GPSengine announces new partnership and support of fifotrack’s trackers

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BRISBANE, Australia, 2017-Jan-24 — /EPR Network/ — GPSengine a leading hosted platform service provider in GNSS, Telematics, IoT and Tracking, today announced a new partnership with fifotrack, adding support for the fifotrack range of tracking devices for use with GPSengine’s platform. Based in Shenzhen, China, with global partners and distributors, fifotrack’s range of tracking devices is a welcome addition to Platform Connect. The partnership adds real value for organisations, who can now utilise and take advantage of fifotrack’s range of devices, features and distribution capabilities and leverage this with the globally accessible Platform Connect service. The fifotrack range is designed for organisations needing tracking for fleets, assets, personal and general consumer vehicles.

About Platform Connect
Platform Connect is a hosted platform service that receives, processes and stores information from GNSS, IoT’s, devices, sensors, applications and third party services.

About GPSengine
Based in Brisbane, Australia, GPSengine is a white label IoT platform provider, specialising in vehicle tracking. Recognised globally for innovation and quality, the GPSengine platform is the result of more than 10 years working in the telematics space. Since 2014 their primary focus has been the development and support of an easy-to-skin, customisable white label GPS tracking platform, as well as seamless integration of supporting hardware. This combination means GPSengine delivers a comprehensive M2M technology enabling companies to connect and monitor assets with confidence. https://www.gpsengine.net

About fifotrack
A R&D focused tracking company aiming to deliver tracking solutions in the IoT arena. With more than 10 years’ experience in GPS tracking, fifotrackhas built a top team which delivers GPS tracking solutions, including GPS tracker hardware design and manufacture and in-house engineers available to deliver custom solutions. http://www.fifotrack.com/

449 Total reads 32 Reads today

Editor’s Pick

SelfTanner.us to Publish Educational Content in the Tanning Niche

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A new niche site in the self tanning space has started publishing premium educational content.

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January 26, 2017 (FPRC) — Selftanner.us, a new niche site in the self-tanning space, has started publishing free premium content for its users around the world. The platform was launched with the goal of educating users in the tanning and cosmetics space. It will include listings on the value of various tanning aids, as well as inform its users on how to avoid common tanning mishaps. Selftanner.us will also compare the leading brands of self-tanners available in the market, based on a number of metrics such as ingredients used, pricing, time-to-results, and more.

SelfTanner.us is a brainchild of Jack Montana, a skincare advocate who’s worked for many years. Mr. Montana’s work has revolved around creating awareness against skin cancer, and challenging major manufacturers to focus on natural and organic ingredients while formulating their products. He has won major international awards related to advocacy, and currently, operates a skincare education business in New York City. Mr. Montana started SelfTanner.us with the view of educating the millions of global users who still do not know how to differentiate between a good and a bad tanning method. The platform emphasizes on safe tanning practices, but also publishes any other relevant content in the industry.

The American Cancer Society estimates that millions of people are diagnosed with skincare each year. The majority of these individuals get cancer after over-exposing their skin to the sun’s harmful UV rays, which are known to be a leading cause of melanoma. This discovery has led to a massive decline in the use of sunbathing as a way to get a bronzed beach tan. More and more tanning fanatics are tanning to organic and natural products. This increasing demand has led to a gold rush where dozens of manufacturers from different parts of the world are launching new tanning products at a very high rate. The market has become flooded with new formulations, and it’s increasingly hard for the many clueless tanning fans to figure out just what products to use.

Jack Montana has said that SelfTanner.us will focus on promoting knowledge in the industry, with the goal of helping users make more informed product choices. Currently, the first batch of premium free content has been uploaded on the site. Mr. Montana has said that his team does a lot of painstaking research to establish the facts underlying products from different brands. He is also working on a program that involves collecting user complaints after the use of various tanning products. By promoting key knowledge, he hopes that he can make a positive difference in the industry. Currently, Mr. Montana relies on his own private resources to run his site. However, he has said that he is considering relying on donors in the near future.

For more information contact Jack Robbins of Self Tanner USA

Recent Press Releases By The Same User

New Neptune Outdoor Tent by Tent World (Thu 26th Jan 17)

BestSelfTanner.org To Launch a Research Program Focused on Tanning Dangers (Thu 26th Jan 17)

Tent World’s Saturn Beach Tent Hits the Market (Thu 26th Jan 17)

Thermalabs Lily Butterfly Beach Chair Now Available (Thu 26th Jan 17)

Venus Beach Bed by Tent World Hits the Market (Sat 21st Jan 17)

HEC Global Launches iHealth Science Products

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Manila, Philippines, 2017-Jan-24 — /EPR Network/ — Shopping is one of the most relaxing recreational activities that anyone can do. Whether it’s just window-shopping to check on some interesting items on the market or doing some shopping galore after paydays, malls are open and scattered everywhere, always welcoming customers. With an adaptive lifestyle, ever-changing trends and upgrade in technology, shopping has been made even better and convenient for shoppers all over the world. From the brick and mortar, technology has come up with an online approach in conducting business also termed as e-Commerce, which is now adapted and practiced all over the world. What the World Wide Web provides is an avenue for both online shoppers and entrepreneurs to make shopping life a lot easier and more exciting.

Humanism & Electronic Commerce , also known as HEC Global is a partner in making this advancement possible. It offers a unique suite of cloud-based productivity and communications software applications that enable users to communicate more competitively and effectively over the Internet. From Internet applications that originated from the United States, this communication software is strategically adapted to Asian markets for optimal use, as everybody deserves an excellent shopping experience. HEC Global offers a series of communication programs from creating blogs and marketing programs to a cloud-based storage of photos, documents, and other media. It is proudly led by an experienced team of IT developers and programmers, marketing experts, and product trainers and a lot more, forming a prime team to assist both the customers and entrepreneurs.

Recently, HEC Global has released high-quality health and wellness products that are available online. The unique part is the opportunity to earn supplemental income through Affiliate Marketing Program.

iHealth Science

HEC Global can be accessed through your laptop or smartphone once connected to a reliable Internet connection. Just by clicking the desired product, an extensive explanation of product benefits and how to use them are shown on the web page. All you need to know is just one click away through HEC Global iHealth Science

Biolift Instant Wrinkle Lift Serum, Rewind the Clock Instantly

The product helps to visibly eliminate wrinkles and fine lines. Indeed, it’s like rewinding the clock instantly to a younger version of yourself. Noticeable results are confirmations on how a beauty product works. There are thousands of beauty products on the market to choose from, thus, it makes you wonder how effective is the product you’re using right now. In a world where everything is in a hurry, beauty should be achieved as fast as possible. With Biolift Instant Wrinkle Lift Serum, results are visible in just minutes. Facial contours are lifted as if the skin goes back to its earlier stages. It also minimizes pores and smoothens the skin instantly. No need to wait longer, one should just follow the instructions on how to apply this correctly and the effect will be seen in no time.

Contact:
HEC International Philippines Distribution, Inc.
Phone: +632-7765691
Fax: +632-7765693
Address: Unit C, 12th floor, 8 Rockwell Center, Hidalgo Drive, Barangay Poblacion, Makati City 1224, Metro Manila, Philippines
Email: info@hec-global.net
Website: https://ph.hec-global.net/

450 Total reads 32 Reads today

Editor’s Pick

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The new Saturn Beach Tent by Tent World is now available in the market

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January 26, 2017 (FPRC) — Tent World has said that one of its latest products, the Saturn premium beach tent, is now available in the market. This announcement comes just a few days after the company said that it had finalized production on a number of beach tents. The Saturn tent is a friendly shack that covers occupants in the shade while they’re hanging out or relaxing in an outdoor environment. It’s a lightweight tent that pops open easily and provides for the needs of a small family.

Tent World is an increasingly popular company owned by Thermalabs.com. It was first announced in 2015 during a launch event held at Thermalabs head offices in the city of New York. The mandate of Tent World is to oversee the production, marketing and distribution of premium outdoor tents manufactured at Thermalabs major production facility in Galilee, Israel. Tent World’s pilot product was a premium tent going by the name Mercury. It featured an extra-comfortable bottom that was ideal for kids, as well as a protective coating that warded off the sun’s harmful rays. According to Ms. Rodgers, this introductory tent was a major hit in the market, with thousands of units in the first week.

Currently, Tent World has furnished the market with at least 8 different tents, each of which is named after a planet in the solar system. The largest tent is named ‘The Sun’ (since the sun is also the biggest body in the solar system). This is a large shelter that caters for the needs of a small group, or large family. Just like all the other tents by Tent World, it can be set up or folded through an instant pop-up mechanism. The smallest tent in the Tent World series is Pluto (just like Pluto is the smallest planet in the solar system). This tent is so small that it has been designed for use by toddlers and young children. It provides a portable, easy-to-use accessory that parents can set up to shelter their kids from adverse weather in any outdoor environment. Pluto tents are available in a variety of colors to suit differing preferences, and also come with a coloring book to keep kids entertained.

Tent World’s Saturn measures 210 x 180 x 125 cm, making it a fairly large tent that can be used by a couple or small family to shelter from the rain, sun or gusts of wind. The tent is available in blue color and features an illustrative outdoor design. It’s easy to use with an instant pop-up mechanism and can be easily carried either by hand or in a car’s trunk. Ms. Spencer has said that Tent World’s customers will now be able to get this product at a subsidized launch price on Amazon and other major retail platforms.

For more information contact Josphat N. of Tent World

Recent Press Releases By The Same User

New Neptune Outdoor Tent by Tent World (Thu 26th Jan 17)

BestSelfTanner.org To Launch a Research Program Focused on Tanning Dangers (Thu 26th Jan 17)

SelfTanner.us to Publish Educational Content in the Tanning Niche (Thu 26th Jan 17)

Thermalabs Lily Butterfly Beach Chair Now Available (Thu 26th Jan 17)

Venus Beach Bed by Tent World Hits the Market (Sat 21st Jan 17)

Glacier Bancorp, Inc. Announces Results for the Quarter Ended December 31, 2016

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4th Quarter 2016 Highlights:

  • Record earnings of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, over the prior year fourth quarter net income of $29.5 million.
  • Current quarter diluted earnings per share of $0.41, an increase of 5 percent from the prior year fourth quarter diluted earnings per share of $0.39.
  • Loan growth of $88.5 million, or 6 percent annualized for the current quarter.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, remained unchanged compared to the prior year fourth quarter.
  • The Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona.  As of December 31, 2016, TFB Bancorp, Inc. had total assets of $335 million, total loans of $280 million and total deposits of $284 million.
  • Approved a special dividend of $0.30 per share in December.  This was the 13th special dividend the Company has declared.
  • Declared and paid a regular quarterly dividend of $0.20 per share in December.  The dividend was the 127th consecutive quarterly dividend declared by the Company.

