Bank of Commerce Holdings(TM) Announces First Quarter 2010 Operating Results
REDDING, Calif., April 30 /PRNewswire-FirstCall/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (Nasdaq: BOCH), a $831 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ today announced first quarter 2010 operating results.
"The mark of an exceptional company is consistently good performance relative to that of its competitors and peers, regardless of economic conditions and competitive threats. We believe that Bank of Commerce Holdings meets the mark. While there are indications that the worst is behind us, no one can say with assurance where the economy is headed. What we do know is that the best companies capitalize on their strengths to grow aggressively in downturns and we are very proud of our financial results," said Patrick J. Moty, President and CEO.
1st Quarter 2010 Highlights
- Net Income available to common shareholders of $1.3 million, an increase of 26% quarter-over-quarter from the first quarter 2009
- Diluted EPS of $0.15, an increase of 25% quarter-over-quarter from the first quarter 2009
- Average portfolio loans up $92.3 million, an increase of 17.6% quarter-over-quarter from the first quarter 2009
- Non-maturing core deposits up $11.0 million, an increase of 4% quarter-over-quarter from the first quarter 2009
- Provision for loan loss of $2.3 million
- Raised $28.8 million in new capital, increasing total risk based capital to $118.3 million or 16.61% at March 31, 2010
- 2010 1st quarter common stock cash dividends declared of $522,690
Due to conservative loan underwriting, active servicing of problem credits, and maintenance of a healthy net interest margin, we have remained profitable during the recent economic downturn and positioned our Company to take advantage of growth opportunities in the coming years.
Financial Performance
For the first quarter 2010 we recorded net income of $1.5 million, and net income available to common shareholders of $1.3 million, or $0.15 per diluted share, after deducting preferred dividend payments made to the Treasury and accretion of preferred shares under the TARP Capital Purchase Program. This was an increase from $1.0 million of net income available to common shareholders, or $0.12 per diluted share, reported in the first quarter 2009. As of March 31, 2010, we had total assets of $830.7 million, total loans of $609.0 million, an allowance for loan and lease losses of $12.2 million, or 2.00% of total loans, deposits outstanding of $619.0 million and stockholders' equity of $98.0 million. Return on average assets (ROA) and return on average equity (ROE) for the first quarter of 2010 were 0.75% and 8.76%, respectively, compared with 0.66% and 8.05%, respectively, for the first quarter of 2009.
Net Interest Margin
A combination of reduced funding costs and an increase in the volume of higher yielding earning assets significantly improved our company's net interest margin. Average interest bearing liabilities increased $37.7 million while total interest expense decreased $0.7 million or 56 basis points to 1.57% from the same period a year ago. Average loans increased by $92.3 million and contributed over $1.0 million to the margin in comparison to the same period a year ago. The additional interest income from the loan portfolio offset the $0.6 million decrease in interest income from the investment portfolio. The net result was an increase to the net interest margin of $1.1 million, or 17.5% over the prior year for the three month period ended March 31, 2010. Net Interest margin was 4.12% compared to 3.55% for the same quarter 2009.
Provisions for loan losses
Management has taken aggressive actions in provisioning for loan losses, charging down impairments, and keeping an attentive eye on expenses. As long as the U.S. economy remains weak, losses in the loan portfolio may increase. Our Company continues to take actions to enable us to navigate through this current economic and credit cycle. Elevated provisions are associated with an assertive and conservative reclassification of loans and management's aggressive stance in recognizing impaired loans. Our Company has provided $2.3 million in provisions for loan and lease losses for the three months ended March 31, 2010 compared to $1.4 million for the same period a year ago. The allowance for loan losses was 2.00% of total portfolio loans at March 31, 2010 compared to 1.45% of total loans for the same period a year ago.
The real estate development properties and construction related portfolio is showing some signs of stability but generally remains under stress. Our Company's Commercial and Industrial portfolio has weakened, especially those borrowers tied to real estate.
Our loan portfolio will likely continue to be influenced by weakness in real estate values, the effects of high unemployment levels, and general overall weakness in economic conditions.
Net charge offs were $1.3 million for the three month period ended at March 31, 2010 compared to net charge offs of $2.1 million for the same period a year ago. The charge-offs were centered in commercial & industrial and consumer residential real estate loans.
Nonperforming Assets
Non-performing assets were 2.02% of total assets as of March 31, 2010; 2.27% at December 31, 2009 and 2.94% at March 31, 2009.
OREO was $3.4 million at March 31, 2010 and $2.9 million for the same period a year ago. We are committed to working with our customers to find potential solutions when our customers experience financial difficulties.
