000 to Nonprofits in Texas

Written by admin on July 22, 2021. Posted in Stock Report, UNH.

DALLAS–(BUSINESS WIRE)–UnitedHealthcare, a UnitedHealth Group (NYSE: UNH) company, is awarding $500,000 in Empowering Health grants to five community-based organizations in Texas to expand access to care and address the social determinants of health for uninsured individuals and underserved communities.

Grant recipients in Texas include:

Food Bank of the Rio Grande Valley – $210,000 to purchase a refrigerated truck to implement a monthly Kids Produce Market that will give children in underserved communities and their families access to healthy food and provide healthy food distribution to public housing sites in rural communities.
El Pasoans Fighting Hunger Food Bank – $100,000 to support critical emergency food relief in response to COVID-19, by distributing urgently needed food, and providing home-delivered groceries and food to partner agencies.
CitySquare – $75,000 to expand the client-choice food pantry and food rescue programs for food insecure individuals in Dallas.
West Texas Food Bank – $75,000 to implement food insecurity screenings in local hospitals and clinics and provide food-insecure patients with healthy food, nutrition education materials and information about local resources for food assistance.
Mental Health America of Greater Houston – $40,000 to implement evidence-based mental health training programs and curriculum in school districts in El Paso and the Rio Grande Valley in response to increased behavioral health challenges for teachers and students related to COVID-19.

“Social and economic factors have a profound impact on achieving and maintaining good health,” said Don Langer, CEO, UnitedHealthcare Community Plan of Texas. “Through Empowering Health grants, we’re working with local organizations to provide Texans with greater access to essential resources in high-risk and high-need communities so they can live healthier lives.”

UnitedHealth Group, including UnitedHealthcare and Optum, and its affiliated companies, is committed to reducing health disparities and building healthier communities by supporting programs to improve access to care and address key determinants of health. In Texas this includes more than $20 million in contributions from 2018-2020 representing its businesses, foundations and employees.

About UnitedHealthcare

UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.3 million physicians and care professionals, and 6,500 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities in South America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow @UHC on Twitter.

HSBI – Heritage Southeast Bancorporation, Inc. Reports 2nd Quarter Earnings of $2.9 million, or $0.40 Per Share; Acquisition by VyStar Credit Union on Track to Close in 4th Quarter 2021

Written by Heritage Southeast Bancorporation Inc. on July 22, 2021. Posted in HSBI, Stock Report.

JONESBORO, Ga., July 22, 2021 (GLOBE NEWSWIRE) — Heritage Southeast Bancorporation, Inc. (“Company”) (OTCQX: HSBI) today announced quarterly net income of $2.9 million or $0.40 per diluted share for the second quarter ended June 30, 2021, compared to $4.3 million or $0.60 per diluted share for the prior quarter. Second quarter earnings included higher operating expenses associated with the scheduled acquisition by VyStar Credit Union later this year.

Highlights of the Company’s results for the quarter ended June 30, 2021 and status of the VyStar Credit Union acquisition include the following:

Shareholders approved the acquisition agreement with VyStar Credit Union on July 12, 2021. Regulatory approvals are expected in the 3^rd quarter and integration planning continues.
Pre-tax core earnings increased to $4.6 million for the second quarter ended June 30, 2021 from $4.0 million for the first quarter ended March 31, 2021. Net income excluding transaction costs was $4.1 million for the second quarter ended June 30, 2021.
Reductions to problem assets continued in the second quarter as total classified assets declined to $3.7 million at June 30, 2021 from $4.8 million at March 31, 2021 and $29.1 million at June 30, 2020.
Loan loss provisions remained at zero for the quarter ended June 30, 2021, reflecting the overall improved credit outlook.

“Our operating results remain strong as we continue normal operations through the approval process of our acquisition by VyStar Credit Union. While we have received shareholder approval, we await regulatory approvals from the FDIC, Georgia Department of Banking and Finance, the NCUA and Florida Office of Financial Regulation,” stated Leonard Moreland, Chief Executive Officer.

