Peoples Bancorp of North Carolina, Inc.
NEWTON, NC / ACCESSWIRE / July 19, 2021 / Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK), the parent company of Peoples Bank, reported second quarter earnings results with highlights as follows:
Second quarter highlights:
- Net earnings were $4.6 million or $0.82 basic net earnings per share and $0.80 diluted net earnings per share for the three months ended June 30, 2021, as compared to $2.6 million or $0.46 basic net earnings per share and $0.44 diluted net earnings per share for the same period one year ago.
- The Bank originated 72 Small Business Administration (SBA) Paycheck Protection Program (PPP) loans, totaling $3.3 million, during the three months ended June 30, 2021. The Bank recognized $1.5 million in PPP loan fee income during the three months ended June 30, 2021.
Year to date highlights:
- Net earnings were $8.7 million or $1.55 basic net earnings per share and $1.51 diluted net earnings per share for the six months ended June 30, 2021, as compared to $4.9 million or $0.87 basic net earnings per share and $0.84 diluted net earnings per share for the same period one year ago.
- The Bank originated 419 SBA PPP loans, totaling $29.1 million, during the six months ended June 30, 2021. The Bank recognized $2.5 million in PPP loan fee income during the six months ended June 30, 2021.
- Core deposits were $1.4 billion or 98.09% of total deposits at June 30, 2021, compared to $1.1 billion or 97.88% of total deposits at June 30, 2020.
Lance A. Sellers, President and Chief Executive Officer, attributed the increase in second quarter net earnings to an increase in net interest income, a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by an increase in non-interest expense during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, as discussed below.
Net interest income was $11.7 million for the three months ended June 30, 2021, compared to $10.7 million for the three months ended June 30, 2020. The increase in net interest income was due to a $879,000 increase in interest income and a $70,000 decrease in interest expense. The increase in interest income was primarily due to a $823,000 increase in interest income and fees on loans, which was primarily due to a $1.5 million increase in fee income on SBA PPP loans. The decrease in interest expense was primarily due to a decrease in Federal Home Loan Bank ("FHLB") borrowings. Net interest income after the provision for loan losses was $11.9 million for the three months ended June 30, 2021, compared to $9.3 million for the three months ended June 30, 2020. The provision for loan losses for the three months ended June 30, 2021 was a credit of $226,000, compared to an expense of $1.4 million for the three months ended June 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves due to a net decrease in the volume of loans in the general reserve pool. At June 30, 2021, the balance of loans with existing modifications as a result of the COVID-19 pandemic was $283,000. At December 31, 2020, the balance of loans with existing modifications as a result of the COVID-19 pandemic was $18.3 million. The Company continues to track all loans that are currently modified or have been modified as a result of the COVID-19 pandemic. The loan balances associated with COVID-19 pandemic related modifications have been grouped into their own pool within the Company's Allowance for Loan and Lease Losses ("ALLL") model as they have a higher likelihood of risk, and a higher reserve rate has been applied to that pool. Of all loans modified as a result of the COVID-19 pandemic, $108.2 million have returned to their original terms; however, the effects of stimulus in the current environment are still unknown, and additional losses may be present in loans that are currently modified and/or loans that were once modified. At December 31, 2020, the balance for all loans that were then currently modified or previously modified but returned to their original terms was $119.6 million. The $11.4 million decrease from December 31, 2020 to June 30, 2021 in the balance of currently or previously modified loans that had returned to their original terms is primarily due to loans paid off during the six months ended June 30, 2021.
Non-interest income was $6.0 million for the three months ended June 30, 2021, compared to $5.2 million for the three months ended June 30, 2020. The increase in non-interest income is primarily attributable to a $593,000 increase in miscellaneous non-interest income primarily due to an increase in debit card income resulting from increased debit card activity and an increase in income on Small Business Investment Company ("SBIC") investments, and a $271,000 increase in appraisal management fee income due to an increase in the volume of appraisals.