Full Year 2016 Highlights:

  • Net income of $121 million for 2016, an increase of 4 percent over $116 million for 2015.
  • Diluted earnings per share of $1.59, an increase of 3 percent from the prior year diluted earnings per share of $1.54.
  • Organic loan growth of $554 million, or 11 percent annualized for the current year.
  • Net interest margin of 4.02 percent as a percentage of earning assets, on a tax equivalent basis, for the current year compared to 4.00 percent for last year.
  • The Company successfully completed the year long effort to consolidate its Bank divisions’ individual core database systems into a single core database system.
  • The Company completed the acquisition and related database conversion of Treasure State Bank based in Missoula, Montana.

Financial Highlights

  At or for the Three Months ended   At or for the Year ended
(Dollars in thousands, except per share and market data) Dec 31,
 2016
  Sep 30,
 2016
  Jun 30,
 2016
  Mar 31,
 2016
  Dec 31,
 2015
  Dec 31,
 2016
  Dec 31,
 2015
Operating results                          
Net income $ 31,041     30,957     30,451     28,682     29,508     121,131     116,127  
Basic earnings per share $ 0.41     0.40     0.40     0.38     0.39     1.59     1.54  
Diluted earnings per share $ 0.41     0.40     0.40     0.38     0.39     1.59     1.54  
Dividends declared per share 1 $ 0.50     0.20     0.20     0.20     0.49     1.10     1.05  
Market value per share                          
Closing $ 36.23     28.52     26.58     25.42     26.53     36.23     26.53  
High $ 37.66     29.99     27.68     26.34     29.69     37.66     30.08  
Low $ 27.50     25.49     24.31     22.19     25.74     22.19     22.27  
Selected ratios and other data                          
Number of common stock shares outstanding 76,525,402     76,525,402     76,171,580     76,168,388     76,086,288     76,525,402     76,086,288  
Average outstanding shares – basic 76,525,402     76,288,640     76,170,734     76,126,251     75,893,521     76,278,463     75,542,455  
Average outstanding shares – diluted 76,615,272     76,350,873     76,205,069     76,173,417     75,968,169     76,341,836     75,595,581  
Return on average assets (annualized) 1.33 %   1.34 %   1.34 %   1.28 %   1.32 %   1.32 %   1.36 %
Return on average equity (annualized) 10.82 %   10.80 %   10.99 %   10.53 %   10.66 %   10.79 %   10.84 %
Efficiency ratio 55.08 %   55.84 %   56.10 %   56.53 %   56.52 %   55.88 %   55.40 %
Dividend payout ratio 1 121.95 %   50.00 %   50.00 %   52.63 %   125.64 %   69.18 %   68.18 %
Loan to deposit ratio 78.10 %   77.53 %   76.92 %   74.65 %   73.94 %   78.10 %   73.94 %
Number of full time equivalent employees 2,222     2,207     2,210     2,184     2,149     2,222     2,149  
Number of locations 142     142     143     144     144     142     144  
Number of ATMs 166     166     167     167     158     166     158  
_______                          
1 Includes a special dividend declared of $0.30 per share for the three months and years ended December 31, 2016 and 2015.
 

KALISPELL, Mont., Jan. 26, 2017 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (Nasdaq:GBCI) reported net income of $31.0 million for the current quarter, an increase of $1.5 million, or 5 percent, from the $29.5 million of net income for the prior year fourth quarter.  Diluted earnings per share for the current quarter was $0.41 per share, an increase of $0.02, or 5 percent, from the prior year fourth quarter diluted earnings per share of $0.39.  Included in the current quarter was $368 thousand of acquisition-related expenses and $749 thousand of expenses related to the Company’s consolidation of its bank divisions’ core database systems (Core Consolidation Project or “CCP”) including expenses related to the re-issuance of debit cards with chip technology.  “The fourth quarter represents a strong finish for Glacier Bancorp and completes a very good year,” said Randy Chesler, President and Chief Executive Officer.  “Our 13 Bank divisions and the supporting staff groups did an excellent job staying focused on the customer and delivering top quality results- led by record earnings, strong loan growth, stable margins and good credit performance,” Chesler said.

Net income for the year ended December 31, 2016 was $121 million, an increase of $5.0 million, or 4 percent, from the $116 million of net income for the prior year.  Diluted earnings per share for 2016 was $1.59 per share, an increase of $0.05, or 3 percent, from the diluted earnings per share of $1.54 for the same period in the prior year.

During the fourth quarter of 2016, the Company announced the signing of a definitive agreement to acquire TFB Bancorp, Inc., the holding company for The Foothills Bank, a community bank based in Yuma, Arizona (collectively, “Foothills”), as the Company enters the state of Arizona.  As of December 31, 2016, Foothills had total assets of $335 million, total loans of $280 million and total deposits of $284 million.  The acquisition is subject to required regulatory approvals and other customary conditions of closing and is expected to be completed during the second quarter of 2017.

During the third quarter of 2016, the Company completed the acquisition of Treasure State Bank (“TSB”) based in Missoula, Montana.  The Company’s results of operations and financial condition include the acquisition of TSB from the acquisition date and the following table provides information on the fair value of selected classifications of assets and liabilities acquired:

(Dollars in thousands) August 31,
 2016
Total assets $ 76,165  
Loans receivable 51,875  
Non-interest bearing deposits 13,005  
Interest bearing deposits 45,359  
Federal Home Loan Bank advances 3,260  
     

/EIN News/ — Asset Summary

              $ Change from
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Sep 30,
 2016
  Dec 31,
 2015
Cash and cash equivalents $ 152,541     251,413     193,253     (98,872 )   (40,712 )
Investment securities, available-for-sale 2,425,477     2,292,079     2,610,760     133,398     (185,283 )
Investment securities, held-to-maturity 675,674     679,707     702,072     (4,033 )   (26,398 )
Total investment securities 3,101,151     2,971,786     3,312,832     129,365     (211,681 )
Loans receivable                  
Residential real estate 674,347     696,817     688,912     (22,470 )   (14,565 )
Commercial real estate 2,990,141     2,919,415     2,633,953     70,726     356,188  
Other commercial 1,342,250     1,303,241     1,099,564     39,009     242,686  
Home equity 434,774     435,935     420,901     (1,161 )   13,873  
Other consumer 242,951     240,554     235,351     2,397     7,600  
Loans receivable 5,684,463     5,595,962     5,078,681     88,501     605,782  
Allowance for loan and lease losses (129,572 )   (132,534 )   (129,697 )   2,962     125  
Loans receivable, net 5,554,891     5,463,428     4,948,984     91,463     605,907  
Other assets 642,017     630,248     634,163     11,769     7,854  
Total assets $ 9,450,600     9,316,875     9,089,232     133,725     361,368  
 

Total investment securities of $3.101 billion at December 31, 2016 increased $129 million, or 4 percent, during the current quarter.  The increase in the investment portfolio during the current quarter was from the Company utilizing surplus cash and customer deposits to purchase primarily short weighted-average life U.S. Agency mortgage backed securities.  The Company continues to selectively purchase investment securities when the Company has excess liquidity.  Although, the overall trend is a reduction in the investment securities portfolio since the Company has successfully been able to redeploy the securities portfolio cash flow into the Company’s higher yielding loan portfolio.  Total investment securities decreased $212 million, or 6 percent, from the prior year end.  Investment securities represented 33 percent of total assets at December 31, 2016 compared to 36 percent of total assets at December 31, 2015.

The loan portfolio grew $88.5 million, or 2 percent, during the current quarter.  The loan category with the largest dollar increase was commercial real estate which increased $70.7 million, or 2 percent.  The loan category with the largest percentage increase was other commercial loans which increased $39.0 million, or 3 percent.  Excluding the acquisition of TSB, the loan portfolio increased $554 million, or 11 percent, since December 31, 2015 with $331 million and $235 million of the increase coming from growth in commercial real estate and other commercial loans, respectively.  “Fourth quarter loan growth was once again better than what we historically have seen.  It’s great to see continuing strength in loan originations.  This is reflective of the strong customer relationships we have in all of our Bank divisions,” Chesler said.

Credit Quality Summary

  At or for the
Year ended
  At or for the
Nine Months
ended
  At or for the
Year ended
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
Allowance for loan and lease losses          
Balance at beginning of period $ 129,697     129,697     129,753  
Provision for loan losses 2,333     1,194     2,284  
Charge-offs (11,496 )   (5,332 )   (7,001 )
Recoveries 9,038     6,975     4,661  
Balance at end of period $ 129,572     132,534     129,697  
Other real estate owned $ 20,954     22,662     26,815  
Accruing loans 90 days or more past due 1,099     3,299     2,131  
Non-accrual loans 49,332     52,280     51,133  
Total non-performing assets 1 $ 71,385     78,241     80,079  
Non-performing assets as a percentage of subsidiary assets 0.76 %   0.84 %   0.88 %
Allowance for loan and lease losses as a percentage of non-performing loans 257 %   238 %   244 %
Allowance for loan and lease losses as a percentage of total loans 2.28 %   2.37 %   2.55 %
Net charge-offs (recoveries) as a percentage of total loans 0.04 %   (0.03 )%   0.05 %
Accruing loans 30-89 days past due $ 25,617     27,384     19,413  
Accruing troubled debt restructurings $ 52,077     52,578     63,590  
Non-accrual troubled debt restructurings $ 21,693     23,427     27,057  
__________                  
1 As of December 31, 2016, non-performing assets have not been reduced by U.S. government guarantees of $1.7 million.
 

The Company continued to benefit from the gradual improvement in asset quality during the current quarter.  Non-performing assets at December 31, 2016 were $71.4 million, a decrease of  $6.9 million, or 9 percent, during the current quarter and a decrease of $8.7 million, or 11 percent, from a year ago.  Non-performing assets as a percentage of assets at December 31, 2016 was 0.76 percent which was a decrease of 12 basis points form the prior year end of 0.88 percent.  Early stage delinquencies (accruing loans 30-89 days past due) of $25.6 million at December 31, 2016 decreased $1.8 million from the prior quarter.

The allowance for loan and lease losses (“allowance”) as a percent of total loans outstanding at December 31, 2016 was 2.28 percent, a decrease of 27 basis points from 2.55 percent at December 31, 2015 which was driven by loan growth combined with stabilized credit quality.

