MADISON HEIGHTS, Mich., Jan. 27, 2021 /PRNewswire/ — The NAIC/BetterInvesting Board of Directors has named Michael M. Calbert of Woodside, California, as its newest director. 

BetterInvesting is a national, 501(c)(3) nonprofit educational organization based in Troy, Michigan, that has helped millions of  people from all walks of life learn how to improve their financial future by becoming more informed investors in the stock market. Director's terms are for four years.

Calbert also serves as chairman of the board of directors of Dollar General (ticker: DG). In addition, he serves on the boards of AutoZone (AZO), Vestcom International (private) and as lead director for Brookshire Grocery Company (private).

“We are pleased to have Mike join our board of directors,”said NAIC/BetterInvesting Board of Directors Chair Eve Lewis. “Introduced to NAIC as a young man attending his first national convention in San Antonio by his future father-in-law, Mike told me he believes the knowledge gained from his lifetime membership greatly contributed to his personal and career success. At this point in his life, he wishes to give back to the organization by serving on the board.”

Lewis added that, “Mike's vast corporate, private and nonprofit board experience will help our organization grow and continue sustained profitability.”

Calbert retired as a senior partner with Kohlberg Kravis Roberts & Co., where he was responsible for the global retail private equity practice. While at KKR, Mike served on all the firm's global private equity investment committees and portfolio management committees.

Calbert previously served on the board of directors of Shoppers Drug Mart (SC, Canada) Toys “R” Us (private), chairman of Academy Sports & Outdoors (private), Pets at Home (public/U.K.) and U.S. Foods (private).

Prior to KKR, Calbert was chief financial officer of Randall's Food Markets, a $2.5 billion revenue retailer based in Texas. While at Randall's, Calbert took the company through a buyout with KKR. Calbert began his professional career with Arthur Andersen Worldwide, first as a staff auditor and later in the consulting practice.

He has a bachelor's degree in business, with a concentration in accounting, from Stephen F. Austin State University, and a master of business administration from the University of Houston. 

Photo available upon request.

For further information, please contact Jan Jeffres at [email protected].

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SOURCE NAIC-BetterInvesting

OAKS, Pa., Jan. 27, 2021 /PRNewswire/ — SEI Investments Company (NASDAQ:SEIC) today announced financial results for the fourth-quarter 2020. Diluted earnings per share were $0.86 in fourth-quarter 2020 compared to $0.84 in fourth-quarter 2019.

“Our financial results for 2020 reflect steady recovery from the pandemic's impact on the markets we serve. The health and safety of our workforce continue to be a priority, and I want to thank all of our employees and the firms that support us for helping us stay safe and thrive,” said Alfred P. West, Jr., SEI Chairman and CEO.

“We're living and operating in extraordinary times, but we are unwavering in our focus on executing our long-term strategy to be the provider of choice in the wealth and investment management markets. We believe we have made significant progress on our One SEI approach, making all of our assets available to all of our markets, delivering new, dynamic solutions and creating new opportunities. Our solutions, backed by our talented workforce, are what uniquely position us to capture growth opportunities that will lead to increased shareholder value. Despite 2020's challenging environment, our investments and success in adding new clients and building our backlog of new revenue situate us well for the future.”

Summary of Fourth-Quarter Results by Business Segment

Fourth-Quarter Business Highlights:

• Sales events, net of client losses, during fourth-quarter 2020 totaled approximately $8.8 million and are expected to generate net annualized recurring revenues of approximately $4.9 million when contract values are fully realized. For the year ended 2020, sales events, net of client losses, totaled $94.0 million and are expected to generate net annualized recurring revenues of approximately $68.6 million when contract values are fully realized.
• Revenues from Asset management, administration, and distribution fees increased primarily from higher assets under administration in our Investment Managers segment due to sales of new business and market appreciation.
• Our average assets under administration increased $108.2 billion, or 16%, to $779.7 billion in the fourth-quarter 2020, as compared to $671.5 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details).
• Our average assets under management, excluding LSV, increased $21.2 billion, or 9%, to $260.4 billion in the fourth-quarter 2020, as compared to $239.2 billion during the fourth-quarter 2019 (see attached Average Asset Balances schedules for further details).
• The increase in our operational expenses was primarily due to increased consulting costs related to our continued investments in new business opportunities, such as our One SEI strategy and IT Services offering, as well as increased personnel costs to service new clients in our Investment Managers segment. This increase was partially offset by a decline in travel and promotional-related expenses, as our sales and client relationship personnel adapted to COVID-19 restrictions.
• Our earnings from LSV decreased by $8.5 million, or 22%, to $30.6 million in fourth-quarter 2020 as compared to $39.1 million in fourth-quarter 2019. The decrease in earnings was primarily due to lower assets under management from market depreciation, negative cash flows from existing clients and client losses. LSV's revenues were $102.1 million in the fourth-quarter 2020, as compared to $126.5 million during the fourth-quarter of 2019.
• Stock-based compensation expense in fourth-quarter 2020 decreased $2.5 million as compared to fourth-quarter 2019 primarily due to a change in our estimate of the timing of when stock option vesting targets would be achieved. We expect stock-based compensation expense during 2021 to be approximately $42.7 million as compared to $27.0 million during 2020 as a result of new options granted in fourth-quarter 2020 net of awards granted in the prior year.
• We capitalized $5.5 million of software development costs in fourth-quarter 2020, which includes $5.0 million for continued enhancements to the SEI Wealth Platform^SM (SWP). Amortization expense related to capitalized software was $12.6 million in fourth-quarter 2020.
• Our effective tax rates were 19.6% in fourth-quarter 2020 and 19.5% in fourth-quarter 2019.
• We repurchased 1.8 million shares of our common stock for $99.1 million during the fourth-quarter 2020 at an average price of $54.36 per share. For the year ended 2020, we repurchased 8.0 million shares of our common stock for $424.7 million at an average price of $53.04 per share.

Earnings Conference Call
A conference call to review earnings is scheduled for 4:30 p.m. Eastern time on Jan. 27, 2021. Investors may listen to the call at seic.com/ir-events. Investors may also listen to a replay by telephone at (USA) 866-207-1041; (International) 402-970-0847; Access Code: 5584674.

About SEI
After 50 years in business, SEI (NASDAQ:SEIC) remains a leading global provider of investment processing, investment management, and investment operations solutions designed to help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of Dec. 31, 2020, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers approximately $1 trillion in hedge, private equity, mutual fund and pooled or separately managed assets, including approximately $369 billion in assets under management and $787 billion in client assets under administration. For more information, visit seic.com.

This release contains, and the comments we expect to deliver during the earnings call referenced above will contain, forward-looking statements within the meaning or the rules and regulations of the Securities and Exchange Commission. In some cases you can identify forward-looking statements by terminology, such as ''may,'' ''will,'' ''expect,'' ''believe'' and ''continue'' or ''appear.'' Our forward-looking statements in today's release include our current expectations as to:

• revenue that we believe will be generated by sales events that occurred during the quarter,
• the rebound of our business,
• our strategic priorities and the degree to which we will execute on them,
• whether our solutions position us to capture growth opportunities or will lead to increased shareholder value, and
• whether our investments and new clients and backlog of new revenue situate us well for the future.

We anticipate that we may deliver forward-looking statements during today's earnings call that include our current expectations as to:

• our ability to capture the opportunities inherent in significant change,
• the timing and success of client implementations and conversions,
• our ability to expand our relationships and revenue opportunities with new and existing clients,
• our ability to leverage our technologies and scale our businesses,
• the degree to which one-time and transaction-based revenues during the quarter will be repeated,
• revenue that we believe will be generated by sales events that occurred during the quarter or when our unfunded backlog may fund,
• the strategic initiatives and business segments that we will pursue and those in which we will invest,
• the strength of our pipelines,
• how we will manage our expenses,
• the organic and inorganic opportunities that will drive our growth, and
• the success of our strategic investments.

You should not place undue reliance on our forward-looking statements, as they are based on the current beliefs and expectations of our management and subject to significant risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe the assumptions upon which we base our forward-looking statements are reasonable, they could be inaccurate. Some of the risks and important factors that could cause actual results to differ from those described in our forward-looking statements can be found in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the Securities and Exchange Commission.

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SOURCE SEI Investments Company

PRINCETON, N.J., Jan. 27, 2021 /PRNewswire/ — The Bank of Princeton (the “Bank”) (NASDAQ – BPRN) announced that its Board of Directors, at a meeting held on January 27, 2021, declared a cash dividend of $0.12 per share of the common stock of the Bank.  This dividend will be paid on March 1, 2021 to shareholders of record at the close of business on February 12, 2021.  “This dividend reflects the Board of Director's commitment in providing a return to shareholders,” stated Edward Dietzler, President and CEO. 

The paying cash dividends on a quarterly basis, subject to a determination and declaration each quarter by its Board of Directors, which will take into account a number of factors, including the financial condition of the Bank, and any applicable legal and regulatory restrictions on the payment of dividends by the Bank.  If paid, such dividends may be reduced or eliminated in future periods.

About The Bank of Princeton

The Bank of Princeton is a community bank founded in 2007.  The Bank is a New Jersey state-chartered commercial bank with twenty branches in New Jersey, including four in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe Township, New Brunswick, Pennington, Piscataway, Princeton Junction, and Sicklerville.  There are also four branches in the Philadelphia, Pennsylvania area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (“FDIC”).

Forward-Looking Statements

The Bank of Princeton may from time to time make written or oral “forward-looking statements,” including statements contained in the Bank's filings with the FDIC, in its reports to stockholders and in other communications by the Bank (including this press release), which are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.

These forward-looking statements involve risks and uncertainties, such as statements of the Bank's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Bank's control). The following factors, among others, could cause the Bank's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the impact of the recent global coronavirus outbreak, the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Bank; technological changes; acquisitions; changes in consumer spending and saving habits; those risks set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2019 under the heading “Risk Factors,” and the success of the Bank at managing the risks involved in the foregoing.

Contact George Rapp
609.454.0718
[email protected]

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SOURCE The Bank of Princeton