Interchange

Independent Bank Corp. Reports Second Quarter Net Income of $62.6 Million

Retrieved on: 
Thursday, July 20, 2023
Banking, Professional Services, Finance, Lender option borrower option, Advertising, Interchange, Policy, Snow, Sale, Shotter v Westpac Banking Corp, Federal Home Loan Banks, Internet, Credit, ATM, Growth, Rockland Trust, Conference, Total, Lethenteron appendix, Security (finance), Cryptocurrency, Real estate, Financial adviser, Pharmaceutical industry, Video game, Bank

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 second quarter net income of $62.6 million, or $1.42 per diluted share, compared to 2023 first quarter net income of $61.2 million, or $1.36 per diluted share.

Key Points: 
  • Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 second quarter net income of $62.6 million, or $1.42 per diluted share, compared to 2023 first quarter net income of $61.2 million, or $1.36 per diluted share.
  • Net interest income for the second quarter of 2023 decreased 4.1% to $152.5 million compared to $159.0 million for the prior quarter, reflecting a full quarter of increased wholesale borrowings as well as higher deposit costs, resulting in a reduction in net interest margin of 25 basis points to 3.54% for the quarter.
  • Noninterest income of $30.8 million for the second quarter of 2023 represented an increase of $2.5 million, or 8.9%, as compared to the prior quarter.
  • Noninterest expense of $95.6 million for the second quarter of 2023 represented a decrease of $3.1 million, or 3.1%, as compared to the prior quarter.

Cornerstone Advisors Research Illustrates How Durbin Amendment Negatively Impacted Financial Institutions and Consumers

Retrieved on: 
Monday, July 10, 2023
Government, Interchange, Durbin, Credit card, Debits and credits, Research, Regulation, Durbin amendment, Legislation, Cryptocurrency, Bank, Financial adviser

SCOTTSDALE, Ariz., July 10, 2023 /PRNewswire/ -- New research from Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, reveals how legislation that mandated debit card payment routing and interchange price caps has negatively impacted the nation's banking system and consumers. The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.

Key Points: 
  • The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.
  • "Think of it as regulatory 'whack-a-mole,' where a reduction in revenue from government regulation in one category forces multiple fee-generating categories to rise," said Glenn Grossman, director of research for Cornerstone Advisors and author of the report.
  • "Debit and credit card price controls harm both consumers and the banking system," Grossman said.
  • "Given their much more limited resources, community financial institutions and the customers they serve will suffer disproportionately from these rules."

PPMD Applauds FDA for Landmark Approval of First-Ever Gene Therapy Treatment for Duchenne for Patients Ages 4-5 Years Old

Retrieved on: 
Thursday, June 22, 2023
Interchange (road), Duchenne muscular dystrophy, Gene, Genetic distance, Nationwide Children's Hospital, Interchange, Policy, Becker muscular dystrophy, Initiative, Cardiac muscle, Research, Attention, Organization, Sarepta Therapeutics, Food and Drug Administration Amendments Act of 2007, Patient, EHR, PPMD, Knowledge, Hospital, Electronic health record, Exon, FDA, Conference, Therapy, Food, Vaccine, Pharmaceutical industry, Duchenne

WASHINGTON, June 22, 2023 /PRNewswire/ -- Parent Project Muscular Dystrophy (PPMD), a nonprofit organization leading the fight to end Duchenne muscular dystrophy (Duchenne), heralded today's decision by the Food and Drug Administration (FDA) to approve the first-ever U.S. application for a gene therapy treatment for Duchenne patients ages 4-5 years old. ELEVIDYS (delandistrogene moxeparvovec-rokl) is the sixth approved therapy in Duchenne and the first therapy to replace the missing dystrophin protein by using a modified smaller version of the dystrophin gene, called micro-dystrophin, to produce a modified micro-dystrophin protein. ELEVIDYS will be made available and marketed in the United States by Sarepta Therapeutics.

Key Points: 
  • Despite the incredible advances made with five prior drug approvals for Duchenne, our community continues to have significant unmet needs.
  • Today's approval of a dystrophin replacement strategy further builds upon, and extends, the positive impact of Duchenne therapy development to date," said PPMD Founding President and CEO Pat Furlong.
  • PPMD has long been optimistic that gene therapy could be a potential treatment for Duchenne.
  • PPMD launched its Gene Therapy Initiative in 2017 as a long-term concept seeking to accelerate the potential of gene therapy as a therapeutic for Duchenne.