Credit Quality Trends and Provision for Loan Losses

(Dollars in thousands) Provision
for Loan
Losses
  Net
Charge-Offs
(Recoveries)
  ALLL
as a Percent
of Loans
  Accruing
Loans 30-89
Days Past Due
as a Percent of
Loans
  Non-Performing
Assets to
Total Subsidiary
Assets
Fourth quarter 2016 $ 1,139     $ 4,101     2.28 %   0.45 %   0.76 %
Third quarter 2016 626     478     2.37 %   0.49 %   0.84 %
Second quarter 2016     (2,315 )   2.46 %   0.44 %   0.82 %
First quarter 2016 568     194     2.50 %   0.46 %   0.88 %
Fourth quarter 2015 411     1,482     2.55 %   0.38 %   0.88 %
Third quarter 2015 826     577     2.68 %   0.37 %   0.97 %
Second quarter 2015 282     (381 )   2.71 %   0.59 %   0.98 %
First quarter 2015 765     662     2.77 %   0.71 %   1.07 %
                             

Net charge-offs for the current quarter were $4.1 million compared to $478 thousand for the prior quarter and $1.5 million from the same quarter last year.  The quarterly net charge-offs continue to experience a fair amount of volatility on a quarterly basis.  There was $1.1 million of current quarter provision for loan losses, compared to $626 thousand in the prior quarter and $411 thousand in the prior year fourth quarter.  Loan portfolio growth, composition, average loan size, credit quality considerations, and other environmental factors will continue to determine the level of the loan loss provision.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release.  The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

              $ Change from
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Sep 30,
 2016
  Dec 31,
 2015
Deposits                  
Non-interest bearing deposits $ 2,041,852     2,098,747     1,918,310     (56,895 )   123,542  
NOW and DDA accounts 1,588,550     1,514,330     1,516,026     74,220     72,524  
Savings accounts 996,061     938,547     838,274     57,514     157,787  
Money market deposit accounts 1,464,415     1,442,602     1,382,028     21,813     82,387  
Certificate accounts 948,714     975,521     1,060,650     (26,807 )   (111,936 )
Core deposits, total 7,039,592     6,969,747     6,715,288     69,845     324,304  
Wholesale deposits 332,687     339,572     229,720     (6,885 )   102,967  
Deposits, total 7,372,279     7,309,319     6,945,008     62,960     427,271  
Repurchase agreements 473,650     401,243     423,414     72,407     50,236  
Federal Home Loan Bank advances 251,749     211,833     394,131     39,916     (142,382 )
Other borrowed funds 4,440     5,956     6,602     (1,516 )   (2,162 )
Subordinated debentures 125,991     125,956     125,848     35     143  
Other liabilities 105,622     114,789     117,579     (9,167 )   (11,957 )
Total liabilities $ 8,333,731     8,169,096     8,012,582     164,635     321,149  
 

Non-interest bearing deposits of $2.042 billion at December 31, 2016 decreased $57 million, or 3 percent, from the prior quarter which was primarily driven by seasonal fluctuations.  Excluding the TSB acquisition, non-interest bearing deposits increased $111 million, or 6 percent, from December 31, 2015.  Core interest bearing deposits of $4.998 billion at current year end increased $126.7 million, or 3 percent, from the prior quarter.  Excluding the TSB acquisition, core interest bearing deposits increased $155 million, or 3 percent, from December 31, 2015.  Wholesale deposits (i.e., brokered deposits classified as NOW, DDA, money market deposit and certificate accounts) of $333 million at December 31, 2016 increased $103 million since December 31, 2015, the majority of the increase was driven by a need to obtain wholesale deposits necessary for an interest rate swap.

Securities sold under agreements to repurchase (“repurchase agreements”) of $474 million at December 31, 2016 increased $72.4 million, or 18 percent, from the prior quarter and increased $50.2 million, or 12 percent, from the prior year end.  Repurchase agreements fluctuated as certain customers had significant deposit cash flows.  Federal Home Loan Bank (“FHLB”) advances of $252 million at December 31, 2016 increased $39.9 million, or 19 percent, during the current quarter to supplement the current quarter deposit growth used to fund asset growth.

Stockholders’ Equity Summary

              $ Change from
  Dec 31,   Sep 30,   Dec 31,   Sep 30,   Dec 31,
(Dollars in thousands, except per share data) 2016 2016 2015 2016 2015
Common equity $ 1,124,251     1,130,941     1,074,661     (6,690 )   49,590  
Accumulated other comprehensive income (7,382 )   16,838     1,989     (24,220 )   (9,371 )
Total stockholders’ equity 1,116,869     1,147,779     1,076,650     (30,910 )   40,219  
Goodwill and core deposit intangible, net (159,400 )   (160,008 )   (155,193 )   608     (4,207 )
Tangible stockholders’ equity $ 957,469     987,771     921,457     (30,302 )   36,012  
 
Stockholders’ equity to total assets 11.82 %   12.32 %   11.85 %        
Tangible stockholders’ equity to total tangible assets 10.31 %   10.79 %   10.31 %        
Book value per common share $ 14.59     15.00     14.15     (0.41 )   0.44  
Tangible book value per common share $ 12.51     12.91     12.11     (0.40 )   0.40  

Tangible stockholders’ equity of $957 million at December 31, 2016 decreased $30.3 million, or 3 percent, from the prior quarter primarily as a result of declaring a special and quarterly dividend coupled with a decrease in accumulated other comprehensive income.  The decrease in the accumulated other comprehensive income resulted from a decrease in the unrealized gain on the available-for-sale securities portfolio due to a rise in interest rates; such decrease was partially offset by the decrease in the unrealized loss on the interest rate swaps.  Tangible stockholders’ equity increased $36.0 million, or 4 percent, from a year ago, the result of earnings retention and $10.5 million of Company stock issued in connection with the TSB acquisition; such increases more than offset the increase in goodwill and other intangibles from the acquisition and the decrease in accumulated other comprehensive income.  Tangible book value per common share at quarter end decreased $0.40 per share from the prior quarter primarily driven by the decrease in other comprehensive income.  Tangible book value per common share increased $0.40 per share from a year ago and was principally due to earnings retention.

Cash Dividend
On December 28, 2016, the Company’s Board of Directors declared a special cash dividend of $0.30 per share, the thirteenth special dividend approved by the Company.  The dividend was payable January 19, 2017 to shareholders of record January 10, 2017.  On November 15, 2016, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share.  The dividend was payable December 15, 2016 to shareholders of record December 6, 2016.  Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended December 31, 2016
Compared to September 30, 2016, June 30, 2016, March 31, 2016  and December 31, 2015

Income Summary

  Three Months ended
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Jun 30,
 2016
  Mar 31,
 2016
  Dec 31,
 2015
Net interest income                  
Interest income $ 87,759     85,944     86,069     84,381     83,211  
Interest expense 7,214     7,318     7,424     7,675     7,215  
Total net interest income 80,545     78,626     78,645     76,706     75,996  
Non-interest income                  
Service charges and other fees 15,645     16,307     15,772     14,681     15,418  
Miscellaneous loan fees and charges 1,234     1,195     1,163     1,021     922  
Gain on sale of loans 9,765     9,592     8,257     5,992     6,033  
(Loss) gain on sale of investments (757 )   (594 )   (220 )   108     143  
Other income 2,127     1,793     1,787     2,450     1,951  
Total non-interest income 28,014     28,293     26,759     24,252     24,467  
  $ 108,559     106,919     105,404     100,958     100,463  
Net interest margin (tax-equivalent) 4.02 %   4.00 %   4.06 %   4.01 %   4.02 %
                   
      $ Change from
(Dollars in thousands)     Sep 30,
 2016
  Jun 30,
 2016
  Mar 31,
 2016
  Dec 31,
 2015
Net interest income                  
Interest income     $ 1,815     1,690     3,378     4,548  
Interest expense     (104 )   (210 )   (461 )   (1 )
Total net interest income     1,919     1,900     3,839     4,549  
Non-interest income                  
Service charges and other fees     (662 )   (127 )   964     227  
Miscellaneous loan fees and charges     39     71     213     312  
Gain on sale of loans     173     1,508     3,773     3,732  
(Loss) gain on sale of investments     (163 )   (537 )   (865 )   (900 )
Other income     334     340     (323 )   176  
Total non-interest income     (279 )   1,255     3,762     3,547  
      $ 1,640     3,155     7,601     8,096  
 

Net Interest Income
In the current quarter, interest income of $87.8 million increased $1.8 million, or 2 percent, from the prior quarter and was primarily attributable to the increase in interest income from commercial  loans.  As a result of loan growth, commercial loan interest income increased $2.1 million, or 4 percent, during the current quarter.  Current quarter interest income increased $4.5 million, or 5 percent, over the prior year fourth quarter also because of increases in interest income on commercial loans which increased $6.6 million, or 15 percent, which more than offset the $2.1 million decrease in investment income.

The current quarter interest expense of $7.2 million decreased $104 thousand, or 1 percent, from the prior quarter with such decrease driven from a decrease in FHLB interest expense as the funding needs have lessened with the deposit growth.  The total cost of funding (including non-interest bearing deposits) for the current quarter was 36 basis points compared to 37 basis points for both the prior quarter and the prior year fourth quarter.

The Company’s net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 4.02 percent compared to 4.00 percent in the prior quarter.  During the current quarter, the earning asset yield increased by 2 basis points.  The Company’s current quarter net interest margin remained the same compared to the prior year fourth quarter.  “Once again, the bank divisions have maintained good discipline in loan and deposit pricing as reflected in achieving a net interest margin above 4.00 percent in each quarter of the year,” said Ron Copher, Chief Financial Officer.  “The Bank divisions remain focused on quality loan and deposit growth, especially non-interest bearing deposits.”

Non-interest Income
Non-interest income for the current quarter totaled $28.0 million, a decrease of $279 thousand, or 1 percent, from the prior quarter and an increase of $3.5 million, or 15 percent, over the same quarter last year.  Service fee income of $15.6 million, decreased by $662 thousand, or 4 percent, from the prior quarter and increased $227 thousand, or 1 percent, from the prior year fourth quarter.  Gain on sale of loans for the current quarter increased $173 thousand, or 2 percent, from the prior quarter.  Gain on sale of loans for the current quarter increased $3.7 million, or 62 percent, from the prior year fourth quarter as a result of the housing market continuing to strengthen during the current year coupled with the low interest rate environment.  Other income of $2.1 million, increased $334 thousand, or 19 percent, over the prior quarter and increased $176 thousand, or 9 percent, over the prior year fourth quarter principally due to the current quarter gain on sale of other real estate owned (“OREO”).  Other income included operating revenue of $43 thousand from OREO and a gain of $438 thousand from the sale of OREO, a combined total of $481 thousand for the current quarter compared to $168 thousand for the prior quarter and $239 thousand for the prior year fourth quarter.