Non-interest expense was $12.1 million for the three months ended June 30, 2021, compared to $11.5 million for the three months ended June 30, 2020. The increase in non-interest expense was primarily attributable to a $301,000 increase in appraisal management fee expense due to an increase in the volume of appraisals and a $170,000 increase in other non-interest expenses.
Year-to-date net earnings as of June 30, 2021 were $8.7 million or $1.55 basic net earnings per share and $1.51 diluted net earnings per share for the six months ended June 30, 2021, as compared to $4.9 million or $0.87 basic net earnings per share and $0.84 diluted net earnings per share for the same period one year ago. The increase in year-to-date net earnings is primarily attributable to an increase in net interest income, a decrease in the provision for loan losses and an increase in non-interest income, which were partially offset by an increase in non-interest expense during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, as discussed below.
Year-to-date net interest income as of June 30, 2021 was $22.8 million, compared to $21.9 million for the same period one year ago. The increase in net interest income was due to a $551,000 increase in interest income and a $296,000 decrease in interest expense. The increase in interest income was primarily due to a $807,000 increase in interest income and fees on loans, which was primarily due to a $2.5 million increase in fee income on SBA PPP loans. The decrease in interest expense was primarily due to a decrease in rates paid on interest-bearing liabilities and a decrease in FHLB borrowings. Net interest income after the provision for loan losses was $23.5 million for the six months ended June 30, 2021, compared to $19.0 million for the same period one year ago. The provision for loan losses for the six months ended June 30, 2021 was a credit of $681,000, compared to an expense of $2.9 million for the six months ended June 30, 2020. The decrease in the provision for loan losses is primarily attributable to a decrease in reserves on loans with payment modifications made as a result of the COVID-19 pandemic and a decrease in reserves due to a net decrease in the volume of loans in the general reserve pool.
Non-interest income was $11.9 million for the six months ended June 30, 2021, compared to $9.8 million for the six months ended June 30, 2020. The increase in non-interest income is primarily attributable to a $708,000 increase in mortgage banking income due to an increase in mortgage loan volume, a $737,000 increase in appraisal management fee income due to an increase in the volume of appraisals and a $1.0 million increase in miscellaneous non-interest income primarily due to an increase in debit card income resulting from increased debit card activity and an increase in income on SBIC investments.
Non-interest expense was $24.4 million for the six months ended June 30, 2021, compared to $22.9 million for the six months ended June 30, 2020. The increase in non-interest expense was primarily attributable to a $723,000 increase in appraisal management fee expense due to an increase in the volume of appraisals and a $590,000 increase in salaries and employee benefits expense primarily due to increases in insurance costs and incentive compensation.
Income tax expense was $1.2 million for the three months ended June 30, 2021, compared to $535,000 for the three months ended June 30, 2020. The effective tax rate was 20.55% for the three months ended June 30, 2021, compared to 17.28% for the three months ended June 30, 2020. Income tax expense was $2.2 million for the six months ended June 30, 2021, compared to $1.0 million for the six months ended June 30, 2020. The effective tax rate was 20.41% for the six months ended June 30, 2021, compared to 16.90% for the six months ended June 30, 2020.
Total assets were $1.6 billion as of June 30, 2021, compared to $1.4 billion at December 31, 2020. Available for sale securities were $367.5 million as of June 30, 2021, compared to $245.2 million as of December 31, 2020. Total loans were $888.4 million as of June 30, 2021, compared to $948.6 million as of December 31, 2020. The decrease in loans is primarily due to a $38.3 million decrease in PPP loans primarily due to PPP loans being forgiven by the SBA during the six months ended June 30, 2021 and a $33.7 million decrease in commercial loans due to loan payoffs during the six months ended June 30, 2021. The Company had $37.5 million and $75.8 million in PPP loans at June 30, 2021 and December 31, 2020, respectively.
