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Consumer spending in Islamic economy sectors forecast to rebound by end-2021, market size slated to reach US$2.3 trillion by 2024

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Takeaways from the State of the Global Islamic Economy Report 2020/21 will be unveiled at Reimagine: Halal in Asia 2020, providing insights on capturing opportunities in the resilient Muslim market

 

  • Malaysia (#1) once again tops Global Islamic Economy Indicator for the eighth year. New entrants to the top 15 include Singapore, Sri Lanka, and Nigeria.
  • Travel worst hit while food segment fares the best; global spend on Halal food and beverage forecast to hit US$1.38 trillion by 2024.
  • Investments in Islamic economy-relevant companies totalled US$11.8 billion in 2019/20, a decline of 13 percent compared to the previous year. Indonesia (#1) and Malaysia (#2) ranked ahead in terms of investment activities, while Halal food sector expanded by 219% to $6.3 billion in total deal value.
  • 33 key signals of opportunities identified including: tokenisation of sukuks (Islamic bonds) within Islamic fintech, supply chain shifts, food security investments, nutraceutical demand, domestic tourism, and accelerated digital transformations.

 

SINGAPORE – Media OutReach – 1 December 2020 – CollabDeen and #HaveHalalWillTravel, Singapore-based Halal lifestyle digital platforms, in partnership with DinarStandard, a US-based research and advisory firm, are hosting a Southeast Asia launch of the State of the Global Islamic Economy Report (SGIE) 2020/21 at the inaugural Reimagine: Halal in Asia 2020 virtual conference on 2 and 3 December 2020. Under the theme of ‘thriving in uncertainty’, the eighth edition of the Report is supported by the Dubai Islamic Economy Development Centre (DIEDC) and presents an annual update on the Islamic economy, encompassing Halal products, Islamic finance, and lifestyle sectors and services.

 

This year’s SGIE Report, produced by DinarStandard, estimates that Muslims spent US$2.02 trillion in 2019 on food, pharmaceuticals, cosmetics, modest fashion, travel, and media. While this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8 percent due to the impact of the pandemic. However, spending, excluding travel, is forecast to rebound by end 2021, and is slated to reach US$2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent. Islamic finance assets are estimated to have reached US$2.88 trillion in 2019 and are estimated to remain at the same level in 2020.

 

In the Report’s Global Islamic Economy Indicator that evaluated 81 countries this year — Malaysia (#1), Saudi Arabia (#2), the United Arab Emirates (#3), Indonesia (#4), and Jordan (#5) lead the rankings. The rankings recorded improvements by Saudi Arabia and Indonesia and welcomed new entrants Singapore, Sri Lanka, and Nigeria in the top 15. The indicator measures how leading national ecosystems are best able to support the development of Islamic economy business activities.

 

Fateh Ali, Co-founder & CEO of CollabDeen, said: “Singapore’s entry in the top 15 signals both the important role and the momentum of the Islamic economy for Singapore. Singapore’s strong performance in Halal products as well as the media and travel segments are positive signs of Islamic economy’s role in economic revival post-pandemic. Singapore’s share in the over $255 billion per year global Halal trade, as highlighted in the Report, is a significant $2.4 billion, which represents 1% of the total and shows potential and room for growth. Post-pandemic,there will be a rise of disruptive technologies in the digital Islamic economy, unlike anything we have been able to do up until now.”

 

Mikhail Melvin Goh, Founder of #HaveHalalWillTravel, said: “The whole Southeast Asia region is a critical player in the global Islamic economy. In addition to market leaders like Malaysia and Indonesia, Singapore, Thailand, Philippines, South Korea, and Brunei were prominently highlighted in the Report as well. Thailand’s #14 ranking globally in Halal products export of $6.2 billion (ahead of Malaysia) and 4.48 million estimated Muslim tourists in 2019 (ahead of Indonesia’s) is indicative of the robust regional Islamic economy ecosystem that has developed strongly over time.”

 

Following a record year in 2018/19, investments in Islamic economy-relevant companies globally slowed in 2019/20, dropping by 13 percent to US$11.8 billion. Over 54 percent of investments were within the Halal products category, while Islamic finance and Islamic lifestyle attracted 41.8 percent and 4 percent of the investments respectively. Growth figures were driven by corporate-led mergers and acquisitions, venture capital investments in tech start-ups, and private equity investments.

 

Abdulla Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre (DIEDC), said: “The SGIE Report is an annual publication that has gained traction as a trusted and ready reference on the global Islamic economy, and contributes to strengthening Dubai’s position as the global capital of Islamic economy. In these uncertain times, the Islamic economy, with its ethical and transparent ecosystem, remains a pillar of strength and a guarantee for a better future. As we look ahead, the values and principles the Islamic economy is based on, coupled with the carefully identified ‘signals of opportunities’ and the clear recommendations within the Report, provide a roadmap for governments and companies to navigate challenges seamlessly, continue along their path to recovery, and stay on course for long-term prosperity.”

 

Rafi-uddin Shikoh, CEO and Managing Director of DinarStandard, said: “This year’s SGIE Report highlights the emerging opportunities that stand out amidst the repercussions of COVID-19, such as global supply chain disruptions, job losses, health services crises, and food security challenges. The 33 ‘signals of opportunities’ identified in the Report, include the tokenisation of sukuks within Islamic fintech and accelerated digital transformations across all sectors prompted by the COVID-19 pandemic. Other signals identified pertain to Halal products, supply chain shifts, food security investments, and nutraceutical demand.” 

 

The SGIE Report also continues to highlight Islamic economies’ social impact developments in addressing the United Nations’ Sustainable Development Goals (SDGs) including initiatives addressing the poverty and food security crisis exacerbated by the COVID-19 pandemic.

 

The SGIE Report 2020/21 has been produced in partnership with SalaamGateway.com, the largest Islamic economy news and media platform. Strategic partners of this year’s SGIE Report include The Islamic Food and Nutrition Council of America (IFANCA) and CIMB Islamic, the CIMB Group’s Islamic banking and financial services franchise.

 

Transcending religious and cultural boundaries at Reimagine: Halal in Asia 2020

With a vision of fostering peace and understanding between communities, CollabDeen and #HaveHalalWillTravel are hosting Singapore’s first-ever virtual conference on the Islamic economy from 2 – 3 December 2020. It aims to bring together industry leaders, innovators and entrepreneurs — regardless of faith — to learn more about engaging with Muslim consumers and building a stronger Halal ecosystem for continued growth in the region.

