AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Online bingo and casino operator JPJ Group has reported a 14% year-on-year increase in revenue during the first half, with the strong organic growth of its Vera&John business offsetting a decline in revenue from the Jackpotjoy division. Online bingo and casino operator JPJ Group has reported a 13.8% year-on-year increase in revenue during the first half, with the strong organic growth of its Vera&John business offsetting a decline in revenue from the Jackpotjoy division.Gaming revenue for the six months through to June 30, 2019 totalled £169.5m (€182.5m/$204.2m), up from £149.0m in the corresponding period last year.While the operator’s Jackpotjoy division accounted for £97.7m – or 57.6% – of group revenue, this represented a 5.7% decline from £103.6m in the opening six months of 2018.However this decline was more than offset by the Vera&John segment, which saw revenue rise from £45.4m in H1 2018 to £71.8m, a 58.1% year-on-year increase. The division now accounts for 42.4% of group revenue, with JPJ noting growth had been aided by success in markets such as Germany, Brazil and Japan, with its B2B operations expanding across the broader Asian region.“We expect Vera&John to continue to be our fastest growing segment as we focus on growing our business both in further emerging markets in Asia, Latin America and more established European markets,” JPJ said.However the Vera&John and InterCasino brands will soon be withdrawn from the UK market. Last week JPJ announced that both brands would be withdrawn from 3 September, with each ceasing to accept new customers from 5 August.The operator saw costs increase over the six-month periods, rising 21.8% to £152.6m. Distribution costs rose to £87.9m, as a result of higher selling and marketing expenses, coupled with increased licensing fees and gaming taxes. Administrative costs, meanwhile, were up from £49.0m in the prior year to £52.8m, with increased staff costs offsetting a decline in amortisation and depreciation-related expenses.The operator also spent considerably more on transaction related costs in the first half, with total spending in this area up from £1.1m to £12.2m. This rise was in relation to JPJ’s acquisition of Gamesys, which is currently ongoing, and is expected to be completed in the third quarter of the year.Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased marginally from £53.0m to £54.0m.JPJ also benefitted from a reduction in finance-related expenses, which fell 53.8% to £10.7m, due to a decline in fair value adjustments on contingent consideration, leaving an operating profit of £6.2m, up from £699,000 in the prior year. After income taxes, and a £660,000 loss from discontinued operations, net profit for H1 2019 was up at £4.5m, compared to a £436,000 loss for the first half of 2018.For the three months to 30 June, revenue was up 15.1% to £86.2m, of which £48.7m came from Jackpotjoy, and £37.6m from Vera&John. Expenses for the quarter rose to £83.3m, due to transaction costs relating to the Gamesys deal, and increased distribution costs. After finance-related costs of £5.1m – down 5.6% year-on-year – JPJ posted an operating loss of £2.2m, which fell to £2.1m once income taxes and a gain from discontinued assets was factored in.Reflecting on the results, JPJ executive chairman Neil Goulden said he was pleased the operator was able to deliver a good quarter of revenue growth, despite the expected impact of higher gaming taxes on EBITDA.Goulden also spoke about the pending acquisition of Gamesys, which he said represents a “transformational step in the Group’s growth and one which will provide significant benefits for shareholders, employees and customers”.“We expect the Gamesys acquisition to deliver double digit earnings accretion in the first full financial year of ownership and our employees will benefit from the combination of two companies with a strong commitment to responsible gaming, with a scale to further enhance our product development and technology capabilities,” he said.“Our customers will also now have an even greater choice of major brands and different games, creating a truly leading UK and international operator. We expect the Gamesys acquisition to complete during Q3 2019 and we will update the market further in due course.” Tags: Online Gambling 13th August 2019 | By contenteditor Email Address Bingo Topics: Casino & games Finance Bingo JPJ hails Vera&John as revenue climbs 14% in first half Subscribe to the iGaming newsletter
PSL 2021 Playoffs LIVE – How to watch Pakistan Super League Playoffs Live Streaming on your Mobile, Laptop Cricket By Kunal Dhyani – October 5, 2020 WTC Final: Sunil Gavaskar reacts to Ajinkya Rahane dismissal says, ‘Only explanation is that he was going for his fifty’ Indian Premier League (IPL) has delivered record viewership in the first week and now it is delivering record advertisers. According to TAM AdEx data, over 115 new brands on board in the first eight live matches this year as compared to last year. As per the TAM AdEx data, IPL 13, for first eight live matches, got over 20 new categories as compared to previous season.Also READ : https://www.insidesport.co/ipl-2020-opening-week-delivers-269-million-viewers-15-growth-in-viewing-minutes/Also Read : https://www.insidesport.co/ipl-2020-viewership-ratings-ipl-live-broadcast-makes-star-sports-hindi-no-1-channel-across-genres/ Share on Facebook Tweet on Twitter by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeGrammarlyImprove Your Spelling With This Helpful Browser ExtensionGrammarlyUndoMicrosoftBring your desktop to life with Bing WallpaperMicrosoftUndoPhotoStickHow To Back Up All Your Old Photos In SecondsPhotoStickUndoAlso, three in the top five categories were common between IPL 12 and 13 — ‘Cellular Phone – SmartPhones’, ‘Ecom-Gaming’ and ‘Ecom-Wallets’. Oppo India and FX Mart (Phonpe) were common in the top five list of IPL 12 and IPL 13. Among the top five categories, ‘Cellular Phones-Smart Phones’ was the top category during initial eight matches in both the seasons.In IPL 12, the top five categories had more than 35 per cent share of ad volumes during the first three matches of IPL 12. When it comes to the total count of advertisers, categories and brands, the number of categories advertised during IPL 12 and IPL 13 remain the same. The number of advertisers and brands grew 23% and 24% respectively in IPL 13 compared to IPL12.TAM AdEx in week 38 : Advertisement on television rose 9% Also Read : https://www.insidesport.co/ipl-2020-ratings-advertisers-extremely-happy-and-satisfied-with-opening-day-ratings-of-ipl-2020/ Television ad volumes grew 9% in week 38 (September 13-19, 2020) when compared to week 32 (August 2- 8, 2020), according to the data released by AdEx India, a division of TAM Media Research. Similarly, the average ad volumes per day registered a 4% rise during August-September, 2020. Unsurprisingly, Personal Care/Personal Hygiene sector emerged as the most advertised sector with a 20% share of TV advertising in Aug-Sep’20 followed by the F&B sector with 18%. Interestingly, four out of the top five categories of advertising on TV are from the FMCG sector.Top five sectors and categories accounted for 67% and 23% share, respectively of ad volumes in Aug-Sep’20. Out of this, the toilet soap category led the charts with 7% advertising share