Non-interest Expense Summary

  Three Months ended
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Jun 30,
 2016
  Mar 31,
 2016
  Dec 31,
 2015
Compensation and employee benefits $ 38,826     38,370     37,560     36,941     35,902  
Occupancy and equipment 6,692     6,168     6,443     6,676     6,578  
Advertising and promotions 2,125     2,098     2,085     2,125     2,035  
Data processing 3,409     4,080     3,938     3,373     3,245  
Other real estate owned 2,076     215     214     390     511  
Regulatory assessments and insurance 1,048     1,158     1,066     1,508     1,494  
Core deposit intangibles amortization 608     777     788     797     758  
Other expenses 11,933     12,314     12,367     10,546     11,680  
Total non-interest expense $ 66,717     65,180     64,461     62,356     62,203  
                   
      $ Change from
(Dollars in thousands)     Sep 30,
 2016
  Jun 30,
 2016
  Mar 31,
 2016
  Dec 31,
 2015
Compensation and employee benefits     $ 456     1,266     1,885     2,924  
Occupancy and equipment     524     249     16     114  
Advertising and promotions     27     40         90  
Data processing     (671 )   (529 )   36     164  
Other real estate owned     1,861     1,862     1,686     1,565  
Regulatory assessments and insurance     (110 )   (18 )   (460 )   (446 )
Core deposit intangibles amortization     (169 )   (180 )   (189 )   (150 )
Other expense     (381 )   (434 )   1,387     253  
Total non-interest expense     $ 1,537     2,256     4,361     4,514  
 

Non-interest expense of $66.7 million for the current quarter increased $1.5 million, or 2 percent, over the prior quarter and increased $4.5 million, or 7 percent, over the prior year fourth quarter.  Compensation and employee benefits for the current quarter increased by $456 thousand, or 1 percent, from the prior quarter.  Compensation and employee benefits for the current quarter increased by $2.9 million, or 8 percent, from the prior year fourth quarter due to the increased number of employees, including increases from the TSB acquisition and the acquisition of Cañon National Bank (“Cañon”) in October 2015, increased commissions from increased loan production and annual salary increases.  Current quarter occupancy and equipment expense increased $524 thousand, or 9 percent, from the prior quarter and increased $114 thousand, or 2 percent, from the prior year fourth quarter.  The current quarter data processing expense decreased $671 thousand, or 16 percent, from the prior quarter due to a decrease in CCP related expenses.  The current quarter data processing expense increased $164 thousand, or 5 percent, from the prior year fourth quarter.  The current quarter OREO expense of $2.1 million included $318 thousand of operating expense, $1.7 million of fair value write-downs, and $30 thousand of loss from the sales of OREO.  Current quarter other expenses of $11.9 million decreased $381 thousand, or 3 percent, from the prior quarter.  Current quarter other expenses increased $253 thousand, or 2 percent, from the prior year fourth quarter primarily driven by increases from costs associated with CCP.

Efficiency Ratio
The current quarter efficiency ratio was 55.08 percent, a 76 basis points decrease from the prior quarter efficiency ratio of 55.84 percent which resulted from the increase in interest income on commercial loans.  The current quarter efficiency ratio compared favorably to 56.52 percent in the prior year fourth quarter.  The 1.44 percent decrease in the efficiency ratio was the result of increased interest income on commercial loans and gain on sale of loans, which was greater than the increase in non-interest expense.

Operating Results for Year ended December 31, 2016
Compared to December 31, 2015

Income Summary

  Year ended   $ Change   % Change
(Dollars in thousands) December 31,
 2016
  December 31,
 2015
 
Net interest income              
Interest income $ 344,153     $ 319,681     $ 24,472     8 %
Interest expense 29,631     29,275     356     1 %
Total net interest income 314,522     290,406     24,116     8 %
Non-interest income              
Service charges and other fees 62,405     59,286     3,119     5 %
Miscellaneous loan fees and charges 4,613     4,276     337     8 %
Gain on sale of loans 33,606     26,389     7,217     27 %
(Loss) gain on sale of investments (1,463 )   19     (1,482 )   (7,800 )%
Other income 8,157     8,791     (634 )   (7 )%
Total non-interest income 107,318     98,761     8,557     9 %
  $ 421,840     $ 389,167     $ 32,673     8 %
Net interest margin (tax-equivalent) 4.02 %   4.00 %        
 

Net Interest Income
Net interest income for the the current year was $315 million, an increase of $24.1 million, or 8 percent, over the same period last year.  Interest income for the the current year increased $24.5 million, or 8 percent, from the prior year and was principally due to a $24.0 million increase in income from commercial loans.  Additional increases included a $1.3 million in interest income from residential loans.

Interest expense of $29.6 million for the current year increased $356 thousand, or 1 percent, over the the same period in the prior year.  Deposit interest expense for the current year increased $2.3 million, or 14 percent, from the prior year and was driven by an increase in wholesale deposits and the additional interest expense for an interest rate swap with a notional amount of $100 million that began accruing in December 2015.  FHLB interest expense decreased $2.6 million, or 30 percent, as the need for wholesale funding has decreased with strong deposit growth.  The total funding cost (including non-interest bearing deposits) for 2016 was 37 basis points compared to 40 basis points for 2015.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for 2016 was 4.02 percent, a 2 basis point increase from the net interest margin of 4.00 percent for 2015.  The increase in the margin was primarily attributable to a shift in earning assets to higher yielding loans combined with a continued increase in low cost deposits.

Non-interest Income
Non-interest income of $107.3 million for 2016 increased $8.6 million, or 9 percent, over the same period last year.  Service charges and other fees of $62.4 million for 2016 increased $3.1 million, or 5 percent, from the same period last year as a result of an increased number of deposit accounts, both from organic growth and from recent acquisitions.  The gain of $33.6 million on the sale of loans for 2016 increased $7.2 million, or 27 percent, from 2015 which was attributable to the stronger housing market and the low interest rate environment.  Included in other income was operating revenue of $127 thousand from OREO and gains of $918 thousand from the sales of OREO, which totaled $1.0 million for 2016 compared to $1.1 million for the prior year.

Non-interest Expense Summary

  Year ended   $ Change   % Change
(Dollars in thousands) December 31,
 2016
  December 31,
 2015
 
Compensation and employee benefits $ 151,697     $ 134,409     $ 17,288     13 %
Occupancy and equipment 25,979     25,505     474     2 %
Advertising and promotions 8,433     8,661     (228 )   (3 )%
Data processing 14,800     11,477     3,323     29 %
Other real estate owned 2,895     3,693     (798 )   (22 )%
Regulatory assessments and insurance 4,780     5,283     (503 )   (10 )%
Core deposit intangible amortization 2,970     2,964     6     %
Other expenses 47,160     44,765     2,395     5 %
Total non-interest expense $ 258,714     $ 236,757     $ 21,957     9 %
 

Non-interest expense of $259 million increased $22.0 million, or 9 percent, over the prior year.  Included in current year non-interest expense was $4.3 million of CCP related expenses.  Compensation and employee benefits for 2016 increased $17.3 million, or 13 percent, from the same period due to the increased number of employees including from the acquired banks and annual salary increases.  Occupancy and equipment expense of $26.0 million for 2016 increased $474 thousand, or 2 percent, over the prior year.  Outsourced data processing expense increased $3.3 million, or 29 percent, from the prior year primarily the result of additional costs from CCP.  OREO expense of $2.9 million in the current year decreased $798 thousand, or 22 percent, from the the prior year.  OREO expense for 2016 included $761 thousand of operating expenses, $1.8 million of fair value write-downs, and $314 thousand of loss from the sales of OREO.  Current year other expenses of $47.2 million increased $2.4 million, or 5 percent, from the prior year and was driven by increases from costs associated with CCP.

Provision for Loan Losses
The provision for loan losses was $2.3 million for 2016, an increase of $49 thousand, or 2 percent, from the same period in the prior year.  Net charge-offs during 2016 was $2.5 million compared to net charge-offs of $2.3 million for 2015.

Efficiency Ratio
The efficiency ratio was 55.88 percent for the twelve months of 2016 and 55.40 percent for the twelve months of 2015.  Although there were increases in both net interest income and non-interest income, such increases were outpaced by the increases in CCP expenses and compensation expenses which contributed to the higher efficiency ratio in 2016.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include, but are not limited to, statements about management’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or words of similar meaning.  These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.  The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations in the forward-looking statements, including those set forth in this news release:

  • the risks associated with lending and potential adverse changes of the credit quality of loans in the Company’s portfolio;
  • changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System or the Federal Reserve Board, which could adversely affect the Company’s net interest income and profitability;
  • legislative or regulatory changes, including increased banking and consumer protection regulation that adversely affect the Company’s business;
  • ability to complete pending or prospective future acquisitions, limit certain sources of revenue, or increase cost of operations;
  • costs or difficulties related to the completion and integration of acquisitions;
  • the goodwill the Company has recorded in connection with acquisitions could become impaired, which may have an adverse impact on earnings and capital;
  • reduced demand for banking products and services;
  • the risks presented by continued public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow the Company through acquisitions;
  • consolidation in the financial services industry in the Company’s markets resulting in the creation of larger financial institutions who may have greater resources could change the competitive landscape;
  • dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank divisions; 
  • potential interruption or breach in security of the Company’s systems and technological changes which could expose us to new risks (e.g., cybersecurity), fraud or system failures; and
  • the Company’s success in managing risks involved in the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, January 27, 2017.  The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 877-561-2748 and the conference ID is 45236374.  To participate on the webcast, log on to: http://edge.media-server.com/m/p/xxxuhk7z. If you are unable to participate during the live webcast, the call will be archived on our Web site, www.glacierbancorp.com, or by calling 855-859-2056 with the ID 45236374 until February 10, 2017.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 88 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and  is the parent company for Glacier Bank, Kalispell and Bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown, all operating in Montana; as well as Mountain West Bank, Coeur d’Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah; First Bank of Wyoming, Powell and First State Bank, Wheatland, each operating in Wyoming; North Cascades Bank, Chelan, operating in Washington; and Bank of the San Juans, Durango, operating in Colorado.

Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Financial Condition
 
(Dollars in thousands, except per share data) December 31,
 2016
  September 30,
 2016
  December 31,
 2015
Assets          
Cash on hand and in banks $ 135,268     129,727     117,137  
Federal funds sold     225     6,080  
Interest bearing cash deposits 17,273     121,461     70,036  
Cash and cash equivalents 152,541     251,413     193,253  
Investment securities, available-for-sale 2,425,477     2,292,079     2,610,760  
Investment securities, held-to-maturity 675,674     679,707     702,072  
Total investment securities 3,101,151     2,971,786     3,312,832  
Loans held for sale 72,927     71,069     56,514  
Loans receivable 5,684,463     5,595,962     5,078,681  
Allowance for loan and lease losses (129,572 )   (132,534 )   (129,697 )
Loans receivable, net 5,554,891     5,463,428     4,948,984  
Premises and equipment, net 176,198     178,638     194,030  
Other real estate owned 20,954     22,662     26,815  
Accrued interest receivable 45,832     50,138     44,524  
Deferred tax asset 67,121     51,757     58,475  
Core deposit intangible, net 12,347     12,955     14,555  
Goodwill 147,053     147,053     140,638  
Non-marketable equity securities 25,550     20,103     27,495  
Other assets 74,035     75,873     71,117  
Total assets $ 9,450,600     9,316,875     9,089,232  
Liabilities          
Non-interest bearing deposits $ 2,041,852     2,098,747     1,918,310  
Interest bearing deposits 5,330,427     5,210,572     5,026,698  
Securities sold under agreements to repurchase 473,650     401,243     423,414  
FHLB advances 251,749     211,833     394,131  
Other borrowed funds 4,440     5,956     6,602  
Subordinated debentures 125,991     125,956     125,848  
Accrued interest payable 3,584     3,439     3,517  
Other liabilities 102,038     111,350     114,062  
Total liabilities 8,333,731     8,169,096     8,012,582  
Stockholders’ Equity          
Preferred shares, $0.01 par value per share, 1,000,000  shares authorized, none issued or outstanding          
Common stock, $0.01 par value per share, 117,187,500  shares authorized 765     765     761  
Paid-in capital 749,107     748,463     736,368  
Retained earnings – substantially restricted 374,379     381,713     337,532  
Accumulated other comprehensive (loss) income (7,382 )   16,838     1,989  
Total stockholders’ equity 1,116,869     1,147,779     1,076,650  
Total liabilities and stockholders’ equity $ 9,450,600     9,316,875     9,089,232  
 
