U.S. markets open in 5 hours 27 minutes
  • S&P Futures

    3,418.75
    -33.00 (-0.96%)
     
  • Dow Futures

    27,899.00
    -290.00 (-1.03%)
     
  • Nasdaq Futures

    11,571.75
    -91.75 (-0.79%)
     
  • Russell 2000 Futures

    1,615.00
    -20.60 (-1.26%)
     
  • Crude Oil

    38.61
    -1.24 (-3.11%)
     
  • Gold

    1,902.50
    -2.70 (-0.14%)
     
  • Silver

    24.33
    -0.34 (-1.38%)
     
  • EUR/USD

    1.1830
    -0.0038 (-0.32%)
     
  • 10-Yr Bond

    0.8410
    0.0000 (0.00%)
     
  • Vix

    29.85
    +1.74 (+6.19%)
     
  • GBP/USD

    1.3008
    -0.0030 (-0.23%)
     
  • USD/JPY

    104.8700
    +0.1800 (+0.17%)
     
  • BTC-USD

    13,043.91
    -33.11 (-0.25%)
     
  • CMC Crypto 200

    262.00
    +0.54 (+0.21%)
     
  • FTSE 100

    5,860.28
    0.00 (0.00%)
     
  • Nikkei 225

    23,494.34
    -22.25 (-0.09%)
     

United Security Bancshares Reports 1st Quarter Net Income of $2.8 Million

·22 mins read

United Security Bancshares (Nasdaq: UBFO) today announced its unaudited financial results for the quarter ended March 31, 2020. The Company recognized net income of $2,754,000 for the quarter ended March 31, 2020, a decrease of 31% compared to the net income of $4,007,000 recognized for the quarter ended March 31, 2019. Basic and diluted earnings per share decreased to $0.16 for the quarter ended March 31, 2020, as compared to basic and diluted earnings per share of $0.24 for the quarter ended March 31, 2019.

First Quarter 2020 Highlights (at or for the quarter ended March 31, 2020, except where noted)

  • Net income for the quarter decreased $1,253,000 or 31.27% to $2,754,000, compared to $4,007,000 for the quarter ended March 31, 2019. The decrease is a result of a reduction in interest income related to a lower rate environment and a provision for loan losses, partially offset by a gain on the fair value of junior subordinated debt.

  • The allowance for credit losses as a percentage of gross loans increased to 1.46%, compared to 1.33% at December 31, 2019. The provision for credit losses totaled $1,707,000, compared to $6,000 for the quarter ended March 31, 2019. The increase in provision reflects an expectation of significant deterioration in the macro-economic environment as a result of the impact of COVID-19, net charge-offs, and loan growth.

  • The gain on the fair value of junior subordinated debt was $1,498,000 for the quarter, compared to $414,000 for the quarter ended March 31, 2019.

  • Total loans, net of unearned fees, increased 4.55% to $623,686,000, compared to $596,554,000 at December 31, 2019.

  • Total deposits increased to $840,437,000, compared to $818,362,000 at December 31, 2019.

  • Book value per share increased to $6.92, compared to $6.83 at December 31, 2019.

  • Net interest margin decreased to 4.00% from 4.45% for the quarter ended March 31, 2019.

  • Annualized average cost of deposits decreased to 0.33% from 0.41% for the quarter ended March 31, 2019.

  • Net charge-offs totaled $495,000, compared to net recoveries of $16,000 for the quarter ended March 31, 2019.

  • Capital positions remain strong with a 12.77% Tier 1 Leverage Ratio, a 14.92% Common Equity Tier 1 Ratio; a 15.99% Tier 1 Risk-Based Capital Ratio; and a 17.24% Total Risk-Based Capital Ratio.

  • Annualized return on average assets ("ROAA") was 1.19%, compared to 1.71% for the quarter ended March 31, 2019.

  • Annualized return on average equity ("ROAE") was 9.65%, compared to 14.61% for the quarter ended March 31, 2019.