Net Interest Income

The Company’s net interest income decreased slightly to $12.7 million during the second quarter of 2021 from $12.8 million in the first quarter. The Company’s reported net interest margin decreased 22 basis points to 3.36% for the second quarter of 2021 from 3.58% for the first quarter. Both quarters’ net interest margin were positively impacted by the accretion of PPP related fees of approximately $825,000 and $855,000 for the second quarter and first quarter of 2021, respectively. The earning asset yield decreased 28 basis points to 3.72% during the second quarter of 2021 while the cost of funds decreased 6 basis points to 0.36% over the same time frame. The net interest margin excluding PPP loans decreased to 3.26% for the second quarter from 3.48% one quarter earlier primarily due to changes in earning asset mix.

Loan Loss Provisions

The Company did not recognize any loan loss provisions for the second quarter. Management believes the improved economic and pandemic climate has provided better clarity on the ability of borrowers to meet their loan obligations. As such, the current level of reserves is believed to be sufficient as of June 30, 2021.

Non-interest Income

Second quarter non-interest income increased to $4.6 million from $4.5 million for the first quarter of 2021. Higher deposit service charges and fees, interchange and ATM fees were partially offset by lower gains on the sale of SBA loans.

Non-interest Expense

Non-interest expense increased $1.7 million to $13.5 million for the second quarter of 2021 from $11.8 million the prior quarter. Other expenses increased to $5.3 million for the second quarter from $3.9 million the prior quarter. The second quarter included approximately $1.6 million in costs associated with the proposed transaction with VyStar Credit Union.

Balance Sheet

Total assets remained at $1.65 billion at June 30, 2021, relative to the previous quarter. Liquidity levels remained elevated as cash and cash equivalents increased $35.4 million to $306.1 million from $270.7 million three months earlier. Securities available for sale decreased slightly by $1.2 million to $173.6 million at June 30, 2021 from $174.8 million three months earlier. Loans, excluding PPP loans, increased $4.9 million to $999.1 million at June 30, 2021 from $994.3 million at March 31, 2021. Meanwhile, PPP loans decreased to $59.2 million at June 30, 2021 from $88.2 million three months earlier.

Total deposits remained at $1.43 billion at June 30, 2021. Non-interest bearing deposits remain the largest component of the deposit portfolio representing 34.1% of total deposits followed by money market and savings deposits at 29.6%, interest-bearing demand deposits at 18.8% and time deposits at 17.5%.

Asset Quality

Classified assets, which include nonperforming assets and accruing classified loans, totaled $3.7 million at June 30, 2021, compared with $4.8 million at March 31, 2021. The decrease during the second quarter reflected a reduction of $749,000 in loans and $306,000 reduction in other real estate owned. Nonperforming assets, which exclude accruing classified loans, totaled $2.9 million at June 30, 2021, or 0.18% of total assets compared to $3.9 million, or 0.24% during the prior quarter.

The allowance for loan losses decreased slightly to $15.2 million, or 1.43% of total loans at June 30, 2021 from $15.3 million, or 1.41% of total loans at March 31, 2021. Excluding PPP loans, which are supported by guarantees from the SBA, the allowance for loans losses were 1.52% of total loans at June 30, 2021.

Capital

Total shareholder equity increased to $149.1 million at June 30, 2021 from $145.8 million one quarter earlier. Shareholder equity relative to total assets was 9.02% and tangible shareholder equity relative to tangible assets was 6.99% at June 30, 2021. Tangible book value per share was $15.65 at June 30, 2021, an increase of 9.1% from June 30, 2020. At June 30, 2021, the Bank’s Leverage Ratio was 9.01%, its Common Equity Tier I and Tier 1 Capital ratios were 12.32%, and its Total Risk-Based Capital ratio was 13.57%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

About Heritage Southeast Bancorporation, Inc.

Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately $1.7 billion in assets, the Bank provides a well-rounded offering of commercial and consumer products through its 22 locations. For additional information, visit the HSBI website at www.myhsbi.com.

Forward Looking Statements:
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,” “expects,” “believes,” estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.

HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.

Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT
Leonard A. Moreland	Philip F. Resch
Chief Executive Officer	Chief Financial Officer

Heritage Southeast Bancorporation, Inc.
101 North Main Street
P.O. Box 935
Jonesboro, GA 30236
(770) 824-9934

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Financial Highlights
(Unaudited) (in thousands, except per share data)

	Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
Earnings:
Net Interest Income	$	12,727		$	12,769		$	12,530		$	11,901		$	11,769
Net Income		2,869			4,333			977			901			948
Net Income excluding transaction costs		4,146			4,333			977			901			948

Per Share Data:
Earnings per share:
Basic	$	0.41		$	0.62		$	0.14		$	0.13		$	0.14
Diluted	$	0.40		$	0.60		$	0.14		$	0.13		$	0.13
Diluted excluding transaction costs	$	0.57		$	0.60		$	0.14		$	0.13		$	0.13
Weighted average number of shares:
Basic		6,967			6,956			6,924			6,921			6,908
Diluted		7,212			7,179			7,139			7,139			7,131
Period-end number of shares ⁽¹⁾		7,220			7,222			7,227			7,229			7,227
Book value per share (period-end)	$	20.65		$	20.18		$	19.76		$	19.62		$	19.45
Tangible book value per share (period-end)	$	15.65		$	15.16		$	14.71		$	14.54		$	14.34

Key Ratios (percent):
Return on average assets		0.69	%		1.10	%		0.25	%		0.24	%		0.27	%
Return on average assets excluding transaction costs		1.00	%		1.10	%		0.25	%		0.24	%		0.27	%
Return on average tangible equity		10.34	%		16.28	%		3.66	%		3.44	%		3.70	%
Return on average tangible equity excluding transaction costs		14.95	%		16.28	%		3.66	%		3.44	%		3.70	%
Yield on interest earning assets		3.72	%		4.00	%		4.05	%		4.03	%		4.32	%
Cost of funds		0.36	%		0.42	%		0.52	%		0.60	%		0.61	%
Net interest margin		3.36	%		3.58	%		3.53	%		3.43	%		3.71	%
Net interest margin, excluding PPP loans		3.26	%		3.48	%		3.50	%		3.67	%		3.78	%
Non-interest income as a percent of total revenue		26.6	%		26.0	%		26.7	%		24.7	%		26.0	%
Efficiency ratio		76.5	%		67.2	%		83.1	%		75.1	%		77.8	%
Efficiency ratio excluding transaction costs		67.2	%		67.2	%		83.1	%		75.1	%		77.8	%
Tangible common equity to tangible assets		6.99	%		6.81	%		6.93	%		7.04	%		7.06	%

Asset Quality (period-end):
Allowance for loan losses to total loans		1.43	%		1.41	%		1.32	%		1.23	%		1.02	%
Allowance for loan losses to loans, excluding PPP loans		1.52	%		1.53	%		1.44	%		1.36	%		1.13	%
Allowance for loan losses to total nonperforming loans		1113.0	%		731.0	%		143.1	%		118.6	%		54.9	%
Nonperforming assets to total assets		0.18	%		0.24	%		0.79	%		1.04	%		1.87	%
Net charge-offs (annualized) to average loans		0.04	%		-0.43	%		0.19	%		0.15	%		0.04	%
Net charge-offs (annualized) to average loans, excluding PPP loans		0.04	%		-0.46	%		0.21	%		0.17	%		0.05	%

Capital (period-end):
Heritage Southeast Bank (HSB) risk based capital ratios:
CET1		12.32	%		12.02	%		11.95	%		12.10	%		11.99	%
Tier 1		12.32	%		12.02	%		11.95	%		12.10	%		11.99	%
Total		13.57	%		13.27	%		13.19	%		13.26	%		12.97	%
Leverage		9.01	%		9.10	%		8.98	%		9.08	%		9.55	%

Other (period-end):
Branches		22			22			22			24			24
FTE		276			278			288			289			302

⁽¹⁾Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan.

