BOSTON/WASHINGTON (Reuters) - A U.S. federal judge on Friday blocked Kentucky from implementing work requirements in its Medicaid program, potentially dealing a blow to the Trump administration's effort to scale back the 50-year-old health insurance program for the poor and disabled.
Reported by Reuters 7 hours ago.
U.S. judge bars Kentucky from requiring Medicaid recipients to work
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Hamilton Bancorp, Inc. Reports Increase in Pre-Tax Earnings and Revenue Growth For the Fiscal Year Ended March 31, 2018
Hamilton Bancorp, Inc. today announced its operating results for the fiscal year and three-month period ended March 31, 2018
TOWSON, Md. (PRWEB) June 29, 2018
Hamilton Bancorp, Inc. (the “Company”) (NASDAQ: HBK), the parent company of Hamilton Bank (the “Bank”), today announced its operating results for the fiscal year and three-month period ended March 31, 2018, reflecting contributions from both organic and purchased loan growth and improving efficiencies. Financial highlights include the following:
Fiscal Year Highlights Ended March 31, 2018 vs. 2017:
Hamilton Bancorp, Inc. (the “Company”) (NASDAQ: HBK), the parent company of Hamilton Bank (the “Bank”), today announced its operating results for the fiscal year and three-month period ended March 31, 2018, reflecting contributions from both organic and purchased loan growth and improving efficiencies. Financial highlights include the following:
Fiscal Year Highlights Ended March 31, 2018 vs. 2017· Pre-tax income improved to $2.0 million compared to a loss of $1.7 million for the 2017 fiscal year, an increase of $3.7 million year-over-year.
· After-tax loss for fiscal 2018 is $6.0 million, or $1.90 per common share, compared to a loss of $929 thousand, or $0.29 per common share, for fiscal 2017. The loss in fiscal 2018 is due to the establishment of a $5.8 million valuation allowance on the Company’s net deferred tax assets and a $2.3 million tax adjustment to the Company’s net deferred tax assets as the result of the revaluation needed due to the Tax Cuts and Job Act (“Tax Act”) tax reform passed by the federal government in December 2017.
· Net interest income increased to $14.5 million, up $602 thousand, or 4.3 percent, from $13.9 million. This improvement was driven by a $1.3 million, or 7.9 percent, increase in interest revenue, partially offset by a $716 thousand increase in interest expense.
· Net interest margin remained relatively unchanged at 3.05 percent for fiscal 2018 compared to 3.04 percent for fiscal 2017.
· Efficiency ratio (as defined in the attached table) improved from 88.6 percent to 78.3 percent due to efficiencies of scale and higher revenues, income relating to bank-owned life insurance (BOLI), and the effects of certain costs related to the acquisition of Fraternity Community Bancorp, Inc. (Fraternity) during the prior year period.
· In the fourth quarter of fiscal 2018, realized $835 thousand in non-interest revenue pertaining to death benefits received under our Bank Owned Life Insurance (BOLI) insurance policies.
· Cash management fees increased by 49 percent during fiscal 2018 from $84 thousand to $125 thousand. At the same time our merchant card services income also grew 31 percent to $33 thousand. This reflects our continued focus on commercial business.
· Total assets grew $11.0 million to $525.5 million, increasing from $514.5 million at March 31, 2017.
· Gross loans grew $50.2 million, or 14.8 percent, to $389.2 million from $339.0 million at March 31, 2017. The growth in loans is attributable to both organic growth and loan purchases.
· The allowance for loan losses as a percentage of nonperforming loans declined from 94.5 percent at March 31, 2017 to 39.4 percent due to one commercial real estate loan being placed on nonaccrual during the year. Based upon an updated appraisal and market value of the underlying collateral, there is no impairment currently associated with this loan.
· Net charge-offs declined 67.3 percent, or almost $2.0 million, from $2.9 million a year ago to $948 thousand in fiscal 2018.
· Total deposits decreased $7.7 million from $412.9 million at March 31, 2017 to $405.1 million, while borrowings increased $24.5 million from $36.1 million to $60.7 million over the same period. Core deposits (consisting of all deposits except certificates of deposits) declined $6.7 million to $157.7 million. The decline in deposits is largely due to runoff from our money market promotion that began in December 2016, as well as an increasingly competitive market due to rising interest rates. Core deposits represent 38.9 percent of total deposits at March 31, 2018 compared to 39.8 percent a year ago.
Quarterly Highlights – Quarter Ended March 31, 2018 vs. March 31, 2017:
· Pre-tax income improved to $463 thousand compared to a pre-tax loss of $1.7 million for the quarter ending March 31, 2017, an increase of $2.1 million quarter-over-quarter.
· After-tax loss for quarter ended March 31, 2018 is $4.9 million compared to a loss of $976 thousand for the same quarter a year ago. The loss in the fiscal 2018 quarter is due to the establishment of a $5.8 million valuation allowance on the Company’s net deferred tax assets.
· Net interest income remained relatively unchanged at $3.6 million for each of the comparative periods. Interest revenue increased $341 thousand to $4.7 million, while interest expense increased $322 thousand to $1.0 million.
· Efficiency ratio (as defined in the attached table) improved from 82.2 percent to 69.4 percent due to $835 thousand in non- interest revenue realized because of death benefits received under our BOLI insurance policies.
· Gross loans grew to $389.2 million during the quarter, up $1.4 million, compared to $387.8 million at December 31, 2017. Growth in loans was attributable to organic growth and loan purchases.
· Net charge-offs for the quarter ended March 31, 2018 were $738 thousand compared to $2.2 million in the same quarter a year ago.
· Provision for loans losses declined $1.4 million, or 59.7 percent, to $950 thousand compared to $2.4 million in provision for loan losses for the quarter ended March 31, 2017. The lower provision for the current quarter is due to fewer charge-offs.
· Deposits during the quarter ended March 31, 2018 increased $12.5 million to $405.1 million, while borrowings decreased
$2.1 million. The growth in deposits was comprised of a $10.4 million increase in core deposits.
“Due to the establishment of a valuation allowance on our net deferred tax assets, an after-tax loss resulted for the fourth quarter and year-end. However, our fourth quarter results demonstrate progress in all areas including income from operations, loan growth, and strong core deposit growth,” said Robert DeAlmeida President and CEO. “Despite aggressive competition in the marketplace, we are seeing strong results from our commercial team with steady growth in commercial core deposits and cash management income.”
Balance Sheet:
Total assets increased $11.0 million during the fiscal year to $525.5 million at March 31, 2018, compared to $514.5 million at March 31, 2017. The Bank continued to see growth within the loan portfolio over this period, offset by declines in cash and cash equivalents, investments, and deposits.
Cash and cash equivalents at March 31, 2018 is $23.4 million compared to $29.4 million at March 31, 2017. The decline is a result of cash that was redeployed to fund growth in higher returning loans during the year. In the last quarter of fiscal 2018, we were able to replenish and increase our cash position by $13.3 million through an increase in our core deposit base.
Investments declined $27.0 million from $102.4 million at March 31, 2017 to $75.4 million at March 31, 2018. The decline in investments is a result of $15.1 million in normal principal payments associated with the mortgage-backed security portfolio, as well as the sale of $11.6 million in securities. The sale of securities resulted in an overall loss of $2 thousand for fiscal 2018. The cash inflow from the investment activity described, along with increased borrowings, was used to fund organic loan growth and purchase various pools of residential mortgage, commercial business, and consumer loans throughout the year; thereby converting lower interest- earning investments into higher interest-earning loans.
Total gross loans grew $50.2 million, or 14.8 percent, to $389.2 million at March 31, 2018 from $339.0 million at March 31, 2017. This growth was largely due to organic loan growth and the purchase of several loan pools throughout the year. The pools consisted of residential mortgage, commercial business, and consumer loans that totaled approximately $54.0 million in the aggregate. Several purchases of loan pools have contributed to replacing run-off and contributing to the overall growth in our residential mortgage portfolio. At the same-time we have had strong organic growth within our commercial real estate and construction loan portfolios. The largest growth within our loan portfolio has been in consumer and commercial business loans. Consumer loans increased $16.4 million to $19.6 million at March 31, 2018 from $3.2 million at March 31, 2017, while commercial business loans increased $18.6 million, or 86.4 percent, to $40.1 million from $21.5 million over the same period.
Total deposits (excluding premiums on acquired deposits) decreased $7.3 million during fiscal 2018 to $404.7 million compared to $412.0 million at March 31, 2017. The Company continues to focus on generating lower cost, core deposits (which includes all deposits other than certificates of deposit) and maintaining maturing certificates of deposit to support continued loan growth. Core deposits at March 31, 2018 were $157.7 million compared to $164.4 million at March 31, 2017, a decrease of $6.7 million, or 4.0 percent. Core deposits represent 38.9 percent of total deposits at March 31, 2018 compared to 39.9 percent of deposits at March 31, 2017. The Bank is currently running deposit promotions to attract new customers in a competitive deposit market.
Borrowings in fiscal 2018 increased $24.5 million to $60.7 million compared to $36.1 million at March 31, 2017. The increase was primarily due to the use of borrowings to help fund loan growth during the year through the utilization of Federal Home Loan Bank advances.
Credit Quality:
Asset quality continues to remain a core management objective. Net charge-offs to average loans was 0.26 percent for the fiscal year ended March 31, 2018, compared to 0.92 percent for fiscal 2017. The Company, during fiscal 2018, experienced net charge-offs totaling $948 thousand compared to $2.4 million in the prior year. Non-performing loans increased $4.8 million year-over-year to $7.2 million at March 31, 2018 from $2.3 million at March 31, 2017. The increase in non-performing loans is primarily due to one commercial real estate relationship with a book value of $3.2 million that was placed on nonaccrual in the second quarter and a group of residential investor loans totaling $600 thousand that were placed on nonaccrual at the end of the third quarter. Approximately
$262 thousand has been charged-off in relation to the residential investor loans, while there was no impairment associated with the commercial real estate loan based upon the most recent collateral value of the property. In addition, there is approximately $1.2 million in loans that are 90 days past due and accruing and classified as non-performing loans. These loans continue to pay and we are recognizing the income, however, they have reached their maturity and are in the process of being extended or renewed. Our credit department is diligently working to obtain the necessary information from the borrower that is needed to do so. As a result, the percentage of nonperforming loans to gross loans increased from 0.69 percent at March 31, 2017 to 1.84 percent at March 31, 2018 and the allowance for loan losses as a percentage of nonperforming loans declined from 94.5 percent to 39.4 percent, respectively.