followed by Ecom-Media/Entertainment/Social Media at 5%. Toothpaste and Shampoos stood at the third, fourth and fifth position with 4% share while Washing Powders/Liquids trailed behind at the fifth position with 3% share. The next 45 categories accounted for 52% share of TV ad volumes Football Football Previous articleAjinkya Rahane signed as brand ambassador of Hudle Next articleIPL 2020 : New VAT laws in UAE can stump IPL 2020 stakeholders, IPL players salaries can also be taxed Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. IPL 2020 : 115 new brands advertising in IPL 2020 declares TAM AdEx report TAGSIndian Premier League advertisersIPL 2020IPL 2020 Sponsorship & TV RatingsIPL 2020 Star Sports Live StreamingIPL 2020 Tam AdEx Report SHARE Sport News CricketSports BusinessCricket BusinessIndian premier leagueIndian premier league 2020SportSport News RELATED ARTICLESMORE FROM AUTHOR WTC Final Day 3 LIVE Score: Latham, Conway take Kiwis past fifty; NZ 54/0 (27 ovs)- Follow Live Updates Euro 2020, Italy vs Wales LIVE: Verratti returns for Italy, Ampadu starts for Wales, check full line-ups; Follow Live Updates, PSL 2021 Playoffs Live: How to watch PSL 2021 Playoffs LIVE streaming in your country, India Euro 2020, Switzerland vs Turkey: Top 5 players to watch out for in SUI vs TUR Bett1Open 2021 Final: Liudmila Samsonova beat Belinda Bencic to clinch title Cricket Facebook Twitter Cricket Football The report also revealed that among the new categories, ‘Cellular Phone Service’ topped the list, followed by ‘Corporate-Sports’, ‘Internet Service Providers’, ‘E-commerce Pharma/Healthcare’ and ‘Protective Coatings’. Among the 115+ new brands, ‘VI Cellular Phone Service’ topped the list followed by ‘Byjus Classes’, ‘Oppo F17/F17Pro’, ‘Kamla Pasand Pan Masala’ and ‘Whitehat Jr’.The top five categories mentioned in the report for eight live matches remain the same as it was for the first four live matches. The top five categories list was dominated by ‘E-commerce’ that accounted for more than 40 per cent share of ad volumes during the first eight matches of IPL 13. 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Image source: Getty Images Buy-to-let property may be popular with some investors, but I’m avoiding it and here’s why.Firstly, following the recent performance of house prices across the UK, rental yields in many buy-to-let property hotspots have plunged. This has made it harder to earn a decent return from the asset.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Second, tax changes. During the past few years, the government has made some significant changes removing the advantages rental investors used to enjoy. This has once again made it harder to earn a decent return from the asset.Third, higher charges and regulation. The government has also improved tenants’ rights over the past few years. This was long overdue as some landlords were ignoring their responsibilities as business owners. Unfortunately, these changes have increased costs for everyone.Changes to the amounts letting agents are allowed to charge tenants have also impacted landlords. Once again, I think these changes were long overdue, and they’ve helped improve the state of the market overall. Still, the changes have increased landlords’ costs overall too. When I look at all of these changes, I’m convinced buy-to-let is no longer the golden goose it once was. That’s why I’m avoiding the asset class in 2021. I’d rather buy stocks and shares instead.Buy-to-let alternativeThere are a couple of crucial reasons why I believe stocks and shares are going to be a better investment than buy-to-let in 2021.For a start, stocks have achieved higher returns. Historical data shows me that since 1990, the FTSE 250 has returned around 12% a year. I think I would be hard-pressed to earn the same return with buy-to-let property.Stocks and shares can also be owned in an ISA. This comes with considerable tax benefits. No income or capital gains tax is due on profits earned in an ISA. I do not even need to declare the ISA on a tax return.Stocks and shares can also be left alone. If I own a simple index tracker fund, such as a FTSE 250 tracker, all I need to do is buy and forget the asset.Personally though, I favour a blend of index trackers and single stocks. Stocks like the blue-chip consumer goods giant Unilever and dividend champion Royal Dutch Shell sit in my portfolio alongside index funds.I reckon this offers the best of both worlds, a mix of growth and income from the single blue-chips, as well as low-cost market tracking from the fund.The bottom lineAll in all, I’m avoiding buy-to-let in 2020 because I believe stocks and shares present a much better option. The tax advantages and higher potential returns suggest that owning these assets will prove more lucrative in the long run.They also come with the bonus of diversification, which is very challenging to develop with rental property, unless one has millions of pounds to invest! Enter Your Email Address Our 6 ‘Best Buys Now’ Shares Don’t miss our special stock presentation.It contains details of a UK-listed company our Motley Fool UK analysts are extremely enthusiastic about.They think it’s offering an incredible opportunity to grow your wealth over the long term – at its current price – regardless of what happens in the wider market.That’s why they’re referring to it as the FTSE’s ‘double agent’.Because they believe it’s working both with the market… And against it.To find out why we think you should add it to your portfolio today… Simply click below to discover how you can take advantage of this. Click here to get access to our presentation, and learn how to get the name of this ‘double agent’! There’s a ‘double agent’ hiding in the FTSE… we recommend you buy it! Rupert Hargreaves | Wednesday, 23rd December, 2020 3 reasons why I’d avoid buy-to-let property in 2021 Rupert Hargreaves owns shares in Unilever and Royal Dutch Shell. The Motley Fool UK has recommended Unilever. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. 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Mama Mia TAGSFundraising Previous articleFEMA’s National Flood Insurance Program enhances flood claims processNext articleDistrict working with communities impacted by Hurricane Irma Denise Connell RELATED ARTICLESMORE FROM AUTHOR You have entered an incorrect email address! Please enter your email address here Dean has announced he will not run for re-election. 4 COMMENTS Save my name, email, and website in this browser for the next time I comment. September 16, 2017 at 10:33 am Share on Facebook Tweet on Twitter The Anatomy of Fear Reply Reply In the Seat #2 race, Commissioner Diane Velazquez announced her intention to run for re-election in March, but has not formally started her campaign, and has not raised any funds towards her bid for a second term. No one, however, has made a formal challenge to her seat as of September 10th. Reply LEAVE A REPLY Cancel reply Let the fun begin. Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Mama Mia September 15, 2017 at 8:12 pm Commissioner Velazquez, when are you going to open your campaign account? What are you waiting on? Last month Kilsheimer pointed out that it’s still early in the process, and predicted that by the conclusion of the political cycle those donations will balance out. “We have hundreds of supporters inside Apopka and outside Apopka,” he said. “By the time we get to the election, that will be clear.”Nelson raised $3.125 in August, which brings his total fundraising tally up to $42,285. He has spent $20,101.50 on his campaign effort, which means he has $22,183.50 on hand. In August, Nelson had 11 donors (nine of them from Apopka) that gave contributions ranging from $25-$1,000.