Non-performing assets were $3.4 million or 0.21% of total assets at June 30, 2021, compared to $3.9 million or 0.27% of total assets at December 31, 2020. Non-performing assets include $3.3 million in commercial and residential mortgage loans and $67,000 in other loans at June 30, 2021, compared to $3.5 million in commercial and residential mortgage loans, $226,000 in other loans, and $128,000 in other real estate owned at December 31, 2020.
The allowance for loan losses at June 30, 2021 was $9.3 million or 1.05% of total loans, compared to $9.9 million or 1.04% of total loans at December 31, 2020. Management believes the current level of the allowance for loan losses is adequate; however, there is no assurance that additional adjustments to the allowance will not be required because of changes in economic conditions, regulatory requirements or other factors.
Deposits were $1.4 billion at June 30, 2021, compared to $1.2 billion at December 31, 2020. Core deposits, which include noninterest-bearing demand deposits, NOW, MMDA, savings and non-brokered certificates of deposit of denominations less than $250,000, were $1.4 billion at June 30, 2021, compared to $1.2 billion at December 31, 2020. Certificates of deposit in amounts of $250,000 or more totaled $26.6 million at June 30, 2021, compared to $25.8 million at December 31, 2020.
Securities sold under agreements to repurchase were $31.2 million at June 30, 2021, compared to $26.2 million at December 31, 2020. Junior subordinated debentures were $15.5 million at June 30, 2021 and December 31, 2020. Shareholders' equity was $145.4 million, or 9.09% of total assets, at June 30, 2021, compared to $139.9 million, or 9.89% of total assets, at December 31, 2020.
Peoples Bank currently operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg and Rowan Counties. The Company's common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol "PEBK."
Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate," and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by Peoples Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company's other filings with the Securities and Exchange Commission, including but not limited to those described in the Company's annual report on Form 10-K for the year ended December 31, 2020.
Contact: Lance A. Sellers
President and Chief Executive Officer
Jeffrey N. Hooper
Executive Vice President and Chief Financial Officer
828-464-5620, Fax 828-465-6780
CONSOLIDATED BALANCE SHEETS
June 30, 2021, December 31, 2020 and June 30, 2020
(Dollars in thousands)
| June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||
ASSETS: | ||||||||||||
Cash and due from banks | $ | 47,151 | $ | 42,737 | $ | 48,990 | ||||||
Interest-bearing deposits | 240,158 | 118,843 | 15,694 | |||||||||
Federal funds sold | - | - | 124,955 | |||||||||
Cash and cash equivalents | 287,309 | 161,580 | 189,639 | |||||||||
Investment securities available for sale | 367,529 | 245,249 | 207,469 | |||||||||
Other investments | 3,758 | 4,155 | 7,196 | |||||||||
Total securities | 371,287 | 249,404 | 214,665 | |||||||||
Mortgage loans held for sale | 5,501 | 9,139 | 10,594 | |||||||||
Loans | 888,360 | 948,639 | 966,543 | |||||||||
Less: Allowance for loan losses | (9,287 | ) | (9,908 | ) | (9,433 | ) | ||||||
Net loans | 879,073 | 938,731 | 957,110 | |||||||||
Premises and equipment, net | 17,217 | 18,600 | 18,480 | |||||||||
Cash surrender value of life insurance | 17,164 | 16,968 | 16,507 | |||||||||
