Business, Free News Articles, Software

New UniConverter v12 with Powerful Media Convert Feature Upgrade

SHENZHEN, China -- On July 08, 2020, Wondershare (SHE: 300624) launched UniConverter v12 to hit the market. The latest version has an overhauled navigation bar-based interface and claims to offer drastically improved performance of the 'Video Converter' tool.

The new version rolled out with a couple of new features and said to bid significantly enhanced end-user experience and workability. Some of the mention-worthy advancements that Wondershare promises the users will get with UniConverter v12 include:

* Designed using the industry-leading APEXTRANS technology exclusive to Wondershare, the updated app is said to convert or compress the videos with zero picture quality deterioration. If the claims are correct, in contrast to its predecessor, the improved GPU acceleration exploits the multicore processor to its maximum.

* With 64-bit support, UniConverter v12 could boost the video conversion process by 20% as compared to its elder sibling.

* The program allows lossless batch conversions where setting global output parameters, and multiple videos can be converted to a relevant format in a single go with absolutely no quality loss. The audio and video conversion processes can temporarily be halted with the 'Pause' feature should some other resource-intensive important task come up that must be treated with priority.

* Otherwise, The app can convert 4K and 8K videos and can perform batch conversion for those large files.

* HEVC is another format type that UniConverter v12 supports, and claims to convert the videos with no loss of picture quality.

* The 'Task Scheduler' feature can arrange your conversion tasks and system activities after conversion.

Learn more about the product at: https://videoconverter.wondershare.com/convert-video.html

Formerly known as Wondershare Video Converter Ultimate, the latest version, UniConverter v12, hit the market on July 08, 2020. The app has an updated UI, and with the exclusive APEXTRANS technology, the program offers improved performance as compared to all its predecessors released to date.

Website: https://videoconverter.wondershare.com

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TICKER: SHE: 300624 / SHE:300624

Related link: https://www.wondershare.com/

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Alliances and Partnerships, Business, Free News Articles, Software

DocMagic and Simplifile Team to Advance eClosing Adoption, eNotarizations, and eRecordings

TORRANCE, Calif. -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced it has partnered with leading real estate document collaboration and recording technology provider Simplifile to deliver new process efficiencies that further digitize the closing process, including post-closing automation. Simplifile is part of ICE Mortgage Services, which applies technology and high-capacity infrastructure to make the mortgage process electronic and more efficient.

DocMagic's Total eClose(TM) platform is a single-source platform that eliminates paper and offers major advantages over piecemealed providers that only address components of the overall eClosing process. The integration between Total eClose and Simplifile's Collaboration and Post Closing services includes access to Simplifile's eEligibility data for eNotarization acceptance.

Further, loan closings done through DocMagic's Total eClose platform can now be automatically routed to the settlement agent thorough Simplifile for electronic closing coordination, thus streamlining access to DocMagic's Total eClose room for the eClosing. The digital lift continues beyond the closing table with integrated eRecording with participating counties. Those recorded documents and the title policy are then returned electronically along with associated recording metadata to the lender.

"This integration further streamlines the post-closing process by extending the eClosing process to include county recordings," stated Dominic Iannitti, president and CEO of DocMagic. "Our partnership with Simplifile provides their vast network of more than 39,000 settlement agents with easy access to DocMagic's Total eClose services."

Using Simplifile, agents can seamlessly connect to all of DocMagic's eClose-enabled lenders in one place to exchange documents, data and closing logistics, thus enabling them to more easily support lenders' eClosing initiatives. In addition, Simplifile provides eClosing support and training to all agents to help drive adoption and success of eClosing efforts.

"Process consistency is key to driving eClosing adoption with lender closing teams and settlement agents, regardless of what percentage of loans qualify to be closed digitally or where individual loans fall on the digital spectrum," said Paul Clifford, president of Simplifile. "The combination of DocMagic's proven eClosing technology and Simplifile's settlement agent network creates a powerful foundation that enables lenders to scale their digital mortgage efforts as jurisdictional and investor requirements allow and capture every drop of efficiency and cost-savings possible."

DocMagic's Total eClose platform, coupled with its dynamic document generation service, establishes a single-source solution that intelligently digitizes documents from initial disclosures through closing documents. STRATMOR Group's 2019 Mortgage Technology Insight Study ranked Total eClose(TM) the eClosing leader based on market share, overall satisfaction and lender loyalty. Further, the survey also ranked the company as having the highest market share in the document generation category.