Dennis Woods, President and Chief Executive Officer, stated: "Although we saw growth in both our loan and deposit portfolios during this first quarter, we cannot predict the full impact COVID-19 will have on our markets and economy. Our strong credit quality, ample liquidity, and capital level provide a solid foundation as we navigate through these uncertain times."

Results of Operations

ROAE for the quarter ended March 31, 2020 was 9.65%, compared to 14.61% for the quarter ended March 31, 2019. ROAA was 1.19% for the quarter ended March 31, 2020, compared to 1.71% for the quarter ended March 31, 2019. The annualized average cost of deposits was 0.33% for the quarter ended March 31, 2020, a decrease from 0.41% for quarter ended March 31, 2019. Average interest-bearing deposits decreased 4.10% between the quarters ended March 31, 2019 and 2020 to an average balance of $501,026,000.

Net interest income after the provision for credit losses for the quarter ended March 31, 2020 totaled $6,873,000, a decrease of $2,581,000, or 27.30%, from $9,454,000 for the same period ended March 31, 2019. Net interest income after the provision for credit losses includes a provision for credit losses of $1,707,000 for the quarter ended March 31, 2020, compared to a provision of $6,000 for the quarter ended March 31, 2019. During the first quarter of 2020, the Federal Reserve cut its benchmark rate by 1.50%. As a result, the Prime rate decreased from 4.75% to 3.25%. A majority of the Company's floating rate loans and investments are indexed to the Prime rate. The Company's net interest margin decreased from 4.45% for the quarter ended March 31, 2019 to 4.00% for the quarter ended March 31, 2020. The decrease was the result of decreases in yields on overnight fed funds, loans, and investment securities, partially offset by a decrease in interest expense. The yield on loans decreased from 6.06% for the quarter ended March 31, 2019 to 5.57% for the quarter ended March 31, 2020. The yield on interest bearing liabilities decreased from 0.73% for the quarter ended March 31, 2019 to 0.60% for the quarter ended March 31, 2020.

Non-interest income for the quarter ended March 31, 2020 totaled $2,580,000, reflecting an increase of $1,057,000 from the $1,523,000 in non-interest income reported for the quarter ended March 31, 2019. Customer service fees totaled $728,000 and $809,000 for the quarter ended March 31, 2020 and 2019, respectively. On a year-over-year comparative basis, non-interest income increased primarily due to a $1,498,000 gain on the fair value of junior subordinated debentures (TRUPs) for the quarter ended March 31, 2020, compared to a $414,000 gain for the same period ended March 31, 2019. The change in the fair value of TRUPs reflected in non-interest income was caused by fluctuations in the LIBOR yield curve. Non-interest income for the quarter ended March 31, 2019 includes a $109,000 loss resulting from the dissolution of the USB Real Estate Investment Trust (REIT) which was completed in February 2019.

For the quarter ended March 31, 2020, non-interest expense totaled $5,591,000, an increase of $244,000 compared to $5,347,000 for the quarter ended March 31, 2019. On a year-over-year comparative basis, non-interest expense increased primarily due to increases of $223,000 in salaries and employee benefits, $88,000 in expenses related to other real estate owned, and $40,000 in occupancy expense, partially offset by decreases of $111,000 in professional fees. Salary and employee benefits expense for the quarter ended March 31, 2019 includes a $231,000 reversal of bonus expense. Included in net cost on operation and sale of OREO for the quarter ended March 31, 2020 is a $113,000 loss on sale. The decrease in professional fees is attributed to a reduction in legal expense.

The efficiency ratio for the quarter ended March 31, 2020 deteriorated to 50.10%, compared to 48.68% for the quarter ended March 31, 2019. The decline is attributed to a reduction in net interest income as a result of the balance sheet repricing in a lower rate environment, partially offset by an increase in gain on the fair value of TRUPs.

The Company recorded an income tax provision of $1,108,000 for the quarter ended March 31, 2020, compared to $1,623,000 for the same period in 2019. The effective tax rate for the quarter ended March 31, 2020 was 28.69%, compared to 28.83% for the quarter ended March 31, 2019.