Income Statement:
Net loss for the fiscal year ended March 31, 2018 was $6.0 million, or $1.90 per common share, compared to net loss of $929 thousand, or $0.29 per common share for fiscal 2017. The loss in fiscal 2018 was a result of the increase in tax expense relating to two separate events. The first event dealt with the passage of the Tax Cuts and Job Act (the “Tax Act”) that the was signed into law on December 22, 2017. The Tax Act amends the Internal Revenue Code to reduce income tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the Tax Act reduced the federal corporate income tax rate from a maximum 35 percent to a flat 21 percent tax rate. As a result, our net deferred tax assets of $7.5 million at that time, which were based upon a 34 percent corporate tax rate, had to be re-evaluated to reflect the new tax rate of 21 percent. This non-cash adjustment was $2.3 million and is recorded through income tax expense.
The second event occurred during our fourth quarter and included the establishment of a full valuation allowance on the remaining portion of our net deferred tax assets of $5.8 million. In accordance with Accounting Standards Codification (ASC) 740, Accounting for Income Taxes, the Company assessed whether the deferred tax assets are more likely than not to be realized based on an evaluative process that considers all available positive and negative evidence. The positive evidence that was most heavily relied upon, but the most subjective, was future taxable income exclusive of reversing temporary differences and carryforwards. The Company is in a three-year cumulative loss position which creates negative evidence and because this evidence is considered significant, management concluded that there was more negative evidence than positive evidence and therefore, it is more likely than not that the Company will be unable to generate sufficient taxable income in the foreseeable future to fully utilize the net deferred tax assets. If, in the future, the Company generates taxable income on a sustained basis sufficient to support the deferred tax assets, the need for a deferred tax valuation allowance could change, resulting in the reversal of all or a portion of the deferred tax asset valuation at that time. The establishment of a valuation allowance on our deferred tax assets for financial reporting purposes does not affect how the net operating loss carryforwards may be utilized on our subsequent income tax returns.
Pre-tax income for fiscal 2018, however, was $2.0 million compared to a loss of $1.7 million for fiscal 2017; a period-over-period increase of $3.7 million. This increase in pre-tax income was driven by an increase in interest income associated with growth in loans, a reduction in our provision for loan losses, increased noninterest revenue and lower operating expenses, partially offset by an increase in interest expense.
Net interest income for the year ended March 31, 2018 was $14.5 million, up $602 thousand compared to the year ended March 31, 2017, reflecting the continued growth in our loan portfolio from loan purchases and organic growth. The increase in net interest income reflected a $1.3 million, or 7.9 percent, increase in interest revenue as average loans grew 15.2 percent, or $47.9 million and average cash and cash equivalents declined $29.3. Over the fiscal year, we were able to move lower interest earning assets, specifically cash and cash equivalents, into higher interest-earning loans. Partially offsetting the increase in interest revenue was an increase in interest expense of $716 thousand, or 24.9 percent. Average interest-bearing liabilities increased by $11.7 million over this same period. The increase in average interest-bearing liabilities was due to a $22.4 million increase in higher costing average borrowings, partially offset by a $10.7 million decrease in lower costing average deposits. The increase in average borrowings was used to help fund the growth in the loan portfolio. Interest expense associated with deposits increased $237 thousand year-over-year despite a decrease in interest-bearing deposits due to rising interest rates and the re-pricing of the deposit portfolio. The net interest margin for fiscal 2018 remained relatively unchanged, increasing 1 basis point to 3.05 percent compared to 3.04 percent for fiscal 2017.
Non-interest revenue for the fiscal year ended March 31, 2018 was $2.0 million compared to $1.1 million for the fiscal year ended March 31, 2017. Non-interest revenue is higher compared to a year ago due to $835 thousand in revenue received during the fourth quarter related to proceeds from the pay-out of death benefits under our BOLI policies. The pay-out was related to the sudden and unexpected passing of an employee. In addition, we sold and relocated our Pigtown branch located in Baltimore City. We recognized a gain of $213 thousand on the sale of that branch, net of the disposal of various furniture and equipment associated with it. The Pigtown branch, along with our Ellicott City branch, were both relocated during the year within the same respective communities, but to a smaller, more efficient space that will provide operational cost savings. Partially offsetting the gain on Pigtown, was a loss of $115 thousand pertaining to the write-down or disposal of leasehold improvements associated with our legacy or former Cockeysville branch. During the 2018 fiscal year, a loss of $2 thousand was recognized on the sale of securities compared to a gain of $23 thousand a year ago. In addition, service charges increased $39 thousand, or 9.4 percent, year-over-year to $460 thousand, while other noninterest revenue of $123 thousand increased $16 thousand, or 14.6 percent, compared to a year ago. Other noninterest revenue includes the collection of certain loan fees, merchant card services and other smaller items. We continue to review and evaluate our retail fee structure.
Non-interest expense for fiscal 2018 was $12.9 million, down $326 thousand from $13.2 million in fiscal 2017 due in part to the $714 thousand in merger related and branch consolidation expenses associated with our acquisition of Fraternity in the prior year. When excluding this cost from the prior year, our operating expenses have increased due to costs associated with growing the loan portfolio and addressing other administrative matters, such as our charter conversion and branch relocations Despite these increases, we have been able to manage a growing loan portfolio from an operational cost basis and continue to increase our interest revenue. Our efficiency ratio has improved significantly from 88.6 percent for fiscal 2017 to 78.3 percent for fiscal 2018. This improvement is in large part due to the income realized in the current year with respect to the BOLI proceeds, along with the elimination of merger expenses incurred in the prior year.
From an operational standpoint, salary and benefit expenses for fiscal 2018 increased $512 thousand compared to fiscal 2017 because of strategic new hires focused on branch efficiency and new products, normal salary increases, bonuses that were not awarded in the prior year and the increased cost of health insurance. The Company also recognized higher legal expenses over this same period due to costs associated with certain loan purchases, a branch sale and relocation expenses, and other administrative matters, including our charter conversion. Foreclosed real estate expense increased $37 thousand in large part due to a $32 thousand write-down of one of our foreclosed real estate properties and deposit insurance premiums increased slightly because of the growth in overall assets. These increases were partially offset by decreases in other expenses largely composed of advertising, data processing expense, and professional services. The decline in professional services is the result of the expiration relating to one of two non-compete agreements entered with executives associated with the Fraternity acquisition. Management remains committed to reducing operational expenses and achieving higher efficiencies.
For the fourth quarter of fiscal 2018, the Company reported a net loss of $4.9 million, or $1.54 per common share compared to a loss of $976 thousand, or $0.31 per common share for the same quarter a year ago. The net loss is attributable to the establishment of a $5.8 million valuation allowance against the Company’s net deferred tax assets during the fourth quarter of fiscal 2018. As discussed earlier, the valuation allowance determination was based upon an evaluative process and the fact that the Company has been in a cumulative loss position for three consecutive years.
Pre-tax income, however, improved $2.1 million to pre-tax income of $463 thousand for the quarter ended March 31, 2018 compared to a pre-tax loss of $1.7 million for the quarter ended March 31, 2017. The improvement in pre-tax income quarter-over-quarter is due to a $1.4 million reduction in loan loss provision from $2.3 million for the quarter ended March 31, 2017 to $950 thousand for the quarter ended March 31, 2018. In addition, the Company realized $835 thousand in noninterest revenue in the fourth quarter of fiscal 2018 associated with death benefits paid-out on our BOLI policies due to the recent and unexpected passing of an employee. Net interest income over the comparable periods remained relatively the same at $3.6 million. Average interest-earning assets increased $26.1 million, partially offset by a $19.0 million increase in interest-bearing liabilities. The net interest margin decreased 16 basis points from 3.17 percent for the quarter ended March 31, 2017 to 3.01 percent for the quarter ended March 31, 2018 as the average yield on interest-bearing liabilities increased faster than rates on interest-earning assets. Operating expenses for the comparable quarters also remained relatively unchanged increasing from $3.1 million in the fourth quarter of fiscal 2017 to $3.2 million in the fourth quarter of fiscal 2018.
Capital
Shareholders’ equity at March 31, 2018 is $54.1 million compared to $59.8 million at March 31, 2017, a decrease of $5.7 million. The decrease is attributable to the net loss realized during fiscal year 2018. Also contributing to the decline in shareholder equity was the increase in unrealized losses associated with the investment portfolio, partially offset by the increase in additional paid in capital relating to equity awards. Average shareholders’ equity to average assets was 11.3 percent for fiscal 2018. This is down slightly from 11.8 percent a year ago due to an increase in average assets associated with growth within the loan portfolio from both organic loans and loan purchases. All the Bank’s regulatory capital ratios continue to exceed levels required to be categorized as “well capitalized.” Outstanding shares at March 31, 2018 were 3,407,613 compared to 3,411,075 at March 31, 2017.
Further Information:
Management believes that non-GAAP financial measures, including tangible book value, provide additional useful information that allows readers to evaluate the ongoing performance of the Company without regard to transactional activities. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Please direct all media inquiries to Lauren Lawder at 410-616-1996 or by email at llawder@hamilton-bank.com. Please direct investor inquiries for Hamilton Bank to Robert DeAlmeida at 410-823-4510.
About Hamilton Bank:
Founded in 1915, Hamilton Bank is a community bank with $530.9 million in assets and $59.5 million in regulatory capital. The bank has 72 full-time equivalent employees and operates seven branch locations across Greater Baltimore, serving the communities of Cockeysville, Pasadena, Rosedale, Towson, Ellicott City and Baltimore in Maryland. Whether online or on the corner, Hamilton Bank is a community bank that cares about its customers. http://www.Hamilton-Bank.com.
Member FDIC Equal Housing Lender:
This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995). Forward- looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, legislative and regulatory changes that could adversely affect the business in which Hamilton Bancorp, Inc. and Hamilton Bank are engaged, and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Reported by PRWeb 7 hours ago.
TOWSON, Md. (PRWEB) June 29, 2018
Hamilton Bancorp, Inc. (the “Company”) (NASDAQ: HBK), the parent company of Hamilton Bank (the “Bank”), today announced its operating results for the fiscal year and three-month period ended March 31, 2018, reflecting contributions from both organic and purchased loan growth and improving efficiencies. Financial highlights include the following:
Fiscal Year Highlights Ended March 31, 2018 vs. 2017:
Hamilton Bancorp, Inc. (the “Company”) (NASDAQ: HBK), the parent company of Hamilton Bank (the “Bank”), today announced its operating results for the fiscal year and three-month period ended March 31, 2018, reflecting contributions from both organic and purchased loan growth and improving efficiencies. Financial highlights include the following:
Fiscal Year Highlights Ended March 31, 2018 vs. 2017· Pre-tax income improved to $2.0 million compared to a loss of $1.7 million for the 2017 fiscal year, an increase of $3.7 million year-over-year.
· After-tax loss for fiscal 2018 is $6.0 million, or $1.90 per common share, compared to a loss of $929 thousand, or $0.29 per common share, for fiscal 2017. The loss in fiscal 2018 is due to the establishment of a $5.8 million valuation allowance on the Company’s net deferred tax assets and a $2.3 million tax adjustment to the Company’s net deferred tax assets as the result of the revaluation needed due to the Tax Cuts and Job Act (“Tax Act”) tax reform passed by the federal government in December 2017.