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited) (in thousands, except per share data)

	Three Months Ended
		June 30,		March 31,		December 31,			September 30,		June 30,
		2021		2021		2020			2020		2020
Interest and dividend revenue:
Loans, including fees	$	12,592	$	12,625	$	12,938		$	12,806	$	12,748
PPP loans, including fees		1,024		1,071		984			666		523
Investment securities		376		516		393			426		394
Fed funds sold, deposits in banks and other		79		55		61			76		40
Total interest and dividend revenue		14,071		14,267		14,376			13,974		13,705

Interest expense:
Deposits		843		986		1,256			1,457		1,673
Fed funds purchased and repurchase agreements		6		10		15			21		20
Federal Home Loan Bank advances		–		–		–			1		14
Line of credit		124		110		181			196		135
Subordinated notes		290		310		310			313		–
Junior subordinated debentures		81		82		84			85		94
Total interest expense		1,344		1,498		1,846			2,073		1,936

Net interest income		12,727		12,769		12,530			11,901		11,769
Provision for loan losses		–		–		1,700			2,550		2,550
Net interest revenue after provision for loan losses		12,727		12,769		10,830			9,351		9,219

Noninterest revenue:
Service charges and fees		1,291		1,285		1,574			1,433		1,218
Interchange and ATM fees		1,665		1,536		1,480			1,524		1,422
Securities gains, net		–		–		–			–		741
Gain on sale of SBA loans		738		906		924			275		61
Other		913		765		579			678		701
Total noninterest revenue		4,607		4,492		4,557			3,910		4,143

Operating expenses:
Salaries and employee benefits		6,551		6,528		8,309			6,477		5,877
Occupancy and equipment		1,443		1,402		1,404			1,454		1,388
Other real estate expenses, including losses
on sales and impairments, net		165		7		391			113		619
Other		5,332		3,904		4,335			4,070		4,153
Total other operating expenses		13,491		11,841		14,439			12,114		12,037
Income before income tax expense		3,843		5,420		948			1,147		1,325
Income tax expense		974		1,087		(29	)		246		377
Net income	$	2,869	$	4,333	$	977		$	901	$	948

Weighted-average number of shares outstanding:
Basic		6,967		6,956		6,924			6,921		6,908
Diluted		7,212		7,179		7,139			7,139		7,131

Earnings per share:
Basic	$	0.41	$	0.62	$	0.14		$	0.13	$	0.14
Diluted	$	0.40	$	0.60	$	0.14		$	0.13	$	0.13

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(in thousands, except per share data)


	Six Months Ended
		(Unaudited)		(Unaudited)
		June 30,		June 30,
		2021		2020
Interest and dividend revenue:
Loans, including fees	$	25,217	$	26,312
PPP loans, including fees		2,095		523
Investment securities		892		1,012
Fed funds sold, deposits in banks and other		134		387
Total interest and dividend revenue		28,338		28,234

Interest expense:
Deposits		1,829		3,695
Fed funds purchased and repurchase agreements		16		70
Federal Home Loan Bank advances		–		37
Line of credit		234		235
Subordinated debt		600		–
Junior subordinated debentures		163		215
Total interest expense		2,842		4,252

Net interest income		25,496		23,982
Provision for loan losses		–		5,100
Net interest revenue after provision for loan losses		25,496		18,882

Noninterest revenue:
Service charges and fees		2,576		2,916
Interchange and ATM fees		3,201		2,685
Securities gains, net		–		1,313
Gain on sale of SBA loans		1,644		612
Other		1,678		1,345
Total noninterest revenue		9,099		8,871

Operating expenses:
Salaries and employee benefits		13,079		12,733
Occupancy and equipment		2,845		2,697
Other real estate expenses, including losses
on sales and impairments, net		172		692
Other		9,236		8,234
Total other operating expenses		25,332		24,356
Income before income tax expense		9,263		3,397
Income tax expense		2,061		833
Net income	$	7,202	$	2,564

Weighted-average number of shares outstanding:
Basic		6,964		6,900
Diluted		7,209		7,124

Earnings per share:
Basic	$	1.03	$	0.37
Diluted	$	1.00	$	0.36

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(in thousands)

		(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
Assets
Cash and due from banks	$	27,722		$	23,851		$	29,092		$	23,001		$	26,767
Interest-bearing deposits with banks		278,360			246,824			189,533			178,473			172,961
Cash and cash equivalents		306,082			270,675			218,625			201,474			199,728
Securities available for sale, at fair value		173,606			174,785			169,329			157,045			131,429
Other investments		786			786			1,203			1,203			1,451
Loans:
Loans, excluding PPP loans		999,127			994,251			980,257			949,473			950,920
PPP loans		59,233			88,201			87,775			103,402			103,074
Allowance for loan losses		(15,159	)		(15,256	)		(14,117	)		(12,925	)		(10,772	)
Loans, net		1,043,201			1,067,196			1,053,915			1,039,950			1,043,222