Glacier Bancorp, Inc.
Unaudited Condensed Consolidated Statements of Operations
 
  Three Months ended   Year ended
(Dollars in thousands, except per share data) December 31,
 2016
  September 30,
 2016
  December 31,
 2015
  December 31,
 2016
  December 31,
 2015
Interest Income                  
Investment securities $ 21,645     21,827     23,731     90,392     91,086  
Residential real estate loans 8,463     8,538     8,572     33,410     32,153  
Commercial loans 49,750     47,694     43,109     188,949     164,966  
Consumer and other loans 7,901     7,885     7,799     31,402     31,476  
Total interest income 87,759     85,944     83,211     344,153     319,681  
Interest Expense                  
Deposits 4,497     4,550     3,932     18,402     16,138  
Securities sold under agreements to repurchase 325     289     287     1,207     1,021  
Federal Home Loan Bank advances 1,377     1,527     2,156     6,221     8,841  
Federal funds purchased and other borrowed funds 18     17     18     67     81  
Subordinated debentures 997     935     822     3,734     3,194  
Total interest expense 7,214     7,318     7,215     29,631     29,275  
Net Interest Income 80,545     78,626     75,996     314,522     290,406  
Provision for loan losses 1,139     626     411     2,333     2,284  
Net interest income after provision for loan losses 79,406     78,000     75,585     312,189     288,122  
Non-Interest Income                  
Service charges and other fees 15,645     16,307     15,418     62,405     59,286  
Miscellaneous loan fees and charges 1,234     1,195     922     4,613     4,276  
Gain on sale of loans 9,765     9,592     6,033     33,606     26,389  
(Loss) gain on sale of investments (757 )   (594 )   143     (1,463 )   19  
Other income 2,127     1,793     1,951     8,157     8,791  
Total non-interest income 28,014     28,293     24,467     107,318     98,761  
Non-Interest Expense                  
Compensation and employee benefits 38,826     38,370     35,902     151,697     134,409  
Occupancy and equipment 6,692     6,168     6,578     25,979     25,505  
Advertising and promotions 2,125     2,098     2,035     8,433     8,661  
Data processing 3,409     4,080     3,245     14,800     11,477  
Other real estate owned 2,076     215     511     2,895     3,693  
Regulatory assessments and insurance 1,048     1,158     1,494     4,780     5,283  
Core deposit intangibles amortization 608     777     758     2,970     2,964  
Other expenses 11,933     12,314     11,680     47,160     44,765  
Total non-interest expense 66,717     65,180     62,203     258,714     236,757  
Income Before Income Taxes 40,703     41,113     37,849     160,793     150,126  
Federal and state income tax expense 9,662     10,156     8,341     39,662     33,999  
Net Income $ 31,041     30,957     29,508     121,131     116,127  
 
Glacier Bancorp, Inc.
Average Balance Sheets
 
  Three Months ended
  December 31, 2016   December 31, 2015
(Dollars in thousands) Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
  Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
Assets                      
Residential real estate loans $ 756,796     $ 8,463     4.47 %   $ 728,346     $ 8,572     4.71 %
Commercial loans 1 4,225,252     51,039     4.81 %   3,601,427     43,828     4.83 %
Consumer and other loans 677,300     7,901     4.64 %   648,683     7,799     4.77 %
Total loans 2 5,659,348     67,403     4.74 %   4,978,456     60,199     4.80 %
Tax-exempt investment securities 3 1,290,962     18,487     5.73 %   1,361,905     20,173     5.92 %
Taxable investment securities 4 1,809,816     9,813     2.17 %   1,988,643     11,176     2.25 %
Total earning assets 8,760,126     95,703     4.35 %   8,329,004     91,548     4.36 %
Goodwill and intangibles 159,771             147,572          
Non-earning assets 389,562             400,730          
Total assets $ 9,309,459             $ 8,877,306          
Liabilities                      
Non-interest bearing deposits $ 2,045,833     $     %   $ 1,918,399     $     %
NOW and DDA accounts 1,533,225     254     0.07 %   1,441,615     284     0.08 %
Savings accounts 979,377     134     0.05 %   811,804     97     0.05 %
Money market deposit accounts 1,451,803     548     0.15 %   1,372,881     522     0.15 %
Certificate accounts 961,707     1,393     0.58 %   1,081,921     1,607     0.59 %
Wholesale deposits 5 335,579     2,168     2.57 %   201,695     1,422     2.80 %
FHLB advances 220,921     1,377     2.44 %   332,910     2,156     2.53 %
Repurchase agreements and other borrowed funds 538,305     1,340     0.99 %   523,213     1,127     0.85 %
Total funding liabilities 8,066,750     7,214     0.36 %   7,684,438     7,215     0.37 %
Other liabilities 101,383             94,505          
Total liabilities 8,168,133             7,778,943          
Stockholders’ Equity                      
Common stock 765             759          
Paid-in capital 748,730             730,927          
Retained earnings 389,289             358,860          
Accumulated other comprehensive income 2,542             7,817          
Total stockholders’ equity 1,141,326             1,098,363          
Total liabilities and stockholders’ equity $ 9,309,459             $ 8,877,306          
Net interest income (tax-equivalent)     $ 88,489             $ 84,333      
Net interest spread (tax-equivalent)         3.99 %           3.99 %
Net interest margin (tax-equivalent)         4.02 %           4.02 %
__________
1  Includes tax effect of $1.3 million and $719 thousand on tax-exempt municipal loan and lease income for the three months ended December 31, 2016 and 2015, respectively.
2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $6.3 million and $7.3 million on tax-exempt investment securities income for the three months ended December 31, 2016 and 2015, respectively.
4  Includes tax effect of $353 thousand and $362 thousand on federal income tax credits for the three months ended December 31, 2016 and 2015, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.
 
Glacier Bancorp, Inc.
Average Balance Sheets (continued)
 
  Year ended
  December 31, 2016   December 31, 2015
(Dollars in thousands) Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
  Average
Balance
  Interest &
Dividends
  Average
Yield/
Rate
Assets                      
Residential real estate loans $ 741,876     $ 33,410     4.50 %   $ 687,013     $ 32,153     4.68 %
Commercial loans 1 3,993,363     193,147     4.84 %   3,459,470     167,587     4.84 %
Consumer and other loans 668,990     31,402     4.69 %   631,512     31,476     4.98 %
Total loans 2 5,404,229     257,959     4.77 %   4,777,995     231,216     4.84 %
Tax-exempt investment securities 3 1,325,810     75,907     5.73 %   1,328,908     77,199     5.81 %
Taxable investment securities 4 1,874,240     41,775     2.23 %   1,918,283     41,648     2.17 %
Total earning assets 8,604,279     375,641     4.37 %   8,025,186     350,063     4.36 %
Goodwill and intangibles 155,981             143,293          
Non-earning assets 392,353             389,126          
Total assets $ 9,152,613             $ 8,557,605          
Liabilities                      
Non-interest bearing deposits $ 1,934,543     $     %   $ 1,756,888     $     %
NOW and DDA accounts 1,498,928     1,062     0.07 %   1,371,340     1,074     0.08 %
Savings accounts 920,058     464     0.05 %   758,776     360     0.05 %
Money market deposit accounts 1,420,700     2,183     0.15 %   1,340,967     2,066     0.15 %
Certificate accounts 1,013,046     5,998     0.59 %   1,131,210     6,891     0.61 %
Wholesale deposits 5 335,616     8,695     2.59 %   206,889     5,747     2.78 %
FHLB advances 294,952     6,221     2.07 %   319,565     8,841     2.73 %
Repurchase agreements and other borrowed funds 515,254     5,008     0.97 %   509,431     4,296     0.84 %
Total funding liabilities 7,933,097     29,631     0.37 %   7,395,066     29,275     0.40 %
Other liabilities 96,392             91,360          
Total liabilities 8,029,489             7,486,426          
Stockholders’ Equity                      
Common stock 763             755          
Paid-in capital 740,792             720,827          
Retained earnings 371,925             336,998          
Accumulated other comprehensive income 9,644             12,599          
Total stockholders’ equity 1,123,124             1,071,179          
Total liabilities and stockholders’ equity $ 9,152,613             $ 8,557,605          
Net interest income (tax-equivalent)     $ 346,010             $ 320,788      
Net interest spread (tax-equivalent)         4.00 %           3.96 %
Net interest margin (tax-equivalent)         4.02 %           4.00 %
__________                          
1  Includes tax effect of $4.2 million and $2.6 million on tax-exempt municipal loan and lease income for the year ended December 31, 2016 and 2015, respectively.
2  Total loans are gross of the allowance for loan and lease losses, net of unearned income and include loans held for sale.  Non-accrual loans were included in the average volume for the entire period.
3  Includes tax effect of $25.9 million and $26.3 million on tax-exempt investment securities income for the year ended December 31, 2016 and 2015, respectively.
4  Includes tax effect of $1.4 million and $1.4 million on federal income tax credits for the year ended December 31, 2016 and 2015, respectively.
5  Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts.
 
Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification
 
  Loans Receivable, by Loan Type   % Change from
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Sep 30,
 2016
  Dec 31,
 2015
Custom and owner occupied construction $ 86,233     $ 82,935     $ 75,094     4 %   15 %
Pre-sold and spec construction 66,184     66,812     50,288     (1 )%   32 %
Total residential construction 152,417     149,747     125,382     2 %   22 %
Land development 75,078     68,597     62,356     9 %   20 %
Consumer land or lots 97,449     96,798     97,270     1 %   %
Unimproved land 69,157     69,880     73,844     (1 )%   (6 )%
Developed lots for operative builders 13,254     13,256     12,336     %   7 %
Commercial lots 30,523     27,512     22,035     11 %   39 %
Other construction 257,769     246,753     156,784     4 %   64 %
Total land, lot, and other construction 543,230     522,796     424,625     4 %   28 %
Owner occupied 977,932     963,063     938,625     2 %   4 %
Non-owner occupied 929,729     890,981     774,192     4 %   20 %
Total commercial real estate 1,907,661     1,854,044     1,712,817     3 %   11 %
Commercial and industrial 686,870     697,598     649,553     (2 )%   6 %
Agriculture 407,208     425,645     367,339     (4 )%   11 %
1st lien 877,893     883,034     856,193     (1 )%   3 %
Junior lien 58,564     61,788     65,383     (5 )%   (10 )%
Total 1-4 family 936,457     944,822     921,576     (1 )%   2 %
Multifamily residential 184,068     204,395     201,542     (10 )%   (9 )%
Home equity lines of credit 402,614     399,446     372,039     1 %   8 %
Other consumer 155,193     154,547     150,469     %   3 %
Total consumer 557,807     553,993     522,508     1 %   7 %
Other 381,672     313,991     209,853     22 %   82 %
Total loans receivable, including loans held for sale 5,757,390     5,667,031     5,135,195     2 %   12 %
Less loans held for sale 1 (72,927 )   (71,069 )   (56,514 )   3 %   29 %
Total loans receivable $ 5,684,463     $ 5,595,962     $ 5,078,681     2 %   12 %
_______                                  
Loans held for sale are primarily 1st lien 1-4 family loans.
 
