Coupon Rate – Art By Depaola http://artbydepaola.com/ Fri, 17 Sep 2021 07:19:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://artbydepaola.com/wp-content/uploads/2021/06/icon-150x150.png Coupon Rate – Art By Depaola http://artbydepaola.com/ 32 32 bne IntelliNews – bneGreen: Serbia has issued a first green Eurobond of € 1 billion https://artbydepaola.com/bne-intellinews-bnegreen-serbia-has-issued-a-first-green-eurobond-of-e-1-billion/ https://artbydepaola.com/bne-intellinews-bnegreen-serbia-has-issued-a-first-green-eurobond-of-e-1-billion/#respond Fri, 17 Sep 2021 05:59:14 +0000 https://artbydepaola.com/bne-intellinews-bnegreen-serbia-has-issued-a-first-green-eurobond-of-e-1-billion/ Serbia issued its first green Eurobond on September 16. The € 1 billion Eurobond has a maturity of seven years and a coupon rate of 1.00%, the lowest ever achieved by the country on the international market. At the same time as the green Eurobond was issued, a 15-year Eurobond of 750 million euros was […]]]>

Serbia issued its first green Eurobond on September 16. The € 1 billion Eurobond has a maturity of seven years and a coupon rate of 1.00%, the lowest ever achieved by the country on the international market.

At the same time as the green Eurobond was issued, a 15-year Eurobond of 750 million euros was issued, with an annual coupon rate of 2.05%, said Serbian Finance Minister Sinisa Mali. This set another precedent as the 15-year bond secured Serbia’s funding in the international financial market for the longest period to date.

The green bond was issued in accordance with the government’s strategic plan to invest additional funds to finance environmental protection and climate change mitigation projects. It will help improve energy efficiency, the waste management system and ensure the most rational use of renewable energy sources.

Europe is already the world leader in green and sustainable bond issuance, and a growing number are now issued by sovereigns and companies from Central and Eastern Europe (CEECs).

Slovenia was the first country in the South-Eastern European region where a green bond was issued and, in June of this year, it became the first ruler of the wider EEC region and the second of the EU to issue a sustainability bond. Serbia has now become the first non-EU European country to issue a sovereign green bond, according to the Serbian finance ministry.

“[T]he Republic of Serbia is one of the few European countries to have issued green Eurobonds on the international financial market, and which are exclusively intended for financing environmentally friendly projects, ”added Mali.

The high level of demand has enabled Serbia to offer favorable interest rates for the two Eurobonds. The total demand amounted to more than 6 billion euros from more than 200 investors, which made it possible during the auction to reduce the interest rate by 0.35 percentage point (pp) on seven-year green bonds and 0.30 pp on the 15-year bond.

The issues were preceded by days of talks between the Serbian delegation and a large number of investors from around the world.

Mali stressed that the state is committed to increasing investments in ecology and environmental protection, as well as providing the most favorable funds for green projects from new sources of finance, such as the green bond market.

“The Republic of Serbia courageously entered the international capital market and offered its green bond, worth € 1 billion, although the demand was much higher. Thanks to the high interest, the interest rate of the green bond has been reduced by up to 20% compared to the initial rate, which proves the rationale for the decision to issue this type of bond. green program and this is another indicator of Serbia’s commitment and commitment to green projects and increased investment in ecology. It is also an important signal for investors to strive to build their capacities and invest in environmental protection, ”Mali said, according to a statement from the Ministry of Finance.

He added that the green bond market has grown rapidly in recent years with the aim of securing funding for projects that contribute to environmental sustainability in the broadest sense. “Every year the whole world – and Serbia is no exception – invests more and more in ecology and environmental protection, and investors have recognized this,” said the minister.

“The funds from the green bonds issued will also be used to finance and refinance the costs related to the construction of drinking water treatment plants and wastewater treatment plants, for the construction of modern subways and railways, flood protection, biodiversity conservation, pollution control and prevention, waste collection, treatment and recycling, energy efficiency and renewable energy sources. These funds will be strictly controlled and cannot be used for other purposes, which clearly demonstrates our commitment to ecology, ”Mali said.


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CONSUMERS BANCORP: OH / Management’s Discussion and Analysis of Financial Position and Operating Results (Form 10-K) https://artbydepaola.com/consumers-bancorp-oh-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/ https://artbydepaola.com/consumers-bancorp-oh-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/#respond Thu, 16 Sep 2021 18:51:04 +0000 https://artbydepaola.com/consumers-bancorp-oh-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/ (dollars in thousands, except per share data) General The following is management's analysis of the Corporation's financial condition and results of operations as of and for the years ended June 30, 2021 and 2020. This discussion is designed to provide a more comprehensive review of the operating results and financial position than could be obtained […]]]>

(dollars in thousands, except per share data)



General



The following is management's analysis of the Corporation's financial condition
and results of operations as of and for the years ended June 30, 2021 and 2020.
This discussion is designed to provide a more comprehensive review of the
operating results and financial position than could be obtained from an
examination of the financial statements alone. This analysis should be read in
conjunction with the consolidated financial statements and related footnotes and
the selected financial data included elsewhere in this report.



Forward-Looking Statements



Certain statements contained in this Annual Report on Form 10-K, which are not
statements of historical fact, constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The words
"may," "continue," "estimate," "intend," "plan," "seek," "will," "believe,"
"project," "expect," "anticipate" and similar expressions are intended to
identify forward-looking statements. These forward-looking statements may
involve risks and uncertainties that are difficult to predict, may be beyond our
control, and could cause actual results to differ materially from those
described in such statements. Any such forward-looking statements are made only
as of the date of this report or the respective dates of the relevant
incorporated documents, as the case may be, and, except as required by law, we
undertake no obligation to update these forward-looking statements to reflect
subsequent events or circumstances. The COVID-19 pandemic is affecting us, our
customers, employees, and third-party service providers, and the ultimate extent
of the impact on our business, financial position, results of operations,
liquidity, and prospects is uncertain. Other risks and uncertainties that could
cause actual results for future periods to differ materially from those
anticipated or projected include, but are not limited to:



? changes in local, regional and national economic conditions becoming less

more favorable than expected, resulting in, among other things, a high unemployment rate

rate, a deterioration in the credit quality of our assets or debtors that cannot

to fulfill their obligations;

? low and sustained market interest rates could lead to lower equity

interest margin and net interest income;

? changes in the level of non-productive assets and write-offs;

? the effect of changes in laws and regulations (including laws and regulations

concerning taxes, banking, securities and insurance) with which we must

comply;

? the fall in the value of assets impacting the underlying value of the collateral;

? unforeseen changes in our liquidity position, including, but not limited to

to, the evolution of the cost of liquidity and our ability to find alternatives

funding sources;

? the effects and modifications of commercial, monetary and fiscal policies and laws,

including the interest rate policies of the Federal Reserve Board;

? changes in consumption, borrowing and saving habits;

? changes in accounting methods, rules and interpretations that may

    result of COVID-19 or otherwise;
  ? our ability to attract and retain qualified employees;
  ? competitive pressures on product pricing and services;
  ? breaches of security or failures of our technology systems due to
    technological or other factors and cybersecurity threats; and
  ? changes in the reliability of our vendors, internal control systems or
    information systems.



The risks and uncertainties identified above are not the only risks we face. Additional risks and uncertainties that we do not currently know or that we currently consider to be immaterial may also affect us negatively. If known or unknown risks and uncertainties turn into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.



Overview



Consumers Bancorp, Inc., a bank holding company incorporated under the laws of
the State of Ohio, owns all the issued and outstanding capital stock of
Consumers National Bank, a bank chartered under the laws of the United States of
America. The Corporation's activities have been limited primarily to holding the
common stock of the Bank. The Bank's business involves attracting deposits from
businesses and individual customers and using such deposits to originate
commercial, mortgage and consumer loans in its market area, consisting primarily
of Carroll, Columbiana, Jefferson, Stark, Summit, Wayne, and contiguous counties
in Ohio, Pennsylvania, and West Virginia. The Bank also invests in securities
consisting primarily of U.S. government-sponsored entities, municipal
obligations, mortgage-backed and collateralized mortgage obligations issued by
Fannie Mae, Freddie Mac and Ginnie Mae.



                                       10
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On January 1, 2020, the Corporation completed the acquisition by merger of
Peoples in a stock and cash transaction for an aggregate consideration of
approximately $10,405. As a result of the acquisition, the Corporation received
loans with an estimated fair value of $55,320, as of the date of the
acquisition, and deposits at three banking centers located in Mt. Pleasant,
Adena, and Dillonvale, Ohio with an estimated fair value of $60,851, as of the
date of the acquisition. In connection with the acquisition, the Corporation
issued 269,920 shares of common stock and paid $5,128 in cash to the former
shareholders of Peoples. The financial position and results of operations of
Peoples prior to its acquisition date are not included in the Corporations'
financial results for periods prior to the acquisition date.



COVID-19 Pandemic



In response to COVID-19, management is actively pursuing multiple avenues to
assist customers during these uncertain times. For commercial borrowers, the
CARES Act includes key SBA initiatives to assist small businesses. The PPP loans
were designed to provide a direct incentive for small businesses to keep their
workers on the payroll, From the first round of assistance, the Bank originated
a total of $68,788 of PPP loans and $6,107 remained outstanding as of June 30,
2021. Under the second round of the PPP program, a total of $44,579 of loans
were funded and outstanding as of June 30, 2021.



Additionally, on March 22, 2020 the Corporation adopted a loan modification
program to assist borrowers impacted by COVID-19. The program is available to
most borrowers whose loan was not past due on March 22, 2020, the date this loan
modification program was adopted. The program offers principal and interest
payment deferrals for up to 90 days or interest only payments for up to 90 days.
Interest will be deferred but will continue to accrue during the deferment
period and the maturity date on amortizing loans will be extended by the number
of months the payment was deferred. Consistent with issued regulatory guidance,
modifications made under this program in response to COVID-19 will not be
classified as troubled debt restructurings. As of June 30, 2021, eight borrowers
with an outstanding balance of $198 are in payment deferral status under this
loan modification program.



We have assisted and may continue to assist customers who are experiencing
financial hardship due to COVID-19 by waiving late charges, refunding NSF and
overdraft fees, and waiving CD prepayment penalties. The consumer reserve
personal line of credit, an unsecured line of credit that is linked to a
personal checking account, has been redesigned to provide easier access and a
lower initial rate. Commercial customers have been encouraged to access
available funds on their lines of credit, and we have been ready to provide
emergency commercial lines of credit to qualified borrowers in order to assist
in meeting payroll and other recurring fixed expenses. In response to COVID-19,
we provided four emergency lines of credit; however, the lines of credit have
since been closed as the borrowers did not need to access the funds.