Accrued interest receivable and other assets | 22,022 | 21,753 | 19,994 | |||||||||
Total assets | $ | 1,599,573 | $ | 1,416,175 | $ | 1,426,989 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ | 512,577 | $ | 456,980 | $ | 457,637 | ||||||
Interest-bearing demand, MMDA & savings | 775,009 | 657,834 | 594,948 | |||||||||
Time, $250,000 or more | 26,631 | 25,771 | 24,477 | |||||||||
Other time | 77,837 | 80,501 | 77,267 | |||||||||
Total deposits | 1,392,054 | 1,221,086 | 1,154,329 | |||||||||
Securities sold under agreements to repurchase | 31,249 | 26,201 | 31,747 | |||||||||
FHLB borrowings | - | - | 70,000 | |||||||||
Junior subordinated debentures | 15,464 | 15,464 | 15,464 | |||||||||
Accrued interest payable and other liabilities | 15,432 | 13,525 | 18,408 | |||||||||
Total liabilities | 1,454,199 | 1,276,276 | 1,289,948 | |||||||||
Shareholders' equity: | ||||||||||||
Preferred stock, no par value; authorized | ||||||||||||
5,000,000 shares; no shares issued and outstanding | - | - | - | |||||||||
Common stock, no par value; authorized | ||||||||||||
20,000,000 shares; issued and outstanding | ||||||||||||
5,789,166 shares at 6/30/21, | ||||||||||||
5,787,504 shares at 12/31/20 and 6/30/20 | 56,910 | 56,871 | 56,871 | |||||||||
Common stock held by deferred compensation trust, | ||||||||||||
at cost; 158,985 shares at 6/30/21, 155,469 shares | ||||||||||||
at 12/31/20 and 150,309 shares at 6/30/20 | (1,901 | ) | (1,796 | ) | (1,700 | ) | ||||||
Deferred compensation | 1,901 | 1,796 | 1,700 | |||||||||
Retained earnings | 84,504 | 77,628 | 72,942 | |||||||||
Accumulated other comprehensive income | 3,960 | 5,400 | 7,228 | |||||||||
Total shareholders' equity | 145,374 | 139,899 | 137,041 | |||||||||
Total liabilities and shareholders' equity | $ | 1,599,573 | $ | 1,416,175 | $ | 1,426,989 | ||||||
CONSOLIDATED STATEMENTS OF INCOME
For the three and six months ended June 30, 2021 and 2020
(Dollars in thousands, except per share amounts)
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
INTEREST INCOME: | ||||||||||||||||
Interest and fees on loans | $ | 11,003 | $ | 10,180 | $ | 21,667 | $ | 20,860 | ||||||||
Interest on due from banks | 48 | 41 | 83 | 84 | ||||||||||||
Interest on federal funds sold | - | 22 | - | 145 | ||||||||||||
Interest on investment securities: | ||||||||||||||||
U.S. Government sponsored enterprises | 682 | 651 | 1,220 | 1,336 | ||||||||||||
State and political subdivisions | 758 | 684 | 1,397 | 1,325 | ||||||||||||
Other | 26 | 60 | 72 | 138 | ||||||||||||
Total interest income | 12,517 | 11,638 | 24,439 | 23,888 | ||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Interest-bearing demand, MMDA & savings deposits | 543 | 448 | 1,040 | 973 | ||||||||||||
Time deposits | 191 | 224 | 403 | 501 | ||||||||||||
FHLB borrowings | - | 102 | - | 166 | ||||||||||||
Junior subordinated debentures | 71 | 90 | 142 | 220 | ||||||||||||
Other | 37 | 48 | 72 | 93 | ||||||||||||
Total interest expense | 842 | 912 | 1,657 | 1,953 | ||||||||||||
NET INTEREST INCOME | 11,675 | 10,726 | 22,782 | 21,935 | ||||||||||||
PROVISION FOR (RECOVERY OF) LOAN LOSSES | (226 | ) | 1,417 | (681 | ) | 2,938 | ||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||
PROVISION FOR LOAN LOSSES | 11,901 | 9,309 | 23,463 | 18,997 | ||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Service charges | 910 | 718 | 1,836 | 1,826 | ||||||||||||
Other service charges and fees | 171 | 162 | 383 | 355 | ||||||||||||
Mortgage banking income | 723 | 563 | 1,593 | 885 | ||||||||||||