The integration with Simplifile extends automation of the process through post-closing to ensure final documents, data and fee information are returned to the lender after recording is complete, which provides lenders with greater control over the process.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web- based systems for the production and delivery of compliant loan document packages. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com/.

About Simplifile:

Simplifile, part of Intercontinental Exchange, is the nation's largest e-recording network, and connects settlement agents and county recorders via its e-recording service. It also offers collaboration tools and post-closing visibility for mortgage lenders and settlement agents working together on real estate documents. Through Simplifile, users can securely record, share and track documents, data and fees with ease. To learn more, visit https://simplifile.com or call 800.460.5657.

About Intercontinental Exchange:

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.

Media Contact:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

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Tickers: NYSE: ICE / NYSE:ICE / NY: ICE

Related link: https://www.docmagic.com/

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Business, Free News Articles, Insurance, Software

Mortgage Insurance Ordering Made Seamless as OpenClose® Integrates Its LenderAssist™ LOS with Radian

WEST PALM BEACH, Fla. -- OpenClose(R), an industry-leading digital mortgage fintech provider, announced it completed an interface with Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc. (NYSE: RDN). The integration leverages OpenClose's omni-channel loan origination system (LOS) and RESTful API suite, allowing Radian customers to order MI without exiting the LenderAssist(TM) LOS.

LenderAssist LOS users can now quickly, easily, and cost effectively obtain rate quotes and process delegated as well as non-delegated MI certifications. Data returned from Radian automatically populates into the applicable LOS fields, eliminating error prone manual data entry.

"We are constantly communicating with our customers and identifying opportunities to eliminate manual processes and the associated data integrity risk they present," said Vince Furey, CRO at OpenClose. "This integration automates the ordering and processing of mortgage insurance and provides our mutual customers speed, efficiency and accuracy, from any online environment - anywhere, at any time."

Radian offers lenders competitive pricing, unique programs, digital solutions and focused service that help close loans faster, generate more business and better manage their portfolios. The company's MI products help borrowers become homeowners sooner by qualifying for loans with smaller downpayments while mitigating investor risk.

"At Radian, we are committed to making it easier and simpler for our customers to do business with us," said Brien McMahon, chief franchise officer and co-head of real estate, Radian. "Partnering with OpenClose will allow for streamlined, direct and real-time access to private MI for lenders and borrowers, and we're proud to deliver that."

OpenClose offers an award-winning, 100 percent browser-based, end-to-end, workflow-driven fintech platform that effectively consolidates the consumer digital POS, LOS, PPE and Business Intelligence functions. Easily accessible from any computer or mobile device - all via a single-source provider.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose(R) is a leading enterprise-class, omni-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose's core solution, LenderAssist(TM), is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up.

The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ / or call (561) 655-6418.

About Radian

Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit https://www.radian.com/ to learn more about how Radian is shaping the future of mortgage and real estate services.

Media Contacts:

For OpenClose:
Joe Bowerbank
Profundity Communications, Inc.
949-378-9685
jbowerbank@profunditymarketing.com

For Radian:
Rashi Iyer
215-231-1167
rashi.iyer@radian.com

OpenClose Social Media: @OpenClose_LOS #OpenClose #LoanOriginationSoftware

Radian Social Media: @radian_us #QuoteQualityQuoteRadian #OneRadianInfiniteSolutions

Related link: https://www.openclose.com/

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Advertising and Marketing, Business, Free News Articles, Software

Veteran B2B Sales Leader Nick Belenky Joins Top of Mind as EVP of Sales

ATLANTA, Ga. -- Top of Mind Networks (Top of Mind), a leader in customer relationship management (CRM) and marketing automation software for the mortgage lending industry, has hired veteran business-to-business sales leader Nick Belenky as executive vice president of sales. In this role, Belenky will direct Top of Mind's sales operations with a focus on client success and new customer acquisition.

Belenky joins Top of Mind from CardinalCommerce, a Visa (NYSE: V) company and global leader in authenticating digital transactions. As director of sales for the company's consumer authentication group, he oversaw new merchant sales and channel partnerships across North America and globally and led his team to triple-digit sales growth for four years running. Prior to that, Belenky was inside sales and solutions architect manager for 1 EDI Source, a leading provider of electronic data interchange (EDI) solutions and business visibility software.

