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Home Financial Bancorp Announces Third Quarter Results

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SPENCER, Ind.–(BUSINESS WIRE)–Home Financial Bancorp (“Company”) (OTCPink: “HWEN”), an Indiana
corporation which is the holding company for Our Community Bank,
(“Bank”) based in Spencer, Indiana, announces results for the third
quarter and nine months ended March 31, 2019.

Third Quarter Highlights:

  • Net interest income decreased 6% or $40,000;
  • Non-interest income increased 11% or $12,000;
  • Non-interest expenses decreased 2% or $15,000;
  • Net income rose 5%, from $100,000 to $105,000.

Nine Month Highlights:

  • Total shareholders’ equity totaled $8.8 million or 12% of assets;
  • Non-performing loans decreased 24%, or $212,000;
  • Net interest income declined 5%, or $96,000;
  • Net income decreased 19%, from $247,000 to $201,000.

For the quarter ended March 31, 2019, the
Company reported net income of $105,000 or $.09 basic and diluted
earnings per share. For the same period last year, the Company reported
net income of $100,000 or $.09 per share. Net income was higher,
compared to third quarter 2018 results, due to an increase in
non-interest income, slightly lower non-interest expenses, and lower
income tax expense.

Total interest income was higher by $17,000 or 2%, while interest
expense increased $57,000 or 47% during the quarter ended March 31,
2019, compared to the quarter ended March 31, 2018. As a result, net
interest income decreased $40,000, or 6%, for the three months ended
March 31, 2019, compared to the same period in 2018.

Loan loss provisions for third quarter 2019 totaled $9,000. Loan loss
provisions were $15,000 for the same period a year earlier. A regular
assessment of loan loss allowance adequacy indicated that these
provisions were necessary to maintain an appropriate allowance level.
Changes in volume, composition and quality of the loan portfolio, as
well as actual loan loss experience, will influence the need for future
loss provisions.

Third quarter 2019 non-interest income totaled $130,000 compared to
$118,000 a year earlier. Service charges on deposit accounts increased
$17,000 or 40%. Non-interest expense for the quarter ended March 31,
2019 totaled $672,000, compared to $687,000 for the same period a year
earlier.

For the nine-month period ended March 31, 2019,
the Company reported net income of $201,000 or $.17 earnings per share.
Net income was $247,000 or $.21 earnings per share for the year-earlier
period. Net income declined due to higher interest expense on deposits.

Total interest income increased $90,000, or 4%. Interest expense rose
$186,000 or 53%. Consequently, net interest income before provisions for
loan losses decreased $96,000 or 5%, compared to the same period in 2018.

For the nine-month period ended March 31, 2019, loan loss provisions
were $39,000, compared to $40,000 recorded for the nine-month period
ended March 31, 2018. Loan loss provisions reflect management’s
assessment of various risk factors including, but not limited to, the
level and trend of loan delinquencies and losses.

Total non-interest income increased $36,000, or 11%. Accounting for most
of the change, service charges on deposit accounts increased $46,000, or
36%, compared to the year-earlier period. Total non-interest expense
increased $39,000, or 2%, compared to the same nine-months during the
prior year.

As of March 31, 2019, total assets were
$73.0 million and $73.2 million at June 30, 2018; the end of the prior
fiscal year. Cash and interest-bearing deposits totaled $6.7 million at
March 31, 2019. Investment securities available for sale decreased $1.0
million, or 10%, to $9.0 million at March 31, 2019. Total loans
increased to $52.9 million, from $52.3 million at June 30, 2018.

Non-performing loans decreased 24% and totaled $667,000, or 1.3% of
total loans at March 31, 2019. At June 30, 2018, non-performing loans
were $879,000, or 1.7% of total loans. Total non-performing assets were
$754,000, or 1.0% of total assets at March 31, 2019, compared to
$932,000, or 1.3% of total assets at June 30, 2018. Non-performing
assets included $87,000 in Other Real Estate Owned (“OREO”) and other
repossessed properties at March 31, 2019, compared to $53,000 nine
months earlier.

The balance of the loan loss allowance increased 5% to $507,000 or 1.0%
of total loans at March 31, 2019, compared to $485,000, or 0.9% of total
loans at June 30, 2018. Management considered the level of loan loss
allowances at March 31, 2019 to be adequate to cover estimated losses
inherent in the loan portfolio at that date.

Total deposits increased 8% to $54.0 million as of March 31, 2019, from
$50.1 million nine months earlier. Total borrowings decreased $4.5
million, or 32%, to $9.5 million.

Shareholders’ equity was $8.8 million, or 12.0% of total assets at March
31, 2019, compared to $8.7 million or 11.9% of total assets at June 30,
2018. Factors impacting shareholder equity during the first three
quarters of fiscal 2019 included net income, three quarterly cash
dividends totaling $.12 per share, and a decrease in accumulated other
comprehensive loss from $91,000 at June 30, 2018, to $12,000 at March
31, 2019. At March 31, 2019, the Company’s book value per share was
$7.59 based on 1,155,594 shares outstanding. The last reported price per
share as of March 31, 2019 was $7.29.

Home Financial Bancorp and Our Community Bank, an FDIC-insured, Indiana
stock commercial bank, operate from headquarters in Spencer, Indiana,
and a branch office in Cloverdale, Indiana. Additional information
concerning Home Financial Bancorp and its subsidiaries is available at www.hfbancorp.com
or www.ocbconnect.com.

       
HOME FINANCIAL BANCORP
Consolidated Financial Highlights

(Unaudited)

(Dollars in thousands, except per share and book value amounts)

 

FOR THREE MONTHS ENDED MARCH 31:

2019

2018

Net Interest Income

$650 $690
Provision for Loan Losses 9 15
Non-interest Income 130 118
Non-interest Expense 672 687
Income Tax (6 ) 6
Net Income 105 100
 
Basic and Diluted Earnings Per Share: $ .09 $.09
Average Shares Outstanding – Basic 1,155,594 1,165,592
Average Shares Outstanding – Diluted 1,155,594 1,165,666
 
FOR NINE MONTHS ENDED MARCH 31: 2019 2018
Net Interest Income $1,934 $2,030
Provision for Loan Losses 39 40
Non-interest Income 363 327
Non-interest Expense 2,071 2,033
Income Tax (14 ) 37
Net Income 201 247
 
Basic and Diluted Earnings Per Share: $ .17 $ .21
Average Shares Outstanding – Basic 1,161,514 1,165,503
Average Shares Outstanding – Diluted 1,161,514 1,168,636
 
March 31, June 30,

2019

2018

Total Assets $72,952 $73,347
Total Loans 52,877 52,348
Allowance for Loan Losses 507 485
Total Deposits 54,044 50,133
Borrowings 9,500 14,000
Shareholders’ Equity 8,776 8,717
 
Non-Performing Assets 754 932
Non-Performing Loans 667 879
 
Non-Performing Assets to Total Assets 1.03 % 1.27 %
Non-Performing Loans to Total Loans 1.26 % 1.68 %
 
Book Value Per Share* $7.59 $7.48

*Based on 1,155,594 shares at March 31, 2019 and 1,166,002 at June 30,
2018.

Contacts

Kurt D. Rosenberger
Phone: (812) 829-2095


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Innocan

Innocan Pharma Announces Study Findings that LPT-CBD maintains its prolonged release in Rabbits

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HERZLIYA, Israel and CALGARY, AB, Feb. 26, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), a pioneer in the pharmaceutical and biotechnology industries, is pleased to announce the latest findings from the Company’s pharmacokinetic study of its LPT-CBD platform in rabbits.

The fundamentals of LPT-CBD lay in its ability to slowly release CBD into the blood stream. Studies conducted in various animal models including mice, dogs, goats, and sheep showed long pharmacokinetics of CBD that persisted up to several weeks. In the Company’s latest study conducted on rabbits, the results showed additional supportive data for the long exposure of CBD obtained following a single subcutaneous LPT-CBD injection.   

The Company is encouraged by these study results as they confirm the approach the Company is taking with its LPT platform. The results from studies of several organisms injected with the Company’s liposomal CBD –have consistently demonstrated that a detectable CBD level could be maintained for weeks following one injection. The Company will continue with human trials in the near future.

Pharmacokinetics (PK) is an important tool that helps evaluate the bioavailability and exposure level of a specific drug. Parameters such as maximal blood drug concentration (cMax), time to reach cMax (Tmax) and half-life of the drug are calculated based on data collected from blood analysis of the drug across a determined time. The collected PK parameters along with other tests help to define the required dose of a drug to achieve a maximal therapeutic effect. In the study conducted on rabbits, the animals were collected for blood analysis of the drug for up to 11 days. As expected, the animals presented a persistent CBD concentration in their blood that maintained through the entire testing period. This correlates to PK results obtained from other species, supporting the long CBD exposure and the necessity of only a single LPT-CBD injection to obtain a long and wide therapeutic window for CBD.   

About Innocan Pharma:

Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies comprises with cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD-loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for two indications: Epilepsy and Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment Innocan has established a Joint Venture by the name of BI Sky Global Ltd. that focuses developing on advanced targeted online sales. https://innocanpharma.com/

Contact Information:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
info@innocanpharma.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

Certain information set forth in this news release, including, without limitation, the Company’s plans for human trials of its LPT-CBD platform, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. . The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of production and distribution arrangements.

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: global and local (national) economic, political, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and potential disruption of relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import/export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner). The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. A comprehensive discussion of other risks that impact Innocan can be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedarplus.ca.

Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.

Logo: https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg

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SCHWAZZE

Schwazze Appoints Forrest Hoffmaster as Interim Chief Executive Officer

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DENVER, Feb. 23, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), today announced that Forrest Hoffmaster, the Company’s Chief Financial Officer, has been appointed to the additional role of interim Chief Executive Officer (“CEO”). This follows Nirup Krishnamurthy’s resignation as CEO and as a member of the Board of Directors (“Board”), effective February 20, 2024, due to personal reasons.

Mr. Hoffmaster, who joined the Company in January 2023, brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to Schwazze, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Forrest held leadership positions with other leading grocers including Whole Foods Market and H-E-B.

“Forrest is well-positioned to seamlessly step in and lead the Company’s day-to-day operations as we conduct our search for a permanent successor,” said Justin Dye, Chairman of the Board. “With Forrest’s proven track record and deep retail expertise, we plan to continue leveraging our operating playbook to drive strong Adjusted EBITDA margins and consistent cash flow generation. On behalf of the Board, I’d like to wish Nirup the best in his future endeavors.”

About Schwazze

Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.

Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.

Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected] 

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Cannabis

Hemp, Inc. Reports: Hemp-Based Foods Market Set to Reach $8.36 Billion by 2028

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GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

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