Given the dynamic nature of the circumstances surrounding the pandemic, it is
difficult to ascertain the full impact that the ongoing economic disruption will
have on the Corporation. The Corporation has modified its business practices
with a portion of employees working remotely from their homes to limit
interruptions to operations as much as possible and to help reduce the risk of
COVID-19 infecting entire departments. The branch lobbies were closed at various
times throughout the pandemic but are now open for normal business. The
Corporation is encouraging virtual meetings and conference calls in place of
in-person meetings. Additionally, travel for business has been restricted. The
Corporation is promoting social distancing, frequent hand washing and thorough
disinfection of all surfaces. The Corporation will continue to closely monitor
situations arising from the pandemic and adjust operations accordingly.



                                       11
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Comparison of operating results for the years ended June 30, 2021
and June 30, 2020




Net Income. Net income was $8,988 for fiscal year 2021 compared with $5,527 for
fiscal year 2020. The following key factors summarize our results of operations
for the year ended June 30, 2021 compared with the same prior year period:



  ? net interest income increased by $5,099, or 23.7%, in fiscal year 2021,
    primarily as a result of a $151,376, or 25.7%, increase in average

interest-bearing assets, mainly due to organic growth in loans and

the addition of PPP loan receivables;

? a 850 $ a provision for loan losses was made during fiscal year 2021

year compared to $ 1,980 during fiscal year 2020. The upper provision

recorded in fiscal year 2020 is mainly the result of the drop in

the economic conditions triggered by the COVID-19 pandemic;

? total other income decreased by $ 237, or 5.0%, during fiscal year 2021, mainly

since the period of the previous year included $ 324 income recognized as a result of

proceeds received from a life insurance claim held by a bank and a $ 355

gain on sale of securities. These reductions were partially offset by a

$ 316, or 20.1%, an increase in debit card exchange revenues, and a 210 $, Where

38.7%, increase in capital gains on the sale of mortgage loans; and

? total other expenses increased by $ 1,593, or 9.0%, during fiscal year 2021 and

includes a full year of expenses associated with the three new offices

locations and additional staff gained as a result of the merger with Peoples

compared to only six months of these expenses being included in the previous fiscal year

period of one year. In addition, incentive accruals and mortgage commissions

    increased during the 2021 fiscal year.




Return on average equity and return on average assets were 13.36% and 1.16%,
respectively, for the 2021 fiscal year-to-date period compared with 9.67% and
0.89%, respectively, for the same period last year.



Net Interest Income. Net interest income, the difference between interest income
earned on interest-earning assets and interest expense incurred on
interest-bearing liabilities, is the largest component of the Corporation's
earnings. Net interest income is affected by changes in the volumes, rates and
composition of interest-earning assets and interest-bearing liabilities. In
addition, prevailing economic conditions, fiscal and monetary policies and the
policies of various regulatory agencies all affect market rates of interest and
the availability and cost of credit, which, in turn, can significantly affect
net interest income. Since the Federal Open Market Committee establishing a
near-zero target range for the federal funds rate, earnings could be negatively
affected if the interest we receive on loans and securities falls more quickly
than interest we pay on deposits and borrowings. Net interest margin is
calculated by dividing net interest income on a fully tax equivalent basis (FTE)
by total interest-earning assets. FTE income includes tax-exempt income,
restated to a pre-tax equivalent, based on the statutory federal income tax rate
of 21.0%. All average balances are daily average balances. Non-accruing loans
are included in average loan balances.



Net Interest Income Year ended June 30,            2021         2020
Net interest income                              $ 26,583     $ 21,484

Taxable equivalent Net interest adjustments 419 326 Net interest income, fully taxable equivalent $ 27,002 $ 21,810
Net interest margin

                                  3.62 %       3.67 %
Taxable equivalent adjustment                        0.05         0.05

Net interest margin, fully taxable equivalent 3.67% 3.72%





FTE net interest income for the 2021 fiscal year was $27,002, an increase of
$5,192 or 23.8%, from $21,810 in the 2020 fiscal year. The Corporation's tax
equivalent net interest margin was 3.67% for the year ended June 30, 2021 and
was 3.72% for the fiscal year ended 2020. FTE interest income for the 2021
fiscal year was $28,902, an increase of $3,271, or 12.8%, from the 2020 fiscal
year, such change primarily a result of a $151,376, or 25.7%, increase in
average interest-earning assets from the 2020 fiscal year. The growth in average
interest-earning assets was primarily a result of organic loan growth and the
addition of PPP loans. Interest income was positively impacted by the accretion
of origination fees from the PPP loans and from a change in the earning asset
mix, with higher yielding loans increasing faster than lower yielding
securities. PPP loans had an average balance of $63,761 for the twelve-month
period ended June 30, 2021, with a total of $2,549 of interest and fee income
recognized during the twelve-month period ended June 30, 2021. As of June 30,
2021, there was a total of $2,449 of unamortized net fees associated with the
PPP loans which will be amortized into income over the life of the loans. A
reduction in the accretion of origination fees from PPP loans as these loans are
forgiven, combined with the significant decline in interest rates, will continue
to impact the yield on interest-earning assets and could ultimately result in a
decline in interest income. The Corporation's yield on average interest-earning
assets was 3.93% for the 2021 fiscal year compared with 4.37% for the same
period last year.



Interest expense for the 2021 fiscal year was $1,900, a decrease of $1,921, or
50.3%, from the 2020 fiscal year. The Corporation's cost of funds was 0.38% for
the 2021 fiscal year compared with 0.91% for the same prior year period. The
decline in short term market interest rates had an impact on the rates paid on
all interest-bearing deposit products and Federal Home Loan Bank (FHLB)
advances.



                                       12
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Average balance sheet and net interest margin



                                         2021                                       2020
                         Average                      Yield/        Average                      Yield/
                         Balance       Interest        Rate         Balance       Interest        Rate
Interest earning
assets:
Taxable securities      $  89,424     $    1,594          1.82 %   $  81,609     $    1,932          2.40 %
Nontaxable securities
(1)                        70,878          2,148          3.18        61,215          1,914          3.24
Loan receivables (1)      549,890         24,901          4.53       433,948         21,553          4.97
Federal bank and
other restricted
stocks                      2,472             76          3.07         1,960             75          3.83
Equity securities             202             17          8.42             -              -             -
Interest bearing
deposits and federal
funds sold                 27,831            166          0.60        10,589            157          1.48
Total interest
earning assets            740,697         28,902          3.93 %     589,321         25,631          4.37 %
Noninterest earning
assets                     31,283                                     32,180
Total assets            $ 771,980                                  $ 621,501
Interest bearing
liabilities:
Interest bearing
demand                  $ 112,801     $      149          0.13 %   $  86,418     $      428          0.50 %
Savings                   251,138            333          0.13       191,119            799          0.42
Time deposits             102,554          1,133          1.10       118,847          2,259          1.90
Short-term borrowings       8,895              9          0.10         4,306             43          1.00
FHLB advances              20,077            276          1.37        17,630            292          1.66

Total

bearing interest

liabilities               495,465          1,900          0.38 %     418,320          3,821          0.91 %
Noninterest-bearing
liabilities               209,262                                    

146,050

Total liabilities         704,727                                    

564,370

Shareholders' equity       67,253                                     

57 131

Total liabilities and
shareholders' equity    $ 771,980                                  $ 

621 501

Net interest income,
interest rate spread
(1)                                   $   27,002          3.55 %                 $   21,810          3.46 %
Net interest margin
(net interest as a
percent of average
interest earning
assets) (1)                                               3.67 %                                     3.72 %
Federal tax exemption
on non-taxable
securities and loans
included in interest
income                                $      419                                 $      326
Average interest
earning assets to
interest bearing
liabilities                                             149.50 %           
                       140.88 %



————————————————– ——————————

(1) Calculated on an equivalent fully taxable basis using a statutory federal tax rate of 21.0%.

                                       13
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The following table presents the changes in the Corporation's interest income
and interest expense resulting from changes in interest rates and changes in the
volume of interest-earning assets and interest-bearing liabilities. Changes
attributable to both rate and volume that cannot be segregated have been
allocated in proportion to the changes due to rate and volume.



INTEREST RATES AND INTEREST DIFFERENTIAL




                                2021 Compared to 2020                     2020 Compared to 2019
                                Increase / (Decrease)                     Increase / (Decrease)
                                       Change        Change                      Change         Change
                          Total        due to        due to         Total        due to         due to
                         Change        Volume         Rate         Change        Volume          Rate
                                                         (In thousands)
Interest earning
assets:
Taxable securities      $    (338 )   $     162     $    (500 )   $    (260 )   $    (176 )   $      (84 )
Nontaxable securities
(1)                           234           269           (35 )          (4 )         (34 )           30
Loan receivables (2)        3,348         5,376        (2,028 )       4,952         4,845            107
Federal bank and
other restricted
stocks                          1            17           (16 )         (11 )          21            (32 )
Interest bearing
deposits and federal
funds sold                      9           144          (135 )          64           101            (37 )
Equity securities              17            17             -             -             -              -
Total interest and
dividend income             3,271         5,985        (2,714 )       4,741         4,757            (16 )
Interest bearing
liabilities:
Interest bearing
demand                       (279 )         103          (382 )        (119 )          28           (147 )
Savings deposits             (466 )         197          (663 )          93           127            (34 )
Time deposits              (1,126 )        (278 )        (848 )         726           505            221
Short-term borrowings         (34 )          23           (57 )          (8 )          10            (18 )
FHLB advances                 (16 )          37           (53 )         (27 )          21            (48 )
Total interest
expense                    (1,921 )          82        (2,003 )         665           691            (26 )
Net interest income     $   5,192     $   5,903     $    (711 )   $   4,076     $   4,066     $       10



————————————————– ——————————

(1) Non-taxable income is adjusted on a fully tax equivalent basis using a

Federal statutory tax rate of 21.0%.

(2) Unaccounted loan balances are included for rate calculation purposes.

and volume effects although interest on these balances has been excluded.





Provision for Loan Losses. The provision for loan losses represents the charge
to income necessary to adjust the allowance for loan losses to an amount that
represents management's assessment of the estimated probable credit losses in
the Corporation's loan portfolio that have been incurred at each balance sheet
date. Management considers historical loss experience, the present and
prospective financial condition of borrowers, the current conditions within the
markets where the Corporation originates loans, the status of nonperforming
assets, the estimated underlying value of the collateral and other factors
related to the ultimate collectability of the loan portfolio. In fiscal year
2021, a provision for loan loss expense of $850 was recorded compared with
$1,980 in fiscal year 2020. The provision for loan loss expense was higher in
fiscal year 2020 primarily due to the deterioration in the economic environment
as a result of the impact of COVID-19 and higher loan balances from organic loan
growth.