Insurance and brokerage commissions | 238 | 205 | 498 | 447 | ||||||||||||
Appraisal management fee income | 2,005 | 1,734 | 3,821 | 3,084 | ||||||||||||
Miscellaneous | 1,993 | 1,400 | 3,782 | 2,780 | ||||||||||||
Total non-interest income | 6,040 | 5,239 | 11,913 | 9,834 | ||||||||||||
NON-INTEREST EXPENSES: | ||||||||||||||||
Salaries and employee benefits | 5,666 | 5,535 | 11,849 | 11,259 | ||||||||||||
Occupancy | 1,939 | 1,861 | 3,892 | 3,782 | ||||||||||||
Appraisal management fee expense | 1,634 | 1,333 | 3,090 | 2,367 | ||||||||||||
Other | 2,893 | 2,723 | 5,569 | 5,493 | ||||||||||||
Total non-interest expense | 12,132 | 11,452 | 24,400 | 22,901 | ||||||||||||
EARNINGS BEFORE INCOME TAXES | 5,809 | 3,096 | 10,976 | 5,930 | ||||||||||||
INCOME TAXES | 1,194 | 535 | 2,240 | 1,002 | ||||||||||||
NET EARNINGS | $ | 4,615 | $ | 2,561 | $ | 8,736 | $ | 4,928 | ||||||||
PER SHARE AMOUNTS | ||||||||||||||||
Basic net earnings | $ | 0.82 | $ | 0.46 | $ | 1.55 | $ | 0.87 | ||||||||
Diluted net earnings | $ | 0.80 | $ | 0.44 | $ | 1.51 | $ | 0.84 | ||||||||
Cash dividends | $ | 0.16 | $ | 0.15 | $ | 0.32 | $ | 0.45 | ||||||||
Book value | $ | 25.82 | $ | 24.82 | $ | 25.82 | $ | 24.82 | ||||||||
FINANCIAL HIGHLIGHTS
For the three and six months ended June 30, 2021 and 2020, and the year ended December 31, 2020
(Dollars in thousands)
| Three months ended | Six months ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||
SELECTED AVERAGE BALANCES: | ||||||||||||||||||||
Available for sale securities | $ | 346,889 | $ | 195,101 | $ | 305,127 | $ | 191,986 | $ | 200,821 | ||||||||||
Loans | 916,393 | 947,344 | 931,714 | 904,489 | 935,970 | |||||||||||||||
Earning assets | 1,477,256 | 1,258,583 | 1,425,990 | 1,181,237 | 1,271,764 | |||||||||||||||
Assets | 1,563,570 | 1,360,408 | 1,510,789 | 1,278,673 | 1,365,642 | |||||||||||||||
Deposits | 1,370,159 | 1,104,394 | 1,319,755 | 1,038,839 | 1,115,019 | |||||||||||||||
Shareholders' equity | 141,167 | 134,803 | 142,566 | 135,775 | 141,287 | |||||||||||||||
SELECTED KEY DATA: | ||||||||||||||||||||
Net interest margin (tax equivalent) | 3.20 | % | 3.48 | % | 3.26 | % | 3.79 | % | 3.52 | % | ||||||||||
Return on average assets | 1.18 | % | 0.76 | % | 1.17 | % | 0.78 | % | 0.83 | % | ||||||||||
Return on average shareholders' equity | 13.11 | % | 7.64 | % | 12.36 | % | 7.30 | % | 8.04 | % | ||||||||||
Average shareholders' equity to total average assets | 9.03 | % | 9.91 | % | 9.44 | % | 9.91 | % | 9.89 | % | ||||||||||
ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||||||
Balance, beginning of period | $ | 9,532 | $ | 8,112 | $ | 9,908 | $ | 6,680 | $ | 6,680 | ||||||||||
Provision for (Recovery of) loan losses | (226 | ) | 1,417 | (681 | ) | 2,938 | 4,259 | |||||||||||||
Charge-offs | (151 | ) | (168 | ) | (236 | ) | (378 | ) | (1,414 | ) | ||||||||||
Recoveries | 132 | 72 | 296 | 193 | 383 | |||||||||||||||
Balance, end of period | $ | 9,287 | $ | 9,433 | $ | 9,287 | $ | 9,433 | $ | 9,908 | ||||||||||
| June 30, 2021 | June 30, 2020 | December 31, 2020 | ||||||||||
| (Unaudited) | (Unaudited) | (Audited) | ||||||||||
ASSET QUALITY: | ||||||||||||
Non-accrual loans | $ | 3,378 | $ | 3,999 | $ | 3,758 | ||||||
90 days past due and still accruing | - | - | - | |||||||||
Other real estate owned | - | - | 128 | |||||||||
Total non-performing assets | $ | 3,378 | $ | 3,999 | $ | 3,886 | ||||||
Non-performing assets to total assets | 0.21 | % | 0.28 | % | 0.27 | % | ||||||
Loans modifications related to COVID-19 | $ | 283 | $ | 120,569 | $ | 18,246 | ||||||