“We continue to get positive feedback as we push our message out to the constituents of Apopka,” Nelson said. “We continue to get broad support from people who share my vision for a prosperous city. We are thrilled by the momentum that our campaign has maintained, and the vast majority of our contributions continue to be from the citizens of Apopka.”In the Seat #1 City Commission race, Alexander Smith extended his fundraising lead over Gene Knight with a $720 haul, which included four individual donors giving him contributions ranging from $20-500. Smith has raised a total of $5,821.15 and spent $3,407.29 on his bid to succeed Commissioner Billie Dean for the seat, which leaves him with $2,413.86 on hand.“Fundraising efforts continue to be productive, and the support of family and friends continues to grow,” Smith said. “We are out knocking on doors and asking those for support as we get our message out. I will be a voice for all the citizens of Apopka.” Knight raised $372.73 in August, which came from three individuals. He has spent $494.14 on his campaign, which leaves him with $903.59 on hand. Knight was active in August, but not so much on the campaign trail. Support conservation and fish with NEW Florida specialty license plate September 15, 2017 at 9:03 pm Does this article really say, “Nelson raised $ 3.125 in August??? Okay, if you say so………. However, only three of those 26 donors were from Apopka, which means that 55 of Kilsheimer’s total of 59 donors are from outside the city.County Commissioner Bryan Nelson raised $3,125 in August. Please enter your name here “Everything’s been going pretty good,” he said. “We are getting a good response, and donations are coming in. I’ve been busy this month helping Habitat for Humanity build houses in South Apopka. I also helped my son get his place secured during the hurricane… as he was called up by the National Guard. I helped bag sand for people that needed help at Edwards Field. Now I’m helping my neighborhood out after the hurricane, to help wherever I can, to get everybody back to normal as possible. I love getting out in the community and helping out. We are still out of power at my home, but once everything is back in order, I will be hitting the streets, and knocking on doors again.” James1958 Mama Mia But donations outside of Apopka continues to be a trendApopka voters are still about six months away from choosing their next mayor and city commissioners, but some interesting trends are starting to emerge. Apopka Mayor Joe Kilsheimer and Orange County Commissioner Bryan Nelson both announced their intention to run for mayor within hours of each other in March. After those announcements, they took different approaches in starting times. Nelson aggressively campaigned and raised funds immediately, while Kilsheimer waited until June to begin fundraising.Kilsheimer spotted Nelson a $33,000 lead before he started, but after raising over $17,000 in August, he has cut Nelson’s lead and actually took the lead in cash-on-hand.However, the trend of donors being from outside of Apopka continued in August. Kilsheimer raised $17,590, which increased his total contributions to $33,175. He has spent $8,976.80, which leaves $24,198.20 in his campaign account. His donations ranged from $250-$1,000.Apopka Mayor Joe Kilsheimer raised $17,590 in August. Please enter your comment! Reply Yes the mayor is raising money from people that don’t live here, what is he going to do ,let them vote in our election, there is no reason people not living in this city should be giving him money, unless they expect favors from him on top of that he is draining down our reserves, this has to stop now September 15, 2017 at 7:27 pm
AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 19 April 2006 | News 10 total views, 2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Jewish Care, the largest health and social care charity for the UK’s Jewish community, has awarded a software contract to ESiT who will supply their thankQ fundraising system.The thankQ package will be configured for 30 users in the charity’s fundraising team and will be tailored to the specific processes and needs of the organisation.Jewish Care works directly with over 7,000 people every week. The organisation has 2,500 volunteers who work in partnership with a professional staff team of 1200 people. Advertisement Jewish Care chooses thankQ fundraising system About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.
111.92 867,971 Facebook By Digital AIM Web Support – January 28, 2021 67,185 3,024 Net interest income 40,770 INCOME BEFORE INCOME TAXES September 30,2020 $ These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: 13,241,863 LIABILITIES AND SHAREHOLDERS’ EQUITY 0.09 64,185 (In thousands, except share data) (3) For the Three Months Ended 447,544 1,506,831 Accrued expenses and other liabilities Loans held for investment, net: 25,270 64,185 1,657,832 472,763 100,126 Net gain on the sale of loans % Investment securities available for sale (amortized cost $443,328 and $447,384, respectively) Retained earnings—substantially restricted 14,608,636 Other interest and dividend earning assets (2) Total non-interest expense $ % Other assets $ 453,438 $ Noninterest-bearing liabilities 42,138 $ Allowance for credit losses on loans (4) 276,216,596 (46,937) Loans, net Selected performance ratios: 102 447,609 17,551 7,860 Real estate owned, net 13,090,927 % 1,017,811 0.81 42,459 (40,084) 12,915,001 26,461 NON-INTEREST EXPENSE: 3,323 36,634 Total assets 376,897 136,793 12,925,023 6,777 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES % This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things: 14,572,833 % 1.78 Extraordinary Associate Effort Drives Business, Supports Customers at TFS Financial Corporation $ NET INCOME 9,225,554 987 % 6,435 Borrowed funds 101,858 2.01 % 9,190,600 1,132 Total interest expense 489,200 Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. 