Ferrovial celebrates opening of NTE 35W Segment 3C in Texas - a more than $1 billion investment in improving America's roadways

Retrieved on: 
Tuesday, June 20, 2023
NTE, Interstate 77 in North Carolina, Partnership, North Tarrant Express, Interchange, International Boundary US-Canada Monuments, Texas State Highway 99, LBJ, California High-Speed Rail, Interstate Highway System, Interstate 35W, APG, Road, Management, Transport, Ferrovial, Meridiam, Texas Department of Transportation

Completed three months ahead of schedule, the roadway was constructed by Ferrovial Construction and Webber, also subsidiaries of Ferrovial.

Key Points: 
  • Completed three months ahead of schedule, the roadway was constructed by Ferrovial Construction and Webber, also subsidiaries of Ferrovial.
  • Through this public-private partnership, the NTE 35W Segment 3C project was constructed at no cost to the State of Texas.
  • As of today, Ferrovial's total investment in Texas highways amounts to more than $7 billion.
  • "There is an incredible sense of accomplishment when you complete a major infrastructure project like the rebuilding and expansion of Interstate 35W.

Helcim helps small businesses tap out on pricey Point-of-Sale systems and unveils new Smart Terminal

Retrieved on: 
Friday, June 16, 2023
Interchange, Smart terminal, AB, POS, Android, PIN, Online shopping

CALGARY, AB, June 16, 2023 /PRNewswire/ - Helcim, a payments company committed to making payments easier, affordable and authentically human, has announced the release of the Helcim Smart Terminal.

Key Points: 
  • CALGARY, AB, June 16, 2023 /PRNewswire/ - Helcim, a payments company committed to making payments easier, affordable and authentically human, has announced the release of the Helcim Smart Terminal.
  • "We anticipate the Smart Terminal to be a game-changer for the small businesses we serve" shares Nic Beique, Helcim Founder & CEO.
  • And, as with all Helcim products, the Smart Terminal comes with excellent customer service from the Helcim Merchant Experience team."
  • The Helcim Smart Terminal is available for pre-orders through the Helcim equipment store after signup.

Expensify Announces Q1 2023 Results

Retrieved on: 
Tuesday, May 9, 2023
Professional Services, Apps, Applications, Technology, Software, Finance, Fintech, Digital Cash Management, Digital Assets, Workforce, Yoy, IPO, SDR, RSU, Contra, Interchange, Gun buyback program, EBITDA, CFO, React Native, Growth, Economics, Cryptocurrency, Video game, Retail, Bank, Expensify

It's true we've added SDRs and outbound calling to our toolbox (and the results aren't super noticeable yet, but are trending in promising ways).

Key Points: 
  • It's true we've added SDRs and outbound calling to our toolbox (and the results aren't super noticeable yet, but are trending in promising ways).
  • Uses of Q1 Free Cash Flow:
    Continued Buybacks - $0.7 million spent via net share settlement in Q1.
  • The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.
  • Expensify is also providing an estimate on what stock based compensation is expected to look like for the next four fiscal quarters.

HNTB further expands presence in Green Bay with new office space

Retrieved on: 
Tuesday, April 11, 2023
Appleton, GREEN, No Way Out, Zoo Interchange, Interchange, Transport, I-41, Wisconsin Department of Transportation, Interest, Todd Sanders, HNTB, Suite, Fiserv Forum, Engineering, Marquette, Mitchell, WIS, Construction, Management

GREEN BAY, Wis., April 11, 2023 /PRNewswire-PRWeb/ -- HNTB Corporation, a leading infrastructure solutions firm, is expanding into Green Bay to support the increasing amount of transportation- and infrastructure-related work in the area and clients throughout Northeast Wisconsin. The firm has leased a 2,456 square foot office located in the Ashwaubenon Boardwalk building.

Key Points: 
  • GREEN BAY, Wis., April 11, 2023 /PRNewswire-PRWeb/ -- HNTB Corporation , a leading infrastructure solutions firm, is expanding into Green Bay to support the increasing amount of transportation- and infrastructure-related work in the area and clients throughout Northeast Wisconsin.
  • The firm has leased a 2,456 square foot office located in the Ashwaubenon Boardwalk building.
  • "We are thrilled to grow our presence in the Green Bay market as part of our commitment to serving the transportation and infrastructure needs of the region," said Ashley Booth , HNTB Wisconsin office leader and vice president.
  • Interested candidates are encouraged to visit the HNTB career page for more information on job openings and the benefits of working for HNTB.

Expensify Announces Q4 and Full Year Fiscal 2022 Results

Retrieved on: 
Thursday, February 23, 2023
Apps, Applications, Technology, Finance, Fintech, Accounting, Professional Services, Software, Digital Cash Management, Digital Assets, Small Business, Data Management, Account manager, EBITDA, Luigi, Interchange, Executive Committee, Share repurchase, React Native, Sdr. Omme State Prison, RSU, IPO, Cryptocurrency, Bank, Video game, Bookkeeping, Copper, Expensify

Pending an eventual return to normalcy, we remain confident with our long-term growth guidance," said David Barrett, Founder & CEO of Expensify.

Key Points: 
  • Pending an eventual return to normalcy, we remain confident with our long-term growth guidance," said David Barrett, Founder & CEO of Expensify.
  • "This year proved Expensify is a very strong business able to generate positive cash flow in extremely challenging environments," said Ryan Schaffer, Expensify’s CFO.
  • The loss in Q4 2022 was primarily driven by a stock-based compensation expense of $10.5 million.
  • Expensify is also providing an estimate on what stock based compensation is expected to look like for the next four fiscal quarters.

Seacoast Reports Fourth Quarter and Full Year 2022 Results

Retrieved on: 
Thursday, January 26, 2023
Telephone, Federal Home Loan Banks, Pacific typhoon season, Credit, GAAP, Public sector banks in India, BBFC, Acquisition, Philippine Business Bank, The Company, Sale, Borrowing base, Investment, Growth, SBCF, Interchange, Financial services, Video game, Bank, Real estate, Pension fund, Airline, Sabal palmetto

STUART, Fla., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2022 of $23.9 million, or $0.34 per diluted share, including $16.1 million in merger-related costs and $15.0 million in provision for credit losses associated with bank acquisitions during the quarter. Fourth quarter 2022 net income decreased 18% compared to the third quarter of 2022 and decreased 34% compared to the fourth quarter of 2021, each the result of bank merger activity in the fourth quarter 2022. For the full year 2022, net income was $106.5 million, or $1.66 per diluted share, a decrease of 14% compared to the full year 2021.

Key Points: 
  • Fourth quarter 2022 net income decreased 18% compared to the third quarter of 2022 and decreased 34% compared to the fourth quarter of 2021, each the result of bank merger activity in the fourth quarter 2022.
  • Fourth quarter 2022 adjusted net income1 increased 22% compared to the third quarter 2022 and increased 8% compared to the fourth quarter 2021.
  • Pre-tax pre-provision earnings1 were $46.0 million in the fourth quarter 2022, an increase of 7% compared to the third quarter of 2022 and 13% compared to the fourth quarter 2021.
  • Adjusted pre-tax pre-provision earnings1 were $66.6 million in the fourth quarter 2022, an increase of 36% compared to the third quarter 2022 and 58% compared to the fourth quarter 2021.

Government of Canada announces appointments to Windsor-Detroit Bridge Authority's Board of Directors

Retrieved on: 
Tuesday, December 6, 2022
Gordie Howe International Bridge, Assistant Secretary for Legislative and Intergovernmental Affairs, Infrastructure Canada, Corporation, City, Western University, HSBC, International Authority for the Ruhr, WDBA, Interstate 75, Transport, Government of Canada, Port, Partnership, Canada–United States border, Education, Corporate services, University, Interchange, Interstate Highway System, Ontario Highway 401, Commerce, Government, Institute of Corporate Directors, Community, Ivey Business School, Management, Tunnel, Crown, Entry

from the Institute of Corporate Directors, as well as degrees in Commerce and Education from the University of Windsor.

Key Points: 
  • from the Institute of Corporate Directors, as well as degrees in Commerce and Education from the University of Windsor.
  • Allsop was Chief Executive Officer and Chairman of HSBC Securities (Canada), as well as a director of HSBC Global Asset Management (Canada) Ltd.
  • Ms. Reidel and Mr. Allsop were appointed in accordance with the Government of Canada's open, transparent, and merit-based selection process.
  • All directors are appointed by the Government of Canada and hold office for up to four years.