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification
 
   

Non-performing Assets, by Loan Type

  Non-
Accrual
Loans
  Accruing
Loans 90 Days
or More Past
Due
  Other
Real Estate
Owned
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Dec 31,
 2016
  Dec 31,
 2016
  Dec 31,
 2016
Custom and owner occupied construction $     375     1,016              
Pre-sold and spec construction 226     250         226          
Total residential construction 226     625     1,016     226          
Land development 9,864     11,717     17,582     1,188         8,676  
Consumer land or lots 2,137     2,196     2,250     770         1,367  
Unimproved land 11,905     12,068     12,328     7,852         4,053  
Developed lots for operative builders 175     175     488             175  
Commercial lots 1,466     2,165     1,521             1,466  
Other construction         4,236              
Total land, lot and other construction 25,547     28,321     38,405     9,810         15,737  
Owner occupied 18,749     19,970     10,952     16,849     92     1,808  
Non-owner occupied 3,426     4,005     3,446     2,749         677  
Total commercial real estate 22,175     23,975     14,398     19,598     92     2,485  
Commercial and industrial 5,184     5,175     3,993     4,894     283     7  
Agriculture 1,615     2,329     3,281     1,615          
1st lien 9,186     9,333     10,691     6,734     393     2,059  
Junior lien 1,167     1,335     668     1,167          
Total 1-4 family 10,353     10,668     11,359     7,901     393     2,059  
Multifamily residential 400     432     113     400          
Home equity lines of credit 5,494     4,734     5,486     4,737     117     640  
Other consumer 391     182     228     151     214     26  
Total consumer 5,885     4,916     5,714     4,888     331     666  
Other     1,800     1,800              
Total $ 71,385     78,241     80,079     49,332     1,099     20,954  
 
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
 
  Accruing 30-
89 Days Delinquent Loans,  by Loan Type
  % Change from
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Sep 30,
 2016
  Dec 31,
 2015
Custom and owner occupied construction $ 1,836     $ 65     $ 462     2,725 %   297 %
Pre-sold and spec construction         181     n/m     (100 )%
Total residential construction 1,836     65     643     2,725 %   186 %
Land development 154         447     n/m     (66 )%
Consumer land or lots 638     130     166     391 %   284 %
Unimproved land 1,442     857     774     68 %   86 %
Other construction     7,125     337     (100 )%   (100 )%
Total land, lot and other construction 2,234     8,112     1,724     (72 )%   30 %
Owner occupied 2,307     586     2,760     294 %   (16 )%
Non-owner occupied 1,689     5,830     923     (71 )%   83 %
Total commercial real estate 3,996     6,416     3,683     (38 )%   8 %
Commercial and industrial 3,032     4,038     1,968     (25 )%   54 %
Agriculture 1,133     989     1,014     15 %   12 %
1st lien 7,777     3,439     6,272     126 %   24 %
Junior lien 1,016     977     1,077     4 %   (6 )%
Total 1-4 family 8,793     4,416     7,349     99 %   20 %
Multifamily Residential 10         662     n/m
    (98 )%
Home equity lines of credit 1,537     2,383     1,046     (36 )%   47 %
Other consumer 1,180     943     1,227     25 %   (4 )%
Total consumer 2,717     3,326     2,273     (18 )%   20 %
Other 1,866     22     97     8,382 %   1,824 %
Total $ 25,617     $ 27,384     $ 19,413     (6 )%   32 %
_______                                  
n/m – not measurable
 
Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)
 
  Net Charge-Offs (Recoveries), Year-to-Date
Period Ending, By Loan Type
  Charge-Offs   Recoveries
(Dollars in thousands) Dec 31,
 2016
  Sep 30,
 2016
  Dec 31,
 2015
  Dec 31,
 2016
  Dec 31,
 2016
Custom and owner occupied construction $ (1 )               1  
Pre-sold and spec construction 786     (39 )   (53 )   832     46  
Total residential construction 785     (39 )   (53 )   832     47  
Land development (2,661 )   (2,372 )   (288 )   29     2,690  
Consumer land or lots (688 )   (487 )   66     25     713  
Unimproved land (184 )   (114 )   (325 )       184  
Developed lots for operative builders (27 )   (23 )   (85 )   15     42  
Commercial lots 27     29     (26 )   33     6  
Other construction         (1 )        
Total land, lot and other construction (3,533 )   (2,967 )   (659 )   102     3,635  
Owner occupied 1,196     (354 )   247     1,621     425  
Non-owner occupied 44     9     93     60     16  
Total commercial real estate 1,240     (345 )   340     1,681     441  
Commercial and industrial (370 )   (643 )   1,389     1,114     1,484  
Agriculture 50     (29 )   50     105     55  
1st lien 487     132     834     720     233  
Junior lien 60     (15 )   (125 )   228     168  
Total 1-4 family 547     117     709     948     401  
Multifamily residential 229     229     (318 )   229      
Home equity lines of credit 611     450     740     864     253  
Other consumer 257     255     143     554     297  
Total consumer 868     705     883     1,418     550  
Other 2,642     1,329     (1 )   5,067     2,425  
Total $ 2,458     (1,643 )   2,340     11,496     9,038  
 

Visit our website at www.glacierbancorp.com

CONTACT:
                    Randall M. Chesler
                    (406) 751-4722
                    Ron J. Copher
                    (406) 751-7706

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iiCON Construction Group Receives “Exceptional” Government Ratings for Fort Worth Texas NAS Project

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Colorado Springs, CO, 2017-Jan-24 — /EPR Network/ — iiCON Construction Group (iiCON) announced today that they received across the board ‘Exceptional’ Government ratings for their completion of the B1792 F16 Flight Simulator Building Addition project by the Department of the Air Force, Air Force Reserves, 301st CONFLGC, Fort Worth TX.

Awarded the project in September, 2015, the project consisted of building a 2700SF addition to an existing building in a secure facility. iiCON completed the $1.7 million project six weeks ahead of schedule. The Contractor Performance Assessment Report gave iiCON exceptional ratings in all areas including quality, schedule, cost control, management, utilization of small businesses, regulatory compliance, punctuality, attitude and customer service. Additionally the report stated, “ The project management was beyond exceptional and the best ever seen in the COR’s 20 plus years of construction management.”

“To receive ‘Exceptional’ ratings across the board by the Department of the Air Force is a great achievement for our team,” said Greg Collier, iiCON Construction Group’s President. According to government guidelines ‘Exceptional’ ratings are given when the performance of multiple significant events meets and exceeds requirements to the Government’s benefit.

iiCON Construction Group provides a broad range of construction services to commercial and government clients in Colorado, Texas, Wyoming, Utah and New Mexico. For more information on iiCON Construction Group’s services, visit www.iiconcg.com.

About iiCON Construction Group: iiCON Construction Group is a Colorado Springs based general contractor specializing in government and commercial construction projects including higher education, K-12 education, hotel, student housing, medical, retail, high-tech and religious projects. Established in 2014, iiCON Construction Group serves customers in Colorado, Wyoming, Texas, Utah and New Mexico. The executive team has more than 34 years of commercial construction experience including completed projects totaling more than $1.1 Billion across multiple market sectors. For more information on the company, visit www.iiCONCG.com.

Company :iiCON Construction Group

Contact Name : Greg Collier

Contact No :(719) 623-7374

Contact Email:greg.collier@iiconcg.com

Address :76 S. Sierra Madre Ste 230, Colorado Springs, CO 80903

http://iiconcg.com/

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BestSelfTanner.org To Launch a Research Program Focused on Tanning Dangers

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BestSelfTanner.Org has said that it’ll launch a research program to investigate the dangers of tanning.

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January 26, 2017 (FPRC) — BestSelfTanner.Org, a premium cosmetics industry site that usually compares tanners from the leading brands, has launched a new investigative program to establish the dangers of using various tanning methods. This move comes at a time when hundreds of users have said that they suffered from various side effects of tanning. BestSelfTanner.Org has been a leading platform in the self-tanning space for quite a while now.

Traditionally, BestSelfTanner.Org has furnished users in the self-tanning domain with content on the safe use of various cosmetics. It’s estimated that over 3 million people are diagnosed with skin cancer in the United States alone. Skincare has become an increasingly important concern for a lot of people. Users of various skincare formulations are concerned about their safety and want to find out more about whether they have any long-term side effects. By interviewing major producers, conducting independent research, studying product ingredients and making other efforts, BestSelfTanner.Org has managed to do just fine when it comes to educating users.

LpKapil Yadav, who’s the founder and chief editor at BestSelfTanner.org, has said that the new platform seeks to make a difference in the market. The new research program is designed to help establish the dangers associated with various tanning method. There are a number of common tanning methods today, ranging from self-tanning to sunbathing, spray tanning and tanning beds. Usually, sunbathing and tanning beds have been associated with the greatest risk to the skin. The sun emits harmful UV radiation that can over the long-term lead to skin cancer and other serious ailments. In the same ways, tanning beds work on the same premise as sunbathing (UV rays). They have been associated with major skin health mishaps over the last one decade. Most new users do not understand the dangers of using sunbathing and tanning beds that are increasingly common in city salons. Thus, they blindly expose their skin to grave dangers in the name of scoring a sexy tan.

BestSelfTanner.org will seek to clearly lay out the disadvantages and dangers of using sunbathing and tanning bed as a way to get a tan. The platform has also said that through its new research, program, it’ll probe the most popular self-tanning lotions and mousses to find out whether they actually rely on healthy ingredients. Some tanning products have been reported to have chemical ingredients that do more harm rather than good for the skin. Mr. Yadav has said that skincare launches from both major cosmetics manufacturers and upcoming firms will be investigated. It appears that BestSelfTanner.org is looking to create some kind of whitelist that users can reference before they jump to the marketplace and purchase a tanning product or accessory. There likely will be a response from some of the companies that will be mentioned adversely in the findings of this research.

For more information contact Joy Mclaren of Best Self Tanner

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Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three and Six Months Ended December 31, 2016

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SHREVEPORT, La., Jan. 26, 2017 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq:HFBL), the holding company of Home Federal Bank, reported net income for the three months ended December 31, 2016 of $763,000, an increase of $82,000, or 12.0%, compared to net income of $681,000 reported for the three months ended December 31, 2015. The Company’s basic and diluted earnings per share were $0.42 and $0.40, respectively, for the three months ended December 31, 2016 compared to basic and diluted earnings per share of $0.36 and $0.35, respectively, for the quarter ended December 31, 2015.