51,729 AverageBalance Return on average assets Commitments and contingent liabilities Local NewsBusiness — — 12,899,508 222,919 5.94 $ Average equity to average assets $ Twitter 483 % 2,390 Net interest margin represents net interest income divided by total interest-earning assets. Three Months Ended 1,739,178 Noninterest-earning assets 65,638 Three Months Ended (121,573) 2.88 Borrowed funds Loans (2) 476,589 Increase in and death benefits from bank owned life insurance contracts INTEREST AND DIVIDEND INCOME: 2.10 $ % % (39,000) 6,493,523 34,840 December 31, $ CONSOLIDATED STATEMENTS OF INCOME (unaudited) 2,925 % 1,742,714 15,490 Twitter 1,647 Investment securities available for sale significantly increased competition among depository and other financial institutions;inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;decreased demand for our products and services and lower revenue and earnings because of a recession or other events;changes in consumer spending, borrowing and savings habits;adverse changes and volatility in the securities markets, credit markets or real estate markets;our ability to manage market risk, credit risk, liquidity risk, reputational risk, and regulatory and compliance risk;our ability to access cost-effective funding;legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends;changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board;the adoption of implementing regulations by a number of different regulatory bodies, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us;our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any;our ability to retain key employees;future adverse developments concerning Fannie Mae or Freddie Mac;changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the FRS and changes in the level of government support of housing finance;the continuing governmental efforts to restructure the U.S. financial and regulatory system;the ability of the U.S. Government to remain open, function properly and manage federal debt limits;changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers;changes in accounting and tax estimates;changes in our organization, or compensation and benefit plans and changes in expense trends (including, but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses);the inability of third-party providers to perform their obligations to us;civic unrest;cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems; andthe impact of wide-spread pandemic, including COVID-19, on our business and the economy. % Total shareholders’ equity 2,581 (767,649) % 1.65 INCOME TAX EXPENSE INTEREST EXPENSE: TOTAL ASSETS 1.87 136,793 December 31,2020 55,867 statements of our goals, intentions and expectations;statements regarding our business plans and prospects and growth and operating strategies;statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;statements regarding the trends in factors affecting our financial condition and results of operations, including asset quality of our loan and investment portfolios; andestimates of our risks and future costs and benefits. 41,594 47,320 55,867 8,230 58,743 Certificates of deposit 120,052 % Mortgage loans 949 Forward Looking Statements 45,895 NON-INTEREST INCOME: WhatsApp InterestIncome/Expense 2,146 1,655,246 16,443 Weighted average shares outstanding (3,000) 2,619 3.06 Other $ 2020 1.37 $ 11.81 $ 321 14,677,165 2,637 CONSOLIDATED STATEMENTS OF CONDITION (unaudited) 5,733 120,052 Office property, equipment and software 101,929 6,446 TFS FINANCIAL CORPORATION AND SUBSIDIARIES 6,153 Unallocated ESOP shares State franchise tax 1,151 43,186 Other expenses 14,642,221 99,208 470,408 Mortgage loan servicing rights, net Treasury stock, at cost; 51,753,830 and 52,168,744 shares at December 31, 2020 and September 30, 2020, respectively % 12,645,022 % 3,323 5,473 % Annualized. $ 1.63 17,551 25,642 Earnings per share—basic and diluted 498,033 688 Total non-interest income 43,186 185 12,609,991 Borrowed funds TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 50,866 278,028,072 $ 104,832 AVERAGE BALANCES AND YIELDS (unaudited) Return on average equity Average interest-earning assets to average interest-bearing liabilities December 31, 2020 499,920 13,021,919 InterestIncome/Expense Paid-in capital AverageBalance Basic 128 ASSETS 3.48 Interest-earning cash equivalents % 1,671,853 229,986 13,103,062 0.11 7,682 0.70 Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. 2019 $ (In thousands, except share and per share data) CLEVELAND–(BUSINESS WIRE)–Jan 28, 2021– TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland (the “Association”), today announced results for the quarter ended December 31, 2020. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210128006073/en/ Chairman and CEO Marc A. Stefanski (Photo: Business Wire) The Company reported net income of $25.0 million for the quarter ended December 31, 2020, compared to net income of $25.6 million for the quarter ended December 31, 2019. The change included a decrease in net interest income, an increase in other operating expenses and an increase in non-interest income, bolstered by increased net gains on the sale of loans. “At Third Federal, our associates continue to do extraordinary things for our customers during these unprecedented times,” said Chairman and CEO, Marc A. Stefanski. “Our strong loan originations this quarter, and a continued decrease in forbearances, are a testament to our associates’ effort. Their support of our customers and our company are the reason we have been strong, stable and safe since our founding in 1938.” Loan originations, mainly refinances, continued at an active pace. We sold, or committed to sell, $293.5 million of fixed-rate loans and recorded related gains of $16.4 million during the quarter ended December 31, 2020, as we took advantage of high origination levels, low interest rates and attractive Fannie Mae loan sale prices, while also managing our interest rate risk. Net interest income decreased $5.5 million, to $58.7 million for the quarter ended December 31, 2020 from $64.2 million for the quarter ended December 31, 2019. This decrease was primarily due to a 52 basis point reduction in the yield on interest-earning assets, primarily loans, to 2.88% during the quarter ended December 31, 2020 from 3.40% during the quarter ended December 31, 2019, as many borrowers are refinancing to take advantage of the current low interest rate environment. The yield on interest-earning assets was 2.95% for the quarter ended September 30, 2020. The decrease in yield was partially offset by a reduction in the cost of interest-bearing liabilities, which decreased 40 basis points to 1.37% for the quarter ended December 31, 2020 from 1.77% during the quarter ended December 31, 2019. Funding costs were lowered through a reduction in the average balance of borrowed funds, including the early termination of above-market priced FHLB borrowings and their related swap contracts during the quarter ended September 30, 2020, and through the repricing of certificates of deposit, to market rates of interest, as they mature. The interest rate spread for the quarter ended December 31, 2020 was 1.51% compared to 1.63% for the prior year quarter. The net interest margin for the quarter ended December 31, 2020 was 1.66% compared to 1.82% during the quarter ended December 31, 2019. The provision for loan losses was a credit of $2.0 million for the quarter ended December 31, 2020 compared to a credit of $3.0 million for the quarter ended December 31, 2019. On October 1, 2020, the Company adopted the Current Expected Credit Loss (“CECL”) methodology and recognized a $46.2 million increase to the allowance for credit losses, and a related $35.8 million reduction to retained earnings, net of tax. The Company recorded $1.3 million of net loan recoveries for the quarter ended December 31, 2020 compared to $1.4 million of net loan recoveries for the quarter ended December 31, 2019. Gross loan charge-offs were $0.9 million for the quarter ended December 31, 2020 and $1.6 million for the quarter ended December 31, 2019, while loan recoveries were $2.1 million in the current quarter and $3.0 million in the prior year quarter. The allowance for credit losses was $92.3 million, or 0.71% of total loans receivable, at December 31, 2020, including a $22.0 million liability for unfunded commitments. The allowance for loan losses was $46.9 million, or 0.36% of total loans receivable, at September 30, 2020 and $37.3 