"Nick's strategic, data-driven approach to growing sales revenue has helped shape the success of small companies and global tech providers alike," said Top of Mind CEO Bill Hayes. "He brings not only deep experience in business-to-business technology sales, but also a genuine enthusiasm for understanding and exceeding the needs of clients, which is a cornerstone of our company culture. We are proud to welcome Nick to the Top of Mind team."

"I cannot say enough about the mortgage marketing knowledge and professionalism of my sales team as well as the deep industry and functional experience our leadership team brings," Belenky said. "Top of Mind helps thousands of borrowers find a lending partner every day and I am proud to be a part of that."

Belenky's 13-year career in sales also includes management roles at CEIA USA, a global manufacturer of security equipment, and Edgerton Corporation, a developer of enterprise resource planning (ERP) systems for the materials handling industry. He began his career in the healthcare technology field, where he worked as a test engineering project manager for medical imaging product provider Codonics and as a computer programmer for EDI outsourcing provider Interactive Payer Network (later acquired by Emdeon, now Change Healthcare (NASDAQ: CHNG)). Belenky is a graduate of Case Western Reserve University with a degree in computer engineering.

About Top of Mind Networks:

Founded in 2003, Atlanta-based Top of Mind Networks (https://www.topofmind.com) started as a bootstrapped direct-mail marketing company. Today, the company is recognized as the mortgage industry's most-relied-upon provider of marketing automation and creative content solutions. From individuals to enterprise lenders, Top of Mind's SurefireCRM helps thousands of mortgage professionals win new business, earn repeat business and deserve referral business. With intuitive, "set it and forget it" workflows and award-winning content, mortgage professionals are able to effortlessly maintain and deepen their emotional connections with clients.

@mortgagecrm #peoplemovers #industrymoves

*PHOTO link for media: https://www.Send2Press.com/300dpi/20-0519s2p-Nick-Belenky-300dpi.jpg
*Photo caption: Nick Belenky Joins Top of Mind as EVP of Sales.

TICKERS: NYSE:V / NY: V / NASDAQ:CHNG / NQ: CHNG /

Related link: https://www.topofmind.com/

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Business, Electronics, Free News Articles

VDC Display Systems Selected for MMD Program

COCOA, Fla. -- Video Display Corporation (OTC:VIDE) is pleased to announce that its VDC Display Systems subsidiary has been awarded a significant contract by a major US defense contractor for the delivery of its next generation Multi Mission Display (MMD) rugged display line.

The VDCDS 42-inch MMD Systems provides a state-of-the-art command and control and situational awareness display capability in a fully ruggedized package. The MMD System is designed for foundation mounting in Aegis class ships.

Each MMD System connects directly to the DiVDS video system, which provides a composite of 4 High Definition (HD) signals, and displays a single seamless image across a rigid Screen Panel system. In order to create this single seamless image, the system utilizes a pair of Power of Ethernet (PoE) feedback Calibration Sensors and specialized software to calibrate the imaging system. Finally, the MMD System provides a power interface module with conditioning and overload protection.

The VDCDS Multi-Mission Display (MMD) Driver Package (MMD-DP) is a software mechanism for graphics rendering that supports in situ image processing operations such as, but not limited to, geometry correction, image stitching and edge blending between multiple projectors. The MMD-DP presents a single desktop to the Operating System (OS) which contains the entire pixel space of the combined Projectors. The MMD System's available resolution is the composite pixel space of all attached Projectors less those pixels used for image processing.

About Video Display Corporation

Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial uses with emphasis on training and simulation applications. Its product offerings include rugged CRT and AMLCD displays as well as complete projection and direct-view display systems. For more information, visit the Company's web site at http://www.videodisplay.com.

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions.

MEDIA CONTACT:
Ronald D. Ordway
Chairman and CEO
Video Display Corporation
321-423-6921

TICKERS: OTC: VIDE / OP: VIDE / OTCMKTS: VIDE /

Related link: http://www.videodisplay.com

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Business, Free News Articles

Bank of Southern California NA Funds More Than $487.8 Million in PPP Loans

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans. These results, as of 9:30 p.m. PDT on May 7, 2020, provided 1,940 local businesses affected by the Coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.

The Paycheck Protection Program provides small businesses with financial resources to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. As an SBA Preferred Lender, Bank of Southern California felt a fundamental responsibility to support the business community and offered PPP loans to both customers and non-customers. Through this approach, the Bank was able to help even more businesses obtain funding, resulting in many new banking relationships.