For the 2021 fiscal year, net charge offs of $57 were recorded compared with $90
for the same period last year. The allowance for loan losses as a percentage of
loans was 1.14% at June 30, 2021 and 1.05% at June 30, 2020. The loans acquired
from the Peoples acquisition were recorded at fair value without a related
allowance for loan losses. As of June 30, 2020, the allowance for loan losses as
a percentage of total loans, excluding the loans acquired in the Peoples
acquisition, was 1.15%.



Non-performing loans were $1,771 as of June 30, 2021 and represented 0.31% of
total loans. This compared with $1,226, or 0.23% of total loans at June 30,
2020. Non-performing loans have been considered in management's analysis of the
appropriateness of the allowance for loan losses. Management and the Board of
Directors closely monitor these loans and believe the prospect for recovery of
principal, less identified specific reserves, are favorable.



Other Income. Total other income decreased by $237, or 5.0%, to $4,466 for the
2021 fiscal year. Other income in the 2020 fiscal year includes $324 of income
recognized as a result of proceeds received from a bank owned life insurance
policy claim and net securities gains of $355 compared to net security gains of
$14 in fiscal year 2021.



Debit card interchange income increased by $316, or 20.1%, in 2021 to $1,891
primarily as a result of increased debit card usage and an increase in the
number of cards issued. Gain on sale of mortgage loans increased by $210, or
38.7%, in 2021 primarily as a result of an increase in volume due to refinances
as mortgage rates declined. These increases were partially offset by a decline
of $130, or 9.6%, in service charges on deposit accounts primarily due to a
decline in overdraft charges as many eligible individuals have received Economic
Impact Payments and consumer spending habits have changed during the pandemic,
resulting in fewer overdrafts.



                                       14
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Other Expenses. Total other expenses were $19,361 for the year ended June 30,
2021; an increase of $1,593, or 9.0%, from $17,768 for the year ended June 30,
2020.



Salaries and employee benefit expenses increased by $1,270, or 13.3%, during the
2021 fiscal year primarily since the 2021 fiscal year includes a full year of
expenses associated with the three new office locations and additional staff
gained as a result of the merger with Peoples compared with only six months of
these expense being included in the prior year period. In addition, incentive
accruals and mortgage commissions also increased during the 2021 fiscal year.



Occupancy and equipment expenses increased by $122, or 4.9%, during the 2021
fiscal year from the same period last year primarily as a result of higher real
estate taxes, custodial, building upkeep, maintenance, lease and utility
expenses for the additional office locations acquired in the Peoples acquisition
and the new leased Green, Ohio office location that opened during the 2021
fiscal year. This was partially offset by lower depreciation expense in the 2021
fiscal year for the Salem branch location since it was expected that this
location would be replaced in the spring of 2021.



Data processing costs have decreased by $ 179, or 19.7% and professional and administrative fees decreased by $ 170, or 16.6%, in FY2021 compared to same period last year, mainly from FY2020, included system conversion and termination fees, investment banking fees , legal, accounting and audit costs associated with the acquisition of Peoples.




FDIC assessments increased by $196, or 184.9%, for the 2021 fiscal year since
the Small Bank Assessment Credits were applied to the FDIC insurance invoices
during the 2020 fiscal year.



Debit card processing expenses increased by $140, or 17.3% primarily as a result
of increased debit card usage. The increase in debit card usage is also
reflected in debit card interchange income which increased by $316, or 20.1%
from the prior year.



Income Tax Expense. Income tax expense totaled $1,850 and $912 and the effective
tax rates were 17.1% and 14.2% for the years ended June 30, 2021 and 2020,
respectively. Income tax expense was calculated utilizing a statutory federal
income tax rate of 21.0% in the 2020 and 2021 fiscal years. The effective tax
rate differs from the federal statutory rate as a result of tax-exempt income
from obligations of states and political subdivisions, loans and bank owned life
insurance earnings and death benefit.



Financial Condition



Total assets at June 30, 2021 were $833,804 compared with $740,820 at June 30,
2020, an increase of $92,984, or 12.6%. The growth in total assets is mainly
attributable to an increase of $68,297, or 46.3%, in available-for-sale and
held-to-maturity securities which was primarily funded by a $93,494, or 14.8%,
increase in total deposits.



Securities. Total securities were $215,756 at June 30, 2021, of which $207,760
were classified as available-for-sale and $7,996 were classified as
held-to-maturity. The securities portfolio is mainly comprised of
mortgage-backed securities and collateralized mortgage obligations issued by
Fannie Mae, Freddie Mac and Ginnie Mae, state and political subdivisions and
government-sponsored enterprises.



The following tables summarize the amortized cost and fair value of
available-for-sale securities at June 30, 2021 and 2020 and the corresponding
amounts of gross unrealized gains and losses recognized in accumulated other
comprehensive income or loss:



                                                             Gross            Gross
June 30, 2021                              Amortized       Unrealized      Unrealized        Fair
Available-for-sale                            Cost           Gains           Losses          Value
Obligations of U.S. government-sponsored
entities and agencies                      $   14,746     $        301     $       (14 )   $  15,033
Obligations of state and political
subdivisions                                   73,013            3,561             (75 )      76,499
U.S. Government-sponsored
mortgage-backed securities - residential       90,065            1,136            (684 )      90,517
U.S. Government-sponsored
mortgage-backed securities - commercial         8,641              204               -         8,845
U.S. Government-sponsored collateralized
mortgage obligations - residential             16,302              129             (57 )      16,374
Other debt securities                             500                -      

(8) 492 Total titles available for sale $ 203,267 $ 5,331 $ (838) $ 207,760





                                       15
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                                                             Gross            Gross
June 30, 2020                              Amortized       Unrealized       Unrealized        Fair
Available-for-sale                            Cost           Gains            Losses          Value
U.S. Treasury                              $    1,248     $          8     $          -     $   1,256
Obligations of U.S. government-sponsored
entities and agencies                          10,133              399                -        10,532
Obligations of state and political
subdivisions                                   60,343            3,149                -        63,492
U.S. government-sponsored
mortgage-backed securities - residential       48,645            1,515               (4 )      50,156
U.S. government-sponsored
mortgage-backed securities - commercial         8,444               55               (2 )       8,497
U.S. government-sponsored collateralized
mortgage obligations - residential              9,712              285      

(12) 9,985 Total titles available for sale $ 138,525 $ 5,411 $ (18) $ 143,918

The following tables summarize the amortized cost and fair value of securities held until June 30, 2021 and 2020 and the corresponding gross unrecognized gains and losses:



                                                               Gross             Gross
June 30, 2021                               Amortized      Unrecognized       Unrecognized        Fair
Held-to-maturity                              Cost             Gains             Losses           Value
Obligations of state and political
subdivisions                               $     7,996     $         356     $            -     $   8,352




                                                               Gross             Gross
June 30, 2020                               Amortized      Unrecognized       Unrecognized        Fair
Held-to-maturity                              Cost             Gains             Losses           Value
Obligations of state and political
subdivisions                               $     3,541     $         327     $            -     $   3,868



The following tables summarize the amounts and distribution of the Company’s securities held as well as the weighted average returns at June 30, 2021:



                                                Amortized          Fair           Average
Available-for-sale                                 Cost            Value           Yield
Obligations of government-sponsored
entities:
Over 3 months through 1 year                   $      2,501     $     2,534             2.67 %
Over 1 year through 5 years                           3,129           3,235             2.06
Over 5 years through 10 years                         9,116           9,264             1.63
Total obligations of government-sponsored
entities                                             14,746          15,033             1.90
Obligations of state and political
subdivisions:
3 Months or less                                        275             275             4.51
Over 3 months through 1 year                          2,866           2,903             3.38
Over 1 year through 5 years                           9,217           9,565             3.38
Over 5 years through 10 years                        10,679          11,069             3.01
Over 10 years                                        49,976          52,687             3.08
Total obligations of state and political
subdivisions                                         73,013          76,499             3.13
Mortgage-backed securities - residential:
Over 1 year through 5 years                          51,865          52,741             1.67
Over 5 years through 10 years                        38,200          37,776             1.42
Total mortgage-backed securities -
residential                                          90,065          90,517             1.56
Mortgage-backed securities - commercial:
Over 5 years through 10 years                         2,794           2,855             1.77
Over 10 years                                         5,847           5,990             2.09
Total mortgage-backed securities -
commercial                                            8,641           8,845             1.99
Collateralized mortgage obligations:
3 months or less                                         98              98             1.86
Over 3 months through 1 year                          1,932           1,966             1.52
Over 1 year through 5 years                           9,747           9,794             1.48
Over 5 years through 10 years                         1,527           1,518             1.39
Over 10 years                                         2,998           2,998             1.62
Total collateralized mortgage obligations            16,302          16,374             1.50
Other debt securities
Over 5 years through ten years                          500             492             4.62
Total available-for-sale securities            $    203,267     $   207,760             2.17 %




                                       16
--------------------------------------------------------------------------------



                                                    Amortized       Fair        Average
Held-to-maturity                                      Cost          Value        Yield
Obligations of state and political subdivisions:
Over 1 year through 5 years                        $       294     $   309          2.89 %
Over 5 years through 10 years                            5,367       5,547          1.86
Over 10 years                                            2,335       2,496          3.13
Total held-to-maturity securities                  $     7,996     $ 8,352          2.27 %




The weighted average interest rates are based on coupon rates for securities
purchased at par value and on effective yields considering amortization or
accretion if the securities were purchased at a premium or discount. The
weighted average yield on tax-exempt obligations has been calculated on a tax
equivalent basis. Average yields are based on amortized cost balances.