Premises and equipment, net		36,114			37,220			37,165			37,154			34,375
Bank owned life insurance		34,174			33,925			28,734			28,536			28,334
Other real estate owned		1,533			1,839			2,593			5,043			8,496
Goodwill		28,275			28,275			28,275			28,275			28,275
Core deposit intangible, net		7,758			7,995			8,232			8,470			8,707
Deferred tax asset, net		13,313			14,362			14,900			14,989			15,276
Other assets		7,423			8,140			8,219			8,058			6,156
Total Assets	$	1,652,265		$	1,645,198		$	1,571,190		$	1,530,197		$	1,505,449

Liabilities
Deposits:
Noninterest-bearing	$	488,877		$	479,653		$	415,476		$	427,389		$	417,690
Interest-bearing demand		270,380			269,517			283,009			237,710			225,292
Money market and savings		425,371			422,904			385,246			355,308			337,169
Time		250,839			261,710			278,825			290,521			301,532
Total deposits		1,435,467			1,433,784			1,362,556			1,310,928			1,281,683

Securities sold under agreements to repurchase		15,241			13,413			13,187			15,407			17,194
Federal Home Loan Bank advances		–			–			–			–			4,167
Line of credit		22,688			14,688			14,688			24,688			24,688
Subordinated notes		13,165			19,656			19,646			19,637			19,653
Junior subordinated debentures		9,327			9,288			9,250			9,211			9,173
Accrued expenses and other liabilities		7,312			8,598			9,030			8,441			8,267
Total liabilities		1,503,200			1,499,427			1,428,357			1,388,312			1,364,825

Shareholders’ Equity
Common stock		702			702			702			702			701
Additional paid in capital		117,151			116,972			116,825			116,628			116,396
Retained earnings		31,186			28,316			23,983			23,007			22,105
Other comprehensive income (loss)		26			(219	)		1,323			1,548			1,422
Total Shareholders’ Equity		149,065			145,771			142,833			141,885			140,624
Total Liabilities and Shareholders’ Equity	$	1,652,265		$	1,645,198		$	1,571,190		$	1,530,197		$	1,505,449

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
GAAP to Non-GAAP Reconciliation
(Unaudited) (in thousands)

	Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
Income before income tax expense (GAAP)	$	3,843		$	5,420		$	948		$	1,147		$	1,325
Provision for loan losses		–			–			1,700			2,550			2,550
Other real estate expenses, including losses on sales and impairments, net		165			7			391			113			619
Securities gains, net		–			–			–			–			(741	)
Loss on sub-lease		–			–			800			–			–
Employee restructuring costs		–			–			1,310			–			–
Transaction costs		1,612			–			–			–			–
PPP impact		(1,024	)		(1,396	)		(984	)		(666	)		(1,523	)
Pre-tax core earnings	$	4,596		$	4,031		$	4,165		$	3,144		$	2,230

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Loan Portfolio
(Unaudited) (in thousands)

		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
Real estate loans:
Construction and land development	$	144,263		$	152,889		$	142,513		$	136,313		$	148,158
Single-family residential		162,996			165,362			171,153			166,673			167,734
Commercial – owner occupied		260,186			266,258			259,592			255,277			248,001
Commercial – other		214,995			198,965			192,808			191,313			187,032
Multifamily		14,017			6,746			14,171			11,849			11,669
Total real estate loans		796,457			790,220			780,237			761,425			762,594
Commercial loans (not secured by real estate)		190,095			190,365			184,509			171,251			172,134
Consumer loans (not secured by real estate)		13,874			14,861			16,677			17,844			17,117
Gross loans		1,000,426			995,446			981,423			950,520			951,845
Unearned income		(1,299	)		(1,195	)		(1,166	)		(1,047	)		(925	)
Loans, net of unearned income	$	999,127		$	994,251		$	980,257		$	949,473		$	950,920


		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
PPP loans:
Up to $50,000	$	7,033		$	11,718		$	11,701		$	12,762		$	12,765
$50,001 – $150,000		15,438			24,231			23,448			27,371			27,371
$150,001 – $2 million		26,384			35,498			36,357			47,724			47,724
Greater than $2 million		11,963			17,953			17,953			17,953			17,953
Total PPP loans⁽¹⁾		60,818			89,400			89,459			105,810			105,813
Unearned income		(1,585	)		(1,199	)		(1,684	)		(2,408	)		(2,739	)
PPP loans, net of unearned income	$	59,233		$	88,201		$	87,775		$	103,402		$	103,074

⁽¹⁾ June 30, 2021 includes $30.5 million and $30.3 million of loans originated in 2021 and 2020, respectively.

