Federal

Chemung Financial Corporation Reports First Quarter 2024 Net Income of $7.1 million, or $1.48 per share

Retrieved on: 
Thursday, April 18, 2024
Sale, Mastercard, Total, Federal Reserve, Investment, Corporation, CHMG, FHLB, Projection, Federal Home Loan Banks, 190th, Interest, Software, Federal, SBA, NSF, Environment, Unemployment, Chemung Canal Trust Company, CECL, Bank, GDP, Share repurchase, Marketing, Advertising, FOMC, GAAP, Growth, Overalls

Fully taxable equivalent net interest margin was 2.73% in the current quarter, compared to 2.69% in the prior quarter.

Key Points: 
  • Fully taxable equivalent net interest margin was 2.73% in the current quarter, compared to 2.69% in the prior quarter.
  • Non-interest income for the first quarter of 2024 was $5.7 million, compared to $5.9 million for the prior quarter, a decrease of $0.2 million, or 3.4%.
  • Income tax expense for the first quarter of 2024 was $2.0 million, compared to $0.8 million for the prior quarter, an increase of $1.2 million.
  • Income tax expense of $2.0 million for the first quarter of 2024 was comparable with the first quarter of 2023.

Carahsoft and Arcadus Partner to Bring Digital Twins and 3D Spatial Data Solutions to Government Agencies

Retrieved on: 
Thursday, April 18, 2024
IBM PS/ValuePoint, Real estate, Public sector, Information technology, Government agency, State, School, NASA, Risk management, Partnership, Carahsoft, Federal, Mitigation, National Association, Smartphone, Public, Local, Trust (social science), Environment, Organization, Police

Under the agreement, Carahsoft will serve as Arcadus’ Master Government Aggregator®, making Arcadus’ digital twin solutions available to the Public Sector through Carahsoft’s reseller partners, and NASA Solutions for Enterprise-Wide Procurement (SEWP) V, Information Technology Enterprise Solutions – Software 2 (ITES-SW2), National Association of State Procurement Officials (NASPO) ValuePoint and OMNIA Partners contracts.

Key Points: 
  • Under the agreement, Carahsoft will serve as Arcadus’ Master Government Aggregator®, making Arcadus’ digital twin solutions available to the Public Sector through Carahsoft’s reseller partners, and NASA Solutions for Enterprise-Wide Procurement (SEWP) V, Information Technology Enterprise Solutions – Software 2 (ITES-SW2), National Association of State Procurement Officials (NASPO) ValuePoint and OMNIA Partners contracts.
  • “Through our partnership with Carahsoft, we are excited to provide Government agencies and regulated industries with access to advanced solutions for easily creating 3D digital replicas of any space,” said Javan Clark, Founder and CEO at Arcadus.
  • What organizations can do with these digital twins is truly game-changing, and we’re looking forward to partnering with Carahsoft, an organization with proven capability to bring innovative solutions to Government agency and regulated industry customers.”
    Arcadus offers digital solutions tailored for Public Sector organizations across the entire facility lifecycle.
  • “Through our partnership with Arcadus, Carahsoft and our reseller partners look forward to providing streamlined access to advanced tools for the creation of digital twins of outdoor and indoor spaces,” said Lacey Wean, Director of Geospatial Solutions at Carahsoft.

Monteverde & Associates PC Encourages Former Shareholders of Northern Genesis Acquisition Corporation to Take Action

Retrieved on: 
Wednesday, April 17, 2024
Monteverde, Mergers and acquisitions, Supreme court, Complaint, United States district court, Federal, NGA, Court, Associate, Empire, Proxy, Telephone, Lion Electric Company

The claims in the Federal Class Action are asserted against NGA, NGA’s directors and officers, Lion Electric, and certain directors and officers of Lion Electric.

Key Points: 
  • The claims in the Federal Class Action are asserted against NGA, NGA’s directors and officers, Lion Electric, and certain directors and officers of Lion Electric.
  • At Monteverde & Associates PC, our firm litigates cases and has recovered money for shareholders… and we do it from our offices in the Empire State Building.
  • We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
  • If you owned common stock in Northern Genesis Acquisition Corporation and wish to seek lead appointment or to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq.

Hanover Bancorp, Inc. Reports Earnings for the First Quarter with Increased Net Income and Net Interest Income and Strong Non-interest Income

Retrieved on: 
Wednesday, April 17, 2024
Momentum, Sale, Total, Federal Reserve, Investment, FHLB, Treasury, Interest, Federal, SBA, Appetite, USDA, Environment, Asset quality, Bank, Acquisition, EPS, Government, NOW, Growth, C&I, LTV, Real estate

MINEOLA, N.Y., April 17, 2024 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 15, 2024 to stockholders of record on May 8, 2024.

Key Points: 
  • Net Interest Margin: The Company’s net interest margin during the quarter ended March 31, 2024 increased to 2.41% from 2.40% in the quarter ended December 31, 2023.
  • Strong Non-interest Income: The Company’s non-interest income increased $0.3 million or 9.9% from the quarter ended December 31, 2023 and $1.8 million or 103.6% from the quarter ended March 31, 2023.
  • Although non-interest income was higher for the quarter ended September 30, 2023, those results included income from a litigation settlement.
  • Premiums earned on the sale of SBA loans for the current quarter were 9.56% compared to 8.31% for the quarter ended March 31, 2023.

Plumas Bancorp Reports First Quarter Results

Retrieved on: 
Wednesday, April 17, 2024
Sale, Investment, FHLB, News, Risk, Federal Home Loan Banks, Federal Reserve Bank, Trust, SBA, Federal, Growth, PLBC, FRB, Security, Interest, Bank

The average prime interest rate increased from 7.69% during the first quarter of 2023 to 8.5% during the current quarter.

Key Points: 
  • The average prime interest rate increased from 7.69% during the first quarter of 2023 to 8.5% during the current quarter.
  • The average rate earned on FRB balances increased from 4.59% during the first quarter of 2023 to 5.40% during the current quarter.
  • Plumas Bank is a subsidiary of Plumas Bancorp (NASDAQ: PLBC), a bank holding company headquartered in Reno, Nevada.
  • For more information regarding Plumas Bancorp and Plumas Bank, visit plumasbank.com.

NextNav Lays Out New Vision for Complement and Backup to GPS with Additional Spectrum for Broadband Services

Retrieved on: 
Tuesday, April 16, 2024
PNT, FCC, GPS, NN, 3D, Federal, Legislation, County, Nextgen, NextNav, Federal Communications Commission, Superior court, Internet service provider

MCLEAN, Va., April 16, 2024 (GLOBE NEWSWIRE) -- NextNav (Nasdaq: NN) (“NextNav” or the “Company”) a leader in next generation positioning, navigation, timing (“PNT”) and 3D geolocation, today filed a rulemaking petition asking the Federal Communications Commission (“FCC”) to deliver an innovative spectrum solution in the Lower 900 MHz band (902-928 MHz band). The petition proposes rearranging the band to facilitate a terrestrial PNT network and broadband.

Key Points: 
  • Provide 15 megahertz of low-band spectrum for use by mobile broadband networks.
  • This new vision for the Lower 900 MHz band unleashes spectrum for essential PNT solutions as well as broadband - all while protecting licensed incumbent operations,” stated NextNav CEO Mariam Sorond.
  • As a part of this proposed new band plan, NextNav would enable a terrestrial PNT service to serve as a much-needed backup and complement to GPS.
  • This modernized Lower 900 MHz band plan also creates access to 15 MHz of low-band spectrum for 5G services.

Manufacturing CEOs Say 2024 Presidential Election Will Be ‘Pivotal,’ New ‘American Manufacturing Resilience’ Survey From Zogby Strategies and Xometry Reveals

Retrieved on: 
Tuesday, April 16, 2024
Quality control, AI, Health, Federal, Zogby, Employment, Automation, Support, Legislation, Robotics

Nearly all CEOs (95%) interviewed for the quarterly survey are watching the run-up to the November election closely, with 77% saying current federal policy has helped strengthen American manufacturing.

Key Points: 
  • Nearly all CEOs (95%) interviewed for the quarterly survey are watching the run-up to the November election closely, with 77% saying current federal policy has helped strengthen American manufacturing.
  • The findings come as manufacturing CEOs have been aggressively deploying AI, embracing digital technologies and reshoring their operations to drive greater efficiencies and create locally resilient supply chains.
  • 97% of CEOs have deployed, or are planning to deploy, AI within the next two years.
  • “America’s electorate supports public-private partnerships that strengthen American manufacturing, including worker training in automation, robotics and AI.

Morgan Stanley (MS) Falls After WSJ Report on Multiple Regulatory Probes into Wealth Management Business – Hagens Berman

Retrieved on: 
Monday, April 15, 2024
Federal Reserve, Risk, Treasury, Federal, Risk management, Fed, Hagens Berman, WSJ, OCC, SAN, Person, Cryptocurrency

SAN FRANCISCO, April 15, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Morgan Stanley (NYSE: MS) investors who suffered substantial losses to submit your losses now .

Key Points: 
  • SAN FRANCISCO, April 15, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Morgan Stanley (NYSE: MS) investors who suffered substantial losses to submit your losses now .
  • “We are investigating whether Morgan Stanley may have potentially put wealth-management growth ahead of its compliance and internal control responsibilities,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
  • Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
  • For more information, call Reed Kathrein at 844-916-0895 or email [email protected] .

CNB Financial Corporation Reports First Quarter 2024 Results

Retrieved on: 
Monday, April 15, 2024
Discount window, Sale, Small business, Federal Reserve, Investment, Corporation, FHLB, Treasury, Element, Policy, CNB, Paycheck Protection Program, Federal, PPP, Environment, Classification, CCNE, Fed, Advertising, Absorption, GAAP, Growth, Bank

CLEARFIELD, Pa., April 15, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2024.

Key Points: 
  • CLEARFIELD, Pa., April 15, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2024.
  • The level of adjusted uninsured deposits at March 31, 2024 was approximately 5.60% lower than the prior quarter end's level.
  • At March 31, 2024, the average deposit balance per account for CNB Bank was approximately $33 thousand.
  • At March 31, 2024, the Corporation had $259.5 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve.

SBA Statement on Biden-Harris Administration Exceeding Small Disadvantaged Business Contracting Goal

Retrieved on: 
Friday, April 12, 2024
CHIPS, Science, Administration, Small business, Holocene, Development aid, Category management, SBA, Federal, Human, Federation, Policy, Senior, Acquisition, KEGG, Participation, Pharmaceutical industry

In January 2024, the Biden-Harris Administration announced a bold goal of increasing the share of federal contracting dollars going to SDBs to 15% by FY2025, a 50% increase from spending levels when he first took office.

Key Points: 
  • In January 2024, the Biden-Harris Administration announced a bold goal of increasing the share of federal contracting dollars going to SDBs to 15% by FY2025, a 50% increase from spending levels when he first took office.
  • As part of President Biden’s agenda , the SBA has announced new and improved initiatives to advance this goal – and we’re already seeing results.
  • “Today’s announcement shows the results, with a new record of contract spending with Small Disadvantaged Businesses and steady progress towards President Biden’s goal of awarding 15% of federal contracting dollars to Small Disadvantaged Businesses by FY2025.
  • The new procedures increase contracting opportunities for 8(a)-certified SDBs to ensure more equitable access to federal contracting dollars.