Provided at the end of this Press Release is a reconciliation of Core Net Income, as a non-GAAP measure, to Net Income. This reconciliation excludes Non-Core items such as the Fair Value Adjustment for TRUPs, recovery of provision for credit losses, and gain or loss on sale of other real estate owned (OREO). Management believes that financial results are more comparative excluding the impact of such non-core items.

Balance Sheet Review

Total assets increased $20,327,000, or 2.12%, for the quarter ended March 31, 2020, due primarily to increases of $17,398,000 in investment securities and $26,391,000 in gross loan balances. Unfunded loan commitments increased from $197,559,000 at December 31, 2019 to $209,014,000 at March 31, 2020. OREO balances decreased from $6,753,000 at December 31, 2019 to $5,745,000 at March 31, 2020. The reduction was attributed to a $1,008,000 sale of OREO.

Total deposits increased $22,075,000, or 2.70%, to $840,437,000 during the quarter ended March 31, 2020. This increase was due to an increase of $12,217,000 in noninterest bearing deposits, $9,448,000 in NOW and money market accounts, and $4,062,000 in savings accounts, partially offset by a decrease of $3,652,000 in time deposits. In total, NOW, money market and savings accounts increased 3.06% to $454,522,000 at March 31, 2020, compared to $441,012,000 at December 31, 2019. Noninterest bearing deposits increased 3.92% to $324,167,000 at March 31, 2020, compared to $311,950,000 at December 31, 2019. As a result of the net increase, core deposits, which is made up of the balance of noninterest bearing deposits, NOW, money market, savings, and time deposits accounts less than $250,000, increased $22,897,000.

Shareholders’ equity at March 31, 2020 was $117,410,000, an increase of $1,422,000 from shareholders’ equity of $115,988,000 at December 31, 2019. The increase in equity was the result of net earnings for the period, partially offset by cash dividends. At March 31, 2020 there was accumulated other comprehensive loss of $174,000, as compared to accumulated other comprehensive loss of $632,000 at December 31, 2019. The change from December 31, 2019 to March 31, 2020 was the result of unrealized gains on junior subordinated debentures (TRUPs) caused by a change in yields during the period.

The Board of Directors of United Security Bancshares declared a cash dividend on common stock of $0.11 per share on March 24, 2020. The dividend was payable on April 15, 2020, to shareholders of record as of April 6, 2020. No assurances can be provided that future dividends will be declared and/or as to the timing of such future dividends, if any.

Credit Quality

The Company has recorded a provision for credit losses of $1,707,000 for the quarter ended March 31, 2020, compared to a provision of $6,000 for the quarter ended March 31, 2019. Net loan charge-offs totaled $495,000 for the quarter ended March 31, 2020, as compared to net recoveries of $16,000 for the quarter ended March 31, 2019. The provision recorded during the quarter is attributed to growth of the loan portfolio, net charge-offs, and uncertainty related to COVID-19. COVID-19 is precipitating an economic recession and it is unknown whether or not the economy will bounce back quickly.

The Company's allowance for loan loss totaled 1.46% of the loan portfolio at March 31, 2020, compared to 1.33% at December 31, 2019. In determining the adequacy of the allowance for loan losses, the judgment of the Company's management is a significant factor. Management considers the allowance for credit losses at March 31, 2020 to be adequate.

Non-performing assets, comprised of nonaccrual loans, troubled debt restructures (TDRs), other real estate owned through foreclosure (OREO), and loans more than 90 days past due and still accruing interest, decreased $266,000 between December 31, 2019 and March 31, 2020 to $20,959,000. Nonperforming assets as a percentage of total assets decreased from 2.22% at December 31, 2019 to 2.14% at March 31, 2020. The decrease in nonperforming assets is primarily attributed to the reduction in OREO that occurred during the period, offset by nonaccrual loans which increased $332,000 between December 31, 2019 and March 31, 2020 to $12,029,000. Total restructured loans decreased $1,872,000 between December 31, 2019 and March 31, 2020. OREO balances decreased from $6,753,000 at December 31, 2019 to $5,745,000 at March 31, 2020.

