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Union Education Minister interacts with girl students on the occasion of International Women’s Day

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Ministry of Education

Union Education Minister interacts with girl students on the occasion of International Women’s Day

Students should become the Brand ambassadors of the NEP 2020: Shri Pokhriyal

Union Education Minister declares Padma Angmo from JNV Leh, as the ‘Khushiyon ki Brand Ambassador’

Posted On: 08 MAR 2021 8:05PM by PIB Delhi

Union Education Minister Shri Ramesh Pokhriyal ‘Nishank’ today interacted virtually with girl students on the occasion of International Women’s Day. Select Girl students from classes 6th to 12th from various schools across the country participated and shared their views on women empowerment and their role in nation building. Smt. Anita Karwal Secretary School Education and Literacy and Senior officials of the Ministry were present on the occasion.

Gargi from KV dehradun, Aradhana Baruah, from Gurukul Grammar School, Guwahati,  Dhruva Patel from JNV Mehsana, Nakia Malak from Holy Hearts Educational Academy, Raipur,  Arya Manoj, from KV 2 Naval Base Kochi and Padma Angmo from JNV Leh,  shared their aim in life, their vision for the country and the way in which they would contribute to the development of our country.

Addressing the girl students, Shri Pokhriyal said that, “If you educate a man, you educate an individual. But if you educate a woman, you educate a nation. Education is an integral part of every individual’s life & when girls are educated, countries get empowered. He further asserted that students should be the Brand ambassadors of the National Education Policy 2020. NEP will empower the women and enable them to lead from the front, he added.

On the occasion, Shri Pokhriyal also declared Padma Angmo from Jawahar Navodaya Vidyalaya, Leh as the ‘Khushiyon ki Brand Ambassador’. Appreciating the girl students for expressing their dreams and aspiration of serving the country, the Minister said India’s young minds are ready to take on the world & make it a better place through their hardwork & dedication. He further asserted that the youth of today is the future of tomorrow.

Union Minister acknowledged and appreciated all the young girls for aspiring to become Atmanirbhar. He expressed confidence in them that these young girls will take country to new heights. 

On the occasion today, 3 Graphic Novels developed by schools affiliated to CBSE were also released by the Union Minister of Education. These novels are based on the NCERT curriculum from classes 3 to 12 and have been prepared to promote 21st century skills among students.

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MC/KP/AK

(Release ID: 1703311) Visitor Counter : 24

Published on : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1703311

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Prime Minister Shri Narendra Modi Purchases Products Made by Women Tribal Artisans from Tribes India Website on International Women’s Day

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Ministry of Tribal Affairs

Prime Minister Shri Narendra Modi Purchases Products Made by Women Tribal Artisans from Tribes India Website on International Women’s Day

Posted On: 08 MAR 2021 8:13PM by PIB Delhi

The Prime Minister Shri Narendra Modi today purchased a Toda hand woven shawl, a jute File Folder and a Gond Painting created by Tribal Master Craftswomen, from the Tribes India website. In a major boost to tribal artisans, and women artisans in particular, on the occasion of International Women’s Day, the Prime Minister ordered these few unique pieces from Tribes India. Among the tribal art items he ordered is a Gond painting by Smt  Sarita Dhurvi, a tribal artisan from Dindori district, Samnapur Tehsil, Madhya Pradesh.

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Through the vibrant, earthy colours and her vivid imagination in this painting,  the artist is depicting the creation of nature. Gond tribal art, practised by the Gond tribe in Madhya Pradesh, reflect man’s close connection with the natural surroundings around him. The leaves, trees, fish, water in this painting are but a reflection of how nature was created by ‘Badadev’, or the overarching spirit or God.

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Equally unique is the exquisite form of embroidery practised by the Toda tribes of the Nilgiri hills in Tamil Nadu.  A pastoral community, mainly dependent on their buffalos and milk, the Todas have been living in the hills for over 3500 years.  A small community with only 1500 members, the Todas have managed to preserve their culture and ethnicity in terms of religion and customs. The clothing of the Todas, for centuries, has been a single unstitched garment which gave way to a set of two unstitched garments during the last century. A waist cloth or ‘Torp’ plus a cloak or shawl called Poothukuli forms most of their attire. Men and women, both wore the same garments, only draped differently. But with both styles, the drape shows off the rich embroidery. The Poothukuli holds a high cultural and ceremonial significance and therefore was embroidered. This is a handicraft form practised exclusively by women of the tribes – the Toda embroidery is now a GI tagged product and also adorns dining tableware, bed covers, bags and other merchandise, besides of course the shawl. With its red and black thread work on white, the pretty embroidery is so fine, often gets mistaken for weaves at first glance!

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The Toda shawl ordered by the Prime Minister has been crafted by the Toda artisan, Smt. Monisha.

Besides this, the Prime Minister also placed an order for a handmade jute file folder in maroon colour. Made by the artisans from the Santhal tribe of West Bengal, the jute folder is made out of the madhurkathi grass, abundantly available in the 24 Paragana area. The grass is dyed in different colours and weaved with cotton thread. The strips are then joined together with cotton which forms the folds and gives the colour to the folder.

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Ms Monisha belonging to the  Toda Primitive Tribes of Tamil Nadu; Child and Social Welfare Society working with Santhal Tribals of West Bengal; and  Smt Sarita Dhurvi from the Gond Tribe of Madhya Pradesh are indeed proud today as they found the Prime Minister as the customer of their products on tribesindia.com!!!

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Following the clarion call of the Prime Minister to promote women entrepreneurship, and in particular that of the tribal women, Smt. Smriti Irani, Minister for Textiles; Dr Harshvardhan, Minister of Health and Family Welfare; and Shri Piyush Goyal, Minister of Railways, also purchased products from Tribes India website.

Smt. Smriti Irani bought a bright, and beautiful Kantha cotton/ silk saree, handcrafted by the master craftswomen of West Bengal, while Dr. Harshvardhan purchased a multicolour cotton shirt and some foxtail millets. Shri Piyush Goyal bought a handloom woven herringbone waist coat.

India is home to a large number of tribes. In fact they constitute over 8% of our total population. What makes them unique is that they have retained their natural, simple ways of life, despite the hectic pace of modernisation among them. Their arts, crafts, music, dance, cuisine, all reflect a timelessness associated with their lives. Unfortunately, this also places them in the fringe and among the disadvantaged sections of the population, considering that their sources of livelihood stem from either natural forest produce or their arts, crafts and handicrafts.

Keeping in line with the clarion call of Atmanirbhar Abhiyan, amongst its other flagship programmes to improve the livelihoods of the tribal communities, TRIFED has an exclusive marketplace for tribal producers – forest dwellers and artisans, to facilitate the purchase of MFPs, handicrafts and handlooms online.

 The Tribes India platform (tribesindia.com) offers the best of tribal handicrafts and natural organic products and brings them directly to your doorsteps! An effort to empower lakhs of tribal artisans and enterprises, with a variety of natural and sustainable produce and products, the Tribes India website offers a glimpse into the age-old traditions of our tribal brethren.

A proud commemoration of the International Women’s Day for TRIFED and its commitment to serve the tribal master craftsmen and women as well as going Vocal for Local.

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NB/SK/MoTA-TRIFED/08.03.2021

(Release ID: 1703318) Visitor Counter : 35

Published on : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1703318

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ROSEN, RECOGNIZED INVESTOR COUNSEL, Encourages Lizhi Inc. Investors to Secure Counsel Before Important March 22 Deadline – LIZI

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NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Lizhi Inc. (NASDAQ: LIZI) pursuant and/or traceable to Lizhi’s January 17, 2020 initial public offering (the “IPO” or the “Offering”) of the important March 22, 2021 lead plaintiff deadline in the securities class action first filed by the firm.

SO WHAT: If you purchased Lizhi securities pursuant to the IPO you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Lizhi class action, go to http://www.rosenlegal.com/cases-register-1986.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: The complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the coronavirus was already ravaging China, the home base, principal market, and significant hub for Lizhi, its employees, and its customers; (2) the complications associated with the coronavirus were already negatively affecting Lizhi’s business, as employees and customers contracted the virus, lost employment, or otherwise experienced difficulty in generating, publishing, and monetizing the content critical to Lizhi’s platform; (3) even prior to the IPO, Lizhi employees and customers complained of, and to, Lizhi, which harmed the Company’s reputation and financial condition and prospects; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Lizhi class action, go to http://www.rosenlegal.com/cases-register-1986.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        lrosen@rosenlegal.com
        pkim@rosenlegal.com
        cases@rosenlegal.com
        www.rosenlegal.com

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189125/0/en/ROSEN-RECOGNIZED-INVESTOR-COUNSEL-Encourages-Lizhi-Inc-Investors-to-Secure-Counsel-Before-Important-March-22-Deadline-LIZI.html

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Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Filed Against Ebix, Inc.

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RADNOR, Pa., March 08, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Ebix, Inc. (NASDAQ: EBIX) (“Ebix”) on behalf of those who purchased or acquired Ebix securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”).

Investors who purchased or acquired Ebix securities during the Class Period may, no later than April 23, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/ebix-inc-securities-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=ebix

Ebix supplies infrastructure exchanges to the insurance, financial, travel, cash remittances, and healthcare industries.

The Class Period commences on November 9, 2020, when Ebix filed its quarterly report for the period ended September 30, 2020 on a Form 10-Q with the SEC, stating in relevant part that the “Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our ‘disclosure controls and procedures’ . . . [and] have concluded that these disclosure controls and procedures are effective.”

On February 19, 2021, after the market closed, Ebix revealed that its independent auditor, RSM US LLP (“RSM”), resigned “as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020” related to Ebix’s gift card business in India. RSM also stated that there was a material weakness related to Ebix’s failure to design controls “over the gift or prepaid card revenue transaction cycle sufficient to prevent or detect a material misstatement.” Additionally, Ebix and RSM disagreed over the accounting treatment of $30 million that had been transferred into a commingled trust account of Ebix’s outside legal counsel in December 2020.

Following this news, Ebix’s share price fell $20.24, or approximately 40%, to close at $30.50 on February 22, 2021.

The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) there was insufficient audit evidence to determine the business purpose of certain significant unusual transactions in Ebix’s gift card business in India during the fourth quarter of 2020; (2) there was a material weakness in Ebix’s internal control over the gift or prepaid revenue transaction cycle; (3) Ebix’s independent auditor, RSM, was reasonably likely to resign over disagreements with Ebix regarding $30 million that had been transferred into a commingled trust account of Ebix’s outside legal counsel; and (4) as a result of the foregoing, the defendants’ positive statements about Ebix’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Ebix investors may, no later than April 23, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189124/0/en/Kessler-Topaz-Meltzer-Check-LLP-Securities-Fraud-Class-Action-Filed-Against-Ebix-Inc.html

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ROSEN, A LEADING LAW FIRM, Encourages Tyson Foods, Inc. Investors With Large Losses to Secure Counsel Before Important Deadline – TSN

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NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Tyson Foods, Inc. (NYSE: TSN) between March 13, 2020 and December 15, 2020, both dates inclusive (the “Class Period”), of the important April 5, 2021 lead plaintiff deadline in the securities class action first filed by the firm.

SO WHAT: If you purchased Tyson securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Tyson class action, go to http://www.rosenlegal.com/cases-register-2022.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Tyson knew, or should have known, that the highly contagious coronavirus was spreading throughout the globe; (2) Tyson did not in fact have sufficient safety protocols to protect its employees in its facilities; (3) as a result, Tyson employees contracted and spread the coronavirus within the facilities; (4) as a result of the foregoing, Tyson would face negative impact to its production, including complete shutdowns of certain facilities; (5) due to the failure to protect its employees, Tyson would suffer financial harm related to its lowered production; and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Tyson class action, go to http://www.rosenlegal.com/cases-register-2022.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        lrosen@rosenlegal.com
        pkim@rosenlegal.com
        cases@rosenlegal.com
        www.rosenlegal.com

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189123/0/en/ROSEN-A-LEADING-LAW-FIRM-Encourages-Tyson-Foods-Inc-Investors-With-Large-Losses-to-Secure-Counsel-Before-Important-Deadline-TSN.html

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Investor Reminder: Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Velodyne Lidar, Inc. – VLDR

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RADNOR, Pa., March 08, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) (“Velodyne”) on behalf of those who purchased or acquired Velodyne securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”).

Investor Deadline Reminder: Investors who purchased or acquired Velodyne securities during the Class Period may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/velodyne-lidar-inc-securities-fraud-class-action?utm_source=PR&utm_medium=link&utm_campaign=velodyne

According to the complaint, Velodyne provides solutions to develop safe automated systems including real-time surround view lidar sensors. Velodyne became a public entity on September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company.

The Class Period commences on November 9, 2020, when Velodyne filed its quarterly report on a Form 10-Q with the U.S. Securities and Exchange Commission for the period ended September 30, 2020. The report stated “[b]ased on the evaluation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.”

However, the truth began to be revealed on February 22, 2021, before the market opened, when Velodyne announced that its Board of Directors had “removed David Hall as Chairman of the Board and terminated Marta Hall’s employment as Chief Marketing Officer of the Company” after the Audit Committee’s investigation “concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to certain Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with [Velodyne] officers and directors.” In addition, Velodyne’s Board formally censured Mr. Hall and Ms. Hall, but they would remain directors of Velodyne.

Following this news, Velodyne’s common stock fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021. Additionally, Velodyne’s warrants fell $1.47, or approximately 20%, to close at $5.90 per warrant on February 22, 2021.

The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) certain of Velodyne’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with Velodyne’s officers and directors; (2) Velodyne was investigating the foregoing matters; and (3) as a result of the foregoing, the defendants’ positive statements about Velodyne’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Velodyne investors may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP, prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189119/0/en/Investor-Reminder-Kessler-Topaz-Meltzer-Check-LLP-Reminds-Investors-of-Securities-Fraud-Class-Action-Lawsuit-Filed-Against-Velodyne-Lidar-Inc-VLDR.html

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II-VI Incorporated to Webcast Conference Call Regarding Proposal to Acquire Coherent

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PITTSBURGH, March 08, 2021 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq: IIVI), a global leader in engineered materials and optoelectronic components, announced today that the Company will hold a live webcast and conference call on Tuesday, March 9, 2021, at 9:00 a.m. EST to discuss II-VI’s proposal to acquire all outstanding shares of Coherent in a cash and stock transaction. The webcast and call will be hosted by Dr. Vincent D. (Chuck) Mattera, Jr., Chief Executive Officer; Mary Jane Raymond, Chief Financial Officer; Dr. Giovanni Barbarossa, Chief Strategy Officer and President, Compound Semiconductors; and Steve Pagliuca, Co-Chairman of Bain Capital.

The press release detailing the terms of II-VI’s proposal was issued on Monday, March 8, 2021, and can be viewed on the Company’s website at www.ii-vi.com/investor-relations. The presentation accompanying today’s call can also be found on II-VI’s website.

Webcast URL: https://edge.media-server.com/mmc/p/qph439h9

Individuals wishing to participate in the webcast can access the event at the Company’s website by visiting www.ii-vi.com or via https://edge.media-server.com/mmc/p/qph439h9.

To join the call and replay:

If you wish to participate in the call, please dial (877) 316-5288 for U.S. calls and (734) 385-4977 for international calls. When you call, please enter ID number 8528908 and provide your name and company affiliation.

The call will be recorded, and a replay will be available to interested parties who are unable to attend the live event. This service will be available up to 11:59 p.m. EST on Friday, March 12, 2021, by dialing (855) 859-2056 for U.S. calls and (404) 537-3406 for international calls and entering the ID number 8528908.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, materials processing, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to future events and expectations that are based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures.

The Company believes that all forward-looking statements made by it in this release have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020; (iii) the purchasing patterns of customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; (vi) the Company’s ability to integrate recently acquired businesses and realize synergies, cost savings and opportunities for growth in connection therewith, together with the risks, costs and uncertainties associated with such acquisitions and integration efforts; (vii) the Company’s ability to devise and execute strategies to respond to market conditions; (viii) the risks of business and economic disruption related to the currently ongoing COVID-19 outbreak and any other worldwide health epidemics and outbreaks that may arise; (ix) the outcome of any discussions between the Company and Coherent (“Coherent”) with respect to a possible transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any transaction will be materially different from those described herein; (x) the conditions to the completion of the proposed transaction, including the receipt of any required stockholder and regulatory approvals; (xi) the Company’s ability to finance the proposed transaction with Coherent and the substantial indebtedness the Company expects to incur in connection with the proposed transaction, and the need to generate sufficient cash flows to service and repay such debt; (xii) the possibility that the Company may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Coherent’s operations with those of the Company; and (xiii) the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the proposed transaction. The Company disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or developments, or otherwise.

No Offer or Solicitation

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.  

Additional Information and Where to Find It

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to a proposal that II-VI has made for a business combination transaction with Coherent. In furtherance of this proposal and subject to future developments, II-VI (and, if a negotiated transaction is agreed to, Coherent) may file one or more registration statements, proxy statements, tender offer statements or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document II-VI and/or Coherent may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF II-VI AND COHERENT ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT, TENDER OFFER STATEMENT, PROSPECTUS AND/OR OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of II-VI and/or Coherent, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by II-VI through the web site maintained by the SEC at www.sec.gov, and by visiting II-VI’s investor relations site at https://ii-vi.com/investor-relations/.

Participants in the Solicitation

This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, II-VI and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. You can find information about II-VI’s executive officers and directors in II-VI’s proxy statement for its 2020 annual meeting, which was filed with the SEC on September 29, 2020 and in II-VI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020, which was filed with the SEC on August 26, 2020. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website www.sec.gov, and by visiting II-VI’s investor relations site at https://ii-vi.com/investor-relations/.

CONTACT:

Investors
Mary Jane Raymond
Chief Financial Officer
investor.relations@ii-vi.com
www.ii-vi.com/contact-us 

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189116/0/en/II-VI-Incorporated-to-Webcast-Conference-Call-Regarding-Proposal-to-Acquire-Coherent.html

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NCLA Appeals Bump Stock Ban Ruling that Allowed ATF to Get Away with Rewriting Criminal Law

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Washington, D.C., March 08, 2021 (GLOBE NEWSWIRE) — Congress has not prohibited bump stocks, and it is thus unlawful for a prosecutorial entity like the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to rewrite the law in Congress’ place. That’s the basic argument the New Civil Liberties Alliance, a nonpartisan, nonprofit civil rights group, makes in its opening brief filed today in the U.S. Court of Appeals for the Fifth Circuit in Cargill v. Wilkinson, et al.

The case of NCLA’s client, Michael Cargill of Austin, TX, was the first challenge to ATF’s bump stock ban to go to trial, last September. Instead of shutting down an administrative shortcut and restoring constitutional lawmaking principles, the U.S. District Court for the Western District of Texas turned a blind eye to numerous legal discrepancies caused by ATF’s unauthorized revision of a federal statute.

ATF does not have the power to issue binding legislative rules like the Final Rule targeting bump stocks. Yet, in December 2019, under direction from the Attorney General and U.S. Department of Justice, ATF’s Final Rule altered the statutory definition of a “machinegun” to include bump stocks. It turned an estimated 520,000 bump stock owners into felons overnight and ordered law-abiding Americans to destroy or surrender their devices to ATF or face 10 years in prison. Even though the Rule’s promulgation involved determining the scope of criminal liability, which is solely Congress’ responsibility, the district court concluded that bump stocks have always been prohibited by the statute—echoing ATF’s distorted claim that its rule is “interpretive” not “legislative” in nature.

But before issuing the new rule, ATF had publicly said for well more than a decade—under administrations of both parties—that bump stocks were not machineguns. And the rule significantly rewrites sections in the Gun Control Act and National Firearms Act.

Congress unambiguously drew the statutory line between (1) weapons that fire one bullet with a single function of the trigger and (2) machineguns, which fire multiple rounds continuously with one function of the trigger. Bump stocks do nothing to change the way a semi-automatic weapon’s trigger functions. So, even with a bump stock, a person cannot fire more than one shot every time a gun’s trigger is pulled (or “bumped”). Congress left no room for the agency to issue its rule. What ATF did circumvented the plain statutory text.

ATF lacks the authority to line-edit the criminal code. But the Final Rule does just that in purporting to impose new legal obligations, and it thus constitutes an unconstitutional divestment of legislative authority—from Congress to the Executive Branch.

NCLA is asking the Fifth Circuit to reverse the district court’s decision. The case is not about gun control. Rather, it brings to the fore the question who gets to make the laws that restrict the American people’s liberty.

NCLA released the following statements:

“ATF thinks it can get away with a brazen power grab simply because it involves a sensitive topic. No matter one’s stance on bump stocks, we should all be deeply concerned about the idea that federal prosecutors can rewrite criminal laws at will and make anyone into a criminal overnight.”

— Caleb Kruckenberg, NCLA Litigation Counsel

“The U.S. Court of Appeals for the Fifth Circuit has an opportunity to be the first court to set aside ATF’s unlawful Final Rule. Although six federal appeals court judges in two other cases have now clearly explained why the Rule contradicts the statute, no court has yet secured a majority to set the Rule aside on that basis.”

— Mark Chenoweth, NCLA Executive Director and General Counsel

For more information about this case visit here.

ABOUT NCLA

NCLA is a nonpartisan, nonprofit civil rights group founded by prominent legal scholar Philip Hamburger to protect constitutional freedoms from violations by the Administrative State. NCLA’s public-interest litigation and other pro bono advocacy strive to tame the unlawful power of state and federal agencies and to foster a new civil liberties movement that will help restore Americans’ fundamental rights.

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Attachment

Judy Pino, Communications Director
New Civil Liberties Alliance
202-869-5218
media@ncla.legal

Published on : http://www.globenewswire.com/news-release/2021/03/09/2189115/0/en/NCLA-Appeals-Bump-Stock-Ban-Ruling-that-Allowed-ATF-to-Get-Away-with-Rewriting-Criminal-Law.html

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Environment Minister launches e-book on Women Forest Officers on International Women’s Day.

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Ministry of Environment, Forest and Climate Change

Environment Minister launches e-book on Women Forest Officers on International Women’s Day.

In addition to skills, women officers and personnel bring in compassion, sincerity and dedication to the service: Shri Prakash Javadekar

Posted On: 08 MAR 2021 8:15PM by PIB Delhi

Addressing the first ever conference of around 250 plus Women Indian Forest Service officers and nearly 5000 women frontline personnel, Union Environment Minister,Shri Prakash Javadekar expressed happiness over the consistent increase in number of women forest officers and frontline staff and stated that the women officers along with the women personnel down the ranks have been a formidable force to reckon with as they bring in their natural traits of effective communication, sincerity and dedication to the service in addition to the merit and requisite skills.

Shri Javadekar also released an e-book titled: “The Green Queens of India – A nation’s pride” at the virtual event which is a compilation of case studies, best practices and life experiences as shared by the woman officers themselves in what may truly be termed as a creative common collective. Shri Javadekar expressed hope that the e-book will help incentivize and further motivate the young brigade and also motivate scores of young women across the country who aspire to live and work with nature as a forest officer.

Women IFS officers have been making significant contribution in all sectors of forestry.  This book is a fitting tribute to this small but strong cadre of Indian Forest Service women officers and the multifarious skills that they bring to the service has now been highlighted through this compilation of case studies.

From the time when the Imperial Forest Service was created way back in 1865, the Indian forest service has witnessed a sea change in its functioning and structure. One major milestone in this being the first induction of 3 women officers in the year 1980. Since then, there has been no turning back and the cadre strength of women IFS officers has grown from a mere handful to over 250 serving officers today.

The performance of women officers is exemplary as they face tough challenges in proving themselves through physically demanding and male dominated arena in forest service

E-Book:The Green Queens of India – A nation’s pride

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GK

(Release ID: 1703306) Visitor Counter : 66

Published on : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1703306

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Culture Minister inaugurates All-Women’s Art Exhibition titled ‘Akshya Patra’ in New Delhi on the occasion of International Women’s Day today

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Ministry of Culture

Culture Minister inaugurates All-Women’s Art Exhibition titled ‘Akshya Patra’ in New Delhi on the occasion of International Women’s Day today

Posted On: 08 MAR 2021 8:18PM by PIB Delhi

On the auspicious occasion of the International Women’s Day, the Minister of State for Culture and Tourism (IC) Sh. Prahlad Singh Patel inaugurated the All-Women’s Art Exhibition titled ‘Akshya Patra’ today at Rabindra Bhavan Galleries of Lalit Kala Akademi, India’s National Academy of Art, an autonomous organization of the Ministry of Culture.

Speaking on this occasion, the Minister said “Women have been the keystone in the unyielding arch of Indian art and culture. Looking at these mesmerizing artworks, I can only say that given the right opportunities, women can create magic. I find myself privileged to have had the honor of attending this event and I thank all the women of the country for their contribution to the growth and development of the nation.” Shri Patel, congratulated Lalit Kala Akademi for currating this encouraging opportunity for all the female artists around India & the world which had given them a platform where they are showcasing their work made with lots of  emotions & the story of their lives.

The exhibition will last until March 20 and showcase more than 250 artworks from over 12 countries, including those created by 29 talented female artists that attended the three-day All Women’s National Art Camp at Garhi Studios during the last three days.

During the opening ceremony, the dignitaries were welcomed with plants to symbolize and celebrate eco-consciousness. They then proceeded to address the attendees and shared their deep-rooted love and respect for the Indian art culture and the role of women in it.

The multi-dimensional art show, exhibiting works of senior, young and budding art practitioners, has both Indian and international participants as it brings to the fore contemporary, tribal, international, and Avante Garde art practices worldwide, themed around the many faces and benefactions of Mother Nature.

‘Akshya Patra’ is the inexhaustible vessel which provides to all, mirroring the role of contemporary woman as a provider for her family and society. The works on display, through their artistic contributions, succinctly portray the feminine journeys, through life’s joys and sorrows. Through their heart-touching artworks, these creators also question the equation of power and relegation, the comfort of acceptance, and the soreness of negation, laying bare their emotional landscapes in their work.

Along with the inauguration, Lalit Kala Akademi presented  #KaroNaSalam curated by Ms. Sayali Kulkarni where she gave a creative tribute to the COVID warriors by Indian Citizens.

Speaking on the occasion, Dr. Uttam Pacharne, Chairman, Lalit Kala Akademi, stated: “I congratulate all our wonderful artists who have been a part of this event for their tremendous efforts at portraying on canvas what is often hidden deep in our hearts.

Padmashri Baba Yogendra Ji addressed the crowd by saying these amazing lines: “Women are already very strong and capable. All they want is someone who will believe in their worth. I believe that our nation consists of an abundance of talented women. All they need is support and encouragement. Women have a new level of imaginative power. They are already artists in different fields that they work in.”

Later on the event was graced by the popular folklore from Rajasthan where all the female artists who took part in the workshop enjoyed their participation on the occasion of ‘International Women’s Day 2021’ organized by Lalit Kala Akademi.  

NB/SK

(Release ID: 1703319) Visitor Counter : 45

Published on : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1703319

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PDL Community Bancorp Announces 2020 Fourth Quarter Results

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NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) — PDL Community Bancorp (the “Company”) (NASDAQ: PDLB), the financial holding company for Ponce Bank (the “Bank”) and Mortgage World Bankers, Inc. (“Mortgage World”), reported net income of $1.6 million, or $0.10 per basic and diluted share, for the fourth quarter of 2020, compared to net income of $4.0 million, or $0.24 per basic and diluted share, for the prior quarter and net loss of ($7.5 million), or ($0.43) per basic and diluted share, for the fourth quarter of 2019.

The Company’s net income for the year ended December 31, 2020 was $3.9 million, or $0.23 per basic and diluted share, compared to net loss of ($5.1 million), or ($0.29) per basic and diluted share, for the year ended December 31, 2019.

Ponce Bank is a federal stock savings association with 13 branches in the New York City metropolitan area, including one in Union City, New Jersey. The Bank is designated a Minority Depository Institution, a Community Development Financial Institution and a certified U.S. Small Business Administration lender. Mortgage World is a mortgage lender operating in five states. As a Federal Housing Administration (“FHA”) approved Title II lender, Mortgage World originates and sells to investors single family loans that are guaranteed by the FHA, as well as conventional mortgages.

Carlos P. Naudon, the Company’s President and CEO, noted “We concluded 2020 as we started it, by investing in the safety of our people and the future of our organization and our communities. Much of this investment consisted of one-time, non-recurring expenditures. Yet, in spite of the COVID-19 pandemic and our one-time investments, we enhanced stakeholder values. During 2020, we completed the Mortgage World acquisition, grew our Company by over $300 million, to $1.4 billion, in assets, and funded the $237.3 million increase in loan portfolio and loans held for sale with a $247.5 million increase in deposits, all while stabilizing our net interest margin to 3.69%. We continued our key investments, spending a combined $3.5 million in one-time expenses for: the implementation of GPS, our Salesforce based CRM ($1.2 million); meeting the needs of Ponce Bankers to maintain their jobs, temporarily enhance their benefits and protect them from COVID-19 pandemic ($1.1 million) and advancing our ability to operate digitally, without paper, ($1.2 million). Additionally, we protected our asset quality by increasing ALLL in response to plausible COVID-19 pandemic repercussions ($2.5 million). We were able to offset these $3.5 million one-time expenses with the $4.2 million net gain recognized from the sale of the real property associated with a relocated branch.”

Steven A. Tsavaris, the Company’s Executive Chairman, added “Our focus on building stakeholder value during 2020 is reflected in our Company’s six-month payback of its $1.8 million acquisition of Mortgage World, the repurchase of 421,824 common shares, the renovation of four more branches and the stabilization of our communities with $85.3 million in PPP loans to almost 1,000 small businesses. Importantly, the accomplishments we laud for 2020 could not have happened without the dedication and commitment of our expanding Ponce Family, to each other, our values and our communities.”

Net Income (Loss)

Net income for the three months ended December 31, 2020 was $1.6 million, compared to $4.0 million net income for the three months ended September 30, 2020. The $2.4 million decrease in net income reflects a $2.5 million decrease in non-interest income, mainly as a result of the absence of the non-recurring $4.2 million gain, net of expenses, recognized from the sale of real property in the third quarter of 2020, offset by a $1.8 million increase in income on mortgage loans held for sale and loan origination fees attributable to Mortgage World operations. Net income was also impacted by a $1.6 million, or 13.2%, increase in non-interest expense, a $710,000, or 5.2%, increase in interest and dividend income, a $663,000, or 57.8%, decrease in provision for income taxes, a $214,000, or 34.5%, decrease in provision for loan losses, and a $113,000, or 4.1%, decrease in interest expense.

Net income for the three months ended December 31, 2020 was $1.6 million, compared to a ($7.5 million) net loss for the three months ended December 31, 2019. The increase in net income reflects a $5.5 million, or 28.3%, decrease in non-interest expense, mainly as a result of the absence of the non-recurring $9.9 million loss on termination of pension plan in the fourth quarter of 2019, offset by an increase of $2.1 million in compensation and benefits, of which $1.5 million was attributable to Mortgage World operations. Net income was also impacted by a $4.1 million increase in non-interest income, mainly as a result of $4.0 million of non-interest income attributable to Mortgage World operations, a $1.6 million, or 12.3%, increase in interest and dividend income, a $541,000, or 17.0%, decrease in interest expense, a $2.4 million increase in provision for income taxes and a $311,000 increase in provision for loan losses.

Net income for the year ended December 31, 2020 was $3.9 million, compared to a ($5.1 million) net loss for the year ended December 31, 2019. The change in net income reflects a $10.6 million, or 393.7%, increase in non-interest income, mainly as a result of a $4.2 million gain, net of expenses, recognized from the sale of real property and $6.2 million of non-interest income attributable to Mortgage World operations. Net income was also impacted by a $2.8 million, or 5.6%, increase in interest and dividend income, a $989,000, or 8.0%, decrease in interest expense, offset by a $2.3 million increase in provision for income taxes, a $2.2 million increase in provision for loan losses in response to the COVID-19 pandemic and a $932,000, or 2.0%, increase in non-interest expense.

Net Interest Margin

Net interest margin increased by 13 basis points to 3.78% for the three months ended December 31, 2020 from 3.65% for the three months ended September 30, 2020, while the net interest rate spread increased by 17 basis points to 3.50% from 3.33% for the same periods. Average interest-earning assets essentially remained flat at $1.2 billion for the three months ended December 31, 2020 and the three months ended September 30, 2020. The average yield on interest-earning assets increased by 6 basis points to 4.63% from 4.57%, for the same periods. Average interest-bearing liabilities increased by $49.9 million, or 5.7%, to $930.8 million for the three months ended December 31, 2020 from $881.0 million for the three months ended September 30, 2020. The average rate on interest-bearing liabilities decreased by 11 basis points to 1.13% from 1.24% for the same periods.

Net interest margin increased by 7 basis points to 3.78% for the three months ended December 31, 2020 from 3.71% for the three months ended December 31, 2019, while the net interest rate spread increased by 16 basis points to 3.50% from 3.34% for the same periods. Average interest-earning assets increased by $207.3 million, or 20.29%, partly as a result of $86.1 million in average outstanding PPP loans, to $1.2 billion for the three months ended December 31, 2020 from $1.0 billion for the three months ended December 31, 2019. The average yield on interest-earning assets decreased by 32 basis points to 4.63% from 4.95%, for the same periods. Average interest-bearing liabilities increased by $148.7 million, or 19.01%, to $930.8 million, for the three months ended December 31, 2020 from $782.1 million for the three months ended December 31, 2019. The average rate on interest-bearing liabilities decreased by 48 basis points to 1.13% from 1.61% for the same periods.

Net interest margin decreased by 10 basis points to 3.69% for the year ended December 31, 2020 from 3.79% for the year ended December 31, 2019, while the net interest rate spread decreased by 3 basis points to 3.37% from 3.40% for the same periods. Average interest-earning assets increased by $132.5 million, or 13.16%, partly as a result of $50.6 million in average outstanding PPP loans, to $1.1 billion, for the year ended December 31, 2020 from $1.0 billion for the year ended December 31, 2019. The average yield on interest-earning assets decreased by 34 basis points to 4.68% from 5.02%, for the same periods. Average interest-bearing liabilities increased by $104.1 million, or 13.68%, to $865.1 million, for the year ended December 31, 2020 from $761.0 million for the year ended December 31, 2019. The average rate on interest-bearing liabilities decreased by 31 basis points to 1.31% from 1.62% for the same periods.

Non-interest Income

Total non-interest income decreased $2.5 million to $4.8 million for the three months ended December 31, 2020 from $7.3 million for the three months ended September 30, 2020. The decrease in non-interest income for the three months ended December 31, 2020 compared to the three months ended September 30, 2020 was due to the effect of a non-recurring $4.4 million gain on the sale of real property recognized in the third quarter of 2020, offset by $1.8 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations during the quarter. The decrease in non-interest income also resulted from decreases of $106,000 in other non-interest income and $64,000 in late and prepayment charges related to mortgage loans related to the Bank offset by increases of $284,000 in brokerage commissions and $27,000 in service charges and fees related to the Bank.

Total non-interest income increased $4.1 million to $4.8 million for the three months ended December 31, 2020 from $665,000 for the three months ended December 31, 2019. The increase in non-interest income for the three months ended December 31, 2020 compared to the three months ended December 31, 2019 was due to $4.0 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations. The increase in non-interest income also resulted from an increase of $283,000 in brokerage commissions related to the Bank, offset by decreases of $126,000 in late and prepayment charges on mortgage loans and service charges and fees and $35,000 in other non-interest income related to the Bank.

Total non-interest income increased $10.6 million to $13.2 million for the year ended December 31, 2020 from $2.7 million for the year ended December 31, 2019. The increase in non-interest income for the year ended December 31, 2020 compared to the year ended December 31, 2019 was due to a $4.2 million gain, net of expenses, on the sale of real property, combined with $6.2 million in gain on sale of mortgage loans, loan origination fees, brokerage commissions and other non-interest income attributable to Mortgage World operations. The increase in non-interest income also resulted from $429,000 in other non-interest income and $228,000 in brokerage commissions related to the Bank, offset by decreases of $397,000 in late and prepayment charges related to mortgage loans and $79,000 in service charges and fees related to the Bank.

Non-interest Expense

Total non-interest expense increased $1.6 million, or 13.2%, to $14.0 million for the three months ended December 31, 2020, from $12.3 million for the three months ended September 30, 2020. The increase in non-interest expense was primarily attributable to an increase of $1.3 million in compensation and benefits expense, of which $698,000 was attributable to Mortgage World operations. Included in non-interest expense for the three months ended December 31, 2020 were $266,000 of expenses incurred as a result of the COVID-19 pandemic.

Total non-interest expense decreased $5.5 million, or 28.3%, to $14.0 million for the three months ended December 31, 2020, compared to $19.5 million for the three months ended December 31, 2019. The decrease in non-interest expense was attributable to the absence of a non-recurring $9.9 million loss on the termination of the pension plan related to the Bank in the fourth quarter of 2019, offset by $2.3 million of non-interest expense attributable to Mortgage World operations, of which $1.5 million was related to compensation and benefits. The decrease in non-interest expense was further offset by increases attributable to the Bank of $605,000 in compensation and benefits, $491,000 in occupancy and equipment, $483,000 in professional fees, $296,000 in other non-interest expense and $178,000 in data processing expenses. Included in non-interest expense for the three months ended December 31, 2020 were $266,000 of expenses incurred as a result of the COVID-19 pandemic. Excluding the impact of the $2.3 million in non-interest expense related to Mortgage World operations in the fourth quarter of 2020 and the $9.9 million loss on termination of pension plan related to the Bank recognized in the fourth quarter of 2019, total non-interest expense would have increased $2.1 million, or 22.3%, to $11.7 million for the three months ended December 31, 2020 compared to $9.5 million for the three months ended December 31, 2019.

Total non-interest expense increased $932,000, or 2.0%, to $47.5 million for the year ended December 31, 2020, from $46.6 million for the year ended December 31, 2019. The increase in non-interest expense was primarily attributable to $3.9 million in non-interest expense related to Mortgage World operations, of which $2.3 million was related to compensation and benefits. The remainder of the increases in non-interest expense were $2.8 million in professional fees, $1.6 million in occupancy and equipment expense due to new software licenses and security services, $838,000 in compensation and benefits, $686,000 in other operating expenses mainly due to employment agency fees and collection fees, $544,000 in data processing expenses as a result of system enhancements and implementation charges related to new software upgrades and $319,000 in marketing and promotional expenses attributable to the Bank. The increases in non-interest expense were offset by the absence of the non-recurring $9.9 million loss on the termination of the pension plan related to the Bank, recognized in the fourth quarter of 2019. The increase of $2.8 million in professional fees was mainly attributable to increases in consulting fees of $1.8 million and professional services of $1.0 million related to the document imaging project adopted in late 2019. Included in non-interest expense for the year ended December 31, 2020 is $1.1 million of expenses incurred as a result of the COVID-19 pandemic. Excluding the impact of the $3.9 million in non-interest expense related to Mortgage World for the year ended December 31, 2020 and the $9.9 million loss on termination of pension plan related to the Bank recognized in the fourth quarter of 2019, total non-interest expense wound have increased $7.0 million, or 19.0%, to $43.7 million for the year ended December 31, 2020 compared to $36.7 million for the year ended December 31, 2019.

Asset Quality

Total non-performing assets were $11.7 million, or 0.86% of total assets, at December 31, 2020, an increase of $705,000 from $11.0 million, or 0.86% of total assets, at September 30, 2020 and an increase of $85,000 from $11.6 million, or 1.10% of total assets, at December 31, 2019. Comparing non-performing assets at December 31, 2020 to September 30, 2020, total non-accruals inclusive of troubled debt restructured (“TDR”) loans increased by $736,000 in multifamily loans and $24,000 in 1-4 family residential loans and decreased by $55,000 in nonresidential loans. Comparing non-performing assets at December 31, 2020 to December 31, 2019, total non-accruals inclusive of TDR loans increased by $946,000 in multifamily loans, $229,000 in nonresidential loans and $28,000 in 1-4 family residential loans and decreased by $1.1 million in construction and land loans.

The Company continues to assess the economic impact of the COVID-19 pandemic on borrowers and believes that it is likely that the pandemic will be a detriment to their ability to repay in the short-term and that the likelihood of long-term detrimental effects will depend significantly on the resumption of normalized economic activities, a factor not yet determinable. The allowance for loan losses was $14.9 million, or 1.27% of total gross loans (total gross loans include $85.3 million of PPP loans) at December 31, 2020, compared to $14.4 million, or 1.28% of total gross loans (total gross loans include $86.2 million of PPP loans) at September 30, 2020, and $12.3 million, or 1.28% of total gross loans, at December 31, 2019. Excluding PPP loans, the allowance for loan losses was 1.37% of total gross loans at December 31, 2020 and 1.39% of total gross loans at September 30, 2020. Net recoveries totaled $83,000 for the three months ended December 31, 2020, $1,000 for the three months ended September 30, 2020 and $74,000 for the quarter ended December 31, 2019.

Through December 31, 2020, 412 loans aggregating $380.3 million had requested forbearance primarily consisting of the deferral of principal, interest, and escrow payments for a period of three months. Of those 412 loans, 339 loans aggregating $306.5 million are no longer in deferment and continue performing and 73 loans in the amount of $73.8 million remained in deferment. Of the 73 loans in deferment, 72 loans in the amount of $73.5 million are in renewed forbearance and one loan in the amount of $297,000 is in its initial forbearance. All of these loans had been performing in accordance with their contractual obligations prior to the granting of the initial forbearance. The Company actively monitors the business activities of borrowers in forbearance and seeks to determine their capacity to resume payments as contractually obligated upon the termination of the forbearance period. The initial and extended forbearances are short-term modifications made on a good faith basis in response to the COVID-19 pandemic and in furtherance of governmental policies.

Balance Sheet

Total assets increased $301.5 million, or 28.6%, to $1.4 billion at December 31, 2020 from $1.1 billion at December 31, 2019. The increase in total assets is attributable to increases in net loans receivable of $202.9 million, including $85.3 million in PPP loans, cash and cash equivalents of $44.4 million, mortgage loans held for sale, at fair value, of $34.4 million, other assets of $11.0 million, accrued interest receivable of $7.4 million, placements with banks of $2.7 million, held-to-maturity securities of $1.7 million, deferred taxes of $932,000 and FHLBNY stock of $691,000. The increase in total assets was reduced by decreases in available-for-sale securities of $4.0 million and premises and equipment, net, of $701,000.

Cash and cash equivalents increased $44.4 million, or 160.4%, to $72.1 million at December 31, 2020, compared to $27.7 million at December 31, 2019. The increase in cash and cash equivalents was primarily the result of increases of $247.5 million in net deposits, of which $43.5 million is related to net PPP funding, $20.8 million in advances of warehouse lines of credit, $17.8 million in maturities and/or calls of available-for-sale securities, $12.9 million in net advances from FHLBNY and $4.7 million in proceeds from the sale of real property. The increase in cash and cash equivalents was offset by increases of $209.4 million in net loans receivable including $85.3 million in PPP loans, $23.8 million of mortgage loans held for sale, at fair value, $13.6 million in purchases of available-for-sale securities, $4.7 million in purchases of shares held as treasury stock, $2.7 million in placement with banks, $1.9 million in purchases of premises and equipment, $1.7 million in a purchase of held-to-maturity securities and a $1.0 million, net of cash acquired, related to the acquisition of Mortgage World.

Mortgage loans held for sale, at fair value, at December 31, 2020 increased $34.4 million to $35.4 million from $ 1.0 million at December 31, 2019. The increase was partly related to the acquisition of Mortgage World, which had $10.5 million of mortgage loans held for sale as of the date of the acquisition.

Net loans receivable at December 31, 2020 increased $202.9 million, or 21.2%, to $1.2 billion from $ 955.7 million at December 31, 2019. The increase was primarily due to increases of $84.1 million, or 772.9%, in business loans, of which $85.3 million related to PPP loans, $57.2 million, or 22.8%, in multifamily residential loans, $25.3 million in consumer loans, mostly related to the partnership with Grain Technologies, LLC (the product, Grain, is a mobile application geared to the underbanked and new generations entering the financial services market that uses non-traditional underwriting methodologies), $21.2 million, or 5.3%, in 1-4 family residential loans, $11.7 million, or 5.6%, in nonresidential properties loans, and $6.5 million, or 6.6%, in construction and land loans. The increase in net loans receivable was offset by a decrease of $513,000, or 26.0%, in net deferred loan origination costs. The increase in the allowance for losses on loans of $2.5 million, substantially related to the COVID-19 pandemic, resulted in a decrease in net loans receivable.

Total deposits increased $247.5 million, or 31.7%, to $1.0 billion at December 31, 2020 from $782.0 million at December 31, 2019. The increase in deposits was mainly attributable to increases of $149.7 million, or 52.9%, in NOW, money market, reciprocal deposits and savings accounts, $80.3 million, or 73.3%, in demand deposits, of which $43.5 million is related to net PPP funding and $17.5 million, or 4.5 %, in total certificates of deposit, which includes brokered certificates of deposit and listing service deposits. The $149.7 million increase in NOW, money market, reciprocal deposits and savings accounts was mainly attributable to increases of $83.7 million, or 175.6%, in reciprocal deposits, $49.5 million, or 57.1%, in money market accounts, $10.1 million, or 8.7%, in savings accounts and $6.4 million, or 19.6%, in NOW/IOLA accounts.

Net advances from the FHLBNY increased $12.9 million, or 12.3%, to $117.3 million at December 31, 2020 from $104.4 million at December 31, 2019.

Due to the acquisition of Mortgage World, the Company maintains two warehouse lines of credit totaling $32.2 million with financial institutions for the purpose of funding the originations and sale of residential mortgages. At December 31, 2020, the Company utilized $30.0 million for funding of loans held for sale.

Total stockholders’ equity increased $1.1 million, or 0.7%, to $159.5 million at December 31, 2020 from $158.4 million December 31, 2019. The $1.1 million increase in stockholders’ equity was mainly attributable to $3.9 million in net income, $1.4 million related to restricted stock units and stock options, $482,000 related to the Company’s Employee Stock Ownership Plan and $115,000 related to unrealized gains on available-for-sale securities offset by an increase of $4.7 million in stock repurchases.

The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under the repurchase program, the Company was authorized to repurchase up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. On November 13, 2019, the Company adopted a second share repurchase program. Under this second program, the Company was authorized to repurchase up to 878,835 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The Company’s second share repurchase program was terminated on March 27, 2020 in response to the uncertainty related to the unfolding COVID-19 pandemic. On June 1, 2020, the Company adopted a third share repurchase program. Under this third program, the Company was authorized to repurchase up to 864,987 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The Company’s third share repurchase program was terminated on November 30, 2020. On December 14, 2020, the Company adopted a fourth share repurchase program. Under this fourth program, the Company is authorized to repurchase up to 852,302 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The fourth repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than June 13, 2021.

As of December 31, 2020, the Company had repurchased a total of 1,523,853 shares under the repurchase programs at a weighted average price of $13.43 per share, of which 1,337,059 are reported as treasury stock. Of the 1,523,853 shares repurchased, a total of 186,960 shares have been used for grants given to directors, executive officers and non-executive officers under the Company’s 2018 Long-Term Incentive Plan pursuant to restricted stock units which vested on December 4, 2020 and 2019. Of these 186,960 shares, 166 shares were retained to satisfy a recipient’s taxes and other withholding obligations and these shares remain as part of treasury stock.

About PDL Community Bancorp

PDL Community Bancorp is the financial holding company for Ponce Bank and Mortgage World Bankers, Inc. Ponce Bank is a federally chartered savings association. Ponce Bank is designated a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent from alternative funding sources and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises as well as mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock. Mortgage World Bankers, Inc. is a mortgage lender operating in five states. As a Federal Housing Administration (“FHA”)-approved Title II lender, Mortgage World Bankers, Inc. originates and sells to investors single family mortgage loans guaranteed by the FHA, as well as conventional mortgages.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect borrowers’ ability to service and repay the Company’s loans; the anticipated impact of the COVID-19 novel coronavirus pandemic and the Company’s attempts at mitigation; changes in the value of securities in the Company’s investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the Company’s financial statements will become impaired; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, PDL Community Bancorp’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.

Use of Non-GAAP Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The Company’s management believes that the supplemental non-GAAP information, which consists of the tangible common equity, adjusted net income and adjusted earnings (loss) per share is utilized by market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Contact:
Frank Perez
frank.perez@poncebank.net
718-931-9000

PDL Community Bancorp and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)

 As of 
 December 31,  September 30,  June 30,  March 31,  December 31, 
 2020  2020  2020  2020  2019 
ASSETS                   
Cash and due from banks:                   
Cash$26,936  $14,302  $15,875  $13,165  $6,762 
Interest-bearing deposits in banks 45,142   61,790   60,756   90,795   20,915 
Total cash and cash equivalents 72,078   76,092   76,631   103,960   27,677 
Available-for-sale securities, at fair value 17,498   14,512   13,800   19,140   21,504 
Held-to-maturity securities, at amortized cost 1,743   —   —   —   — 
Placement with banks 2,739   2,739   —   —   — 
Mortgage loans held for sale, at fair value 35,406   13,100   1,030   1,030   1,030 
Loans receivable, net 1,158,640   1,108,956   1,072,417   972,979   955,737 
Accrued interest receivable 11,396   9,995   7,677   4,198   3,982 
Premises and equipment, net 32,045   32,113   32,102   32,480   32,746 
Federal Home Loan Bank of New York stock (FHLBNY), at cost 6,426   6,414   6,422   7,889   5,735 
Deferred tax assets 4,656   3,586   4,328   4,140   3,724 
Other assets 12,604   9,844   5,824   5,127   1,621 
Total assets$1,355,231  $1,277,351  $1,220,231  $1,150,943  $1,053,756 
LIABILITIES AND STOCKHOLDERS’ EQUITY                   
Liabilities:                   
Deposits$1,029,579  $973,244  $936,219  $829,741  $782,043 
Accrued interest payable 60   58   48   86   97 
Advance payments by borrowers for taxes and insurance 7,019   7,739   6,007   8,295   6,348 
Advances from the Federal Home Loan Bank of New York and others 117,255   117,283   117,284   152,284   104,404 
Warehouse lines of credit 29,961   9,065   —   —   — 
Mortgage loan fundings payable 1,483   1,457   —   —   — 
Other liabilities 10,330   10,131   5,674   4,794   2,462 
Total liabilities 1,195,687   1,118,977   1,065,232   995,200   895,354 
Commitments and contingencies                   
Stockholders’ Equity:                   
Preferred stock, $0.01 par value; 10,000,000 shares authorized —   —   —   —   — 
Common stock, $0.01 par value; 50,000,000 shares authorized 185   185   185   185   185 
Treasury stock, at cost (18,114)  (18,281)  (17,172)  (16,490)  (14,478)
Additional paid-in-capital 85,105   85,817   85,481   85,132   84,777 
Retained earnings 97,541   95,913   91,904   92,475   93,688 
Accumulated other comprehensive income 135   168   150   110   20 
Unearned compensation ─ ESOP (5,308)  (5,428)  (5,549)  (5,669)  (5,790)
Total stockholders’ equity 159,544   158,374   154,999   155,743   158,402 
Total liabilities and stockholders’ equity$1,355,231  $1,277,351  $1,220,231  $1,150,943  $1,053,756 

PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)

 For the Quarters Ended 
 December 31,  September 30,  June 30,  March 31,  December 31, 
 2020  2020  2020  2020  2019 
 (Dollars in thousands, except share and per share data) 
Interest and dividend income:                   
Interest on loans receivable$14,070  $13,375  $12,162  $12,782  $12,488 
Interest on deposits due from banks 10   5   3   66   73 
Interest and dividend on securities and FHLBNY stock 233   223   228   182   181 
Total interest and dividend income 14,313   13,603   12,393   13,030   12,742 
Interest expense:                   
Interest on certificates of deposit 1,422   1,597   1,730   1,827   1,921 
Interest on other deposits 448   500   534   692   616 
Interest on borrowings 769   655   608   587   643 
Total interest expense 2,639   2,752   2,872   3,106   3,180 
Net interest income 11,674   10,851   9,521   9,924   9,562 
Provision for loan losses 406   620   271   1,146   95 
Net interest income after provision for loan losses 11,268   10,231   9,250   8,778   9,467 
Non-interest income:                   
Service charges and fees 263   236   145   248   266 
Brokerage commissions 455   447   22   50   43 
Late and prepayment charges 81   145   13   119   204 
Income on sale of mortgage loans 2,748   1,372   —   —   — 
Loan origination 656   269   —   —   — 
Gain on sale of real property —   4,412   —   —   — 
Other 596   371   394   205   152 
Total non-interest income 4,799   7,252   574   622   665 
Non-interest expense:                   
Compensation and benefits 6,846   5,554   4,645   5,008   4,726 
Loss on termination of pension plan —   —   —   —   9,930 
Occupancy and equipment 2,686   2,584   2,277   2,017   2,026 
Data processing expenses 578   596   496   467   394 
Direct loan expenses 599   437   199   212   171 
Insurance and surety bond premiums 166   138   128   121   102 
Office supplies, telephone and postage 385   386   312   316   316 
Professional fees 1,533   1,553   1,336   1,627   1,038 
Marketing and promotional expenses —   127   145   234   39 
Directors fees 69   69   69   69   69 
Regulatory dues 59   49   56   46   58 
Other operating expenses 1,034   834   772   705   606 
Total non-interest expense 13,955   12,327   10,435   10,822   19,475 
Income (loss) before income taxes 2,112   5,156   (611)  (1,422)  (9,343)
Provision (benefit) for income taxes 484   1,147   (40)  (209)  (1,891)
Net income (loss)$1,628  $4,009  $(571) $(1,213) $(7,452)
Earnings (loss) per share:                   
Basic$0.10  $0.24  $(0.03) $(0.07) $(0.43)
Diluted$0.10  $0.24  $(0.03) $(0.07) $(0.43)
Weighted average shares outstanding:                   
Basic 16,558,576   16,612,205   16,723,449   16,800,538   17,145,970 
Diluted 16,558,576   16,612,205   16,723,449   16,800,538   17,145,970 

PDL Community Bancorp and Subsidiaries
Consolidated Statements of Income
(Dollars in thousands, except per share data)

  For the Years Ended December 31, 
  2020  2019  Variance $  Variance % 
  (Dollars in thousands, except share and per share data) 
Interest and dividend income:                
Interest on loans receivable $52,389  $49,306  $3,083   6.25%
Interest on deposits due from banks  84   617   (533)  (86.39%)
Interest and dividend on securities and FHLBNY stock  866   568   298   52.46%
Total interest and dividend income  53,339   50,491   2,848   5.64%
Interest expense:                
Interest on certificates of deposit  6,576   7,677   (1,101)  (14.34%)
Interest on other deposits  2,174   2,827   (653)  (23.10%)
Interest on borrowings  2,619   1,854   765   41.26%
Total interest expense  11,369   12,358   (989)  (8.00%)
Net interest income  41,970   38,133   3,837   10.06%
Provision for loan losses  2,443   258   2,185  * 
Net interest income after provision for loan losses  39,527   37,875   1,652   4.36%
Non-interest income:                
Service charges and fees  892   971   (79)  (8.14%)
Brokerage commissions  974   212   762   359.43%
Late and prepayment charges  358   755   (397)  (52.58%)
Income on sale of mortgage loans  4,120   —   4,120   —%
Loan origination  925   —   925   —%
Gain on sale of real property  4,177   —   4,177   —%
Other  1,801   745   1,056   141.74%
Total non-interest income  13,247   2,683   10,564   393.74%
Non-interest expense:                
Compensation and benefits  22,053   18,883   3,170   16.79%
Loss on termination of pension plan  —   9,930   (9,930)  (100.00%)
Occupancy and equipment  9,564   7,612   1,952   25.64%
Data processing expenses  2,137   1,576   561   35.60%
Direct loan expenses  1,447   692   755   109.10%
Insurance and surety bond premiums  553   414   139   33.57%
Office supplies, telephone and postage  1,399   1,185   214   18.06%
Professional fees  6,049   3,237   2,812   86.87%
Marketing and promotional expenses  488   158   330   208.86%
Directors fees  276   294   (18)  (6.12%)
Regulatory dues  210   231   (21)  (9.09%)
Other operating expenses  3,363   2,395   968   40.42%
Total non-interest expense  47,539   46,607   932   2.00%
Income (loss) before income taxes  5,235   (6,049)  11,284   (186.54%)
Provision (benefit) for income taxes  1,382   (924)  2,306   (249.57%)
Net income (loss) $3,853  $(5,125) $8,978   (175.18%)
Earnings (loss) per share:                
Basic $0.23  $(0.29) N/A  N/A 
Diluted $0.23  $(0.29) N/A  N/A 
Weighted average shares outstanding:                
Basic  16,673,193   17,432,318  N/A  N/A 
Diluted  16,682,584   17,432,318  N/A  N/A 

*Indicates more than 500%.

PDL Community Bancorp and Subsidiaries
Key Metrics

 At or for the Quarters Ended 
 December 31,  September 30,  June 30,  March 31,  December 31, 
 2020  2020  2020  2020  2019 
Performance Ratios:                   
Return on average assets (1) 0.50%  1.28%  (0.20%)  (0.46%)  (2.79%)
Return on average equity (1) 4.03%  9.95%  (1.47%)  (3.07%)  (18.24%)
Net interest rate spread (1) (2) 3.50%  3.33%  3.13%  3.51%  3.34%
Net interest margin (1) (3) 3.78%  3.65%  3.45%  3.87%  3.71%
Non-interest expense to average assets (1) 4.29%  3.95%  3.57%  4.07%  7.30%
Efficiency ratio (4) 84.71%  68.09%  103.37%  102.62%  190.43%
Average interest-earning assets to average interest- bearing liabilities 132.04%  134.35%  130.72%  129.16%  130.64%
Average equity to average assets 12.44%  12.90%  13.30%  14.85%  15.32%
Capital Ratios:                   
Total capital to risk weighted assets (bank only) 15.95%  16.93%  17.52%  17.84%  18.62%
Tier 1 capital to risk weighted assets (bank only) 14.70%  15.68%  16.26%  16.59%  17.36%
Common equity Tier 1 capital to risk-weighted assets (bank only) 14.70%  15.68%  16.26%  16.59%  17.36%
Tier 1 capital to average assets (bank only) 11.19%  11.46%  11.63%  12.76%  12.92%
Asset Quality Ratios:                   
Allowance for loan losses as a percentage of total loans 1.27%  1.28%  1.27%  1.37%  1.28%
Allowance for loan losses as a percentage of nonperforming loans 127.28%  131.00%  118.89%  138.47%  106.30%
Net (charge-offs) recoveries to average outstanding loans (1) 0.03%  0.00%  0.01%  0.00%  0.03%
Non-performing loans as a percentage of total gross loans 1.00%  0.98%  1.08%  1.00%  1.20%
Non-performing loans as a percentage of total assets 0.86%  0.86%  0.95%  0.85%  1.10%
Total non-performing assets as a percentage of total assets 0.86%  0.86%  0.95%  0.85%  1.10%
Total non-performing assets, accruing loans past due 90 days or more, and accruing troubled debt restructured loans as a percentage of total assets 1.35%  1.36%  1.51%  1.49%  1.92%
Other:                   
Number of offices (5)20  20  14  14  14 
Number of full-time equivalent employees (6)227  230  179  184  183 
                    

(1) Annualized where appropriate.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(5) Number of offices at December 31, 2020 included 6 offices due to acquisition of Mortgage World.
(6) Number of full-time equivalent employees at December 31, 2020 included 46 employees due to acquisition of Mortgage World.

PDL Community Bancorp and Subsidiaries
Loan Portfolio

  As of 
  December 31,  September 30,  June 30,  March 31,  December 31, 
  2020  2020  2020  2020  2019 
  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent  Amount  Percent 
  (Dollars in thousands) 
Mortgage loans:                                        
1-4 family residential                                        
Investor Owned $319,596   27.27% $320,438   28.55% $317,055   29.25% $308,206   31.31% $305,272   31.60%
Owner-Occupied  98,795   8.43%  93,340   8.31%  91,345   8.43%  93,887   9.54%  91,943   9.52%
Multifamily residential  307,411   26.23%  284,775   25.37%  274,641   25.34%  259,326   26.35%  250,239   25.90%
Nonresidential properties  218,929   18.68%  217,771   19.40%  209,068   19.29%  210,225   21.36%  207,225   21.45%
Construction and land  105,858   9.03%  99,721   8.89%  96,841   8.93%  100,202   10.18%  99,309   10.28%
Total mortgage loans  1,050,589   89.64%  1,016,045   90.52%  988,950   91.24%  971,846   98.74%  953,988   98.75%
Non-mortgage loans: