WINDSOR, Va., July 24, 2020 /PRNewswire/ -- Farmers Bankshares, Inc. (OTC-PINK: FBVA) reports unaudited earnings of $1.3 million, or $0.42 per share, for the second quarter of 2020. These results are in line with the $1.3 million, or $0.42 per share, earned during the second quarter of 2019.
Return on average assets on an annualized basis was 0.96% for the second quarter of 2020, a decrease from 1.15% for the second quarter of 2019. Return on average equity during the second quarter of 2020 was 7.94% as compared to 10.38% for the second quarter of 2019. Return on average tangible common equity (1) was 9.64% for the period ended June 30, 2020 and compared to 12.83% for the period ended June 30, 2019.
Net loans have increased $25.9 million, or 9.92%, as compared to December 31, 2019. The increase was primarily driven by loans associated with the Company's participation in the CARES Act's Paycheck Protection Program ("PPP"). The Bank serviced customers through the PPP with 257 loans totaling approximately $24.9 million processed through the end of the second quarter. Deposit balances have increased by $42.1 million to $427.6 million as of June 30, 2020 from $385.5 million as of December 31, 2019. Non-interest bearing deposits increased by $25.0 million and make up approximately 33.04% of total deposits. Customer stimulus payments and PPP loan fundings both contributed to this increase in deposits. Net interest income decreased 3.03% when comparing the second quarter of 2020 to the second quarter of 2019. Net interest margin for the second quarter decreased to 3.47%, including PPP and 3.55% excluding PPP, when compared to the second quarter of 2019 of 3.85%. This reduction is primarily due to the impact of significantly lower market interest rates since the second quarter of 2019 and the rate associated with loans originated through the PPP.
"I am pleased with our financial results for the first half of 2020, especially given the current interest rate environment and challenging economic situation. I am most proud of the way our entire team have shown a new level of commitment and support for our customers and communities while navigating these unparalleled times. Being a community bank, we strive to be flexible to meet the changing needs of our customers and present conditions have proven we are able to do that. We successfully opened our branch in the Pungo area of Virginia Beach during the second quarter and are very encouraged with the reception from that community." said Vernon M. Towler, President and Chief Executive Officer.
Non-interest income through the second quarter of 2020 was approximately $4.3 million and was increased by 9.61% over the same period in the prior year due primarily to increased insurance revenues from Manry Rawls Insurance and our investment in Tidewater Home Funding. Non-interest expense decreased by 2.61% during the second quarter 2020 compared to same period in 2019. This decrease was partially due to deferred salary costs related to participation in the PPP and reduced marketing expenses after celebrating our 100th anniversary in the prior year. Provision for loan losses of $526 thousand was added during the second quarter, bringing year to date provisions to $651 thousand for 2020 compared to $0 for the same period in 2019. Our allowance for loan losses was 2.11% of gross loans as of June 30, 2020, including loans originated through the PPP, and 2.30% of gross loans excluding loan originated through the PPP (1). Of the $37.6 million in loans that were on a payment deferral plan as of the end of the first quarter of 2020, $36.6 million have returned to a normal payment schedule as of June 30, 2020.
"We remain committed to managing our balance sheet in a manner that enables us to meet our long-term strategic goals while providing shareholders a competitive rate of return. A large deposit repriced, to lower current market rates, during the second quarter and helped to stabilize net interest margin when compared to the first quarter of 2020. While our credit metrics remain very healthy and have shown little deterioration, we did increase loan loss reserves during the second quarter to account for the high level of economic uncertainty. Consistent returns from our insurance subsidiary and favorable results from our mortgage partnership also contributed positively to second quarter earnings. Liquidity and capital levels remain strong and position us well for future opportunities." stated Kristy DeJarnette, Chief Financial Officer.
Non-GAAP financial measure. Return on average tangible common equity excludes goodwill and intangibles.
Farmers Bank, founded in 1919, is headquartered in Windsor, VA, and is a community bank which operates eight branches and services areas throughout Tidewater Virginia. Additional information is available at the company's website, www.farmersbankva.com.
The common stock of Farmers Bankshares, Inc. trades as an Over-the-Counter Bulletin Board stock under the symbol FBVA. Any stockbroker can assist with purchase of the company's stock, as well as with sales of holdings.
Farmers Bankshares, Inc.
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SOURCE Farmers Bankshares, Inc.
An Amazon worker delivers packages
ReutersAmazon has been accused by the National Labor Relations Board of illegally firing a working who pushed for better working conditions, BuzzFeed News reported Friday.
Amazon fired Courtney Bowden in March after she advocated for sick pay for part-time workers.
Multiple legal challenges have been brought against Amazon over its firings of whistleblowers who have spoken out about working conditions at the company during the pandemic.
Amazon, meanwhile, has become increasingly aggressive in its attempts to monitor workers as well as silence and discredit those who raise concerns.
Visit Business Insider's homepage for more stories.
The National Labor Relations Board has accused Amazon of illegally firing a worker who advocated for better working conditions during the pandemic, BuzzFeed News reported Friday.
The NLRB filed a complaint against Amazon last month for firing former warehouse worker Courtney Bowden, meaning her case will be heard by a federal judge in March, according to BuzzFeed News.
Amazon fired Bowden in March after she tried to organize her coworkers to push for paid time off for part-time workers, claiming she had gotten into an altercation with a coworker, The Wall Street Journal reported in April.