About United Security Bancshares

United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 11 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, and Consumer Lending departments. For more information, please visit www.unitedsecuritybank.com.

Non-GAAP Financial Measures

This press release and the accompanying financial tables contain a non-GAAP financial measure (Net Income before Non-Core) within the meaning of the Securities and Exchange Commission’s Regulation G. In the accompanying financial tables, the Company has provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. The Company’s management believes that this non-GAAP financial measure provides useful information about the Company’s results of operations and/or financial position to both investors and management. The Company provides this non-GAAP financial measure to investors to assist them in performing their analysis of its historical operating results. The non-GAAP financial measure shows the Company's operating results before consideration of certain adjustments and, consequently, this non-GAAP financial measure should not be construed as an alternative to net income (loss) as an indicator of the Company's operating performance, as determined in accordance with GAAP. The Company may calculate this non-GAAP financial measure differently than other companies.

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on management’s knowledge and belief as of today and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements are subject to risks and uncertainties and actual results may differ materially from those presented. Factors that might cause such differences, some of which are beyond the Company’s ability to control or predict, include, but are not limited to: (1) the effects of the COVID-19 pandemic, including the effects of the steps being taken to address the pandemic and their impact on the Company’s market and employees, (2) changes in general economic and financial market conditions, either nationally or locally, (3) changes in interest rates, (4) changes in banking laws or regulations, (5) increased competition in the Company's market, impacting the ability to execute its business plans, (6) loss of key personnel, (7) unanticipated credit losses, (8) earthquakes or other natural disasters impacting the local economy and/or the condition of real estate collateral, (9) the impact of technological changes and the ability to develop and maintain secure and reliable electronic systems, and (10) changes in accounting policies or procedures.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K, for the year ended December 31, 2019, and particularly the section entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations." Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission.

United Security Bancshares

Consolidated Balance Sheets (unaudited)

(in thousands)

March 31, 2020

December 31, 2019

Assets

Cash and non-interest-bearing deposits in other banks

$

28,134

$

27,291

Due from Federal Reserve Bank ("FRB")

171,719

191,704

Cash and cash equivalents

199,853

218,995

Investment securities (at fair value)

Available for sale ("AFS") securities

93,695

76,312

Marketable equity securities

3,791

3,776

Total investment securities

97,486

80,088

Loans

623,765

597,374

Unearned fees and unamortized loan origination costs - net

(79

)

(820

)

Allowance for credit losses

(9,120

)

(7,908

)

Net loans

614,566

588,646

Premises and equipment - net

9,279

9,380

Accrued interest receivable

8,285

8,208

Other real estate owned ("OREO")

5,745

6,753

Goodwill

4,488

4,488

Deferred tax assets - net

2,555

3,191

Cash surrender value of life insurance

21,086

20,955

Operating lease right-of-use assets

3,214

3,360

Other assets

10,689

12,855

Total assets

$

977,246

$

956,919

Liabilities and Shareholders' Equity

Deposits

Non-interest-bearing

$

324,167

$

311,950

Interest-bearing

516,270

506,412

Total deposits

840,437

818,362

Accrued interest payable

50

59

Operating lease liabilities

3,317

3,463

Other liabilities

7,486

8,239

Junior subordinated debentures (at fair value)

8,546

10,808

Total liabilities

859,836

840,931

Shareholders' Equity

Common stock, no par value; 20,000,000 shares authorized; issued and outstanding: 16,974,235 at March 31, 2020 and 16,973,885 at December 31, 2019

59,050

58,973

Retained earnings

58,534

57,647

Accumulated other comprehensive loss

(174

)

(632

)

Total shareholders' equity

117,410

115,988

Total liabilities and shareholders' equity

$

977,246

$

956,919

United Security Bancshares

Consolidated Statements of Income (unaudited)

(in thousands)

Three Months Ended March 31,

2020

2019

Interest Income:

Interest and fees on loans

$

8,346

$

8,642

Interest on investment securities

428

477

Interest on deposits in FRB

567

1,298

Total interest income

9,341

10,417

Interest Expense:

Interest on deposits

664

834

Interest on other borrowed funds

97

123

Total interest expense

761

957

Net Interest Income

8,580

9,460

Provision for Credit Losses

1,707

6

Net Interest Income after Provision for Credit Losses

6,873

9,454

Noninterest Income:

Customer service fees

728

809

Increase in cash surrender value of bank-owned life insurance

131

145

Gain on fair value of marketable equity securities

14

57

Gain on fair value of junior subordinated debentures

1,498

414

Loss on dissolution of real estate investment trust

(109

)

Other

209

207

Total noninterest income

2,580

1,523

Noninterest Expense:

Salaries and employee benefits

2,995

2,772

Occupancy expense

853

813

Data processing

112

107

Professional fees

702

813

Regulatory assessments

85

93

Director fees

94

91

Correspondent bank service charges

15

14

Net cost on operation and sale of OREO

153

65

Other

582

579

Total noninterest expense

5,591

5,347

Income Before Provision for Taxes

3,862

5,630

Provision for Taxes on Income

1,108

1,623

Net Income

$

2,754

$

4,007

Basic earnings per common share

$

0.16

$

0.24

Diluted earnings per common share

$

0.16

$

0.24

Weighted average basic shares for EPS

16,974,100

16,947,040

Weighted average diluted shares for EPS

16,994,727

16,972,630

United Security Bancshares

Average Balances and Rates (unaudited)

(in thousands)

Three Months Ended March 31,

2020

2019

Average Balances:

Loans (1)

$

603,060

$

578,326

Investment securities – taxable

82,101

68,293

Interest-bearing deposits in FRB

178,748

215,644

Total interest-earning assets

863,909

862,263

Allowance for credit losses

(7,905

)

(8,458

)

Cash and due from banks

29,282

28,349

Other real estate owned

6,628

5,745

Other non-earning assets

61,810

59,685

Total average assets

$

953,724

$

947,584

Interest-bearing deposits

$

501,026

$

522,457

Junior subordinated debentures

10,714

10,090

Total interest-bearing liabilities

511,740

532,547

Non-interest-bearing deposits

314,389

294,801

Other liabilities

9,679

9,025

Total liabilities

835,808

836,373

Total equity

117,916

111,211

Total liabilities and equity

$

953,724

$

947,584

Average Rates:

Loans (1)

5.57

%

6.06

%

Investment securities- taxable

2.10

%

2.83

%

Interest-bearing deposits in FRB

1.28

%

2.44

%

Earning assets

4.35

%

4.90

%

Interest bearing deposits

0.53

%

0.65

%

Total deposits

0.33

%

0.41

%

Junior subordinated debentures

3.64

%

4.94

%

Total interest-bearing liabilities

0.60

%

0.73

%

Net interest margin (2)

4.00

%

4.45

%

(1)

Loan amounts include nonaccrual loans, but the related interest income has been included only if collected for the period prior to the loan being placed on a nonaccrual basis.

(2)

Net interest margin is computed by dividing annualized net interest income by average interest-earning assets.

United Security Bancshares

Condensed - Consolidated Balance Sheets (unaudited)

(in thousands)

March 31, 2020

December 31, 2019

September 30, 2019

June 30, 2019

March 31, 2019

Cash and cash equivalents

$

199,853

$

218,995

$

245,943

$

309,460

$

260,701

Investment securities

97,486

80,088

81,651

63,632

66,604

Loans

623,686

596,554

569,500

572,810

579,617

Allowance for credit losses

(9,120

)

(7,908

)

(8,230

)

(8,452

)

(8,417

)

Net loans

614,566

588,646

561,270

564,358

571,200

Other assets

65,341

69,190

68,534

69,043

65,535

Total assets

$

977,246

$

956,919

$

957,398

$

1,006,493

$

964,040

Non-interest-bearing

$

324,167

$

311,950

$

333,156

$

304,172

$

300,476

Interest-bearing

516,270

506,412

487,067

566,743

531,101

Total deposits

840,437

818,362

820,223

870,915

831,577

Other liabilities

19,399

22,569

21,965

22,240

21,270

Total liabilities

859,836

840,931

842,188

893,155

852,847

Total shareholders' equity

117,410

115,988

115,210

113,338

111,193

Total liabilities and shareholder's equity

$

977,246

$

956,919

$

957,398

$

1,006,493

$

964,040

United Security Bancshares

Condensed - Consolidated Statements of Income (unaudited)