Allowance for loan losses to non-performing assets | 274.93 | % | 235.88 | % | 254.97 | % | ||||||
Allowance for loan losses to total loans | 1.05 | % | 0.98 | % | 1.04 | % | ||||||
Allowance for loan losses to total loans, excluding PPP loans | 1.09 | % | 1.09 | % | 1.14 | % | ||||||
LOAN RISK GRADE ANALYSIS: | ||||||||||||
Percentage of loans by risk grade | ||||||||||||
Risk Grade 1 (excellent quality) | 0.63 | % | 1.58 | % | 1.18 | % | ||||||
Risk Grade 2 (high quality) | 19.16 | % | 21.64 | % | 20.45 | % | ||||||
Risk Grade 3 (good quality) | 68.78 | % | 65.35 | % | 65.70 | % | ||||||
Risk Grade 4 (management attention) | 8.68 | % | 9.39 | % | 9.75 | % | ||||||
Risk Grade 5 (watch) | 1.97 | % | 1.26 | % | 2.20 | % | ||||||
Risk Grade 6 (substandard) | 0.78 | % | 0.78 | % | 0.72 | % | ||||||
Risk Grade 7 (doubtful) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Risk Grade 8 (loss) | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
At June 30, 2021, including non-accrual loans, there were three relationships exceeding $1.0 million in the Watch risk grade (which totaled $8.3 million). There were no relationships exceeding $1.0 million in the Substandard risk grade.
SOURCE: Peoples Bancorp of North Carolina, Inc.
View source version on accesswire.com:
https://www.accesswire.com/655719/Peoples-Bancorp-Announces-Second-Quarter-Earnings-Results
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Clean Air Metals Files Interim Financial Statements for the Three Months Ended April 30, 202530.6.2025 23:40:00 CEST | Press release
THUNDER BAY, ON / ACCESS Newswire / June 30, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) announces that it has filed its unaudited consolidated interim financial statements and management's discussion and analysis for the three-month period ended April 30, 2025, available for viewing on www.sedarplus.ca. Financial Highlights Total assets as at April 30, 2025 of $37,507,184 Total cash as at April 30, 2025 of $2,475,945 Working capital deficiency as at April 30, 2025 of $527,130 Shareholder's equity as at April 30, 2025 of $33,668,042 During the quarter, the Company incurred $584,284 in cost for exploration activities at the Thunder Bay North project. The team performed drilling and follow-up geophysics activities at the Current Deposit, that were focused on expanding the high-grade ballrooms in the Lower Current and Bridge zones. The results of this program were critical in aiding the Company towards developing a revised high-grade
Karbon-X Acquires ALLCOT, Expanding Global Climate Solutions Platform30.6.2025 15:00:00 CEST | Press release
The acquisition unites climate policy expertise and emissions strategy with digital infrastructure and delivery at scale - accelerating trusted, measurable climate action worldwide. CALGARY, AB / ACCESS Newswire / June 30, 2025 / Karbon-X (OTCQX:KARX), an end-to-end climate solutions company, today announced the acquisition of ALLCOT, a global advisory firm with a legacy of supporting climate policy, carbon markets, and high-integrity project development. This acquisition brings together two complementary forces under one shared mission: to scale science-backed, verifiable climate solutions across industries and regions. Karbon-X's leadership in emissions tracking, verified portfolios, and climate strategy combined with Allcot's legacy of policy guidance, project credibility, and regional expertise form a unified climate solutions provider with end-to-end capabilities across both voluntary and compliance markets. "This is about unlocking scale with integrity," said Chad Clovis, CEO of
Eagle Football Holdings supports Leadership Changes at Olympique Lyonnais30.6.2025 09:30:00 CEST | Press release
PALM BEACH GARDENS, FL / ACCESS Newswire / June 30, 2025 / Eagle Football Holdings Limited today confirmed its support of leadership changes which shall occur at its subsidiary Eagle Football Group (France) and Olympique Lyonnais. John Textor, Chairman and majority owner of Eagle Football Holdings, acting in his capacity as the sole director, and on behalf of the sole shareholder, of Olympique Lyonnais, today appointed Michael Gerlinger to the position of Director General (CEO), and Michele Kang to the position of Chair and President. Mr. Textor has resigned from his leadership positions at Olympique Lyonnais, in favor of the appointment of Ms. Kang and Mr. Gerlinger. Michele Kang, who is also a leading shareholder of Eagle Football Holdings, has served on the OL board since 2023, has been appointed Chair and President. She will take an active role in supporting OL's executive management, including spearheading the club's appeal process with the DNCG. Michael Gerlinger, currently Chief
CEVA Joins Windrose To Test Long-Haul EV Trucking in China27.6.2025 19:00:00 CEST | Press release
ANTWERP, BELGIUM / ACCESS Newswire / June 27, 2025 / CEVA Logistics in Greater China is coming together with Windrose, leading heavy-duty electric truck provider, to conduct a feasibility study for the deployment of long-haul electric vehicle (EV) trucking in China. This collaboration marks a significant step forward in CEVA's commitment to sustainability and its pioneering efforts to lead the sustainable development of the logistics industry. Under this partnership, CEVA and Windrose have successfully conducted trials of long-haul electric trucking, including a round-trip journey from Greater Bay Area in Guangdong to Pingxiang, Guangxi, at the China-Vietnam border, and a 5,000-kilometer journey from Shenzhen to Alashankou, at the China-Kazakhstan border. These pilot runs resulted in a remarkable carbon emissions reduction of approximately 55% on average (WTW) per GLEC framework. Based on these successes, CEVA and Windrose will continue to conduct trial runs within China to further exp
GA-ASI Announces Investment in Dutch Technology Innovator Arceon26.6.2025 19:00:00 CEST | Press release
Selection Follows Successful Pitch During Blue Magic Netherlands Event SAN DIEGO, CALIFORNIA / ACCESS Newswire / June 26, 2025 / General Atomics Aeronautical Systems, Inc. (GA-ASI) announces an investment in another Dutch business, Arceon, following the inaugural Blue Magic Netherlands (BMN) event held in November 2024. GA-ASI is a global leader in unmanned aircraft systems and related mission systems. GA-ASI selected Arceon following a compelling pitch they made during the BMN event and after detailed business and technology discussions with GA-ASI and GA's affiliates, General Atomics Energy and General Atomics Electromagnetic Systems. Arceon joins Emergent Swarm Solutions and Saluqi Motors as companies receiving investment from GA-ASI following the BMN event. Arceon is revolutionizing high-performance ceramic composites through their innovative, fast, scalable, and cost-effective melt infiltration process. Their cutting-edge Carbeon carbon-ceramic components - engineered for applicat
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom