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European Commission approves Merck’s KEYTRUDA® (pembrolizumab) as adjuvant therapy for certain patients with renal cell carcinoma (RCC) following surgery

KEYTRUDA Is Now Approved as Monotherapy for Adults With RCC at Increased Risk of Recurrence Following Nephrectomy, or Following Nephrectomy and Resection of Metastatic Lesions

KEYTRUDA Is the First Immunotherapy Approved in Europe in the Adjuvant Setting for These Patients With RCC

 

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced that the European Commission has approved KEYTRUDA, Merck’s anti-PD-1 therapy, as monotherapy for the adjuvant treatment of adults with renal cell carcinoma (RCC) at increased risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions. This approval is based on results from the Phase 3 KEYNOTE-564 trial, in which KEYTRUDA demonstrated a statistically significant improvement in disease-free survival (DFS), reducing the risk of disease recurrence or death by 32% (HR=0.68 [95% CI, 0.53-0.87]; p=0.0010) after a median follow-up of 23.9 months compared to placebo, in patients at increased risk of recurrence (defined in the clinical trial protocol as intermediate-high or high risk following nephrectomy and those with resected advanced disease).

“KEYTRUDA addresses a critical unmet need for treatment options that help patients reduce their risk of cancer returning following surgery,” said Dr. Thomas Powles, professor of Genitourinary Oncology and director of Barts Cancer Centre at St. Bartholomew’s Hospital. “The European Commission’s approval of KEYTRUDA brings certain patients with renal cell carcinoma a long-awaited therapy that has demonstrated a statistically significant reduction in the risk of disease recurrence or death by almost a third.”

 

“KEYTRUDA is the first adjuvant therapy approved for certain patients with renal cell carcinoma in Europe, providing the option of immunotherapy earlier in the course of their treatment,” said Dr. Scot Ebbinghaus, vice president, clinical research, Merck Research Laboratories. “This approval demonstrates our progress in bringing KEYTRUDA to patients with earlier stages of cancer, with the goal of helping more patients around the globe prevent disease recurrence.”

 

This approval allows marketing of KEYTRUDA monotherapy in all 27 European Union member states plus Iceland, Lichtenstein, Norway and Northern Ireland.

 

Merck has a broad clinical development program exploring KEYTRUDA, as monotherapy or in combination, as well as several other investigational and approved medicines across multiple settings and stages of RCC, including adjuvant and advanced or metastatic disease.

 

Data Supporting the European Approval

The approval was based on data from KEYNOTE-564 (NCT03142334), a multicenter, randomized, double-blind, placebo-controlled Phase 3 trial that enrolled 994 patients with increased risk of recurrence of RCC defined as intermediate-high or high risk, or M1 with no evidence of disease (NED). Patients must have undergone a partial or radical complete nephrectomy (and complete resection of solid, isolated, soft tissue metastatic lesion[s] in M1 NED participants) with negative surgical margins for at least four weeks prior to the time of screening. Patients with active autoimmune disease or a medical condition that required immunosuppression were excluded from the study. The primary efficacy outcome measure was investigator-assessed DFS. The secondary efficacy outcome measure was overall survival (OS). Patients with RCC with clear cell component were randomized (1:1) to receive KEYTRUDA 200 mg administered intravenously every three weeks (n=496) or placebo (n=498) for up to one year until disease recurrence or unacceptable toxicity.

 

At a pre-specified interim analysis with a median follow-up time of 23.9 months, KEYTRUDA demonstrated a statistically significant improvement in DFS, reducing the risk of disease recurrence or death by 32% (HR=0.68 [95% CI, 0.53-0.87]; p=0.0010) compared with placebo in patients with RCC at increased risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions. Updated efficacy results with a median follow-up time of 29.7 months demonstrated KEYTRUDA reduced the risk of disease recurrence or death by 37% (HR=0.63 [95% CI, 0.50-0.80]; p<0.0001) compared with placebo. Median DFS has not been reached for either group. The trial will continue to assess OS as a secondary outcome measure.

 

The safety of KEYTRUDA as monotherapy has been evaluated in 7,148 patients with advanced melanoma, resected stage III melanoma (adjuvant therapy), non-small cell lung cancer, classical Hodgkin lymphoma, urothelial carcinoma, head and neck squamous cell carcinoma, colorectal cancer, endometrial, gastric, small intestine, biliary, pancreatic cancer or adjuvant therapy of RCC across four doses (2 mg/kg bodyweight [bw] every three weeks, 200 mg every three weeks, or 10 mg/kg bw every two or three weeks) in clinical studies. In this patient population, the most frequent adverse reactions with KEYTRUDA were fatigue (31%), diarrhea (22%) and nausea (21%). The majority of adverse reactions reported for KEYTRUDA monotherapy were of Grades 1 or 2 severity. The most serious adverse reactions were immune-related adverse reactions and severe infusion-related reactions. The incidences of immune-related adverse reactions were 36.1% for all Grades and 8.9% for Grades 3-5 for KEYTRUDA monotherapy in the adjuvant setting (n=1,480) and 24.2% for all Grades and 6.4% for Grades 3-5 in the metastatic setting (n=5,375). No new immune-related adverse reactions were identified in the adjuvant setting.

 

About Renal Cell Carcinoma

Renal cell carcinoma is by far the most common type of kidney cancer; about nine out of 10 kidney cancer diagnoses are RCCs. Renal cell carcinoma is about twice as common in men than in women. Most cases of RCC are discovered incidentally during imaging tests for other abdominal diseases. Worldwide, it is estimated there were more than 431,000 new cases of kidney cancer diagnosed and more than 179,000 deaths from the disease in 2020. In Europe, it is estimated there were more than 138,000 new cases of kidney cancer diagnosed and more than 54,000 deaths from the disease in 2020.

 

About Merck’s Early-Stage Cancer Clinical Program

Finding cancer at an earlier stage may give patients a greater chance of long-term survival. Many cancers are considered most treatable and potentially curable in their earliest stage of disease. Building on the strong understanding of the role of KEYTRUDA in later-stage cancers, Merck is studying KEYTRUDA in earlier disease states, with approximately 20 ongoing registrational studies across multiple types of cancer.

 

About KEYTRUDA® (pembrolizumab) Injection, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

 

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 1,700 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

 

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Melanoma

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.

KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric (12 years and older) patients with stage IIB, IIC, or III melanoma following complete resection.