/EIN News/ — The Company reported net income of $1.8 million for the six months ended December 31, 2016, an increase of $143,000, or 8.8%, compared to $1.6 million for the six months ended December 31, 2015. The Company’s basic and diluted earnings per share were $0.97 and $0.94, respectively, for the six months ended December 31, 2016 compared to $0.85 and $0.83, respectively, for the six months ended December 31, 2015.

The increase in net income for the three months ended December 31, 2016 resulted primarily from an increase of $322,000, or 10.4%, in net interest income, a $201,000, or 32.4%, increase in non-interest income, and a decrease of $13,000, or 3.9%, in the provision for income tax expense, partially offset by a $180,000, or 6.8%, increase in non-interest expense, and a $274,000 increase in the provision for loan losses. The increase in net interest income for the three months ended December 31, 2016 was primarily due to a $310,000, or 8.3%, increase in total interest income and a decrease of $12,000, or 1.8%, in aggregate interest expense primarily due to a decrease in the average interest rate paid on deposits. The increase in the provision for loan losses was primarily due to the increased level of non-performing assets discussed below. The Company’s average interest rate spread was 3.47% for the three months ended December 31, 2016 compared to 3.39% for the three months ended December 31, 2015. The Company’s net interest margin was 3.65% for the three months ended December 31, 2016 compared to 3.58% for the three months ended December 31, 2015. The increase in the average interest rate spread on a comparative quarterly basis was primarily the result of a decrease of nine basis points in average rate on interest-bearing liabilities.  The increase in net interest margin was primarily the result of a higher average volume of interest-earning assets for the three months ended December 31, 2016 compared to the prior year quarterly period.

The increase in net income for the six months ended December 31, 2016 resulted primarily from an increase of $601,000, or 9.6%, in net interest income, and an increase of $407,000, or 26.6%, in non-interest income, partially offset by an increase of $322,000, or 6.1%, in non-interest expense, an increase of $34,000, or 4.4%, in income tax expense, and an increase of $509,000, or 559.3%, in the provision for loan losses. The increase in net interest income for the six month period was primarily due to a $560,000, or 7.4%, increase in total interest income, and a $41,000, or 3.1%, decrease in interest expense on borrowings and deposits due to a decrease in the average interest rate on interest bearing liabilities.  The Company’s average interest rate spread was 3.53% for the six months ended December 31, 2016 compared to 3.43% for the six months ended December 31, 2015.  The Company’s net interest margin was 3.71% for the six months ended December 31, 2016 compared to 3.62% for the six months ended December 31, 2015.  The increase in the average interest rate spread is attributable primarily to a decrease of eight basis points in average rate on interest bearing liabilities. The increase in net interest margin was primarily the result of a higher average volume of interest earning assets for the six months ended December 31, 2016 compared to the prior six month period.

The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

  For the Three Months Ended December 31,
    2016       2015  
               
   Average
Balance
  Average
Yield/Rate 
   Average
Balance
  Average
Yield/Rate 
                       
  (Dollars in thousands)
Interest-earning assets:                      
  Loans receivable $  306,598    4.95 %   $  276,657    5.12 %
  Investment securities   60,512   1.72       41,236   1.85  
  Interest-earning deposits    6,463    0.46        26,337    0.31  
  Total interest-earning assets $  373,573   4.35 %   $  344,230   4.36 %
                       
Interest-bearing liabilities:                      
  Savings accounts $  33,230   0.45 %   $  22,143     0.38 %
  NOW accounts   34,270   0.56       34,574     0.89  
  Money market accounts   46,055   0.32       46,635     0.30  
  Certificates of deposit    139,848    1.26        145,289    1.29  
  Total interest-bearing deposits   253,403   0.89       248,641   0.96  
  Other bank borrowings   550     3.25       742     3.58  
  FHLB advances    43,059    0.82        26,310    0.96  
  Total interest-bearing liabilities   $  297,012   0.88 %   $  275,693   0.97 %
    For the Six Months Ended December 31,
                 
      2016       2015  
    Average
Balance
  Average
Yield/Rate
  Average
Balance
  Average
Yield/Rate
                         
    (Dollars in thousands)
  Interest-earning assets:                      
    Loans receivable $  306,572   5.02 %   $  280,407   5.12 %
    Investment securities   58,782   1.56       42,603   1.82  
    Interest-earning deposits     4,563   0.52        23,342   0.28  
    Total interest-earning assets $  369,917     4.41 %   $  346,352     4.39 %
                         
  Interest-bearing liabilities:                      
    Savings accounts $  31,389    0.44 %   $  21,156    0.37 %
    NOW accounts   35,226     0.56       34,873     0.88  
    Money market accounts   46,982     0.32       47,168     0.31  
    Certificates of deposit    137,094     1.26        145,523     1.29  
    Total interest-bearing deposits   250,691     0.88       248,720     0.97  
 Other bank borrowings   475      3.25       371      3.58  
    FHLB advances    44,457      0.83        28,340      0.88  
    Total interest-bearing liabilities   $  295,623      0.88 %   $  277,431      0.96 %
                         

The $201,000 increase in non-interest income for the three months ended December 31, 2016 compared to the prior year quarterly period was due to an increase of $159,000 in gain on sale of loans, and an increase of $45,000 in service charges on deposit accounts, partially offset by a decrease of $3,000 in income on bank owned life insurance.  The $407,000 increase in non-interest income for the six months ended December 31, 2016 compared to the prior year period was primarily due to increases of $231,000 in gain on sale of loans, $110,000 in gain on sale of real estate, and $75,000 in service charges on deposit accounts, partially offset by a $6,000 decrease in income on bank owned life insurance and a $3,000 decrease in other non-interest income. The Company sells most of its long term fixed rate residential mortgage loan originations primarily in order to manage interest rate risk.

The $180,000 increase in non-interest expense for the three months ended December 31, 2016, compared to the same period in 2015, is primarily attributable to increases of $136,000 in compensation and benefits expense, $35,000 in occupancy and equipment expense, $29,000 in advertising expense, $15,000 in loan and collection expense, $15,000 in franchise and bank share tax expense, and $12,000 in data processing expense.  The increases were partially offset by a decrease of $40,000 in deposit insurance premiums, $16,000 in other non-interest expenses, $4,000 in legal fees, and $2,000 in audit and examination fees.  The $322,000 increase in non-interest expense for the six months ended December 31, 2016, compared to the same period in 2015, is primarily attributable to increases of $149,000 in compensation and benefits expense, $104,000 in occupancy and equipment expense, $40,000 in advertising expense, $37,000 in data processing expense, $31,000 in loan and collection expense, $20,000 in franchise and bank share tax expense, and $10,000 in legal fees.  These increases were partially offset by a decrease of $55,000 in deposit insurance premiums, and $14,000 in other non-interest expense.  The increases in compensation and benefits expense were primarily due to increases in the compensation paid to mortgage lenders along with increases in support staff for the mortgage lenders and staffing a new branch that opened in North Shreveport in May 2016.

At December 31, 2016, the Company reported total assets of $410.3 million, an increase of $28.6 million, or 7.5%, compared to total assets of $381.7 million at June 30, 2016. The increase in assets was comprised primarily of increases in investment securities of $14.1 million, or 26.8%, from $52.5 million at June 30, 2016 to $66.6 million at December 31, 2016, loans receivable, net of $6.3 million, or 2.2%, from $290.8 million at June 30, 2016 to $297.1 million at December 31, 2016, and an increase in cash and cash equivalents of $8.9 million, or 186.9%, from $4.8 million at June 30, 2016 to $13.6 million at December 31, 2016.  These increases were partially offset by a decrease in loans held for sale of $1.0 million, or 8.3%, from $11.9 million at June 30, 2016 to $10.9 million at December 31, 2016.  The increase in investment securities was primarily due to the purchase of $22.8 million of held-to-maturity securities, partially offset by principal repayments on mortgage-backed securities of $7.8 million during the period.  We chose to place the securities in held-to-maturity as part of our interest rate risk management strategy.  The decrease in loans held-for-sale results primarily from a decrease at December 31, 2016 in receivables from financial institutions purchasing the Company’s loans held-for-sale.

The following table shows total loans originated and sold during the periods indicated.

     
  Six Months Ended
December 31,
 
   2016       2015      % Change
                     
  (In thousands)  
Loan originations:                    
  One- to four-family residential $  65,992     $ 57,458     14.9 %
  Commercial — real estate secured:                    
  Owner occupied   38,663       23,461     64.8 %
  Non-owner occupied   4,537       1,070     324.0 %
  Multi-family residential   986       15       6,473.3 %
  Commercial business   22,239       16,439     35.3 %
  Land   5,779        3,143       83.9 %
  Construction   10,410        9,901     5.1 %
  Home equity loans and lines of credit and other consumer       5,030        4,015       25.3 %
  Total loan originations $ 153,636     $ 115,502     33.0 %
Loans sold $ (59,017 )   $  (54,089 )      9.1 %

Included in the $10.4 million and $9.9 million of construction loan originations for the six months ended December 31, 2016 and 2015, respectively, are approximately $9.4 million and $9.8 million, respectively, of one- to four-family residential construction loans and $1.0 million and $135,000, respectively, of commercial and multi-family construction loans, all of which are primarily located in the Company’s market area.

Total liabilities increased $27.9 million, or 8.2%, from $338.3 million at June 30, 2016 to $366.2 million at December 31, 2016, primarily due to an increase in total deposits of $22.8 million, or 7.9%, to $310.7 million at December 31, 2016 compared to $287.8 million at June 30, 2016, and an increase in advances from the Federal Home Loan Bank of $5.4 million, or 11.3%, to $53.0 million at December 31, 2016 compared to $47.7 million at June 30, 2016.  The increase in deposits was primarily due to a $17.8 million, or 45.3%, increase in non-interest bearing demand deposits from $39.3 million at June 30, 2016 to $57.1 million at December 31, 2016, an $8.7 million, or 6.6%, increase in certificates of deposit from $132.5 million at June 30, 2016 to $141.2 million at December 31, 2016, and a $5.6 million, or 19.3%, increase in savings deposits from $29.0 million at June 30, 2016 to $34.6 million at December 31, 2016, partially offset by a decrease of $4.7 million, or 12.4%, in NOW accounts from $37.8 million at June 30, 2016 to $33.1 million at December 31, 2016 and a decrease of $4.5 million, or 9.1%, in money market deposits from $49.3 million at June 30, 2016 to $44.8 million at December 31, 2016. At December 31, 2016, the Company had $14.4 million in brokered deposits compared to $8.2 million at June 30, 2016. The increase in brokered deposits is due to purchases of $10.0 million in brokered deposits during the six months ended December 31, 2016, partially offset by $3.8 million of brokered deposits that had matured during the period. The brokered certificates of deposit which have maturity dates greater than twelve months are callable by Home Federal Bank after twelve months pursuant to early redemption provisions.