Loans. Loan receivables increased by $23,566 to $566,427 at June 30, 2021
compared to $542,861 at June 30, 2020. Commercial loans include PPP loans of
$50,686 and $66,606 as of June 30, 2021 and 2020, respectively, and a
third-party residential mortgage warehouse line-of-credit had a zero balance as
of June 30, 2021 compared with an outstanding balance of $32,869 as of June 30,
2020. Excluding the declines in the PPP loans and the residential mortgage
warehouse line-of-credit, organic loan growth was $72,355, or 16.3%. The
increase in the 1-4 family residential real estate portfolio was primarily due
to a majority of the mortgage loans originated in the third quarter of fiscal
year 2021 being kept within the portfolio rather than being sold to the
secondary market. Consumer loans increased by $8,241, or 38.6%, primarily as a
result of the expansion of indirect auto lending and an increase in direct auto
loans as a result of successful marketing campaigns. Major classifications of
loans, net of deferred loan fees and costs, were as follows as of June 30:



                                        2021          2020
Commercial                            $ 109,922     $ 157,029
Commercial real estate:
Construction                             10,462        16,190
Other                                   269,157       228,552
1-4 Family residential real estate:
Owner occupied                          119,046        91,006
Non-owner occupied                       19,114        19,337
Construction                              9,156         9,418
Consumer loans                           29,570        21,329
Total loans                           $ 566,427     $ 542,861



The following table presents the main classifications of loans, net of commissions and deferred charges, which are based on the contractual terms of principal repayment, which are due in the periods indicated from June 30, 2021:



                                                                       Maturing
                                                     After one      After five
                                                        year          years
                                        Within       but within     But within          After
                                                                     Fifteen
                                       one year      five years       years         Fifteen years        Total
Commercial                            $   13,458     $   66,898     $   28,031     $         1,535     $ 109,922
Commercial real estate:
Construction                                 209          7,983              -               2,270        10,462
Other                                     11,610         14,757        106,502             136,288       269,157
1-4 Family residential real estate:
Owner occupied                             1,202          5,482         32,906              79,456       119,046
Non-owner occupied                         1,087          1,392         11,545               5,090        19,114
Construction                               1,511            335              -               7,310         9,156
Consumer loans                               726         18,078         10,570                 196        29,570
Total loans                           $   29,803     $  114,925     $  189,554     $       232,145     $ 566,427




The following is a schedule of fixed and variable rate 1-4 family residential
real estate construction, commercial and commercial real estate loans due after
one year (variable rate loans are those loans with floating or adjustable
interest rates) as of June 30, 2021:



                                                            Fixed               Variable
                                                        Interest Rates       Interest Rates
Total 1-4 family residential real estate
construction, commercial and commercial real estate
loans due after one year                               $        237,875     $        134,034




                                       17
--------------------------------------------------------------------------------




Allowance for Loan Losses. The allowance for loan losses balance and the
provision charged to expense are judgmentally determined by management based
upon a periodic review of the loan portfolio for valuation purposes and to
determine the adequacy of the allowance for loan losses. Management establishes
allowances for estimated losses on loans based upon its evaluation of the
pertinent factors underlying the types and quality of loans; historical loss
experience based on volume and types of loans; trend in portfolio volume and
composition; level and trend of nonperforming assets; detailed analysis of
individual loans for which full collectability may not be assured; determination
of the existence and realizable value of the collateral and guarantees securing
such loans and the current economic conditions affecting the collectability of
loans in the portfolio.



Failure to receive principal and interest payments when due on any loan results
in efforts to restore such loan to a current status. Loans are classified as
non-accrual when, in the opinion of management, full collection of principal and
accrued interest is not expected. The loans must be brought and kept current for
six sustained payments before being considered for removal from non-accrual
status. Commercial and commercial real estate loans are classified as impaired
if management determines that full collection of principal and interest, in
accordance with the terms of the loan documents, is not probable. If a loan is
impaired, a portion of the allowance is allocated so the loan is reported, net,
at the present value of estimated future cash flows using the loan's existing
rate or at the fair value of collateral if repayment is expected from the
collateral. Loans are evaluated for impairment when payments are delayed,
typically 90 days or more, or when it is probable that not all principal and
interest amounts will be collected according to the original terms of the loan.
As of June 30, 2021, impaired loans totaled $1,954, of which $1,771 are included
in non-accrual loans. Continued unsuccessful collection efforts generally lead
to initiation of foreclosure or other legal proceedings.



The following table summarizes unrecognized loans, non-performing assets, impaired and restructured loans and associated ratios for the years ended.
June 30th:




                                                   2021         2020
Non-accrual loans                                $  1,771     $  1,185
Accruing loans past due 90 days or more                 -           41
Total non-performing loans                       $  1,771     $  1,226
Other real estate and repossessed assets owned          -            7
Total non-performing assets                      $  1,771     $  1,233
Impaired loans                                   $  1,954     $  1,923
Accruing restructured loans                      $    183     $    738
Non-accrual to total loans                           0.31 %       0.22 %
ALLL to non-accrual loans                          365.39 %     479.16 %




The non-performing loans are either in the process of foreclosure or efforts are
being made to work with the borrower to bring the loan current. Properties and
vehicles acquired by the Corporation as a result of foreclosure or repossession,
or by deed in lieu of foreclosure, are classified as "other real estate and
repossessed assets owned" until they are sold or otherwise disposed of.



The following table summarizes the Company’s experience with loan losses and provides a breakdown of write-off, collection and other activities for the years ended. June 30th:




                                                         2021        2020

Provision for loan losses at the start of the year $ 5,678 $ 3,788
Write-off loans: Commercial

                                                   22           -
1-4 Family residential real estate                            4           6
Consumer loans                                              122         140
Total charge offs                                           148         146

Recoveries:

Commercial real estate                                        4           4
1-4 Family residential real estate                            3           4
Consumer loans                                               84          48
Total recoveries                                             91          56
Net charge offs                                              57          90
Provision for loan losses charged to operations             850       1,980
Allowance for loan losses at end of year                $ 6,471     $ 5,678

Ratio of net charge offs to average loans outstanding      0.01 %      0.02 %
ALLL to total loans                                        1.14 %      1.05 %




                                       18
--------------------------------------------------------------------------------

The following table shows the breakdown of the allowance for loan losses allocated by type of loan and the related ratios:



                                                  Allocation of the Allowance for Loan Losses
                                                         % of Loan                            % of Loan
                                       Allowance          Type to           Allowance          Type to
                                        Amount          Total Loans           Amount         Total Loans
                                              June 30, 2021                        June 30, 2020
Commercial                            $       904               19.4 %     $        947              28.9 %
Commercial real estate loans                3,949               49.4              3,623              45.1
1-4 Family residential real estate          1,307               26.0                989              22.1
Consumer loans                                311                5.2                119               3.9
Total                                 $     6,471              100.0 %     $      5,678             100.0 %




While management's periodic analysis of the adequacy of the allowance for loan
loss may allocate portions of the allowance for specific problem loan
situations, the entire allowance is available for any loan charge-off that may
occur. While the Corporation has historically experienced strong trends in asset
quality, as a result of the current situation regarding the COVID-19 pandemic,
uncertainty remains regarding future levels of criticized and classified loans,
nonperforming loans and charge-offs. Management will continue to closely monitor
changes in the loan portfolio and adjust the provision accordingly.



Goodwill: Goodwill remained unchanged at $826 at June 30, 2021 and 2020.
Goodwill represents the excess of the total purchase price paid for the
acquisition over the fair value of the identifiable assets acquired, net of the
fair value of the liabilities assumed. Goodwill is evaluated for impairment at
least annually and more frequently if events and circumstances indicate that the
asset might be impaired. Management evaluated goodwill and concluded that no
impairment existed during the year ended June 30, 2021.



Funding Sources. Total deposits increased by $93,494, or 14.8%, from $633,355 at
June 30, 2020 to $726,849 at June 30, 2021. For the fiscal year ended June 30,
2021, noninterest-bearing demand deposits increased by $38,868, or 20.4%,
savings and money market deposits increased by $54,194, or 23.7%, and
interest-bearing demand deposits increased by $28,274, or 28.5%, from the same
prior year period. Certificates and other time deposits decreased by $27,843, or
24.1%, from the same prior year period as customers chose to move funds to
savings and money market deposit products due to the low-rate environment.



Here is a table of the average deposit amounts and average rates paid on each category for the periods included:



                                                   Years Ended June 30,
                                               2021                     2020
                                        Amount        Rate       Amount        Rate

Demand deposit not bearing interest $ 203,181$ 140,826

Interest-bearing sight deposit 112,801 0.13% 86,418

     0.50 %
Savings                                  251,138       0.13       191,119   

0.42

Certificates and other term deposits 102,554 1.10 118,847

    1.90
Total                                  $ 669,674       0.24 %   $ 537,210       0.65 %



The following table summarizes the term deposits issued for amounts of $ 100 or more from June 30, 2021 by time remaining until expiry:




Maturing in:
Under 3 months        $  8,744
Over 3 to 6 months       7,390
Over 6 to 12 months     11,699
Over 12 months          15,616
Total                 $ 43,449




Short-term borrowings increased by $5,260, or 75.8%, to $12,203 at June 30, 2021
from $6,943 at June 30, 2020. This increase was primarily associated with the
retention of PPP loan proceeds in commercial sweep repurchase agreement
accounts. See Note 8-Short-Term Borrowings to the Consolidated Financial
Statements, for information concerning short-term borrowings.



                                       19
--------------------------------------------------------------------------------



Capital Resources



Total shareholders' equity increased by $6,660 from $63,240 at June 30, 2020 to
$69,900 at June 30, 2021. The primary reason for the increase was net income of
$8,988 for the current fiscal year which was partially offset by cash dividends
paid of $1,785. For the 2021 fiscal year, the average equity to average total
assets ratio was 8.71% and the dividend payout ratio was 19.9%. For the 2020
fiscal year, the average equity to average total assets ratio was 9.19% and the
dividend payout ratio was 28.1%.



At June 30, 2021, management believes the Bank complied with all regulatory
capital requirements. Based on the Bank's computed regulatory capital ratios,
the OCC has determined the Bank to be well capitalized under the Federal Deposit
Insurance Act as of its latest exam date. The Bank's actual and required capital
amounts are disclosed in Note 13-Regulatory Matters to the Consolidated
Financial Statements. Management is not aware of any matters occurring
subsequent to that exam that would cause the Bank's capital category to change.



Liquidity



Management considers the asset position of the Bank to be sufficiently liquid to
meet normal operating needs and conditions. The Bank's earning assets are
divided primarily between loans and available-for-sale securities, with any
excess funds placed in federal funds sold or interest-bearing deposit accounts
with other financial institutions.



Net cash inflows from operating activities for the 2021 fiscal year were $14,013
and net cash inflows from financing activities were $83,858. Net cash outflows
from investing activities were $89,001. The major sources of cash were a $93,494
net increase in deposits and a $42,820 increase from sales, maturities, or
principal pay downs on available-for-sale securities. The major uses of cash
were the $108,168 purchase of available-for-sale securities and a $23,471 net
increase in loans. Total cash and cash equivalents were $18,529 as of June 30,
2021 compared to $9,659 at June 30, 2020.



The Bank groups its loan portfolio into four major categories: commercial loans;
commercial real estate loans; 1-4 family residential real estate loans; and
consumer loans. The Bank's 1-4 family residential real estate loan portfolio
primarily consists of fixed and variable rate mortgage loans for terms generally
not longer than thirty years and variable rate home equity lines of credit.
Commercial and commercial real estate loans are comprised of both variable rate
notes subject to interest rate changes based on the prime rate or Treasury
index, and fixed rate notes having maturities of generally not greater than
twenty years. Consumer loans offered by the Bank are generally written for
periods of up to seven years, based on the nature of the collateral. These may
be either installment loans having regular monthly payments or demand type loans
for short periods of time.


Funds not allocated to the Bank’s loan portfolio are invested in various securities with varying maturities. The majority of the Bank’s securities are held in bonds of Government of the United States-sponsored entities, mortgage-backed securities and investments in tax-exempt municipal bonds.