 

Non-Small Cell Lung Cancer

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

 

KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.

 

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [Tumor Proportion Score (TPS) ≥1%] as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations, and is:

  • stage III where patients are not candidates for surgical resection or definitive chemoradiation, or
  • metastatic.

 

KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 (TPS ≥1%) as determined by an FDA-approved test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.

 

Head and Neck Squamous Cell Cancer

KEYTRUDA, in combination with platinum and fluorouracil (FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent head and neck squamous cell carcinoma (HNSCC).

 

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 [Combined Positive Score (CPS) ≥1] as determined by an FDA-approved test.

 

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy.

 

Classical Hodgkin Lymphoma

KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma (cHL).

KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.

 

Primary Mediastinal Large B-Cell Lymphoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL), or who have relapsed after 2 or more prior lines of therapy.

 

KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.

 

Urothelial Carcinoma

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma (mUC):

  • who are not eligible for any platinum-containing chemotherapy, or
  • who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

 

KEYTRUDA is indicated for the treatment of patients with Bacillus Calmette-Guerin-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

 

Microsatellite Instability-High or Mismatch Repair Deficient Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors that have progressed following prior treatment and who have no satisfactory alternative treatment options.

 

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with MSI-H central nervous system cancers have not been established.

 

Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer (CRC).

Gastric Cancer

 

KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of patients with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma.

 

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Esophageal Cancer

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or GEJ (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:

  • in combination with platinum- and fluoropyrimidine-based chemotherapy, or
  • as a single agent after one or more prior lines of systemic therapy for patients with tumors of squamous cell histology that express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

 

Cervical Cancer

KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-approved test.

 

Hepatocellular Carcinoma

KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma (HCC) who have been previously treated with sorafenib. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Merkel Cell Carcinoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma (MCC). This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.

 

Renal Cell Carcinoma

KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.

 

Tumor Mutational Burden-High Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic tumor mutational burden-high (TMB-H) [≥10 mutations/megabase] solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with TMB-H central nervous system cancers have not been established.

 

Cutaneous Squamous Cell Carcinoma

KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC that is not curable by surgery or radiation.

Triple-Negative Breast Cancer

KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer (TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-approved test.

 

Selected Important Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the PD-1 or the PD-L1, blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

 

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

 

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

 

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

 

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

 

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

 

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

 

KEYTRUDA With Axitinib

First-line treatment of advanced RCC in combination therapy with axitinib (KEYNOTE-426)

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA (n=3) or axitinib (n=34) administered as a single agent or with both (n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.

 

Immune-Mediated Endocrinopathies

 

Adrenal Insufficiency

KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold KEYTRUDA depending on severity. Adrenal insufficiency occurred in 0.8% (22/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.3%) reactions. Systemic corticosteroids were required in 77% (17/22) of patients; of these, the majority remained on systemic corticosteroids. Adrenal insufficiency led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.3% (8) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

 

Hypophysitis

KEYTRUDA can cause immune-mediated hypophysitis. Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism.

Contacts

Media Contacts:

Melissa Moody

(215) 407-3536

John Infanti

(609) 500-4714

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Damini Chokshi

(908) 740-1807

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Categories
Business Culture

Campbell named to 2022 Bloomberg Gender-Equality Index

CAMDEN, N.J. — (BUSINESS WIRE) — Campbell Soup Company (NYSE:CPB) today was named to the 2022 Bloomberg Gender-Equality Index (GEI), which tracks the performance of public companies committed to transparency in gender-data reporting. This year’s index includes 418 companies headquartered across 45 countries and regions. The GEI measures gender equality across five pillars: female leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, anti-sexual harassment policies and pro-women brand.

“Building a winning team and culture is a key element of our strategic plan, with a focus on creating an inclusive and diverse environment for all employees,” said Camille Pierce, Campbell’s Senior Vice President, Chief Culture Officer and Head of Talent. “We are committed to living our values and creating a culture where all employees feel safe, valued and supported to do their best work. We are proud to be included in the Bloomberg Gender-Equality Index for the fourth consecutive year.”

 

Campbell promotes gender equality at all levels with initiatives such as the Women’s Inclusion Network, an employee resource group which offers inclusive mentoring and sponsorship opportunities; partnering with the Network of Executive Women to provide employees with professional development and networking opportunities; and working with the nonprofit Path Forward to offer “returnships” to help midcareer professionals reenter the workforce after time spent caregiving. Campbell also offers opportunities to promote collaboration and drive awareness of inclusive mindsets and behaviors, and all salaried employees have a performance objective related to inclusion and diversity (I&D). Other Campbell programs and benefits in support of gender equality include on-site day care facilities at Campbell’s World Headquarters, competitive parental leave policies, adoption assistance, flexible work arrangements and job-sharing opportunities.

 

Campbell has an actionable I&D strategy focused on building capabilities, advocacy and accountability. The company has been recognized for its commitment to creating a more inclusive workplace, having been named one of America’s Best Employers for Diversity by Forbes, one of the World’s Top Female-Friendly Companies by Forbes and a Champion of Board Diversity by the Forum of Executive Women.

 

To learn more about I&D at Campbell, visit campbellsoupcompany.com/inclusion-diversity/.

 

About Campbell Soup Company

For more than 150 years, Campbell (NYSE: CPB) has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2021 net sales of nearly $8.5 billion. Our portfolio includes iconic brands such as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8. Campbell has a heritage of giving back and acting as a good steward of the environment. The company is a member of the Standard & Poor’s 500 as well as the FTSE4Good and Bloomberg Gender-Equality Indices. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Contacts

Media:
Amanda Pisano

(856) 342-8590

Amanda_Pisano@campbells.com

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Business Culture

Buckle beefs up corporate leadership with 3 Key appointments

Buckle adds new Chief Credit Officer, Chief Marketing Officer, and SVP of Sales and Underwriting as company elevates service to gig rideshare and delivery drivers

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — #AmazonFlex—Buckle, the inclusive tech-enabled financial services company, has appointed Pedram Afshar as the company’s new Chief Credit Officer. Pedram was previously Chief Digital and Operating Officer of New York Life Insurance Company with executive credit experience at Capital One and USAA. Buckle also named Gordon Ho as Chief Marketing Officer, bringing more than 30 years of experience driving growth at Princess Cruises, Disney, Hewlett-Packard, Leo Burnett Worldwide, and various startups. Todd Brooks has also joined Buckle as Senior Vice President of Sales and Underwriting. He served Farmers Insurance for 15 years, where he was Chief Underwriting Officer and Head of Distribution and Field Operations.