Balance Sheet
Our Company continues to maintain a relatively low-risk, liquid and valuable available-for-sale investment portfolio. This resource is utilized as a source of liquidity as opportunities to reposition the balance sheet present themselves. During the three months ended March 31, 2010, Our Company has recorded approximately $930 thousand in realized gains on sales of securities. Proceeds from the sales were used to fund loan growth.
Our balance sheet has changed substantially over the first quarter from a year ago. Total assets are up $65.4 million or 8.5%, loans have increased by $71.6 million or 13.6% and total deposits have increased by $71.1 million or 13.0%.
Average loans, the largest component of average earning assets, increased $92.3 million or 17.6% on average compared with same period a year ago. Average securities including federal funds sold decreased $91.2 million over the same period a year ago. The yield on earning assets increased to 5.52% for the three-month period ended March 31, 2010 compared to 5.37% for the same period in the prior year. The increased yield is primarily due to the liquidation of lower yielding securities and replacing those assets with higher yielding loans.
Average interest-bearing deposits for the three-months ended March 31, 2010 increased $88.9 million or 19% compared with the same period in the prior year. Average non-interest bearing deposits have decreased by $1.4 million or 1.9% over the prior year three-month period.
Capital
The capital ratios of Redding Bank of Commerce continue to be above the well-capitalized guidelines established by bank regulatory agencies. Total risk-based capital to risk-weighted assets was 16.16% at March 31, 2010.
On March 23, 2010, we filed a Form S-1/A Registration Statement (the "Registration Statement") with the SEC to offer 7,200,000 shares of our common stock in an underwritten public offering ("Offering"). In the Registration Statement, we set out our intent to use the net proceeds of the Offering for general corporate purposes, including contributing additional capital to the Bank, supporting our ongoing and future anticipated growth, which may include opportunistic acquisitions of all or parts of other financial institutions, including FDIC-assisted transactions, and positioning us for eventual redemption of our Series A Preferred Stock issued to the Treasury
On March 29, 2010 our Company announced the successful closing of the offering. Our Company received net proceeds from the offering of approximately $28.8 million, after underwriting discounts and commissions and estimated expenses. The capital ratios of Bank of Commerce continue to be above well-capitalized guidelines established by regulatory agencies. With our strong capital position, we find significantly more opportunities now for acquisitions and expansion.
Bank of Commerce Holdings, with administrative offices in Redding, California is a financial service holding company that owns Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™.
Our Company is a federally insured California banking corporation and opened on October 22, 1982.
BOCH is a NASDAQ National Market listed stock. Please contact your local investment advisor for purchases and sales. Investment firms making a market in BOCH stock are:
Howe Barnes Hoefer & Arnett Investment Inc. / |
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John T. Cavender |
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555 Market Street |
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San Francisco, CA (800) 346-5544 |
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Hill, Thompson, Magid & Co. Inc / R.J. Dragani |
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15 Exchange Place, Suite 800 |
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Jersey City, New Jersey 07030 (201) 369-2908 |
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Keefe, Bruyette & Woods, Inc. / |
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Dave Bonaccorso |
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101 California Street, 37th Floor |
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San Francisco, CA 94105 (415) 591-5063 |
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Sandler & O'Neil /Bryan Sullivan |
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919 Third Avenue, 6th Floor |
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New York, NY 10022 (888) 383-3112 |
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Raymond James Financial/ Geoff Ball |
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1805 Hilltop Drive, Suite 106 |
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Redding, CA (800) 926-5040 |
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This quarterly press release includes forward-looking information, which is subject to the "safe harbor" created by the Securities Act of 1933, and Securities Act of 1934. These forward-looking statements (which involve the Company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors:
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For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and under the heading:
"Risk factors that may affect results" and subsequent reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) |
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Dollars in thousands ASSETS |
March 31, 2010 |
December 31, 2009 |
March 31, 2009 |
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Cash and due from banks, non interest bearing |
$57,599 |
$36,902 |
$ 38,965 |
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Interest bearing due from banks |
32,149 |
31,338 |
- |
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Federal funds sold and securities purchased under agreements to resell |
- |
- |
56,655 |
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Cash and cash equivalents |
89,748 |
68,240 |
95,620 |
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Securities available-for-sale, at fair value (including pledged collateral of $60,130 at March 31, 2010, $55,672 at December 31, 2009 and $66,210 at March 31, 2009) |
