Author: Harrison Miller

Community Financial first quarter earnings beat expectations

COMMUNITY BANK OF TRI-COUNTY NEW LOGOWALDORF, MD – Community Financial Corp. reported a first quarter profit that beat analyst expectations, according to a filing with the Securities and Exchange Commission.

Community Financial, the holding company for Community Bank of the Chesapeake, reported a net income of $2.3 million. The earnings per diluted share were at 51 cents. This was a 45.6 percent increase from the net income of $1.6 million, or 35 cents per diluted share, reported this time last year.

These numbers beat Wall Street analysts’ average estimates of 44 cents per diluted share.

The increase in net income was the result of increased net interest income of $201,000, a lower provision for loan losses of $290,000 partially offset by small variances in non-interest expense and non-interest income and higher income tax expense due to higher pretax earnings.

“Our 2016 loan growth, expected loan growth for 2017 and continued focus on controlling expenses should position the company to further increase operating leverage during 2017,” said Chief Executive Officer William Pasenelli in a statement.

Community Financial’s returns on average assets and common stockholder’s equity were 0.7 percent and 8.78 percent, respectively, compared to 0.62 percent and 7.68 percent reported in 2016.

The company posted revenue of $13.8 million for the period, with an adjusted revenue of $11.5 million.

This was Community Financial’s sixth consecutive quarter of earnings growth.

On Friday, The Community Financial stock closed at $35.75 per share, down 70 cents, or 1.92 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Cicero Capital Partners raises an additional $5.75 million for alternative asset fund

AAEAAQAAAAAAAANPAAAAJDc2ZjM0M2Y2LWE5MjAtNDc3OS1hNzJjLWYyMDMxZTcyOWYwMgELLICOTT CITY, MD – Cicero Capital Partners, the Maryland-based investment adviser, raised an additional $5.75 million for an alternative asset fund, according to a filing with the Securities and Exchange Commission.

The Form D was an amendment to a March 2015 filing in which Cicero raised $2.57 million. The additional $5.75 million was raised by three investors, bringing the total offering amount to $8.325 million.

According to the filing, the funds will be used as part of a pooled investment hedge fund, issued under CCP Alternative Asset Fund LP . Cicero intends for the offering to last more than a year, with a minimum investment amount of $250,000.

The form was signed by Robert Neighoff, the managing partner at Cicero Capital Partners.

Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, mortgage backed securities, agency mortgages and other public and private real estate related securities and investments.

Private companies such as Cicero Capital Partners, which rely on a Reg D exemption, are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Severn Bancorp CEO Hyatt receives 8.8 percent increase in compensation

UnknownANNAPOLIS, MD – The president and chief executive officer of Severn Bancorp Inc. received an 8.8 percent increase in total compensation to $490,248 in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Alan Hyatt’s compensation in 2015 totaled $450,631.

Hyatt’s base salary increased 2.4 percent, from $381,686 to $396,860 for the year. He received an additional bonus of $20,000.

Paul Susie, executive vice president and chief financial officer, earned a total compensation of $101,420 for 2016. In his first year with the company, Susie received a base salary of $79,093, with option awards, bonuses and other compensation amounting to $22,327.

Christopher Chick, executive vice president and chief lending officer, saw a substantial increase in compensation for the year. Chick received a base salary of $227,188, a 445 percent increase from the $51,030 he received in 2015.

Chick’s total compensation for 2016 was $290,052, a 473 percent increase from the $61,383 he received the previous year.

Executive compensation is determined by Severn Bancorp’s compensation committee, which reviews the executive compensation program in November of each year.

The committee has determined the 2017 base salaries for Hyatt, Susie and Chick are $396,860, $195,000 and $234,000, respectively.

Severn Bancorp will hold its annual stockholders meeting on April 27 at 9 a.m.

Severn Bancorp operates as the holding company for Severn Savings Bank, a full service bank conducting business in Maryland, Virginia and Delaware.