The Bank offers several forms of deposit products to its customers. We believe
the rates offered by the Bank and the fees charged for them are competitive with
others currently available in the market area. While the Bank continues to be
under competitive pressures in the Bank's market area as financial institutions
attempt to attract and keep new deposits, we believe many commercial and retail
customers are turning to community banks. Compared to our peers, the
Corporation's core deposits consist of a larger percentage of
noninterest-bearing demand deposits resulting in the cost of funds remaining at
a relatively low level of 0.38%.



Jumbo time deposits (those with balances of $250 and over) were $18,488 and
$36,747 at June 30, 2021 and 2020, respectively. These deposits are monitored
closely by the Bank and typically priced on an individual basis. When these
deposits are from a municipality, certain bank-owned securities are pledged to
guarantee the safety of these public fund deposits as required by Ohio law. The
Corporation has the option to use a fee paid broker to obtain deposits from
outside its normal service area as an additional source of funding. However,
these deposits are not relied upon as a primary source of funding and there were
no brokered deposits as of June 30, 2021 or 2020.



Dividends from the Bank are the primary source of funds for payment of dividends
to our shareholders. However, there are statutory limits on the amount of
dividends the Bank can pay without regulatory approval. Under these regulations,
the amount of dividends that may be paid in any calendar year is limited to the
current year's net profits, combined with the retained net profits of the
preceding two years, subject to the capital requirements described above.
Additionally, the Bank may not declare or pay any dividend if, after making the
dividend, the Bank would be "undercapitalized," as defined in the federal
regulations. As of June 30, 2021, the Bank could, without prior approval,
declare a dividend of approximately $8,741.



                                       20
--------------------------------------------------------------------------------

Impact of inflation and price changes




The financial statements and related data presented herein have been prepared in
accordance with U.S. generally accepted accounting principles, which require the
measurement of financial position and results of operations primarily in terms
of historical dollars without considering changes in the relative purchasing
power of money over time due to inflation. Unlike most industrial companies,
virtually all the assets and liabilities of the Corporation are monetary in
nature. Therefore, as a financial institution, interest rates have a more
significant impact on the Corporation's performance than the effects of general
levels of inflation. Interest rates do not necessarily move in the same
direction or in the same magnitude as the prices of goods and services. The
liquidity, maturity structure and quality of the Corporation's assets and
liabilities are critical to the maintenance of acceptable performance levels.



Critical accounting policies and use of significant estimates




The financial condition and results of operations for the Corporation presented
in the Consolidated Financial Statements, accompanying notes to the Consolidated
Financial Statements and management's discussion and analysis are, to a large
degree, dependent upon the Corporation's accounting policies. The selection and
application of these accounting policies involve judgments, estimates and
uncertainties that are susceptible to change. The most significant accounting
policies followed by the Corporation are presented in Note 1-Summary of
Significant Accounting Policies to the Consolidated Financial Statements. These
policies, along with the disclosures presented in the other financial statement
notes, provide information on how significant assets and liabilities are valued
in the financial statements and how those values are determined.



Management views critical accounting policies to be those which are highly
dependent on subjective or complex judgments, estimates and assumptions, and
where changes in those estimates and assumptions could have a significant impact
on the financial statements. In the event different assumptions or conditions
were to prevail, and depending upon the severity of such changes, the
possibility of materially different financial condition or results of operations
is a reasonable likelihood. Management has identified the following as critical
accounting policies:



Allowance for Loan Losses. The determination of the allowance for loan losses
involves considerable subjective judgment and estimation by management. The
allowance for loan losses is a reserve established through a provision for loan
losses charged to expense, which represents management's best estimate of
probable losses that have been incurred within the existing portfolio of loans.
The balance in the allowance for loan losses is determined based on management's
review and evaluation of the loan portfolio in relation to past loss experience,
the size and composition of the portfolio, current economic events and
conditions and other pertinent factors, including management's assumptions as to
future delinquencies, recoveries and losses. All of these factors may be
susceptible to significant change. Among the many factors affecting the
allowance for loan losses, some are quantitative while others require
qualitative judgment. Although management believes its process for determining
the allowance adequately considers all of the potential factors that could
potentially result in credit losses, the process includes subjective elements
and may be susceptible to significant change. To the extent actual outcomes
differ from management's estimates, additional provisions for loan losses may be
required that would adversely impact the Corporation's financial condition or
earnings in future periods.



Goodwill. The Company accounts for business combinations using the acquisition
method of accounting. Accordingly, the identifiable assets acquired and the
liabilities assumed are recorded at their estimated fair values as of the date
of acquisition with any excess of the cost of the acquisition over the fair
value recorded as goodwill. The Company performs an evaluation of goodwill for
impairment on an annual basis, or more frequently if events or changes in
circumstances indicate that the asset might be impaired. The evaluation for
impairment involves comparing the current estimated fair value of the Company to
its carrying value. If the current estimated fair value exceeds the carrying
value, no additional testing is required and an impairment loss is not recorded.
If the estimated fair value is less than the carrying value, further valuation
procedures are performed that could result in impairment of goodwill being
recorded. As of April 30, 2021, the measurement date, a qualitative assessment
was performed to determine whether there is a more likely than not (greater than
50% likelihood) that the fair value of the Corporation was less than its
carrying amount. The impairment test of goodwill indicated no impairment existed
as of the measurement date. However, it is impossible to know the future impact
of the evolving economic conditions related to COVID-19. If for any future
period it is determined that there has been impairment in the carrying value of
our goodwill balances, the Corporation will record a charge to earnings, which
could have a material adverse effect on net income, but not risk based capital
ratios.



                                       21
--------------------------------------------------------------------------------

Contractual obligations, commitments and contingent liabilities




The following table presents, as of June 30, 2021, the Corporation's significant
fixed and determinable contractual obligations by payment date. The payment
amounts represent those amounts contractually due to the recipient and do not
include any unamortized premiums or discounts. Further discussion of the nature
of each obligation is included in the referenced note to the consolidated
financial statements.



                       Note
                    Reference        2022         2023         2024         2025         2026        Thereafter        Total
Certificates of
deposit                      7     $ 56,866     $ 21,554     $  2,151     $  3,579     $  1,415     $      1,974     $  87,539
Short-term
borrowings                   8       12,203            -            -            -            -                -        12,203
Federal Home Loan
advances                     9        1,799           79        6,567        5,556        4,049                -        18,050
Salary
continuation plan           10          106          146          142          141          141            2,464         3,140
Operating leases             5          167          167          146          114          685                -         1,279
Deposits without
maturity                                  -            -            -            -            -                -       639,310




Note 14-Commitments with Off-Balance Sheet Risk to the Consolidated Financial
Statements discusses in greater detail other commitments and contingencies and
the various obligations that exist under those agreements. These commitments and
contingencies consist primarily of commitments to extend credit to borrowers
under lines of credit.


Off-balance sheet provisions




At June 30, 2021, the Corporation had no unconsolidated, related special purpose
entities, nor did the Corporation engage in derivatives and hedging contracts,
such as interest rate swaps, which may expose the Corporation to liabilities
greater than the amounts recorded on the consolidated balance sheet. The
Corporation's investment policy prohibits engaging in derivative contracts for
speculative trading purposes; however, in the future, the Corporation may pursue
certain contracts, such as interest rate swaps, to execute a sound and defensive
interest rate risk management policy.

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5 tips for a successful e-newsletter with patients https://artbydepaola.com/5-tips-for-a-successful-e-newsletter-with-patients/ https://artbydepaola.com/5-tips-for-a-successful-e-newsletter-with-patients/#respond Fri, 10 Sep 2021 20:19:23 +0000 https://artbydepaola.com/5-tips-for-a-successful-e-newsletter-with-patients/ Make Sure To Use These Five E-Newsletter Success Tips For Greater Patient Response An email newsletter can be a great way to educate and engage your current and potential patients, with your services and products in mind. It’s also a great way to build your authority, differentiate yourself from your competition, build anticipation for new […]]]>

Make Sure To Use These Five E-Newsletter Success Tips For Greater Patient Response

An email newsletter can be a great way to educate and engage your current and potential patients, with your services and products in mind. It’s also a great way to build your authority, differentiate yourself from your competition, build anticipation for new services / products, drive more patient visits, and even create on-demand sales. Follow these tips for a successful email newsletter to do this and more.

However, the effectiveness of your campaigns will depend entirely on the relevance, targeting, consistency, and most importantly, the value of your email newsletter to the reader / subscriber.

The continuing value of email

It has been reported that 99% of consumers check their emails every day. Additionally, 59% of consumers say that marketing emails influence their purchasing decisions.1

Email newsletters can be a valuable and important part of your marketing strategy, and your success is all the more likely when your recipients choose to give you their email address. They raised their hands at some point in their relationship with you and determined that what you have to offer is something they want or need – or at least deserves further investigation.

Most importantly, this is a list of contacts / emails you own, not strangers you compete with to introduce yourself through ever-changing social media platforms.

Whether you’re considering sending an email newsletter to your patients or sending out an email newsletter and seeing very little engagement, now is the time to ensure a return on the investment of your time and resources.

Here are five tips for a successful email newsletter:

  1. Know your audience and deliver what they want – consistently

To be successful, you need to deliver value. To deliver value to your subscriber, you need to know what they want (and need) the most. This is why outsourcing is often inefficient. Plus, you need to communicate regularly.

So how do you know what they want and how often should you send your e-newsletter?

You will know what they want based on what they ask of you and your team every day in your practice. For example, if you’re often asked about ways to improve your posture, the best exercises for hip mobility, or the top causes of back pain, here’s what you should include in your email newsletters. As for consistency, it can be a bit subjective; but I recommend at least once a month, but not more often than once a week, so you can stay ahead.

  1. Create a simple design with creative subject lines

After reading tip # 1, you might think that these tips for successful email newsletter success will be too difficult and take too long. However, a simple (consistent) design will help ease the burden.

Everyone is busy, so you want to make sure your email newsletters are concise, easy to read, and identifiable with your logo and color scheme. You don’t have to be fancy. In fact, fantasy can be confusing or overwhelming for many.

Tips for a successful email newsletter: Choose 3-4 items you want to include and consistently distribute them in the same order. For example, the logo at the top, the helpful article, the workout of the week (can be a graphic or a link to a video you have on your website or YouTube channel), the success story of a patient (with photo) and the featured product / service or team member. At the bottom, you should include a way to unsubscribe if you wish, along with your address, website, and phone number. You can test these items through your performance metrics and modify them as needed.

There are many secure online software options with a variety of templates you can choose from to further simplify this and positively impact your deliverability and open rate.

Think about the e-newsletters you have subscribed to and the e-mails you generally receive. You’re probably opening the ones that grab your attention, that look interesting, and that come from a trusted source. A “Monthly Newsletter” subject line is not likely to get a lot of response. However, a subject line of “Best Exercise for Lower Back Pain” or “New Treatment for Joint Pain” will prompt the reader to open the email newsletter and continue reading.

