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KBRA Assigns Ratings to Provident Financial Services, Inc.

Retrieved on:

Monday, March 25, 2024

Banking, Professional Services, Insurance, Finance, BBB, Provident Bank, Risk, NCO, ESG, Tenant, Provident, CRE, Acquisition, Capital, KBRA, Outlook, NIM, PFS, Telescopic sight

KBRA assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to Iselin, New Jersey-based Provident Financial Services, Inc. (NYSE: PFS) ("Provident" or "the company").

Key Points:

KBRA assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 to Iselin, New Jersey-based Provident Financial Services, Inc. (NYSE: PFS) ("Provident" or "the company").
In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 to its main subsidiary, Provident Bank.
Provident’s ratings are supported by its well-executed banking model that has been implemented by an experienced management team, which has produced favorable long-term performance through various economic and interest rate cycles.
Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

Ultravision LED Solutions Welcomes Warren Gold as New Chief Operating Officer

Retrieved on:

Thursday, February 8, 2024

Starbucks, Combat medic, LED, Coffee, LED display, NCO, UltraVision

DALLAS, Feb. 8, 2024 /PRNewswire/ -- Ultravision LED Solutions proudly welcomes Warren Gold as its Chief Operating Officer, signaling a strategic move to position the company among the top LED Display providers in the United States.

Key Points:

DALLAS, Feb. 8, 2024 /PRNewswire/ -- Ultravision LED Solutions proudly welcomes Warren Gold as its Chief Operating Officer, signaling a strategic move to position the company among the top LED Display providers in the United States.
His combat veteran background and diverse experience across industries, including electrical signage, LED manufacturing, and building products, uniquely position him to steer Ultravision LED Solutions to new heights.
His visionary leadership played a key role in operational effectiveness and growth initiatives, making him the ideal candidate to lead Ultravision LED Solutions into a new era of success.
"As our new Chief Operating Officer, Warren Gold is a strategic addition to Ultravision LED Solutions.

FirstCash Reports Fourth Quarter and Full-Year Operating Results; Record Pawn Receivables Drive Strong Revenue and Earnings Growth; Company Adds 157 Pawn Stores in 2023; Declares Quarterly Cash Dividend

Retrieved on:

Thursday, February 1, 2024

Growth, LATAM, Retail, GAAP, POS, Inventory, Public expenditure, AFF, Ageing, Investment, NCO, De novo, Risk, Acquisition, FirstCash, Record, Share repurchase, Video game

Fourth quarter activity included a total of 17 pawn locations added through a combination of acquisitions and store openings.

Key Points:

Fourth quarter activity included a total of 17 pawn locations added through a combination of acquisitions and store openings.
The Company also purchased the underlying real estate at 19 of its existing pawn stores during the fourth quarter.
Segment pre-tax operating income in the fourth quarter of 2023 was $98 million, an increase of $15 million, or 18%, compared to the prior-year quarter.
The resulting segment pre-tax operating margin increased to 26% for the fourth quarter of 2023, an improvement over the 25% margin for the prior-year quarter.

FirstCash Reports Third Quarter Results; Net Revenues Increase 20% Driven by Growth in Pawn and AFF Segments; 104 Pawn Stores Added in the Third Quarter through Acquisitions and Store Openings; Upsizes Credit Facility and Declares Quarterly Cash Dividend

Retrieved on:

Thursday, October 26, 2023

Pawn Stores: 104 pawn locations were added in the third quarter through a combination of acquisitions and store openings.

Key Points:

Pawn Stores: 104 pawn locations were added in the third quarter through a combination of acquisitions and store openings.
By market, the Company reported the following store additions:
U.S. Pawn: 82 total stores were added in the third quarter through acquisitions and new store openings.
The Company also purchased the underlying real estate at ten of its existing pawn stores during the third quarter.
The increase in total pawn receivables was driven by a 10% increase in total store count coupled with the strong same-store increase.

FirstCash Reports Second Quarter Earnings Results; Completes Share Repurchase Plan and Adds New $200 Million Authorization; Increases Quarterly Dividend to $0.35 per Share

Retrieved on:

Thursday, July 27, 2023

As a result, GAAP-basis diluted earnings per share for the second quarter of 2023 decreased 45% over the prior-year quarter and 16% for the year-to-date period.

Key Points:

As a result, GAAP-basis diluted earnings per share for the second quarter of 2023 decreased 45% over the prior-year quarter and 16% for the year-to-date period.
The Company also purchased the underlying real estate at nine of its existing pawn stores during the second quarter.
Segment pre-tax operating income in the second quarter of 2023 increased $8 million, or 13%, compared to the prior-year quarter.
The resulting segment pre-tax operating margin was 23% for the second quarter of 2023, an improvement over the 21% margin for the prior-year quarter.

KBRA Affirms Ratings for MidWestOne Financial Group, Inc.

Retrieved on:

Thursday, June 22, 2023

Banking, Professional Services, Finance, Acceleration, NIM, MidWestOne Financial Group, NII, KBRA, NCO, Outlook, Negative Outlook, BBB, ROA, Acquisition, NIB, Growth, CRE, C&D, Bank, K2, K3, NPA

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) ("MidWestOne" or "the company").