 

The 2-day programme features an insightful line-up of over 30 speakers from around the world to provide fresh perspectives on tapping into the Islamic market that has gained broad and universal appeal, from bringing ready-to-eat halal food into the Japanese market to transforming the tourism sector. For more information on the event, please visit: https://reimaginehalal.com/

 

Note to editor:

The full State of the Global Islamic Economy Report 2020/21 is available for download at https://www.salaamgateway.com/specialcoverage/SGIE20-21.

News

Suncrest Bank Reports Fourth Quarter and Full Year Earnings. Net Income of $13.1 million. EPS Increased year-over-year by 12%. Annualized non-PPP loan growth of 14%.

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SACRAMENTO, Calif. and VISALIA, Calif., Jan. 27, 2021 /PRNewswire/ — Suncrest Bank (OTCQX: SBKK) today reported unaudited financial results for the fourth quarter and full year of 2020.

“Suncrest Bank has delivered an exceptionally strong year despite the challenges faced in 2020. We posted net income of over $13 million, increased EPS by almost 12% to $1.06, our return on average tangible assets was 1.14%, and our efficiency ratio was under 52% for the year,” said Mr. Ciaran McMullan, President and CEO of Suncrest Bank.

“Our momentum continued to build through year-end with fourth quarter earnings of $4.35 million up nearly 36% over the linked quarter, organic non-PPP loan growth of 3.45% or approximately 14% annualized, and $59 million in new originations which is a single-quarter record.”

“Asset quality improved even further with NPAs declining to 0.31% and at quarter-end we had only one borrower utilizing our deferred payment program in the amount of $2.8 million,” McMullan added.

“We believe this momentum can be maintained through 2021 as our region benefits from the emerging work-from-home model that is driving significant migration of home-buyers and tech workers away from high cost coastal cities and toward Central California, with Sacramento ranking as the most popular destination in the U.S. for homebuyers looking to move to a different metro area.”  

Full Year 2020 Highlights

  • Net income of $13.1 million, up 10.3% over the prior year
  • Diluted EPS of $1.06, an increase of $0.11 or 11.6% over the prior year
  • Return on average tangible assets of 1.14%
  • Return on average tangible equity of 11.11%
  • Total deposits increased by $207.0 million or 24.98%
  • Total organic loan growth (excluding PPP) of $35.1 million or 5.26%
  • New originations1 (excluding PPP) of $190.0 million compared to $143.7 for 2019
  • Efficiency ratio of 51.73%
  • Repurchased 209,800 shares, average price of $8.32

Fourth Quarter 2020 Highlights

  • Net income of $4.35 million, an increase of 35.6% over the linked quarter
  • Diluted EPS of $0.35 compared to $0.26 for the linked quarter
  • Total organic loan growth (excluding PPP) of $23.4 million or 3.45% which is 13.8% annualized
  • New originations1 (excluding PPP) of $58.9 million
  • Return on average tangible assets of 1.40%
  • Return on average tangible equity of 14.02%
  • Efficiency ratio of 48.98%
  • Tangible book value per share of $10.41, an increase of 45 cents during the quarter
  • Tier 1 leverage ratio of 9.42%
  • Partnered with FHLB to provide $60,000 in Covid-19 and wildfire relief aid.

Positive Economic Impact of Remote Working for Central California

The emerging work-from-home business model, brought about by the impact of the ongoing pandemic, is driving significant intra-state migration within California. This unique phenomenon is creating both immediate and long term economic benefits for Central California and the Greater Sacramento region in particular. Our region ranks number one in the nation in a recent study2 undertaken by Redfin (www.redfin.com). The study is based on a sample of more than 1.5 million consumers who searched for homes across 87 metro areas and shows Sacramento as the most popular destination for homebuyers looking to move to a different metro area. A further study3 undertaken by LinkedIn (www.linkedIn.com) examines where several hundred thousand tech workers in the U.S. are moving to and finds that Sacramento is one of the top three beneficiaries in the nation. Finally, research carried out by the Greater Sacramento Economic Council (www.greatersacramento.com) has found that more  than 300 Facebook employees now live in the region having relocated from the high cost Bay Area and Silicon Valley as a result of the company's decision to allow employees to permanently work from home. While these trends are having an immediate and positive economic impact we believe they will also be long lasting due to both the livability and affordability of our Central California communities. 

Income Statement

Net income for the quarter was $4.35 million compared to $3.21 million for the linked quarter and $3.04 million for the same quarter last year. The increase over the linked quarter is primarily due to an increase in net interest income of approximately $540,000, a reduction in provision for loan losses of $750,000 and gain on sale of correspondent bank stock of approximately $611,000. The increase over the fourth quarter of 2019 is mostly driven by an increase in net interest income and gain on sale of correspondent bank stock partially offset by an increase in noninterest expense.

Interest income increased to $11.8 million versus $11.3 million for the linked quarter and $10.8 million for the fourth quarter of 2019. These increases are primarily due to the impact of increased average loans and investment securities outstanding during the quarter. Interest expense declined to $648,000 as compared to $704,000 over the linked quarter due to a decline in our cost of funds to 23 basis points (bps) from 25 bps last quarter.  In addition, the decrease in interest expense was $628,000 over the same quarter last year due to a decline in our cost of funds by 37 basis points.

Included in interest income are fees earned on Paycheck Protection Program (“PPP”) Loans of approximately $600,000 in the fourth quarter, $400,000 in the linked quarter and $400,000 in Q2 for a total of $1.4 million for the year.

Premium amortization from acquired loans was minimal totaling approximately $29,000 during the quarter with core net interest income of $11.1 million.

Net interest Margin (NIM) improved to 3.68% for the quarter, an increase of 21 bps over the linked quarter as the yield on earning assets improved due to an increase in the average balance of investment securities during the quarter. In addition, the yield on loans improved to 4.78% in Q4 from 4.77% for the linked quarter.  Excluding PPP Loans, our loan yield would have been 5.11% in Q4 compared to 5.17% for the linked quarter.  Excluding PPP Loans, our NIM would have been 3.75% in Q4 and 3.56% for the linked quarter. NIM declined over the same quarter last year primarily due to the decrease in yields on earning assets due to declining rates during the year.