At December 31, 2016, the Company had $4.2 million of non-performing assets compared to $114,000 of non-performing assets at June 30, 2016 consisting of five single-family residential loans, one land loan, and fifteen commercial business loans at December 31, 2016 compared to two single family residential loans at June 30, 2016. At December 31, 2016, the Company had four single family residential loans, one commercial real estate loan, one land loan, and fifteen commercial business loans to two borrowers classified as substandard compared to two single family residential loans, one commercial real estate loan and nine commercial business loans to one borrower at June 30, 2016. There were no loans classified as doubtful at December 31, 2016 or June 30, 2016.  During the quarter ended December 31, 2016, we became aware that two borrowers related to the fifteen commercial business loans in the aggregate amount of $2.8 million that are classified as substandard filed for Chapter 11 (reorganization) bankruptcy protection during this period.  We are continuing to monitor these credits and presently believe that our allowance for loan losses at December 31, 2016 is adequate.  No additional losses are currently anticipated with respect to these loans.

Shareholders’ equity increased $746,000, or 1.7%, to $44.1 million at December 31, 2016 from $43.4 million at June 30, 2016.  The primary reasons for the increase in shareholders’ equity from June 30, 2016 were net income of $1.8 million, the vesting of restricted stock awards, stock options and the release of employee stock ownership plan shares totaling $307,000, and proceeds from the issuance of common stock from the exercise of stock options and release of share awards of $177,000.  These increases in shareholders’ equity were partially offset by dividends paid totaling $353,000, acquisition of Company stock of $525,000, and a decrease in the Company’s accumulated other comprehensive income of $625,000.

The Company repurchased 21,278 shares of its common stock under its stock repurchase program during the six months ended December 31, 2016 at an average price per share of $23.70. On October 12, 2016, the Company announced that its Board of Directors approved a seventh stock repurchase program for the repurchase of up to 97,000 shares to commence after the completion of the sixth stock repurchase program.  As of December 31, 2016, there were an aggregate total of 107,533 shares remaining for repurchase under the sixth and seventh stock repurchase programs.

Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its six full-service banking offices and home office in northwest Louisiana.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  We undertake no obligation to update any forward-looking statements.

Home Federal Bancorp, Inc. of Louisiana
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
 
  December 31, 2016   June 30, 2016
           
ASSETS (Unaudited)
           
Cash and cash equivalents $  13,646   $   4,756
Securities available for sale at fair value   42,039     50,173
Securities held to maturity (fair value December 31, 2016: $21,242; June 30, 2016: $2,349)   24,542     2,349
Loans held-for-sale   10,931     11,919
Loans receivable, net of allowance for loan losses (December 31, 2016: $3,439; June 30, 2016: $2,845)   297,115     290,827
Premises and equipment, net   12,047     12,366
Other assets      9,988       9,311
           
  Total assets $  410,308   $ 381,701
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Deposits $  310,654    $ 287,822
Advances from the Federal Home Loan Bank of Dallas   53,037     47,665
Other borrowings   700         400
Other liabilities      1,779      2,422
           
  Total liabilities   366,170     338,309
           
Shareholders’ equity     44,138       43,392
           
  Total liabilities and shareholders’ equity $  410,308   $  381,701
   
  Home Federal Bancorp, Inc. of Louisiana
  CONSOLIDATED STATEMENTS OF INCOME
  (In thousands, except per share data)
   
    Three Months Ended   Six Months Ended
    December 31,   December 31,
                         
     2016
   2015
   2016    2015
                       
    (Unaudited)
                         
  Interest income                      
    Loans, including fees 3,794   $ 3,541   $    7,688   $ 7,177 
    Investment securities 8     1     13     3
    Mortgage-backed securities 252     189     444     384
    Other interest-earning assets    8      21       12      33
    Total interest income   4,062      3,752       8,157      7,597
  Interest expense                      
    Deposits 563     599     1,103     1,204
    Federal Home Loan Bank borrowings 89     63     184     125
    Other bank borrowings     5      7      8      7
    Total interest expense   657      669        1,295       1,336
    Net interest income   3,405     3,083     6,862     6,261
                         
  Provision for loan losses   300      26       600       91
    Net interest income after provision for loan losses     3,105      3,057       6,262      6,170
                         
  Non-interest income                      
    Gain on sale of loans 587     428     1,385     1,154
    Gain on sale of real estate         110    
    Income on Bank Owned Life Insurance 37     40     74     80
    Service charges on deposit accounts 184     139     347     272
    Other income   13      13        23       26
                         
      Total non-interest income   821      620      1,939      1,532
                         
  Non-interest expense                      
    Compensation and benefits 1,737     1,601     3,459     3,310
    Occupancy and equipment 311     276     618     514
    Data Processing 159     147     314     277
    Audit and Examination Fees 81     83     133     133
    Franchise and Bank Shares Tax 106     91     201     181
    Advertising 94     65     166     126
    Legal fees 147     151     228     218
    Loan and collection 49     34     148     117
    Deposit insurance premium 20     60     65     120
    Other expenses   142      158      289       303
                         
      Total non-interest expense   2,846      2,666      5,621      5,299
                         
    Income before income taxes 1,080     1,011     2,580     2,403
  Provision for income tax expense   317      330      815       781
                         
    NET INCOME $  763   $   681   $   1,765   $ 1,622
                         
    EARNINGS PER SHARE                      
      Basic $     0.42   $     0.36       0.97   $     0.85
      Diluted $     0.40   $     0.35     0.94   $     0.83
    Three Months Ended       Six Months Ended  
  December 31,
    December 31,
                               
   2016     2015      2016      2015  
                               
  (Unaudited)
Selected Operating Ratios(1):        
  Average interest rate spread   3.47 %     3.39 %     3.53 %     3.43 %
  Net interest margin   3.65 %     3.58 %     3.71 %     3.62 %
  Return on average assets   0.76 %     0.74 %     0.89 %     0.88 %
  Return on average equity   6.43 %     5.94 %     7.48 %     7.08 %
                               
Asset Quality Ratios(2):                              
  Non-performing assets as a percent of total assets   1.01 %     0.07 %     1.01 %     0.07 %
  Allowance for loan losses as a percent of non-performing loans   82.67 %     1,068.55 %     82.67 %       1,068.55 %
  Allowance for loan losses as a percent of total loans receivable   1.14 %     0.98 %     1.14 %     0.98 %
                               
Per Share Data:                              
  Shares outstanding at period end   1,955,039       2,037,861       1,955,039       2,037,861  
  Weighted average shares outstanding:                              
  Basic   1,812,079       1,869,835       1,812,339       1,898,388  
  Diluted   1,895,901       1,941,371       1,887,090       1,964,824  
  Tangible book value at period end $    22.58      $    21.02     $  22.58     $  21.02  
                               

____________
(1)   Ratios for the three and six month periods are annualized.
(2)   Asset quality ratios are end of period ratios.

 

CONTACT:
                    James R. Barlow
                    President and Chief Executive Officer
                    (318) 222-1145

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Sax LLP Marks New Year with Strategic Addition to Partner Group

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tax services Clifton NJ

Clifton, NJ, 2017-Jan-24 — /EPR Network/ — Accounting, tax and advisory leader Sax LLP has announced the promotion of Marqus White, CPA, to the position of Partner. White, an 11-year veteran of the firm, assumed his new role effective January 1, 2017.

Formerly the director in charge of electronic tax filing and tax software implementation, White has led the development of policies and procedures that govern the firm’s use of technology and other resources for tax planning and compliance purposes. He is also instrumental in conducting tax-related training and education programs for the firm’s two offices in Clifton, N.J. and New York City. More details can be found at https://www.saxllp.com/services/tax/

As a partner, White will expand his leadership responsibilities over the technology, professional development and client service initiatives of the Sax tax department, which employs approximately one-quarter of the firm’s 150 employees. He will also continue to serve as Tax Lead on the Not-for-Profit Industry Services Group, servicing many of the firm’s largest not-for-profit clients and advising their boards on industry-specific tax issues.

“The depth of Marqus’s knowledge and expertise is an invaluable asset to our tax team and entire firm,” said Joseph A. Damiano, Managing Partner of Sax. “He epitomizes the values of client commitment and integrity that our firm is built on, and I am confident that his talents and positive impact will have an even farther reach in this new role.”

White is a graduate of Seton Hall University, where he earned a Bachelor of Science degree in Accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey State Society of Certified Public Accountants.

Sax LLP is an accounting and consultancy firm headquartered in Clifton, N.J. with an additional office in New York City. Sax states it is driven by its ability to turn every client’s dream into a reality as a forward-thinking multi-disciplinary accounting, tax, and financial services firm serving the needs of closely held companies, family-owned businesses, not-for-profit entities and high-net-worth individuals. For more information, visit https://www.saxllp.com/about/

Contact:
Sax LLP
Address: 855 Valley Road, Clifton, NJ 07013
Phone: (973) 472-6250
Email: info@saxllp.com
Website: https://www.saxllp.com

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Editor’s Pick

New Neptune Outdoor Tent by Tent World

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Tent World releases Neptune Beach Tent

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January 26, 2017 (FPRC) — Tent World has announced a new release, the Neptune family beach tent. This launch is part of an extensive series of outdoor tents that the brand has announced this year. According to Tent World’s brand manager, Ms. Ann Spencer, Neptune is a significantly large shelter dome that protects its occupants from scorching sun, rain showers and gusts of wind while they’re at the beach or in any other outdoor environment. Ms. Spencer has said this product will come with an illustrative color guide to enlighten users on how to make the best out of it.

Tent World is a brainchild of Thermalabs, a leading manufacturer of cosmetics and beach-related products based in New York City. Thermalabs is owned by young Israeli-Americans and runs a number of production centers in Israel and other countries around the world. The company has so far furnished the global cosmetics market with at least three dozen releases, most of which are premium tanning lotions. Thermalabs announced Tent World in 2015 as its new sub-brand that would take charge of marketing and distribution of all outdoor tents. Most Thermalabs – and by extension Tent World’s – products are marketed by Market Group, a major distribution firm based in New York.

Today, Tent World has launched a comprehensive series of outdoor tents each named after a planet in the solar system. The pilot tent was named Mercury, after the first planet in the solar system. It hit the market in December 2015 and featured a number of pro features that existing tents in the market didn’t have. Mercury Tent had a protective coating that shielded occupants from the sun’s harmful radiation, as well as an extra-comfy bottom that was ideal for kids. Each tent under the Tent World lineup is named after a planet in the solar system. The smallest tent is named Pluto, while the largest is named ‘The Sun’. Since the Pluto Tent is comparatively so small, it’s designed to match the needs of kids. The Sun tent can cater for a small group of beach-going friends or an entire family.

According to Ms. Spencer, Tent World’s Neptune blends simplicity and convenience. It provides a comfortable hiding place from adverse weather that can be used at the beach, at a camping location, picnic site, and any other outdoor location for that matter. Neptune Tent is relatively easy to use and can be folded down for storage within seconds. It measures a whopping 180 x 180 x 150 cm, making it a relatively large tent that can suit the needs of a small family. It comes with an illustrative colored guide, and a compact carry bag. Ms. Spencer has said that Tent World’s customers can now get this product from the parent’s company website (Thermalabs.com), or on Amazon.com.

For more information contact Adams Keller of Tent World

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