Key Points:

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) ("MidWestOne" or "the company").
In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its main subsidiary, MidWestOne Bank.
The Negative Outlook for MOFG’s long-term ratings is primarily due to its decreasing level of profitability and below peer capital levels.
However, KBRA believes that the company reflects manageable risks in the loan portfolio as of 1Q23, with minimal problem assets.

Kroll Bond Rating Agency Affirms Ratings for Dime Community Bancshares, Inc.

Retrieved on:

Tuesday, June 20, 2023

HTM, KBRA, DCOM, AOCI, NCO, Jules Kroll, Dime Community Bank, CRE, Environment, Dime, Financial services, Bank

HAUPPAUGE, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Kroll Bond Rating Agency (“KBRA”) has affirmed all ratings of Dime Community Bancshares, Inc. and Dime Community Bank.

Key Points:

HAUPPAUGE, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (the “Company” or “Dime”) (NASDAQ: DCOM), the parent company of Dime Community Bank (the “Bank”), announced that Kroll Bond Rating Agency (“KBRA”) has affirmed all ratings of Dime Community Bancshares, Inc. and Dime Community Bank.
According to the KBRA report:
Dime's ratings are supported by the effective integration of its merger-of-equals transaction which has facilitated the increased scale and diversification of the Company's operating profile, including the leading market share position in Long Island among local banks
Dime maintains a very low expense base, with noninterest expenses to average assets of 1.40% as of Q1 2023; over the longer-term, KBRA believes that provides greater upside to the earnings potential in a more normalized interest rate environment
KBRA also recognizes that the negative impact from AOCI has not been overly impactful to Dime's capital ratios, even when including marks on the HTM portfolio, given that Dime maintains a relatively smaller sized securities portfolio
A substantial portion of the company’s investor CRE portfolio is comprised of rent-regulated multifamily loans throughout NYC that has reflected low loss content historically, which also displays conservative underwriting criteria
Given that Dime has exhibited among the lowest credit losses through multiple economic cycles, including a cumulative NCO ratio of below 15 basis points since 2007, we believe that similar outperformance on the credit front is certainly possible
KBRA also favorably views Dime’s strong performance throughout the volatile liquidity environment in Q1 2023, with core deposits growing.
Moreover, the Company’s uninsured deposit balances are considered rather minimal at 28% of total when excluding collateralized deposits, and total available liquidity sources are ample, which cover nearly 2x those balances
There are also potential tailwinds for core deposit levels over the next year as Dime has recently added seven new deposit focused groups in Q2 2023, which reflected strong core deposit levels at their prior institutions, notably higher level of non-interest bearing accounts

KBRA Affirms Ratings for Dime Community Bancshares, Inc.

Retrieved on:

Tuesday, June 20, 2023

Professional Services, Finance, Acceleration, NIM, Pressure, Fed, HTM, KBRA, TCE, DCOM, AOCI, Hauppauge, NCO, Movement, Outlook, BBB, Dime Community Bank, NIB, CRE, Environment, Dime, Bank, K2, K3, Bridge

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Hauppauge, New York-based Dime Community Bancshares, Inc. (NASDAQ: DCOM) ("Dime" or "the company").

Key Points:

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Hauppauge, New York-based Dime Community Bancshares, Inc. (NASDAQ: DCOM) ("Dime" or "the company").
In addition, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for its main subsidiary, Dime Community Bank.
KBRA also favorably views Dime’s strong performance throughout the volatile liquidity environment in 1Q23, with core deposits growing $278 million or 3% from YE22.
Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

Transformative Dual-Use Enterprise AI Software Company Accrete Names Board Advisor Jim Gill as Chief Revenue Officer

Retrieved on:

Tuesday, June 13, 2023

Software as a service, Public sector, Senior, U.S. Department of Defense Strategy for Operating in Cyberspace, Education, Defense, History of Europe, Government, NCO, Cornerstone OnDemand, ARR, United States Army, Veteran, Growth, AI, SumTotal Systems, Accretion, Management

NEW YORK, June 13, 2023 /PRNewswire/ -- Accrete AI, a leading enterprise AI company that licenses AI software known as Analytical Agents to both the U.S. government and commercial customers, announced today that current Accrete board advisor Jim Gill has joined the Company as Chief Revenue Officer.

Key Points:

NEW YORK, June 13, 2023 /PRNewswire/ -- Accrete AI , a leading enterprise AI company that licenses AI software known as Analytical Agents to both the U.S. government and commercial customers, announced today that current Accrete board advisor Jim Gill has joined the Company as Chief Revenue Officer.
In that position, he was responsible for revenue, sales, alliances, and customer operations for over 4,000 customers and $600M in annual recurring revenue (ARR).
"Jim will assist in establishing Accrete as the key to winning in the age of AI for many companies across many industries."
Prior to Cornerstone, Jim held executive leadership roles at Saba Software, SumTotal Systems, and as President of Training Modernization Group Government.

KBRA Affirms Ratings for The ANB Corporation

Retrieved on:

Thursday, May 25, 2023

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Terrell, Texas-based The ANB Corporation (“the company” or “ANB”).

Key Points:

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Terrell, Texas-based The ANB Corporation (“the company” or “ANB”).
Additionally, KBRA affirms the deposit and senior unsecured debt ratings of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for the lead subsidiary, The American National Bank of Texas ("the bank").
KBRA further notes the relatively manageable level of uninsured deposits (excluding collateralized deposits) which totaled ~$1.4 billion, or near 30% of total deposits at 1Q23.
Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.