Jeff Carlson brings over 25 years of insurance management experience to Capstone.

HOUSTON (PRWEB) January 25, 2018

Capstone Associated Services, Ltd. is pleased to announce the addition of Jeff Carlson as its Head of Operations. During 2018, Mr. Carlson will become Capstone’s President with Charles Earls, its founding president, stepping down after 20 years. Capstone is industry-recognized as the most integrated and comprehensive captive sponsors in the U.S., long recognized for its true turnkey planning.

Mr. Carlson brings over 25 years of insurance management experience, focused on property & casualty, life, and health insurance operations. Additionally, he holds both the CMA (Certified Management Accountant) and CPA designations.

Mr. Carlson is based at Capstone’s Houston, TX headquarters, overseeing Capstone’s operations, spanning the design, formation, and management of captive insurance companies.

“We welcomed Jeff Carlson to the Capstone team last month, with his contributions already evident,” explained Stewart A. Feldman, CEO and General Counsel. “Jeff’s decades-long, broad-based experience in insurance operations, process improvement, and IT systems strengthens Capstone’s nationally-recognized standing in alternative risk planning. Jeff’s work on the operations side of our business will ensure that clients are fully supported in their captive planning initiatives, including insurance, underwriting, claims administration, tax and domicile compliance, especially given the many levels of captives’ regulatory oversight.”

Prior to his arrival at Capstone late in 2017, Mr. Carlson served for 20 years at American International Group, Inc. (AIG) and its American General subsidiary where he led operations and information technology teams in the improvement of business processes and IT platforms. As Head of AIG Life and Accident & Health Operations, Jeff Carlson managed large, cross-functional business operations teams in multiple locations throughout U.S., Philippines, and India. His programs were consistently recognized by industry leader, MarketTools, with the Achievement in Customer Excellence Award, or ACE.

Capstone’s business focuses on captive insurers, which are insurance companies that focus on insuring affiliates’ risks. Capstone assists mid-market businesses in designing, forming, and operating captives to insure risks not adequately covered by commercial insurance policies. Captives are subject to oversight from (i) the state of organization and licensing of the insurer; (ii) the home state where the insureds are based; and (iii) the Internal Revenue Service.

“Captive insurance/alternative risk planning continues on a path of steady growth, with captive-enabling legislation enacted by even more U.S. states, many with a mid-market focus,” continued Feldman. “Over the past 20 years, we’ve consistently demonstrated excellence in alternative risk planning, as evidenced by Capstone’s stellar track record for successful captive design, implementation, and operations. Our group is unmatched in the industry and have brought Jeff Carlson on-board to ensure that our recognized leadership and quality continues.”

Mr. Carlson explains: “Instead of providing a solely administrative or clerical function commonly seen throughout the captive insurance industry, Capstone provides a true turnkey captive solution which has withstood more than 55 federal tax examinations, in collaboration with The Feldman Law Firm LLP. From the initial captive feasibility study, through to the ongoing management of the captive, Capstone works to ensure that regulatory and tax requirements are met. I’m honored to build on Chuck Earls’ leadership over these last 20 years.” Feldman further comments: “With the addition of Jeff Carlson, Capstone will continue its focus on supporting closely-held, mid-market clients throughout the U.S. from our five offices. Jeff’s expertise enables Capstone to improve its day-to-day operations with an eye towards accelerating growth, while delivering an ever-improving alternative risk management program. Chuck Earls’ efforts built Capstone to its present high level of success, with Jeff being a fitting successor to continue Team Capstone along the upward trajectory set by Chuck.”

About Capstone Associated Services, Ltd.

Capstone Associated Services, Ltd. is the most integrated and comprehensive captive sponsors for mid-market businesses. In association with The Feldman Law Firm LLP, Capstone administers captive property & casualty insurance companies that provide alternative risk financing throughout the U.S.

Now in its 20th year, Capstone leverages an award-winning, multidisciplinary approach to captive planning, providing turnkey captive services to businesses with uninsured or underinsured risks. Capstone has led more than 200 distinct captive formations, excluding cell companies, and has led 55+ tax controversies, all leading to successful outcomes. These include three successful tax court cases.

Capstone’s attorney-led team goes beyond risk management and serves as partners in finance, tax planning, captive formation, and management. The team’s expertise spans the whole range of captives operating under IRC Sections 831(a), 831(b) and 501(c) (15).

Capstone's staff includes Chartered Property & Casualty Underwriters, Associates in Risk Management, accountants and administrators, in addition to the affiliated law firm's tax, corporate, financing and federal court litigators, risk managers, P & C professionals, outside CPAs, and actuaries. Together, this team offers middle market companies the most comprehensive risk planning solution available.

To learn more about how alternative risk planning and captive insurance can protect your business from uninsured risks, please visit us at http://www.CapstoneAssociated.com or contact us at 800-500-3190. Reported by PRWeb 23 hours ago.

BOSTON (AP) — A state agency that oversees health insurance for public employees said Thursday it would reconsider its decision to limit offerings for hundreds of thousands of state workers and retirees, following harsh criticism of the move from labor unions and legislative leaders. The Group Insurance Commission said it would vote next week to […] Reported by Seattle Times 18 hours ago.

**

· *Idaho wants to allow insurers to offer plans that do not meet regulations laid out by the Affordable Care Act, or Obamacare.*
· *Experts say the legality of the move is questionable.*
· *Also unclear is whether the Department of Health and Human Services, which has helped undermine Obamacare under President Donald Trump, will step in to prevent the move.*

--------------------A new health insurance proposal in Idaho is set to test the Trump administration's commitment to allow states to modify — or flat-out ignore — the Affordable Care Act's rules and regulations.

Amid Congress' failure to repeal and replace the ACA, or Obamacare, the Department of Health and Human Services under President Donald Trump has worked unilaterally to undermine many of the law's key elements. The administration has argued the changes are designed to enhance consumer choice and bring down costs.

But a new waiver request from Idaho proposes to go beyond undermining the law and simply ignoring it. It would allow insurers to sell healthcare coverage in the state's marketplace that does not meet Obamacare's requirements to qualify for the exchanges.

It would require that insurers offer some plans that are ACA compliant. But "state-based" plans would not need to meet certain requirements of the law, such as care for 10 basic medical needs that all ACA-compliant plans must cover.

Experts say the "state-based" plans could revert back to pre-ACA rules that allowed insurers charge more for people with a preexisting condition.

"In the Wild West, Idaho is allowing insurers to: Impose preexisting condition exclusions for people who were uninsured. Charge higher premiums for sick people. Exclude certain benefits," tweeted Larry Levitt, senior vice president at the Kaiser Family Foundation, a nonpartisan health policy group.

The legality of the move is questionable and could embroil the state in a lengthy court battle.

"I don’t see how this is reconciled with the basic ACA requirements," Scott Harrington, a healthcare management professor at the University of Pennsylvania, told The Wall Street Journal.

It's unclear whether new HHS leadership will challenge the proposed changes. HHS is required to step in and enforce ACA rules if a state does not or can't comply with them, and the department already does so in four states.

Newly confirmed HHS Secretary Alex Azar, whom the Senate confirmed to the position on Wednesday, has a big decision to make, Levitt said.

"If a state is not enforcing the ACA’s insurance rules, the federal government is supposed to step in and do it," he tweeted. "Idaho could be an early challenge for the new HHS Secretary."

But enforcement of the health law would run counter to the actions of the healthcare regulatory structure under Trump in his first year. The HHS and Centers for Medicare and Medicaid Services undertook a series of changes in 2017 that many health policy experts said were targeted at dismantling the ACA.

Tom Price, the previous HHS secretary, laid out a 10-step plan to undermine the law. Price resigned after reports surfaced regarding his overuse of government-funded air travel. 

Premiums for a benchmark silver plan in the ACA marketplace for 2018 increased by 37%, more than the year prior, and many insurers cited meddling from Washington as a key reason for the increases.

*SEE ALSO: Steven Mnuchin is trying to fix 'the first serious economic misstep by the Trump administration'*

Join the conversation about this story »

NOW WATCH: This congressman wants to target the USPS to help stop the opioid crisis Reported by Business Insider 16 hours ago.

