Empire Bancorp Announces First Quarter 2019 Results

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April 24, 2019

Empire Bancorp Announces First Quarter 2019 Results

ISLANDIA, N.Y., April 23, 2019 (GLOBE NEWSWIRE) — Empire Bancorp, Inc. (OTCQX: EMPK), today announced its financial results for the quarter ended March 31, 2019.

Quarterly Highlights

Financial Results

Net income, measured on a consolidated basis for the first quarter of 2019 was $742 thousand, compared to net income of $840 thousand for the fourth quarter of 2018, and net income of $508 thousand for the first quarter of 2018.
Diluted earnings per common share for the first quarter of 2019 were $0.10, compared to $0.11 for the fourth quarter of 2018, and $0.07 for the first quarter of 2018.
Return on average assets and average common stockholders’ equity for the first quarter of 2019 were 0.29% and 4.15%, respectively, compared with 0.34% and 5.09%, respectively, for the fourth quarter of 2018, and 0.21% and 3.11%, respectively, for the first quarter of 2018.

Franchise Development

Total assets were $1.05 billion at March 31, 2019, up 10.5% from $947.0 million at March 31, 2018.
Loans outstanding totaled $675.3 million at March 31, 2019, up 25.5% from $538.2 million at March 31, 2018.
Deposits totaled $937.6 million at March 31, 2019, up 8.9% from $861.0 million at March 31, 2018.

Continued Financial and Credit Strength

Solid asset quality with an allowance for loan and lease losses of 0.96% of total loans and a ratio of non-performing loans to total loans of 0.36%.
There was no provision for loan losses recorded for the first quarter of 2019, compared to a provision of $230 thousand recorded for December 31, 2018, and a provision of $227 thousand as of March 31, 2018.
“Well capitalized” regulatory capital levels at Empire National Bank, as of December 31, 2018:
º Tier 1 leverage capital ratio of 8.81%
º  Common equity tier 1 risk-based capital ratio of 13.16%
º  Tier 1 risk-based capital ratio of 13.16%
º  Total risk-based capital ratio of 14.09%

Balance Sheet

Assets totaled $1.05 billion at March 31, 2019, up $58.1 million, or 5.9%, from December 31, 2018, and up $99.4 million, or 10.5%, from March 31, 2018. Total cash and cash equivalents increased $34.0 million, or 323.3%, to $44.5 million from $10.5 million at December 31, 2018, and decreased $33.3 million, or 42.8%, from $77.8 million at March 31, 2018. Investment securities available for sale were $281.3 million, up $12.3 million, or 4.6%, from $269.0 million at December 31, 2018, and down $13.6 million, or 4.6%, from March 31, 2018. Gross loans were $675.3 million at March 31, 2019, an increase of $1.7 million, or 0.26%, from $673.6 million at December 31, 2018, and an increase of $137.1 million, or 25.5%, from $538.2 million at March 31, 2018.

Total deposits were $937.6 million, up $44.7 million, or 5.0%, from $892.9 million at December 31, 2018, and up $76.6 million, or 8.9%, from $861.0 million at March 31, 2018. Demand deposits were $178.1 million, up $8.8 million, or 5.2%, from $169.3 million at December 31, 2018, and up $18.0 million, or 11.2%, from $160.1 million at March 31, 2018. Savings, N.O.W. and money market deposits totaled $725.4 million, representing an increase of $36.3 million, or 5.3%, from $689.1 million at December 31, 2018, and an increase of $56.8 million, or 8.5%, from $668.6 million at March 31, 2018. The growth in these deposits year over year was fueled in large part by new and existing municipal banking relationships. Certificates of deposits of $100,000 or more and other time deposits totaled $34.1 million, down $406 thousand, or 1.2%, from December 31, 2018, and up $1.8 million, or 5.4%, from March 31, 2018.

Stockholders’ equity increased $5.1 million, or 7.1%, to $76.8 million, from December 31, 2018, and increased $10.8 million, or 16.3%, from March 31, 2018. The linked quarter increase was primarily attributable to the positive impact of a decrease in the unrealized losses on securities available for sale, net of taxes of $4.2 million, net income of $742 thousand, and a net increase of $84 thousand associated with stock compensation plans. The increase in stockholders’ equity from March 31, 2018 primarily resulted from a $5.8 million decrease in the unrealized losses on securities available, net of taxes, net income of $3.7 million, and an increase of $1.3 million associated with stock compensation plans as well as the exercise of warrants and stock options.