Bowden disputed Amazon's claims, telling The Wall Street Journal at the time that the company was "trying to get rid of organizers," adding: "We are being targeted."
Amazon did not respond to a request for comment on this story.
Bowden is one of at least six workers that Amazon fired in the early days of the pandemic following frequent protests around the world over what workers said were unsafe working conditions. Those workers included Chris Smalls, who sued Amazon, claiming its COVID-19 response was racially biased and violated civil rights laws, Bashir Mohamed, who pushed for better cleaning practices, and others who criticized Amazon's working conditions.
The firings drew strong criticism from multiple lawmakers and sparked several legal challenges from regulators in Illinois and New York as well as the NLRB, who have accused the company of violating city, state, and federal human rights and labor laws by retaliating against whistleblowers. Amazon's response even prompted one of its top executives to resign, citing Bowden's firing as part of his reasoning.
Amazon started paying workers an extra $2 per hour in March as hazard pay, but dropped the practice in May, and offers limited sick pay beyond a two-week period for employees who test positive for COVID-19. The company has previously said it has taken a variety of steps to limit the spread of the virus in its facilities, including providing protective gear, implementing temperature checks, conducting some in-house testing, and implementing additional cleaning measures. The company said more than 19,000 workers have tested positive for COVID-19.
Amazon has also come under scrutiny for its increasingly aggressive efforts to monitor workers and discredit their claims about working conditions. Days after firing Smalls, a leaked memo obtained by Vice News revealed that Amazon's top executives had planned to mount a negative PR campaign against Smalls.
"He's not smart, or articulate, and to the extent the press wants to focus on us versus him, we will be in a much stronger PR position," Amazon general counsel David Zapolsky wrote in notes sent to other top executives, adding that there was "general agreement" on the strategy, which was devised in a meeting attended by CEO Jeff Bezos and operations chief Dave Clark, according to Vice.
Vice has also reported that Amazon has spied on workers via private social media groups and by hiring actual private spies. Business Insider has previously reported how Amazon uses a heat-map to predict union activity among Whole Foods workers and that it's rolling out its own AI-powered workplace monitoring tools to other companies.
Earlier this week, over four hundred lawmakers from 34 countries signed an open letter to CEO Jeff Bezos saying that Amazon's "days of impunity are over," accusing Amazon and Bezos of underpaying and intimidating workers, contributing to climate change, and paying unfairly low taxes.
CHICAGO, Dec. 2, 2020 /PRNewswire/ -- According to the new market research report "Vacuum Interrupter Market By Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), End User (Oil & Gas, Mining, Utilities & Transportation), Rated Voltage And Region - Global Forecast To 2025", published by MarketsandMarkets™, the Vacuum Interrupter Market is projected to reach USD 3.1 billion by 2025 from an estimated USD 2.4 billion in 2020, at a CAGR of 5.1 % during the forecast period. This growth can be attributed to factors such as continued growth of construction and development activities, increasing access to electricity in developing countries, and the increasing rate of industrialization and urbanization. However, the risks associated with device malfunction and the lack of existing government policies specific to vacuum interrupters are hindering the growth of the Vacuum Interrupter Market.
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The circuit breaker segment is expected to hold the largest share of the Vacuum Interrupter Market, by application type, during the forecast period
The circuit breaker segment, by application, is estimated to be the largest and fastest-growing segment during the forecast period, as they are the main components utilized in the low and medium voltage segment. With most of the existing electrical infrastructure expected to undergo a massive revamp in the near future, the circuit breaker installations are expected to go up, ultimately boosting the Vacuum Interrupter Market in the forecast period.
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The 0– 15 kV segment, by rated voltage, is expected to be the fastest-growing market from 2019 to 2024
The 0–15 kV segment is expected to be the fastest-growing market, at a CAGR of 5.6% during the forecast period. This is supported by the fact that electrical equipment with an operational range of low to medium rated voltage is required in the electricity distribution substations and industries such as mining and oil & gas. With renewable electricity grid integration being a top concern for countries such as China and India, the maximum vacuum interrupters belonging to this rated voltage segment are expected to be in huge demand in the forecast period.
Asia Pacific: The leading Vacuum Interrupter Market
The Asia Pacific region is projected to be the largest Vacuum Interrupter Market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for vacuum interrupters. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the transmission & distribution sectors in this region has resulted in an increase in the Vacuum Interrupter Market. The renewable energy generation in countries such as China, South Korea, Japan, and India, is taking place at a humongous rate, thereby driving the Vacuum Interrupter Market.
The renewable power generation is not as stable as the conventional power generation. Hence, equipment such as circuit breakers, with vacuum interrupters pre-installed, are required to connect the power generating stations to switchyards and the electrical grid. Growth in the renewable power generation is expected to be a long-term driving force for the circuit breaker market. Subsequent stable grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Vacuum Interrupter Market. Some of the key players are ABB (Switzerland), Eaton (US), Siemens AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China). The leading players are adopting various strategies to increase their share in the Vacuum Interrupter Market.
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Switchgear Monitoring System Market by Type (GIS, AIS), Voltage (High, Medium), Component (Hardware, Software & Services), Monitoring (Temperature, PD, Gas, Others), End User (Utilities, Industries, Commercial), & Region - Global Forecast to 2025
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