Severn Bancorp stock closed on March 24 at $7.15, down 5 cents, or 0.69 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Host Hotels executive VP Abji profits over $2 million in stock trade

imgresBETHESDA, MD – Minaz Abji, executive vice president of asset management for Host Hotels & Resorts Inc., profited $2,028,869 from exercising options and selling shares of company stock, according to a Securities and Exchange Commission filing.

Abji acquired 56,610 shares of company stock at no cost using his exercise option. He then sold 56,610 shares at a price of $18.39 per share for a value of $1,041,058 and sold another 53,475 at a market price of $18.47 per share for a profit of $987,838.

The transactions occurred on March 2, according to the Form 4 filing.  Abji still owns 121,788 shares of stock worth more than $2.2 million.

Abji joined Host Hotels in 2003 to serve as the executive vice president of asset management. He previously worked as the president of Canadian Hotel Income Properties real estate investment trust in Vancouver, British Columbia.

Host Hotels & Resorts is a Maryland-based S&P 500 and Fortune 500 company and the largest lodging REIT and owners of luxury hotels.

Host Hotels stock closed Thursday at $18.61, up 22 cents, or 1.2 percent, for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism 

 

U.S. Silica Holdings beats expectations despite fourth-quarter loss

imgresFREDERICK, MD – U.S. Silica Holdings reported a fourth-quarter loss of $6.9 million, or 9 cents a share, beating Wall Street expectations by 1 cent.

The company posted revenue fourth-quarter revenue of $182.4 million, compared to the analysts’ predictions of $177.12 million. Its revenue was up 34 percent compared to last year, and 32 percent from the third-quarter.

Silica Holdings attributed the loss to development-related expenses, including its acquisitions of Sandbox and NBR Sands.

“Despite the many challenges, we made substantial progress in 2016 to make our company leaner, stronger, more flexible and ultimately easier for customers to do business with, all of which we believe will enable us to further extend our industry-leading positions in both our oil and gas and industrial and specialty products segments,’’ said Bryan Shinn, president and chief executive officer.

Its stock dropped following the report. Shares closed on Feb. 23 at $53.33 per share, down $6.17 or 10.37 percent.

For the year, Silica reported revenue of $559.6 million, a 13 percent decrease from the $643 million revenue reported in 2015.

The company reported a net loss of $41.1 million or 63 cents per share, compared with a net income of $11.9 million or 22 cents per share for the year in 2015.

Silica Holdings expects capital expenditures for 2017 to range from $125 million to $150 million.

“Looking ahead at 2017, we see strong demand for both sand proppant and last mile logistics in our Oil and Gas business and believe we have the right strategy and are well positioned to capitalize on these favorable market trends. For our Industrial segment, demand in most of our end use markets is anticipated to stay strong and we expect to continue to roll out new, higher margin products to drive bottom line growth,” said Shinn.

U.S. Silica Holdings is a producer and seller of commercial silica in the United States.

The Securities and Exchange Commission filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

W. R. Grace CEO Festa profits more than $2.6 million from exercising, selling stock

COLUMBIA, MD – Alfred Festa, chairman and chief executive officer of W. R. Grace & Co., profited $2,615,824 after exercising options and selling shares of company stock, according to a filing with the Securities and Exchange Commission.

imgresThe transactions occurred on Feb. 21, according to the Form 4 filing.

Henson bought 80,560 shares at an exercise price of $39.02 per share and then sold them at a market price of $71.4905 per share.

Festa still owns 231,230 shares of company stock worth more than $16.5 million, according to the filing. Festa has served as chairman and CEO since 2008 and 2005, respectively, after previously serving as the chief operating officer beginning in 2003.

W. R. Grace is a specialty chemical, construction and container product company, with customers in the food, petroleum refinery and construction products industries.

W.R. Grace stock closed on Feb. 21 at $71.06, down 75 cents, or 1.04 percent, for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism 

Baltimore’s Brown Advisory Investors raises nearly $12 million

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BALTIMORE, MD – Brown Advisory Investors, a Baltimore-based financial investment firm, has raised $11,948,750 for a private equity fund, according to a filing with the Securities and Exchange Commission.