Nathan Rogge, President and CEO of Bank of Southern California said, "Our employees continue to demonstrate their commitment and dedication to the business community-working around the clock to deliver for those in need. I am proud of the impact Bank of Southern California has made in providing vital funds to support small businesses and our local communities. As we look to the future, we will continue to build upon these new relationships and provide long-term value for our clients."

Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses. To apply, visit us online at https://www.banksocal.com.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County.

For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL

Related link: https://www.banksocal.com/

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Business, Free News Articles

Bank of Southern California, N.A. Announces Q1 2020 Results and Response to Pandemic

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the first quarter ended March 31, 2020. Total assets increased to $852 million at March 31, 2020, up from $830 million in the prior quarter and an increase of 10.8% compared to March 31, 2019. Total loans increased to $683 million and total deposits increased to $689 million from $629 million and $636 million, respectively, at March 31, 2019. Net income for the quarter ended March 31, 2020, was $1.91 million, compared to $1.64 million in Q4 2019 and $1.85 million in Q1 2019.

First Quarter 2020 Highlights
* Q1 2020 on track as Bank responds to pandemic
* Reorganization into Southern California Bancorp approved by shareholders
* CalWest Bancorp acquisition closing in Q2, pending shareholder approval

Nathan Rogge, President and CEO of Bank of Southern California said, "While we are pleased with our first quarter results, we are more focused on the current environment and supporting small businesses and communities impacted by the Coronavirus (COVID-19) while remaining financially strong and positioning for growth." The Banks' focus on small business is reflected in first quarter results in C&I lending, which is up 19% in outstandings compared to the first quarter of the prior year, and also in undisbursed C&I commitments, which increased 25% during the same period. Non-interest bearing demand deposits, another reflection of our small business focus, have increased 26% compared to the first quarter of 2019.

"As we navigate these unique times, we remain committed to executing upon our strategic plan and supporting Southern California's business community. Most recently, we were able to assist customers and non-customers in obtaining critical funding in response to the Paycheck Protection Program (PPP). By the end of the first round, we helped over 900 local businesses secure PPP loans, thus providing over 35,000 jobs" concluded Rogge. The Bank also remains focused on our strategic merger with CalWest Bank, which will provide an expanded branch presence covering Orange County and the Inland Empire and well as operational synergies so we may better serve the business community.

John Farkash, Chairman of the Board said, "Aside from the solid first quarter results, I am proud of the impact our Bank has made in supporting small businesses and helping to restore our local economies. We look forward to growing our relationships with these new businesses as we look ahead and recover from this pandemic."

Additional Financial Highlights and Response to the Pandemic
With the onset of the world-wide coronavirus pandemic in the middle of March, Bank of Southern California has been taking measures to closely monitor its loan portfolio, operations, liquidity and capital resources while actively working to minimize the current and future impact of this unprecedented situation. While the full impact of the pandemic is not known at this time, the following highlights pertinent information in the Bank's response.
* Operations - While all branch offices remain operational, for the safety of our employees and customers, our branch offices have reduced hours and we highly encourage drive-through, where available, remote banking, and internet banking. We have installed protective shields at service areas and social distancing protocols have been implemented.
* Capital resources - The Bank closed a private placement of common stock in December 2019 in connection with its pending acquisition of CALWest Bancorp. The Bank's capital ratios at March 31, 2020 - 12.5% tier 1 leverage ratio and 16.5% total risk-based capital - are considered very strong and the Bank will remain "well-capitalized" after closing the pending merger.
* Liquidity - The Bank has sufficient liquidity resources to meet its customer's needs. In addition to balance sheet liquidity of over 10% of assets, the Bank has access to liquidity facilities from other banks, including the Federal Home Loan Bank of San Francisco, at which the Bank has over $100 million available borrowing capacity at March 31, 2020.
* Loan Portfolio - While nonperforming loans continue to be low as of March 31, 2020, which is consistent with prior quarters, the Bank has been working to assist its credit customers and minimize the Bank's exposure to potential loss given the current environment. Following is certain information and actions which have been taken regarding the Bank's credit portfolio.
o Risk Portfolio - The Bank's exposure to certain high-risk industries follows:

IndustryBalanceNumber
Hospitality (hotel/motel)$17,400,0005
Restaurant and food service15,000,00033
Oil and Gas00
Total$32,400,00038

o Since the end of March, the Bank has been actively engaging with its customers to maintain relationships and provide a bridge to economic recovery. The Bank has worked with the SBA to secure payment relief for dozens of SBA loan customers. Furthermore, the Bank has received and is granting numerous deferment requests for 3 to 6-month periods to assist borrowers during the economic slowdown.
* The CARES Act Payroll Protection Program ("PPP") - The Bank's focused efforts on assisting small businesses with obtaining PPP loans resulted in over 900 loans approved by the SBA for over $350 million and related loan fees of over $9 million (to be accreted over the term of the loan). This extraordinary effort has secured existing customers and created strong goodwill with new customers and in the community as the Bank continues to support small business during the second round of PPP, which is currently underway.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

About Bank of Southern California
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

Forward-Looking Statements
This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, in this news release. Factors that might cause such differences include, but are not limited to: the impact of the Coronavirus (COVID-19) on the economy and the Bank; the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; changes in banking legislation or regulation; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy.
Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)

Quarterly 1st Qtr Prior Years
($$ in thousands except per share data)2020 2019 2019 2019 2019  2018 2017
1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr 1st Qtr1st Qtr
EARNINGS
 Net interest income$7,9857,7367,7957,6257,6984,8513,919
 Provision for loan losses$300200300200300300169
 NonInterest income$7473216955194201,098404
 NonInterest expense$5,6945,5125,7115,7055,1984,0532,972
 Income tax expense$827709763667771524472
 Net income$1,9111,6361,7161,5721,8491,072710
 Basic earnings per share$0.200.190.200.190.220.200.14
 Average shares outstanding9,408,9408,578,1028,410,5228,410,5228,409,2725,281,2975,140,497
 Ending shares outstanding9,412,6909,405,1908,410,5228,410,5228,410,5226,953,7205,140,497
PERFORMANCE RATIOS
 Return on average assets0.90%0.79%0.87%0.82%0.99%0.90%0.67%
 Return on average common equity6.30%5.93%6.37%6.02%7.30%8.53%6.37%
 Yield on loans5.32%5.23%5.44%5.59%5.66%5.13%4.89%
 Yield on earning assets4.76%4.88%5.21%5.24%5.36%4.78%4.27%
 Cost of deposits0.78%0.88%0.99%0.98%0.96%0.53%0.34%
 Net interest margin3.98%4.01%4.24%4.28%4.41%4.27%3.95%
 Efficiency ratio65.21%68.42%67.26%70.05%64.03%68.13%68.75%
CAPITAL
 Tangible equity to tangible assets12.48%12.58%10.83%11.62%11.29%14.14%10.24%
 Book value (BV) per common share$13.0012.8112.7712.5612.3010.798.83
 Tangible BV per common share$11.0510.8510.5610.3410.0710.598.54
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)(11)36(9)(7)(9)(54)
 Allowance for loan losses (ALLL)$5,6745,3635,1534,8884,6793,3853,143
 ALLL to total loans0.83%0.79%0.75%0.78%0.74%0.83%0.90%
 Loan fair value credit marks (LFVCM)$1,6491,9062,0302,2492,4797591,311
 ALLL and LFVCM to total loans1.07%1.07%1.05%1.14%1.14%1.01%1.28%
 Nonperforming loans$1,4331,9112,2252,0333,2981,2722,040
 Other real estate owned$000000146
 Nonperforming assets to total assets0.17%0.23%0.27%0.27%0.43%0.24%0.51%
END OF PERIOD BALANCES
 Total loans$683,195676,655684,717623,424628,538409,196349,348
 Total assets$852,052830,186839,060766,730768,823522,118430,334
 Deposits$688,946671,914692,899632,246635,676444,300382,991
 Loans to deposits99.17%100.71%98.82%98.60%98.88%92.10%91.22%
 Shareholders' equity$122,377120,523107,400105,619103,48175,01645,367
 Full-time equivalent employees929796100967365
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$676,825678,015664,946623,541629,799403,693332,308
 Earning assets$803,804766,012730,165714,889707,920460,636402,698
 Total assets (net of AFS valuation)$855,397818,989783,043766,960755,842484,628426,831
 Deposits$696,341671,443641,867633,478628,950425,641379,957
 Shareholders' equity$121,773109,464106,853104,745102,70750,98345,175
 

Related link: https://www.banksocal.com/

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Business, Free News Articles, Insurance

Paragon Insurance Holdings Acquires Trident Public Risk Solutions from Argo Group

NEW YORK, N.Y. -- Paragon Insurance Holdings, LLC, headquartered in Avon, Connecticut, a national MGA, announced today that it has closed on the purchase of Trident Public Risk Solutions (TPRS). Acquired from Argo Group (Argo), the transaction positions Paragon as one of the largest providers of commercial insurance coverage for public entities in the U.S. As part of the transaction agreement, Trident's business will continue to benefit from Argo policy and claims services.