“Buckle is reimagining financial services for the gig economy and scaling its pioneering, full-stack insurance-as-a-service platform to better serve gig rideshare and delivery drivers across the U.S.,” said Marty Young, co-founder and CEO of Buckle. “We are fortunate to add the expertise of Pedram, Gordon, and Todd to the Buckle leadership team as we execute toward our vision of enabling the rising middle class of gig workers to achieve economic freedom.”

 

Based in New York City, Pedram has more than 25 years of experience enhancing customer service. He served New York Life Insurance Company for more than five years, was VP, Global Customer Experience Officer at Best Buy, and has held senior roles in customer experience at Capital One and American Century Investments. For nearly a decade, Pedram was Executive Director, Member Experience at USAA where he helped transform the company from a traditional multi-line insurer to a digitally-based customer centric business.

 

“It’s truly an honor to be in a position and at a company that solely focuses on helping the unsung heroes of our economy, the incredible gig professionals,” said Pedram Afshar. “They have many unmet needs, and they deserve our collective best to solve many of them. No one is better positioned to serve and advocate for this group than Buckle.”

 

Based in Los Angeles, Gordon served as Executive VP of Worldwide Marketing and Content for The Walt Disney Studios $4B Digital and DVD/Blu-ray business, including the creation of the Disney Video Premieres direct-to-video business and Disney’s Movie Rewards loyalty program. As CMO and Head of Sales at Princess Cruises, he helped drive double digit profit through strategic partnerships like Discovery at Sea, e-commerce growth, and content personalization strategies.

 

Gordon founded Xpertainment.com and currently serves on the Board of CAPE (Coalition of Asian Pacifics in Entertainment) and Ronald McDonald House of Southern California, as well as the advisory boards of Retina, optimizing lifetime value, and OkVera, a personalized medication management tool. Gordon is an adjunct professor at Georgetown (integrated marketing) and USC Marshall (crisis management).

 

“I’m delighted to join an amazing team at Buckle with the mission of supporting the rapidly growing gig economy workforce,” said Gordon Ho. “Buckle has a great suite of services specifically for rideshare and delivery drivers, and I look forward to helping educate the public about them.”

 

Todd joined Farmers Insurance more than 30 years ago as a claims adjuster in Springfield, Illinois, advancing through the years to greater responsibility, eventually in commercial underwriting. Most recently, he was Head of Field Operations – Mountain Territory. In 2020, he founded Pradera Financial, a boutique agency representing 19 top rated national and regional insurance carriers. He is based in Denver, Colorado.

 

“I am excited to now be part of the Buckle team as the company’s new SVP of Sales and Underwriting,” said Todd Brooks. “In my role, I am thrilled to be supporting gig economy rideshare and delivery drivers with full access to affordable financial products and services, including comprehensive auto insurance with both personal and business coverage in one policy.”

 

Buckle is bringing its gig financial products to the point of sale most preferred by customers, including via agents, digital or embedded. The company has also begun offering automotive financing to its Members and insurance customers, providing a holistic array of financial products and services to enable their economic freedom.

 

About Buckle

Buckle is the inclusive, digital financial services company serving the rising vital middle class and providers to the gig economy. Using technologies and data sources, Buckle provides insurance and credit products to rideshare and delivery drivers who generally earn less than the average American wage and are subsequently penalized for having poor or no credit. Buckle gig auto insurance is the first insurance policy designed to protect gig drivers with one single affordable policy offering coverage for personal, rideshare, and delivery driving. Unlike traditional insurers who cannot effectively insure gig workers, Buckle provides protection for those driving for leading companies, including Uber, Lyft, DoorDash, GoPuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, and others. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

Contacts

Media Contact:

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com

Categories
Business Culture

PGIM continues commitment to ESG with newly created global head of ESG role

NEWARK, N.J. — (BUSINESS WIRE) — #ESG–PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), continues and deepens its focus on environmental, social and governance (ESG) investing with the appointment of Eugenia Unanyants-Jackson to the newly created role of global head of ESG, February 1 2022. Based in London and reporting to PGIM’s chief operating officer, Taimur Hyat, Unanyants-Jackson will be responsible for shaping and coordinating ESG strategy and approach across PGIM, including chairing the PGIM ESG Council and engaging with clients, consultants, regulators, and industry associations.

Having joined PGIM Fixed Income in 2020 as the firm’s inaugural head of ESG Research, Unanyants-Jackson was most recently charged with continuing to integrate ESG considerations into all aspects of the fixed income investment process, analyzing ESG risks and opportunities and assessing potential negative or positive impacts on the environment and society. During her tenure at PGIM Fixed Income, Unanyants-Jackson led the development of ESG Impact Ratings, a proprietary tool to help clients invest according to their ESG preferences. She also oversaw the first publication of PGIM Fixed Income’s ESG Annual Report detailing the ESG ratings framework and helping ensure clients understand the firm’s approach to ESG across all portfolios.

 

“PGIM’s multi-manager model allows for each business to integrate ESG considerations optimally for their specific asset class and investment style. However, in recognition of the critical importance of ESG across our client base, we want to invest in further enriching our ESG expertise, research, analytical capabilities, and industry leadership across PGIM,” said Hyat. “With over a decade and a half of specialist expertise in sustainable investing and ESG, Eugenia not only brings an incredible breadth of knowledge, but also true leadership in the investment management industry as we drive new ways of thinking about ESG analysis, integration and engagement.”

 

PGIM has a long track record of ESG integration and sustainable investing. For example, PGIM’s fundamental equities and fixed income businesses have actively integrated ESG factors into investment research and decision-making, analyzing ESG risks and opportunities with an eye toward potential negative or positive impacts on the value of investments. PGIM’s businesses have also responded to a strong and growing demand from clients to embed considerations of environmental and social sustainability, as well as the impact of investments on the environment and society, into PGIM’s investment research and product offering. PGIM’s real estate investment and financing business, PGIM Real Estate, has invested more than $5 billion across affordable housing and transformative development properties. PGIM Fixed Income has developed an ESG impact assessment framework and launched dedicated ESG strategies for institutional and retail clients, while PGIM’s private credit business, PGIM Private Capital, has actively invested in renewable power for the past 15 years.

 

“Given PGIM’s global scale and footprint, we have immense potential to make a positive impact and address many of today’s ESG challenges,” Unanyants-Jackson said. “I am thrilled for the opportunity to further advance PGIM’s ESG strategy and leverage our existing and in certain cases longstanding ESG capabilities to help our investors meet their sustainability objectives in coordination with each of PGIM’s businesses.”

 

Building on the foundation Unanyants-Jackson established, PGIM Fixed Income has named John Ploeg and Armelle de Vienne co-heads of ESG Research, reporting to Richard Greenwood, head of Credit. Ploeg, based in London, and de Vienne, based in Newark, will step into their roles February 1 2022, having previously worked as ESG specialists and regional team leads within PGIM Fixed Income’s ESG Research team.

 

Ploeg brings extensive investment experience having previously held roles in PGIM Fixed Income’s US and European CLO product management teams. Most recently, John has served as ESG specialist, actively engaging in all aspects of PGIM Fixed Income’s ESG approach, including the development of the firm’s ESG Impact ratings methodology, ESG engagement activities, and tracking ESG-related market and regulatory developments.

 

De Vienne most recently worked alongside Ploeg as an ESG specialist and U.S. team lead. Prior to joining PGIM Fixed Income in 2021, she worked at Rockefeller Capital Management and was responsible for equity and ESG research, stock selection, and ESG engagement for Rockefeller’s environmental impact strategies.

 

“We’re pleased to have John and Armelle take the helm leading ESG research for PGIM Fixed Income. Our credit analysts, investment teams and clients will undoubtedly benefit from their combined experience and continued efforts to grow our ESG capabilities,” said Mike Lillard, head of PGIM Fixed Income. “The ability to promote from within speaks to our talent model and the caliber of individuals driving our investment process. John and Armelle bring continuity to our ESG approach, a critical component as we partner with clients to invest in accordance with their ESG beliefs and objectives.”

 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1.5 trillion in assets under management as of Sept. 30, 2021. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

 

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

 

*PGIM is the investment management business of Prudential Financial, Inc. (PFI); PFI is the 10th largest investment manager (out of 477 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on May 31, 2021. This ranking represents global assets under management by PFI as of Dec. 31, 2020.

 

CONNECT WITH US:

Visit pgim.com
Join the conversation on Twitter@PGIM

Contacts

MEDIA CONTACTS
Lizzie Lowe

973-802-8786

lizzie.lowe@pgim.com

Sharan Kaur

+44 (0) 7866154772

Sharan.Kaur@pgim.com

Categories
Business Culture

Barbara Bilello named partner at RegentAtlantic

MORRISTOWN, N.J. — (BUSINESS WIRE) — RegentAtlantic announced today that Barbara Bilello, Wealth Advisor, has been named a Partner of the Firm. Barbara joined RegentAtlantic in 2017 with more than 25 years of experience in financial services. As a Wealth Advisor, Barbara works with high-net-worth clients and their families across generations.

 

She is the Co-Chair of the RegentAtlantic Wall Street Women Forum, celebrating its 12th year with the annual event to be held this spring at the New York Stock Exchange. Barbara has been named an honoree of Crain’s New York Business Notable LGBTQ Leaders and Executives in 2020, the inaugural list, and in 2021. A frequent guest speaker for both the LGBTQ community as well as regional organizations, she most recently appeared as a panelist for her alma mater Providence College’s webinar series on wealth management. Barbara is also an active volunteer for the Northern New Jersey chapter of the Pancreatic Cancer Action Network and has served on the board of Leading for Children, a nonprofit organization that provides early learning experiences.

 

Barbara began her career at Goldman, Sachs & Co. and U.S. Trust. She earned her B.A. from Providence College in Rhode Island. She and her family split their time between Williamsburg, Brooklyn and Asbury Park, New Jersey.

 

RegentAtlantic was recently named for the second consecutive year to the Barron’s ranking of America’s Top RIA Firms. The Barron’s list is by invitation only and limited to firms that meet the minimum eligibility requirements. RegentAtlantic is a Registered Investment Advisor with $6.1 billion in assets under management as of 12/31/2021.

Contacts

Tyrel Holston

RegentAtlantic

(973) 425-8420 ext. 262

THolston@regentatlantic.com

Categories
International & World Technology

Provenir appoints Emre Ünlüsoy to spearhead expansion in Turkey, Middle East and the Balkans

Industry veteran will lead regional team to meet growing demand

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — #AI—Provenir, a global leader in AI-powered risk decisioning software, today announced Emre Ünlüsoy has been appointed Regional Manager, following a year of record growth and continued global expansion. Ünlüsoy will oversee sales operations, business development and go-to-market strategies for Turkey, Middle East and the Balkans as Provenir responds to growing demand in the region.

Ünlüsoy brings extensive industry experience to his new role, having spent the last 15 years gaining expertise in analytics, decision management, credit decisioning and thwarting financial crime. Prior to joining Provenir, Emre served as a Country Manager at FICO, responsible for operations in Turkey, Middle East and the Balkans. He also held leadership positions at SAS, Experian, BAE Systems and Teradata.

 

“Emre is an outstanding leader with deep knowledge and experience in credit risk decisioning in the region and has a proven track record of successfully building teams,” said Frode Berg, Provenir’s Managing Director of EMEA. “We are seeing unprecedented demand from fintechs and challenger banks for real-time credit decisioning. They recognize that Provenir’s AI-powered decisioning platform brings together the three essential components of data, AI and decisioning and is the industry’s first, true risk decisioning ecosystem. Emre is uniquely qualified to engage with these innovators to create new market offerings.”

 

“Provenir has revolutionized how risk decisions are made to meet the ‘real-time’ expectations of today’s consumer,” said Emre. “I am delighted to be joining such a visionary team and helping organizations increase both the speed and accuracy of decision making.”

 

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem for financial services organizations. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience, users can create the platform-as-a-service (Paas) cloud solution that best fits their business needs.

 

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products form a risk decision engine for real-time approvals and make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 40 countries and processes more than 2 billion transactions annually.

Contacts

Erin Lutz

Lutz Public Relations and Marketing (for Provenir)

949-293-1055 | erin@lutzpr.com

Categories
Business

Brunswick Bancorp reports strong 2021 full year and fourth quarter financial results

NEW BRUNSWICK, N.J. —  (BUSINESS WIRE) — Brunswick Bancorp (“Brunswick” or “the Company”) (OTC: “BRBW”), the holding company for Brunswick Bank and Trust (“the Bank”), today reported its financial results for the full year and fourth quarter ended December 31, 2021.

 

Financial Highlights:

  • Total assets increased 17.80% to $372.2 million from December 31, 2020;
  • Loan portfolio increased 16.24% to $276.5 million from December 31, 2020;
  • Deposits increased 19.53% to $277.6 million from December 31, 2020;
  • Net income increased 24.51% to $3.367 million compared to the prior year period.
  • Net income per share increased to $1.19 per diluted share compared to $0.96 per diluted share in the prior year period.
  • Core earnings increased 206.35% compared to the prior year period.

 

“Brunswick Bancorp delivered strong results for 2021 from the execution of our strategic growth plan to increase top- and bottom-line performance,” said Nicholas A. Frungillo, Jr., President and Chief Executive Officer of the Company and the Bank. “Our continued focus on growth, cost reduction, marketing and business development have helped the Company realize substantial year-over-year growth in total assets, loans, deposits and net income.”

 

Mr. Frungillo continued, “Thanks to consistent execution of our strategic initiatives, we have more than tripled Brunswick’s return on average assets over the last four years and we believe that Brunswick is well positioned for continued success. While we are proud of the progress we have made, the Board and management team remain focused on improving our top- and bottom-line performance and enhancing shareholder value.”

 

Financial Summary for the Twelve Months ending December 31, 2021

At December 31, 2021, the Company had total assets of $372.2 million, an increase of $56.2 million or 17.80% over the December 31, 2020 total of $316.0 million. The growth was mainly driven by management’s previously implemented marketing and business development initiatives. Cash and due from banks was $35.1 million at December 31, 2021, an increase of $15.0 million or 74.47% over the prior year-end due to quarter end fluctuations and a $3.2 million loan paying off. The loan portfolio grew to $276.5 million at December 31, 2021, an increase of $38.6 million or 16.24% since December 31, 2020. Growth was primarily in loans secured by commercial real estate. The growth in the loan portfolio reflected loan originations of $83.1 million during the twelve months ended December 31, 2021, partially offset by $17.7 million in PPP loan forgiveness and $26.8 million in early payoffs. Securities increased to $42.1 million, up $1.8 million, or 4.36%, from the $40.4 million balance at December 31, 2020, as the Bank used excess liquidity to purchase securities to increase its yield over the fed funds rate.

 

Deposits grew to $277.6 million at December 31, 2021, an increase of $45.4 million, or 19.53%, from December 31, 2020 as a result of management’s increased marketing efforts. The average rate paid on the deposit portfolio declined to 0.58% for the twelve months ended December 31, 2021 from 1.30% for the comparable prior year period. FHLB borrowing increased by $15.0 million to $41.7 million at December 31, 2021 as the Bank locked in longer term borrowings at lower rates than retail deposits and to match fund certain loans. The Bank also was able to enter the Federal Reserve Bank’s PPPLF program, which allows the Bank to fund its PPP loans at a cost of 35 basis points with maturities matching the maturity of the PPP loans securing the borrowing.

 

Stockholders’ equity increased by $2.3 million to $44.6 million due to earnings retention net of the change in other comprehensive income/losses and a one-time special dividend paid in February 2021. The Bank meets all criteria to be considered “Well Capitalized.”

 

The Bank’s Net Interest Margin was 3.62% for the twelve months ended December 31, 2021 compared to 3.50% for the twelve months ended December 31, 2020. The Bank’s cost of deposits decreased to 0.58% for the twelve months ended December 31, 2021 from 1.30% for the comparative period in 2020 due to lower rates that prevailed during 2021. The Bank’s yield on interest earning assets decreased to 4.09% for the twelve months ended December 31, 2021 from 4.44% for the same period last year due to the lower rate environment.

 

Net interest income was $11.774 million for the twelve months ended December 31, 2021, an increase of $2.744 million, or 30.40%, from $9.029 million for the comparable period of 2020. Loan income grew to $12.779 million for the twelve months ending December 31, 2021, an increase of $1.816 million, or 16.56%, from $10.963 million for the same period a year ago due to higher outstanding balances. Interest expense was $1.517 million for the twelve months ended December 31, 2021, a decrease of $857 thousand, or 36.12%, when compared to $2.374 million for the same period a year ago due to lower market rates more than offsetting the increase in deposits.

 

Total other income was $1.723 million for the twelve months ended December 31, 2021, a decrease of $1.668 million or 49.20%, over the same period a year ago. The Company realized $453 thousand on the sale of SBA loans in 2021. Going forward, the Bank plans on continuing to sell off the guaranteed portion of SBA loans that it originates into the secondary market. During the prior period, the Company realized $2.201 million on the sale of its George Street branch and $159 thousand in gains on securities as the Company repositioned its investment portfolio. In 2020, the securities sold were replaced by similar securities with essentially the same effective duration and a nominally higher yield. Service fees on deposit accounts were flat for the twelve months ended December 31, 2021, when compared to the same period a year ago due to reduced activity during the COVID-19 pandemic.

 

Total non-interest expenses were $8.476 million for the twelve months ended December 31, 2021, an increase of $330 thousand, or 4.05% over the same period a year ago. Salaries increased by $184 thousand for the twelve months ended December 31, 2021 compared to the same period last year. Occupancy expenses declined to $596 thousand, a reduction of $187 thousand from the same period a year ago, as the Bank sold its George Street branch in the fourth quarter of 2020 and purchased its North Brunswick branch in May 2021. Other expenses grew by $343 thousand to $2.965 million for the twelve months ended December 31, 2021 when compared to $2.622 million for the same period a year ago, due to professional fees related to the 2021 proxy contest.

 

The provision for loan losses was $310 thousand for the twelve months ended December 31, 2021 as compared to $525 thousand for the same period a year ago. Management is actively monitoring the Bank’s loan portfolio in light of the continued economic uncertainty related to the COVID-19 pandemic and may increase provisions for loan losses in the future. In accordance with state and federal guidance, and to assist borrowers impacted by the COVID-19 pandemic, the Bank granted payment deferrals to affected borrowers. We provided payment deferrals on 85 loans with $53.5 million in outstanding principal. Of these loans, only two loans, with $2.6 million in principal, remain on principal deferral and are making interest only payments.

 

Net income was $3.367 million, or $1.19 per diluted share, for the twelve months ended December 31, 2021 compared to $2.705 million, or $0.96 per diluted share, for the same period a year ago, an increase of $663 thousand or 24.51%. Income before income taxes and provision for loan losses was $5.021 million, an increase of $747 thousand, or 17.47%, over the same period a year ago. Core earnings (adjusted as set forth in the chart below) increased by $2.195 million or 206.35% over the same period a year ago. The Company’s return on average assets (ROAA) for the year ended December 31, 2021 was 0.95%, compared to 0.96% for the year ended December 31, 2020. On a core basis, the Company’s ROAA for the year ended December 31, 2021 was 0.92%, compared to 0.38% for the year ended December 31, 2020.

 

Brunswick Bancorp
Core Earnings Comparison
Year Ended December 31

2021

2020

Income before income tax

4,711

3,749

Security gains

–

(159

)
OREO valuation

–

61

Gain on sale other assets

–

(2,221

)
Cash Surrender Value Life Ins.

–

15

Non-accrual income – Recovered

(75

)

–

George Street Adjustment

(78

)

–

Total

4,558

1,445

Tax effect

1,300

381

Operating income

3,258

1,064

YOY Increase

2,195

YOY %

206.35

%

 

Financial Summary for the Three Months ended December 31, 2021

Net interest income was $3.292 million for the three months ended December 31, 2021, an increase of $747 thousand, or 29.38%, from $2.544 million for the same period a year ago. Loan income was $3.497 million for the three months ending December 31, 2021, an increase of $638 thousand, or 22.34%, from $2.858 million for the same period a year ago due to higher outstanding balances. Interest expense was $351 thousand for the three months ended December 31, 2021, a decrease of $105 thousand, or 23.01% when compared to $456 thousand for the same period a year ago, primarily due to lower market interest rates more than offsetting the increase in deposits.

 

Total other income was $751 thousand for the three months ended December 31, 2021, a decrease of $1.762 million or 70.11% when compared to $2.514 million for the same period a year ago. During the fourth quarter of 2020, the Company realized $2.201 million in gains on the sale of its George Street branch. The Company realized $453 thousand in gains on the sale of SBA loans during 2021, while there were no such gains in 2020. Service fees on deposit accounts increased by $25 thousand or 15.72% for the three months ended December 31, 2021, when compared to service fees of $161 thousand for the same period a year ago.

 

Total non-interest expenses were $2.274 million for the three months ended December 31, 2021, an increase of $59 thousand, or 2.66% when compared to $2.215 million for the same period a year ago. Salaries increased by $83 thousand to $1.239 million for the three months ended December 31, 2021 compared to $1.156 million for the same period a year ago. Occupancy expenses decreased to $125 thousand, a reduction of $34 thousand from $160 thousand for the same period a year ago as the Bank sold its George Street branch in the fourth quarter of 2020 and purchased its North Brunswick branch in May 2021. Other expenses grew by $15 thousand to $866 thousand for the three months ended December 31, 2021 when compared to $851 thousand for the same period last year primarily due to an increase of $59 thousand related to OREO expenses.

 

There were no provisions for loan losses for the three months ended December 31, 2021 compared to $205 thousand in the comparable period a year ago. Management is actively monitoring the Bank’s loan portfolio in light of the continued economic uncertainty related to the COVID-19 pandemic and may increase provisions for loan losses in the future.

 

Net income was $1.238 million, or $0.44 per diluted share, for the three months ended December 31, 2021 compared to $1.859 million, or $0.66 per diluted share, for the same period a year ago, a decrease of $621 thousand or 33.42%, reflecting the sale of the George Street branch in 2020. Income before income taxes and provision for loan losses was $1.769 million, a decrease of $1.074 million, or 37.77%, over the same period a year ago. Core earnings increased by $944 thousand or 321.15% over the same period a year ago.

 

Brunswick Bancorp

Core Earnings Comparison

Quarter Ended December 31

Q 4 2021

Q 4 2020

Income before income tax

1,769

2,638

Gain on sale other assets

–

(2,221

)

Total

1,769

417

Tax effect

531

123

Operating income

1,238

294

QOQ Increase

944

QOQ %

321.15

%

 

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and the impact of the Covid-19 pandemic on the Company, the Bank and its customers. The Company does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

About Brunswick Bancorp

Brunswick Bancorp is the holding company for Brunswick Bank & Trust, a New Jersey chartered commercial bank which serves central New Jersey through its New Brunswick main office and four additional branch offices.

 

BRUNSWICK BANCORP REPORTS DECEMBER 31, 2021 RESULTS
BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
DECEMBER 31, 2021 and 2020 (UNAUDITED) December 31, December 31,

2021

2020

ASSETS
Cash and due from banks

$

35,096,857

$

20,116,224

Securities held to maturity, at amortized cost

2,366,957

3,524,079

Securities available for sale, at fair market value

39,757,972

36,839,298

Restricted bank stock, at cost

2,180,400

1,402,900

Loans receivable, net

276,522,265

237,886,288

Premises and equipment, net

4,856,705

4,350,047

Accrued interest receivable

905,547

875,142

Other real estate

4,894,031

4,894,031

Other assets

5,612,004

6,078,244

TOTAL ASSETS

$

372,192,738

$

315,966,252

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Non-interest bearing

$

74,814,362

$

58,462,505

Interest bearing

202,788,610

173,772,135

Total deposits

277,602,972

232,234,640

Borrowed funds

47,171,855

37,427,067

Accrued interest payable

401,859

589,403

Advances from borrowers for taxes and insurance

1,341,682

1,063,488

Other liabilities

1,081,641

2,360,991

TOTAL LIABILITIES

327,600,009

273,675,588

STOCKHOLDERS’ EQUITY
Preferred stock-no stated value
10,000,000 shares authorized and no shares
issued and outstanding at December 31, 2021.
Common stock – no par value
10,000,000 shares authorized;
3,042,803 and 3,036,603 shares issued at December 31, 2021 and 2020
Additional paid-in capital

7,983,422

7,797,214

Other Comprehensive (loss) income

(452,578

)

94,337

Retained earnings

38,677,345

36,014,573

Treasury stock at cost, 224,557 shares,

at December 31, 2021 and 2020

(1,615,460

)

(1,615,460

)
TOTAL STOCKHOLDERS’ EQUITY

44,592,729

42,290,664

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

372,192,738

$

315,966,252

Book Value per share

$

15.82

$

15.04

BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2021 and 2020 (UNAUDITED) December 31,

2021

2020

INTEREST INCOME
Interest and fees on loans

$

12,778,650

$

10,962,733

Interest on investments

424,020

349,603

Interest on balances with banks

88,109

91,466

TOTAL INTEREST INCOME

13,290,778

11,403,802

INTEREST EXPENSE
Interest on deposits

1,147,005

2,162,864

Interest on borrowed funds

369,801

211,473

Total interest expense

1,516,806

2,374,337

NET INTEREST INCOME

11,773,972

9,029,465

Provision for loan losses

310,000

525,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

11,463,972

8,504,465

OTHER INCOME
Service fees

672,207

672,544

Gain on sale of loans

453,331

–

Gain on sale of OREO

–

(60,635

)
Gain on sale securities AFS

–

159,183

Gain on sale of assets

–

2,200,713

Other income

596,978

418,831

TOTAL OTHER INCOME

1,722,516

3,390,635

OTHER EXPENSES
Salaries and employee benefits

4,737,952

4,553,696

Occupancy expenses

595,924

783,061

Equipment expenses

176,814

186,852

Other expenses

2,965,119

2,622,477

TOTAL OTHER EXPENSES

8,475,810

8,146,086

INCOME BEFORE INCOME TAX EXPENSE

4,710,679

3,749,014

Income tax expense

1,343,396

1,044,495

NET INCOME

$

3,367,283

$

2,704,519

Earnings per share

$

1.19

$

0.96

Earnings per share (Diluted)

$

1.19

$

0.96

BRUNSWICK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
QUARTER ENDED DECEMBER 31, 2021 and 2020 (UNAUDITED) December 31,

2021

2020

INTEREST INCOME
Interest and fees on loans

$

3,496,485

$

2,857,995

Interest on investments

122,950

127,373

Interest on balances with banks

22,958

14,404

TOTAL INTEREST INCOME

3,642,393

2,999,771

INTEREST EXPENSE
Interest on deposits

258,337

385,186

Interest on borrowed funds

92,417

70,392

Total interest expense

350,754

455,578

NET INTEREST INCOME

3,291,639

2,544,193

Provision for loan losses

–

205,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES

3,291,639

2,339,193

OTHER INCOME
Service fees

186,105

160,820

Gain on sale of loans

453,331

–

Gain on sale of assets

–

2,200,713

Other income

111,733

151,992

TOTAL OTHER INCOME

751,169

2,513,525

OTHER EXPENSES
Salaries and employee benefits

1,238,612

1,155,988

Occupancy expenses

125,461

159,787

Equipment expenses

43,249

47,666

Other expenses

866,419

851,478

TOTAL OTHER EXPENSES

2,273,741

2,214,919

INCOME BEFORE INCOME TAX EXPENSE

1,769,066

2,637,800

Income tax expense

531,483

778,933

NET INCOME

$

1,237,583

$

1,858,867

Earnings per share

$

0.44

$

0.66

Earnings per share (Diluted)

$

0.44

$

0.66

Contacts

Investors
Brunswick Bancorp

Nicholas A. Frungillo, Jr. – President / CEO

David Gazerwitz – VP / Treasurer

732-247-5800

Media
Paul Caminiti / Nicholas Leasure

Reevemark 212-433-4600

Categories
Business Education

Philip’s Academy Charter School of Paterson closes on 1.85-acre parcel purchase, groundbreaking ceremony set for Feb. 16, 2022 at 11 a.m.

CONSTRUCTION TO BEGIN ON NEW SCHOOL CAMPUS WHERE STUDENT HEARTS AND MINDS WILL SOON GROW

 

PATERSON, N.J. and WASHINGTON — (BUSINESS WIRE) — #charters—Philip’s Academy Charter School of Paterson and Building Hope today announced the closing of the transaction to purchase a 1.85-acre parcel in Paterson for the construction of Philip’s Academy’s new site. Construction on the property located at 94-124 Madison Avenue will begin in earnest next month, with a groundbreaking ceremony set for 11 a.m., Feb. 16, 2022. Members of the community are invited to join school leadership, families, and students at the ceremony.

“We’ve had our eye on a permanent home in Paterson for a long time, and this moment is one that is overwhelmingly meaningful,” said Philips’s Academy Charter School’s Founding Principal Regina Lauricella. “Environment unleashes potential is one of the five core values of Philip’s Academy, and this opportunity to develop a brand new building for our students and the greater community will allow us to actualize this piece of our mission.”

 

Philip’s Academy opened in 2016 with just 60 kindergartners and currently serves 435 kindergarten through fifth grade students in two different buildings in Paterson. This new site will enable Philip’s Academy to grow by 75 additional students each year and operate a single, kindergarten through eighth grade campus in Paterson for 675 students on a permanent basis.

 

“Paterson is in growth mode,” said Mayor Andre Sayegh. “Our youth are our future, and the development of top-tier educational facilities like the one Phillips will build deserves our support.”

 

As a non-profit, Building Hope sets charter schools up for success by helping them identify, finance, and construct viable facilities so that all students have access to a quality K-12 education. Building Hope is the leader for investments in and development of place-based charter school facilities customized to the program goals and the school culture, tailored to the market, and sensitive to urban planning and design.

 

In June 2021, Building Hope won an auction bid to purchase the parcel on behalf of Philip’s Academy. Vice President of Real Estate Jerry Zayets shared, “Development Director LeighAnne Daly’s dedication and commitment to helping the school create the community campus of their dreams is inspiring.” Ms. Daly has been working side-by-side with Philip’s Academy leadership, Studio Twenty-Seven Architecture, and O.A. Peterson Construction Company on planning and designing an affordable, top-tier charter school campus. The parties anticipate the new Philip’s Academy school campus will be open in fall 2023.

 

About Building Hope

Building Hope is a non-profit foundation created to support education and public charter schools. Since 2003, Building Hope’s purpose has been to identify and finance viable facilities so that all students have access to a quality K-12 education. Building Hope has grown the capacity of charter schools nationwide by providing facilities, financial, and operational services so that schools can focus on and devote more resources to educating students in underserved communities. Building Hope has supported 300 charter school projects and 150,000 students in 20 states and the District of Columbia, by providing more than $363 million in direct loans, credit enhancements, and equity investments to support $1.9 billion in school construction.

Contacts

Media:

Martha Holler

ShinePR for Building Hope

PR@buildinghope.org
buildinghope@shinepr.com

Categories
Business

AM Best places credit ratings of Arizona Automobile Insurance Company under review with negative implications

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Arizona Automobile Insurance Company (AAIC) (Phoenix, AZ).

These Credit Ratings (ratings) were placed under review following a signed definitive agreement under which Trexis Insurance Corporation (Trexis) will acquire AAIC from its parent company, Western National Mutual Insurance Company. Trexis is a member of Alfa Insurance Group, which has an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent).

 

AAIC is currently a participant in an intercompany pooling agreement with its parent company and affiliates. The negative implications status reflects the rating differential between the current and prospective ownership. While the exact timing of the sale is dependent on regulatory approval, management believes the most likely closing date will be March 1, 2022. The ratings will remain under review until the close of the transaction and AM Best completes its analysis of AAIC’s role in the new group.

 

The existing FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior), each with a stable outlook, for the following members of Western National Insurance Pool remain unchanged:

 

  • Western National Mutual Insurance Company
  • Western National Assurance Company
  • Pioneer Specialty Insurance Company
  • Umialik Insurance Company
  • American Freedom Insurance Company
  • Nevada General Insurance Company

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205
adib.nassery@ambest.com

Brian O’Larte
Director
+1 908 439 2200, ext. 5138
brian.o’larte@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Healthcare

Carbon Health launches large COVID-19 testing sites in South San Francisco, California, Montgomery Township and Plainsboro Township, New Jersey

Supports public health ecosystem by offering thousands of critical COVID-19 tests per day

SAN FRANCISCO — (BUSINESS WIRE) — Carbon Health, a leading omnichannel healthcare provider, announced three new large COVID-19 testing sites, in South San Francisco, California, and in Montgomery Township, New Jersey, and Plainsboro Township, New Jersey. These community-based sites offer thousands of COVID-19 tests in areas experiencing a surge of COVID-19 positivity rates due to the Omicron variant, with no out-of-pocket costs.

Throughout the pandemic, Carbon Health has been on the forefront of patient care, partnering with cities across the country on public testing initiatives, including administering more than 2.1 million COVID-19 tests and nearly 1.5 million vaccines. Throughout December 2021 and January 2022, Carbon Health performed nearly 4,000 tests per day and offered vital COVID-19 care nationwide at 100 clinics and via virtual appointments. For patients who test positive, Carbon Health offers its proprietary COVID Positive Care program that gives access to comprehensive urgent and virtual care evaluation, cutting-edge clinical protocols, symptom trackers, device monitoring, and therapeutic modalities including symptom management and monoclonal antibody therapy.

 

Carbon Health works closely with public partners, such as Montgomery Township and Plainsboro Township, New Jersey, and the City of South San Francisco, California, to understand their unique needs to create a rapid and community-oriented pandemic response. During the recent COVID-19 Omicron surge, New Jersey communities found it difficult to obtain at-home rapid tests, turning to overflowing urgent care clinics and emergency rooms or receiving delayed PCR test results.

 

“Due to the incredible demand for COVID-19 testing post-holidays, we were looking for a reliable partner to host COVID-19 testing clinics and Carbon Health more than delivered,” said Devangi Patel, Health Officer, Montgomery Township Health Department. “Carbon Health was able to — on short notice — mobilize their resources and scale up their capacity to run clinics in a matter of days. They took the time to understand our agency and our needs and helped us provide a much needed resource to our community right in town.”

 

“We are at a critical point in the fight against the pandemic, where the Omicron variant is rapidly spreading and is highly transmissible,” said Dr. Chirag Patel, Regional Clinical Director at Carbon Health. “Our nine clinics across central New Jersey are currently seeing 30% of COVID-19 tests coming back positive, up from 8% at the beginning of December. Every test helps our community make better-informed decisions to get kids back to school, keep businesses open, and end the surge.”

 

“Carbon Health is uniquely positioned for success in this effort thanks to our expertise and experience in a variety of areas including quickly mobilizing healthcare teams to launch massive testing sites, partnering with local municipal governments, and our ability to nimbly reduce and increase capacity, based on local needs,” said Nita Sommers, Chief Growth Officer at Carbon Health.

 

Testing Site Information:

Montgomery Township, NJ – Open Now

  • Location: Johnson & Johnson Consumer Products, Inc (Testing is administered in the lobby of the North Building)
  • Address: 199 Grandview Rd, Skillman, NJ 08558
  • Timing: Monday – Friday, 8 AM – 3 PM ET
  • Type of test: PCR
  • Turn around time: 24-48 hours
  • Sign-up for appointment here or available walk ups

Plainsboro Township, NJ – Open Now

  • Location: Princeton Alliance Church
  • Address: 20 Schalks Crossing Rd, Plainsboro Township, NJ 08536
  • Timing: Monday – Friday, 8 AM – 4 PM ET
  • Type of test: PCR
  • Turn around time: 24-48 hours
  • Sign-up for appointment here or available walk ups

South San Francisco, CA – Open Now

  • Address: 616 Linden Ave, South San Francisco, CA 94080
  • Timing: Monday – Friday, 8 AM – 12 PM PT, expanded hours beginning January 24
  • Type of test: PCR
  • Turn around time: 24-48 hours
  • Sign-up for appointment here or available walk ups

 

About Carbon Health

Carbon Health is a leading national healthcare provider with a mission to make high-quality healthcare accessible to everyone. Carbon Health offers primary and urgent care to nearly two-thirds of the U.S. Leveraging its unique technology platform, Carbon Health provides its patients with omnichannel care, designed to meet patients where they are by delivering care across a variety of access points, including in-person clinics, virtual care and remote patient monitoring (RPM). Carbon Health also focuses on value-based care and other value-add services to employers, health plans, health systems and other ecosystem partners.

 

Founded in 2015, Carbon Health is headquartered in San Francisco and backed by Atreides, Blackstone Horizon, Dragoneer Investment Group, Brookfield Technology Partners (BTP), Fifth Wall, Lux Capital, Silver Lake Waterman, DCVC, and Builders VC. To access Carbon Health, download the app (iTunes or Google Play) or visit carbonhealth.com.

Contacts

Lindsey Whitehouse, (413) 427-0103

lwhitehouse@carbonhealth.com
www.carbonhealth.com