In economics

Horizon Bancorp, Inc. Releases 2nd Quarter 2021 Financial Highlights, Including Net Earnings of $1,383,000 or $0.33 Per Share, Net Loan Growth (Excluding PPP) of $16,652,000, and Improving Asset Quality Metrics

Retrieved on: 
Friday, July 23, 2021
Banking, Professional services, Finance, Systemic risk, Banking in the United States, Mortgage industry of the United States, Economic bubbles, In economics

Earnings were also influenced by a further reduction in cost of funds, net commercial loan growth, and the performance of the government guaranteed loan division.

Key Points: 
  • Earnings were also influenced by a further reduction in cost of funds, net commercial loan growth, and the performance of the government guaranteed loan division.
  • Our primary focus has been on commercial loan production, further reducing the banks cost of funds, and enhancing non-interest income.
  • Credit quality metrics are shown in the following table and reflect improvements quarter over quarter and year over year in nonaccrual loans and nonperforming assets.
  • The bank maintains an ample allowance for loan and lease loss at 1.48% of total outstanding loans, and this is inclusive of PPP.

AM Best Revises Outlooks to Stable for American Fidelity Life Insurance Company

Retrieved on: 
Friday, May 21, 2021
Banking, Professional services, Insurance, Finance, Systemic risk, In economics

However, AM Best notes that modest capital growth along with some downward credit migration has impacted the risk-based capital ratio.

Key Points: 
  • However, AM Best notes that modest capital growth along with some downward credit migration has impacted the risk-based capital ratio.
  • Earnings have been generally positive and stable, with no operating losses over the past several years.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\xe2\x80\x99s Credit Ratings .
  • For more information, visit www.ambest.com .\nCopyright \xc2\xa9 2021 by A.M. Best Rating Services, Inc. and/or its affiliates.

Medallion Financial Corp. Reports 2021 First Quarter Results

Retrieved on: 
Monday, May 3, 2021
Banking, Professional services, Finance, In economics

Medallion Financial recorded $8.4 million of net income for the quarter, reflecting continued strong underlying performance from our consumer lending segments.

Key Points: 
  • Medallion Financial recorded $8.4 million of net income for the quarter, reflecting continued strong underlying performance from our consumer lending segments.
  • Medallion Bank continues to perform well, with the highest volume to date in March for its recreation lending segment.
  • We continue to monitor expenses at Medallion Financial and are taking steps that we hope will produce long-term value for our shareholders.
  • Net interest income for the 2021 first quarter was $31.4 million, compared to $27.4 million in the 2020 first quarter, a 15% increase.

Redfin Reports Home Prices Surge 17% Amid Historic Housing Shortage

Retrieved on: 
Friday, April 16, 2021
Redfin, Mortgage loan, Finance, In economics, Economy, Companies

This was 15 days fewer than the same period in 2020.\n43% of homes sold for more than their list price, an all-time high.

Key Points: 
  • This was 15 days fewer than the same period in 2020.\n43% of homes sold for more than their list price, an all-time high.
  • The overall lack of homes for sale is limiting how much home sales can grow," said Redfin Lead Economist Taylor Marr.
  • They\'re jumping on low mortgage rates, which are sliding back down toward 3%, and bidding up prices of the homes that do hit the market.
  • To learn about housing market trends and download data, visit the Redfin Data Center .

Trinseo Announces Pricing of Senior Notes and Term Loans to Fund the Acquisition of Arkema’s PMMA Business

Retrieved on: 
Thursday, March 18, 2021
Automotive Manufacturing, Manufacturing, Textiles, Packaging, Chemicals, Plastics, Federal Reserve System, In economics

and Trinseo Materials Finance, Inc. (together, the Issuers) and of its $750 million of incremental term loan borrowings expected to be available under the Issuers existing senior secured credit facility (Term Loan B Facility).

Key Points: 
  • and Trinseo Materials Finance, Inc. (together, the Issuers) and of its $750 million of incremental term loan borrowings expected to be available under the Issuers existing senior secured credit facility (Term Loan B Facility).
  • The Notes will bear interest at a rate of 5.125% and will mature on April 1, 2029.
  • The Issuers have been notified by the lead arrangers that they expect that the Term Loan B Facility will be fully subscribed.
  • This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes.

