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Q2 2020 Hope Bancorp Inc Earnings Call
LOS ANGELES Aug 1, 2020 (Thomson StreetEvents) -- Edited Transcript of Hope Bancorp Inc earnings conference call or presentation Friday, July 31, 2020 at 4:30:00pm GMT
TEXT version of Transcript
Corporate Participants
* Alex Ko
Hope Bancorp, Inc. - Executive VP & CFO
* Angie Yang
Hope Bancorp, Inc. - Senior VP and Director of IR & Corporate Communications
* Kevin Sung Kim
Hope Bancorp, Inc. - Chairman, President & CEO
* Peter Koh
Hope Bancorp, Inc. - Executive VP & Chief Credit Officer - Bank of Hope
Conference Call Participants
* Christopher Edward McGratty
Keefe, Bruyette, & Woods, Inc., Research Division - MD
* David Pipkin Feaster
Raymond James & Associates, Inc., Research Division - Research Analyst
* Gary Peter Tenner
D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst
* Matthew Timothy Clark
Piper Sandler & Co., Research Division - MD & Senior Research Analyst
Operator [1]
Good day, and welcome to Hope Bancorp's 2020 Second Quarter Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Angie Yang, Director of Investor Relations. Please go ahead.
Angie Yang, Hope Bancorp, Inc. - Senior VP and Director of IR & Corporate Communications [2]
Thank you, Andrew. Good morning, everyone, and thank you for joining us for the Hope Bancorp 2020 Second Quarter Investor Conference Call. As usual, we will begin -- we will be using a slide presentation to accompany our discussion this morning. If you have not done so already, please visit the Presentations page of our Investor Relations website to download a copy of the presentation; or if you are listening in through the webcast, you should be able to view the slides from your computer screen as we progress through the presentation.
Beginning on Slide 2, I'd like to begin with a brief statement regarding forward-looking remarks. The call today may contain forward-looking projections regarding the future financial performance of the company and future events. These statements are based on current expectations, estimates, forecasts, projections and management assumptions about the future performance of the company, including any impact as a result of the COVID-19 pandemic as well as the businesses and markets in which the company does and is expected to operate. These statements constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. We refer you to the documents the company files periodically with the SEC as well as the safe harbor statements in our press release issued yesterday. Hope Bancorp assumes no obligation to revise any forward-looking projections that may be made on today's call.
The company cautions that the complete financial results to be included in the quarterly report on Form 10-Q for the quarter ended June 30, 2020, could differ materially from the financial results being reported today. In addition, some of the information referenced on this call today are non-GAAP financial measures. Please refer to our 2020 second quarter earnings release for the reconciliation of GAAP to non-GAAP financial measures.
Now we have allotted 1 hour for this call. Presenting from the management's side today will be Kevin Kim, Hope Bancorp's Chairman, President and CEO; and Alex Ko, our Executive Vice President and Chief Financial Officer. Chief Credit Officer, Peter Koh, is also here with us today and will be available for the Q&A session.
With that, let me turn the call over to Kevin Kim. Kevin?
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [3]
Thank you, Angie. Good morning, everyone, and thank you for joining us today. Let's begin with Slide 3 with a brief overview of our financial results. We executed well despite the continuing challenges presented by the COVID-19 pandemic and delivered a solid quarter of earnings, driven by significant balance sheet growth and disciplined expense control. We generated net income of $26.8 million or $0.22 per diluted share in the second quarter, up from $26 million or $0.21 per diluted share in the preceding first quarter. To some extent, the environment created by the pandemic has accelerated our progress on a number of the longer-term strategic initiatives that we have in place to enhance our profitability and franchise value. First, we are more effectively leveraging our cost structure with the solid balance sheet growth we were able to generate, while maintaining disciplined expense control. Our noninterest expense to average assets ratio improved to 1.6% in the second quarter from 1.87% in the preceding first quarter.
Next, during the second quarter, we made significant progress with our deposit initiatives and had very strong inflows of core deposits, which has enabled us to continue improving our deposit mix. Our total deposits increased 10% from the end of the prior quarter, with the vast majority of that growth coming in noninterest-bearing deposits. As a result, noninterest-bearing deposits increased to 28.6% of total deposits at June 30, up from 24.7% a year earlier. Over the same time period, our time deposits have decreased from 46.7% to 35.1% of total deposits. The improved deposit mix combined with our ability to pass-through rate cuts to our deposit customers helped to reduce our cost of deposits to 87 basis points in the second quarter, a decline of 47 basis points from the preceding quarter.
Moving on to Slide 4. We had a strong quarter of business development, with total loans increasing at an annualized rate of approximately 9%. We originated $832 million in new loans in the second quarter, which was 33% higher than the preceding first quarter and 65% higher than the same quarter in 2019. $480 million of our loan production was attributable to the PPP program. The remaining $352 million of loan production came from our traditional business development efforts. Excluding the PPP loans, we had $216 million in commercial real estate loan production, nearly $62 million of C&I loan production and $74 million of consumer loan production, primarily consisting of residential mortgages. With our concentrated efforts to process PPP loans during the quarter, we had just a small amount of traditional SBA originations this quarter, approximately $6 million.
Moving on to Slide 5. I would like to share some additional information about the PPP loans that we originated in the second quarter. Excluding approximately $6 million of PPP loans that were paid off within 21 days of funding, we had a net $474 million of PPP loans for which we expect to earn in aggregate $18.7 million in lenders' fees. As shown on this slide, the vast majority of the PPP loans that we processed were in amounts less than $350,000 and earning a 5% fee. Looking at the number of PPP applications process, you can see that 96% of these loans were under $350,000 underscoring Bank of Hope's continued leadership position for the small business customers. While the vast majority of the PPP loans processed were for existing customers, we added 246 new customers that we hope to grow into larger relationships in the future.
Now moving on to Slide 6. Let me discuss the loan modification program we implemented to help our borrowers manage through the impact of the pandemic. At June 30, we had approximately $3.1 billion in loan modifications granted, accounting for 24.2% of our total loan portfolio. The majority of the modifications are payment deferrals related to our CRE portfolio with just $151 million for C&I loans and $147 million in consumer loans, which largely represents residential mortgage loans. In terms of timing, you can see in the chart at the bottom of the slide that the peak of our modifications was from mid-April to mid-May, and these modifications have fallen off significantly since then.
As you can see in the pie chart, the vast majority of our loan deferrals or more than 95% of loans modified were for a short duration of 90 days or less. We are now in the process of having discussions with these borrowers to determine their need, if any, for additional deferral support. We have been proactively reaching out to our customers throughout this pandemic crisis. While it is still too early to project with a high degree of accuracy due to the fluid situation, based on our discussions to date, we currently expect approximately 60%, plus or minus, of our commercial borrowers will request a second deferral. For those borrowers that will consider a second round of modification support will be requesting -- we will be requesting on a best effort basis, concessions in the form of additional collateral, payment reserves or some other type of credit enhancement like additional guarantees.
Moving on to Slide 7. The hospitality sector is clearly one of the industries that have been most heavily impacted by the pandemic. As such, we would anticipate the majority of our business customers requesting a second round of modifications will be from our hotel and motel borrowers. However, as previously noted, our hotel/motel portfolio is largely composed of limited service facilities and these properties have been much less impacted by the lockdown than the destination full-service hotel properties. We believe the rebound for these properties will be felt much sooner than the other type -- other property types in the hospitality sector. It is also a positive factor that 73% of our portfolio is represented by flag properties and 93% of our hotel/motel exposure is located in major MSAs in which we operate.
On another positive note, we are pleased to see that month-to-month occupancy trends have stabilized for a number of our larger hotel operators, and they have been able to operate at or near breakeven during the month of June. We also have some hotel borrowers who have already indicated they will not require a second deferral. Even though occupancy trends are down year-over-year, they have other sources of income or liquidity that will enable them to resume servicing their debt as agreed upon. That said, the duration of the pandemic and the impact it is having on customer behavior and the economy have been longer lasting than any of us would like. As a result, we expect the majority of our hotel/motel borrowers may need some additional support by way of payment relief until their cash flows further improve. Over the last quarter, we have undertaken a very comprehensive review of our hotel/motel portfolio loan by loan.