77,571 |
80,062 |
105,538 |
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Portfolio Loans, net of the allowance for loan losses of $12,197 at March 31, 2010, $11,207 at December 31, 2009 and $7,701 at March 31, 2009 |
596,787 |
590,023 |
525,182 |
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Mortgage loans held for sale |
16,591 |
27,288 |
- |
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Bank premises and equipment, net |
9,975 |
9,980 |
10,553 |
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Goodwill |
3,727 |
3,727 |
- |
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Other real estate owned |
3,395 |
2,880 |
2,934 |
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Other assets |
32,899 |
31,206 |
25,509 |
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TOTAL ASSETS |
$830,693 |
$813,406 |
$765,336 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Demand - noninterest bearing |
$65,213 |
$69,448 |
$66,351 |
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Demand - interest bearing |
150,528 |
163,814 |
138,231 |
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Savings accounts |
72,756 |
65,414 |
72,873 |
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Certificates of deposit |
330,546 |
341,788 |
270,490 |
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Total deposits |
619,043 |
640,464 |
547,945 |
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Securities sold under agreements to repurchase |
18,820 |
9,621 |
10,813 |
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Federal Home Loan Bank and Federal Reserve Bank borrowings |
70,000 |
70,000 |
120,000 |
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Other liabilities |
9,554 |
9,050 |
7,716 |
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Junior subordinated debt payable to unconsolidated |
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subsidiary grantor trust |
15,465 |
15,465 |
15,465 |
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Total Liabilities |
732,882 |
744,600 |
701,939 |
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Commitments and contingencies |
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Stockholders' Equity: |
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Preferred stock (liquidation preference of $1,000 per share; issued 2008) 2,000,000 authorized; 17,000 shares issued and outstanding on March 31, 2010, December 31, 2009, and March 31, 2009 |
16,663 |
16,641 |
16,573 |
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Common stock , no par value, 50,000,000 shares authorized; 15,911,495 shares issued and outstanding at March 31, 2010, 8,711,495 issued and outstanding on December 31, 2009 and at March 31, 2009 |
38,495 |
9,730 |
9,679 |
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Common Stock Warrant |
449 |
449 |
449 |
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Retained earnings |
39,781 |
39,004 |
36,541 |
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Accumulated other comprehensive income, net of tax |
353 |
657 |
155 |
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Total Equity – Bank of Commerce Holdings |
95,741 |
66,481 |
63,397 |
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Non controlling interest in subsidiary |
2,070 |
2,325 |
- |
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Total stockholders' equity |
97,811 |
68,806 |
63,397 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$830,693 |
$813,406 |
$765,336 |
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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) |
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Amounts in thousands, except for per share data |
March 31, 2010 |
December 31, 2009 |
March 31, 2009 |
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Interest income: |
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Interest and fees on loans |
$9,051 |
$ 9,184 |
$ 8,049 |
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Interest on tax-exempt securities |
322 |
311 |
296 |
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Interest on U.S. government securities |
439 |
676 |
1,192 |
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Interest on federal funds sold and securities purchased under agreements to resell |
1 |
1 |
25 |
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Interest on other securities |
270 |
266 |
117 |
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Total interest income |
10,083 |
10,438 |
9,679 |
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Interest expense: |
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Interest on demand deposits |
230 |
229 |
307 |
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Interest on savings deposits |
219 |
221 |
281 |
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Interest on certificates of deposit |
1,761 |
1,906 |
1,881 |
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Securities sold under agreements to repurchase |
12 |
13 |
14 |
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Interest on FHLB and other borrowings |
136 |
356 |
581 |
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Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust |
208 |
24 |
215 |
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Total interest expense |
2,566 |
2,749 |
3,279 |
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Net interest income |
7,517 |
7,689 |
6,400 |
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Provision for loan and lease losses |
2,250 |
3,150 |
1,425 |
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Net interest income after provision for loan losses |
5,267 |
4,539 |
4,975 |
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Noninterest income: |
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Service charges on deposit accounts |
82 |
94 |
92 |
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Payroll and benefit processing fees |
128 |
105 |
134 |