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Asset Quality Information
(Unaudited) (in thousands)

		June 30,			March 31,			December 31,			September 30,			June 30,
		2021			2021			2020			2020			2020
Classified assets:
Nonperforming loans	$	1,362		$	2,087		$	9,866		$	10,902		$	19,638
Other real estate owned		1,533			1,839			2,593			5,043			8,496
Total nonperforming assets		2,895			3,926			12,459			15,945			28,134
Accruing classified loans		811			835			888			1,634			971
Total classified assets	$	3,706		$	4,761		$	13,347		$	17,579		$	29,105

Classified assets to HSB Tier 1 capital plus ALL		2.3	%		3.1	%		8.9	%		11.9	%		18.1	%
Nonperforming assets to total assets		0.18	%		0.24	%		0.79	%		1.04	%		1.87	%

Allowance for loan losses:
Balance at beginning of period	$	15,256		$	14,117		$	12,925		$	10,772		$	8,330
Provision for loan losses		–			–			1,700			2,550			2,550
Charge-offs		(195	)		(198	)		(860	)		(403	)		(170	)
Recoveries		98			1,337			352			6			62
Balance at end of period	$	15,159		$	15,256		$	14,117		$	12,925		$	10,772

Loans, excluding PPP loans	$	999,127		$	994,251		$	980,257		$	949,473		$	950,920
PPP loans		59,233			88,201			87,775			103,402			103,074
Performing past due loans		1,464			2,500			2,472			2,193			3,506
Allowance as % of loans		1.43	%		1.41	%		1.32	%		1.23	%		1.02	%
Allowance as % of loans, excluding PPP loans		1.52	%		1.53	%		1.44	%		1.36	%		1.13	%
Allowance as a % of nonperforming loans		1113.0	%		731.0	%		143.1	%		118.6	%		54.9	%
Average loans, excluding PPP loans		993,346			988,230			960,808			947,177			946,389
Average PPP loans		77,325			83,489			100,725			102,396			78,981
Net charge-offs (annualized) to average loans		0.04	%		-0.43	%		0.19	%		0.15	%		0.04	%
Net charge-offs (annualized) to average loans, excluding PPP loans		0.04	%		-0.46	%		0.21	%		0.17	%		0.05	%

APO – Intrado and ADT Partner to Enhance Emergency Response via Direct Data Messaging to 911 Communications Centers

Written by Intrado on July 22, 2021. Posted in APO, Stock Report.

ISLANDIA, N.Y. and BOCA RATON, Fla., July 22, 2021 (GLOBE NEWSWIRE) — Intrado Corporation (“Intrado”), a global leader in technology-enabled services, and ADT, a leading provider of security, automation, and smart home solutions, today announced a partnership that enables ADT to deliver additional data to 911 centers and first responders throughout the alarm response process by means of Intrado’s Emergency Data Broker™. When an alarm is triggered, ADT is able to send important event information with additional data for delivery to the appropriate 911 center for homes and businesses monitored by ADT. With this data delivery system, 911 telecommunicators and first responders will benefit from better situational awareness about the affected premises, helping to improve response safety and effectiveness.

This new data-messaging-to-911 feature is available to any text-to-911-capable public safety answering point (“PSAP”) in the United States at no cost and is vendor agnostic. There are no hardware, software, network, or other configuration changes or updates required for any text-to-911 capable PSAP, regardless if they are currently using Intrado solutions.

“We know that in an emergency, situational awareness is key to implementing the right response safely and effectively. Across our portfolio, we are developing and deploying solutions that allow public safety to leverage the ever-expanding network of additional data for precisely this purpose,” said Jeff Robertson, President of Intrado Life & Safety. “Emergency Data Broker is an essential component of the emerging Next Generation 911 (“NG911”) ecosystem, where we are proud to be a leader. Integrating our NG911 capabilities with ADT further expands the reach of our mission-critical 911 solutions and confirms our commitment to public safety nationwide.”