"I am excited to work with the Paragon team, growing this great business and delivering tremendous value to our public entity customers," said Timothy Carter, Executive Vice President.

"We are excited to have Trident as part of our portfolio of companies and to be growing our business with Argo Group. Their collective expertise in public entity insurance and risk management will create a great partnership as we continue to grow together," said Ron Ganiats, CEO and co-founder of Paragon.

The business will continue to report to Sue Coates, President of TPRS - Guaranteed Cost Division and John Atherton, President of TPRS - Retained Limits.

ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.

Argo Group International Holdings, Ltd. (NYSE: ARGO), is an underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A.M. Best-rated "A-" (Excellent), and Argo Group's U.S. insurance subsidiaries are Standard and Poor's-rated "A-" (Strong). More information on Argo Group and its subsidiaries is available at https://www.argolimited.com/.

ABOUT PARAGON

Paragon Insurance Holdings, LLC, is headquartered in Avon, Connecticut, and operates as a national MGA. Formed in 2014, the company writes all commercial lines of insurance across more than twenty insurance programs. Paragon's industry-specific and general underwriting facilities offer insureds, retail agents, carriers, reinsurers and service providers unique product, service, capability, and results. Please visit https://www.paragoninsgroup.com/ for additional information.

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Tickers: NYSE:ARGO / NY: ARGO

Related link: https://www.paragoninsgroup.com/

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Business, Free News Articles

Bank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Changes to Merger Agreement

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced that they have renegotiated the terms of their merger and have agreed to amend the initial Definitive Agreement announced on October 21, 2019 following shareholder meetings held on April 22, 2020.

The economic effects of COVID-19 prompted Bank of Southern California's shareholders to pause and adjourn their voting to pursue an amended merger agreement. According to the terms of the amended agreement, BCAL's all-cash offer is now $0.35 per CALW share compared to the initial Definitive Agreement which offered $0.43 per share. The amendment to the initial Definitive Agreement is expected to be presented to shareholders in mid-May with an expected close on May 29, 2020 pending all regulatory approvals.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, California, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County. For more information, please visit https://www.banksocal.com or call (858) 847-4780.

About CalWest Bancorp

CalWest Bancorp is the holding company of CalWest Bank, a community bank recognized for its exemplary service to entrepreneurs, high net worth individuals and non-profit organizations located throughout Southern California. The Bank serves the business community through its four branches located in Rancho Santa Margarita, Irvine, Huntington Beach and Redlands. For more information, please visit https://calwestbancorp.com/ or call 949.766.3006.

Forward-Looking Statements

This news release may contain comments or information that constitute forward‐looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), and Bank of Southern California and CalWest Bancorp intend for such forward‐looking statements to be covered by the safe harbor provisions of that Act. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations.

Forward‐looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may." Forward‐looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward‐looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors which could have a material effect on the operations and future prospects of each of Bank of Southern California and CalWest Bancorp and the resulting company, include but are not limited to: the businesses of Bank of Southern California and/or CalWest Bancorp may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and shareholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; the ability of the Bank of Southern California to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non‐traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy. Bank of Southern California undertakes no obligation to update or clarify forward‐looking statements, whether as a result of new information, future events, or otherwise.

Additional Information About the Merger

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote for approval of the merger. In connection with the proposed merger a joint proxy statement was provided to the shareholders of both institutions which provided detailed information about the merger and the two institutions. Shareholders are encouraged to read the joint proxy statement carefully before voting on the merger. The directors, executive officers, and certain other members of management and employees of Bank of Southern California and CalWest Bancorp may be deemed to be participants in the solicitation of votes to approve the merger. Additional information regarding the interests of those participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement.