Infinity Q Capital Management LLC Investors: Company Investigated by the Portnoy Law Firm

Retrieved on: 
Thursday, February 25, 2021
Corruption, Fraud, Securities fraud, Deception, In economics, Crimes, Crime

LOS ANGELES, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Infinity Q Capital Management LLC ("Infinity Q" or the "Company") (NASDAQ: IQDNX) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Key Points: 
  • LOS ANGELES, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Infinity Q Capital Management LLC ("Infinity Q" or the "Company") (NASDAQ: IQDNX) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
  • The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors options for pursuing claims to recover their losses.
  • The investigation focuses on whether Infinity Q issued misleading and/or false statements and/or failed to disclose information pertinent to investors.
  • Infinity Q sought to suspend redemptions, which the Wall Street Journal notes "suggests severe problems at the firm.

New York Fed Selects Bancroft Capital as a Counterparty to Support Commercial Paper Funding Facility

Retrieved on: 
Monday, February 8, 2021
Professional services, Other Professional Services, Small business, Finance, Consulting, Banking, Accounting, Federal Reserve System, In economics, Finance, Money, Economy, Brokerage firms, CPFF, Great Recession, Commercial Paper Funding Facility, Investment banking, Broker-dealer, Federal Reserve

Bancroft Capital, certified Service-Disabled Veteran-Owned Institutional Broker-Dealer and Investment Advisor, has been selected by the Federal Reserve Bank of New York to support the Commercial Paper Funding Facility (CPFF).

Key Points: 
  • Bancroft Capital, certified Service-Disabled Veteran-Owned Institutional Broker-Dealer and Investment Advisor, has been selected by the Federal Reserve Bank of New York to support the Commercial Paper Funding Facility (CPFF).
  • Bancroft is honored to serve the New York Fed to support CPFF with such an esteemed group of banks," stated Cauldon D. Quinn, Founder & CEO of Bancroft Capital.
  • Approved firms for the CPFF counterparty program have been selected based on eligibility requirements, including size restrictions, transaction capabilities, financial condition, compliance controls, and equal opportunity and diversity efforts.
  • Bancroft Capital provides institutional clients with services including: Public Finance, Cash Management, Fixed Income, Equity Trading, Investment Banking, Capital Markets, 401(k) Consulting, and Asset Management.

U.S. Median Home Asking Prices Hit a New High, Up 10% From Last Year

Retrieved on: 
Friday, February 5, 2021
In economics, Units of time, Economic bubbles, Great Recession, Presidency of Barack Obama, Presidency of George W. Bush

In a typical year asking prices do not pass the previous year's peak until March.

Key Points: 
  • In a typical year asking prices do not pass the previous year's peak until March.
  • This early spike in asking prices suggests that this coming spring will see stronger price growth than is typical this time of year.
  • Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending January 31.
  • New listings of homes for sale were down 12% from a year earlierthe largest decline since May.

SitusAMC Expands Technology Portfolio into Mortgage Broker Market with Acquisition of ReadyPrice®

Retrieved on: 
Monday, January 11, 2021
Finance, Money, Economy, Mortgage broker, Mortgage industry of the United States, Mortgage loan, In economics, Super jumbo mortgage, Bank of America Home Loans

Launched in 2020, ReadyPrice's mortgage technology enables MLOs to manage and choose pricing, run automated underwriting, and deliver approved loans to lenders at no cost to the MLO.

Key Points: 
  • Launched in 2020, ReadyPrice's mortgage technology enables MLOs to manage and choose pricing, run automated underwriting, and deliver approved loans to lenders at no cost to the MLO.
  • "ReadyPrice represents the beginning of our investments to bring market leading technologies to the brokerage community," stated SitusAMC CEO Michael Franco.
  • The combination of ReadyPrice with SitusAMC's technology will yield an unmatched platform for the mortgage broker and wholesale lending community."
  • ReadyPrice is a leading mortgage technology connecting mortgage loan originators and lenders to support more efficient loan originations.

Battle North Gold Signs Commitment Letter for a US$40 Million Credit Facility to Fully Fund the Development of the Bateman Gold Project

Retrieved on: 
Tuesday, December 22, 2020
Systemic risk, Economy, In economics, Working capital management, Articles, Great Recession in the United States, Presidency of Barack Obama

The proceeds of the Credit Facility, together with cash currently on the Company's balance sheet, is expected to fully fund the Project to Commercial Production.

Key Points: 
  • The proceeds of the Credit Facility, together with cash currently on the Company's balance sheet, is expected to fully fund the Project to Commercial Production.
  • Full development of the Project, including the balance of the Initial Capital cost of the Project, remains subject to further approval of the Company's Board of Directors following completion of the Credit Facility.
  • The Credit Facility, along with our existing cash balance, are expected to provide us with all the funding we require to complete the construction of the Bateman Gold Project.
  • Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States.