Noninterest income increased over the linked quarter by approximately $636,000 driven by a gain on sale of correspondent bank stock of $611,000

Total noninterest expense increased over the linked quarter and the same quarter last year by approximately $324,000 and $617,000 respectively. The increase during the quarter is partly a result of an increase in retirement plan expenses due to a change in the discount rate. While noninterest expense increased, our key cost management performance ratios remained low during the quarter. Our efficiency ratio declined to 48.98% while our burden ratio and noninterest expense to average assets were 1.53% and 1.86% respectively.

Balance Sheet

Total assets at December 31, 2020 declined to $1.25 billion as compared to $1.29 billion for the linked quarter.  The decline in assets over the linked quarter is primarily a result of paying down borrowings of approximately $35.0 million with available liquidity.  Total assets increased $261.5 million or 26.5% over the same quarter last year as a result of an increase in loans of $153.0 million.  Investment Securities increased $145.7 million over the same quarter last year and were funded by an increase in deposits. 

Total deposits at December 31, 2020 were $1.036 billion, a decrease of $15.1 million or 1.43% over the linked quarter. Total deposits increased year over year by $207.0 million or 24.98%.

At December 31, 2020 the bank had drawn $30.0 million from the Federal Home Loan Bank to partially fund PPP loans. 

Total loans at December 31, 2020 were $820.5 million, an increase of $10.9 million or 1.4% over the linked quarter. Total loans (excluding PPP loans) increased by $35.1 million or 5.26% over Q4, 2019. Total PPP loans were $117.9 million at December 31, 2020 compared to $130.4 million at September 30, 2020.

PPP Loan Forgiveness and PPP Round Two

We have continued assisting our PPP borrowers through the loan forgiveness application. To date, over 60% of our customers have started the forgiveness process and $14.4 million has been forgiven representing approximately 11% of total PPP loans funded. We are also participating in PPP Round Two and to date have received applications for just over $45 million including 25 first draw customers and 145 second draw customers.

We have continued to track new business generated as a result of the approximately 180 new customers we acquired through PPP Round One. To date, approximately 30% of these customers have established additional non-PPP related business with the bank, including over $12 million in new deposits (exclusive of PPP funds), approximately $11.0 million in new loan commitments booked, and an additional $12.0 million in the pipeline. 

Asset Quality 

Non-performing assets declined to $3.9 million or 0.31% of total assets at December 31, 2020 compared to 0.34% at September 30, 2020.

Based on our analysis of various portfolio trends and a stabilization in economic conditions of our primary industries, we determined a provision for loan losses of $250,000 was required for the quarter. As a result, our allowance as a percentage of total loans (excluding PPP loans and acquired loans that have been marked to fair value) declined slightly to 1.55% at December 31, 2020 from 1.60% at September 30, 2020. 

As of year-end, the loan modification program was limited to one Non-Owner Occupied CRE loan in the amount of $2.8 million. Following the approval of the Economic Aid Act we expect the SBA to resume making all required payments for the bank's SBA loan portfolio of approximately 40 loans with a principal balance of approximately $18 million. Prior to the approval of the new act all of these SBA borrowers had resumed payments.

Per the table below, classified loans declined by $1.4 million during the quarter and now stand at 1.58% of total loans. Non-accrual loans declined by $506,000 due to successful collection efforts and a reclassification of one relationship back to accrual.

Q4 2020

Q3 2020

Q2 2020

Q1 2020

Total Classified Loans (a)

$12,928,632

$14,370,053

$14,399,989

$7,691,907

Classified – Accrual Loans

$9,176,720

$10,111,838

$10,102,519

$3,394,437

Classified – Non-Accrual Loans

$3,751,912

$4,258,215

$4,297,470

$4,297,470

Total Classified / Total Loans

1.58%

1.78%

1.79%

1.13%

Total Classified / Total Loans (excluding PPP)

1.84%

2.12%

2.13%

1.13%

(a)   Includes classified accrual loans and non-accrual loans

Capital

Suncrest Bank remained well capitalized at December 31, 2020. All of the bank's capital ratios are above minimum regulatory standards for “well capitalized” institutions.

During the year the bank repurchased 209,800 shares at an average price of $8.32 per share.

At December 31, 2020 tangible book value per common share was $10.41 with common shares issued of 12,240,500 as of the same date. This compares to a tangible book value per common share of $9.96 at September 30, 2020.

About Suncrest Bank

Suncrest Bank, member FDIC, offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California and the Greater Sacramento Region. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 and 2018 was named to the OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com

Forward Looking Statements

Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties.  Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.

Suncrest Bank

Statements of Financial Condition

(Unaudited)

December 31,

September 30,

December 31,

2020

2020

2019

ASSETS

Cash and Due from Banks

$               20,862,501

$               44,079,328

$               33,905,202

Federal Funds Sold

44,895,000

19,330,000

TOTAL CASH AND CASH EQUIVALENTS

20,862,501

88,974,328

53,235,202

Investment Securities Available for Sale (AFS)

340,755,773

326,352,206

195,057,652

Loans:

   Total Loans

820,473,565

809,529,778

667,478,993

   Allowance for Loan Losses

(                8,503,324)

(                8,259,802)

(                5,488,657)

NET LOANS

811,970,241

801,269,976

661,990,336

Federal Home Loan Bank and Other Bank Stock, at Cost

4,253,700

5,862,141

5,471,141

Premises and Equipment

6,204,548

6,318,134

10,228,120

Other Real Estate Owned

129,644

129,644

313,720

Bank Owned Life Insurance

8,723,607

8,665,725

8,492,003

Goodwill

38,989,566

38,989,566

38,989,566

Core Deposit Intangible

2,530,229

2,687,236

3,194,010

Accrued Interest and Other Assets

11,948,865

11,119,069

7,926,389

$           1,246,368,674

$           1,290,368,025

$              984,898,139

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits:

   Noninterest-bearing Demand

$             398,406,475

$             403,423,298

$             328,439,703

   Savings, NOW and Money Market Accounts

565,956,832

574,519,221

421,833,613

   Time Deposits

71,187,653

72,677,647

78,285,729

TOTAL DEPOSITS

1,035,550,960

1,050,620,166

828,559,045

Accrued Interest and Other Liabilities

8,470,511

7,586,690

8,160,798

Other Borrowings

33,437,000

68,559,008

TOTAL LIABILITIES

1,077,458,471

1,126,765,864

836,719,843

Shareholders' Equity:

   Common Stock – No par value

118,132,166

118,088,766

119,816,864

   Additional Paid-in Capital

3,428,068

3,331,027

2,920,953

   Retained Earnings

37,194,084

32,843,797

24,061,588

   Accumulated Other Comprehensive Income (Loss) – Net 

      Unrealized Gain (Loss) on Securities AFS

10,155,885

9,338,571

1,378,891

TOTAL SHAREHOLDERS' EQUITY

168,910,203

163,602,161

148,178,296

$           1,246,368,674

$           1,290,368,025

$              984,898,139

 

Suncrest Bank

Statements of Income (Unaudited)

For the Three Months Ended

December 31,

September 30,

December 31,

2020

2020

2019

INTEREST INCOME

   Interest and Fees on Loans

$         9,745,145

$         9,621,006

$         9,269,770

   Interest on Investment Securities

1,999,162

1,620,278

1,272,126

   Interest on Federal Funds Sold and Other

20,329

39,284

282,044

TOTAL INTEREST INCOME

11,764,636

11,280,568

10,823,940

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

451,578

451,276

1,033,695

   Interest on Time Deposits

150,042

191,864

242,532

   Interest on Other Borrowings

46,456

60,757

TOTAL INTEREST EXPENSE

648,076

703,897

1,276,227

NET INTEREST INCOME

11,116,560

10,576,671

9,547,713

Provision for Loan Losses

250,000

1,000,000

500,000

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

10,866,560

9,576,671

9,047,713

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

432,728

407,018

457,312

   Gain on Sale of Other Bank Stock

610,658

   Gain on Sale of Loans

50,012

1,043,386

407,018

507,324

NONINTEREST EXPENSE

   Salaries and Employee Benefits

3,477,410

3,148,861

2,787,137

   Occupancy Expenses

592,851

587,021

574,771

   Other Expenses

1,885,398

1,895,345

1,976,551

5,955,659

5,631,227

5,338,459

INCOME BEFORE INCOME TAXES

5,954,287

4,352,462

4,216,578

Income Taxes

1,604,000

1,144,000

1,180,300

NET INCOME

$          4,350,287

$          3,208,462

$          3,036,278

 

Suncrest Bank

Statements of Income (Unaudited)

For the Twelve Months Ended

December 31,

December 31,

2020

2019

INTEREST INCOME

   Interest and Fees on Loans

$            37,721,063

$       36,926,377

   Interest on Investment Securities

6,438,341

4,562,274

   Interest on Federal Funds Sold and Other

353,410

1,356,575

TOTAL INTEREST INCOME

44,512,814

42,845,226

INTEREST EXPENSE

   Interest on Savings Deposits, NOW and Money Market Accounts

2,302,879

3,590,402

   Interest on Time Deposits

800,693

967,845

   Interest on Other Borrowings

144,135

TOTAL INTEREST EXPENSE

3,247,707

4,558,247

NET INTEREST INCOME

41,265,107

38,286,979

Provision for Loan Losses

3,550,000

2,100,000

NET INTEREST INCOME AFTER

PROVISION FOR LOAN LOSSES

37,715,107

36,186,979

NONINTEREST INCOME

   Service Charges, Fees, and Other Income

1,610,017

1,768,056

   Gain on Sale of Other Bank Stock

610,658

   Gain on Sale of Loans

50,012

2,220,675

1,818,068

NONINTEREST EXPENSE

   Salaries and Employee Benefits

12,578,192

11,398,002

   Occupancy Expenses

2,338,338

2,249,848

   Other Expenses

7,580,154

7,819,249

22,496,684

21,467,099

INCOME BEFORE INCOME TAXES

17,439,098

16,537,948

Income Taxes

4,306,600

4,629,100

NET INCOME

$             13,132,498

$        11,908,848

 

Suncrest Bank

Selected Financial Data & Ratios (Unaudited)

December 31,

September 30,

December 31,

2020

2020

2019

For the three months ended:

Return on Average Assets(ROAA)

1.36%

0.99%

1.22%

Return on Average Tangible Assets (1)

1.40%

1.03%

1.27%

Return on Average Equity(ROAE)

10.50%

7.84%

8.23%

Return on Average Tangible Equity (1)

14.02%

10.52%

11.54%

Noninterest Expense (NIE) To Average Assets

1.86%

1.74%

2.15%

Efficiency Ratio

48.98%

51.27%

53.09%

Burden Ratio

1.53%

1.62%

1.94%

Net Interest Margin

3.68%

3.47%

4.14%

Cost of Funds

0.23%

0.25%

0.60%

Basic Earnings Per Share (EPS)

$               0.36

$                 0.26

$               0.24

Diluted EPS

$               0.35

$                 0.26

$               0.24

December 31,

December 31,

2020

2019

For the twelve months ended:

Return on Average Assets(ROAA)

1.10%

1.25%

Return on Average Tangible Assets (1)

1.14%

1.31%

Return on Average Equity(ROAE)

8.22%

8.41%

Return on Average Tangible Equity (1)

11.11%

12.02%

Noninterest Expense (NIE) To Average Assets

1.88%

2.26%

Efficiency Ratio

51.73%

53.53%

Burden Ratio

2.26%

2.76%

Net Interest Margin

3.69%

4.44%

Cost of Funds

0.32%

0.57%

Basic Earnings Per Share (EPS)

$               1.06

$                 0.96

Diluted EPS

$               1.06

$                 0.95

(1)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They should not be

considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP measures may not be

comparable to similarly titled measures reported by other companies.