million, or 0.28% of total loans receivable, at December 31, 2019. Total loan delinquencies remained unchanged at $28.2 million, representing 0.22% of total loans receivable at December 31, 2020 and 0.21% of total loans receivable at September 30, 2020. Non-accrual loans decreased $2.6 million to $50.6 million, or 0.39% of total loans receivable, at December 31, 2020 compared with $53.4 million, or 0.41% of total loans receivable, at September 30, 2020. At December 31, 2020, there were $94.1 million of loans, or 0.73% of total loans receivable, in COVID-19 forbearance plans compared to $165.6 million, or 1.26% of total loans receivable, at September 30, 2020. These forbearance plans allow borrowers experiencing temporary financial hardships related to COVID-19 to defer a limited number of payments to a later point in time and catch up missed payments through a variety of repayment options. In accordance with regulatory guidance and the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the delinquency and accrual status of accounts in COVID-19 forbearance plans are generally frozen as of a specific date prior to entering a forbearance plan. The majority of our forbearance plans were current at the measurement dates with interest income accruing throughout the term of their forbearance and, therefore, are not included in reported delinquency or non-accrual totals. Total troubled debt restructurings decreased $4.9 million to $136.4 million at December 31, 2020 from $141.3 million at September 30, 2020. COVID-19 forbearance plans are not generally classified as troubled debt restructurings. Total non-interest income increased by $9.6 million, to $21.5 million for the quarter ended December 31, 2020, from $11.9 million for the quarter ended December 31, 2019. The change included higher net gains on the sale of loans, which increased $13.5 million compared to the prior year period, offset by $4.3 million of net gain that was recognized during the quarter ended December 31, 2019 on the sale of commercial property. During the quarter ended December 31, 2020, $293.5 million of loans were sold or committed for sale at a $16.4 million net gain compared to $208.5 million of loans sold at a $2.9 million net gain during the quarter ended December 31, 2019. Total non-interest expenses increased $4.4 million, to $51.7 million for the quarter ended December 31, 2020, from $47.3 million for the quarter ended December 31, 2019. The increase consisted mainly of a combination of a $2.4 million increase in salaries and employee benefits and a $1.2 million increase in marketing services, related to the timing of when expenses are incurred. The majority of the increase in salaries and benefits was a result of a one-time after-tax bonus of $1,500 to all associates in recognition of their special efforts during this unusual year. Total assets decreased by $69.4 million, or less than 1%, to $14.57 billion at December 31, 2020 from $14.64 billion at September 30, 2020. This change was mainly due to the combination of loan sales and principal repayments on loans exceeding the total of new loan originations and the impact of adopting CECL, offset by an increase in bank owned life insurance contracts. The combination of loans held for investment, net and mortgage loans held for sale decreased $129.1 million, or 1.0%, to $13.01 billion at December 31, 2020 from $13.14 billion at September 30, 2020, mainly as a result of the increased loan sales mentioned above. Residential core mortgage loans, including those held for sale, decreased $42.3 million and the home equity loans and lines of credit portfolio decreased $61.6 million during the quarter. Total first mortgage loan originations were $1.12 billion for the quarter ended December 31, 2020 and $750.6 million for the quarter ended December 31, 2019. The current period mortgage loan originations included 77% refinance transactions, 33% adjustable rate mortgages and 18% fixed-rate mortgages with terms of 10 years or less. Commitments originated for home equity loans and lines of credit were $306.1 million for the quarter ended December 31, 2020 and $349.5 million for the quarter ended December 31, 2019. Total bank owned life insurance contracts increased $71.6 million, to $294.6 million at December 31, 2020, from $222.9 million at September 30, 2020, primarily due to $70 million of additional premiums placed during the quarter. Other assets decreased $5.6 million, or 5.3%, to $99.2 million at December 31, 2020 from $104.8 million at September 30, 2020. This decrease was primarily due to a $4.3 million reduction in margin requirements and receivables on swap contracts and a $1.2 million decrease in prepaid franchise tax. Deposits decreased by $35.0 million, or less than 1%, to $9.19 billion at December 31, 2020 from $9.23 billion at September 30, 2020. The decrease in deposits was the result of a $173.9 million decrease in certificates of deposit (“CDs”), offset by a $64.2 million increase in checking accounts, a $35.3 million increase in money market accounts and a $39.8 million increase in savings accounts during the quarter ended December 31, 2020. Total deposits include $530.4 million and $553.9 million of brokered CDs at December 31, 2020 and September 30, 2020, respectively. Borrowed funds, all from the FHLB, decreased $76.7 million, to $3.44 billion at December 31, 2020 from $3.52 billion at September 30, 2020. This decrease consisted of a $75.0 million decrease in 90 day advances, which were in place to support interest rate swap contracts that matured during the quarter, and a $1.7 million decrease in long term borrowings. Borrowers’ advances for insurance and taxes increased by $30.7 million to $142.2 million at December 31, 2020 from $111.5 million at September 30, 2020. This change primarily reflects the cyclical nature of real estate tax payments that have been collected from borrowers and are in the process of being remitted to various taxing agencies. Accrued expenses and other liabilities increased by $20.7 million to $86.3 million at December 31, 2020 from $65.6 million at September 30, 2020. The change was mainly due to a $22.0 million increase in the liability for off-balance sheet exposures on commitments to originate new loans and undrawn equity lines of credit and construction loan balances upon the October 1, 2020 adoption of CECL, partially offset by a $1.4 million decrease in payables outstanding. Total shareholders’ equity decreased $14.0 million, or 0.8%, to $1.66 billion at December 31, 2020 from $1.67 billion at September 30, 2020. Activity reflects $25.0 million of net income in the current reduced by a $35.8 million provision to the allowance for credit losses, net of tax, upon the October 1, 2020 adoption of CECL, and a quarterly dividend of $14.1 million. Other changes include $10.4 million of unrealized net gain recognized in accumulated other comprehensive income, primarily related to changes in market values and maturities of swap contracts, and a $0.4 million net positive impact related to activity in the Company’s stock compensation and employee stock ownership plans. No shares of the Company’s common stock were repurchased during the quarter ended December 31, 2020. The Company declared and paid a quarterly dividend of $0.28 per share during the quarter ended December 31, 2020. As a result of a mutual member