· Net interest income increased to $14.5 million, up $602 thousand, or 4.3 percent, from $13.9 million. This improvement was driven by a $1.3 million, or 7.9 percent, increase in interest revenue, partially offset by a $716 thousand increase in interest expense.
· Net interest margin remained relatively unchanged at 3.05 percent for fiscal 2018 compared to 3.04 percent for fiscal 2017.
· Efficiency ratio (as defined in the attached table) improved from 88.6 percent to 78.3 percent due to efficiencies of scale and higher revenues, income relating to bank-owned life insurance (BOLI), and the effects of certain costs related to the acquisition of Fraternity Community Bancorp, Inc. (Fraternity) during the prior year period.
· In the fourth quarter of fiscal 2018, realized $835 thousand in non-interest revenue pertaining to death benefits received under our Bank Owned Life Insurance (BOLI) insurance policies.
· Cash management fees increased by 49 percent during fiscal 2018 from $84 thousand to $125 thousand. At the same time our merchant card services income also grew 31 percent to $33 thousand. This reflects our continued focus on commercial business.
· Total assets grew $11.0 million to $525.5 million, increasing from $514.5 million at March 31, 2017.
· Gross loans grew $50.2 million, or 14.8 percent, to $389.2 million from $339.0 million at March 31, 2017. The growth in loans is attributable to both organic growth and loan purchases.
· The allowance for loan losses as a percentage of nonperforming loans declined from 94.5 percent at March 31, 2017 to 39.4 percent due to one commercial real estate loan being placed on nonaccrual during the year. Based upon an updated appraisal and market value of the underlying collateral, there is no impairment currently associated with this loan.
· Net charge-offs declined 67.3 percent, or almost $2.0 million, from $2.9 million a year ago to $948 thousand in fiscal 2018.
· Total deposits decreased $7.7 million from $412.9 million at March 31, 2017 to $405.1 million, while borrowings increased $24.5 million from $36.1 million to $60.7 million over the same period. Core deposits (consisting of all deposits except certificates of deposits) declined $6.7 million to $157.7 million. The decline in deposits is largely due to runoff from our money market promotion that began in December 2016, as well as an increasingly competitive market due to rising interest rates. Core deposits represent 38.9 percent of total deposits at March 31, 2018 compared to 39.8 percent a year ago.
Quarterly Highlights – Quarter Ended March 31, 2018 vs. March 31, 2017:
· Pre-tax income improved to $463 thousand compared to a pre-tax loss of $1.7 million for the quarter ending March 31, 2017, an increase of $2.1 million quarter-over-quarter.
· After-tax loss for quarter ended March 31, 2018 is $4.9 million compared to a loss of $976 thousand for the same quarter a year ago. The loss in the fiscal 2018 quarter is due to the establishment of a $5.8 million valuation allowance on the Company’s net deferred tax assets.
· Net interest income remained relatively unchanged at $3.6 million for each of the comparative periods. Interest revenue increased $341 thousand to $4.7 million, while interest expense increased $322 thousand to $1.0 million.
· Efficiency ratio (as defined in the attached table) improved from 82.2 percent to 69.4 percent due to $835 thousand in non- interest revenue realized because of death benefits received under our BOLI insurance policies.
· Gross loans grew to $389.2 million during the quarter, up $1.4 million, compared to $387.8 million at December 31, 2017. Growth in loans was attributable to organic growth and loan purchases.
· Net charge-offs for the quarter ended March 31, 2018 were $738 thousand compared to $2.2 million in the same quarter a year ago.
· Provision for loans losses declined $1.4 million, or 59.7 percent, to $950 thousand compared to $2.4 million in provision for loan losses for the quarter ended March 31, 2017. The lower provision for the current quarter is due to fewer charge-offs.
· Deposits during the quarter ended March 31, 2018 increased $12.5 million to $405.1 million, while borrowings decreased
$2.1 million. The growth in deposits was comprised of a $10.4 million increase in core deposits.
“Due to the establishment of a valuation allowance on our net deferred tax assets, an after-tax loss resulted for the fourth quarter and year-end. However, our fourth quarter results demonstrate progress in all areas including income from operations, loan growth, and strong core deposit growth,” said Robert DeAlmeida President and CEO. “Despite aggressive competition in the marketplace, we are seeing strong results from our commercial team with steady growth in commercial core deposits and cash management income.”
Balance Sheet:
Total assets increased $11.0 million during the fiscal year to $525.5 million at March 31, 2018, compared to $514.5 million at March 31, 2017. The Bank continued to see growth within the loan portfolio over this period, offset by declines in cash and cash equivalents, investments, and deposits.
Cash and cash equivalents at March 31, 2018 is $23.4 million compared to $29.4 million at March 31, 2017. The decline is a result of cash that was redeployed to fund growth in higher returning loans during the year. In the last quarter of fiscal 2018, we were able to replenish and increase our cash position by $13.3 million through an increase in our core deposit base.
Investments declined $27.0 million from $102.4 million at March 31, 2017 to $75.4 million at March 31, 2018. The decline in investments is a result of $15.1 million in normal principal payments associated with the mortgage-backed security portfolio, as well as the sale of $11.6 million in securities. The sale of securities resulted in an overall loss of $2 thousand for fiscal 2018. The cash inflow from the investment activity described, along with increased borrowings, was used to fund organic loan growth and purchase various pools of residential mortgage, commercial business, and consumer loans throughout the year; thereby converting lower interest- earning investments into higher interest-earning loans.
Total gross loans grew $50.2 million, or 14.8 percent, to $389.2 million at March 31, 2018 from $339.0 million at March 31, 2017. This growth was largely due to organic loan growth and the purchase of several loan pools throughout the year. The pools consisted of residential mortgage, commercial business, and consumer loans that totaled approximately $54.0 million in the aggregate. Several purchases of loan pools have contributed to replacing run-off and contributing to the overall growth in our residential mortgage portfolio. At the same-time we have had strong organic growth within our commercial real estate and construction loan portfolios. The largest growth within our loan portfolio has been in consumer and commercial business loans. Consumer loans increased $16.4 million to $19.6 million at March 31, 2018 from $3.2 million at March 31, 2017, while commercial business loans increased $18.6 million, or 86.4 percent, to $40.1 million from $21.5 million over the same period.
Total deposits (excluding premiums on acquired deposits) decreased $7.3 million during fiscal 2018 to $404.7 million compared to $412.0 million at March 31, 2017. The Company continues to focus on generating lower cost, core deposits (which includes all deposits other than certificates of deposit) and maintaining maturing certificates of deposit to support continued loan growth. Core deposits at March 31, 2018 were $157.7 million compared to $164.4 million at March 31, 2017, a decrease of $6.7 million, or 4.0 percent. Core deposits represent 38.9 percent of total deposits at March 31, 2018 compared to 39.9 percent of deposits at March 31, 2017. The Bank is currently running deposit promotions to attract new customers in a competitive deposit market.
Borrowings in fiscal 2018 increased $24.5 million to $60.7 million compared to $36.1 million at March 31, 2017. The increase was primarily due to the use of borrowings to help fund loan growth during the year through the utilization of Federal Home Loan Bank advances.
Credit Quality:
Asset quality continues to remain a core management objective. Net charge-offs to average loans was 0.26 percent for the fiscal year ended March 31, 2018, compared to 0.92 percent for fiscal 2017. The Company, during fiscal 2018, experienced net charge-offs totaling $948 thousand compared to $2.4 million in the prior year. Non-performing loans increased $4.8 million year-over-year to $7.2 million at March 31, 2018 from $2.3 million at March 31, 2017. The increase in non-performing loans is primarily due to one commercial real estate relationship with a book value of $3.2 million that was placed on nonaccrual in the second quarter and a group of residential investor loans totaling $600 thousand that were placed on nonaccrual at the end of the third quarter. Approximately
$262 thousand has been charged-off in relation to the residential investor loans, while there was no impairment associated with the commercial real estate loan based upon the most recent collateral value of the property. In addition, there is approximately $1.2 million in loans that are 90 days past due and accruing and classified as non-performing loans. These loans continue to pay and we are recognizing the income, however, they have reached their maturity and are in the process of being extended or renewed. Our credit department is diligently working to obtain the necessary information from the borrower that is needed to do so. As a result, the percentage of nonperforming loans to gross loans increased from 0.69 percent at March 31, 2017 to 1.84 percent at March 31, 2018 and the allowance for loan losses as a percentage of nonperforming loans declined from 94.5 percent to 39.4 percent, respectively.
Income Statement:
Net loss for the fiscal year ended March 31, 2018 was $6.0 million, or $1.90 per common share, compared to net loss of $929 thousand, or $0.29 per common share for fiscal 2017. The loss in fiscal 2018 was a result of the increase in tax expense relating to two separate events. The first event dealt with the passage of the Tax Cuts and Job Act (the “Tax Act”) that the was signed into law on December 22, 2017. The Tax Act amends the Internal Revenue Code to reduce income tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the Tax Act reduced the federal corporate income tax rate from a maximum 35 percent to a flat 21 percent tax rate. As a result, our net deferred tax assets of $7.5 million at that time, which were based upon a 34 percent corporate tax rate, had to be re-evaluated to reflect the new tax rate of 21 percent. This non-cash adjustment was $2.3 million and is recorded through income tax expense.
The second event occurred during our fourth quarter and included the establishment of a full valuation allowance on the remaining portion of our net deferred tax assets of $5.8 million. In accordance with Accounting Standards Codification (ASC) 740, Accounting for Income Taxes, the Company assessed whether the deferred tax assets are more likely than not to be realized based on an evaluative process that considers all available positive and negative evidence. The positive evidence that was most heavily relied upon, but the most subjective, was future taxable income exclusive of reversing temporary differences and carryforwards. The Company is in a three-year cumulative loss position which creates negative evidence and because this evidence is considered significant, management concluded that there was more negative evidence than positive evidence and therefore, it is more likely than not that the Company will be unable to generate sufficient taxable income in the foreseeable future to fully utilize the net deferred tax assets. If, in the future, the Company generates taxable income on a sustained basis sufficient to support the deferred tax assets, the need for a deferred tax valuation allowance could change, resulting in the reversal of all or a portion of the deferred tax asset valuation at that time. The establishment of a valuation allowance on our deferred tax assets for financial reporting purposes does not affect how the net operating loss carryforwards may be utilized on our subsequent income tax returns.
Pre-tax income for fiscal 2018, however, was $2.0 million compared to a loss of $1.7 million for fiscal 2017; a period-over-period increase of $3.7 million. This increase in pre-tax income was driven by an increase in interest income associated with growth in loans, a reduction in our provision for loan losses, increased noninterest revenue and lower operating expenses, partially offset by an increase in interest expense.
Net interest income for the year ended March 31, 2018 was $14.5 million, up $602 thousand compared to the year ended March 31, 2017, reflecting the continued growth in our loan portfolio from loan purchases and organic growth. The increase in net interest income reflected a $1.3 million, or 7.9 percent, increase in interest revenue as average loans grew 15.2 percent, or $47.9 million and average cash and cash equivalents declined $29.3. Over the fiscal year, we were able to move lower interest earning assets, specifically cash and cash equivalents, into higher interest-earning loans. Partially offsetting the increase in interest revenue was an increase in interest expense of $716 thousand, or 24.9 percent. Average interest-bearing liabilities increased by $11.7 million over this same period. The increase in average interest-bearing liabilities was due to a $22.4 million increase in higher costing average borrowings, partially offset by a $10.7 million decrease in lower costing average deposits. The increase in average borrowings was used to help fund the growth in the loan portfolio. Interest expense associated with deposits increased $237 thousand year-over-year despite a decrease in interest-bearing deposits due to rising interest rates and the re-pricing of the deposit portfolio. The net interest margin for fiscal 2018 remained relatively unchanged, increasing 1 basis point to 3.05 percent compared to 3.04 percent for fiscal 2017.
Non-interest revenue for the fiscal year ended March 31, 2018 was $2.0 million compared to $1.1 million for the fiscal year ended March 31, 2017. Non-interest revenue is higher compared to a year ago due to $835 thousand in revenue received during the fourth quarter related to proceeds from the pay-out of death benefits under our BOLI policies. The pay-out was related to the sudden and unexpected passing of an employee. In addition, we sold and relocated our Pigtown branch located in Baltimore City. We recognized a gain of $213 thousand on the sale of that branch, net of the disposal of various furniture and equipment associated with it. The Pigtown branch, along with our Ellicott City branch, were both relocated during the year within the same respective communities, but to a smaller, more efficient space that will provide operational cost savings. Partially offsetting the gain on Pigtown, was a loss of $115 thousand pertaining to the write-down or disposal of leasehold improvements associated with our legacy or former Cockeysville branch. During the 2018 fiscal year, a loss of $2 thousand was recognized on the sale of securities compared to a gain of $23 thousand a year ago. In addition, service charges increased $39 thousand, or 9.4 percent, year-over-year to $460 thousand, while other noninterest revenue of $123 thousand increased $16 thousand, or 14.6 percent, compared to a year ago. Other noninterest revenue includes the collection of certain loan fees, merchant card services and other smaller items. We continue to review and evaluate our retail fee structure.
Non-interest expense for fiscal 2018 was $12.9 million, down $326 thousand from $13.2 million in fiscal 2017 due in part to the $714 thousand in merger related and branch consolidation expenses associated with our acquisition of Fraternity in the prior year. When excluding this cost from the prior year, our operating expenses have increased due to costs associated with growing the loan portfolio and addressing other administrative matters, such as our charter conversion and branch relocations Despite these increases, we have been able to manage a growing loan portfolio from an operational cost basis and continue to increase our interest revenue. Our efficiency ratio has improved significantly from 88.6 percent for fiscal 2017 to 78.3 percent for fiscal 2018. This improvement is in large part due to the income realized in the current year with respect to the BOLI proceeds, along with the elimination of merger expenses incurred in the prior year.
From an operational standpoint, salary and benefit expenses for fiscal 2018 increased $512 thousand compared to fiscal 2017 because of strategic new hires focused on branch efficiency and new products, normal salary increases, bonuses that were not awarded in the prior year and the increased cost of health insurance. The Company also recognized higher legal expenses over this same period due to costs associated with certain loan purchases, a branch sale and relocation expenses, and other administrative matters, including our charter conversion. Foreclosed real estate expense increased $37 thousand in large part due to a $32 thousand write-down of one of our foreclosed real estate properties and deposit insurance premiums increased slightly because of the growth in overall assets. These increases were partially offset by decreases in other expenses largely composed of advertising, data processing expense, and professional services. The decline in professional services is the result of the expiration relating to one of two non-compete agreements entered with executives associated with the Fraternity acquisition. Management remains committed to reducing operational expenses and achieving higher efficiencies.
For the fourth quarter of fiscal 2018, the Company reported a net loss of $4.9 million, or $1.54 per common share compared to a loss of $976 thousand, or $0.31 per common share for the same quarter a year ago. The net loss is attributable to the establishment of a $5.8 million valuation allowance against the Company’s net deferred tax assets during the fourth quarter of fiscal 2018. As discussed earlier, the valuation allowance determination was based upon an evaluative process and the fact that the Company has been in a cumulative loss position for three consecutive years.
Pre-tax income, however, improved $2.1 million to pre-tax income of $463 thousand for the quarter ended March 31, 2018 compared to a pre-tax loss of $1.7 million for the quarter ended March 31, 2017. The improvement in pre-tax income quarter-over-quarter is due to a $1.4 million reduction in loan loss provision from $2.3 million for the quarter ended March 31, 2017 to $950 thousand for the quarter ended March 31, 2018. In addition, the Company realized $835 thousand in noninterest revenue in the fourth quarter of fiscal 2018 associated with death benefits paid-out on our BOLI policies due to the recent and unexpected passing of an employee. Net interest income over the comparable periods remained relatively the same at $3.6 million. Average interest-earning assets increased $26.1 million, partially offset by a $19.0 million increase in interest-bearing liabilities. The net interest margin decreased 16 basis points from 3.17 percent for the quarter ended March 31, 2017 to 3.01 percent for the quarter ended March 31, 2018 as the average yield on interest-bearing liabilities increased faster than rates on interest-earning assets. Operating expenses for the comparable quarters also remained relatively unchanged increasing from $3.1 million in the fourth quarter of fiscal 2017 to $3.2 million in the fourth quarter of fiscal 2018.
Capital
Shareholders’ equity at March 31, 2018 is $54.1 million compared to $59.8 million at March 31, 2017, a decrease of $5.7 million. The decrease is attributable to the net loss realized during fiscal year 2018. Also contributing to the decline in shareholder equity was the increase in unrealized losses associated with the investment portfolio, partially offset by the increase in additional paid in capital relating to equity awards. Average shareholders’ equity to average assets was 11.3 percent for fiscal 2018. This is down slightly from 11.8 percent a year ago due to an increase in average assets associated with growth within the loan portfolio from both organic loans and loan purchases. All the Bank’s regulatory capital ratios continue to exceed levels required to be categorized as “well capitalized.” Outstanding shares at March 31, 2018 were 3,407,613 compared to 3,411,075 at March 31, 2017.
Further Information:
Management believes that non-GAAP financial measures, including tangible book value, provide additional useful information that allows readers to evaluate the ongoing performance of the Company without regard to transactional activities. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
Please direct all media inquiries to Lauren Lawder at 410-616-1996 or by email at llawder@hamilton-bank.com. Please direct investor inquiries for Hamilton Bank to Robert DeAlmeida at 410-823-4510.
About Hamilton Bank:
Founded in 1915, Hamilton Bank is a community bank with $530.9 million in assets and $59.5 million in regulatory capital. The bank has 72 full-time equivalent employees and operates seven branch locations across Greater Baltimore, serving the communities of Cockeysville, Pasadena, Rosedale, Towson, Ellicott City and Baltimore in Maryland. Whether online or on the corner, Hamilton Bank is a community bank that cares about its customers. http://www.Hamilton-Bank.com.
Member FDIC Equal Housing Lender:
This press release may contain statements relating to the future results of the Company (including certain projections and business trends) that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995). Forward- looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, legislative and regulatory changes that could adversely affect the business in which Hamilton Bancorp, Inc. and Hamilton Bank are engaged, and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Reported by PRWeb 7 hours ago.
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Companies are working to track signs of depression using data from your phone or smartwatch — and Olympian Michael Phelps is on board
· *Two companies are exploring ways to use data from our smartphones and fitness bands to help detect depression.*· *One of them, called Medibio, has backing from Olympic swimmer Michael Phelps and presented a version of its product to the FDA this week.*
· *The other, a startup called Mindstrong Health, is led by Tom Insel, the former director of the National Institutes of Mental Health.*
--------------------Away from the Olympic pool and its exhilarating sounds of splashing, clapping, and whistle-blowing, swimmer Michael Phelps was living a separate life.
Despite racking up 28 Olympic medals — an unparalleled achievement that made him the most recognized Olympian in US history — Phelps was fighting powerful episodes of depression that led him to contemplate taking his own life.
"I straight wanted to die," Phelps told CNN's David Axelrod on a recent episode of The Axe Files podcast.
Phelps' personal struggle with depression and suicidal thinking spurred him to join the board of a 23-year-old company called Medibio. The group has a bold goal: to create a tool that can detect mental illness objectively, without relying on mercurial measures like questionnaires.
"The problem with mental health today is that there's no objective diagnosis," Jack Cosentino, Medibio's CEO, told Business Insider. "People go home with a pamphlet, a recommendation, and usually a drug."
In contrast to that approach, Medibio uses your wearable and smartphone to collect data on measurable health factors like your heart rate and sleep. The data is fed into an app, which gives you a numerical score that indicates whether you're likely to be entering into a period of high-stress or mental vulnerability.
A version of Medibio's technology is already available to consumers, but the company is also working on a more advanced version of the app to detect depression, which is currently the leading cause of disability worldwide and a significant contributing factor to suicide. Medibio presented the new version to the Food and Drug Administration this week.
Other companies are also looking for objective ways to diagnose mental illnesses and intervene early. Mindstrong Health, a startup led by former National Institutes of Mental Health director Tom Insel, is working on pinpointing mental illness by collecting data on how you type, tap, and scroll on your smartphone.
"We don’t have objective, precise measures of mental health like we do for diabetes or hypertension," Insel told Business Insider. "So the impetus for the company was, can we create this platform for what we call measure-based care?"
Both Medibio and Mindstrong believe the answer is yes.
*An alternative to a 'grey cloud' diagnosis*
Psychiatric diseases come with burdens that distinguish them from other ailments. They're invisible, so getting diagnosed is tough. Seeing a therapist is pricey and time-consuming. Many mental illnesses also tend to be episodic, meaning they can emerge powerfully and suddenly, then fade away.
Mindstrong and Medibio both operate on an understanding that our current healthcare system is incapable of addressing the high demand for mental-health services.
"It's been a totally reactive, crisis-driven system without measurement-based care. We want to solve that in the next four to five years," Insel said.
The companies are trying to tackle all of those issues at once with tools that double as tethers between you and your therapist. Medibio's approach relies on biometric data from wearable devices, while Mindstrong's uses behavioral data from your phone.
Both aim to address the subjective nature of diagnoses, which currently involve time-consuming, highly variable questionnaires that most people only encounter once they've already found a therapist.
"Can you see depression, touch depression? No, you see a doctor and they make a diagnosis based on a bunch of questions. You come away from that in a kind of grey cloud where you're left thinking, 'What does this mean?'" Archie Defillo, Medibio's chief medical officer, told Business Insider.
Both companies' tools, on the other hand, are based on hard data and can be accessed via a smartphone app.
*'Getting a product into patients' hands'*
Medibio's current app, called Inform, gives users "a snapshot" of their mental health, as Cosentino describes it. That comes in the form of a score from 1-100 based on recorded heart rate and sleep data from your Apple Watch, Fitbit, or Garmin fitness band. A faster-than-normal heart rate might indicate higher stress levels, for example, as could disturbed or excessive sleep.Cosentino highlighted the example of Michael Phelps, who would sleep for more than 24 hours at a time when he was entering a depressive episode.
"Michael told me, 'I'll go into my bedroom and spend 30 hours sleeping, but nobody knows,'" Cosentino said. "It blows my mind that we're still asking people, 'How are you sleeping?' when we have all these devices."
The Inform app is available to general consumers as a subscription service for $9.99 per month or $99 per year. Employers can provide it for $5 per employee.
The next app Medibio plans to release, called Index, would be tailored specifically to patients with depression, anxiety, or PTSD who want to keep an eye on their symptoms when they're not in therapy. The company hopes to make the tool available to people who want an additional source of support outside the therapist's office. But that hinges on FDA approval.
Using Index, people could choose to take the additional step of sharing their biometric data with others, including their therapist, family members, or friends. The Index app would thus connect someone to their community — which could help some people avoid the feelings of isolation that often accompany depression. To ensure user privacy, customers will be free to completely erase their profile and historical data at any point, Cosentino said.
Cosentino said he was particularly inspired to bring Index to consumers after hearing about the recent rise in suicide rates. Between 2000 and 2016, the suicide rate rose 30%, according to the most recent data from the Centers for Disease Control and Prevention.
"This is not an academic exercise by any means; this is about getting a product into the patients' hands," Consentino said, adding, "you’ve got to be there when people need it."
*'Digital phenotyping'*
Two-year old Silicon Valley startup Mindstrong Health hasn't made a finalized version of its app available to consumers yet.
But it's designed to run in the background of your smartphone and pick up on how long you take to find something from a list like your contacts, which way you scroll, and how quickly you type. The company calls this "digital phenotyping."
"We have a passive, objective way of measuring how you're thinking that takes advantage of a technology that all of us are using all the time," Insel said.
Mindstrong hasn't yet revealed how the ways you use your phone could indicate a particular condition, and the startup is still exploring the direction it might take its product. But Insel said they may first make the app available to an internal group of psychiatrists and social workers in the company who will work with several hundred patients to see how the platform works in real-time.
Insel sees Mindstrong as a healthcare company.
"Part of [addressing mental illness] is better detection, but that's not the whole play here. We really need to think about how we intervene — how we preempt these risks," Insel said, adding, "we build products, but we don't call ourselves a tech company. We are focused on transforming healthcare."
Health insurance and pharmaceutical companies seem to be buying into that vision — Mindstrong is partnering with Optum and several other yet-to-be-named insurance providers, as well as pharma companies Takeda and BlackThorn Therapeutics. Those two are interested in the app's potential to help assess the performance of drugs more quickly and at less cost than current methods.
"It's not surprising that pharma companies are excited about this; it would be a great way for them to measure outcomes in a way that they haven't before that's far less expensive," Insel said.
*Balancing research with a growing demand*
Mindstrong and Medibio both have strong scientific leadership and are leaning heavily on research to verify their products before releasing them to the public.
Insel led the National Institute of Mental Health for 13 years, and Mindstrong is conducting at least nine clinical trials designed to hone its diagnostic tools. Some of those are accessible via the government's public clinical trials database.
Medibio's board of advisors includes people like Franklyn Prendergast, a professor of pharmacology at the Mayo Clinic and former member of the Mayo Clinic's executive committee. The company is also doing promising research to evaluate its forthcoming Index app. Although none of its papers have yet been made public, the company has announced research partnerships with several leading universities including Johns Hopkins, Emory, and Ottawa University.
Insel and Cosentino both plan to use this kind of research to make fast progress.
"After 30 years in government, it's exciting to be in a place where you can design it, build it, and that can all happen very quickly," Insel said.
Michael Phelps, who has used Medibio's Inform app, said he believes the company's timing couldn't be better.
"For many," Phelps said in a press release, "mental health has not been a topic of focus, and the data analysis aspect of it has been missing up until now."
*SEE ALSO: Fitbit is playing a long game to keep itself relevant, and its latest plans hint at getting into a new, highly lucrative area*
*DON'T MISS: A Stanford researcher is pioneering a dramatic shift in how we treat depression — and you can try her new tool right now*
Join the conversation about this story »
NOW WATCH: Dwayne 'The Rock' Johnson opens up about his personal experience with depression Reported by Business Insider 2 days ago.
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Attorneys at Galfand Berger LLP Announce Major Win for United Steelworkers
United Steelworkers awarded over $5 million in back benefits after arbitrator decides that Philadelphia Energy Solutions (“PES”) suspended medical and pension benefits in violation of the parties’ union contract.
PHILADELPHIA (PRWEB) July 02, 2018
In an unprecedented win for local unions, Philadelphia arbitrator Thomas McConnell ordered Philadelphia Energy Solutions (“PES”), a subsidiary of the Carlisle Group, to repay more than $5 million in benefits to members of the United Steelworkers employed at the company’s South Philadelphia oil refinery.
In January 2017, PES unilaterally suspended pension benefits of the more than 650 union members and reduced its contributions to the employees’ health insurance premiums. The company’s actions left the workers with no future retirement benefits and heftier insurance costs. A grievance (Grievance: No 01-39-16 – Unilateral Change in Benefits) was filed with the American Arbitration Association on behalf of USW Local 10-1 against Philadelphia Energy Solutions.
On June 22, after a lengthy arbitration (AAA Case No.: 01-16-0005-0581), Arbitrator McConnell issued a 41-page decision ordering repayment of all monies. He ordered PES to reimburse the union members for all the losses they sustained from the company’s unilateral changes to the medical and pension plans.
Galfand Berger attorneys, Debra Jensen and Michael McGurrin, won this important victory for the USW workers at the PES refinery. Ms. Jensen, Managing Partner at Galfand Berger, noted, “PES attempted to shirk its duty to the employees who keep its South Philadelphia refinery operating. This decision makes the workers whole and tells the company it cannot backtrack on an agreement reached in good faith by both parties. This is a victory for labor.”
Galfand Berger has been serving clients in Pennsylvania and New Jersey since 1947. For more information, call the law firm at 800-222-8792 or visit their website at https://www.galfandberger.com/.
"Like" us on Facebook: http://www.facebook.com/GalfandBerger Reported by PRWeb 1 day ago.
PHILADELPHIA (PRWEB) July 02, 2018
In an unprecedented win for local unions, Philadelphia arbitrator Thomas McConnell ordered Philadelphia Energy Solutions (“PES”), a subsidiary of the Carlisle Group, to repay more than $5 million in benefits to members of the United Steelworkers employed at the company’s South Philadelphia oil refinery.
In January 2017, PES unilaterally suspended pension benefits of the more than 650 union members and reduced its contributions to the employees’ health insurance premiums. The company’s actions left the workers with no future retirement benefits and heftier insurance costs. A grievance (Grievance: No 01-39-16 – Unilateral Change in Benefits) was filed with the American Arbitration Association on behalf of USW Local 10-1 against Philadelphia Energy Solutions.
On June 22, after a lengthy arbitration (AAA Case No.: 01-16-0005-0581), Arbitrator McConnell issued a 41-page decision ordering repayment of all monies. He ordered PES to reimburse the union members for all the losses they sustained from the company’s unilateral changes to the medical and pension plans.
Galfand Berger attorneys, Debra Jensen and Michael McGurrin, won this important victory for the USW workers at the PES refinery. Ms. Jensen, Managing Partner at Galfand Berger, noted, “PES attempted to shirk its duty to the employees who keep its South Philadelphia refinery operating. This decision makes the workers whole and tells the company it cannot backtrack on an agreement reached in good faith by both parties. This is a victory for labor.”
Galfand Berger has been serving clients in Pennsylvania and New Jersey since 1947. For more information, call the law firm at 800-222-8792 or visit their website at https://www.galfandberger.com/.
"Like" us on Facebook: http://www.facebook.com/GalfandBerger Reported by PRWeb 1 day ago.
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Industry Leader Kevin Timone Makes Move to Join LISI
Kevin Timone Joins LISI as Senior Vice President of Sales in Northern California
SAN MATEO, Calif. (PRWEB) July 02, 2018
LISI has appointed Kevin Timone as a Senior Vice President of Sales. Kevin will oversee Northern California sales as well as all ancillary sales statewide.
LISI President and CEO Becky Patel said, “We’re honored to welcome Kevin Timone to LISI. As a fierce advocate for the broker community, Kevin has chosen to join LISI in our pursuit to provide the gold standard in exclusive broker tools and services. We’re committed to the success of our brokers, which makes Kevin the perfect addition to our leadership team.”
Previously, Kevin was the Chief Sales Officer of CHOICE Administrators where his responsibilities included all new sales, retention, and group underwriting for CaliforniaChoice®, and Choice Builder. Kevin joins LISI with over 18 years of General Agency experience in sales and marketing.
“I’ve known Becky for over 18 years, and it’s always been clear to me that LISI is the strongest organization in the space, with a sterling reputation for service. Throughout my career, I’ve worked with many long-standing professionals at LISI who do an incredible job serving brokers every day,” said Kevin Timone.
He added, “In an industry that’s been mired by stagnation, it’s truly refreshing to work with a GA that’s ahead of the curve when it comes to technology, compliance, and broker support. I also look forward to working closely with newly acquired Marketing Director, Jeff Grocky. His background with major brands, technology, and ecommerce is unique to this industry and offers us a major advantage in the marketplace. The decision to add innovative talent to their already impressive leadership team clearly positions LISI for the future of broker support and business development. LISI is changing the industry landscape; may the best GA win!”
About LISI
As California’s premier General Agency, LISI serves more than 8,000 affiliated brokers who offer medical, dental, vision and specialty coverage for large and small employers from over two dozen carriers. LISI offers a highly responsive, regional approach with offices throughout California. Their statewide scale leverages their strength in working with carriers on brokers’ behalf. LISI Inc. has served health insurance brokers since 1977.
http://www.lisibroker.com Reported by PRWeb 19 hours ago.
SAN MATEO, Calif. (PRWEB) July 02, 2018
LISI has appointed Kevin Timone as a Senior Vice President of Sales. Kevin will oversee Northern California sales as well as all ancillary sales statewide.
LISI President and CEO Becky Patel said, “We’re honored to welcome Kevin Timone to LISI. As a fierce advocate for the broker community, Kevin has chosen to join LISI in our pursuit to provide the gold standard in exclusive broker tools and services. We’re committed to the success of our brokers, which makes Kevin the perfect addition to our leadership team.”
Previously, Kevin was the Chief Sales Officer of CHOICE Administrators where his responsibilities included all new sales, retention, and group underwriting for CaliforniaChoice®, and Choice Builder. Kevin joins LISI with over 18 years of General Agency experience in sales and marketing.
“I’ve known Becky for over 18 years, and it’s always been clear to me that LISI is the strongest organization in the space, with a sterling reputation for service. Throughout my career, I’ve worked with many long-standing professionals at LISI who do an incredible job serving brokers every day,” said Kevin Timone.
He added, “In an industry that’s been mired by stagnation, it’s truly refreshing to work with a GA that’s ahead of the curve when it comes to technology, compliance, and broker support. I also look forward to working closely with newly acquired Marketing Director, Jeff Grocky. His background with major brands, technology, and ecommerce is unique to this industry and offers us a major advantage in the marketplace. The decision to add innovative talent to their already impressive leadership team clearly positions LISI for the future of broker support and business development. LISI is changing the industry landscape; may the best GA win!”
About LISI
As California’s premier General Agency, LISI serves more than 8,000 affiliated brokers who offer medical, dental, vision and specialty coverage for large and small employers from over two dozen carriers. LISI offers a highly responsive, regional approach with offices throughout California. Their statewide scale leverages their strength in working with carriers on brokers’ behalf. LISI Inc. has served health insurance brokers since 1977.
http://www.lisibroker.com Reported by PRWeb 19 hours ago.
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Kentucky GOP cuts dental, vision for nearly 500,000 people
LOUISVILLE, Ky. (AP) — Gov. Matt Bevin's administration is cutting dental and vision coverage for nearly a half-million Kentuckians after his Medicaid overhaul plan was rejected in court. The state Cabinet for Health and Family Services calls the cuts an "unfortunate consequence" of Friday's ruling by a federal judge who said Kentucky can't require poor people to get jobs to keep their Medicaid benefits. U.S. District Judge James E. Boasberg's rejection of the Republican governor's plan to overhaul the state's Medicaid program is a setback for President Donald Trump's administration, which has been encouraging states to impose limits on the state and federal health insurance program for the poor and disabled.
Reported by SeattlePI.com 17 hours ago.
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When Health Insurance Prices Rose Last Year, Around a Million Americans Dropped Coverage
People earning too much to qualify for subsidies are finding themselves priced out, according to a new government report.
Reported by NYTimes.com 14 hours ago.
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Alan launches Alan Map to find doctors around you
Health insurance startup Alan has launched a new product called Alan Map in France. It’s a dead simple way to find GPs, dentists, ophthalmologists and more around you. You first type your address and the name of a doctor or the type of doctors you’re looking for. There’s a big map front and center with […]
Reported by TechCrunch 15 hours ago.
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Amazon could be coming for CVS, Rite Aid, and Walgreens and over half of consumers say they are on board
*Amazon's $1 billion deal to acquire online pharmacy startup PillPack* *is bad news for CVS, Rite Aid, Walgreens, and other pharmacies.* In an informal survey of Business Insider readers, Business Insider Intelligence found that the majority of respondents (57%) would use a pharmacy service offered by Amazon over their current pharmacy. The data isn't representative of the general population — Business Insider readers tend to be younger, male, and tech-savvy. Still, we think the data provides a strong indicator that retail pharmaceuticals will be one of the next industries to get "Amazon'd."· *CVS, Walgreens, and Rite Aid face the greatest risk from Amazon's potential foray into the retail pharmacy market.* More than two-thirds (69%) of respondents who selected CVS as their primary pharmacy said they would switch to a pharmacy offered by Amazon. Sixty-eight percent of respondents who use Rite Aid and 65% of those who use Walgreens would also switch to Amazon. It’s worth noting that Duane Reade, which is owned by Walgreens, wasn’t included in the survey and some survey participants may have included it in “Other."
· *Walmart also faces significant risk, but it's better positioned than its rivals. *More than a third (36%) of respondents who identified Walmart as their primary pharmacy said they'd switch to Amazon. Still, two-thirds (64%) said they wouldn't switch.
· *An Amazon-run pharmacy service could also entice non-pharmacy users.* Sixty-one percent of respondents who don't use pharmacies said they would use a pharmacy service offered by Amazon. This could represent a significant growth opportunity for the company if it hopes to take on retail pharmacy incumbents.
*Amazon's strengths are price, product selection, and delivery speed — all of which could be applied to retail pharmaceuticals. *While it's unclear how Amazon aims to use PillPack, we think consumers anticipate lower prices, as well as added convenience — consumers could bundle and fill prescriptions while they complete other shopping needs, and have the option for same-day delivery, for example.
*Convenience may explain why two-thirds of Walmart customers say they wouldn't switch to Amazon. *In many towns throughout the US, Walmart serves as a one-stop shopping location for items that can be bought online, but also for items that many consumers would prefer to purchase in store, such as groceries. For these consumers, filling a prescription at Walmart is already convenient since they go to shop there anyway. In contrast, Walgreens, Rite Aid, and CVS have more focused product selections that can require a dedicated journey. If Amazon can eliminate that journey, it's solved a pain point for consumers.
*Amazon still has a number of hurdles to overcome before offering a full-fledged pharmacy service. *For instance, Amazon could have trouble forging relationships with pharmacy benefits managers — the group that serves as gatekeepers to the majority of US consumers who are covered by health insurance — who could see Amazon's entry into the pharmaceutical market as a direct threat, CNBC notes. This could hobble Amazon's initial entry and means it could take some time before Amazon is able to make any substantial moves into the pharmacy market.
Join the conversation about this story » Reported by Business Insider 14 hours ago.
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A Bit Too Young for Medicare, but Losing Your Health Insurance? Here Are 3 Options
Because you really don't want to gamble on going without coverage in your early 60s.
Reported by Motley Fool 13 hours ago.
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Report: 1 Million Americans Priced Out of Health Insurance in 2017
About one million customers appear to dropped coverage, having been priced out of the health insurance market in 2017.
Reported by Newsmax 12 hours ago.
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Trump White House sounds ObamaCare alarms amid rising plan costs
More than one million Americans decided to drop their health insurance plans last year, after policy changes dictated that about 20 percent of those with coverage through ObamaCare’s marketplace would no longer get government help paying for it.
Reported by FOXNews.com 8 hours ago.
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Liberal states impose new individual mandate ahead of ObamaCare rollback
As the individual mandate penalty disappears for Americans in January, a growing number of liberal states are moving to enact their own individual mandates requiring residents to purchase health insurance
Reported by FOXNews.com 9 hours ago.
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BLJ: Health records law moves slowly
While access to medical records has increased over the years, it’s not happening as quickly as it could in Western New York, according to an attorney who works closely with the medical profession. “As we know, HIPPA (the Health Insurance Portability and Accountability Act) is supposed to provide greater access to the content of medical records, as well as provide for better sharing of records between medical providers,” said Patrick Curran, a member at Hurwitz & Fine P.C. “It seems to…
Reported by bizjournals 22 hours ago.
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Quirks in the reporting of executive pay at health insurers
Health insurance executive pay is a sensitive topic for many consumers. Pay disclosures required by state regulators make it possible to see what many of them are paid - and be aghast or not - quirks in the reporting make hard to compare companies.
Reported by philly.com 14 hours ago.
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Thirty-Five Twelve, LLC Completes Acquisition of Health Insurance Business
Natick Media, LLC Has Sold Their Health Insurance Division to Thirty-Five Twelve, LLC for an Undisclosed Sum.
MINNEAPOLIS, MN and NATICK, MA (PRWEB) July 09, 2018
Thirty-Five Twelve, LLC and Natick Media, LLC on Friday announced they have completed a definitive agreement under which Thirty-Five Twelve has acquired all of the assets related to Natick Media’s health insurance division, insurance marketplace, for an undisclosed sum. Thirty-Five Twelve will continue to operate and grow the business as a stand-alone business unit. Timothy Blacquier, CEO of Natick Media, will stay on as an advisor for 90 days.
Thirty-Five Twelve is a holding company focusing on online business models in lead generation and advertising services. Thirty-Five Twelve operates businesses in the education, financial services, and healthcare industries. Natick Media is an experienced lead generation agency that concentrates on high value verticals.
Thirty-Five Twelve Managing Member, Kuk Yi, commented on the transaction saying, "The addition of Natick Media’s health insurance portfolio helps us jump start our foray into the health insurance niche. What Tim and his team have built will save us at least 5 years of startup and development time. We will build on this solid foundation to make it much easier for consumers to learn about and choose the healthcare insurance coverage that they need.”
“When the Affordable Care Act was passed and there were talks of creating insurance marketplaces, we jumped at the chance to create a destination to help consumers find health plans. Since launching in 2013, we helped over a quarter of a million people connect with insurance carriers” said Timothy Blacquier, Natick Media’s CEO. “We are incredibly proud of what we built and how it has helped so many people”.
Natick Media was advised on the sale by Sean C. Flaherty of Keches Law Group.
About Natick Media, LLC
Headquartered in Natick, Massachusetts, Natick Media is a lead generation agency that builds highly-focused websites with optimized conversion funnels. Their experience in web development, A/B testing, analytics and digital acquisition allows them to launch, test and scale lead generation businesses quickly.
About Thirty-Five Twelve
Headquartered in Minneapolis, Minnesota, Thirty-Five Twelve, LLC an online holding company founded by Kuk Yi with a focus on high-growth niches in the digital, technology and lead generation space. Mr. Yi was previously a founding member of Best Buy's corporate development team, where he was responsible for supporting strategic transactions, including acquisitions and investments. Prior to Thirty-Five Twelve and Best Buy, Mr. Yi was a Senior Investment Manager at Samsung, based in Korea, and a Senior Associate at ABN AMRO Capital. Reported by PRWeb 9 hours ago.
MINNEAPOLIS, MN and NATICK, MA (PRWEB) July 09, 2018
Thirty-Five Twelve, LLC and Natick Media, LLC on Friday announced they have completed a definitive agreement under which Thirty-Five Twelve has acquired all of the assets related to Natick Media’s health insurance division, insurance marketplace, for an undisclosed sum. Thirty-Five Twelve will continue to operate and grow the business as a stand-alone business unit. Timothy Blacquier, CEO of Natick Media, will stay on as an advisor for 90 days.
Thirty-Five Twelve is a holding company focusing on online business models in lead generation and advertising services. Thirty-Five Twelve operates businesses in the education, financial services, and healthcare industries. Natick Media is an experienced lead generation agency that concentrates on high value verticals.
Thirty-Five Twelve Managing Member, Kuk Yi, commented on the transaction saying, "The addition of Natick Media’s health insurance portfolio helps us jump start our foray into the health insurance niche. What Tim and his team have built will save us at least 5 years of startup and development time. We will build on this solid foundation to make it much easier for consumers to learn about and choose the healthcare insurance coverage that they need.”
“When the Affordable Care Act was passed and there were talks of creating insurance marketplaces, we jumped at the chance to create a destination to help consumers find health plans. Since launching in 2013, we helped over a quarter of a million people connect with insurance carriers” said Timothy Blacquier, Natick Media’s CEO. “We are incredibly proud of what we built and how it has helped so many people”.
Natick Media was advised on the sale by Sean C. Flaherty of Keches Law Group.
About Natick Media, LLC
Headquartered in Natick, Massachusetts, Natick Media is a lead generation agency that builds highly-focused websites with optimized conversion funnels. Their experience in web development, A/B testing, analytics and digital acquisition allows them to launch, test and scale lead generation businesses quickly.
About Thirty-Five Twelve
Headquartered in Minneapolis, Minnesota, Thirty-Five Twelve, LLC an online holding company founded by Kuk Yi with a focus on high-growth niches in the digital, technology and lead generation space. Mr. Yi was previously a founding member of Best Buy's corporate development team, where he was responsible for supporting strategic transactions, including acquisitions and investments. Prior to Thirty-Five Twelve and Best Buy, Mr. Yi was a Senior Investment Manager at Samsung, based in Korea, and a Senior Associate at ABN AMRO Capital. Reported by PRWeb 9 hours ago.
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Why Washington insider Brett Kavanaugh will face barrage of questions during US Senate confirmation process
Brett Kavanaugh, the consummate Washington insider picked by President Donald Trump on Monday for a lifetime seat on the US Supreme Court, has viewed business regulations with skepticism in his 12 years as a judge and taken conservative positions on some divisive social issues.
His extensive record on the bench and in prior Washington jobs means the 53-year-old conservative federal appeals court judge promises to attract a barrage of questions during what is likely to be a contentious US Senate confirmation process.
A senior White House aide under Republican former President George W. Bush who previously worked for Kenneth Starr, the independent counsel who investigated Democratic former President Bill Clinton in the 1990s, Kavanaugh faced a long confirmation battle when Bush nominated him to his current post in 2003. Democrats painted him as too partisan, but he ultimately was confirmed by the Senate three years later.
Kavanaugh grew up in Bethesda, a Maryland suburb of Washington, and attended the same high school as Trump's first Supreme Court appointee, Neil Gorsuch. Both men served as clerks for Kennedy in the Supreme Court's 1993-1994 term.
Kavanaugh has been a judge on the influential U.S. Court of Appeals for the District of Columbia Circuit since 2006. Merrick Garland, Democratic former President Barack Obama's Supreme Court nominee who was blocked by Senate Republicans in 2016 in a move that allowed Trump to nominate Gorsuch last year, serves on that court alongside Kavanaugh.
Kavanaugh has come under fire in some conservative circles for his ties to Bush, a member of the Republican establishment that is eschewed by Trump, as well as for not sometimes ruling aggressively enough on issues of importance to conservative activists.
Some conservatives have faulted his reasoning in a dissenting opinion in a case involving Democratic former President Barack Obama's 2010 healthcare law, dubbed Obamacare.
Kavanaugh dissented from his court's 2011 conclusion that Obamacare, a law detested by conservatives, did not violate the US Constitution, asserting that it was premature to decide the case's merits. Kavanaugh in his dissent mentioned that a financial penalty levied under Obamacare on Americans who opted not to obtain health insurance might be considered a tax, a pivotal distinction in the conservative legal challenge to the law.
Conservative critics said Kavanaugh's dissent provided the roadmap that helped persuade US Chief Justice John Roberts to cast a crucial vote in upholding the law when it reached the Supreme Court in 2012.
In his remarks on Monday, Kavanaugh sought to spotlight his bipartisan credentials. He noted that he has taught at Harvard Law School, where he was hired by former dean Elena Kagan, who Obama appointed to the Supreme Court in 2010. "My law clerks come from diverse background and points of views," Kavanaugh said, adding that a majority of his clerks have been women.
*CONSERVATIVE CREDENTIALS*
Kavanaugh has shown conservative credentials on gun rights and in abortion-related cases.
Last October, he was part of a panel of judges that issued an order preventing a 17-year-old illegal immigrant detained in Texas by US authorities from immediately obtaining an abortion. That decision was overturned by the full appeals court and she had the abortion.
Kavanaugh, who emphasized his Roman Catholic faith in his appearance with Trump at the White House on Monday, said in a dissent that the full court was embracing "a new right for unlawful immigrant minors in US government detention to obtain immediate abortion on demand."
Kavanaugh also dissented in 2015 when the court spurned religious groups that sought an exemption from a requirement under Obamacare that employers provide health insurance that covers birth control for women.
In 2011, he dissented as the court upheld a District of Columbia gun law that banned semi-automatic rifles. Kavanaugh said such guns are covered by the US Constitution's Second Amendment, which protects the right to bear arms.
In several cases, Kavanaugh faulted environmental regulations issued under Obama, including some aimed at combating climate change.
Kavanaugh dissented in 2017 when his appeals court declined to reconsider its decision upholding "net neutrality" regulations implemented under Obama - and later rescinded under Trump - requiring internet providers to guarantee equal access to all web content.
In 2016, Kavanaugh wrote the appeals court's decision that the structure of the Consumer Financial Protection Bureau, formed under Obama, was unconstitutional.
Kavanaugh worked for Bush during the contentious recount in the pivotal state of Florida in the 2000 presidential election, then headed the Bush administration's search for potential judicial nominees.
He previously worked for four years for Starr, whose investigation of Clinton helped spur an effort by congressional Republicans in 1998 and 1999 to impeach the Democratic president and remove him from office.
In 2009, Kavanaugh wrote a law review article questioning the value of that investigation and concluding that presidents should be free from the distractions of civil lawsuits, criminal prosecutions and investigations while in office.
That view has assumed fresh relevance, with Trump facing several civil lawsuits as well as a Russia-related criminal investigation by Special Counsel Robert Mueller. The Supreme Court could be called upon to weigh in on these matters.
A graduate of Yale Law School, Kavanaugh is married and has two children.
Article Type:
Report
Sections:
World
Agencies:
Reuters
Tags:
Brett Kavanaugh
US Supreme Court judge
Donald Trump
US Senate
Brett Kavanaugh appointment
Tue, 10 Jul 2018-08:46am
Date updated:
Tuesday, 10 July 2018 - 8:47am
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From Print Edition:
Highlights: Reported by DNA 5 hours ago.
His extensive record on the bench and in prior Washington jobs means the 53-year-old conservative federal appeals court judge promises to attract a barrage of questions during what is likely to be a contentious US Senate confirmation process.
A senior White House aide under Republican former President George W. Bush who previously worked for Kenneth Starr, the independent counsel who investigated Democratic former President Bill Clinton in the 1990s, Kavanaugh faced a long confirmation battle when Bush nominated him to his current post in 2003. Democrats painted him as too partisan, but he ultimately was confirmed by the Senate three years later.
Kavanaugh grew up in Bethesda, a Maryland suburb of Washington, and attended the same high school as Trump's first Supreme Court appointee, Neil Gorsuch. Both men served as clerks for Kennedy in the Supreme Court's 1993-1994 term.
Kavanaugh has been a judge on the influential U.S. Court of Appeals for the District of Columbia Circuit since 2006. Merrick Garland, Democratic former President Barack Obama's Supreme Court nominee who was blocked by Senate Republicans in 2016 in a move that allowed Trump to nominate Gorsuch last year, serves on that court alongside Kavanaugh.
Kavanaugh has come under fire in some conservative circles for his ties to Bush, a member of the Republican establishment that is eschewed by Trump, as well as for not sometimes ruling aggressively enough on issues of importance to conservative activists.
Some conservatives have faulted his reasoning in a dissenting opinion in a case involving Democratic former President Barack Obama's 2010 healthcare law, dubbed Obamacare.
Kavanaugh dissented from his court's 2011 conclusion that Obamacare, a law detested by conservatives, did not violate the US Constitution, asserting that it was premature to decide the case's merits. Kavanaugh in his dissent mentioned that a financial penalty levied under Obamacare on Americans who opted not to obtain health insurance might be considered a tax, a pivotal distinction in the conservative legal challenge to the law.
Conservative critics said Kavanaugh's dissent provided the roadmap that helped persuade US Chief Justice John Roberts to cast a crucial vote in upholding the law when it reached the Supreme Court in 2012.
In his remarks on Monday, Kavanaugh sought to spotlight his bipartisan credentials. He noted that he has taught at Harvard Law School, where he was hired by former dean Elena Kagan, who Obama appointed to the Supreme Court in 2010. "My law clerks come from diverse background and points of views," Kavanaugh said, adding that a majority of his clerks have been women.
*CONSERVATIVE CREDENTIALS*
Kavanaugh has shown conservative credentials on gun rights and in abortion-related cases.
Last October, he was part of a panel of judges that issued an order preventing a 17-year-old illegal immigrant detained in Texas by US authorities from immediately obtaining an abortion. That decision was overturned by the full appeals court and she had the abortion.
Kavanaugh, who emphasized his Roman Catholic faith in his appearance with Trump at the White House on Monday, said in a dissent that the full court was embracing "a new right for unlawful immigrant minors in US government detention to obtain immediate abortion on demand."
Kavanaugh also dissented in 2015 when the court spurned religious groups that sought an exemption from a requirement under Obamacare that employers provide health insurance that covers birth control for women.
In 2011, he dissented as the court upheld a District of Columbia gun law that banned semi-automatic rifles. Kavanaugh said such guns are covered by the US Constitution's Second Amendment, which protects the right to bear arms.
In several cases, Kavanaugh faulted environmental regulations issued under Obama, including some aimed at combating climate change.
Kavanaugh dissented in 2017 when his appeals court declined to reconsider its decision upholding "net neutrality" regulations implemented under Obama - and later rescinded under Trump - requiring internet providers to guarantee equal access to all web content.
In 2016, Kavanaugh wrote the appeals court's decision that the structure of the Consumer Financial Protection Bureau, formed under Obama, was unconstitutional.
Kavanaugh worked for Bush during the contentious recount in the pivotal state of Florida in the 2000 presidential election, then headed the Bush administration's search for potential judicial nominees.
He previously worked for four years for Starr, whose investigation of Clinton helped spur an effort by congressional Republicans in 1998 and 1999 to impeach the Democratic president and remove him from office.
In 2009, Kavanaugh wrote a law review article questioning the value of that investigation and concluding that presidents should be free from the distractions of civil lawsuits, criminal prosecutions and investigations while in office.
That view has assumed fresh relevance, with Trump facing several civil lawsuits as well as a Russia-related criminal investigation by Special Counsel Robert Mueller. The Supreme Court could be called upon to weigh in on these matters.
A graduate of Yale Law School, Kavanaugh is married and has two children.
Article Type:
Report
Sections:
World
Agencies:
Reuters
Tags:
Brett Kavanaugh
US Supreme Court judge
Donald Trump
US Senate
Brett Kavanaugh appointment
Tue, 10 Jul 2018-08:46am
Date updated:
Tuesday, 10 July 2018 - 8:47am
Article Images:
Short URL:
dnai.in/2
Embargo:
Syndicate:
Hide lead image:
Page views:
1
From Print Edition:
Highlights: Reported by DNA 5 hours ago.
↧
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Embrace Pet Insurance Lists Seven Things Pet Parents Should Avoid Doing When Training A New Puppy
Embrace breaks down what not to do when bringing home a new puppy.
CLEVELAND (PRWEB) July 10, 2018
When thinking about getting a new puppy, it’s important to do research about training. There’s endless information online around “what to do when training a puppy,” but it’s also important to know what NOT to do. Below, Embrace Pet Insurance has compiled a list of things pet parents should avoid doing when bringing home a new puppy.
1. Don’t Leave a Puppy Unattended
While it may feel like a nuisance, it’s worth it to not leave a new puppy unattended during the first few months. If left alone, a puppy will likely have accidents or chew up a new pair of shoes – or something else valuable. Of course, there are times when pet parents will have to step out or go to work – this would be an ideal time to start kennel training or confining the new furry family member to a puppy-friendly room.
2. Don’t Misuse the Crate
A kennel or crate is supposed to be a safe place for a puppy. Pet parents should make sure to only put him/her in the kennel during the night, for naps, or when they leave the house. Never put a dog in the kennel for punishment or neglect him/her in it, as it can lead to anger and anxiety issues.
3. Don’t Train Inconsistently
Consistency wins every hurdle, especially when it comes to puppy training. Dogs need simple training instructions and they need to obey commands, so consistency is key. Pet parents should put in the same amount of effort to train the puppy each day, so they are able to comprehend the training every step of the way.
4. Don’t Encourage Playful Biting
Puppies begin exploring with their mouths and teeth at a very young age. It’s common knowledge that puppies like to chew on everything from shoes to furniture – even fingers. Though puppies are cute in all the little things they do, it’s never okay to encourage biting.
5. Don’t Try Too Much at Once
Patience is key when training a puppy. Pet parents should wait until their puppy fully comprehends a training section before moving on to the next one. It’s easy to assume just because a puppy learned a command a few times in a row that he/she is ready to move on to the next part of training, but it’s best to wait until the pup is proficient with the specific command. Never rush or the puppy may feel overwhelmed and it could set training processes back. For example, if a puppy is being taught to “sit” and they have done it a few times in a row, automatically moving on to “sit and stay” would typically be too much at once.
6. Don’t Reward Too Soon
If a new puppy is doing a good job with a command, pet parents should wait until the pup is completely finished with his/her command before rewarding them so they understand why they are being rewarded. When a puppy is rewarded before they’ve finished a command, they won’t fully grasp the training.
7. Avoid Negative Emotion
Overdoing it with emotion can lead to poor response from a puppy. When pet parents train with irritation, anger, or force, they are intimidating the puppy and the training sessions can turn into inquisitions. Training with positive energy and praise will likely lead to increased energy and willingness to learn in the puppy.
For additional resources and information about puppy training, visit the Embrace Pet Insurance blog here: https://www.embracepetinsurance.com/waterbowl.
About Embrace Pet Insurance
Embrace Pet Insurance is a top-rated pet health insurance provider for dogs and cats in the United States. Embrace offers one simple yet comprehensive accident and illness insurance plan that is underwritten by American Modern Insurance Group, Inc. In addition to insurance, Embrace offers Wellness Rewards, an optional preventative care product that is unique to the industry. Wellness Rewards reimburses for routine veterinary visits, grooming, vaccinations, training, and much more with no itemized limitations. Embrace is a proud member of the North American Pet Health Insurance Association (NAPHIA) and continues to innovate and improve the pet insurance experience for pet parents across the country. For more information about Embrace Pet Insurance, visit http://www.embracepetinsurance.com or call (800) 511-9172 Reported by PRWeb 56 minutes ago.
CLEVELAND (PRWEB) July 10, 2018
When thinking about getting a new puppy, it’s important to do research about training. There’s endless information online around “what to do when training a puppy,” but it’s also important to know what NOT to do. Below, Embrace Pet Insurance has compiled a list of things pet parents should avoid doing when bringing home a new puppy.
1. Don’t Leave a Puppy Unattended
While it may feel like a nuisance, it’s worth it to not leave a new puppy unattended during the first few months. If left alone, a puppy will likely have accidents or chew up a new pair of shoes – or something else valuable. Of course, there are times when pet parents will have to step out or go to work – this would be an ideal time to start kennel training or confining the new furry family member to a puppy-friendly room.
2. Don’t Misuse the Crate
A kennel or crate is supposed to be a safe place for a puppy. Pet parents should make sure to only put him/her in the kennel during the night, for naps, or when they leave the house. Never put a dog in the kennel for punishment or neglect him/her in it, as it can lead to anger and anxiety issues.
3. Don’t Train Inconsistently
Consistency wins every hurdle, especially when it comes to puppy training. Dogs need simple training instructions and they need to obey commands, so consistency is key. Pet parents should put in the same amount of effort to train the puppy each day, so they are able to comprehend the training every step of the way.
4. Don’t Encourage Playful Biting
Puppies begin exploring with their mouths and teeth at a very young age. It’s common knowledge that puppies like to chew on everything from shoes to furniture – even fingers. Though puppies are cute in all the little things they do, it’s never okay to encourage biting.
5. Don’t Try Too Much at Once
Patience is key when training a puppy. Pet parents should wait until their puppy fully comprehends a training section before moving on to the next one. It’s easy to assume just because a puppy learned a command a few times in a row that he/she is ready to move on to the next part of training, but it’s best to wait until the pup is proficient with the specific command. Never rush or the puppy may feel overwhelmed and it could set training processes back. For example, if a puppy is being taught to “sit” and they have done it a few times in a row, automatically moving on to “sit and stay” would typically be too much at once.
6. Don’t Reward Too Soon
If a new puppy is doing a good job with a command, pet parents should wait until the pup is completely finished with his/her command before rewarding them so they understand why they are being rewarded. When a puppy is rewarded before they’ve finished a command, they won’t fully grasp the training.
7. Avoid Negative Emotion
Overdoing it with emotion can lead to poor response from a puppy. When pet parents train with irritation, anger, or force, they are intimidating the puppy and the training sessions can turn into inquisitions. Training with positive energy and praise will likely lead to increased energy and willingness to learn in the puppy.
For additional resources and information about puppy training, visit the Embrace Pet Insurance blog here: https://www.embracepetinsurance.com/waterbowl.
About Embrace Pet Insurance
Embrace Pet Insurance is a top-rated pet health insurance provider for dogs and cats in the United States. Embrace offers one simple yet comprehensive accident and illness insurance plan that is underwritten by American Modern Insurance Group, Inc. In addition to insurance, Embrace offers Wellness Rewards, an optional preventative care product that is unique to the industry. Wellness Rewards reimburses for routine veterinary visits, grooming, vaccinations, training, and much more with no itemized limitations. Embrace is a proud member of the North American Pet Health Insurance Association (NAPHIA) and continues to innovate and improve the pet insurance experience for pet parents across the country. For more information about Embrace Pet Insurance, visit http://www.embracepetinsurance.com or call (800) 511-9172 Reported by PRWeb 56 minutes ago.
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Health Insurance Innovations Set To Excel On Changes To Healthcare Policy
Reported by SeekingAlpha 22 hours ago.
↧
Comparing Insurance Just Got Easier! Einsurance Has Launched a New and Improved Site.
EINSURANCE presents a new look to the insurance industry. We have enhanced many features of our website and encourage you to take a look.
CHICAGO (PRWEB) July 10, 2018
EINSURANCE, based in Chicago, IL provides customers with a free, unbiased platform to research, review and compare different insurance companies, as well as address their insurance related concerns. The Company has now enhanced its customer user experience through updating its website with an uncluttered design, enhanced and rich content, and improved overall functionality.
Created with EINSURANCE’s customers firmly in mind, the website has been designed to make browsing the site even easier. Whether you’re on your phone, tablet or desktop, looking for quotes from different carriers, or simply trying to answer insurance related questions, navigating through the site has been made even more seamless and intuitive.
“We continue to test, measure and listen to our customers in regards to our website’s UX. Our goal is to make addressing customers insurance related concerns seamless, and dare I say it…FUN! We encourage customers to peruse the site, digest our rich content and return anytime you need a quote or answer to an insurance related question,” said Dale Q. Williams, the COO of EINSURANCE.
About EINSURANCESM
EINSURANCE is not only an online insurance marketplace for the products and services sold by insurance carriers, agencies, and brokers, EINSURANCE is also a marketplace for ideas. The Company’s writers, researchers, and industry experts all work together to inform consumers about financial risk management. Whether you’re buying your first car insurance policy or finding health insurance for your family, EINSURANCE provides information that is relevant to your choice. EINSURANCE is proud to be owned and operated by eINSURE Services, Inc. For more information, please visit http://www.einsurance.com. Reported by PRWeb 20 hours ago.
CHICAGO (PRWEB) July 10, 2018
EINSURANCE, based in Chicago, IL provides customers with a free, unbiased platform to research, review and compare different insurance companies, as well as address their insurance related concerns. The Company has now enhanced its customer user experience through updating its website with an uncluttered design, enhanced and rich content, and improved overall functionality.
Created with EINSURANCE’s customers firmly in mind, the website has been designed to make browsing the site even easier. Whether you’re on your phone, tablet or desktop, looking for quotes from different carriers, or simply trying to answer insurance related questions, navigating through the site has been made even more seamless and intuitive.
“We continue to test, measure and listen to our customers in regards to our website’s UX. Our goal is to make addressing customers insurance related concerns seamless, and dare I say it…FUN! We encourage customers to peruse the site, digest our rich content and return anytime you need a quote or answer to an insurance related question,” said Dale Q. Williams, the COO of EINSURANCE.
About EINSURANCESM
EINSURANCE is not only an online insurance marketplace for the products and services sold by insurance carriers, agencies, and brokers, EINSURANCE is also a marketplace for ideas. The Company’s writers, researchers, and industry experts all work together to inform consumers about financial risk management. Whether you’re buying your first car insurance policy or finding health insurance for your family, EINSURANCE provides information that is relevant to your choice. EINSURANCE is proud to be owned and operated by eINSURE Services, Inc. For more information, please visit http://www.einsurance.com. Reported by PRWeb 20 hours ago.
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More Pages to Explore .....