 

Suncrest Bank

Selected Financial Data & Ratios Continued (Unaudited)

December 31,

September 30,

December 31,

2020

2020

2019

At Period End:

Loans to Deposits

79.23%

77.05%

80.56%

Average Loans to Average Deposits (QTD)

77.21%

76.22%

78.36%

Non-Performing Assets to Assets

0.31%

0.34%

0.56%

Outstanding Shares

12,240,500

12,235,500

12,442,800

Tangible Book Value Per Share (1)

$                   10.41

$                     9.96

$                     8.52

Tangible Book Value Per Share excluding Unrealized Gain on Securities (1)

$                     9.58

$                     9.20

$                     8.41

Book Value Per Share

$                   13.80

$                   13.37

$                   11.91

Regulatory Capital Ratios

Tier 1 Leverage (to average assets)

9.42%

9.50%

10.91%

Common Equity Tier 1 Capital (to risk weighted assets)

13.90%

13.72%

14.02%

Tier 1 Capital (to risk weighted assets)

13.90%

13.72%

14.02%

Total Capital (to risk weighted assets)

14.93%

14.74%

14.77%

December 31,

September 30,

December 31,

2020

2020

2019

Loan Composition

Commercial and Industrial:

$          41,671,086

$          45,755,958

$          44,523,301

Paycheck Protection Program:

117,911,108

130,394,846

Loans to Finance Agricultural Production and Other Loans to Farmers:

34,312,187

38,392,086

34,156,321

Loans Secured by Real Estate:

Secured by Farmland

135,255,152

138,428,801

143,797,280

Construction, Land Development and Other Land

14,612,147

26,641,282

42,445,905

1-4 Family Residential Properties

46,450,212

41,388,691

44,378,455

Multifamily Residential Properties

45,401,137

45,446,188

46,969,544

Owner Occupied Nonresidential Properties

90,947,431

93,084,165

95,098,253

Non-Owner Occupied Nonresidential Properties

274,522,865

230,224,802

194,467,766

Total Loans Secured by Real Estate

607,188,944

575,213,929

567,157,203

Municipal Leases:

19,254,129

19,626,108

21,461,996

Other Loans:

136,111

146,851

180,172

Total Loans

$        820,473,565

$        809,529,778

$        667,478,993

(1)  These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited.  They

should not be considered in isolation or as a substitute for analyses of results reported under GAAP.  These non-GAAP

measures may not be comparable to similarly titled measures reported by other companies.

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2020

September 30, 2020

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$      47,590,750

$      20,329

0.17%

$    134,317,994

$        39,284

0.12%

Investment Securities

344,949,171

1,999,162

2.32%

277,443,763

1,620,278

2.34%

Loans

810,828,554

9,745,145

4.78%

801,674,194

9,621,006

4.77%

Total Interest Earning Assets

1,203,368,475

11,764,636

3.89%

1,213,435,951

11,280,568

3.70%

Noninterest Earning Assets

78,795,091

78,283,592

Total Assets

$ 1,282,163,566

$ 1,291,719,543

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$    213,001,824

173,075

0.32%

$    205,419,584

165,969

0.32%

Savings and Money Market Accounts

364,667,246

278,503

0.30%

364,811,548

285,307

0.31%

Time Deposits

71,656,172

150,042

0.83%

74,361,165

191,864

1.03%

Total Interest Bearing Deposits

649,325,242

601,620

0.37%

644,592,297

643,140

0.40%

Other Borrowings

58,683,391

46,456

0.31%

68,563,899

60,757

0.35%

Total Interest Bearing Liabilities

708,008,633

648,076

0.36%

713,156,196

703,897

0.39%

Noninterest Bearing Transaction Accounts

400,896,026

407,213,033

Total Funding Sources

1,108,904,659

1,120,369,229

Noninterest Bearing Liabilities

7,607,718

7,730,135

Shareholders' Equity

165,651,189

163,620,179

Total Liabilities and Shareholder's Equity

$ 1,282,163,566

$ 1,291,719,543

Net Interest Income

$11,116,560

$ 10,576,671

Net Interest Margin

3.68%

3.47%

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Three Months Ended

December 31, 2020

December 31, 2019

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$      47,590,750

$      20,329

0.17%

$      65,973,893

$      282,044

1.70%

Investment Securities

344,949,171

1,999,162

2.32%

190,343,303

1,272,126

2.67%

Loans

810,828,554

9,745,145

4.78%

657,817,950

9,269,770

5.59%

Total Interest Earning Assets

1,203,368,475

11,764,636

3.89%

914,135,146

10,823,940

4.70%

Noninterest Earning Assets

78,795,091

81,284,432

Total Assets

$ 1,282,163,566

$    995,419,578

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$    213,001,824

173,075

0.32%

$    133,928,030

311,637

0.92%

Savings and Money Market Accounts

364,667,246

278,503

0.30%

315,941,175

722,058

0.91%

Time Deposits

71,656,172

150,042

0.83%

80,070,952

242,532

1.20%

Total Interest Bearing Deposits

649,325,242

601,620

0.37%

529,940,157

1,276,227

0.96%

Other Borrowings

58,683,391

46,456

0.31%

Total Interest Bearing Liabilities

708,008,633

648,076

0.36%

529,940,157

1,276,227

0.96%

Noninterest Bearing Transaction Accounts

400,896,026

309,493,329

Total Funding Sources

1,108,904,659

839,433,486

Noninterest Bearing Liabilities

7,607,718

8,439,702

Shareholders' Equity

165,651,189

147,546,390

Total Liabilities and Shareholder's Equity

$ 1,282,163,566

$    995,419,578

Net Interest Income

$11,116,560

$   9,547,713

Net Interest Margin

3.68%

4.14%

 

Suncrest Bank

Average Balance Sheet and Yields (Unaudited)

For the Twelve Months Ended

December 31, 2020

December 31, 2019

Average

Average

Average

Average

Balance

Interest

Yield/Rate

Balance

Interest

Yield/Rate

Interest Earning Assets:

Deposits in Other Financial Institutions

$      91,330,575

$      353,410

0.39%

$   52,922,647

$   1,356,575

2.56%

Investment Securities

268,430,467

6,438,341

2.40%

165,880,866

4,562,274

2.75%

Loans

758,494,966

37,721,063

4.97%

643,274,677

36,926,377

5.74%

Total Interest Earning Assets

1,118,256,008

44,512,814

3.98%

862,078,190

42,845,226

4.97%

Noninterest Earning Assets

79,855,330

87,655,473

Total Assets

$ 1,198,111,338

$ 949,733,663

Interest Bearing Liabilities

Interest Bearing Transaction Accounts

$    180,483,105

487,103

0.27%

$ 112,226,061

280,922

0.25%

Savings and Money Market Accounts

361,089,110

1,815,776

0.50%

316,067,953

3,309,480

1.05%

Time Deposits

76,299,624

800,693

1.05%

88,146,328

967,845

1.10%

Total Interest Bearing Deposits

617,871,839

3,103,572

0.50%

516,440,342

4,558,247

0.88%

Other Borrowings

42,584,505

144,135

0.34%

Total Interest Bearing Liabilities

660,456,344

3,247,707

0.49%

516,440,342

4,558,247

0.88%

Noninterest Bearing Transaction Accounts

370,339,341

283,514,990

Total Funding Sources

1,030,795,685

799,955,332

Noninterest Bearing Liabilities

7,608,348

8,179,605

Shareholders' Equity

159,707,305

141,598,726

Total Liabilities and Shareholder's Equity

$ 1,198,111,338

$ 949,733,663

Net Interest Income

$ 41,265,107

$ 38,286,979

Net Interest Margin

3.69%

4.44%

 