vote, Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the mutual holding company that owns approximately 81% of the outstanding stock of the Company, was able to waive its receipt of its share of the dividend paid. Under current Federal Reserve regulations, the MHC is required to obtain the approval of its members every 12 months for the MHC to waive its right to receive dividends. As a result of a July 14, 2020 member vote and the subsequent non-objection of the Federal Reserve, the MHC has the approval to waive the receipt of up to a total of $1.12 per share of possible dividends to be declared on the Company’s common stock, including up to $0.56 in dividends during the six months ending June 30, 2021. The MHC has conducted the member vote to approve the dividend waiver each of the past seven years under Federal Reserve regulations and for each of those seven years, approximately 97% of the votes cast were in favor of the waiver. The Association operates under the capital requirements for the standardized approach of the Basel III capital framework for U.S. banking organizations (“Basel III Rules”). At December 31, 2020 all of the Association’s capital ratios substantially exceed the amounts required for the Association to be considered “well capitalized” for regulatory capital purposes. The Association’s Tier 1 leverage ratio was 10.37%, its Common Equity Tier 1 and Tier 1 ratios, as calculated under the fully phased-in Basel III Rules, were each 19.03% and its total capital ratio was 19.62%. Additionally, the Company’s Tier 1 leverage ratio was 12.15%, its Common Equity Tier 1 and Tier 1 ratios were each 22.28% and its total capital ratio was 22.86%. The Association’s current capital ratios reflect the dilutive impact of $55 million of dividends that the Association paid to the Company, its sole shareholder, during the quarter ended December 31, 2020. Because of its intercompany nature, these dividends had no impact on the Company’s capital ratios or its consolidated statement of condition. Presentation slides as of December 31, 2020 will be available on the Company’s website, www.thirdfederal.com, under the Investor Relations link within the “Recent Presentations” menu, beginning January 29, 2021. The Company will not be hosting a conference call to discuss its operating results. Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 80 th anniversary in May, 2018. Third Federal, which lends in 25 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, seven lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of December 31, 2020, the Company’s assets totaled $14.57 billion. December 31, 2019 115,225 14,608,636 Savings accounts 1,725,643 Other interest-earning cash equivalents 2,864 525,312 1,014 $ Cash and cash equivalents 0.13 Net interest-earning assets (4) 60,743 Total interest-earning assets 30,475 Total interest-bearing liabilities (5) Federal Home Loan Bank stock 545,729 14,119,436 31,795 2,864 142,248 Accumulated other comprehensive loss 14,151,853 111,536 (1) 3.98 101,929 $ 1,561 Federal Home Loan Bank stock, at cost 3,521,745 % Borrowers’ advances for insurance and taxes 115,225 (131,965) 29,512 % Loans, including fees Interest-earning assets: 5,298 294,565 34,809 Facebook Interest rate spread (3) $ $ (764,774) 1.63 $ Mortgage-backed securities Yield/Cost (1) NET INTEREST INCOME 3,444,998 $ 1,662,095 914 6,505,776 Diluted $ 1.66 86,289 % Other loans % 14,642,221 Net interest margin (5) Checking accounts 1,490,074 1,963 2.14 25,002 (70,290) 3,471,593 38,316 Deferred loan expenses, net 21,461 Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. Premises, equipment, and software, net 111,288 % 3,746,170 Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 280,564,920 and 280,150,006 outstanding at December 31, 2020 and September 30, 2020, respectively % 865,514 Mortgage loans held for sale ($107,978 and $36,078 measured at fair value, respectively) 275,578,184 987 1.77 876 0.22 36,871 273,002 Total liabilities 28,338 12,882,993 Loans include both mortgage loans held for sale and loans held for investment. % 12,970,368 Marketing services Principal, interest, and related escrow owed on loans serviced 14,677,165 TFS FINANCIAL CORPORATION AND SUBSIDIARIES $ 0.22 Deposits 58,743 11,930 Yield/Cost (1) 100,126 1.51 % 277,888,588 14,572,833 2,495 816 Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding Federal insurance premium and assessments 1,509,445 TFS FINANCIAL CORPORATION AND SUBSIDIARIES Bank owned life insurance contracts % 1.82 % 25,885 Cash and due from banks Fees and service charges, net of amortization Deposits 27,696 3.40 Total interest and dividend income 0.68 Total liabilities Interest-bearing liabilities: % 6.04 % 0.88 % (2,000) % Accrued interest receivable 0.09 Salaries and employee benefits 4,461 13,104,959 136,793 (Dollars in thousands) WhatsApp Total liabilities and shareholders’ equity 11.28 111.97 840,678 PROVISION FOR CREDIT LOSSES Pinterest View source version on businesswire.com:https://www.businesswire.com/news/home/20210128006073/en/ CONTACT: TFS Financial Corporation Jennifer Rosa (216) 429-5037 KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: Third Federal Savings and Loan Copyright Business Wire 2021. 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Hundreds of students from colleges across the university tuned in to the Eurovision Song Contest last Saturday, joining an estimated 125 million viewers around the world who watched the contest broadcast live from Malmö, Sweden.The show enjoyed unprecedented popularity in Oxford this year with more than a dozen Eurovision parties being held in JCRs, college bars and even the Union. Colleges known to have hosted either an official or unofficial Eurovision party include St Hugh’s, Exeter, Jesus, Hertford, Balliol, Lincoln and Keble, amongst others. Emmelie de Forest representing Denmark ended the night at the top of the scoreboard with her song ‘Only Teardrops’. The UK, represented by 80s pop-star Bonnie Tyler, came in 19th with only 23 points.Harry Davies, who organised this year’s party at Exeter, said, “Exeter turned out in force for Eurovision this year, about 50 people came to the JCR throughout the night. The room was covered with European bunting and giant flags. Most people were given a mini-flag of their chosen country to wave, crayons so they could show their allegiance facially, and also a score-sheet, so they could rank the performances in categories such as ‘The Likeability Factor’ and ‘General Amazingness’. 26 daring students entered a sweepstake and it became pretty vocal and competitive during the scoring, but it was brilliant to see so many people get involved with what really is the greatest three-and-a-half hours of television mankind has ever created.”An Exeter first year also praised the work of their JCR, commenting, “It was a great success…We passed a motion earlier this term to pay for food and drink as well as decorations and it acted as a great pre-party to the bop we had later that evening.” Adam Ward added “Despite the Eurovision rule of not being able to vote for yourself, Exeter definitely deserved douze points for its Eurovision party.”A first year from St Hugh’s said, “Nearly every seat in the JCR was full, and in my experience the JCR hasn’t been as full at any point this year so far…A number of finalists empathised with the sentiments expressed in Greece’s entry ‘Alcohol is Free’. “The UK’s low position on the scoreboard has once again raised questions about whether Britain’s continued participation in the competition is worth it. One second-year Jesus medic said, “It’s impossible to dislike Eurovision, even though we keep losing. Of course it’s a shame about Bonnie, until you remember that it’s not 1983 anymore and nobody really cares.”