We analyzed each credit and place them into 1 of the 3 categories: low, medium or high, in terms of how long we believe it will take the property to stabilize and return to a more normalized level of occupancy and cash flow. This review took into account factors such as the location, the type of hotel, the customer base and current operating trends where available. Based on this review, approximately 75% of our hotel loans were placed in the low or medium categories. The remaining 25% that were placed in the high category include properties such as airport hotels, where we expect occupancy rates to lack a general economic recovery, given our assumption that business travel will remain muted for an extended period of time. However, when factoring in the low LTV and guarantor support on these loans, we believe should this scenario of an extended recovery period play out, any potential losses to be experienced on these loans will be manageable.
With regard to our retail portfolio, the majority of this is represented by strip mall types of properties, many of larger properties of which are anchored by grocery markets. And as we have noted before, the tenants of our retail CRE properties are largely service-oriented businesses. As most cities and states across the country are in various phases of reopening, many of these tenants are operating at some degree of limited service, observing social distancing requirements. As such, our retail property owners, by and large, are beginning to receive some level of rent payments from their tenants, and thus, we are beginning to see some stability for these borrowers. Based on our discussion to date with our retail CRE customers, we currently anticipate that a fair number of these borrowers will also need an additional round of deferrals, but not to the same extent of our hotel/motel operators.
Underscoring the impact of the COVID-19, we have further increased our coverage ratio as of June 30, 2020, to these 2 segments of our portfolio. For hotel/motel properties, the coverage ratio increased to 1.23% from 1.04% as of March 31, 2020. Excluding impact of purchase accounting discount, the coverage would be 1.41% for our hotel/motel portfolio. For retail CRE properties, the coverage ratio increased to 1.46% from 1.15% as of March 31, 2020. And excluding the impact of purchase accounting discount, the coverage ratio would be 1.6% for our retail CRE portfolio.
Now I will ask Alex to provide additional details on our financial performance for the second quarter. Alex?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [4]
Thank you, Kevin. Beginning with Slide 8. I will start with our net interest income, which totaled $109.8 million. This compares with $119.3 million in the preceding first quarter, which included $5.6 million in purchase accounting discount accretion due to a large payoff on acquired loans. While we had an increase in average loans and earnings assets, this was more than offset by a decline in our net interest margin. Our net interest margin declined by 52 basis points to 2.79% on a core basis. Excluding purchase accounting adjustment, our net interest margin declined by 33 basis points. Our core margin was largely impacted by our temporary increase in excess liquidity, which we expect to reduce and deploy in the second half of 2020. Without the increase in excess liquidity in the second quarter, our core margin would have declined by approximately 11 basis points for the second quarter. The compression in our net interest margin was largely attributable to a significant decline in our average loan yield due to the repricing of our variable rate loans following the 150 basis point reduction in rates in March.
In addition, our interest-earning assets included a significantly higher balance of lower-yielding assets due to the asset liquidity that was built up when the pandemic crisis emerged. Together with our strong growth in core deposits throughout the quarter, the excess liquidity had an adverse impact to our net interest margin. These factors were partially offset by a 59 basis point decline in our cost of interest-bearing deposits, reflecting rate reductions in our money market accounts and time deposits. Together with a $1 billion increase in noninterest-bearing deposits, our total cost of deposits declined 47 basis points from the prior quarter to 87 basis points.
On an accounting note, we are amortizing the fees earned on PPP loans over a 24-month expected life of these loans. In the second quarter of 2020, we recognized $2.57 million in PPP loan fees, and we would expect this amount to increase in the third quarter with a full quarter's contribution from our PPP loans. We believe the second quarter represents the trough in our net interest margin, and we expect to see some expansion in the second half of 2020 due to the following factors: First, given that we already had a full quarter's impact from the rate reductions in March, we should see relative stability in loan yields going forward, which should support growth in our interest income; second, we have additional opportunities to pass through lower rates on our deposits as our CDs are maturing at much higher rate than what is currently prevailing. So we expect to have continued reduction in deposit costs, which will help contain our interest expense; and finally, we have built up significant excess liquidity that we plan to redeploy into higher yielding earning assets and reduce higher costing deposits in the second half of the year. The magnitude and timing of the deployment of our excess liquidity will certainly be an important factor in the movement of our net interest margin. But we are currently expecting our net interest margin will expand throughout the second half of 2020 in excess of 3% by end of the fourth quarter.
Now moving on to Slide 9. Our noninterest income was $11.2 million for the 2020 second quarter, a decrease of 15% from the preceding first quarter. The decrease was largely due to the impact of COVID-19 lockdown, which resulted in a significant reduction in business activity and account transactions. As such, we had a decline in deposit service charges, reflecting reduced nonsubscription fund and analysis fees as well as lower international service and wire transfer fees. These reductions were partially offset by a higher loan servicing fees quarter-over-quarter.
Moving on to noninterest expenses on Slide 10. Our noninterest expense was $67 million, a decline of 7% from the preceding first quarter. In terms of significant variances, our salaries and employee benefit expenses declined by $3.7 million. This was primarily due to a significant increase in the number of loan transactions processed during the quarter as a result of SBA PPP program.
The other major factor contributing to lower noninterest expense was a reduction in our professional fees, which declined by $1.8 million or 54% quarter-over-quarter. I will note that this is the second consecutive quarter with a considerable reduction in professional fees. In the preceding first quarter, professional fees were down quarter-over-quarter by 45%.
During the pandemic, we have further tightened up discretionary spending across our organization, which resulted in decline across most expense line items, including advertising and marketing expenses. As the pandemic has continued and now expect to be a part of the new normal for some time, we have evaluated our staffing needs in light of the changes in our operation due to COVID-19. We are taking the perspective that this is an opportunity to more efficiently utilize our personnel. As a result, earlier in the third quarter, the company effected a 4% workforce reduction in light of the impact of COVID-19 pandemic is having on the economy and business environment. This will reduce our salary and benefit expenses by more than $1.5 million per quarter beginning with the third quarter.
I would just note that we have recorded a full amount of severance expenses related to this staff reduction of $780,000 in our compensation expense in the second quarter of 2020.
Our effective tax rate for the quarter was 26.8%, an increase from 19.9% in the prior quarter due to our higher level of projected pretax income compared with the projection on the prior quarter. For the remainder of the year, we are projecting an effective tax rate of approximately 23.5%.
Now moving on to Slide 11. I will discuss some of our key deposit trends. Our total deposits increased by 10% from the end of the prior quarter to a record $14.1 billion. We saw the strongest growth in noninterest-bearing deposits, which increased by approximately $1 billion or 34% from the end of the prior quarter. Approximately $326 million of the increase was attributable to PPP related deposits, while the rest largely reflect our commercial customers building up liquidity. This strong quarter-over-quarter increase in noninterest-bearing deposits contributed to the considerable reduction in our deposit costs in the second quarter. If you recall, our cost of deposits picked in the third quarter of 2019 before beginning a month-by-month declining trend to its lowest level in the years.
In the current third quarter, we have $1.6 billion of CDs maturing at an average blended rate of 1.81%. So we are looking forward to having another quarter of meaningful reductions in our cost of deposits.
Now moving on to Slide 12. I will review our asset quality. Due to our ability to work with our COVID-19 impacted borrowers under the CARES Act, despite the significant stress on the economy during the second quarter, we had relatively modest increases in delinquent loans, criticized loans and performing loans. Our loss experience, however, continued to be minimum, with net charge-offs representing just 2 basis points of average loans in the quarter.
Now moving on to Slide 13. We recorded a provision for credit losses of $17.5 million in the quarter, which increased our allowance for credit losses after net charge-off by $16.9 million to $161.8 million as of June 30, 2020. The provision for the second quarter reflects declines in the macroeconomic factors, enhanced qualitative factors, including additional reserve on top of that for our hotel/motel properties, and an additional management overlay for all COVID-19 modified loans. Our allowance for credit losses increased to $161.8 million as of June 30, 2020, from $144.9 million at the end of the first quarter.
Moving on to Slide 14. As a percentage of total loans, our allowance for credit losses increased to 1.26% at June 30 from 1.15% at March 31. When purchase accounting discounts are included, our coverage ratio increases to 1.54% of total loans or 1.6% of total loans if you also exclude PPP loans. As a side note, our PPP loans are included in our C&I portfolio.
Now moving on to Slide 15. Let me provide an overview of our liquidity and capital position. We entered COVID-19 pandemic from a strong position, and this was further strengthened with a strong buildup in liquidity during the quarter. The $1 billion increase in noninterest-bearing demand deposits was a major factor contributing to the reduction in our deposit costs, and certainly supported our liquidity needs during this volatile and uncertain pandemic crisis. Looking at our overall liquidity position, it remains very strong as of June 30, 2020, and our primary source of funds continues to be customer deposits. We also continue to maintain a robust capital position with our total risk-based capital ratio, Tier 1 common equity ratio and Tier 1 capital ratios, all strengthening from March 31, 2020. We also continue to grow equity with our book value per share and tangible common equity per share, increasing quarter-over-quarter by 1% and year-over-year by 5%. As of June 30, 2020, we maintained a meaningful cushion of excess capital above the minimum amount required to be considered well capitalized. We had a minimum 3.23% in cushion or $433 million in excess capital before any of our capital ratio reaches the well-capitalized threshold.
