BOULDER, Colo., March 17, 2025 /PRNewswire/ -- Peregrine Energy Solutions LLC ("Peregrine"), an integrated multi-technology clean energy platform with a focus on utility-scale storage, announced today it has closed a $53 million preferred equity commitment with Bildmore Clean Energy for a 150MW battery energy storage project that's currently under construction. Concurrently, Peregrine also secured a $115 million bridge financing facility to fund the remaining construction of the project. First Citizens Bank ...

Group 1 - First Citizens Bancshares has been underperforming compared to its peers despite generally meeting expectations [1] - The stock performance of First Citizens Bancshares has been relatively stable against bank indexes [1]

Group 1 - Citizens reported quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.10 per share, and down from $0.21 per share a year ago, representing an earnings surprise of -30% [1] - The company posted revenues of $67.64 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.67%, compared to year-ago revenues of $65.61 million [2] - Citizens shares have increased about 12% since the beginning of the year, while the S&P 500 has declined by -4.8% [3] Group 2 - The current consensus EPS estimate for the coming quarter is $0.09 on revenues of $58.91 million, and for the current fiscal year, it is $0.38 on revenues of $256.29 million [7] - The Zacks Industry Rank for Insurance - Life Insurance is currently in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Insights - Citizens, Inc. reported a total annual premium revenue growth for the first time since 2017, with new products and expanded distribution channels leading to over $1.1 billion in insurance issued, a 54% increase from 2023 [3][6] - The company achieved total revenues of $245.0 million for the full year 2024, up from $240.7 million in 2023, and adjusted total revenues of $247.6 million, an increase from $239.9 million [6][10] - Citizens, Inc. expects continued sales growth leading to revenue and profit growth in 2025 and stronger growth in 2026, supported by a robust global business model [5][10] Financial Performance - In Q4 2024, total revenues were $63.5 million, down from $66.9 million in Q4 2023, but adjusted total revenues increased to $67.6 million from $65.6 million [6][10] - Income before federal income tax for the full year 2024 was $15.0 million, down from $26.2 million in 2023, with adjusted income before federal income tax at $21.3 million compared to $26.6 million in 2023 [6][10] - Net income for Q4 2024 was $3.6 million, or $0.07 per fully diluted Class A share, down from $10.7 million, or $0.21 per fully diluted Class A share, in the prior year quarter [14][10] Insurance Issuance and Premiums - Insurance issued in Q4 2024 was $262.6 million, a 10% increase compared to Q4 2023, driven by new domestic products and strong international sales [7][10] - Direct first year life and accident & health (A&H) premiums increased by 84% in Q4 2024, marking the ninth consecutive quarter of year-over-year growth [7][10] - The total direct insurance in force reached over $5.2 billion by December 31, 2024, an increase from $4.9 billion in 2023 [10][6] Strategic Initiatives - The company expanded its licensing to 43 U.S. states and Washington, D.C., up from 39 at the end of 2023 [3][10] - Citizens, Inc. achieved a 72% increase in its global network of producing agents in 2024, exceeding its goal of a 20% increase [9][10] - The company introduced two new products and made significant enhancements to existing products in 2024 [9][10] Cash Flow and Assets - Positive net cash provided by operating activities was $31.9 million for the full year 2024, compared to $22.1 million in 2023 [10][16] - Total assets were reported at $1.7 billion with cash and cash equivalents of $29.3 million and no debt as of December 31, 2024 [10][16] - Book value per Class A share increased by 21% over the year to $4.21, with an adjusted book value per share of $6.14, reflecting a 5% increase [10][30]

Company Overview - Citizens (CIA) shares increased by 5.9% to $5.53 in the last trading session, with a notable trading volume, and have gained 23.7% over the past four weeks [1] - The company is expected to benefit from competitive advantages in expanding niche markets, rapid sales force expansion, and expertise in profitable product development [1] Financial Strength - Citizens has a low-risk business model and conservative balance sheet management, ensuring financial strength [2] - The company maintains a debt-free balance sheet, has access to a $20 million line of credit, and has experienced cash inflows for two decades, providing liquidity for growth initiatives [2] Earnings Expectations - Citizens is projected to report quarterly earnings of $0.10 per share, reflecting a year-over-year decline of 52.4%, with expected revenues of $65.24 million, down 0.6% from the previous year [2] - The consensus EPS estimate for Citizens has remained unchanged over the last 30 days, indicating stability in earnings expectations [4] Market Position - Citizens holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook in the market [4] - In the same industry, GoHealth (GOCO) has a Zacks Rank of 3 (Hold) and is expected to report an EPS of $1.16, which is a 93.3% increase from the previous year [5]

Core Insights - First Citizens Bank and Sixth Street have launched Sixty-First Commercial Finance, a platform aimed at providing flexible capital equipment financing solutions to middle market companies [1][2]. Company Overview - First Citizens Bank is ranked among the top 20 U.S. banks and is one of the five largest banks in equipment finance, indicating a strong position in the market [3]. - Sixth Street is a global investment firm managing over $100 billion in assets, showcasing its significant financial capacity and expertise [8][9]. Joint Venture Details - Sixty-First Commercial Finance will offer mid- and large-ticket capital equipment financing ranging from $5 million to $100 million, covering various equipment asset types and industries [2]. - The joint venture will utilize the combined capabilities of First Citizens Bank and Sixth Street to enhance financing alternatives for clients, providing greater flexibility and execution certainty [3]. Product Offerings - The platform's offerings include tax leases, loans, capital leases, and progress payment financing, targeting mission-critical equipment financing needs across multiple industries such as transportation, construction, and manufacturing [4]. Leadership and Management - Ryan Berlage has been appointed as managing director and chief credit officer of the joint venture, bringing over 20 years of experience in the equipment finance industry [5]. - First Citizens Bank executives, including Kevin Ronan and Edward Moir, will oversee the operations of Sixty-First Commercial Finance, ensuring alignment with the bank's strategic goals [6]. Financial Support - Bank of America is structuring a $300 million warehouse finance facility to support the Sixty-First Commercial Finance joint venture, indicating strong financial backing for the initiative [3].

Core Insights - Citizens, Inc. has appointed Paula Guerrero as Chief Information Officer, effective immediately, promoting her from Vice President of Information Technology [1] - The company emphasizes the importance of improving processes and technology to enhance the insurance sales cycle, which is crucial for global business growth [2] - Jon Stenberg, the President and CEO, highlights Guerrero's leadership and vision as key drivers for innovation and technological advancement within the company [3] Company Overview - Citizens, Inc. is a diversified financial services company specializing in life, living benefits, and final expense insurance, operating primarily in the U.S., Latin America, and Asia [6] - The company offers products in multiple languages, including English, Spanish, Portuguese, and Mandarin, to cater to the evolving needs of its customers [6] - Citizens operates two main segments: Life Insurance, where it is a market leader in U.S. Dollar denominated life insurance, and Home Service Insurance, primarily in the U.S. Gulf coast region [6] Leadership Background - Paula Guerrero joined Citizens in 2021 and has played a significant role in transforming the company's technological infrastructure [3] - Prior to her role at Citizens, Guerrero held various positions in IT leadership, including IT Director at Baylor, Scott & White Health, and Assistant Vice President at FirstCare Health Plans [4] - Guerrero holds a Bachelor of Science in Industrial Administration with dual majors in Information Systems and Finance from Kettering University [5]

Core Insights - Citizens Bancshares Corporation has appointed Alicia V. J. Wilson to its Board of Directors, bringing extensive expertise in finance and Enterprise Risk Management to support the company's mission [1][4][5] Company Overview - Citizens Trust Bank, a subsidiary of Citizens Bancshares Corporation, is ranked 28th by S&P Global among the top 100 best-performing US Community Banks under $3 billion, celebrating over a century of service to its community [6][7] - The bank focuses on providing customized services and financial solutions to meet the evolving needs of the community, emphasizing economic equality and well-being [6] Leadership and Governance - Alicia V. J. Wilson currently serves as Chief Audit Officer and Vice President of Internal Audit for Southwire, known for her strategic oversight and growth-driving capabilities [2] - Wilson's experience in internal auditing and risk management is expected to enhance the bank's adherence to regulatory standards and corporate governance [3] - The Chairman of the Board, Ray Robinson, expressed confidence in Wilson's ability to guide the company through its growth and innovation phase [4] Strategic Focus - The bank aims to expand its offerings and strengthen its commitment to customer-centered solutions, with Wilson's leadership aligning with this mission [5] - Wilson expressed her eagerness to contribute to the company's vision of fostering financial success and inclusive growth [6]

Core Viewpoint - Citizens, Inc. has appointed Bryon Matthew Lewis as Chief Operating Officer, a newly created global position, to enhance operational efficiency and customer service [1][2]. Company Overview - Citizens, Inc. is a diversified financial services company specializing in life, living benefits, and final expense insurance, operating primarily in the U.S., Latin America, and Asia [4]. - The company offers innovative products in multiple languages, including English, Spanish, Portuguese, and Mandarin, to meet the evolving needs of its customers [4]. Leadership and Experience - Bryon Matthew Lewis, previously the Vice President of Operations, has been promoted to COO, overseeing critical functions such as Underwriting, New Business, Claims, and Corporate and Policyholder Services [1][2]. - Lewis has a strong background in driving business growth and transformation, having joined Citizens in 2021 and previously held leadership roles in health plan operations and IT [2][3]. Strategic Focus - The appointment of Lewis is part of a strategic roadmap aimed at improving operating results and sustainable growth in book value per share [2]. - The company is focused on delivering outstanding customer service, which is a key expectation from its policyholders [2].

Core Insights - First Citizens BancShares, Inc. reported strong financial results for Q4 2024, with net income of $700 million, up from $639 million in Q3 2024, and net income available to common stockholders increased to $685 million from $624 million [3][4] Financial Highlights - Adjusted net income for Q4 2024 was $643 million, a decrease from $675 million in the linked quarter, with adjusted net income available to common stockholders at $628 million, down from $660 million [4] - Net interest income totaled $1.71 billion, a decrease of $87 million from the linked quarter, with net interest margin at 3.32%, down from 3.53% [6][10] - Noninterest income increased to $699 million, up by $49 million compared to the linked quarter, with adjusted noninterest income at $516 million, an increase of $42 million [10] Balance Sheet Summary - Loans and leases reached $140.22 billion, an increase of $1.53 billion (4.4% annualized) from $138.70 billion [9] - Total investment securities rose to $44.09 billion, an increase of $5.43 billion since September 30, 2024 [12] - Deposits totaled $155.23 billion, an increase of $3.66 billion (9.6% annualized growth) [12] Provision for Credit Losses and Credit Quality - Provision for credit losses was $155 million, up from $117 million in the linked quarter, with net charge-offs totaling $160 million, representing 0.46% of average loans [11][13] - Nonaccrual loans decreased to $1.18 billion (0.84% of loans) from $1.24 billion (0.90% of loans) [13] Capital and Liquidity - Capital ratios were well above regulatory requirements, with total risk-based capital at 15.04% and Tier 1 risk-based capital at 13.53% [18] - The company repurchased 461,583 shares of Class A common stock for $963 million during the quarter, with a total of 814,641 shares repurchased for $1.66 billion since the inception of the Share Repurchase Program [18]