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First Northern Community Bancorp Reports First Quarter 2019 Earnings
First Quarter Net Income of $4.0 Million
Diluted Earnings per share up 45.5% from prior
year
DIXON, Calif.–(BUSINESS WIRE)–First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding
company for First Northern Bank (“First Northern” or the “Bank”), today
reported net income of $4.0 million, or $0.32 per diluted share, for the
three months ended March 31, 2019, compared to net income of $2.7
million, or $0.22 per diluted share, for the three months ended March
31, 2018.
Total assets at March 31, 2019 were $1.22 billion, an increase of $14.7
million, or 1.22%, compared to March 31, 2018. Total deposits at March
31, 2019 and March 31, 2018 were $1.09 billion. Total net loans
(including loans held-for-sale) at March 31, 2019 were $734.0 million,
an increase of $13.0, or 1.80%, compared to March 31, 2018. The Company
continued to be “well capitalized” under regulatory definitions,
exceeding the 10% total risk-based capital ratio threshold at March 31,
2019.
Commenting on the Company’s financial results, President & Chief
Executive Officer Louise Walker stated, “We are pleased to report First
Northern Community Bancorp had another strong quarter with $4.0 million
in net income at March 31, 2019, up $1.3 million or 45.8% over March 31,
2018, a new quarterly record for the Company. Contributing to this
success included net interest income of $11.7 million at March 31, 2019,
an 11.1% or $1.2 million increase over the first quarter of 2018; a
decrease in provision for loan losses of $525,000; a non-recurring gain
of $281,000 related to the sale of a vacant lot in Dixon, which is
recorded within Other Income; as well as a 45.9% increase in mortgage
income over the same period last year.”
On March 29, 2019, the Company paid a 5% stock dividend to all
shareholders of record as of February 28, 2019.
First Northern Bank is an independent community bank that specializes in
relationship banking. The Bank, headquartered in Solano County since
1910, serves Solano, Yolo, Sacramento, Placer, and Contra Costa
Counties, as well as the west slope of El Dorado County. Experts are
available in small-business, commercial, real estate and agribusiness
lending, as well as mortgage loans. The Bank is an SBA Preferred Lender.
Non-FDIC insured Investment and Brokerage Services are available at
every branch location, including Dixon, Davis, West Sacramento,
Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville and
Auburn. The Bank also has a commercial lending office in Walnut Creek
and a mortgage loan office in Sonoma. Real estate mortgage and
small-business loan officers are available by appointment in any of the
Bank’s 10 branches. First Northern is rated as a Veribanc “Blue Ribbon”
Bank for the earnings period ended December 31, 2018 (www.veribanc.com).
The Bank can be found on the Web at www.thatsmybank.com,
on Facebook
and on LinkedIn.
Forward-Looking Statements
This press release may include certain “forward-looking statements”
about First Northern Community Bancorp and its subsidiaries (the
“Company”). These forward-looking statements are based on management’s
current expectations, including but not limited to statements about
market conditions and the impact of recent tax law changes, and are
subject to certain risks, uncertainties and changes in circumstances.
Actual results may differ materially from these expectations due to
changes in global political, economic, business, competitive, market and
regulatory factors. More detailed information about these risk factors
is contained in the Company’s most recent reports filed with the
Securities and Exchange Commission on Forms 10-K and 10-Q, each as it
may be amended from time to time, which identify important risk factors
that could cause actual results to differ materially from those
contained in the forward-looking statements. The financial information
contained in this release should be read in conjunction with the
consolidated financial statements and notes thereto included in the
Company’s most recent reports on Form 10-K and Form 10-Q, and any
reports on Form 8-K. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances arising
after the date on which they are made. For further information regarding
the Company, please read the Company’s reports filed with the SEC and
available at www.sec.gov.
Contacts
Louise A. Walker
President & Chief Executive Officer
First
Northern Community Bancorp
& First Northern Bank
(707)
678-3041
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Cannabis
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
transfer
IMC to transfer its Oranim Pharmacy shares back to the seller
TORONTO and GLIL YAM, Israel, April 16, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the seller.
“With the April 1st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential,” said Oren Shuster, CEO of IMC. “With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment.”
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC’s products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, the occurrence of growth opportunities and the likelihood of growth potential.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the development and introduction of new products; continuing demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company’s ability to reach patients through both e-commerce and brick and mortar retail operations; the Company’s ability to maintain and renew or obtain required licenses; the effectiveness of its products for medical cannabis patients and recreational consumers; and the Company’s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward looking statements due to a number of factors and risks. These include: any failure of the Company to maintain “de facto” control over Focus Medical in accordance with IFRS 10; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the effect of the reform on the Company; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East
Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made.
The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contacts:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
[email protected]
Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/imc-to-transfer-its-oranim-pharmacy-shares-back-to-the-seller-302117984.html
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