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Earnings on cash surrender value - Bank owned life insurance |
108 |
107 |
86 |
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Net gain on sale of securities available-for-sale |
931 |
454 |
404 |
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Net gain on transfer of financial assets |
- |
- |
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Merchant credit card service income, net |
54 |
68 |
74 |
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Mortgage brokerage fee income |
2,539 |
2,112 |
- |
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Other income |
100 |
120 |
75 |
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Total noninterest income |
3,942 |
3,060 |
865 |
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Noninterest expense: |
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Salaries and related benefits |
3,711 |
3,209 |
2,127 |
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Occupancy and equipment expense |
1,110 |
1,339 |
572 |
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FDIC insurance premium |
251 |
279 |
273 |
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Data processing fees |
89 |
51 |
111 |
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Professional service fees |
400 |
146 |
159 |
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Payroll and benefit fees |
29 |
26 |
34 |
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Deferred compensation expense |
118 |
118 |
119 |
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Stationery and supplies |
80 |
44 |
53 |
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Postage |
42 |
36 |
81 |
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Directors' expense |
84 |
67 |
37 |
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Other expenses |
1,271 |
802 |
394 |
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Total noninterest expense |
7,185 |
6,117 |
3,960 |
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Income before provision for income taxes |
2,024 |
1,482 |
1,880 |
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Provision for income taxes |
744 |
43 |
610 |
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Net Income |
1,280 |
1,439 |
1,270 |
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Less: Net income (loss) attributable to non-controlling interest |
(255) |
33 |
- |
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Net Income attributable to Bank of Commerce Holdings |
$1,535 |
$1,406 |
$1,270 |
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Less: preferred dividend and accretion on preferred stock |
(235) |
(235) |
(237) |
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Income available to common shareholders |
$1,300 |
$1,171 |
$ 1,033 |
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Basic earnings per share |
$0.15 |
$0.13 |
$0.12 |
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Weighted average shares - basic |
8,871 |
8,711 |
8,711 |
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Diluted earnings per share |
$0.15 |
$0.13 |
$0.12 |
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Weighted average shares – diluted |
8,871 |
8,711 |
8,711 |
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Cash Dividends declared |
$0.06 |
$0.06 |
$0.06 |
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Average Balances, Interest Income/Expense and Yields/Rates Paid (Unaudited, Dollars in thousands) |
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Three Months Ended March 31, 2010 |
Three Months Ended March 31, 2009 |
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Average Balance |
Interest |
Yield/ Rate |
Average Balance |
Interest |
Yield/ Rate |
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Earning Assets |
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Portfolio Loans (1) |
$616,617 |
$9,051 |
5.87% |
$524,367 |
$ 8,049 |
6.14% |
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Tax-exempt Securities (2) |
31,055 |
322 |
4.15% |
29,304 |
296 |
4.04% |
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US Government Securities |
19,689 |
144 |
2.93% |
11,316 |
127 |
4.49% |
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Mortgage backed Securities |
23,058 |
295 |
5.12% |
80,263 |
1,065 |
5.31% |
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Federal Funds Sold |
968 |
1 |
0.41% |
38,222 |
25 |
0.26% |
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Other Securities |
38,653 |
270 |
2.79% |
37,557 |
117 |
1.25% |
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Average Earning Assets |
730,040 |
$10,083 |
5.52% |
$721,029 |
$ 9,679 |
5.37% |
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Cash & Due From Banks |
44,374 |
$ 17,614 |
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Bank Premises |
9,887 |
10,623 |
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Other Assets |
31,337 |
27,814 |
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Average Total Assets |
$815,638 |
$768,678 |
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Interest Bearing Liabilities |
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Interest bearing demand |
$149,000 |
$230 |
0.62% |
$ 137,608 |
$ 307 |
0.89% |
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Savings Deposits |
70,191 |
219 |
1.25% |
65,803 |
281 |
1.71% |
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Certificates of Deposit |
338,425 |
1,761 |
2.08% |
265,296 |
1,881 |
2.84% |
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Repurchase Agreements |
10,257 |
12 |
0.47% |
11,940 |
14 |
0.47% |
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FHLB Borrowings |
70,000 |
136 |
0.78% |
120,000 |
581 |
1.94% |
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Trust Preferred Borrowings |
15,465 |
208 |
5.38% |
15,000 |
215 |
5.73% |
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Average Interest Bearing Liability |
653,338 |
$2,566 |
1.57% |
615,647 |
$ 3,279 |
2.13% |
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Noninterest bearing demand |
73,217 |
74,637 |
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Other Liabilities |
19,006 |
5,219 |
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Stockholders' Equity |
70,077 |
73,175 |
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Average Liabilities and Stockholders' Equity |
$815,638 |
$768,678 |
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Net Interest Income and Net Interest Margin |
$7,517 |
4.12% |
$6,400 |
3.55% |
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(1) Average non-performing loans of $7.9 million are included (2) The yield on tax-exempt securities has not been adjusted to a tax-equivalent yield basis. |
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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Quarterly Financial Condition Data (Unaudited) For the Quarter Ended |
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Dollars in thousands, except for per share data |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
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Interest income: |
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Interest and fees on loans |
$9,051 |
$9,184 |
$9,355 |
$ 9,272 |
$ 8,049 |
|
Interest on tax-exempt securities |
322 |
311 |
278 |
279 |
296 |
|
Interest on U.S. government securities |
439 |
676 |
628 |
954 |
1,192 |
|
Interest on federal funds sold and securities repurchased under agreements to resell |
1 |
1 |
1 |
5 |
25 |
|
Interest on other securities |
270 |
266 |
309 |
131 |
117 |
|
Total interest income |
10,083 |
10,438 |
10,571 |
10,641 |
9,679 |
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Interest expense: |
||||||
Interest on demand deposits |
230 |
229 |
240 |
239 |
307 |
|
Interest on savings deposits |
219 |
221 |
223 |
238 |
281 |
|
Interest on certificates of deposit |
1,761 |
1,906 |
1,941 |
1,900 |
1,881 |
|
Securities sold under repurchase agreements |
12 |
13 |
13 |
11 |
14 |
|
Interest on FHLB and other borrowings |
136 |
356 |
514 |
539 |
581 |
|
Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust |
208 |
24 |
234 |
216 |
215 |
|
Total interest expense |
2,566 |
2,749 |
3,165 |
3,143 |
3,279 |
|
Net interest income |
7,517 |
7,689 |
7,406 |
7,498 |
6,400 |
|
Provision for loan and lease losses |
2,250 |
3,150 |
1,844 |
3,056 |
1,425 |
|
Net interest income after provision for loan and lease losses |
5,267 |
4,539 |
5,562 |
4,442 |
4,975 |
|
Noninterest income: |
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Service charges on deposit accounts |
82 |
94 |
108 |
96 |
92 |
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Payroll and benefit processing fees |
128 |
105 |
109 |
104 |
134 |
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Earnings on cash surrender value - bank owned life insurance |
108 |
107 |
108 |
117 |
86 |
|
Net gain on sale of securities available-for-sale |
931 |
454 |
506 |
1,074 |
404 |
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Net gain on sale of loans |
1 |
- |
340 |
- |
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Merchant credit card service income, net |
54 |
68 |
80 |
75 |
74 |
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Mortgage brokerage fee income |
2,539 |
2,112 |
1,913 |
1,302 |
- |
|
Other income |
100 |
119 |
120 |
87 |
75 |
|
Total noninterest income |
3,942 |
3,060 |
2,944 |
3,195 |
865 |
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Noninterest expense: |
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Salaries and related benefits |
3,711 |
3,209 |
2,902 |
2,644 |
2,127 |
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Occupancy and equipment expense |
1,110 |
1,339 |
1,124 |
730 |
572 |
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FDIC insurance premium |
251 |
279 |
421 |
301 |
273 |
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Data processing fees |
89 |
51 |
52 |
68 |
111 |
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Professional service fees |
400 |
146 |
220 |
295 |
159 |
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Payroll processing fees |
29 |
26 |
27 |
27 |
34 |
|
Deferred compensation expense |
118 |
118 |
118 |
123 |
119 |
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Stationery and supplies |
80 |
44 |
62 |
26 |
53 |
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Postage |
42 |
36 |
- |
76 |
81 |
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Directors' expense |
84 |
67 |
75 |
120 |
37 |
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Other expenses |
1,271 |
802 |
653 |
483 |
394 |
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Total noninterest expense |
7,185 |
6,117 |
5,654 |
4,893 |
3,960 |
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Income before provision for income taxes |
2,024 |
1,482 |
2,852 |
2,744 |
1,880 |
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Provision for income taxes |
744 |
43 |
1,010 |
1,027 |
610 |
|
Net Income |
1,280 |
1,439 |
1,842 |
1,717 |
1,270 |
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Less: Income (loss) non-controlling interest |
(255) |
33 |
129 |
101 |
- |
|
Net income (loss) |
$1,535 |
$1,406 |
$1,713 |
$1,616 |
$ 1,270 |
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Less preferred dividend and accretion on preferred stock |
($235) |
($235) |
($235) |
($235) |
($237) |
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Income available to common shareholders |
$1,300 |
$1,171 |
$1,478 |
$1,381 |
$1,033 |
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Basic earnings (loss) per share |
$0.15 |
$0.13 |
$0.17 |
$0.16 |
$0.12 |
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Weighted average shares - basic |
8,871 |
8,711 |
8,711 |
8,711 |
8,711 |
|
Diluted earnings (loss) per share |
$0.15 |
$0.13 |
$0.17 |
$0.16 |
$0.12 |
|
Weighted average shares - diluted |
8,871 |
8,711 |
8,711 |
8,712 |
8,711 |
|
Cash dividends per share |
$0.06 |
$0.06 |
$0.12 |
$0.00 |
$0.06 |
|
SOURCE Bank of Commerce Holdings
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