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

This partnered solution will allow for enhanced emergency response times when additional location data, information about the affected premises, and input from video feeds, sensors, and others, are streamlined into the process of 911 call routing and delivery. Call center staff will be able to recognize non-emergency calls that come in, and quickly follow up with the 911 center to cancel an alarm response when it is determined it is a non-emergency.

“ADT is at the forefront of creating new and better ways to deliver enhanced alarm information to first responders with the ADT NG911 Message Broker services. Connecting to Intrado’s Emergency Data Broker is a true partnership in emergency data delivery,” said Don Young, Executive Vice President and Chief Operating Officer at ADT. “We believe our work with Intrado augments ADT’s solutions with added capabilities and innovative public safety technologies which will enable faster emergency response, better situational awareness, and increased safety for our customers, and removes the need for a phone call.”

Emergency Data Broker is designed to meet PSAP requirements without installing additional hardware, upgrading software, or modifying existing workflows. When information is obtained in the first few seconds of a Request for Assistance (RFA), telecommunicator time on the phone is reduced significantly. Calls can quickly be vetted, reducing the volume of unwanted voice calls to the PSAP.

About Intrado Corporation

Intrado Corporation is an innovative, cloud-based, global technology partner to clients around the world. Our solutions connect people and organizations at the right time and in the right ways, making those mission-critical connections more relevant, engaging, and actionable – turning Information to Insight.

Intrado has sales and/or operations in the United States, Canada, Europe, the Middle East, Asia Pacific, Latin America, and South America. Intrado is controlled by affiliates of certain funds managed by Apollo Global Management, Inc. (NYSE: APO). For more information, please call 1-800-841-9000 or visit www.intrado.com.

About ADT Inc.

ADT is the most trusted brand in smart home and business security. Through innovative products, partnerships and the largest network of smart home security professionals in the United States, we help connect and protect what matters most to our customers at home, work and on the go. For more information, visit www.adt.com.

Contacts

Dave Pleiss
DMPleiss@Intrado.com
402-716-6578

Paul Wiseman
paulwiseman@adt.com

LUV – Southwest Airlines swings to Q2 profit thanks to PSP program as revenue tops estimates

Written by Ciara Linnane on July 22, 2021. Posted in LUV, Stock Report.

Southwest Airlines Co.
LUV,
+3.31%
said Thursday it had net income of $348 million, or 57 cents a share, in the second quarter, after a loss of $915 million, or $1.63 a share, in the year-earlier period, when travel stalled during the global pandemic. The profit was driven by a $724 million offset of salaries and other benefits related to the receipt of proceeds from the Payroll Support Program, a federal relief program for airlines. Excluding that offset, the company had an adjusted loss of 35 cents a share, wider than the 23 cents loss consensus estimate of FactSet analysts. Revenue rose to $4.008 billion from $1.008 billion, topping the $3.939 billion FactSet consensus. “Second quarter 2021 marked an important milestone in the pandemic recovery as leisure travel demand surged,” Chief Executive Gary C. Kelly said in a statement. The company generated net income in June, to mark its first monthly profit without the benefit of temporary salary and benefit relief since the start of the pandemic, he said. The rapid ramp-up in travel demand has proved a challenge and the company is now focused on bring back workers and improving operations. Jet fuel prices are also significantly higher and expected to remain so in the third quarter. “To support the return of flight activity, we expect to recall the vast majority of our Employees early from voluntary time-off by the end of third quarter 2021, which is expected to reduce our prior forecasted savings from voluntary leave programs beyond second quarter 2021,” said Kelly. The company’s load factor stood at 82.9% in the second quarter, while available seat miles were up 86.8%. The company is expecting capacity to rise 49% in the third quarter as travel demand continues to improve. Shares were down 1% premarket, but have gained 14% in the year to date, while the U.S. Global JETS ETF
JETS,
+3.09%
has gained 4% and the S&P 500
SPX,
+0.82%
has gained 16%.

Day: July 22, 2021