1 Includes unfunded commitments
2 Redfin  Report: Sacramento Was the Most Popular Migration Destination in July 
3 LinkedIn Report: Where Tech Workers Are Moving

Cision View original content:http://www.prnewswire.com/news-releases/suncrest-bank-reports-fourth-quarter-and-full-year-earnings-net-income-of-13-1-million-eps-increased-year-over-year-by-12-annualized-non-ppp-loan-growth-of-14-301216702.html

SOURCE Suncrest Bank

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News

Peoples Financial Corporation Reports Results For The Fourth Quarter Of 2020

gbafNews28

BILOXI, Miss., Jan. 27, 2021 /PRNewswire/ — Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings for the fourth quarter ending December 31, 2020.

Net income for the fourth quarter of 2020 was $665,000 compared to a net loss of $4,262,000 for the third quarter of 2020 and net income of $1,126,000 for the fourth quarter of 2019.  The earnings per weighted average common share for the fourth quarter of 2020 was $0.14 compared to earnings per weighted average common share of $0.23 for the fourth quarter of 2019. Per share figures are based on weighted average common shares outstanding of 4,878,557 and 4,943,186 for the quarters ended December 31, 2020 and 2019, respectively.

Primarily due to a net loss of $4,262,000 for the third quarter, the company incurred a net loss of $2,751,000 for the year ended December 31, 2020 compared to net income of $1,679,000 for the year ended December 31, 2019.  The loss per weighted average common share for the year ended December 31, 2020 was $0.56 compared to earnings per weighted average common share of $0.34 for the year ended December 31, 2019. Per share figures are based on weighted average common shares outstanding of 4,893,151 and 4,943,186 for the years ended December 31, 2020 and 2019, respectively.

Results for 2020 were significantly impacted by a provision for loan losses of $4,551,000 during the third quarter of 2020.  This provision, which was not related to COVID-19, was the result of specific events impacting one customer whose loans had been on nonaccrual. 

Also impacting the company's financial performance in 2020 was an increase in non-interest income, including gains on the sale of securities, a gain on the sale of banking house and a gain from the redemption of death benefits on bank owned life insurance. Additionally, the company's non-interest expense decreased during 2020 as strategies to reduce certain costs continue to be implemented.  

“We are encouraged by the return to profitability in the fourth quarter of 2020,” said Chevis C. Swetman, chairman and chief executive officer of the holding company and the bank.  He added, “Bank management has focused on reducing non-performing assets.  The results of these efforts are the decrease in nonaccrual loans from $9,266,000 at December 31, 2019 to $3,027,000 at December 31, 2020 and the decrease in other real estate from $7,453,000 at December 31, 2019 to $3,475,000 at December 31, 2020.  These efforts to improve the financial position of the bank will continue in the coming quarters.”

The company's capital maintains its position as one of the highest in the Southeast United States.  The company's primary capital ratio was 15.62% and 16.27% at December 31, 2020 and 2019, respectively. The company's book value per share was $19.45 and $19.24 at December 31, 2020 and 2019, respectively.

Peoples Financial Corporation also announced that its Board of Directors, at its regularly scheduled meeting held on January 27, 2021, adopted a new strategic plan for the company, and pursuant to that strategic plan approved certain amendments to its bylaws.  The strategic plan approved by the company's Board of Directors was the culmination of a 2-year process that began in 2019 and received input from all levels of management and executive management within the company and its subsidiary. In the plan, as adopted, the Peoples Bank, reaffirms the mission and values of the company and the bank, identifies its desired strategic positioning, sets goals with respect to loan growth, deposit growth, overhead reduction, employee retention, profitability, and succession planning, and establishes targeted tasks to be pursued in furtherance of those goals. Information outlining these goals and related matters will be disclosed in the company's 2020 annual report.

Also as part of its January 27, 2021, meeting, the Board of Directors of Peoples Financial Corporation approved amendments to its bylaws to remove a provision addressing cumulative voting, revise the company's procedures with respect to stockholder proposals or nominations and notices required therefor, define the tenure and qualifications for the company's Board of Directors, allow for electronic notices of meetings for the Board of Directors as well as electronic actions taken without a meeting, establish standing committees for the company and define their duties, and update the provisions providing for indemnification and exculpation of officers and directors of the company under certain circumstances as allowed by the Mississippi Business Corporation Act and other applicable law. These amendments were approved following recommendations made by the Company's audit committee, who was tasked by the Board of Directors with finalizing the strategic plan for approval by the Company and making recommendations to the Board of Directors with respect to certain governing document revisions advisable to allow the Company to implement the strategic plan.

Founded in 1896, with $668 million in assets as of December 31, 2020, The Peoples Bank operates 18 branches along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to offering a comprehensive range of retail and commercial banking services, the bank also operates a trust and investment services department that has provided customers with financial, estate and retirement planning services since 1936. 

The Peoples Bank is a wholly owned subsidiary of Peoples Financial Corporation, listed on the OTCQX Best Market under the symbol PFBX. Additional information is available on the Internet at www.thepeoples.com.  

This news release contains forward-looking statements and reflects industry conditions, company performance and financial results. These forward-looking statements are subject to a number of risk factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking statements.