(in thousands)

For the Quarters Ended:

March 31, 2020

December 31, 2019

September 30, 2019

June 30, 2019

March 31, 2019

Total interest income

$

9,341

$

9,558

$

10,417

$

10,311

$

10,417

Total interest expense

761

862

1,061

1,008

957

Net interest income

8,580

8,696

9,356

9,303

9,460

Provision for credit losses

1,707

5

5

4

6

Net interest income after provision for credit losses

6,873

8,691

9,351

9,299

9,454

Total non-interest income

2,580

647

1,853

1,729

1,523

Total non-interest expense

5,591

5,335

5,335

5,262

5,347

Income before provision for taxes

3,862

4,003

5,869

5,766

5,630

Provision for taxes on income

1,108

1,108

1,696

1,669

1,623

Net income

$

2,754

$

2,895

$

4,173

$

4,097

$

4,007

United Security Bancshares

Nonperforming Assets (unaudited)

(dollars in thousands)

March 31, 2020

December 31, 2019

Commercial and industrial

$

75

$

75

RE construction & development

11,411

11,478

Agricultural

543

144

Total nonaccrual loans

$

12,029

$

11,697

Loans past due 90 days and still accruing

1,061

386

Restructured loans

2,124

2,389

Total nonperforming loans

$

15,214

$

14,472

Other real estate owned

5,745

6,753

Total nonperforming assets

$

20,959

$

21,225

Nonperforming loans to total gross loans

2.44

%

2.42

%

Nonperforming assets to total assets

2.14

%

2.22

%

Allowance for credit losses to nonperforming loans

59.94

%

54.64

%

United Security Bancshares

Selected Financial Data (unaudited)

(dollars in thousands, except per share amounts)

Three Months Ended March 31,

2020

2019

Return on average assets

1.19

%

1.71

%

Return on average equity

9.65

%

14.61

%

Net charge-off (recoveries) to average loans

0.33

%

(0.01

)%

March 31, 2020

December 31, 2019

Shares outstanding - period end

16,974,235

16,973,885

Book value per share

$6.92

$6.83

Efficiency ratio (1)

50.10

%

49.99

%

Total impaired loans

$16,509

$17,072

Net loan to deposit ratio

73.12

%

71.93

%

Allowance for credit losses to total loans

1.46

%

1.33

%

Total capital to risk weighted assets

Company

17.24

%

17.98

%

Bank

17.21

%

17.78

%

Tier 1 capital to risk-weighted assets

Company

15.99

%

16.81

%

Bank

15.96

%

16.61

%

Common equity tier 1 capital to risk-weighted assets

Company

14.92

%

15.39

%

Bank

15.96

%

16.61

%

Tier 1 capital to adjusted average assets (leverage)

Company

12.77

%

12.82

%

Bank

12.76

%

12.83

%

(1)

Efficiency ratio is defined as total noninterest expense divided by net interest income before provision for credit losses plus total noninterest income.

United Security Bancshares

Net Income before Non-Core Reconciliation

Non-GAAP Information (dollars in thousands)

(unaudited)

Three Months Ended March 31,

2020

2019

Change $

Change %

Net income

$

2,754

$

4,007

$

(1,253

)

(31.27

)%

TRUPs (1) fair value adjustment gain

1,498

414

Loss on sale of OREO

(113

)

1,385

414

Income tax effect

402

120

Non-core items net of taxes

983

294

Non-GAAP core net income

$

1,771

$

3,713

$

(1,942

)

(52.30

)%

(1)

TRUPs Fair Value Adjustment is not part of Core Income and depending upon market rates, can "add to" or "subtract from" Core Income and mask Non-GAAP Core Income change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200415005763/en/

Contacts

Dennis Woods, President and CEO
(559)248-4928