  1. Balance and leverage your content

Your email newsletters should contain around 90% educational / inspirational content and 10% business content. If you create them with the intention of best meeting the needs of your ideal current and potential patients, your content will come naturally and your patients will want more.

The sales part should coincide with the content if possible. For example, if your article is about the benefits of massage, you can easily include a way for them to schedule a visit for a massage or take 10% off the price of a limited-time massage voucher.

When it comes to content, get the most out of your efforts. If you are writing an article, be sure to use it as a blog post on your website and then link to the blog from your social media channels for increased search engine optimization. You can also provide a way for people to share the article with others. You can even ask them to share it with anyone else who might benefit from it.

If you create a video, place it on your website and / or YouTube channel and link to it from your newsletter and social media posts. Then transcribe your video and use it as a blog on your website. The more you use your content, the better. Over time, your organic online reach will increase as well as your total number of subscribers / patients. Of course, it’s also important to grow your mailing list.

  1. Include a main call to action

As people get to know you and like your newsletters, they will likely want to use your services and / or buy your products. So make sure you let them know exactly how to do it.

Don’t include too many options, however. Select your main call to action (what you want them to do: plan, buy, share) and focus on that first. Sometimes you may have another call to action, but if you include too many it becomes confusing (or boring) and as a result no action is taken or your churn rate may increase.

  1. Measure key performance indicators and modify your strategy based on the results

Almost all messaging platforms include automated metrics so you can monitor what is working well and what is not resonating with your email newsletter subscribers (and make changes accordingly).

Among the tips for successful email newsletter success, here are some key metrics you should watch out for whenever you send out an email newsletter or explosive email, along with referral percentages:2

  • The opening rate : Percentage of the total number of email subscribers who opened your email newsletter campaign (overall average: 18%; healthcare average: 23.4%).
  • Click rate: Percentage of the number of subscribers who click a link or image in your email on all emails you have sent, whether or not the subscriber has opened the campaign (GP: 2.6%; Average health care: 4%).
  • One-click open rate: Percentage of email users (those who open an email) who click on a link or image in an email (overall average: 14.1%; healthcare average: 15.6% ).
  • Unsubscribe rate: Percentage of email subscribers who have opted out of receiving emails (overall average: 0.1%; healthcare average: 0.31%).

Another metric is the deliverability rate of your campaign. You want to be as close to 100% as possible.

Tips for a successful e-newsletter: increase your subscription with authenticity

Finally, it’s natural to have some attrition from your list over time. So, it is very important to make sure that you are simultaneously working to grow your mailing list with people who could benefit from your services and / or products. There are many ways to do this, but that’s beyond the scope of this article.

In the meantime, be authentic, be yourself, be creative, involve your team, have fun, and always approach your email newsletter with a desire to serve your ideal patients. When you do this, you will have a greater impact on your patients, more fun for you and your team, and increased growth and profitability for your practice.

KAROL CLARK, MSN, RN, is the bestselling author of “How to Add Medical Weight Loss to Your Practice: 7 Steps to a Pleasant Business, Healthier Patients, and Increased Profitability” and various other bestselling books. She is the owner of Weight Loss Practice Builder and the exclusive Membership Program for Weight Loss Practitioners at BariatricBusinessBoss.com. She has over 20 years of experience working with surgical and non-surgical weight loss patients, and has helped physicians build an enjoyable weight loss practice. She partners with Nutritional Resources (d / b / a HealthWise on healthwisenri.com) to create educational programs and articles for weight loss practitioners.


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Wall Street closes its doors, European stocks end up little changed https://artbydepaola.com/wall-street-closes-its-doors-european-stocks-end-up-little-changed/ https://artbydepaola.com/wall-street-closes-its-doors-european-stocks-end-up-little-changed/#respond Thu, 09 Sep 2021 20:54:00 +0000 https://artbydepaola.com/wall-street-closes-its-doors-european-stocks-end-up-little-changed/ Wall Street Cancels Initial Gains, But Holds Near Recent Highs U.S. Treasury yields tumbled after heavy auction for 30-year bonds The dollar is stable, the euro increases as the ECB cuts its bond purchases Oil tumbles on China’s state reserve plan WASHINGTON / LONDON, Sept. 9 (Reuters) – European stocks cut losses and Wall Street […]]]>
  • Wall Street Cancels Initial Gains, But Holds Near Recent Highs
  • U.S. Treasury yields tumbled after heavy auction for 30-year bonds
  • The dollar is stable, the euro increases as the ECB cuts its bond purchases
  • Oil tumbles on China’s state reserve plan

WASHINGTON / LONDON, Sept. 9 (Reuters) – European stocks cut losses and Wall Street reversed earlier gains on Thursday as investors weighed in on uncertainty over central bank cuts and economic recovery due to the variant of the Delta coronavirus as well as strong weekly unemployment claims data in the United States.

The main US indices ended up weaker but remained close to their all-time highs.

The Dow Jones Industrial Average (.DJI) fell 0.43% to end at 34,879.38 points. The S&P 500 (.SPX) lost 0.46% to 4,493.28. The Nasdaq Composite (.IXIC) fell 0.25% to 15,248.25.

The voice of Federal Reserve Governor Michelle Bowman joined a growing number of policymakers on Wednesday who say August’s weak jobs report is unlikely to reverse the central bank’s plan to cut its $ 120 billion monthly bond purchases later this year. Read more

Earlier today, U.S. data showed Americans filing new jobless claims fell to the lowest number in nearly 18 months last week, offering more evidence that job growth has was held back by labor shortages rather than a cooling in demand for workers. The data fueled expectations that the Fed could start to reduce its economic support quickly. Read more

After losing up to 0.9% in morning trading, the pan-European STOXX 600 (.STOXX) index ended virtually unchanged around 467.57 points. The index had lost 1.5% in the past two days amid fears of a more hawkish-than-expected ECB.

“We are seeing modest weakness mainly because the market is in a state of flux. There is no real clarity on when we will start to see the Fed and the ECB start to withdraw stimulus measures,” Edward said. Moya, Senior Market Analyst at OANDA. At New York.

“Wall Street is still bullish. You’re going to have a slow Fed when it comes to cutting and hikes in interest rates. We’ll see a huge amount of accommodation to pump this economy up.”

Eurozone bond yields fell as the European Central Bank took its first interim step by withdrawing the COVID-era stimulus measures. Southern Europe led to lower yields on eurozone sovereign bonds.

The euro appreciated 0.13% against the dollar, its first gain in four sessions, while French 10-year rates turned negative.

Longer-term U.S. Treasury yields fell after a strong 30-year bond auction closed $ 120 billion in coupon offerings this week.

Instead of hinting at a potential end date for her pandemic-era purchasing program, ECB President Christine Lagarde channeled the mind of former British Prime Minister Margaret Thatcher by saying: ” The lady does not diminish “.

The German 10-year yield, the block’s benchmark, fell.

FRAGILE CHINA

MSCI’s benchmark for global equity markets (.MIWD00000PUS) fell 0.42%. Emerging markets equities (.MSCIEF) fell 1.03%.

The UK’s FTSE 100 (.FTSE) fell 1% with low-cost airline easyJet (EZJ.L) tumbling more than 10% as it called on shareholders for $ 1.2 billion pounds ($ 1.7 billion). [nL8N2QB15H]

The largest MSCI Asia-Pacific stock index (.MIAP00000PUS) ended down 1%, its worst daily performance since August 19, when markets worried about the Fed’s cut to its program massive asset purchase.

Chinese tech giants Tencent Holdings Inc (0700.HK), NetEase Inc (9999.HK) and Alibaba Group Holding Ltd (9988.HK) fell 8.5%, 11% and 6% respectively after chiefs online gambling authorities were summoned by authorities to verify they were sticking to tough new rules for the industry. Read more

“Global history seems sweet and it is being affected by the Delta variant as well as concern that the Fed continues to head for a decrease,” said Rob Carnell, head of research for Asia at ING. “It’s a disturbing combination of things.”

Stocks in Hong Kong (.HSI), where many major Chinese companies are also listed, fell 2.3%.

News that Chinese authorities had told gaming companies to stop focusing “only on money” and “only on traffic” had hurt companies with large gaming operations. Tencent fell 8.5%, Bilibili (9626.HK) lost almost 9%, and NetEase fell 11%.

Evergrande (3333.HK), the nation’s most indebted real estate giant, has been hit by more turmoil.

Media reports that the company would suspend some interest payments on loans and that payments on its wealth management products caused its shares to fall by more than 10% at one point, although they recovered near the bottom. half of the decline following news that some creditors had agreed to extend loan payments. Read more

Korea’s Kospi (.KS11) fell 1.5%, also under pressure from regulatory scrutiny from local tech players. Korean fintech names in the spotlight include Kakao Corp (035720.KS), which lost 7.2%, and Naver Corp (035720.KS), down 6.9%.

Australian stocks (.AXJO) lost nearly 2% after wage data showed a sharp decline in jobs during the first half of August.

The bullion was supported by a slight decline in the dollar. Spot gold prices rose 0.32% and futures contracts stabilized 0.4%, at $ 1,800 an ounce.

Oil prices have fallen due to China’s plan to exploit state reserves and a smaller-than-expected decline in supplies of U.S. crude.

In volatile trade, Brent futures fell $ 1.15, or 1.6%, to settle at $ 71.45 a barrel. U.S. West Texas Intermediate (WTI) crude fell $ 1.16, or 1.7%, to $ 68.14. This was the lowest settlement for the two since August 26.

($ 1 = 0.7246 pounds)

Additional reporting by Alun John in Hong Kong Editing by Carmel Crimmins, Nick Zieminski and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.


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CSE approves listing of Rs 10 billion ComBank bond in principle – business news https://artbydepaola.com/cse-approves-listing-of-rs-10-billion-combank-bond-in-principle-business-news/ https://artbydepaola.com/cse-approves-listing-of-rs-10-billion-combank-bond-in-principle-business-news/#respond Wed, 08 Sep 2021 22:14:00 +0000 https://artbydepaola.com/cse-approves-listing-of-rs-10-billion-combank-bond-in-principle-business-news/ Sri Lanka’s largest private bank, Commercial Bank of (Ceylon) PLC, to raise up to Rs 10 billion through listed bond issue and Colombo Stock Exchange (CSE) has in principle approved a request registration of said obligations. The bank plans to issue 50 million Basel III-compliant Tier 2 bonds, listed, rated, unsecured, subordinated and redeemable, with […]]]>


Sri Lanka’s largest private bank, Commercial Bank of (Ceylon) PLC, to raise up to Rs 10 billion through listed bond issue and Colombo Stock Exchange (CSE) has in principle approved a request registration of said obligations.