Finally, I would like to note that we have completed our quarterly goodwill impairment analysis, which took into account the recent decline in our bank valuations and a prolonged COVID-19 pandemic, and determine that no impairment has occurred.
With that, let me turn the call back to Kevin.
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [5]
Thank you, Alex. Let's move on to Slide 16. As we move into the second half of the year, we continue to deal with a great deal of uncertainty regarding the length and impact of the current crisis. Given the impact COVID-19 is having on the hospitality and retail sectors in particular, we are not currently pursuing new loans in these areas. And while this has had an impact on our loan pipeline, we are budgeting for meaningful loan growth for the full year driven by higher levels of business activity by our corporate banking, warehouse line and residential mortgage teams. In addition to relatively healthy loan growth, we anticipate that a number of other factors will contribute to improved performance in the second half of the year: First, as Alex mentioned, we believe we should see expansion in our net interest margin due to stabilization in our loan yields, continued reduction in our deposit costs and deployment of our excess liquidity; second, we continue to see strong demand for refinancings in our residential mortgage origination business, which should lead to higher levels of production and gain on sale; and finally, we will continue to look out for opportunities to make adjustments in our overall cost structure to reflect the new environment we are operating in. Alex mentioned the recent staff reductions we made will save approximately $1.5 million per quarter, and optimizing our use of human resources is an ongoing initiative that could result in additional cost savings in the future.
Over the longer term, the changes we are seeing in customer behavior, particularly related to the use of our digital banking platform during the pandemic, will certainly create additional opportunities for us to evaluate and optimize our branch footprint. While the crisis continues, we will remain conservative in our operating philosophies, maintaining a strong capital position, growing core deposits, staying disciplined in our expense control and building our credit loss reserve. We believe this will enable us to continue supporting our customers and communities while delivering solid performance for our shareholders. As we have been communicating to our customers and communities throughout the pandemic, with Hope, we will get through this together.
Now we would be happy to take your questions and add any additional color as requested. Operator, please open up the call.
Questions and Answers
Operator [1]
(Operator Instructions) First question comes from Matthew Clark of Piper Sandler.
Matthew Timothy Clark, Piper Sandler & Co., Research Division - MD & Senior Research Analyst [2]
In the press release, you mentioned additional initiatives in light of the new normal design to restructure our balance sheet. Can you just provide some more color on how you plan to restructure the balance sheet from here?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [3]
Sure, Matthew. Definitely, management believes balance sheet restructuring is one of the key to effectively deal with this very challenging environment. Let me start with our liquidity build up during the quarter. We have about $1 billion of noninterest-bearing deposits, and partially about $350 million is coming from PPP loan deposits. But the excess, like $700 million plus is coming from noninterest-bearing deposits from the customers, and we believe this is really strengthening our balance sheet position. Because if you recall, we had like 99% of loan-to-deposit ratio. And the funding side, we had a quite expensive funding costs we have had, but it was really management's real big focus is to stabilize the funding side, and we were able to achieve those low-cost funding side, which again enables us to kind of use effectively for our operating efficiencies. So with those good funding sources, our kind of strategy to the asset side is more fee income driven as well as dealing with, again, this very compressed interest rate environment. But certain products, such as warehouse businesses and also some mortgage businesses, given this rate environment, it is very attractive, especially for the warehouse businesses, the credit costs we have seen is very, very minimum, and fee incomes, we can also recognize from there. So the asset side, those are the areas. Obviously, we will continue to look for the industry verticals to specialize and maximize our earning asset opportunities.
And also, as we discussed during the prepared remarks and earlier discussion, expense control, we have made a quite good strategy implemented already, and we see the reduction started. But I think this will continue going forward. Examples of those expense controls, obviously, effective utilization of HR, human resources, which we already said, $1.5 million per quarter savings, but we will continue to do that. And also, we learned good lessons from the office space and optimization opportunities. We are reevaluating the office spaces or occupancy expenses. I think we can get some efficiencies from there. It might take a little bit time. I don't expect we have a big dollar amount of savings from the occupancies next quarter or two, but that's more longer. But certainly, we think that will be coming in terms of expense savings. And also branch consolidations, optimizing the branch locations and kind of recently, the technology-driven businesses convinced us that we can have much more branch -- effective branch consolidation which will save our expenses. So those are the kind of a high level basis of our balance sheet and expense saving strategy. This will continue and this will be our top priority to make sure we deliver the financial results at our optimal level in this very challenging environment.
Matthew Timothy Clark, Piper Sandler & Co., Research Division - MD & Senior Research Analyst [4]
Okay. Great. And then the core loan -- the new loan origination rate was 3.39%. I think that includes PPP, though. Do you have that rate ex PPP? And then I just loan yields being flat from here. I think the core loan yield was 4.21% ex purchase accounting. So I'm just trying to make sure we're on the same page in terms of flat yield -- loan yields and where the new business came on, on a core basis.
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [5]
Yes. Given this PPP contractual coupon rate is 1%. But we have loan fees or lender fee because our majority of those PPP loans are under $350,000 at a rate of 5% we can earn. So reflecting those amortization of those lender fee, the effective interest rate for those PPP was about 3.4%. So it's not that different from what we originated all the loans, including PPP. So I think it's in the neighborhood of 3.4% as well for the new originations, including PPP and just separate the PPP, it's at 3.39% or 3.4%. And also total loan yield, the actual loan yield, we had 4.23%. But without the PPP, it's very minor changes, it's 4.25%. So only 2 basis point differences.
Matthew Timothy Clark, Piper Sandler & Co., Research Division - MD & Senior Research Analyst [6]
Okay. I guess what I'm getting at is how are loan yields going to stay flat if you're putting on new production at 3.40%.
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [7]
And Matthew, keep in mind that the -- during the second quarter, we had a very low level of SBA loan productions because our resources were tied to the PPP activities. In the second half of the year, we expect a robust production from the SBA unit. The SBA rates are much more lucrative than the other type of loans, and I think they will make some difference in the second half also.
Matthew Timothy Clark, Piper Sandler & Co., Research Division - MD & Senior Research Analyst [8]
Okay. And then just circling back to the excess liquidity, the strong noninterest-bearing deposit growth, excluding the PPP, that's 700 -- sorry, $650 million or so. I guess, what's your sense that all of that sticks, just given that the people pay their tax -- were able to pay their taxes July 15 and, obviously, there's some stimulus money in there that's likely to get spent. I guess how much of that do you actually think is going to stick?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [9]
Sure. I think it's really difficult to have a real accurate expectation because there is so many moving parts. As you mentioned, the forgivenesses of those in the period, also the depositors, their own liquidity built up or their operating philosophy or their expectation. However, I also wanted to talk about non PPP deposits that we gathered. I know you asked about $350 million of PPP specifically. Maybe that given the kind of expense -- qualified expense period extended from 8 to 24 weeks. So just considering 24 weeks, maybe majority of that $350 million can be draw down or utilized during the Q4. That would be our expectation. But the remaining $650 million, actually it is a little bit more than $650 million, that we expect to stay much longer period. When we look at the actual composition of this $1 billion DDA increases, we saw about 800 new customers who never had a business with us, but they started business with us. So we believe that noninterest-bearing deposit, new customers, in this environment, very important. So we will try to serve them and retain them as much as we can. So I would expect that the remaining $650 million or $700 million, the attrition, if any, will be minimum. And to support that, we have a look at the actual noninterest-bearing deposit balances subsequent to June 30. And as of, actually, last night, when I checked it, the balance was very stable. It didn't change. So 1 month, it didn't change at all. So we will see, but I think this is really great for us to secure our funding at a very low cost, which is one of our key strategy to enhance our net interest margin and the profitability going forward.
Operator [10]
Our next question comes from Chris McGratty of KBW.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [11]
I just want to go back to your mix (technical difficulty) interest, that 3% margin by the end of this year...
Operator [12]
Sir, if you can speak up. It's kind of breaking up, sir.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [13]
Is that better?