1 / 5 A ferry is planned for the former military ocean terminal base (MOTBY) 2 / 5 Twin 22-story towers on North Street will create a truly urban skyline and become landmarks to be seen from miles around. 3 / 5 Residential development is booming in Bayonne 4 / 5 The existing World War II-era warehouses once stored missiles, tanks, and all kinds of cargo to ship abroad to support war efforts from 1967, when the peninsula became a military base, to 1999, when the base closed. 5 / 5 The new Bayonne is attracting commercial development. ❮ ❯ × 1 / 5 A ferry is planned for the former military ocean terminal base (MOTBY) 2 / 5 Twin 22-story towers on North Street will create a truly urban skyline and become landmarks to be seen from miles around. 3 / 5 Residential development is booming in Bayonne 4 / 5 The existing World War II-era warehouses once stored missiles, tanks, and all kinds of cargo to ship abroad to support war efforts from 1967, when the peninsula became a military base, to 1999, when the base closed. 5 / 5 The new Bayonne is attracting commercial development. ❮ ❯ The new Master Plan, which was revised in July,2017, promotes contemporary urban planning principlesto create high-density, walkable, bike-able, and mixed-used development. The plan recommends the city establish “station area plans” for neighborhoods within a quarter mile of a light rail station as “transit villages.”The plan creates two tiers of zoning. “Catalyst” projects would allow for buildings between eight and 10 stories, and require public open space, while “non-catalyst” projects would be between four and eight stories.Catalyst projects within a four-block radius of the 22nd Street Light Rail station include 19 East, a 138-unit luxury rental building; Madison Hill on the former site of CJ Murphy; Skye Lofts South and Sky Lofts North, both on Avenue E combining for nearly 200 units; and a 180-unit Parkview Realty residential development._____________Most developers have included indoor garages in their plans.____________The MOTBY factorCity officials are so hopeful about Bayonne’s future that they are shooting for the stars. In September of 2017, the city joined hundreds of cities across the U.S. and Canada in responding to Amazon’s request for proposals for a location to build its second headquarters. Bayonne was banking on the former Military Ocean Terminal Base.Amazon’s short list of finalists does not include Bayonne, but that doesn’t mean that MOTBY’s warehousing space has no value.Lincoln Equities Group (LEG) recently completed its acquisition of a 153-acre site on MOTBY, called the Bayonne Logistics Center, formerly owned by Ports of America. The company plans to redevelop the property into 1.6 million square feet of industrial warehouse space adjacent to the Port of New York and New Jersey.The existing World War II-era warehouses once stored missiles, tanks, and all kinds of cargo to ship abroad to support war efforts from 1967, when the peninsula became a military base, to 1999, when the base closed.What companies will occupy that space is not yet determined, but Amazon could be in the mix, because the company has been spreading its warehouse footprint like wildfire in New Jersey in the last few years.At MOTBY, multiple large residential developments are set to break ground after years of environmental remediation and financial planning. Those plans have attracted a Costco to the area of Route 440 near the 34th Street Light Rail Station, near residential developments on the base._____________The city has the most undeveloped space in the county.____________That ribbon of highwayThe 34th Street Light Rail pedestrian bridge will soon fulfill its original goal of allowing pedestrians to safely cross Route 440. Currently, it takes only light rail riders over the tracks to a parking lot. With so much development set for the other side of Route 440, pedestrians will finally have a destination to walk to.South of MOTBY, and across from the 34th Street station, South Cove Commons has been in constant redevelopment mode. The area is under renovation to make the area more attractive to pedestrians. In November, the Alessi Group, which develops South Cove, installed a large limestone frieze that once graced the long-demolished Philadelphia Civic Center.While the 34th Street pedestrian walkway is in the works, Alessi redesigned the other pedestrian access point to South Cove at 22nd Street by installing a new signal to provide enough time for pedestrians to safely cross, and a vehicle off-ramp was removed.Most new developments in the city are intended for mixed-use purposes, meaning the ground floors can be used for commercial entities, while the top is typically reserved for residential use. South Cove is also building new office spaces to accommodate the changing needs of local businesses.Continue up Route 440, and vehicles can enter the NJ Turnpike via Exit 14A, which has been under construction for the last few years and was completed in May, three months early.The project increased toll plaza capacity from 11 to 13 lanes, extended the ramp from Interchange 14A westbound, expanded the Hudson County Extension to two lanes, and replaced the existing two-lane connector bridge with a new four-lane structure to Route 440, Route 185, and Port Jersey Boulevard.A new flyover ramp, where the ceremony was held, was also constructed from the interchange and Port Jersey Boulevard to Route 440 south. The existing traffic signal at East 53rd Street was removed, and the new roundabout will maintain permanent access to the 14A Interchange.The project will enhance access not only for industrial truckers, but for the thousands of residents bound to live on MOTBY. The city will also benefit from fewer multi-ton trucks wearing and tearing Bayonne’s locally maintained roads and bridges, which could make for fewer potholes and a safer driving, walking, and cycling environment.Open spaceDennis Collins Park on First Street, one of Bayonne’s largest parks, underwent a large renovation that was unveiled this spring. New playground equipment, exercise equipment, bean toss, a patio area for leisure and yoga, solar charging station, a new volleyball court, two resurfaced tennis courts, and two renovated dog parks are now available for all to use.New playground equipment includes ADA-accessible swings, tot swings, a dual beam Kid Koaster, a standing rocker, and a Volta Inclusive Spinner.New exercise equipment includes ellipticals and steppers.The long-term goal is to make most of the Bayonne shorefront accessible and walkable. City officials and the Port Authority have discussed the potential for a linear park underneath the Bayonne Bridge that would start at 5th Street and extend south to Dennis Collins Park and could include a walkway, bike path, parkland, playground, and other amenities. The walkway would extend north up Bayonne’s western shore to connect to 16th Street Park, Stephen R. Gregg Park, and Rutkowski Park. The linear park concept dovetails with the massive 44-acre