The bank plans to issue 50 million Basel III-compliant Tier 2 bonds, listed, rated, unsecured, subordinated and redeemable, with a non-viability conversion function, at a nominal value of Rs 100 each, with a option to issue up to an additional 50 million of said bonds, at the discretion of the bank in the event of oversubscription of the initial tranche.

The debentures will have terms of five years and seven years. The five-year debentures have a fixed interest rate of 9% per annum, payable semi-annually and the seven-year debentures have a fixed interest rate of 9.5% per annum, payable semi-annually.

The official opening of the show’s subscription list is scheduled for September 13, 2021.

Commercial Bank Investment Banking Unit acts as the manager of the issue while the registrar of the issue is SSP Corporate Services.

The Commercial Bank canceled a previous bond issue slated to raise up to Rs.15 billion in November 2019, after taking into account the improvement in the bank’s capital ratios from December 31, 2018 to September 30, 2019 and curbing credit growth over the same period. period.


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Problem in economics https://artbydepaola.com/problem-in-economics/ https://artbydepaola.com/problem-in-economics/#respond Mon, 06 Sep 2021 01:00:00 +0000 https://artbydepaola.com/problem-in-economics/ The publication of the new Social Security Trustees Report, coupled with a New York Times article on what seems to me to be a rather silly debate on inequality, made me rethink the lack of self-reflection in economics. We’ve seen a 180 degree turn in understanding one of the most fundamental economic issues, but there’s […]]]>

The publication of the new Social Security Trustees Report, coupled with a New York Times article on what seems to me to be a rather silly debate on inequality, made me rethink the lack of self-reflection in economics. We’ve seen a 180 degree turn in understanding one of the most fundamental economic issues, but there’s hardly anyone anywhere saying something like “yeah, we got it wrong, and here’s why” .

I’ll get to the contradiction in a moment, but first I want to explain why I think the debate that was at the center of the Times article is rather silly. The essence of the debate in the article by Neil Irwin (the Times reporter who wrote the article) is whether inequality leads to lower interest rates, which leads to greater inequality of wealth, or if the big problem is the low interest rates themselves causing wealth inequality. .

In my opinion, this is a silly debate, starting from the idea that we must be concerned about the inequalities of wealth resulting from low interest rates. This one is a little hard for me to see.

To be clear, there is no doubt about the relationship between interest rates and wealth, as traditionally defined. Low interest rates increase the value of assets like homes, stocks and bonds. In the latter case, the relation is literally definitional. If a very long bond pays a coupon of $ 10 per year, it will be worth around $ 250 when the long-term interest rate is 4.0%, but $ 500 when the rate is 2.0%. The question is whether we should be concerned when all of the rich see their stocks, bonds, and to a lesser extent their homes, double in price when interest rates plunge.

I know this provides a lot of water for academic papers and for foundations that are ostensibly concerned about inequality, but I’m just struggling to see the problem here. Part of the story is that I somehow doubt that any of these people will celebrate the reduction in inequality if the going the other way around – we have seen a sudden rise in interest rates and the stock market fell 50% (celebrants were not very visible in the 2008-09 crash).

But the biggest problem is that I just consider their accounting to give a very incomplete picture of wealth. For the vast majority of middle-income people, wealth reflects the ability to meet the needs they face over the course of their lives. They accumulate wealth to cover the cost of their retirement, their health expenses, especially in old age, and their children’s education. Middle-class people rarely accumulate substantial sums beyond these needs.

If not already evident, these needs are also often met by government-provided social insurance, such as Social Security, Medicare, and, in countries other than the United States, colleges and publicly funded universities. Indeed, for the middle classes, social insurance is a direct substitute for wealth.

In many cases, this substitution is quite self-explanatory. In a country where the wage replacement rate is high for its social security program, workers do not need to accumulate large amounts of wealth in 401 (k) to support themselves in retirement. The same is true if one can count on public health programs to pay for their health expenses. And, they don’t need to save for their children’s college whether it’s free or cheap.

We could of course view these benefits as “wealth”, but then the story of low interest rates causing inequality would largely disappear. Middle-class workers would see the value of their social security and retirement benefits skyrocket when interest rates fall, just as bond prices soar. The whole problem of interest rates at the origin of inequalities then disappears.

Okay, but I don’t really want to destroy the basis of a major academic debate, just noting why I don’t see the problem. (I also find it hard to see this as an inequality problem when tens of millions of middle-income homeowners can save thousands of dollars a year on their mortgage, car, and credit card payments. But, this is just me.) Anyway. , let’s get to the bigger question.

It really should be a joke, but it is now a central question in economics. The reason this should be a joke is that the answers give images of the economy that are at 180 degree contradictions with each other.

The story of too many savings is that we don’t have enough demand in the economy. If our main economic problem is that we save too much, then we are helping the economy, which means that we will have more growth and more jobs, if we spend more money.

If we are in this world, we should be worried that budget deficits are too small, not too large. We should be very happy to give low and modest income families extra money to support their children and provide them with a decent standard of living. (We should be happy anyway, but if our problem is that we are saving too much, then that money should not be a trade-off with other expenses. We are not under any constraints, so there is no reason. not to make these payments.)

President Biden’s investment proposal looks particularly good in the history of excessive savings. If the problem is that we don’t have enough spending in the economy, why don’t we spend all the spending necessary to quickly build the infrastructure of a green economy, as well as to provide workers and businesses with grants to encourage them to quickly switch to electric cars and trucks and clean energy sources for their homes and businesses.

And of course, we should want to improve the skills of the workforce by supporting free short term community colleges and long term preschool and child care.

And we also need to strengthen our care economy, with increased support for home health care and other forms of care for the elderly and people with disabilities, as well as improving working and working conditions for people with disabilities. people employed in the sector.

If the main problem with our economy is that we are saving too much, we basically have the green light to fix all kinds of problems that have been going on for decades.

Extract: “The problem of the path that goes up in economy”

Counterpunch.org


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Results of the distribution of bank bonds to qualified investors https://artbydepaola.com/results-of-the-distribution-of-bank-bonds-to-qualified-investors/ https://artbydepaola.com/results-of-the-distribution-of-bank-bonds-to-qualified-investors/#respond Fri, 03 Sep 2021 18:05:11 +0000 https://artbydepaola.com/results-of-the-distribution-of-bank-bonds-to-qualified-investors/ Turkiye Garanti Bankasi AS (TGBD) Turkiye Garanti Bankasi AS: Results of the distribution of bank bonds to qualified investors 03-Sep-2021 / 19:00 GMT / BST Broadcast of a regulatory announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this advertisement. ————————————————– ————————————————– ——————- TO: Investment community FROM: Guaranteed BBVA / […]]]>

Turkiye Garanti Bankasi AS (TGBD) Turkiye Garanti Bankasi AS: Results of the distribution of bank bonds to qualified investors 03-Sep-2021 / 19:00 GMT / BST Broadcast of a regulatory announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this advertisement.

————————————————– ————————————————– ——————- TO: Investment community FROM: Guaranteed BBVA / Investor relations

SUBJECT: Results of the distribution of bank bonds to qualified investors

DATE September 3, 2021

The issuance of bank bonds with a nominal value of 406,750,000 TRY with a maturity of 178 days with two-month coupon payments indexed to the BIST TLREF index; for sale to qualified investors was completed on (03.09.2021).

Board Decision Date  05.11.2020 

Limit information for related issues

Currency Unit           TRY                                                      TRY 
Limit                   30,000,000,000                                           20.000.000.000 
Issue Limit Security    Debt Securities- Structured Debt Securities              Dept Securities 
Type 
Sale Type               Public Offering- Private Placement-Sale To Qualified     Public Offering-Sale To Qualified 
                        Investors                                                Investor 
Domestic / Oversea      Domestic                                                 Domestic 

Information on the capital market instrument to be issued

Type                                            Bill 
Maturity Date                                   28.02.2022 
Maturity (Day)                                  178 
Interest Rate Type                              FRN 
Sale Type                                       Sale To Qualified Investors 
ISIN Code                                       TRFGRAN22244 
Starting Date of Sale                           02.09.2021 
Ending Date of Sale                             02.09.2021 
Maturity Starting Date                          03.09.2021 
Nominal Value of Capital Market Instrument Sold 406,750,000 
Coupon Number                                   3 
Redemption Date                                 28.02.2022 
Payment Date                                    28.02.2022 

Has the payment been made? No no

Redemption Plan of Capital Market Instrument Sold 
                 Payment    Record     Payment    Interest Interest Rate  Interest Rate - Payment     Exchange Was The 
Coupon Number    Date       Date       Date       Rate (%) - Yearly       Yearly Compound Amount      Rate     Payment 
                                                           Simple (%)     (%)                                  Made? 
1                01.11.2021 28.10.2021 01.11.2021 
2                30.12.2021 29.12.2021 30.12.2021 
3                28.02.2022 25.02.2022 28.02.2022 
Principal/ 
Maturity Date    28.02.2022 25.02.2022 28.02.2022                                         406,750,000 
Payment Amount 

In contradiction between the Turkish and English versions of this public disclosure, the Turkish version will prevail.

We declare that our statements above are in accordance with the principles included in Council Communiqué, Series II Nr.15.1, that they accurately reflect the information we have received; that the information complies with our records, books and documents; that we have done our best to obtain correct and complete information relating to this matter and that we are responsible for any statements made in this regard.

Regards,

BBVA guaranteed

Contact Guaranteed BBVA Investor Relations:

Tel: +90 212 318 2352 Fax: +90 212 216 5902 E-mail: investmentrelations@garantibbva.com.tr www.garantibbvainvestorrelations.com

————————————————– ————————————————– ——————-

ISIN:          US9001487019 
Category Code: MSCL 
TIDM:          TGBD 
LEI Code:      5493002XSS7K7RHN1V37 
Sequence No.:  121474 
EQS News ID:   1231214 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1231214&application_name=news

(END) Dow Jones Newswires

September 03, 2021 2:00 p.m. ET (6:00 p.m. GMT)


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Investors invade D & L’s first bond float https://artbydepaola.com/investors-invade-d-ls-first-bond-float/ https://artbydepaola.com/investors-invade-d-ls-first-bond-float/#respond Fri, 03 Sep 2021 04:13:00 +0000 https://artbydepaola.com/investors-invade-d-ls-first-bond-float/ Philstar.com September 3, 2021 | 12:13 MANILA, Philippines – The first bond sale of D&L Industries Inc., a listed manufacturer of specialty chemicals and food ingredients, has met strong investor demand, helping the company to borrow funds at great cost. lower. Orders placed by investors for the bonds amounted to 13.8 billion pesos, nearly five […]]]>

Philstar.com

September 3, 2021 | 12:13

MANILA, Philippines – The first bond sale of D&L Industries Inc., a listed manufacturer of specialty chemicals and food ingredients, has met strong investor demand, helping the company to borrow funds at great cost. lower.

Orders placed by investors for the bonds amounted to 13.8 billion pesos, nearly five times the original offering size of 3 billion pesos, D&L said in a statement to the exchange on Friday.

Strong demand prompted the company to exercise an oversubscription option of up to 2 billion pesos, bringing the total proceeds from the bond sale to 5 billion pesos. Broken down, P3 billion “series A bonds” will mature in 3 years while P2 billion “series B bonds” have a longer payment term of 5 years.

The overwhelming orders received, in turn, lowered borrowing costs for D&L. Interest charged for debt securities – determined by a coupon rate – was 2.79% per annum for Series A bonds and 3.6% per annum for Series B bonds. ‘interest will be paid quarterly in arrears

“We are overwhelmed by the strong support the fixed income community has shown us during our first bond issue. This has allowed us to price our bonds at some of the lowest rates in Philippine corporate bond history, ”said Alvin Lao, President and CEO of the company.

D&L has exploited the debt market as it is recovering from the onslaught of the coronavirus. In the first half, profits rose 74% year-on-year to 1.4 billion pesos as consolidated profit is already at pre-pandemic levels, with all business segments “showing a significant recovery” .

The proceeds from the bond issue will mainly be used to finance the company’s expansion plans in Batangas and the corresponding working capital requirements.

Construction of the said plant started at the end of 2018 and commercial operations are expected to begin partially in May 2022. The total estimated capital expenditure for the said facility is around 8 billion pesos, with around 3.5 billion pesos. pesos remaining to be spent.

At 12:08 p.m., D&L shares were trading at 8.30 P each. – Ian Nicolas Cigaral


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Sensex: Market Watch: Sensex and Nifty continue their ascent; what drives the rally? https://artbydepaola.com/sensex-market-watch-sensex-and-nifty-continue-their-ascent-what-drives-the-rally/ https://artbydepaola.com/sensex-market-watch-sensex-and-nifty-continue-their-ascent-what-drives-the-rally/#respond Thu, 02 Sep 2021 13:16:00 +0000 https://artbydepaola.com/sensex-market-watch-sensex-and-nifty-continue-their-ascent-what-drives-the-rally/ Welcome to ETMarkets Watch, the show about stocks, market trends and money making ideas. I’m Nandini Sanyal and here are the headlines so far. Investors are richer by Rs 2.5 lakh cr while Sensex increases by 514 pts on Thursday; Nifty ends above 17,200Airtel Demonstrates Cloud Gaming’s First Experience on 5G NetworkM&M suspends production for […]]]>
Welcome to ETMarkets Watch, the show about stocks, market trends and money making ideas. I’m Nandini Sanyal and here are the headlines so far.

Investors are richer by Rs 2.5 lakh cr while Sensex increases by 514 pts on Thursday; Nifty ends above 17,200
Airtel Demonstrates Cloud Gaming’s First Experience on 5G Network
M&M suspends production for 7 days due to shortage of chips and sees production reduced by 25%
India’s gasoline demand hits record high

And
The organization of electricity producers urges the MP Power Management Company to release 70% of contributions of Rs 2,433-cr

Let’s take a quick look at what happened in Dalal Street today.

The bulls were back on Dalal Street, pushing benchmarks higher after a day’s hiatus. Strong buying stocks in information technology, consumer goods and durable goods pushed markets higher, while investors posted profits in autos and some banks. Traders avoided concerns from auto sectors over the buzz of strong demand in the upcoming holiday season. BSE Sensex climbed around 515 points to settle above 57,850, just 40 points below the day’s high. Nifty 50 gained around 160 points to close at 17,234, around 20 points below its all-time high.

The larger markets outperformed as they walked alongside the benchmarks, with the BSE mid and small cap indices each adding up to one percent. The India VIX fear gauge has increased slightly.

On the BSE Sensex, TCS led the winners, surging more than 3%. HUL and Ultratech Cement, Dr Reddy’s Labs, Nestlé and Kotak Mahindra Bank earned between 2 and 3 percent each. Titan, IndusInd Bank, Reliance, NTPC, Tata Steel, ICICI Bank, and HDFC each added one percent. On the other hand, M&M lost more than 2%, while Bajaj Auto lost one percent. Bajaj Finserv, Bajaj Finance, Asian Paints, Airtel and SBI have also moved into the red. Over 340 stocks reached the upper circuit limits for the day, while over 175 stocks reached the lower circuit. About 115 stocks tested their 52 week highs during the session.

We have Vinod Nair from Geojit Financial Services to share his take on today’s action and the way forward:
Welcome to the show sir:
1. The markets were back on track today. What motivated the rally?
2. Larger markets consistently outperform benchmarks. What does he suggest?

We also caught up with Ashis Biswas from CapitalVia Global Research to decode the technical tables for you.
1. Nifty hit the 17,200 mark again today. Where is he going now?
2. What do you think of Nifty Bank?

Asian markets ended the day mixed. Major European markets were trading mostly higher in the early hours of trading. US equity futures were higher, pointing to a positive start for US stocks later in the day.

That’s all for the moment. Check out ETMarkets.com for all the news, market analysis, investment strategies, and dozens of stock recommendations. Enjoy your evening. Bye Bye!


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Best deals include Jabra headphones and more https://artbydepaola.com/best-deals-include-jabra-headphones-and-more/ https://artbydepaola.com/best-deals-include-jabra-headphones-and-more/#respond Tue, 31 Aug 2021 21:04:16 +0000 https://artbydepaola.com/best-deals-include-jabra-headphones-and-more/ – The recommendations are chosen independently by the editors of Reviewed. The purchases you make through our links may earn us a commission. Deals on Amazon today include some of the usual suspects, like the best wireless headphones to grab if you don’t already have them, as well as some unusual new items you never […]]]>

– The recommendations are chosen independently by the editors of Reviewed. The purchases you make through our links may earn us a commission.

Deals on Amazon today include some of the usual suspects, like the best wireless headphones to grab if you don’t already have them, as well as some unusual new items you never knew you really needed, like this rustic bar cart. which is perfect for small spaces.

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As you get ready to revamp and clean your home for the new season, there are plenty of items on sale today that can make your life easier and help you get the job done. Keep scrolling through the best deals you can find on Amazon today.

1. Save $ 15: A smart speaker for your home

The 4th Generation Echo Dot is both affordable and stylish for any home.

The impressive Amazon Echo Dot spherical smart speaker is on sale now, making it a great time to jump into the world of Alexa voice control. The device went from $ 49.99 to just $ 34.99, a savings of $ 15. Along with the “extremely minimalist” orb aesthetic that marks a departure from the hockey puck design of older generation models, we like this compact smart speaker as an entry-level option. While the sound doesn’t rival the bigger, more premium speakers, one is great for the background tunes, and you can get some pretty decent sound by hooking two together for stereo sound. It’s the perfect starter smart speaker that won’t disappoint.

Get the Amazon Echo Dot (4th gen) for $ 34.99 (save $ 15)

2.50 $ off: our favorite true wireless headphones

We love the Jabra Elite 85t headphones - they offer the best mix of features, usability and controls.

Named one of our overall favorite headphones and the top pick in the true wireless category, the Jabra Elite 85t True Wireless Headphones have now gone from $ 229.99 to $ 179.99, saving you $ 50. We praised these headphones for delivering “smooth, balanced sound,” along with intuitive controls, a compact form factor, and long battery life (up to 5.5 hours per charge with active noise cancellation and 25 hours total with the included charging case). We’ve even called these heads a serious rival to the Apple AirPods Pro, and they get high marks from our team across the board, from looks and performance to sound quality and noise cancellation. Sale applies to both Golden Beige and Titanium Black finish options.

Get the Jabra Elite 85t True Wireless Headphones for $ 179.99 (save $ 50)

3. A 26% markdown: this ergonomic office chair

Stay seated in this office chair all day.

With so many people working from home these days, a good office chair is a must have, and the much-loved FelixKing Ergonomic Office Chair has now dropped from $ 159.99 to just $ 118.99, a reduction of 26% of the original price. The chair comes with adjustable height and lumbar support so you can sit comfortably for a full working day without feeling pressure or muscle strain (although it’s always a good idea to get up and down). stretch every hour or so!). The natural terry material is designed to conform to the “curve of human buttocks”, resulting in less body pain. Almost 3,000 Amazon shoppers give this chair 4.1 stars, saying it’s sturdy and comfortable, easy to assemble, and has tons of adjustments so you can set it up exactly the way you want it. With the swivel base, multitask while sorting papers or checking the kids behind you. The armrests pop up so you can use this chair with or without. Take it on sale in black or white.

Get the FelixKing Ergonomic Office Chair starting at $ 118.99 (save $ 41)

4.25% off: A bar cart for your living room

This sleek bar cart will look great no matter where you place it.

Imagine pulling out a cart full of delicious drinks and desserts for your guest to choose from, as if you were in a fancy restaurant. The Vasagle Three Tier Kitchen Bar Cart is on sale now with a price drop from $ 79.99 to $ 60.19, saving you 25%. It features a rustic brown finish, making it perfect for the kitchen, dining room, or basement bar. The top is made of particle board with a wood-like grain that resists water and abrasion and the bottom has a sturdy metal frame. The overwhelming majority of Amazon’s over 6,100 buyers give this bar cart 5 stars, saying it was easy to assemble and durable. Although the cart is designed for entertainment, you can also use it for other items like books, children’s toys, etc. Roll it easily on the wheels or connect the leveling feet for permanent placement.

Get the Vasagle 3 Tier Kitchen Bar Cart for $ 60.19 (save $ 19.80)

5. Down $ 20: This top notch storage set

This Chef's Path 24-Pack Food Container is popular for keeping food fresh and adding style to cupboards.

With over 14,000 reviews and a solid 4.8 star rating, this set of airtight storage containers is worth their full price, but luckily for you, they’re on sale now, dropping from $ 79.97 to $ 59.97. , offering you $ 20 off if you click the coupon below the product price. Amazon shoppers call them “the absolute best,” loving the adorable little chalkboard labels (chalkboard marker included too!) And the easy-to-use and efficient closing mechanism for each container. Made of BPA-free plastic, the set includes containers in several different sizes to hold everything from dry pasta noodles to grains, flour, sugar, spices, nuts, candy and more, including liquid. It even comes with a set of measuring spoons. “If you are considering these solutions,” writes a satisfied customer, “don’t hesitate! You will not regret it. There is no more glowing approval than that! If revamping the kitchen is on your “to-do list” after summer is over, this is the perfect set to help create a beautifully organized pantry.

Get the Chef’s Path 24-Piece Airtight Storage Container Set for $ 59.97 with coupon (save $ 20)

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Prices were correct at the time of this article’s publication, but may change over time.



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