Operator [14]
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [15]
It's better, Chris.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [16]
Sorry about that. Is that better, Alex?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [17]
Yes. Yes.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [18]
Okay. Great. Sorry about that. I am on a cell. The guidance on the margin and net interest income. I think you said reported margin was 3% by the end of the year. Is that correct? Does that include some accretion and the PPP contribution in that?
Angie Yang, Hope Bancorp, Inc. - Senior VP and Director of IR & Corporate Communications [19]
Okay, Chris, I'm going to try and repeat your question because it was difficult to hear. He's asking about our new guidance reaching in excess of 3% and whether that includes accretion, the purchase discount?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [20]
Yes. Okay. Thank you, Angie. Sorry. Yes. Yes, to answer your question, Chris, yes, it does include. But I think the core kind of margin is more important. And as you know, we have accretion income. And last quarter, in Q1, we have accretion income like 5 -- more than $5 million, which kind of overstated in Q1, but it does actually have an impact in the second quarter, looks like a much bigger margin compression. Actually, it did have an 18 basis point of accretion differences, which impacted negatively on net interest margin. So our projection for 3% or higher until the year-end is just core deposits -- core net interest margin, assuming the consistent accretion embedded there. And I don't think we have -- I don't anticipate a big payoff or pay down or charge-off on the purchase loan. So it will be stable, and that does include in our 3% or higher our margin expectation.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [21]
That's helpful. And in terms of just net interest income dollars, obviously, appreciate all the moving parts of the balance sheet and liquidity. Should we expect stability in net interest income, growth in net interest income, modest pressure? I'm just trying to get a sense of where to start for the end of the year.
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [22]
Sure. Net interest income -- yes, as we discussed, I don't anticipate, and also I think as Fed said, they would maintain the interest rate at this rate for like next year or like for the time being. And assuming there's no big interest rate, market interest changes, our loan yield, I don't think it will have a significant changes, especially, I don't think it will decrease much further because we did have already 150 basis point rate reduction in full to our variable rate loans, and it is very low loan we are earning already. But I think on the deposit side is we have more flexibility where we can continue to better, meaning the CD that is maturing for Q3, as I said, like it's a 1.81%, but we can renew it in the neighborhood of 65 basis points and also continuously monitor our money market account, and we reduce the rate. And I didn't see any real alarming negative reaction from our depositors from the rate that we continue to lower. So with that, I think net interest income, I don't think it will go back to like a year ago level, given the rate environment, but the dollar amount of net interest income, I think it will be stabilized going forward.
Christopher Edward McGratty, Keefe, Bruyette, & Woods, Inc., Research Division - MD [23]
Okay. That's helpful. And just I was hoping to clear on the expenses. So this quarter included a little over $5 million benefit from the PPP originations. You have merger -- severance costs in there as well. And then you announced the $1.5 million perspective savings. How do I think about all of this for expense levels in the back half of the year? Just absolute like where should the run rate be?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [24]
Sure. The run rate, I would expect it will increase from Q2. Reason, as you mentioned, we had a $5.2 million of PPP loan origination costs, I don't think we will have that repeated going forward. But those will be offset by our already executed HR optimization plan over $1.5 million savings. So those 2 will have, let's say, about $3.5 million increase compared to Q2 going forward. But as I said, it's kind of expense control is management kind of how focuses that I mentioned, like branch rationalizations and continued professional fee reductions. If you recall, as I said, we have a quite elevated level of professional fees last year, but we have been continuously reducing it. And I think there is a further room for us to reduce a little bit. So with all those, I think about $70 million of a run rate, I feel comfortable to say that. And in terms of efficiency ratio, it will be in the neighborhood of, let's say, 55%. And net interest expense over average asset ratio, it will be between like 1.65% or 1.6% ranges.
Operator [25]
(Operator Instructions) The next question comes from Gary Tenner with D.A. Davidson.
Gary Peter Tenner, D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst [26]
Alex, I wonder if you have the average PPP loans outstanding for the quarter versus the 480 -- or $474 million at quarter end?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [27]
Sure. We have a total origination balance of $474 million after $6 million paid off. The average balance for Q2 for PPP was about $343 million.
Gary Peter Tenner, D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst [28]
Okay. And then I just wanted to follow-up. In terms of your comments on the amount of deposit stickiness, which ex PPP related deposits you feel pretty good about. When you talk about kind of using that excess liquidity, part of it maybe goes into loan growth, which you all seem positive on for the back half of the year. But any other plans in terms of the investment portfolio? Do you have any goals for how you like that balance to look towards the end of the year?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [29]
Yes, sure. In terms of our investment portfolio in conjunction with our increased or excess liquidity, actually, second half -- no, actually, 2/3 of the second quarter, we started to purchase investment securities. So total, the amount of investment security that we purchased was in excess of $300 million. And the yield is not that great, given, again, the interest rate environment. But I think we would like because excess liquidity deployment plan is very important. That does have a direct impact to our net interest income and margin. And our priority is, obviously, higher earning assets, i.e., loan portfolio, which includes warehouse and mortgage. And as Kevin mentioned, our SBA production for the second quarter was only $6 million, and I would expect the SBA production will pick up. So if we have the deployment of our excess to the loan, again, that will be our priority. But I think having investment security purchase as a backup or alternative to use the excess liquidity, we will continue to look for and continue to purchase the investment security.
Gary Peter Tenner, D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst [30]
Okay. And then just to go back to the expectations for meaningful loan growth, I think as it was put in the slide deck, I assume that, that is kind of on the base of loans occurred end excluding the PPP balances?
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [31]
Yes, fair. Yes, that's fair. That's fair. And year-over-year, we expect high single-digit or low double-digit growth.
Gary Peter Tenner, D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst [32]
Okay. And then last question for me, I think. You guys delayed the earnings release because of the kind of challenges of completing the goodwill impairment. I just wonder if you could talk about that a little bit, given where the stock is trading at the deep discount to tangible book kind of how that process went? And obviously, you didn't occur any goodwill this quarter. So any comments on that.
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [33]
Sure. Let me start with what was the reason why we spent time. Actually, we were very cautious to make sure we do the right assessment, and we wanted to give our accountant enough time so that their actually national office signed off our management's assessment. And the triggering event was, as you mentioned, our stock price, where we are traded. Compared to even tangible book value, our trade value is much lower. So having that triggering event, we did have a robust analysis of our goodwill impairment by looking at income approaches. And as a kind of accounting terminology, income -- actually, valuation terminology, income approach versus fair market value approaches. Fair market value approaches, that's kind of our trade stock value, which does seem to be much lower, which might lead to a goodwill impairment. But actually, we look at our income approaches, which makes more sense. And this income approaches take into the consideration of our future income going forward. At 5 years with more accurate projection, the growth rate and then also after the terminal value we use.
So long story short. Based on our projected income, discounted with right amount of discount rate, we concluded we have a significant amount of cushion or the excess fair value over book value. So we have a total of $465 million of goodwill and a cushion that we come up with was about $700 million. So we believe that was good enough, but our auditor definitely needs to make sure. So we wanted to make sure everybody be comfortable with that. So going forward, we will continue to have the assessment unless our stock price bounced back to the level that we wanted to. So -- but given the significant amount of excess fair valuable, book value that we have determined as of June 30, going forward, we will continue to do assessment, but unless there is a really unexpected big changes of our expected earnings or something, I don't know, we will assess again, but less likely that immediate quarters will have a different conclusion on our goodwill impairment.
Gary Peter Tenner, D.A. Davidson & Co., Research Division - Senior VP & Senior Research Analyst [34]
Okay. That's great color, Alex. I appreciate it. And actually, if I could squeeze 1 last question in. Your dividend payout ratio is around the 65% to 70% range based on the first half of the year earnings. What are the current thoughts you're having in terms of the dividend payout going forward?
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [35]
Yes. We feel comfortable about the dividend payout ratio that we currently have. And our intention is to keep on -- keep our quarterly dividend at current levels, absent any material unexpected developments in the future. This is based upon our strong capital ratios. We feel very comfortable with our capital situation, including our Tier 1 common equity ratio. And we regularly perform rigorous stress testing analysis on our capital situation. And based upon what we have so far, we expect and we intend to keep our quarterly dividend at current levels. But that is something that we have to assess every quarter, but that is currently what we have in mind.
Operator [36]
Next question comes from David Feaster of Raymond James.
David Pipkin Feaster, Raymond James & Associates, Inc., Research Division - Research Analyst [37]
I just wanted to start out on the commentary about loan growth. I'm just curious; a, have you guys tightened the credit box at all with regards to new loans? And then, b, where are you seeing demand within that commercial segment, where are you seeing demand? And where are you interested in growing?