 

PEOPLES FINANCIAL CORPORATION

(Unaudited) (In thousands, except weighted average shares and per share figures)

EARNINGS SUMMARY

Three Months Ended December 31,

Year Ended December 31,

2020

2019

2020

2019

Net interest income

$               4,519

$               4,393

$             17,727

$             17,682

Provision for loan losses

54

(169)

6,002

Non-interest income

1,638

1,579

7,251

6,367

Non-interest expense

5,438

5,015

21,727

22,370

Net income (loss)

665

1,126

(2,751)

1,679

Earnings (loss) per share

.14

.23

(.56)

.34

TRANSACTIONS IN THE ALLOWANCE FOR LOAN LOSSES

Three Months Ended December 31,

Year Ended December 31,

2020

2019

2020

2019

Allowance for loan losses, beginning of period

$               4,401

$               4,383

$               4,207

$               5,340

Recoveries

10

73

194

195

Charge-offs

(39)

(80)

(5,977)

(1,328)

Provision for loan losses

54

(169)

6,002

Allowance for loan losses, end of period

$               4,426

$               4,207

$               4,426

$               4,207

ASSET QUALITY

December 31,

2020

2019

Allowance for loan losses as a 

   percentage of loans

1.59%

1.56%

Loans past due 90 days and 

   still accruing

$

$

Nonaccrual loans

3,027

9,266

PERFORMANCE RATIOS 

December 31,

2020

2019

Return on average assets

(0.43%)

0.28%

Return on average equity

(2.90%)

1.84%

Net interest margin

2.99%

3.23%

Efficiency ratio

114%

93%

Primary capital

15.62%

16.27%

BALANCE SHEET SUMMARY

December 31,

2020

2019

Total assets

$           668,026

$           594,702

Loans

278,421

268,949

Securities

260,560

253,314

Other real estate (ORE)

3,475

7,453

Total deposits

550,498

476,143

Shareholders' equity

94,866

95,123

Book value per share

19.45

19.24

Weighted average shares

4,893,151

4,943,186

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/peoples-financial-corporation-reports-results-for-the-fourth-quarter-of-2020-301216605.html

SOURCE Peoples Financial Corporation

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News

SQI Diagnostics Reports Fourth Quarter and Fiscal 2020 Results

gbafNews28

TORONTO, Jan. 27, 2021 /PRNewswire/ – SQI Diagnostics Inc. (TSXV: SQD) (OTCQB: SQIDF), a precision medicine company that discovers, develops and commercializes innovative rapid diagnostic testing for healthcare professionals, patients and consumers worldwide, today reported its financial and operational results for the fourth quarter and fiscal year ended September 30, 2020. 

Q4 2020 Financial Highlights

  • Sales were $0.3M, compared to $0.6M in Q4 2019 due to a combination of the absence of platform sales in the current quarter and the negative impacts of COVID-19 on the business and operations of the Company, as one of our customers temporarily suspended operations, which adversely impacted kit sales, lower service revenue due to the delay of a project with a major customer
  • Gross profit was $0.2M, compared to $0.4M in Q4 2019 due to lower service revenue
  • SG&A expense was $1.8M, compared to $0.8M in Q4 2019 due primarily to higher stock-based compensation
  • R&D expense was $1.1M, compared to $1.7M in Q4 2019 due to the benefits of the Canada Emergency Wage Subsidy (“CEWS”) program
  • Net loss was $2.8M or ($0.01) per share, compared to $2.8M or ($0.01) per share in Q4 2019
  • Cash and investments were $2.6M as of Sep 30, 2020
  • Net working capital was $2.2M as of Sep 30, 2020 compared to ($0.2M) at Sep 30 2019

Fiscal 2020 Financial Highlights

  • Sales were $1.0M, compared to $1.8M in FY 2019 due to a combination of the loss of a major customer and the negative impacts of COVID-19 on the business and operations of the Company, as one of our customers temporarily suspended operations, which adversely impacted kit sales
  • Gross profit was $0.8M, compared to $1.3M in FY 2019 due to lower service revenue and kit sales
  • SG&A expense was $4.1M, compared to $3.1M in FY 2019 due to higher professional fees and stock-based compensation
  • R&D expense was $4.6M, compared to $5.0M in FY 2019 due to the benefits of the CEWS
  • Net loss was $8.6M or ($0.03) per share, compared to $8.0M or ($0.04) per share in FY 2019

Corporate Highlights during the Quarter:

  • Mr. Robert L. Chioini appointed as Chief Executive Officer
  • Patient enrollment completed for RALI-Dx clinical trial in partnership with University Health Network (“UHN”) Hospitals
  • Established SQI US, Inc. to facilitate broader commercial activities in the United States
  • Completed $3.0 million dollar funding via warrant exercise by Company insiders

Mr. Robert L. Chioini, Chief Executive Officer of SQI stated, “During the last several months we have leveraged our existing technology and research platform and have made significant progress to position SQI to address the need for innovative diagnostic testing created by the COVID-19 pandemic, and beyond. Our focus is on completing the clinical development and regulatory submissions for our COVID-19 antibody and severity triage tests and expanding our manufacturing and testing footprint to maximize commercialization efforts. Simultaneously, we are enhancing our clinical and regulatory team to complete clinical validation of our TORdx™ LUNG Test to be filed timely to the FDA, while implementing an ecommerce platform to market approved healthcare tests directly to consumers.” Mr. Chioini further stated, “We feel strongly that SQI's unique strategy of merging innovative diagnostics with differentiated health management services will enable us to provide comprehensive support for health care professionals, patients and consumers across the globe.”   

About SQI Diagnostics

SQI Diagnostics, Inc. is a precision medicine company that discovers, develops, and commercializes innovative rapid diagnostic testing for healthcare providers, patients, and consumers worldwide. The Company's proprietary advanced diagnostics target organ transplant, autoimmune disease and COVID-19 testing which include the developmental direct-to-consumer COVID-19 HOME Antibody Test, the RALI-dx COVID-19 Severity Triage Test and the COVID-19 RALI-fast Severity Triage Point-of-Care (POC) Test. SQI's rapid diagnostic tests are intended to be sold to healthcare professionals so that patients can get accurate results and fast effective treatment, and direct-to-consumers so that individuals can be empowered to improve their health outcomes from the comfort of home. 

SQI is fast-tracking the development of three COVID-19 diagnostic tests: a direct-to-consumer COVID-19 Antibody Test and two COVID-19 Severity Triage tests. The COVID-19 HOME Antibody Test identifies the presence of IgM, IgA and IgG antibodies of SARS-CoV-2 in individuals suspected to have been infected with COVID-19 and asymptomatic individuals wanting to know if they have been exposed. The test is > 99% accurate with results delivered in 24-48 hours. The Company currently expects to apply to the U.S. Food and Drug Administration (“FDA”) for Emergency Use Authorization (“EUA”) for its COVID-19 HOME Antibody Test in the second quarter of calendar year 2021. Should the COVID-19 HOME Antibody Test receive regulatory approval, the test is expected to be available direct-to-consumer which would allow individuals to avoid travelling to a clinic or hospital to be tested for the presence of the SARS-CoV-2 antibody.

The RALI-dx COVID-19 Severity Triage Test and the RALI-fast COVID-19 Severity Triage POC Test each help clinicians identify which patients with SARS-CoV-2 will have a severe inflammatory response and should be admitted to the hospital or not. Both tests measure the critical biomarker IL-6 which plays a key role in the cytokine storm phase of COVID-19. The RALI-dx™ delivers results from the lab in about 50 minutes while the RALI-fast delivers results at the patient point-of-care in about 15 minutes. The Company currently expects to apply for EUA to the FDA and for an Interim Order with Health Canada for both tests in the first and second quarters of calendar year 2021, respectively.

Under organ transplant, SQI is pioneering the development of an advanced diagnostic test that increases the chance of successful lung transplant by assessing the health of the donor organ prior to transplant surgery. The Company's developmental TORdxLung Test can detect inflammation at the molecular level to assess the health of the donor lung, enabling surgeons to transplant healthy lungs which otherwise would have been rejected; there is currently no other such test. SQI has partnered clinical development with the University Health Network (UHN) Hospitals, one of the largest health and medical research organizations in North America. Upon regulatory approval of the TORdx Lung Test, clinical development is planned for diagnostic tests designed to increase the chance of successful kidney and liver transplant.

Under autoimmune disease testing, SQI has a direct-to-consumer Celiac Disease and a Rheumatoid Arthritis (RA) Test that enable people to screen for the diseases from the comfort of their home. The direct-to-consumer RA Test can help identify and confirm RA symptoms for timely care and treatment. The direct-to-consumer Celiac Test confirms disease and validates the effectiveness of dietary and lifestyle changes to confirm the autoimmune response is improving.

The Company is not making any express or implied claims that its products can eliminate, cure or contain COVID-19 (or SARS-2 Coronavirus) at this time. For its research and development, the Company is collaborating with UHN Hospitals, one of the largest health and medical research organizations in North America. 

For more information, please visit www.sqidiagnostics.com.

FORWARD-LOOKING INFORMATION

This press release contains certain words and statements, which may constitute “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking statements may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. The forward-looking statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties detailed in the Company's ongoing filings with the securities regulatory authorities, available to the public at www.sedar.com. Such statements are subject to numerous important factors, risks and uncertainties, many of which are beyond the company's control, that may cause actual events or results to differ materially from the company's current expectations. Management's expectations and therefore any forward-looking statements in this press release could be affected by risks and uncertainties relating to a number of factors, including, but not limited to, the following: the development and viability the Company's COVID-19 HOME Antibody Test, its COVID-19 RALI-dxSeverity Triage Test and its COVID-19 RALI-fastSeverity Triage Point-of-Care (POC) Test, the suitability of such tests for advanced clinical testing, including human trials, the content and timing of decisions made by the FDA relating to the use and commercialization of such tests, the timing and costs involved in establishing the commercialization of the tests, the impact that the ongoing COVID-19 pandemic may have on the company's business, including the expected development, manufacturing, regulatory and commercialization timelines relating to the aforementioned COVID-19-related tests. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cision View original content:http://www.prnewswire.com/news-releases/sqi-diagnostics-reports-fourth-quarter-and-fiscal-2020-results-301216655.html

SOURCE SQI Diagnostics Inc.

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Washington Trust Reports Fourth Quarter and Full-Year 2020 Earnings

WESTERLY, R.I., Jan. 27, 2021 /PRNewswire/ — Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced fourth...

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Realty Income Announces 2020 Common Stock Dividend Tax Allocation

SAN DIEGO, Jan. 27, 2021 /PRNewswire/ — Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced...

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News5 mins ago

SouthState Corporation Reports Fourth Quarter 2020 Results and Declares Quarterly Cash Dividend

WINTER HAVEN, Fla., Jan. 27, 2021 /PRNewswire/ — SouthState Corporation (NASDAQ: SSB) today released its unaudited results of operations and other...

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Peoples Financial Corporation Reports Results For The Fourth Quarter Of 2020

BILOXI, Miss., Jan. 27, 2021 /PRNewswire/ — Peoples Financial Corporation (OTCQX Best Market: PFBX), parent of The Peoples Bank, announced earnings...

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Lincoln Institute of Land Policy Launches Accelerating Community Investment: Initiative Brings New Partners to the Community Investment System

CAMBRIDGE, Mass., Jan. 27, 2021 /PRNewswire/ — The Lincoln Institute of Land Policy today launched an initiative to mobilize investment...

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SCP & CO Healthcare Acquisition Company Announces Closing of Upsized $230,000,000 Initial Public Offering, Including Full Exercise of the Over-Allotment Option

TAMPA, Fla., Jan. 27, 2021 /PRNewswire/ — SCP & CO Healthcare Acquisition Company (the “Company”) (NASDAQ: SHACU), announced the closing of...

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Healthpeak Properties Announces Pricing of Any and All Cash Tender Offers

DENVER, Jan. 27, 2021 /PRNewswire/ — Healthpeak Properties, Inc. (NYSE: PEAK) (the “Offeror”) announced today the purchase prices payable in connection...

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Extra Space Storage Inc. Announces Date of Earnings Release and Conference Call to Discuss 4th Quarter and Year-End 2020 Results

SALT LAKE CITY, Jan. 27, 2021 /PRNewswire/ — Extra Space Storage Inc. (the “Company”) (NYSE: EXR) announced today it will release...

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News5 mins ago

Stone Harbor Emerging Markets Income Fund Declares Monthly Distributions Of $0.08 Per Share

NEW YORK, Jan. 27, 2021 /PRNewswire/ — Stone Harbor Emerging Markets Income Fund (“the Fund”), which is traded on the New York...

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Stone Harbor Emerging Markets Total Income Fund Declares Monthly Distributions Of $0.08 Per Share

NEW YORK, Jan. 27, 2021 /PRNewswire/ — Stone Harbor Emerging Markets Total Income Fund (“the Fund”), which is traded on the...