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Related link: https://www.banksocal.com/

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Business, Electronics, Free News Articles

iQ International AG Adds Industry Leaders to Its Advisory Board

SCOTTSDALE, Ariz. -- iQ International AG (ISIN CH0451424300/WKN A2PAA5/Symbol IQL), a multinational Sustainable Technologies company publicly traded on the Regulated Market of the Frankfurt Stock Exchange with its global head office in Zug, Switzerland and North American headquarters in Scottsdale, Arizona, is adding three industry leaders to its Advisory Board to assist the Company in its expansion plans.

Dennis Brown: Dennis retired from Interstate Battery, where he served as Chief Marketing Officer from 2004 - 2015. His 40 years of industry experience also included various leadership positions with Johnson Controls International (JCI) Power Solutions, which is now Clarios, a subsidiary of Brookfield Business Partners.

Ray Brown: Ray has spent the past 35 years with a specific focus on the energy storage industry. He retired from JCI in 2010, where he served 30 years in various global leadership roles in the Power Solutions division build-up. Since then, he has served on multiple Boards of Directors, including Amara Raja Batteries Ltd. in India.

Allen Martin: Allen is an energy storage industry veteran of 12 years. He left JCI in 2013 after serving 30 years in multiple leadership positions, most recently as Vice President/General Manager, Global Aftermarket, Power Solutions division. Allen is currently an independent distributor and franchisee with Interstate Battery.

"It is an honor to work with these distinguished individuals who truly built this industry and its leading companies," said Kevin T. Loman, iQ International AG CEO. "iQ's executive management team and I are fortunate to have access to the wisdom and experience these gentlemen bring to the company as we grow to meet an ever-increasing industry demand."

As previously announced, iQ International AG is expanding its operations and integrating its technologies into existing manufacturing operations to secure capacity to meet the growing demand it is facing for batteries with its 360 Mixing(TM) technology. These three new members will join the Industry Advisory Board's chairman, Michael Tapp, who also serves as a member of the Company's Board of Directors, and they will be an integral part of iQ's integration process execution and oversight.

A growing market for SLI technology

Demand for higher performance SLI batteries continues to accelerate. To comply with increasing environmental regulations mandating CO2 emission reductions, OEMs are utilizing start-stop, passive boost, and regenerative breaking technologies. In addition, consumer demand for cutting-edge infotainment/comfort features and improved passenger safety requirements have led car manufacturers to install ever increasing numbers of electrical components in automobiles, significantly increasing the electrical load on auto batteries. iQ's 360° Mixing(TM) batteries are replacing major known national brands, and iQ and its distributors have won significant tenders in the UAE and U.S. with government and private fleets. iQ's technologies are seamlessly integrated into the existing production processes and offer one of the most cost-effective ways to meet these increasing battery performance requirements.

"We are so excited about the growth opportunities for this market and to be able to do it in a way that will have a positive impact on the environment," said Roland Koch, member of iQ International's Board of Directors. "Our goal is to increase our market share and help reduce the CO2 load that the transportation industry adds to the environment each year, helping car makers meet the stringent emissions reduction mandates."

It is estimated that by 2025, the market demand for Absorbent Glass Mat (AGM) and Enhanced Flood Battery (EFB) with 360° Mixing(TM) battery types will be 150-180 million annually, nearly 30% of the total market. iQ's EFB with 360° Mixing(TM) matches or exceeds the performance of the more expensive and heavier AGM battery widely used and promoted by industry incumbents.

More information on iQ's expansion plans and leadership team is available on its website, https://www.iqint.com/.

About iQ International AG
iQ International AG is a multinational sustainable technologies company listed on the Regulated Market of the Frankfurt Stock Exchange. The Company licenses parts of its IP portfolio, and manufactures/distributes highly efficient lead acid batteries that meet the increased need for cycle life in today's global automotive and storage markets. Its award-winning innovative technology is used to create superior, long-lasting, OEM-approved Starting-Lighting-Ignition (SLI) batteries.

Batteries with iQ International AG technologies are designed to generate better performance in today's highly electrified vehicles, particularly vehicles with Start-Stop applications. Studies have shown that if the Company's technology was the standard in the industry approximately 15 million tons of CO2 would be saved in the transportation industry each year, helping car makers meet the stringent emissions reduction mandates.

MEDIA CONTACT
Melissa Cox
469.288.2084
melissa@ACLARUSmarketing.com

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*Photo caption: New Advisory Board Members: Dennis Brown, Ray Brown, and Allen Martin.

Related link: https://www.iqint.com/

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