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [38]
Well, as I mentioned in the prepared script, our corporate banking group, our warehouse line business unit and our mortgage unit, those are the units that we expect to be most active in the second half of the year. In terms of mortgage productions, we did not have a very productive first and second quarter, but I think that we have a very nice pipeline building up right now. And the reason that the performance was not as good as we would like to see was because of some of our operations in the back office. And I think we have resolved all the issues. So I think we can have a much better mortgage productions. And in addition, we are starting up a non-QM loan program, which we plan to retain on our portfolio. So that will contribute to the loan growth. And as you can easily see, our corporate banking group and warehouse line business unit are the major units, who will contribute to the growth.
David Pipkin Feaster, Raymond James & Associates, Inc., Research Division - Research Analyst [39]
Yes. Then within there, have you tightened up underwriting standards at all or the credit box within the corporate banking space at all? And then again, within corporate banking, what -- where are you seeing demand, what segments, and where are you interested in growing?
Peter Koh, Hope Bancorp, Inc. - Executive VP & Chief Credit Officer - Bank of Hope [40]
Actually, this is Peter. So in terms of the credit box, overall, we have tightened the credit box in areas that we see impact from the COVID pandemic. So obviously, our CRE portfolio in various places like hotels and retail definitely, we have built a lot more buffer or actually done some moratoriums. In corporate banking, there are opportunities in that sector with basically maintaining the same credit box, we're finding good opportunities to grow. Whether that is in asset managers or capital call lines, telecom industries, we see various opportunities throughout that we see some pipeline -- meaningful pipelines building.
David Pipkin Feaster, Raymond James & Associates, Inc., Research Division - Research Analyst [41]
Okay. That's helpful. And then I guess just on the redeferrals. Appreciate all the commentary that you guys gave. Just curious as these redeferrals start coming in, would you expect to see additional risk rating downgrades in reserve builds in the back half of the year? And maybe I guess, just how do you think about the overall reserve and your comfort level there?
Peter Koh, Hope Bancorp, Inc. - Executive VP & Chief Credit Officer - Bank of Hope [42]
Sure. We feel comfortable with the level of reserves as we have assessed the portfolio very closely. I think we've done very deep dive assessments in particularly the higher risk areas, such as the hotel and the retail as well as our C&I portfolio. So we feel comfortable where we are now. As we move forward, obviously, there's a lot of uncertainties in the marketplace right now. So it really depends on the speed of the economic recovery, the success and speed of health vaccines, treatments for the coronavirus, a lot of variables in place. So unless we see further deterioration in the portfolio. Right now, these loans are basically put into a past watch COVID-19 rated grade. And so the impact on reserve levels are starting to build, as you have seen in the second quarter. As we move forward, we just have to see how fast the recovery pace is for our borrowers.
As we mentioned in our prepared remarks, as we assess the hotel portfolio, which is, I think everyone is looking at that as one of the higher exposures. Really, as expected, what we're finding, as we do an individual loan assessment, is that these hotels are much more limited service, local or drive to destination type of hotels. And so we have seen less of an impact. Obviously, there's been impact through the months of March and April through some of the artificial kind of closures of the economy. But in the months of June and July, we look at both the metro regions. So we're looking at individual county hotel data that's coming out from industry reports as well as comparing that to our actual portfolio performance, and we're actually seeing hotel recoveries in our portfolio starting to definitely pick up. And we actually have seen some hotels reach even breakeven points already. So we are monitoring this situation very closely. I think we'll continue to assess the risk ratings as we move forward, as we always do. And we'll really have to kind of see how the recovery looks like.
David Pipkin Feaster, Raymond James & Associates, Inc., Research Division - Research Analyst [43]
Okay. That's terrific. And then just one more kind of -- a couple of quick button-up ones. Do you have the levels of purchase accounting remaining on the books? Does that 3% margin target by the fourth quarter, is that inclusive of the PPP? And then maybe what are your expectations for the timing of PPP fees?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [44]
Sure. The remaining total $36 million -- actually $26 million remaining on the PCD discount we have. And as I kind of answered to Chris' question earlier, this accretion impact is reflected on the 3% or slightly higher net interest margin forecast by Q4. And this, actually, as you know, the discount is continuously decreasing as we amortize or recognize as interest income.
David Pipkin Feaster, Raymond James & Associates, Inc., Research Division - Research Analyst [45]
And then just the expectations for the timing of the PPP fees?
Alex Ko, Hope Bancorp, Inc. - Executive VP & CFO [46]
Sure, sure. Got it, got it, got it. We -- I think we also mentioned during the prescript -- the script, we estimate over the next 2 years, 24 months, we will amortize over the period using a straight-line method. So including the loan fee and the loan cost, in terms of dollar amount, we recognize about $2.9 million in Q3 and going forward, it will be a little bit higher than Q2 -- compared to Q2. So it would be about $3.9 million in Q3, we'll recognize as income. So that will, again, spread out the next 24 months.
Operator [47]
This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.
Kevin Sung Kim, Hope Bancorp, Inc. - Chairman, President & CEO [48]
Thank you. Once again, thank you all for joining us today. We hope everyone of you stay safe and healthy, and we look forward to speaking with you again next quarter. So long, everyone.
Operator [49]
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.


text:
Martin Baum (agent)
Martin "Marty" Baum (March 2, 1924 – November 5, 2010) was an American talent agent known for his work at the Creative Artists Agency (CAA), including the first head of the agency's motion picture department.[1] During his career, which spanned from the 1940s until 2010, his client list at CAA and other agencies included Bette Davis, Bo Derek, Richard Attenborough, Red Buttons, Maggie Smith and Rock Hudson.[1] Baum was also the President of ABC Pictures, the film division of the American Broadcasting Company (ABC), from 1968 until 1971.[1]
Early life
Baum, a native of New York City, was born on March 2, 1924.[1] He enlisted in the U.S. Army during World War II while still in high school, taking part in the Allied Normandy landings in France.[2][3] He initially worked as a stage manager following the war, and decided to become a talent agent after a series of failed stage productions.[1]
Baum and Abe Newborn co-founded their own talent agency, Baum-Newborn Agency, in 1948, which proved profitable.[1] They later sold the firm to General Artists Corp (GAC).[1] Baum moved to Los Angeles in 1960 when he became the head of GAC's motion picture talent division.[1] Baum then joined Ashley Famous Agency after leaving GAC.
He then formed his own agency, the Martin Baum Agency, which later merged with the Creative Artists Agency (CAA).[1]
In the interim, Baum became the head of ABC Pictures in 1968, the film division of American Broadcasting Company (ABC). As President, Baum oversaw the production of a number of films, including They Shoot Horses, Don't They? (1969), Straw Dogs (1971) and Cabaret (1972).[1] His client Gig Young won the Academy Award for Best Supporting Actor for his role in They Shoot Horses, Don't They?.[1] Young later bequethed Baum his Oscar statuette following his suicide in 1978.[1]
Throughout his career Baum earned the reputation as a "packager", according to the Los Angeles Times. Baum brought together various clients whom he represented, such as actors, screenwriters and film directors, and then "package" them together in a proposal to a film studio or production company. Baum proved instrumental in packaging together three of his clients, James Poe, actor Sidney Poitier and director Ralph Nelson to create the 1963 film Lilies of the Field.[1] Poitier won the Academy Award for Best Actor for the film, becoming the first African American actor to win the award.
In 1960, Baum partnered with Baum & Newborn Theatrical Agency to begin producing films and television in addition to his work as a publicist.[2] He became a production executive at both Optimus Productions and Creative Management Association.[2] Baum's credits as a producer included The Last Valley, Bring Me the Head of Alfredo Garcia, The Wilby Conspiracy and The Killer Elite, all of which were released in the 1970s.[3]
In 1976,[3] the five founding partners of the Creative Artists Agency (CAA) – Michael S. Rosenfeld, Michael Ovitz, Ron Meyer, William Haber and Rowland Perkins – proposed that Martin Baum join the CAA.[3] The five publicists had formed the CAA in 1975 after they departed the William Morris Agency (WMA).[3] Baum accepted the offer, completing the merger of his Martin Baum Agency with the CAA on October 11, 1976.[3] [2] Baum brought an extensive client list to the CAA when he joined the agency, including Peter Sellers and Sidney Poitier.[1] More importantly to CAA founders, the merger with Baum's agency added legitimacy to the CAA, which had only been founded one year prior to their overture to Baum.[1][2] Baum became the first head of the CAA's motion picture division.[1] He remained a fixture at the CAA until shortly before his death in 2010.[2]
Baum accumulated an extensive client list throughout his career. In addition to Sidney Poitier and Gig Young, his clients included Carroll O'Connor, Dyan Cannon, Gene Wilder, Julie Andrews, Richard Harris, Richard Attenborough, Maggie Smith, Harry Belafonte, Stockard Channing, Joanne Woodward, John Cassavetes, Blake Edwards, Bette Davis, Gena Rowlands, Rod Steiger, Cliff Robertson and Red Buttons at various times throughout his career.[1][3]
Martin Baum died at his home in Beverly Hills, California on November 5, 2010 at the age of 86.[1] He was survived by his daughter, Fern; son, Rich; three grandchildren; and his girlfriend of twelve years, Vicki Sanchez. His wife, Bernice Baum, died in 1997.[1]
- ^ a b c d e f g h i j k l m n o p q r s Noland, Claire (2010-11-07). "Martin Baum dies at 86; Hollywood agent represented A-list talent". Los Angeles Times. http://www.latimes.com/news/obituaries/la-me-martin-baum-20101107,0,1153274.story. Retrieved 2010-11-21.
- ^ a b c d e f Popescu, Adam (2010-11-12). "Creative Artist Agency's Martin Baum Dies At 86". Beverly Hills Courier. http://www.bhcourier.com/article/Local_News/Local_News/Creative_Artist_Agencys_Martin_Baum_Dies_At_86/72649. Retrieved 2010-11-21.
- ^ a b c d e f g Littleton, Cynthia (2010-11-06). "Agent Martin Baum dies at 86". Variety Magazine. http://www.variety.com/article/VR1118027023?refCatId=13. Retrieved 2010-11-23.
- American talent agents
- People from Beverly Hills, California
- People from New York City
- American military personnel of World War II
- 1924 births
- 2010 deaths
- American Broadcasting Company executives
Wikimedia Foundation. 2010.
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subset: commoncrawl


text:
The changes in the political situation and the debt reduction seemed to have put Greece on a track for a reversal of the negative spiral of derailed fiscal consolidation and austerity-induced recession, after two substantial haircuts on Greek sovereign debt, the PSI of February 2012 and the buy-back of December 2012, two gigantic bailout loans with unprecedented concessions on their repayment terms and even greater liquidity provision. Given this unparalleled international effort, Greece has not been able to exit its crisis and enter a path of economic recovery due to the systemic character of the crisis, and the problem of the "fragility of the eurozone", which creates a vicious circle of shocks being transmitted from the government to the banking sector and from the banking sector to the government. The experienced reactions are consistent with wider descriptions of the Greek mentality, and the handling of the crisis revealed by the Greek political system a failure of communication to the public of the need for austerity and the criticality of the situation, and co-ordination among political parties.
During the last three years, all thinking people in Greece are watching with some embarrassment and of course anxiously, statements and publications of the Finance Minister "Global Thinker and Local Actor" Yanis Varoufakis. Undoubtedly he is a man who has monopolized the interest of the entire world community more than Alexis Tsipras, PM. Coming from a class of people who know very well the university community and certainly their childhood diseases I defend people in the court room attempting to uphold the requirement of a fair trial and the prerequisite of the defendant's fundamental rights. So my first interim finding, in terms of a "prosecution", is that this government is ravenous for promotion and famished by publicity. Ιthought that my education does not allow me to stick to Yani's external eccentric and bizarre reactions during his TV interviews, since it is not the only case but Yanis certainly was the case knocked louder in everyone's ears and eyes, moreover his aesthetic choices particularly helped in this direction and not unconsciously. Ι had to look for his writings and through reading understand his thoughts and especially motives and intentions. After reading his Global Minotaur and the Modern political Economics, his Game Theory and Rational Conflict, I found Yanis a sufficient academia and I am very glad he is not insane, moreover I am proud he knows exactly the terms of use during the academical negotiations.
Yanis can't avoid his weakness, as all human beings; like another hermit scholar, who sat in his office writing incomprehensible articles and thick books, addressing to an international audience of about two hundred familiar people, the crisis broke his little oasis. He was found heard and read from crowds unknown, both in Greece and abroad. Yanis does not hide that he feels embarrassed. Especially when he has to deliver within two minutes, a view on an issue of timeliness.
Yanis's six explanations of what happened, especially his toxic theories are really highly instructive as to the collapse of the banking system in the United States after 2008. But that problem was not associated with the Greek crisis, nor the Greek culture. Neither the reactions of the Greeks in any novelty. neither the systemic reaction of organized minorities disguised by the mantle of the unionism and the syndicalism. Yanis is right; adopting a guess where its internal logic doesn't hold is wrong. But betting the fate of the world capitalism in such a conjecture is verging the crime.
Two economists, Robert Merton and Myron Scholes, received the Nobel Prize in 1997, and they were able to convince not only the jury of the Nobel prizes, but all mankind, for their ability to calculate the odds of facts to happen, such as a sequence of bankruptcies, which in the model itself considered impossible to be calculated.
Has Yanis thought that he may be verging the same crime? In his book, the Global Minotaur, also available in German, Greek, Italian, Spanish, Czech and, most recently, in Finnish, Yanis gives the explanation of what the government is doing today: The answer lies in the field of mass psychology rather than that of economics; economists did something that happened only in the realm of propaganda, which today is known as of marketing, they renamed ignorance and designated as a form of temporary knowledge, they renamed the uncertainty to a harmless risk, they renamed the inexplicable unemployment to a natural rate of unemployment. In Yanis' words "…the artful deception by the economists concerns everyone, and not only the academia, behind every economic policy which has an incalculable impact on our lives is hidden a toxic economic doctrine…". The elephant in the room, so to speak, is a stumbling Minotaur. Yanis argues that the current financial problems are connected to the emerging fault lines of the international monetary system. The US (the Minotaur) used to govern the international monetary system, but no more; and this crucially means that there is no surplus recycling mechanism that can reliably stabilise the world economy. As Manolis Glezos declared via his Movement for Active Citizens website "renaming the Troika into Institutions, the Memorandum of Understanding into Agreement and the lenders into partners, you do not change the previous situations as in the case renaming meat into fish."
It is quite obvious that SYRIZA is now able to comprehend that the stabilisation of the world economy does not boot by disrupting the foundations of the European Unification. Nash's equilibrium as a sign of respect in his memory could eventually be very helpful for this conclusion, since the Game Theory has been critically commented by Yanis; refinement of John Nash's 1950 definition aim primarily to distinguish equilibria in which implicit commitments are credible due to incentives. One group of refinements requires sequential rationality as the game progresses. Another ensures credibility by considering perturbed games in which every contingency occurs with positive probability, which has the further advantage of excluding weakly dominated strategies.
Yanis has been accused that his obsession to highlight the international dimension of the crisis gives an alibi to the Greeks not to make the painful changes needed. Although he has never revealed why his good friend Joseph Halevi threw a huge scissors from his anger against him, I would instruct his friend to do it exactly the same way if he gives intentionally that alibi to the Greeks not to make the painful changes needed. Yanis argues that all political parties in Greece agree on a key position, which finds us all in line. We all would agree in Greece that the terms and conditions of Greece's so-called bailout programs are unfair and that the troika of lenders (the European Commission, the European Central Bank, and the International Monetary Fund) are imposing conditions on Greece that are permanently damaging the country's social fabric and are impossible to fulfil. SYRIZA has a fundamental disconnectbetween understanding goods and rights, which has led them to a determination that freedom and security must be balanced.
Debunking that odious misconception we must say that rights, specifically natural rights, are intangible and enforceable existing a priori to any political or economic system. A good is a commodity or service that is a result of mixing of an individual's labour and resources and either others' labour, resources or both. One is the inherent product of human character and existence that cannot be exchanged or assigned – even via a market- and the other is derivative of one's or another's labour, which is freely transferable and developed for a market. Complicating this scheme somewhat is a theory of precedence of rights, for example, that the right to life precedes the right to property. Best way to illustrate this is Jean Valjean, the character of Les Miserables, who has stolen the bread to feed his starving family. Javert, the ardent police officer is the perfect example of legalists in Europe, as his moral code comports totally with the legal code. Now if Javert arrests Valjean for the crime of theft, is Javert right to do so? Thomas Aquinas, in Summa Theologiaeopined that the natural law requires whatever material things a person possesses in superabundance be used to help the poor. John Locke similarly declared that, in the state of nature, the needy have a right to the surplusage of their fellows.
In the interest of transparency and for the information of the Greek people, the European Commission published in June 28th, 2015 the latest proposals agreed among European Commission, European Central Bank and International Monetary Fund, which took into account the proposals of the Greek government of 8, 14, 22 and 25 June 2015 as well as their talks at political and technical level. Discussions were ongoing with the Greek government on Friday night in view of the Eurogroup of the 27th of June 2015. The understanding of all parties involved was that this Eurogroup meeting should achieve a comprehensive deal for Greece, one that would have included not just the measures to be jointly agreed, but would also have addressed future financing needs and the sustainability of the Greek debt. It also included support for a Commission-led package for a new start for jobs and growth in Greece, boosting recovery of and investment in the real economy, which was discussed and endorsed by the College of Commissioners on Wednesday 24 June 2015. "However, neither this latest version of the document, nor an outline of a comprehensive deal could be formally finalised and presented to the Eurogroup due to the unilateral decision of the Greek authorities to abandon the process on the evening of 26 June 2015" (EC press release). The reason for the Greek authorities to abandon the process on the evening of 26 June 2015 is obviously the fact that PM Tsipras was assured that he would not achieve the parliamentary support for his agreements from his own party and in front of the threat of a tremendous defeat by his intraparty colleagues in a multicultural political union, he chose to leave the negotiations after a leer and return to Greece and, pretending that he was angry and/or disappointed, he asked the Referendum.
Indeed, we don't need SYRIZA to remind us the folly in the logic of forcing a bankrupt government to take out huge new loans on the condition of savagely reducing national income an unavoidable result of harsh austerity during a deep recession. Yet, the governing coalition is acting again like a model prisoner, as the previous did, obeying instructions while, on the side, pleading for a rationalization of the imposed policies, terms, and conditions. Yanis believes that a way getting the European Union to treat Greece reasonably and raise the austerity measures is (a) to spearhead an immediate re-think of the 'Greek Program' through, first, the unilateral suspension of policies demanded by the troika, and (b) via the use, or threat of using, its veto power in the European Council; I am afraid that nothing of the above is feasible.
Yanis is now trying to turn his well experienced academical into political negotiations. Indeed, right now, Greeks neither want to leave the euro nor see the euro zone disintegrate, an eventuality likely to bring down the European Union. Yanis believes that Greeks know exactly what Europe's approach to the crisis is, but he has to realize today that he doesn't know them, he is misled thinking he knows them. Greeks just don't want to hear about harsh austerity and loans. Greeks are interested in their quietness and silence. Greeks philosophise in their lives and they do not like the deadlocks, especially they hate when you squeeze them in blackmailing dilemmas, as the previous government did and the present does since it is blackmailing the dilemma posed by the deafening silence to the sirens of the European Commission, the European Central Bank, and the International Monetary Fund.
But it is not only the Greeks, who think so, the whole Europe think in this way. Is it really the interest of the Greeks to find a solution that big, or they are likely to keep an intermediate standby, a temporary situation where no solution can be applied? The latter is a way of living in Greece. We live in an intermediate standby, we don't have standard rules, we don't know a standard legislature, we can't experience a standard tax program. Greeks dream their quietness, silence and stability, they like when somebody meets progress and is considered as a successful person, provided he is at the position to prove that he has gained his status by labour and hard work and sweat; they get angry with the improvement of fellow human beings without a serious cv. But is it Greece that proud or the whole Europe? I think Greece is like Europe a small proud country.
In the words of Yanis the basic requirements for reform could be within existing European treaties. They include a mutualisation of servicing sovereign debt to be mediated by the E.C.B.; restructuring of the European banks by a European Stability Mechanism turned into a kind of European equivalent of America's post-crisis Troubled Asset Relief Program and an investment and jobs program; but Yanis admitted that America's policy was not followed by strengthening the unemployment insurance, nor they kept the basic pensions, or the deposit insurance while core public institutions like education and health are in a worse situation than before.
The real winner in 1989 was not democracy but capitalism, and Europe as a whole is now facing the task with which the Western Europe grappled by the 1930s, that is to form a sustainable relationship between the two. The recession of the thirties showed that democracy may not survive a major crisis of capitalism, and indeed the final triumph of democracy over communism would be unthinkable without the revised social contract that followed the Second World War. The end of full employment and cuts in welfare services make it more difficult to maintain this achievement, particularly in societies with aged populations. With the globalization of markets becomes increasingly difficult for nation states to hold their independence of action, yet still the markets, as evidenced by a series of panic and collapsing situations, generate their own social tensions and irrationality.
The globalization of labour also calls into question the prevailing conceptions of national citizenship, culture and tradition. It remains to be shown whether Europe will be able to open a path between the individualism of American capitalism and authoritarianism in East Asia by maintaining its own mix of social solidarity and political liberty. The faith of Europeans in themselves, which has its origins in Christianity, capitalism, the Enlightenment and the enormous technological superiority may lead them to believe that they constitute a solid cultural model for the whole world. This explains why many of the liberated countries of the former Soviet empire did not see the time to enter Europe. But what is Europe and what is its position in the world seems less and less clear. The only visionaries who accept the challenge are the Europeanists in Brussels, and the only vision offered is the vision of a more and more coherent European Union. Globally, Europe has lost its primacy, and perhaps it is what Europeans have difficulty accepting. However, compared with other historical periods and other parts of the world today, the inhabitants of Epirus enjoy a remarkable combination of individual freedom, social solidarity and peace.
If Europeans fail to surrender their desperate desire to define themselves with only one way, and if they can accept a more modest position in the world, then maybe they can cope more easily with the differences and disagreements which will not cease to mark their future, as marked their past.
In the words of Yanis Syriza's electoral victory put them on the path of compromises that they are loath to make. Just as PASOK entered the government in 1981 with lofty left-wing pronouncements, which it quickly shed on its road to establishment-status, so SYRIZA's leadership, under the extreme strains of negotiating Greece's bankruptcy with Berlin, Frankfurt, and Brussels, may well discard SYRIZA's radical agenda for social and economic change in Greece. It is a well-founded fear that SYRIZA's leaders cannot afford to ignore.
Regarding the use, or threat of using Greece's veto power in the European Council, things seem to be complicated. The EU has competence to make decisions only in those areas specified in the Treaties. Competence can be exclusive, joint with national governments, or supporting, with national governments having lead competence. The Lisbon Treaty added some policies to the responsibility of the European Union. Moreover, qualified majority voting was extended to policy areas that required unanimity according to the Nice Treaty. But the currently applicable voting system of the Council is still defined in the Treaty of Nice since its entry into force on 1 February 2003. The following conditions apply to taking decisions: Majority of countries: 50% + one, if proposal made by the Commission; or else at least two-thirds (66.67%) and Majority of voting weights: 74%, and Majority of population: 62%. The last condition is only checked upon request by a member state. In the absence of consensus, qualified majority voting is the Council's key way of decision-making. In terms of the statistics before Croatia became a member of the EU (1 July 2013), the pass condition translated into: At least 14 (or 18, if proposal was not made by the Commission) countries, at least 255 of the total 345 voting weights, at least 311 mil. people represented by the states that vote in favour. The last requirement is almost always already implied by the condition on the number of voting weights.
A sovereignty is won by the stream that favours the principles it seeks to promote. This stream is just the starting point. First the Greek society needs a serious and reliable reform stream against syndicalists, who have misunderstood the true meaning of promoting labour solidarity and labour rights. Thatcher climbed into power with such a stream against unions in UK. In favour of Reagan worked a feeling for an America confident and optimistic after feeling humiliated. Tiredness of longer than two decades of conservative rule paved the way for the domination of Blair and New Labour. In Greek society tiredness creates political introspection for the ruling and favourable conditions for the opposition. The average Greek is not ready to deal with long-term policies, want quick results, quick profits, quick turnaround, fast progress. This is why it constitutes a basic policy of many governments in the past which they lost power under "the policy of the mature fruit", implemented by the opposition with simple Messiah statements and solutions which the government had no perception to think. Greece needs the new labour and pragmatists, discussing with citizens who are not aware of the legislation and intervene into the European mainstream with vigour, not with hostility. We must realize that we cannot lift the bars of the toll shouting "we do not pay". On the other side those bars must exist to give the citizen a safe highway. Citizens are angry since in Greece passed lots of money into the pockets of corruption. Citizens need to be reconciled with the principle of majority. The sovereignty of labour people is a reality in Greece. Greece can really be a small but proud country in Europe.


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MEPs demand rule of law link to EU financing – Walsh
The European Parliament is demanding clear mechanisms that will link EU financing to respect for the rule of law.
MEPs say EU leaders have significantly weakened the efforts of the European Commission and the Parliament to uphold the rule of law, fundamental rights and democracy in the framework of the EU's long-term budget and its Covid recovery plan.
The European Parliament this week debated the outcome of the recent summit of EU leaders which saw an historic agreement reached on the seven hundred and fifty billion euro (€750bn) Covid recovery fund along with the EU's 7-year budget.
However, MEPs are accusing the European Council of not doing enough to link the distribution of EU funds to compliance with the rule of law. This would apply particularly to Hungary and Poland which have been heavily criticised for rowing back on democracy and human rights.
Here's the Fine Gael MEP Maria Walsh.
Out words: a whole
Dur: 00:30


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Category Archives: Uncategorized
The Transport Board Introduces Its Bridgetown Shuttle (updated)
The Transport Board introduced its shuttle service on Monday 6th April, 2009 running from 6:00 a.m. to 11:00 p.m. to assist commuters in moving from the lower Fontabelle area to the Fairchild Street Terminal. This service is presently being developed and as such is subject to periodic changes. The service will be used to enhance the existing route structure in the Bridgetown area.
The shuttle will travel between the Fairchild Street and Princess Alice Terminals. It will leave the Fairchild Street Terminal and travel to the Princess Alice Terminal via River Road, John Beckles Drive, Constitution Road, Wharf Road, Princess Alice Highway, the Harbour Industrial Estate, circumnavigate the Elsie Payne Roundabout and end at the Princess Alice Terminal.
It will travel to Fairchild Street Terminal via Cheapside and Broad Street. It travels onto Broad Street until the junction with the Duncan O'Neale Bridge. The turnaround point for this trip is the Fairchild Street Terminal.
Transport Board Eden Lodge Changes
The Transport Board wishes to inform the traveling public of its service to Eden Lodge.
Route Description
Princess Alice Terminal, Broad Street, White Park Road, Bank Hall, Stadium Road, Codrington Hill, Green Hill, 3rd Ave Friendship Drive, circle, return to Bim Factory into Eden Lodge Housing Area.
Eden Lodge Housing Area, Bim Factory, Green Hill, Codrington, Stadium Road, Bank Hall, White Park Road, Lower Roebuck Street, St. Michael Row, Bridge Street, Fairchild Street Terminal, then on to the Princess Alice Terminal.
Departure Times:
Monday to Friday:
5:30 a.m., 6:00 a.m., 6:30 a.m., 7:00 a.m., 7:30 a.m., 8:00 a.m., 8:30 a.m., 9:00 a.m., 9:30 a.m. , 10:00 a.m., 10:30 a.m., 11:00 a.m., 11:30 a.m., 12:30p.m. 1:00 p.m., 1:30 p.m., 2:00 p.m., 2:30 p.m., 3:00 p.m., 3:30 p.m., 4:00 p.m., 4:30 p.m., 5:00 p.m., 5:30 p.m., 6:00 p.m., 7:00 p.m., 7:30 a.m., 8:30 p.m. 9:30 p.m., 10:30 p.m., 12:05 a.m.
5:00 a.m., 5:30 a.m. every Half Hr. to 9:30 a.m., 10:00 a.m., 10:30 a.m., 11:00 a.m., 11:30 a.m., 12:00 p.m., 12:30 p.m., 1:00 p.m., 1:30 p.m., 2:00 p.m. 2:30 p.m., 3:00 p.m., 3:30 p.m., 4:00 p.m., 4:30 p.m., 5:00 p.m., 6:00 p.m., 7:00 p.m., 8:00 p.m., 9:00 p.m., 10:00 p.m., 11:00 p.m., 12:05 a.m.
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While sports across the world has come to a standstill due to the coronavirus pandemic, chess lovers will have another bit ticket event to follow from their homes as some of the world's best players face off in the six-team online Nations Cup from Tuesday.
The field for the event organised by the International Chess Federation and Chess.com includes six former world champions, twelve players who have been challengers to the crown and a few up and coming stars. Former world champions Gary Kasparov and Vladmir Kramnik will be advisors of Team Europe and India respectively.
The event will be played on a double round-robin format with the top two teams facing off in the Superfinal on May 9. The total prize purse for the event is $180000 with games being played in rapid format with each player getting 25 minutes on their clock, plus 10 seconds of extra time added after each move.
Each match will consist of four boards with each team fielding at least one woman player.
India will be led by former world champion Viswanathan Anand and have been seeded fifth, just above the Rest of the World squad.
China, who won the Olympiad double in the last edition, would be the obvious favourites given their overall rating and the return of highest-rated women's player and four-time world champion Hou Yifan, who had taken a break from chess two years ago after getting the Rhodes Scholarship to study at Oxford University.
India would be banking on the rapid prowess of Anand on the top board to give them an advantage against the likes of Ding Liren, 2020 Candidates tournament leader Maxime Vachier-Lagrave and Ian Nepomniachtchi among others.
The Candidates event was suspended at the halfway stage after the Russian government put restrictions on international air travel and since then chess events have moved online. Six of the eight players in that tournament will be in action at the Nations Cup.
Teams in National Cup
|Rest of the World
|Ding Liren
|Maxime Vachier-Lagrave
|Ian Nepomniachtchi
|Fabiano Caruana
|Viswanathan Anand
|Teimour Radjabov
|Wang Hao
|Levon Aronian
|Vladislav Artemiev
|Hikaru Nakamura
|Vidit Gujrathi
|Alireza Firouzja
|Wei Yi
|Anish Giri
|Sergey Karjakin
|Wesley So
|P Harikrishna
|Bassem Amin
|Hou Yifan
|Anna Muzychuk
|Alexandra Goryachkina
|Irina Krush
|Koneru Humpy
|Mariya Muzychuk
|Yu Yangyi
|Jan-Krzysztof Duda
|Dmitry Andreikin
|Leinier Dominguez Perez
|B Adhiban
|Jorge Cori
|Ju Wenjun
|Nana Dzagnidze
|Olga Girya
|Anna Zatonskih
|D Harika
|Dinara Saduakassova


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Diamond Hill Investment Group Weathers Market Headwinds
With the wind in its face, the investment management company started 2018 strong.
Diamond Hill is a business-focused, value-based investment manager.
With the wind in its face, the investment management company started 2018 strong.
The investment advisory firm continues to buck the trend toward passive funds.
The investment advisory firm is rewarding its shareholders with a sizable cash payout.
While other active managers bleed assets, the investment advisory firm's funds continue to enjoy healthy net inflows.
Even as a tsunami of investor capital flows to index funds, this active fund manager continues to grow its assets under management.
The investment company enjoyed net inflows of $164 million in 2016, even as many other active managers struggled with record outflows.
The asset management company benefited from more than $1 billion in new market appreciation in the third quarter.
The investment firm's assets under management benefited from the financial markets' strong performance in Q2.
The investment firm's assets under management surpassed $17 billion in the first quarter.
The asset management firm enjoyed nearly $1.5 billion in net cash inflows in 2015.


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Poachers Paradise Hotel, 120 Main Street, Rutherglen, Vic 3685
- Property No. 503583790
- Show Page Visits
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- $99,000
- Floor Area
- 1 m²
- Last Updated
- Jun 25, 2020
Additional Details
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Unit 4, 10 Lakewood Boulevard
Carrum Downs Vic 3201
Urgent sale needed for terrific VIC Leasehold Hotel - 1P4907H
Price recently reduced by $50K! Or vendors need to sell now!
The historic Poachers Paradise Hotel, Rutherglen is one of Victoria's truly outstanding hotels.
Currently rent free during the Covid 19 situation, the Hotel is still enjoying a very strong takeaway trade, however our vendor has bought elsewhere and must sell now!
Sitting prominently in the main street of a busy tourism centre, all the hard work has been done with recent renovations and improvements to the Hotel.
Featuring an inviting front bar adjoining the TAB, fully equipped commercial kitchen and spacious bistro. An additional semi enclosed dining area spills out into a traditional beer garden with new children`s playground. Patrons can hold private gatherings in the meeting room on the ground floor or in the huge function space upstairs which also has its own bar and stunning verandah with views across the town. In addition there is a 2 bedroom manager`s residence located on the upper floor.
With strong trade derived from locals and tourists, the incoming owners can sit back and enjoy the benefits. Lease options until 2043.
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