The company filed the Form D on Feb. 10. Brown Advisory is offering pooled investment fund interests, and the proceeds will not be used in connection with a business combination transaction or as a form of compensation.

The filing states the firm accrued the funds from 49 investors. The group did not list a finite offering amount. There is no minimum investment required from outside investors and the offering is not intended to last more than one year.

Brett Rogers, general counsel of the general partner, signed the form.

Brown Advisory is an independent investment management firm with offices in Austin, Baltimore, Boston, Chapel Hill, London, New York, Washington, D.C. and Wilmington, Delaware. The firm’s institutional and private clients based in 50 states and more than 34 countries and territories.

When filing a Reg D exemption, companies do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Under Armour stocks plummet 25 percent after disappointing fourth-quarter earnings

BALTIMORE, MD – Under Armour Inc. shares dropped 25 percent after disappointing fourth-quarter reports stated only a 12 percent increase in revenue and unexceptional predictions for 2017, according to a filing with the Securities and Exchange Commission.

Under Armour’s fourth-quarter net income fell 1 percent to $105 million, well below the S&P Global Market Intelligence predictions of $113 million. Revenue rose 12 percent to $1.31 billion, also falling short of the expected $1.41 billion.

The international performance apparel company attributed the slowed revenue to dismal holiday sales, investment in company growth and recent brick-and-mortar sports apparel retail bankruptcies. The report comes after Under Armour announced sales growth greater than 20 percent for the previous 26 quarters, drastically outperforming the rest of the market.

The filing also announced Chief Financial Officer Lawrence Molloy will resign from the company due to personal reasons. Under Armour appointed David Bergman, senior vice president of corporate finance, to be his replacement effective Feb. 3.

For the year, company revenue grew 22 percent to $4.83 million and a 19 percent increase in wholesale revenues to $3.1 billion. Under Armour has predicted a modest 2017 net revenue growth between 11 and 12 percent, to reach $5.4 billion.

Under Armour stock closed at $21.49 per share, down 25.74 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Bethesda-based Debx hopes to raise $1 million

MDBW-logo-draft-yellow-whitebgBETHESDA, MD – Debx, a Bethesda-based company, wants to raise an additional $500,000 to reach its $1 million private equity offering, according to a Security and Exchange Commission filing.

Debx LLC submitted the Form D SEC filing on Jan. 26, and has raised $500,000 from three investors. The minimum investment amount from outside investors is $1,000.

The filing did not disclose how the company would use its proceeds and indicated the offering would not last more than one year.

Ben Psillas, executive officer, manager and promoter of Debx, signed the form. Psillas previously worked as the CEO of Rate Reset, a financial services startup firm that allows consumers to reset rates on mortgage and auto loans from their computer.

Debx is trademarked as a software company, producing a mobile app that allows users to control credit card and other debt payments with their bank accounts through the application.

Companies relying on a Reg D exemption are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Son of Choice Hotels founder sells nearly $10 million in stock

Screen Shot 2017-01-13 at 10.00.07 PMFULTON, MD — Bruce Bainum, the son of the founder of Choice International Hotels Inc., sold more than $9.58 million in company stock over the past five trading days, according to a Securities and Exchange Commission filing.

Banium, brother of Stewart Bainum Jr., the chairman of the board of directors for Choice Hotels, sold 103,000 shares in five transactions between Jan. 9 and Jan. 13, with prices ranging between $54.15 and $54.46.

The Jan. 13 Securities and Exchange Commission filing states Bainum still holds 2,024,985 shares worth approximately $110.16 million.

Choice Hotels International is one of the largest lodging companies in the world, with more than 6,400 hotels in over 40 countries. Choice owns hotel franchises including Quality, Comfort Suites, Comfort Inn, Cambria hotels & suites and Suburban.

Choice Hotels International shares closed on Jan. 13 at $54.40, down 5 cents, or 0.09 percent, for the day.

The SEC filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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