(Reuters) - A lawsuit challenging the U.S. federal government's approval of work requirements for Medicaid recipients in Kentucky could rein in the power of the Trump administration to reshape the health insurance program for the poor, legal experts said. Reported by Reuters 12 hours ago.

*- Khun Nittaya Piriyathamwong named Executive Chairman *

*- Edward Kopp appointed Country President, Thailand *

* *

SINGAPORE - Media OutReach - 26 January 2018 - Chubb today announced two leadership appointments for its general insurance business in Thailand. Both appointments will be effective from 1 March 2018 and subject to regulatory and Board approval.

*Khun** Nittaya Piriyathamwong, *currently Country President for Thailand, has been appointed to the position of Chairman of the Executive Committee, Chubb Samaggi. In this capacity, Khun Nittaya will oversee the executive committee in Thailand and lead major strategic objectives of Chubb Samaggi. Khun Nittaya has been Country President since 2016 and was previously Managing Director for Siam Commercial Samaggi Insurance PCL, a company which Chubb acquired in 2014. In her new role, she will continue to report to Paul McNamee, Chubb's Regional President for Asia Pacific.

 

*Edward (Ed) Kopp*, currently serving as Country President for Chubb's general insurance business in Korea, has been appointed to succeed Khun Nittaya as Country President of Thailand. Mr. Kopp has led Chubb's operations in Korea for four years and has more than 20 years of experience in the financial services industry. During the course of his career, he has worked for some leading institutions in banking and insurance in increasingly more responsible roles -- as Chief Operating Officer in Korea, Chief Executive Officer in Hong Kong.

 

On the new leadership appointments in Thailand, Mr. McNamee said, "Khun Nittaya has successfully led the Thai business through signficant change showing both strength and determination in transforming our local operations. I'm confident that in her new role, Khun Nittaya will continue to help grow our business through her strong market knowledge and relationships. Going forward, we are fortunate to have such a talented and seasoned executive in Ed to assume a leadership position in our Thai business, one of the most dynamic and diverse in the region."

 

*About Chubb*

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline.  We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Reported by Media OutReach 6 hours ago.

The latest 2017 ez1095 ACA software handles all ACA reporting needs for 2018 tax season, quickly and easily. Test drive before purchase at http://www.halfpricesoft.com.

SYRACUSE, N.Y. (PRWEB) January 26, 2018

The latest release of ez1095 2017 software from Halfpricesoft.com covers all of the Affordable Care Act form filing bases for the 2018 tax season. The new version also supports unlimited accounts at no additional charge. The application also makes it easy for previous customers to roll forward all data from earlier years into the current filing year.

The new 2017 version ez1095 ACA form software from Halfpricesoft.com was created to comply with the requirements by the government to file forms 1094 and 1095 starting in 2016. ez1095’s quick start guide leads customer’s to setup the software and how to print the forms correctly without extended computer or accounting backgrounds. Customers can also click form level help links to get more details regarding the software.

“The new efile version of ez1095 2017 software for printing ACA forms 1095 and 1094 has just been released to cover all of the reporting needs for 2018 tax season,” said Dr. Ge, the founder of Halfpricesoft.com.

Some unique features of this innovative 2017 ez1095 ACA software are:· Print ACA Form 1095-C, 1094-C, 1095-B and 1094-B on white paper for recipients and IRS with inkjet or laser printer.
· PDF print 1095-C and 1095-B recipient copies.
· Efile version available at additional cost.
· Print correction forms.
· Support unlimited companies.
· Support unlimited number of recipients.
· Print unlimited number of 1095 and 1094 forms.
· Data import feature
· Print Form 1095 C: Employer-Provided Health Insurance Offer and Coverage Insurance
· Print Form 1094 C: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
· Print Form 1095-B: Health Coverage
· Print Form 1094-B: Transmittal of Health Coverage Information Return

ez1095 software is compatible Windows 10, 8.1, 8, 7, Vista, XP and other Windows systems. Potential customers can download and try this software at no obligation by visiting http://www.halfpricesoft.com/aca-1095/form-1095-software-free-download.asp

Priced at just $195 for a single user version, ($295 for efile version) this ACA forms filing software saves employers time and money by processing forms, in-house. To learn more about ez1095 ACA software, customers can visit http://www.halfpricesoft.com/aca-1095/aca-1095-software.asp

About halfpricesoft.com
Founded in 2003, Halfpricesoft.com has established itself as a leader in meeting the software needs of small businesses around the world with its payroll software, employee attendance tracking software, check printing software, W2 software, 1099 software and barcode generating software. It continues to grow with its philosophy that small business owners need affordable, user friendly, super simple, and totally risk-free software. Reported by PRWeb 2 hours ago.

It’s every pet owner’s worst nightmare: Your beloved furry friend comes down with a serious, costly illness. That’s why pet insurance in the United States has grown into a nearly $900-million business.

But, as with human health insurance, claims for critters frequently can be denied by insurers... Reported by L.A. Times 40 minutes ago.

Last week, Governor Andrew Cuomo unveiled his proposed $168 billion budget for fiscal year 2019, which proposes several changes to New York's healthcare landscape. Reported by Mondaq 11 hours ago.

New York officials are clapping back at the Trump administration for pulling funds from its state-run health insurance program. According to a lawsuit filed today by attorney general Eric Schneiderman and Governor Andrew Cuomo, more than $1 billion in federal funding was cut from New York's state-run health insurance program, which provides coverage to more than 700,000 low-income residents. "The abrupt decision to cut these vital funds is a cruel and reckless assault on New York’s families… Reported by bizjournals 6 hours ago.

I want to thank Washington’s U.S. Sens. Maria Cantwell and Patty Murray for helping to temporarily end the government shutdown and especially for funding the Children’s Health Insurance Program (CHIP). I know they’re getting a lot of anger from liberal constituents, and I want them to know that this liberal constituent appreciates their efforts. Having […] Reported by Seattle Times 5 hours ago.

CORNELIUS, N.C., Jan. 26, 2018 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc and subsidiaries (“Aquesta”) (OTC Market:AQFH) – including its primary subsidiary Aquesta Bank announced today excellent earnings and loan growth for the fourth quarter of 2017 (three month period ending December 31, 2017).  For the fourth quarter of 2017, Aquesta had unaudited net income of $204,000 (6 cents per share) compared to fourth quarter of 2016 net income of $529,000 (16 cents per share).  For the twelve months ended December 31, 2017 net income was $1.9 million (58 cents per share) compared to the twelve months ended December 31, 2016 of $2.2 million (69 cents per share). The decrease in Aquesta’s 2017 net income was due to a one-time tax adjustment relating to The Tax Cuts and Jobs Act.  Because of a change in tax rates, Aquesta booked a one-time decrease to its deferred tax asset and a corresponding increase of $404,000 to tax expense.   The Tax Act lowered Aquesta’s federal corporate tax rate from 34% to 21%, which should result in reduced taxes and higher earnings going forward.  Net Income for the twelve months ended December 31, 2017 excluding this one-time adjustment was $2.3 million, a new record for Aquesta earnings. 

Jim Engel, CEO & President of Aquesta said, “I am pleased to announce continued excellent earnings excluding a one-time charge combined with excellent growth for the year.  Our almost 22 percent loan growth for the year reflects positively on our people and our strategy.   While this quarter’s net income was negatively impacted by the accounting adjustment resulting from Tax Reform, we believe the reduced tax expense going forward will quickly repay the adjustment.”

*Key Highlights*

· Loan growth of $54.5 million for the twelve months ended December 31, 2017 or 21.7 percent
· Core deposit growth of $38.6 million for the twelve months ended December 31, 2017 or 18.8 percent
· Continued solid asset quality with low nonperforming loans and no foreclosed property
· Paid the fifth annual consecutive cash dividend to shareholders
· Purchase of the assets of Paladin Insurance Group, LLC located in Murrells Inlet, SC
· Expanded Aquesta’s South Carolina presence into the Charleston market

*Solid Balance Sheet Growth*
At December 31, 2017, Aquesta’s total assets were $408.6 million compared to $353.1 million at December 31, 2016.  Total loans were $305.3 million at December 31, 2017 compared to $250.8 million at December 31, 2016.  Core deposits were $243.9 million at December 31, 2017 compared to $205.3 million at December 31, 2016.

*Strong Asset Quality*
Asset quality remains very strong.  Nonperforming assets as of December 31, 2017 were at $27 thousand compared to $1.7 million as of December 31, 2016.  Aquesta had $27 thousand in nonaccrual loans as of December 31, 2017 compared to $122 thousand in nonaccrual loans as of December 31, 2016.  Aquesta had no foreclosed property at the end of 2017 compared to $1.5 million at the end of 2016.  

*Net Interest Income*
Net interest income was $12.6 million for the twelve months ended December 31, 2017 compared to $11.0 million for the twelve months ended December 31, 2016.  This is an increase of $1.6 million or 14.1%. The increase in net interest income continues to be directly associated with Aquesta’s continued loan growth.

*Non Interest Income*
Non interest income was $3.8 million for the twelve months ended December 31, 2017 compared to $5.2 million for the twelve months ended December 31, 2016.  This decrease is primarily due to reduced gains on sales of investment securities and SBA loans.

*Non Interest Expense*
Non interest expense was $12.6 million for the twelve months ended December 31, 2017 compared to $12.6 million for the twelve months ended December 31, 2016.  Non interest expense stayed consistent even as Aquesta continues to expand.  Personnel expense was at $8.0 million for the twelve months ended December 31, 2017 compared to $7.8 million for the twelve months ended December 31, 2016.

Occupancy expense decreased by $82 thousand for the twelve months ended December 31, 2017 compared to the twelve months ending December 31, 2016.  The decrease in occupancy expense was due to the consolidation of the Wilmington bank branch and insurance agency offices.  Aquesta had $60 thousand in OREO losses for the twelve months ended December 31, 2017 as compared to $243 thousand for the twelve months ending December 31, 2016.

Below are the following financial highlights for comparison:

         
Aquesta Financial Holdings, Inc.
Select Financial Highlights
(Dollars in thousands, except per share data)
 
    12/31/17   12/31/16
    (unaudited)   (audited)
*Period End Balance Sheet Data:*        
Loans $ 305,319 $ 250,808
Allowance for loan and lease losses   2,817   2,650
Investment securities   61,911   65,137
Goodwill   895   687
Insurance agency intangible   1,678   1,752
Total assets   408,642   353,108
Core deposits   243,906   205,302
CDs and IRAs   61,183   64,004
Shareholders equity   29,772   27,203
         
Ending shares outstanding   3,310,633   3,280,314
Book value per share   8.99   8.29
Tangible book value per share   8.22   7.55
         

 

                   
    For the three months ended     For the twelve months ended
    12/31/17   12/31/16     12/31/17   12/31/16
    (unaudited)   (audited)     (unaudited)   (audited)
*Income and Per Share Data:*                  
Interest income $ 4,190   $ 3,482     $ 15,212 $ 13,037
Interest expense   821     545       2,644   2,024
Net interest income   3,369     2,937       12,568   11,013
Provision for loan losses   -     64       170   260
Net interest income after                  
provision for loan losses   3,369     2,873       12,398   10,753
Non interest income   916     1,176       3,759   5,175
Non interest expense   3,229     3,254       12,638   12,645
Income before income taxes   1,056     795       3,519   3,283
Income tax expense DTA writedown   404     -       404   -
Income tax expense   448     266       1,211   1,127
Net income $ 204   $ 529     $ 1,904 $ 2,156
                   
Earnings per share - basic $ 0.06   $ 0.16     $ 0.58 $ 0.69
Earnings per share - diluted   0.06     0.16       0.54   0.66
Weighted average shares - basic   3,310,599     3,231,591       3,303,607   3,110,909
Weighted average shares - diluted   3,574,241     3,406,846       3,528,915   3,286,164
         
    12/31/17   12/31/16          
    (unaudited)   (audited)          
*Select performance ratios:*                  
Return on average assets   0.50 %   0.67 %          
Return on average equity   6.68 %   8.49 %          
                   
*Asset quality data:*                  
90 days or more and accruing $ -   $ -            
Non accrual loans   27     122            
Other real estate loans   -     1,539            
Total non performing assets   27     1,661            
                   
Troubled debt restructurings $ 55   $ 293            
         
Non performing assets / total assets   0.01 %   0.48 %          
Allowance for loan losses / total loans   0.92 %   1.06 %          
                       

Aquesta Financial Holdings, Inc. is the holding company to its wholly owned subsidiary, Aquesta Bank.  Aquesta Bank is a full service community bank headquartered in Cornelius, North Carolina with seven branches in the Charlotte, Lake Norman and Wilmington areas and loan production offices  in Greenville and Charleston, South Carolina.  In addition, Aquesta offers property, casualty and health insurance products through its wholly owned subsidiary, Aquesta Insurance Services, Inc. an independent agency.  

For additional information, please contact Kristin Couch (Executive Vice President and Chief Financial Officer) or Jim Engel (Chief Executive Officer and President) at 704-439-4343 or visit us online at www.aquesta.com.

Information in this press release may contain forward looking statements that might involve risks and uncertainties that could cause actual results to differ materially.  These risks and uncertainties include without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, and changes in interest rates. Reported by GlobeNewswire 4 hours ago.

TORONTO, Jan. 26, 2018 (GLOBE NEWSWIRE) -- Empire Life Investments Inc. has been recognized once again for its risk-adjusted performance, winning five 2017 Fundata FundGrade A+ Awards for its segregated funds. Fundata picks the winners using an objective score-based calculation that determines the “best of the best” for each calendar year based solely on risk-adjusted performance.Empire Life Asset Allocation Fund^1
Empire Life Canadian Equity Fund^1
Empire Life Elite Balanced Fund^1
Empire Life Equity Growth Fund #3^1, 2
Empire Life Premier Equity Fund^1, 2

“It is a great honour to be recognized again this year by Fundata for our segregated funds”, said Ian Hardacre, MBA, CFA, Senior Vice-President and Chief Investment Officer, Empire Life Investments Inc. “Our goal to help preserve and build wealth for investors is supported by our team-based approach where sharing ideas leads to better investment decisions. The team continues to use a conservative, value-oriented and disciplined investment style, with an emphasis on downside protection”.

*About the Fundata FundGrade A + Rating*
The FundGrade A+ rating is used with permission from Fundata Canada Inc., all rights reserved. Fundata is a leading provider of market and investment funds data to the Canadian financial services industry and business media. The FundGrade A+ rating identifies funds that have consistently demonstrated the best risk-adjusted returns throughout an entire calendar year. For more information on the rating system, please visit www.Fundata.com/ProductsServices/FundGrade.aspx.

*About Empire Life*
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security. As of September 30, 2017 Empire Life had total assets under management of $16.8 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.

*About Empire Life Investments Inc.*
Empire Life Investments Inc. is a wholly-owned subsidiary of The Empire Life Insurance Company. The company manages and offers mutual funds and is the portfolio manager of the Empire Life segregated funds. Follow Empire Life Investments Inc. on Twitter @EmpireLifeInv or visit www.empirelifeinvestments.ca for more information.

^1 Segregated funds issued by The Empire Life Insurance Company. ^2 New deposits available only to existing plan holders

Contact: Antonietta Stabile 416 945-7466 or antonietta.stabile@empire.ca Reported by GlobeNewswire 3 hours ago.

Andrew Luccock pays about $1,700 per month for health insurance for his family of 5 — and still expects to pay more than Reported by Huffington Post 2 hours ago.

· *$0.04 Net Loss Per Diluted Share (as reported under Generally Accepted Accounting Principles (GAAP))*
· *$0.12^ 1 Net Income per Diluted Share, excluding a $0.16 per Share Charge Related to the Jobs Cuts and Tax Act (a non-GAAP financial measure)*

LINCOLNTON, N.C., Jan. 26, 2018 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (the “Company”) (NASDAQ:CART) reported its financial results today for the most recently completed fiscal quarter.  In the fourth quarter that ended December 31, 2017 (“4Q17”), the Company had a net loss of $196,000 or $0.04 per diluted share under generally accepted accounting principles (GAAP).  The Company’s adjusted net income was $582,000, or $0.12 per diluted share, excluding an estimated tax charge of $778,000 (“tax charge”), or $0.16 per diluted share, related to the Tax Cuts and Jobs Act^ 1.  The tax charge was attributed entirely to a revaluation of the Company’s deferred tax assets (“DTAs”). 

The Company’s DTAs are estimates of future tax benefits that arose primarily from expenses that were reported on current and previous years’ financial statements but are not deductible for tax purposes until future years’ tax returns (e.g. provisions for loan losses for probable incurred losses that are reported on financial statements as compared to tax returns where deductions are reported only when loans are charged off).  On December 22, 2017, when the Tax Cuts and Jobs Act was enacted, the Company’s federal income tax rate decreased from 34% to 21%, effective in 2018, and the DTAs were revalued accordingly.  While the revaluation of DTAs decreases 2017 net income, the lower federal tax rate beginning in 2018 will increase net income in future years.

A year ago, in the fourth quarter of 2016 (“4Q16”), the Company earned net income of $382,000 and net income attributed to common shareholders of $335,000 or $0.07 per diluted share.  The $47,000 difference was the amount of preferred stock dividends that were paid by the Company’s subsidiary bank, Carolina Trust Bank (the “Bank”), prior to redeeming those preferred shares in December 2016.  Compared to 4Q16 net income to common shareholders, the 4Q17 net loss represented a decrease of $531,000 in net income to common in the comparative quarter.  Excluding the tax charge from 4Q17 results, adjusted net income to common increased by $247,000 or 74% compared to the same quarter one-year prior.

^1 Note:  see reconciliation of adjusted earnings to GAAP (“generally accepted accounting principles”) earnings at the end of this press release.

Compared to earnings for the quarter ended September 30, 2017 (the “linked quarter” or “3Q17”) of $351,000, the 4Q17 net loss represented a decrease of $547,000 in earnings.  Excluding the  tax charge, 4Q17 net income increased by $231,000 or 66% compared to the linked quarter.  This comparative data is summarized in the table below:

  *4Q17*
*Qtr ended 12-31-17* *3Q17*
*Qtr ended 9-30-17* *4Q16*
*Qtr ended 12-31-16*
  Amount Diluted
EPS Amount Diluted
EPS Amount Diluted
EPS
Net income (loss) $ (196,000 )   NA   $ 351,000     NA   $ 382,000     NA  
Net income (loss) to common shareholders $ (196,000 ) $ (0.04 ) $ 351,000   $ 0.07   $ 335,000   $ 0.07  
Net income to common shareholders excluding 4Q17 tax adjustment $ 582,000   $ 0.12   $ 351,000   $ 0.07   $ 335,000   $ 0.07  

Pre-tax income was $872,000 for the quarter ended 4Q17 as compared to $596,000 for 4Q16, an increase of $276,000 or 46%.  Similarly, the pretax income for 4Q17 was higher than the linked quarter by $351,000 or 67%.  

The primary drivers of the $276,000 increase in pre-tax income from 4Q16 to 4Q17 were growth in the gross loans average and in the net interest margin that were partially offset by an increased loan loss provision.

· Gross loans average – The gross loans average increased by $37 million or 12% from $307 million in 4Q16 to $344 million in 4Q17.    
· Net interest margin – Net interest margin increased by 28 basis points from 3.63% in 4Q16 to 3.91% in 4Q17. Margin expansion was attributed partially to loan yields increasing from 5.09% to 5.12%, and was due primarily to investing a higher percentage of assets into loans in 2017.  The ratio of average loans to average earning assets increased from 85% in 4Q16 to 90% in 4Q17.  The interest income increase of $526,000 was only partially offset by a $78,000 increase in interest expense.  The interest expense increase included a $25,000 increase in interest on subordinated debt that was issued in October 2016 at a fixed rate of 6.9% and a yield of 7.9% including amortized fees. 
· Loan loss provision – Loan loss provision in 4Q17 was $149,000 as compared to a recovery of $149,000 in 4Q16, resulting in an increase of $298,000 versus the comparative quarter.  The provision in 4Q17 was attributed to $8.6 million in loan growth during the quarter and to an overall increase of 3 basis points for the general allowance applied to pools of performing loans that estimates probable losses inherent in the portfolio.   The $149,000 negative provision, or recovery, reported in 4Q16 was due to improvement in the charge-off history, one of the factors used in the general allowance calculation.      

The primary drivers of the $351,000 increase in pre-tax income from the linked quarter to 4Q17 were growth in the gross loans average, margin expansion, and a decrease in loan loss provision.

· Gross loans average – The gross loans average increased by $12.3 million from 3Q17 to 4Q17, which represents a 15% annualized growth rate.
· Net interest margin – Net interest margin increased by 11 basis points from 3.80% in the linked quarter to 3.91% in 4Q17.  Margin expansion was attributed to both loan yields increasing from 5.04% to 5.12% and to the increase in loans as a percentage of earning assets from 88% to 90%.  The interest income increase of $238,000 was only partially offset by $22,000 increase in interest expense as the cost of funds remained stable at 0.98%.  The cost of funds excluding subordinated debt also remained stable at 0.79%.
· Loan loss provision – Loan loss provision decreased by $191,000 to $149,000 in 4Q17 from $340,000 in the linked quarter.  The higher provision in the linked quarter was due primarily to specific reserves for impaired loans, including charged off loans that became impaired during the linked quarter.

Annualized return on average assets (“ROA”) and annualized return on average shareholders’ equity (“ROE”) for 4Q17 were (0.19%) and (2.59%), respectively, representing a loss for the period.  On an adjusted basis to exclude the tax charge, adjusted ROA was 0.57% and adjusted ROE was 7.68% for 4Q17.  Comparatively, for the 4Q16, the ROA was 0.40% and the ROE was 4.55%.  For the linked quarter, the ROA was 0.35% and the ROE was 4.67%  

During the fourth quarter of 2017, the Company’s gross loans grew by $8.6 million at an annualized growth rate of 10.1%.  Most of the loan growth during the 4Q17 was in commercial real estate (“CRE”) loans that grew by $7.2 million, followed by $1.7 million growth in commercial and industrial loans (“C&I”).  The CRE loan growth was spread primarily among the Gastonia, Salisbury and Mooresville markets, and the C&I loan growth was concentrated in Mooresville.  For the year ended December 31, 2017, loans grew by $40.2 million or 13.0%.  As of December 31, 2017, September 30, 2017 and December 31, 2016, the weighted average note rates of the loan portfolio were 4.92%, 4.86%, and 4.82%, respectively. 

During the fourth quarter of 2017, deposits grew by $3.1 million at an annualized growth rate of 3.6%.  Most of the growth was in interest bearing checking accounts, up $2.9 million, non-interest bearing deposits, up $2.3 million, and time deposits, up $1.8 million.  Money market deposits declined by $4.7 million.  For the year 2017, deposits grew by $22.0 million or 6.9%.  As of December 31, 2017, September 30, 2017 and December 31, 2016, the weighted average rates for non-maturing deposits were 0.28%, 0.29%, and 0.19%, respectively, and the weighted average rates for time deposits were 1.37%, 1.33%, and 1.28%, respectively.

Jerry L. Ocheltree, President and Chief Executive Officer, stated, “We continued to grow steadily during the fourth quarter by adding $8.6 million in loans and $3.1 million in deposits.  As we grew, we also improved the loan yield from 5.04% in the prior quarter to 5.12%, and our cost of funds, excluding the cost of subordinated debt, was unchanged at 0.79%.  We focused on building relationships from our nine branch locations, while also expanding to Salisbury, NC and Rowan County where we opened a loan production office in November.  Our new core banking system, in service for the past two quarters, gives us more flexibility in customizing our products so that our dedicated branch, commercial banking, operations, and administrative employees have the resources that match our commitment to providing the highest quality customer service on a consistent basis.  Noninterest income was up 3% from last quarter and 34% from the fourth quarter of 2016 while noninterest expenses were up only 2% from last quarter and down by 1% from the fourth quarter of 2016.  Leveraging our human resources, information technology, and other assets are key components to our expense control and managing our growth successfully.   

"Although the recent tax reform resulted in decrease to net income of $778,000 from revaluing our deferred tax assets, we look forward to the tax reform being accretive to net income in 2018 as our federal tax will decrease from 34% to 21%.  Adjusting for the year-end tax charge, our fourth quarter 2017 results showed an improved return on assets of 0.57%, and return on shareholders’ equity of 7.68%.”

Mr. Ocheltree continued, “I was pleased that credit quality generally remained stable this quarter.  Our loan recoveries exceeded charged-off loans, and the past due and classified loan ratios improved.  Nonaccruals increased from last quarter but were lower than March 31 and June 30, 2017 levels.

"The fourth quarter and the year were marked by successful growth in loans, deposits, net interest margin, and pre-tax earnings.  Challenges include controlling our deposit funding costs in our competitive markets as market rates increase.  We strive daily to compete with our service, rates, and product mix to build our deposit base and provide the best value to our current and future customers.”     

Set forth below are certain selected asset quality items as of and for the quarter ended December 31, 2017:

· Total nonperforming assets (“NPAs”) increased by $870,000 from $2,609,000 at September 30, 2017 to $3,535,000 at December 31, 2017.  This increase resulted in a 22 bp increase in the Bank’s NPAs as a percentage of total assets, from 0.65% at September 30, 2017 to 0.87% at December 31, 2017.  One non-owner occupied commercial real estate relationship in nonaccrual status at September 30, 2017 with a $355,000 balance was repaid during the fourth quarter.  An owner occupied commercial real estate relationship with a balance of $991,000 at December 31, 2017 was added to nonaccrual status during the fourth quarter.
· The Bank’s ratio of allowance for loan losses (“ALL”) to total loans increased by 2 bps from 1.01% at September 30, 2017 to 1.03% at December 31, 2017.  The general allowance for pools of performing loans increased during the quarter by $179,000 to $3,351,000 from $3,172,000 due to the 4Q17 loan growth and to an increase in the qualitative factors related to loan growth for commercial real estate loans.  The specific allowance for impaired loans decreased by $3,000 to $248,000.
· The classified asset ratio for the Bank at December 31, 2017 was 11%, an improvement from 12% at September 30, 2017.  The classified asset ratio, which is a common measure used by our regulatory agencies and institutional investors that follow bank stocks, is calculated as follows:
Bank’s Classified Asset Ratio =          [classified loans and other real estate]
                                                            [Bank tier 1 capital and ALLL]

· Annualized net charge-offs (net recoveries) as a percentage of average loans were (0.03%) for 4Q17, as compared to 0.19% for 4Q16 and 0.16% for the linked quarter.  Net recoveries of $26,000 in 4Q17 included gross charge-offs of $18,000 and recoveries of $44,000.  For the year 2017 net charge-offs as a percentage of average loans were 0.15% as compared to 0.10% in 2016.

*CAPITAL LEVELS*
Capital for the Bank exceeded "well-capitalized" requirements for each of the four primary capital levels monitored by state and federal regulators. As of December 31, 2017, both the common equity tier 1 and the tier 1 capital ratio were 10.23%; the total capital ratio was 11.21%; and the tier 1 leverage ratio was 9.33%.

*NONINTEREST INCOME*
For the fourth quarter of 2017, noninterest income was $379,000, an increase of $97,000 or 34% compared to 4Q16.  The increase was attributed to bank-owned life insurance (“BOLI”) income, up $39,000 or 279%, and to overdraft fees on deposits, up $45,000 or 49%.  BOLI income increased due to a $5.5 million investment in BOLI in February 2017.  Overdraft fees on deposits increased by $45,000 as customer transaction accounts have grown over the past year.  The ratio of noninterest income to average assets for both 4Q17 and the linked quarter was 0.37% on an annualized basis and for 4Q16 was 0.29%.

*NONINTEREST EXPENSE*
Noninterest expense for 4Q17 totaled $3,114,000, down $29,000 or 1% as compared to the $3,143,000 recorded in 4Q 2016.  Specific items to note are as follows:

· Compensation expense, the largest component of noninterest expense, increased $75,000 or 4%, due to normal salary and wage increases, to staff additions over the past 12 months, to increased health insurance costs, and to accruals for non-equity incentive compensation.
· Data processing expenses declined by $43,000 or 17%, due to expenses incurred in 4Q16 related to our core banking system conversion that was completed in the second quarter of 2017 that were not present in 4Q17.   
· Professional fees increased by $37,000 or 36%, primarily due to expenses for audit services and for external loan review services.
· Net foreclosed asset expenses declined by $116,000.  The Company had a net recovery of $2,000 in 4Q17 as compared to $114,000 in expenses in 4Q16 that were mostly attributed to write downs on foreclosed real estate properties.
· The ratio of noninterest expenses to average assets was 3.04% in 4Q17 as compared to 3.28% in 4Q16, and 3.07% in the linked quarter.

*About Carolina Trust BancShares, Inc.*
Carolina Trust BancShares, Inc. is a bank holding company and the parent company of Carolina Trust Bank.  Carolina Trust Bank is a full service, state-chartered bank headquartered in Lincolnton, N.C.  The bank operates in the Western Piedmont and Mountain Regions of North Carolina in nine full-service branch offices in Lincoln, Catawba, Gaston, Iredell and Rutherford Counties and a loan production office in Rowan County.

Caution Regarding Forward-Looking Statements: This news release contains forward-looking statements. Words such as “anticipates,” “ believes,” “estimates,” “expects,” “intends,” “should,” “will,” variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management’s current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include, among others: the impact of the recently passed Tax Cuts and Jobs Act, including any changes in the estimated revaluation of our tax assets and liabilities; changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Carolina Trust BancShares, Inc. undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

Note Regarding Use of Non-GAAP Financial Measures:  This news release presents certain non-GAAP financial measures.  The adjustments to reconcile from the applicable GAAP financial measures to the non-GAAP financial measures are included where applicable in financial results presented in accordance with GAAP.  The Company considers these adjustments to be relevant to ongoing operating results.  The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for the period-to-period comparisons, which will assist the regulators, investors, and analysts in analyzing the operating results or financial position of the Company.  The non-GAAP financial measures are used by management to assess the performance of the Company’s business, including for presentations of Company performance to investors.  The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management.  Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited.  Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.Dollars in thousands, except share and per share data
 
 
*Carolina Trust BancShares, Inc.*
*Selected Financial Highlights** *
 
* * *Unaudited**
* *Unaudited* *Unaudited* *Unaudited* *(a)**
*
* * *12/31/17* *9/30/17* *6/30/17* *3/31/17* *12/31/16*
*Balance Sheet Data:*          
Total Assets $ 406,776 $ 400,297   $ 390,168   $ 382,481   $ 374,917  
Total Loans   348,679   340,038     324,349     311,609     308,492  
Reserve for Loan Loss   3,599   3,423     3,213     3,471     3,393  
Total Deposits   340,653   337,589     330,893     323,179     318,665  
Total Shareholders’ Equity   29,277   29,765     29,573     29,361     29,033  
 
 
*Comparative Income Statements*
*For the Three Months Ended*

 
* * *Unaudited 
**12/31/17* *Unaudited 
**12/31/16* *Variance
$* *Variance 
**%*
*Income and Per Share Data:* * * * * * * * *
Interest Income $ 4,672   $ 4,146   $ 526     13 %
Interest Expense   916     838     78     9 %
Net Interest Income   3,756     3,308     448     14 %
Provision for (Recovery of) Loan Loss   149     (149 )   298     NM  
Net Interest Income After Provision   3,607     3,457     150     4 %
Non-interest Income   379     282     97     34 %
Non-interest Expense   3,114     3,143     (29 )   -1 %
Income Before Taxes   872     596     276     46 %
Income Tax Expense   1,068     214     854     399 %
*Net Income (Loss)*   (196 )   382     (578 )   NM  
Preferred Stock Dividend   -0-     47     (47 )   -100 %
*Net Income (Loss) Available to Common Shareholders* $ (196 ) $ 335   $ (531 )   -159 %
         
*Net Income (Loss) Per Common Share:*        
Basic $ (0.04 ) $ 0.07      
Diluted $ (0.04 ) $ 0.07      
*Average Common Shares Outstanding:*        
Basic   4,657,304     4,650,563      
Diluted   4,752,961     4,703,681      
                 
(a) Note:  Derived from audited financial statements                

*Carolina Trust BancShares, Inc.*
*Comparative Income Statements *
*For the years ended*
Dollars in thousands, except per share data
* * * *
* * *Unaudited 
**12/31/17* *(a) 
**12/31/16* *Variance
$* *Variance 
**%*
*Income and Per Share Data:* * * * * * * * *
Interest Income $ 17,449 $ 16,222   $ 1,227   6 %
Interest Expense   3,479   2,872     607   26 %
Net Interest Income   13,970   13,350     620   2 %
Provision for (Recovery of) Loan Loss   704   (27 )   731   355 %
Net Interest Income After Provision   13,266   13,377     (111 ) -3 %
Non-interest Income   1,376   1,229     147   5 %
Non-interest Expense   12,644   12,388     256   3 %
Income Before Taxes   1,998   2,218     (220 ) -31 %
Income Tax Expense   1,436   877     559   -44 %
*Net Income*   562   1,341     (779 ) -21 %
Preferred Stock Dividend -0-   222     (222 ) -100 %
*Net Income Available to Common Shareholders* $ 562 $ 1,119   $ (557 ) -3 %
         
*Net Income Per Common Share:*        
Basic $ 0.12 $ 0.24      
Diluted $ 0.12 $ 0.24      
*Average Common Shares Outstanding:*        
Basic   4,655,369   4,649,405      
Diluted   4,734,874   4,697,765      
               
(a) Note:  Derived from audited financial statements              

*Carolina Trust BancShares, Inc.*  
*Quarterly Income Statement*  
Dollars in thousands, except share and per share data   
   
* * *For the three months ended:*  
*Income and Per Share Data:* *Unaudited*
*12/31/17* *Unaudited*
*9/30/17* *Unaudited*
*6/30/17* *Unaudited*
*3/31/17* *Unaudited*
* 12/31/16**
*  
Interest Income $ 4,672   $ 4,434 $ 4,266 $ 4,077 $ 4,146    
Interest Expense   916     894   846   823   838    
Net Interest Income   3,756     3,540   3,420   3,254   3,308    
Provision for (Recovery of) Loan Loss   149     340   64   151   (149 )  
Net Interest Income After Provision   3,607     3,200   3,356   3,103   3,457    
Non-interest Income   379     367   338   292   282    
Non-interest Expense   3,114     3,046   3,409   3,076   3,143    
Income Before Taxes   872     521   285   319   596    
Income Tax Expense   1,068     170   89   108   214    
*Net Income (Loss)*   *(196* *)*   *351*   *196*   *211*   *382*    
Preferred Stock Dividend   -0-     -0-   -0-   -0-   47    
*Net Income Available to Common Shareholders* *$* *(196* *)* *$* *351* *$* *196* *$* *211* *$* *335*    
             
*Net Income (Loss) Per Common Share:*            
Basic $ (0.04 ) $ 0.08 $ 0.04 $ 0.05 $ 0.07    
Diluted $ (0.04 ) $ 0.07 $ 0.04 $ 0.04 $ 0.07    
*Average Common Shares Outstanding:*            
Basic   4,657,304     4,654,880   4,654,880   4,654,386   4,650,563    
Diluted   4,752,961     4,470,660   4,722,607   4,734,010   4,703,681    

*Carolina Trust BancShares, Inc.*
*Selected Financial Highlights*
Dollars in thousands, except share and per share data
* * *12/31/17* *9/30/17* *6/30/17* *3/31/17* *12/31/16*
*Capital Ratios:*          
Common equity tier 1 capital ratio*   10.23 %   10.31 %   10.89 %   11.23 %   11.40 %
Tier 1 capital ratio*   10.23 %   10.31 %   10.89 %   11.23 %   11.40 %
Total capital ratio*   11.21 %   11.26 %   11.83 %   12.28 %   12.46 %
Tier 1 leverage ratio*   9.33 %   9.54 %   9.75 %   9.87 %   9.64 %
           
Tangible Common Equity (a) $ 29,204   $ 29,682   $ 29,479   $ 29,255   $ 28,896  
Common Shares Outstanding   4,657,880     4,654,880     4,654,880     4,654,880     4,650,808  
Book Value per Common Share $ 6.29   $ 6.39   $ 6.35   $ 6.31   $ 6.24  
Tangible Book Value per Common Share (a)
$ 6.27   $ 6.38   $ 6.33   $ 6.28   $ 6.21  
*Performance Ratios for the 3 Months Ended (annualized):* * * * * * * * * * *
Return on Average Assets   (0.19 %)**   0.35 %   0.20 %   0.23 %   0.40 %
Return on Average Common Equity   (2.59 %)**   4.67 %   2.64 %   2.92 %   4.55 %
Net Interest Margin   3.91 %   3.80 %   3.80 %   3.72 %   3.63 %
* *          
*Asset Quality:*          
Delinquent Loans (30-89 days accruing interest) $ 649   $ 2,170   $ 2,615   $ 911   $ 1,420  
Delinquent Loans (90 days or more and accruing) $ 82   $   $ 181   $   $ 247  
Non-accrual Loans   2,664     2,142     2,715     2,937     2,628  
OREO and Repossessed property   789     467     583     880     1,011  
Total Nonperforming Assets $ 3,453   $ 2,609   $ 3,479   $ 3,817   $ 3,886  
           
Restructured Loans $ 4,163   $ 4,363   $ 4,428   $ 3,701   $ 4,992  
Nonperforming Assets / Total Assets   0.87 %   0.65 %   0.89 %   1.00 %   1.04 %
Nonperforming Assets / Equity Capital & ALLL   10.75 %   7.86 %   10.61 %   11.63 %   11.98 %
Allowance for Loan Losses / Nonperforming Assets   101.80 %   131.20 %   92.36 %   90.94 %   87.32 %
Allowance for Loan Losses  / Total Loans   1.03 %   1.01 %   0.99 %   1.11 %   1.10 %
Net Loan Charge-offs (Recoveries) $ (26 ) $ 130   $ 323   $ 73   $ 145  
Net Loan Charge-offs (Recoveries) / Average Loans (%)   (0.03 %)   0.16 %   0.41 %   0.10 %   0.19 %
(annualized)          
Note:  Financial information is unaudited.          

*Note:  Capital ratios are presented for Carolina Trust Bank which reports these ratios to the Federal Financial Institutions Examination Council on form FFIEC 051 (3-31-2017 through 12-31-2017) and on form FFIEC 041 (12-31-16).

**Note:  For the three months ended December 31, 2017, the Adjusted Return on Assets and Adjusted Return on Equity that  excluded the impact of the deferred tax asset revaluation from the Job Cuts and Tax Act were 0.57% and 7.68%, respectively.

(a) Note

*Reconciliation of GAAP to non-GAAP:*       *12/31/17* *9/30/17* *6/30/17* *3/31/17* *12/31/16*
Shareholders’ equity (GAAP)     $ 29,277 $ 29,765 $ 29,573 $ 29,361 $ 29,033
Less:  Preferred stock       -0-   -0-   -0-   -0-   -0-
Less:  Core deposit intangible       73   83   94   106   117
Tangible Common Equity (non-GAAP)       29,204   29,682   29,479   29,255   28,916
Common Shares Outstanding       4,657,880   4,654,880   4,654,880   4,654,880   4,650,808
Tangible Book Value per Common Share (non-GAAP)     $ 6.27 $ 6.38 $ 6.33 $ 6.28 $ 6.22

^1 Note (see page 1) :

*Reconciliation of non-GAAP to GAAP for net income (loss) and net income (loss) per share fourth quarter 2017 (i.e. 3 months ended December 31, 2017*):
     
Dollars in thousands    
    For the 3 months ended   For the year ended
    December 31, 2017   December 31, 2017
Net income (loss) (GAAP)   $ (196,000 )   $ 562,000  
Income tax charge for deferred tax asset revaluation        
attributed to the Job Cuts and Tax Act     778,000       778,000  
Adjusted net income (non-GAAP)   $ 582,000     $ 1,340,000  
         
Average common shares outstanding (basic)     4,657,304       4,655,369  
Average common shares outstanding (diluted)     4,752,961       4,734,874  
         
Net income (loss) per basic share (GAAP)   $ (0.04 )   $ 0.12  
Income tax charge for deferred tax asset revaluation   $ 0.16     $ 0.17  
Adjusted net income per basic share (non-GAAP)   $ 0.12     $ 0.29  
         
Net income (loss) per diluted share (GAAP)   $ (0.04 )   $ 0.12  
Income tax charge for deferred tax asset revaluation   $ 0.16     $ 0.16  
Adjusted net income per diluted share (non-GAAP)   $ 0.12     $ 0.28  

Contact:
Jerry L. Ocheltree
President and CEO
Carolina Trust BancShares, Inc.
(704) 735-1104 Reported by GlobeNewswire 1 hour ago.

Edward Escobar has been driving for Uber and Lyft for nearly four years. That’s eons in Silicon Valley time. If he were an employee at either ride-hailing company, he’d be considered a stalwart, probably with stock options fully vested. And if either company went public at their current valuations, he would have a good shot at striking it rich. But Escobar isn’t an employee. He’s an independent contractor in the gig economy. This means he’s not entitled to benefits such as health insurance, overtime or expense reimbursement. He doesn’t get the free lunches served to Uber and Lyft employees in their San Francisco headquarters, and he doesn’t get a share of the companies’ coveted stock options either. Reported by SFGate 17 hours ago.

Santhigram Wellness Kerala Ayurveda, USA Celebrated its 10th Anniversary on January 20, 2018 at Edison, New Jersey with gaiety and fervor in the presence of more than 500 esteemed guests

EDISON, N.J. (PRWEB) January 27, 2018

Santhigram Kerala Ayurvedic Co., USA, a leading provider of holistic treatments based on authentic Kerala specific Ayurveda and Panchakarma Therapies in the United States has celebrated its 10th anniversary in a grand function on Saturday, January 20, 2018 at Edison Hotel Banquet and Conference Center, 3050 Woodbridge Ave., Edison, New Jersey.

In an unprecedented and awe inspiring event in the illustrious and distinguished history of Santhigram USA, more than 500 esteemed guests from various walks of life including clients, stakeholders, friends and well-wishers from diverse locations in US including renowned guests encompassing Elected Officials, Media, Community Associations, Chambers of Commerce, business and other prominent forums graced the occasion.

Among the most notable distinguished guests were New Jersey Senator Vin Gopal, Commissioner of New Jersey State Mr. Upendra Chivukula, Mr. Peter Jacob, Contestant for US Congress from New Jersey, Padma Shri H.R. Shah, Chairman of TV Asia, Padma Shri Dr. Sudhir Parikh, Chairman of Parikh Worldwide Media, Dr. Sudhanshu Prasad and Dr. Binod Sinha, prominent physicians and owners of Edison Hotel, Ms. Melinna Giannini, Health Insurance Consulting Specialist and President of ABC Medical Coding Solutions, Swami Siddhananda, Acharya of Chinmaya Mission and Deepak Parashar, the Bollywood cine actor.

In the welcome address, Dr. Gopinathan Nair and Dr. Ambika Nair, the founders of Santhigram USA unveiled before the distinguished guests the saga of Santhigram USA operations during its decade long journey in US. Mr. Nair said, “We humbly acknowledge the multitude of hurdles and challenges we faced, because there was absolutely no precedence in running an Ayurveda wellness business in the US. Coming to US with a dozen Ayurveda specialists in November 2007 exclusively with a mission of spreading Ayurveda wellness was a great challenge in itself.” He further said. “We are pleased to say with great pride that we have moved forward, overcoming obstacles and managed to spread our wings to as many as five states, New Jersey, New York, Texas, Illinois and Wisconsin.” “This would not have been possible without the support of our dedicated team and the clients who had absolute faith in the effectiveness of the unique system of Kerala-specific Ayurveda treatments,” he said. "It is gratifying to see that hundreds of patients have taken advantage of our side-effect-free holistic solution to take care of their health issues, but many are still not able to avail our services due to insurance regulations."“Things are changing, and we are helping our clients to get the coverage needed,” he added.

New Jersey State Senator Vin Gopal presented to Dr. Gopinathan Nair, a joint resolution of the New Jersey Senate and Assembly honoring Santhigram. It noted that the company has established a model to emulate and set a standard of excellence which others might strive. ‘The Santhigram Kerala Ayurvedic Company has grown from its humble beginnings to its present vital and dynamic state due to the capable and effective guidance of President and Chief Executive Officer Dr. Gopinathan Nair and Vice President and Chief Consultant Dr. Ambika Nair, as well as the steadfast commitment of its tireless staff. It is altogether proper and fitting for this Legislature to pause in its deliberations to recognize the Santhigram Kerala Ayurvedic Company, and to praise it as an essential and superb holistic health organization…,’ the proclamation said.

Noted guests joined the lamp lighting ceremony including New Jersey Utility Commissioner Upendra Chivukula, Congressional candidate Peter Jacob, Padma Shri H.R. Shah, chairman of TV Asia, Padma Shri Dr. Sudhir Parikh, chairman of Parikh Worldwide Media, Rajeev Bhambri, COO of India Abroad, Prof. Indrajit Saluja, editor of India Panorama, Dr. Sudhanshu Prasad and Dr. Binod Sinha, prominent physicians and owners of E Hotel, Melinna Giannini, health insurance consulting specialist and president of ABC Medical Coding Solutions, Deepak Parashar, Bollywood actor and Swami Siddhananda, Acharya of Chinmaya Mission.

Dr. Gopinathan Nair and Dr. Ambika Nair honored several people, who helped them in the early days including Attorney Anand Ahuja, Vinay Mahajan, Late Ashok Diwakar, Alex Koshy Vilanilam, Aniyan George, Late Dr. Shakir Mukhi, CPA PK Ramnachandran, Attorney Ram Cheerath, Gulshan Chhabra, Dr. Sudhansu Prasad, Sheela Sreekumar, Dr. Prem Kumar, Attorney Thomas Vinu Allen and Commissioner Upendra Chukula.

Three people working with Santhigram for the last ten years-Reeja Beegum, Sheena Mohan and Jooly Joy-were honored at the event. Employees who completed more than five years, Nishad Balan, Meenu K Mani and Pradeep Pillai too were honored with excellence awards. Melinna Giannini, Senior Consultant who have done yeomen service by contributing dedicated and stellar services towards marching Santhigram USA to greater heights and glory was also honored during the function.

A souvenir with several articles on Ayurveda and greetings from various dignitaries from India and US was released at the event.

Dr. Nair presented the details of the new projects. The Ayurveda training school has the approval of New Jersey State. The said School is aimed to train and equip interested persons in Ayurveda modalities so that they can be employed during Santhigram’s impending expansion plans to meet the shortage of critical specialist workforce in US.

The second project was introducing authentic Ayurveda products under the label of Santhigram Herbals. It includes classical Ayurveda products and beauty products from tooth powder to hair pack and shampoo.

The third project, Santhigram Foundation, a non-profit charity wing of Santhigram was also launched in order to support Patients Lacking Money to Pay for Ayurveda Treatments, Seniors Needing Options to Opioids & Barbiturates, Patients Suffering from Mental Stress, Patients Suffering from Chronic Diseases, People incapacitated due to sports injuries and War Veterans suffering from PTSD, etc. A presentation on various plans of the foundation was given by Melinna Giannini, a Senior Consultant working with Santhigram to take forward its ambitious plans. Several people in the audience pledged money for the noble cause.

The glittering event highlighted the growing influence of Ayurveda in the US as well as the remarkable journey of Santhigram. The event began with a presentation by Dr.Drakshayani BAMS, MD(Ay) on Ayurvedic diet and nutrition. When diet is wrong, medicine is of no use, when diet is right, medicine is of no use, she quoted the old saying. Ayurveda is based on the belief that nothing is right for everyone and everything is right for someone, she noted. “With a proper diet and lifestyle, Ayurveda’s goal is to help each person to reach their maximum potential physically, emotionally and spiritually,” she concluded.

The presentation given by Dr. Anurag Nair, a physician of modern medicine and one of the vice presidents of Santhigram noted the renaissance of Ayurveda. He pointed out that till early 20th century all medical systems were respected equally. But the new inventions changed the western medicine and its effectiveness. Life expectancy shot up and maternal mortality and child deaths came down drastically. But modern medicine came with its side effects. For example, chemotherapy for cancer will affect kidneys and liver badly. People are now looking for alternative medicines without these side effects and they have found out the value of Ayurvedic treatment. Dr. Nisha Pillai, MD, a cardiologist from New York, who spoke on the occasion has acknowledged the fact that Ayurveda is becoming more popular as a complimentary medicine with modern medicine rather than an alternative medicine.

An entertaining musical concert with live orchestra was presented by world renowned singer Anitha Krishna and troupe which was highly applauded and gained encomiums from the audience. A vote of thanks was given by Mr. Binu Nair, Vice President of Santhigram and he expressed gratitude to all the guests who graced the occasion and also thanked all the media persons who came in horde to cover the event. Mr. Binu also expressed his thanks and appreciation for all those who persevered relentlessly towards making the event a grand success and specially thanked Tanvi Prenita Chandra, President of Renascent Media for incorporating new style of creative marketing and Kulraaj Anand of 8K Radio. He also expressed appreciation for MCs Sanjiv Pandya of TV Asia and Aanchal Pahwa (Mrs. Bharat USA 2017) who anchored the program splendidly to the satisfaction of all and presented a memorable and one of a kind evening for the gathering

Contact Information:

Santhigram Wellness Kerala Ayurveda
info(at)santhigramusa(dot)com
http://www.santhigramusa.com
+1-888-537-2987 Reported by PRWeb 15 hours ago.

A privately managed insurance firm in Avon is leading a regional charity effort to provide support to Hope Healthcare Service, a dental center that serves the uninsured

Avon, IN (PRWEB) January 27, 2018

Rick Bowman, owner and agency principal of Avon Insurance Associates, Inc., is announcing the launch of a charity drive in the Hendricks County area to help provide dental services to families without health insurance. Proceeds from the event will be provided to HOPE Healthcare Services, a dental clinic that serves all families, even those without insurance.

“Dental health is extremely important, especially for children, and our agency is on a mission to assist HOPE Healthcare Services in the fight for a healthier community,” said Bowman.

The charity drive will be relying on community support, and the Bowman team is implementing an invitation system to help provide HOPE Healthcare with donations. For every person referred into Avon Insurance for a no obligation quote on an insurance policy, the firm will make a monetary donation to HOPE.

More information on how to join the charity effort can be found here: http://aia4lowrates.com/rewards/.

About Avon Insurance Associates, Inc.

As a Personal Insurance Representative in Avon, agency owner Rick Bowman knows many local families. His knowledge and understanding of the people in his community ensures that clients of Avon Insurance Associates, Inc. are provided with an outstanding level of service. Rick and his team look forward to helping families protect the things that are most important – family, home, car and more. Avon Insurance Associates also offers clients a preparation strategy for achieving their financial goals. To contact an expert at Avon Insurance Associates, visit http://aia4lowrates.com/ or call (317) 718-1747. Reported by PRWeb 10 hours ago.

Washington, and some other states, aren't waiting to see what happens to the Affordable Care Act. A number of bills introduced this legislative session aim to expand the number of people being insured. Reported by Seattle Times 7 hours ago.

The idea that big data and analytics will transform financial services has become an article of faith for the industry, whose leaders’ eyes light up at the size of the prize.

No wonder: the Centre for Economic and Business Research (CEBR) estimates big data will generate more than £26bn of additional economic benefit for the UK banking sector alone between 2015 and 2020, plus an additional £4bn for insurers.

But what if such a benefit proves illusory? What if financial services businesses find it impossible to grasp this value – not because it doesn’t exist, but because they are prevented from accessing the data required to unlock it?

*In search of value*

No-one disagrees with the argument that customer data – from the structured information that firms obtain directly from customers themselves all the way through to unstructured data scraped from social media and other sources – offers financial services businesses a powerful view of consumers’ financial status and habits. The open banking reforms of January 2018, moreover, promise to generate even greater insight into what people do with their money.

*Read more: *As Open Banking kicks off, NatWest warns of risks to customers

However, while customer data is proliferating and analytics tools provide ever-more sophisticated means to interrogate it, information that is off-limits to firms has no value. And there is good reason to think the volume of such information may soon balloon.

In part, this is because regulators and governments are increasingly anxious about data security and privacy. The General Data Protection Regulation (GDPR) that comes into force throughout the European Union in May 2018 is one manifestation of this anxiety, with provisions that will make it much tougher for all businesses to exploit customer data.

In the financial services sector specifically, the UK’s Financial Conduct Authority has repeatedly warned it believes firms’ use of data could result in customer detriment, and is considering how it might intervene.

Regulation aside, we are also now seeing something of a backlash from customers themselves, who increasingly recognise the value of their data and resent businesses seeking to exploit it. In an industry such as financial services, where trust is already in short supply, this may see consumers refusing to give permission to share their data. One recent survey found two-thirds of Britons would not share their financial data with third parties.

*Building a new relationship*

The combination of tougher regulation and increasing customer awareness spells trouble for financial services firms looking forward to bumper data dividends. They can no longer expect a free run at customer information; instead they will have to negotiate access to the data they desire, building consensual relationships with customers based on mutual benefit and trust.

*Read more: *We need to overcome consumers’ data fears to make Open Banking a success

Certainly, there will be times when customers are happy to grant access to their data, if they think doing so will secure them a better deal. An applicant for health insurance, say, might well choose to give providers access to the data stored in their wearable devices; someone who shows they run five miles three times a week can expect to secure lower premiums.

Equally, a mortgage applicant with a sub-standard credit rating might welcome the chance to show lenders their banking records if their transaction data shows they spend responsibly each month.

*Winners and losers *

In a scenario where people and regulators are increasingly cautious about data sharing, the implications of this are hugely significant. The financial services businesses likely to experience the greatest success in the future are those that make the best job of monetising customer data; but those businesses which do not build strong and trusting relationships with their customers will not have that data in the first place. They will find themselves eclipsed by rivals who have managed to secure that trust.

*Read more: *Tech giants Amazon, Google and Facebook could be the next threat facing banks and financial services firms

In which case, it is time for many financial services firms to rethink the way they work. Customer-centric businesses that put themselves in the shoes of their clients, designing services that people actually want and need, stand a much better chance of establishing a relationship than those that continue to focus on simply selling product.

Even better, businesses that leverage customer centricity to make smarter strategic decisions for the medium to long term – and invest in those decisions – can create a virtuous feedback loop that will power their growth.

If that sounds daunting, financial services businesses can take heart from the example of other industries that have made similar shifts. At Livingbridge we’ve worked with companies in sectors ranging from leisure to retail that have already begun to think in this way. In doing so, the opportunity is to exploit the disruptive power of data, rather than being locked out. Reported by City A.M. 6 hours ago.

WASHINGTON (AP) — President Donald Trump's second health secretary won Senate approval Wednesday. Alex Azar will take on the leadership of a sprawling department shaken by the administration's tumultuous first year. The 55-43 vote to confirm the former drug company and government executive as secretary of Health and Human Services was largely along party lines. A 50-year-old Ivy League-educated lawyer, Azar says he has four main priorities: to help curb the high cost of prescription drugs, make health insurance more affordable and available, continue bipartisan efforts to focus Medicare payments on quality, and confront the growing opioid addiction epidemic. Reported by SeattlePI.com 4 days ago.