Promenade development planned for the old Texaco site.NJ Gov. Phil Murphy visited the city in May to help announce the start of the project, which will create a pathway and park connecting Bayonne High School to 16th Street Park, where a proposed miniature golf course would be located if a developer is found.Last year, Stephen R. Gregg Park received $3.7 million worth of waterfront ballfields. Also known as Hudson County Park, it has more than 100 acres of open space that includes ballfields, tennis courts, basketball courts, bocce courts, horseshoe pits, and a running track. Now it’s resurfaced two full-size soccer fields and two mini soccer fields with turf, and added two full-size softball fields, all with new landscaping and LED lighting (the same lighting used by the University of Arizona).The park, which is maintained by the county, was improved using County Capital Funds.A pond renovation in July and August of 2017 beautified the northern-most section near Rutkowski Park. The manmade pond, which was filling up with muck and leaves, was drained to add a new sodium bentonite liner layered with sand to prevent water from leaking into the soil, as well as coir logs that allow plants to grow around the pond’s edge, which features a new walkway.Development has opened the door to public-private spaces that will be included in some large residential developments. Meanwhile, the McDonald’s on Broadway will be pushed back to make room for a private-public plaza on the corner of West 25th Street. New buildings are bound to change the face of Bayonne, two of which will create a truly urban skyline and become landmarksto be seen from miles around: twin 22-story towers on North Street. Meanwhile, a ferry is planned for the former military ocean terminal base (MOTBY) as well as thousands of residential units and a Costco.The city has the most undeveloped space in the county. That space is either planned for development or is in the process of development. Rental fees in those buildings are often too high for most current residents, but the city and developers are hoping to attract newcomers who have been pushed out of the New York City housing market and young professionals seeking convenient locations from which to commute.But luring developers to build in Bayonne can be politically dicey. Local government encouragesdevelopment by using payments in lieu of taxes (PILOTs), which let developers make payments directly to the city instead of in property taxes, which help fund the school district. Because Bayonne is already underfunded, the city council passed an ordinance allotting five percent of payments to the school district, and another five percent to the county.To encourage development where it is needed most—in and around public transit stations—the city revised its zoning ordinances to allow developers to build less parking if it wants. But developers still have to attract people to live in the buildings, and many of those people will probably want cars. Most developers have included indoor garages in their plans. The grand plan
By Donald WittkowskiThousands of bicyclists crossing the finish line Saturday in the MS City to Shore Ride were greeted by a woman holding an orange sign with two words written in black letters: “Thank you.”The sign seemed like a simple expression of gratitude, but for Trish Repetski, it conveyed a very powerful message.To her, it symbolized the efforts of so many people who have banded together in the fight against multiple sclerosis, an incurable, often disabling disease that disrupts the central nervous system.“It brings a tear to my eye to see them finish,” Repetski, her voice choking with emotion, said of the bikers. “Sometimes, they have tears in their eyes, too.”On Saturday, it was the fifth straight year that the 56-year-old Repetski, of Fairless Hills, Pa., held the “Thank you” sign. Riders passing by her on Fifth Street heading to the finish line at the Ocean City Boardwalk often gave her a thumbs-up or a wave in a show of appreciation.The emotional exchanges between Repetski and the cyclists were among many poignant moments during the annual MS bike ride, a major fundraiser for the National Multiple Sclerosis Society. An estimated 7,000 bikers were expected to raise more than $6 million in the ride from Cherry Hill to Ocean City.As she has done for five straight years, Trish Repetski, of Fairless Hills, Pa., waves a “Thank you” sign as riders arrive at the finish line.Repetski did not ride, but was part of the “Raising Caine” team that supported her friend, Mike Caine, a Levittown, Pa., resident who has MS.“It’s the least we can do for him,” Repetski said of Caine.Some bikers participated in teams while other cyclists simply rode on their own. The event gave riders a choice of route options that ranged from 25 to 180 miles, taking them along the scenic back roads of South Jersey to the Jersey Shore.David Bucher, 67, a retired mailman from Philadelphia, said he has been riding in the event for 38 years in a row. On Saturday, he dedicated his ride in memory of two friends who died this past year.One of Bucher’s friends had MS, while the other had cancer. Bucher had the name of one friend, whom he identified only as Kathy, written on an arm band that he wore during the ride.“I really don’t know if I’m making a difference,” Bucher said of his longtime participation in the fight against MS.But then he paused for a moment and added, “Just the fact that I’m here, I think that I am making a difference.”Rider David Bucher, of Philadelphia, and MS Society volunteer Karen Meyers, of Southampton, Pa., share a hug.Karen Meyers, an MS Society volunteer, said she believed Bucher and all of the other cyclists made a huge contribution toward efforts to conquer the disease.“It’s very comforting. These people are doing the hardest part, and they’re doing it for people like me,” said Meyers, who has MS. “I appreciate it so much. It means a lot to me.”Meyers, 47, of Southampton, Pa., personally thanked the bikers as they signed a tent wall that allowed them to write tributes to friends and family members who have MS.At one point, Meyers and Bucher gave each other a big hug.“You rode for me. Thank you,” Meyers exclaimed as Bucher smiled in return.This year’s MS ride was the first time that cyclists entered Ocean City via the Route 52 Causeway, the main gateway into town. Previously, they had used the Ocean City-Longport Bridge as their entry point. The route was changed at the request of the MS Society to make it easier and safer for bikers to enter Ocean City.Cyclists enter Ocean City using the Route 52 Causeway as part of a new route for the ride this year.Ocean City police officers were stationed along the entry route to protect the cyclists and direct traffic.Sgt. Brian Hopely, of the police department’s Traffic Safety Unit, noted that 25 officers were specifically assigned to the ride. Volunteers from the city’s Community Emergency Response Team supplemented the police for crowd control. Other officers were on normal duty across the city, representing a major commitment by the police department throughout Saturday.“Everything is moving along smoothly,” Hopely said as the first waves of MS riders began hitting the finish line late in the morning. The MS City to Shore ride attracts thousands of bikers and raises millions of dollars in the fight against multiple sclerosis.