Net Interest Margin/Net Interest Income

Net interest income for the first quarter of 2019 decreased $172 thousand, or 2.7%, over the fourth quarter of 2018, and increased $116 thousand, or 1.9%, over the first quarter of 2018. Net interest margin was 2.56% for the three months ended March 31, 2019, down compared to 2.62% for the three months ended December 31, 2018, and down from 2.65% for the three months ended March 31, 2018.

Interest income for the first quarter of 2019 increased $92 thousand, or 1.0%, from the fourth quarter of 2018, and $1.5 million, or 18.6%, from the first quarter of 2018. The linked quarter increase was primarily the result of an increase of $56 thousand in income from deposits with banks and an increase of $32 thousand in income from loans. The yield on interest earning assets increased to 3.91% for the first quarter of 2019, compared to 3.86% for the fourth quarter of 2018, and compared to 3.47% for the first quarter of 2018. The linked quarter increase in the yield on interest earning assets was primarily attributed to an increase in both the average balance and the yield on loans, coupled with an increase of twenty-seven basis points in the yield on average deposits with banks. The increase in the yield on earning assets, as compared to the first quarter of 2018, largely resulted from the greater proportion of our average assets in average loans as well as an increase in the yield of loans.

Interest expense was $3.3 million in the first quarter of 2019, $3.0 million for the fourth quarter of 2018, and $1.9 million for the first quarter of 2018. The cost of interest bearing liabilities was 1.75% for the three months ended March 31, 2019, an increase from 1.60% for the three months ended December 31, 2018, and an increase from 1.07% for the three months ended March 31, 2018. The upward trend of the cost of interest bearing liabilities, especially within the competitive public fund deposit base, is the result of higher overall funding costs driven up by, among other things, increases in market rates.

Noninterest Income and Expense

The company recognized no security gains or losses on sales of securities for the first quarter of 2019, or the first quarter of 2018, compared to net securities losses of $50 thousand recognized in the fourth quarter of 2018.

Other income was $434 thousand at March 31, 2019, compared to $423 thousand at December 31, 2018, and compared to $412 thousand at March 31, 2018. The linked quarter increase resulted primarily from an increase of $7 thousand, or 5.9%, in customer related fees and service charges, and a $4 thousand, or 1.3%, increase in other operating income. The increase of $22 thousand, or 5.3%, compared to the first quarter of 2018 was driven by $45 thousand, or 17.1%, increase due to a gain on the sale of SBA loans and miscellaneous loan fee income, offset by $23 thousand decrease in customer related fees and service charges.

Other expense was $5.8 million at March 31, 2019, compared to $5.6 million at December 31, 2018, and compared to $5.8 million at March 31, 2018. The $238 thousand, or 4.3%, increase from the linked quarter was primarily attributable to an increase of $131 thousand, or 4.2%, in salaries and employee benefits, and an increase of $67 thousand, or 30.6%, in professional fees. These expenses were offset by a decrease in FDIC insurance of $37 thousand, or 27.8%, and a decrease of $23 thousand, or 3.5%, in occupancy and equipment expenses. Other operating expenses increased by $91 thousand, or 14.1%, over the previous quarter, as a result of increases of $61.8 thousand and $20.8 thousand in professional practice and investor relations expenses, respectively. The increase of $7 thousand, or 0.1%, in other expenses year over year was the result of an increase of $104 thousand, or 26.0%, in software services, and an increase of $52 thousand, or 22.2% in professional fees, offset by lower salaries and employee benefits of $95 thousand, or 2.9%, and lower occupancy and equipment of $54 thousand, or 7.9%.

Income Tax Rate

The effective income tax rate was 19.2% for the three months ended March 31, 2019, compared to 19.0% for the three months ended December 31, 2018, and 9.3% for the three months ended March 31, 2018. The lower tax for the three months ended March 31, 2018, was the result of excess tax benefits recognized during that quarter relative to the exercise of stock options and compensatory warrants, as well as vesting of restricted stock grants.

Solid Asset Quality/Provision for Loan Losses

There was no provision booked for the first quarter of 2019 as total loans were flat as compared to the year end balance. A provision of $230 thousand was recorded for the fourth quarter of 2018, compared to a provision of $227 thousand for the first quarter of 2018. Expressed as a percentage of outstanding loans, the allowance for loan and lease losses was 0.96% at March 31, 2019 and December 31, 2018, compared to 1.13% at March 31, 2018.

Credit quality remained solid at March 31, 2019, as the company continued to apply rigorous underwriting standards. Loans classified as nonaccrual dropped to $2.4 million at March 31, 2019, or 0.36%, of total loans outstanding, compared to $3.8 million, or 0.57%, at December 31, 2018, and compared to $5.8 million, or 1.08%, at March 31, 2018. The quarter over quarter decrease in total nonaccrual loans reflects the company’s experience and ability to work with borrowers, which contributed to the payoff of three nonaccrual loans year over year. There were no charge-offs and recoveries recorded in the first quarter of 2019, compared to no charge-offs and a recovery of $6 thousand recorded for the fourth quarter in 2018, and compared to a charge-off of $11 thousand and no recoveries recorded in the first quarter of 2018.


Consolidated Statements of Condition (unaudited)
(dollars in thousands, except per share data)
	March 31,			December 31,			March 31,
		2019			2018			2018
ASSETS
Total cash and cash equivalents	$	44,491		$	10,511		$	77,831
Securities available for sale, at fair value		281,284			268,999			294,913
Securities held to maturity		4,750			4,945			4,750
Securities, restricted		3,086			3,170			2,931
Loans		675,319			673,568			538,150
Allowance for loan losses		(6,463	)		(6,463	)		(6,091	)
Loans, net		668,856			667,105			532,059
Premises and equipment, net		4,544			4,691			5,279
Bank-owned life insurance		21,038			20,886			20,413
Other assets and accrued interest receivable⁽¹⁾		18,313			7,920			8,826
Total Assets	$	1,046,362		$	988,227		$	947,002

LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand Deposits	$	178,068		$	169,275		$	160,074
Savings, N.O.W. and money market deposits		725,443			689,050			668,554
Certificates of deposit of $100,000 or more
and other time deposits		34,135			34,541			32,375
Total Deposits		937,646			892,866			861,003
Short-term borrowings		–			2,595			–
Subordinated debentures, net		14,835			14,823			14,789
Other liabilities and accrued expenses⁽¹⁾		17,107			6,234			5,216
Total Liabilities		969,588			916,518			881,008
Total Stockholders’ Equity		76,774			71,709			65,994
Total Liabilities and Stockholders’ Equity	$	1,046,362		$	988,227		$	947,002

Selected Financial Data (unaudited)
Allowance for Loan Losses to Total Loans		0.96	%		0.96	%		1.13	%
Non-performing Loans to Total Loans		0.36	%		0.57	%		1.08	%
Non-performing Assets to Total Assets		0.23	%		0.39	%		0.62	%
Book Value per Share	$	9.98		$	9.37		$	8.70

Capital Ratios (unaudited)⁽²⁾
Tier 1 Leverage Ratio		8.81	%		8.93	%		8.80	%
Common Equity Tier 1 Risk-Based Capital Ratio		13.16	%		13.20	%		15.42	%
Tier 1 Risk-Based Capital Ratio		13.16	%		13.20	%		15.42	%
Total Risk-Based Capital Ratio		14.09	%		14.15	%		16.52	%

^{(1) Q1 2019 increase largely driven by the adoption of ASU 2016-02, “Leases” which resulted in approximately $10.9 million of lease assets and}
^{approximately $12.7 million of lease liabilities being added to the balance sheet;}
^{(2) Regulatory capital ratios presented on bank-only basis.}


Consolidated Statements of Operations (unaudited)
(dollars in thousands, except per share data)
	For the three months ended
	March 31,			December 31,			March 31,
		2019			2018			2018
Interest income	$	9,579		$	9,487		$	8,078
Interest expense		3,307			3,043			1,922
Net interest income		6,272			6,444			6,156
Provision for loan losses		–			230			227
Net interest income after
provision for loan losses		6,272			6,214			5,929
Net securities (losses)		–			(50	)		–
Other income⁽¹⁾		434			423			412
Other expense⁽¹⁾		5,788			5,550			5,781
Income before income taxes		918			1,037			560
Income tax expense		176			197			52
Net income	$	742		$	840		$	508

Basic earnings per share	$	0.10		$	0.11		$	0.07
Diluted earnings per share	$	0.10		$	0.11		$	0.07
Weighted average common and equivalent
shares outstanding		7,511,729			7,493,115			7,337,335

Selected Financial Data (unaudited)
Return on Average Assets		0.29	%		0.34	%		0.21	%
Return on Average Equity		4.15	%		5.09	%		3.11	%
Net Interest Margin		2.56	%		2.62	%		2.65	%
Efficiency Ratio		86.31	%		80.82	%		88.02	%

^{(1) Certain reclassifications have been made to prior periods to conform to the current year presentation.}

About Empire Bancorp, Inc.

Empire Bancorp, Inc. is a bank holding company for Empire National Bank, a Long Island-based independent bank that specializes in serving the financial needs of small and medium sized businesses, professionals, nonprofit organizations, municipalities, real estate investors, and consumers. The bank has four full-service banking offices located in Islandia, Shirley, Port Jefferson Station, Mineola and a loan production office in Manhattan. Our bankers take pride in understanding the needs of each customer so the bank can deliver the highest quality service with a sense of urgency.

Empire Bancorp Inc. (OTCQX: EMPK) is traded on OTCQX^® Best Market which is the top tier of OTC Markets Group Inc.

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate” or “continue,” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within the control of the Company. The forward-looking statements included in this press release are made only as of the date of this press release. The Company has no intention, and does not assume any obligation, to update these forward-looking statements.

Contact:
William Franz – SVP, Director of Marketing & Investor Relations
(631) 348-444

Community Health Systems Inc. (CYH) Plunges 5.6%

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April 24, 2019

Community Health Systems Inc. (CYH) Plunges 5.6%

Community Health Systems Inc. (CYH) had a rough trading day for Tuesday April 16 as shares tumbled 5.6%, or a loss of $-0.19 per share, to close at $3.20. After opening the day at $3.43, shares of Community Health Systems Inc. traded as high as $3.43 and as low as $3.05. Volume was 3.39 million shares over 12,116 trades, against an average daily volume of n/a shares and a total float of 118.07 million.

As a result of the decline, Community Health Systems Inc. now has a market cap of $377.83 million. In the last year, shares of Community Health Systems Inc. have traded between a range of $5.35 and $2.48, and its 50-day SMA is currently $n/a and 200-day SMA is $n/a.

For a complete fundamental analysis of Community Health Systems Inc., check out Equities.com’s Stock Valuation Analysis report for CYH.

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Community Health Systems is the largest publicly owned hospital operator in the United States. The company owns or leases over 100 general acute-care hospitals located in nonurban and urban markets. The company also owns four home health agencies and provides management and consulting services to independent hospitals.

Community Health Systems Inc. is based out of Franklin, TN and has some 87,000 employees. Its CEO is Wayne T. Smith.

Community Health Systems Inc. is a component of the Russell 2000. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It’s maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index.

Russell’s indices differ from traditional indices like the Dow Jones Industrial Average (DJIA) or S&P 500, whose members are selected by committee, because they base membership entirely on an objective, rules based methodology. The 3,000 largest companies by market cap make up the Russell 3000, with the 2,000 smaller companies making up the Russell 2000. It’s a simple approach that gives a broad, unbiased look at the small-cap market as a whole

Anthera Pharmaceuticals Inc. (ANTH) Plunges 5.11%

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April 24, 2019

Anthera Pharmaceuticals Inc. (ANTH) Plunges 5.11%

Anthera Pharmaceuticals Inc. (ANTH) had a rough trading day for Tuesday April 16 as shares tumbled 5.11%, or a loss of $-0.0048 per share, to close at $0.09. After opening the day at $0.07, shares of Anthera Pharmaceuticals Inc. traded as high as $0.10 and as low as $0.07. Volume was 20,228 shares over 14 trades, against an average daily volume of n/a shares and a total float of 26.18 million.

As a result of the decline, Anthera Pharmaceuticals Inc. now has a market cap of $2.34 million. In the last year, shares of Anthera Pharmaceuticals Inc. have traded between a range of $0.40 and $0.01, and its 50-day SMA is currently $n/a and 200-day SMA is NA.

Anthera Pharmaceuticals Inc is a biopharmaceutical company that focuses on developing and commercializing products to treat serious diseases associated with inflammation, including cardiovascular and autoimmune diseases. The company currently has one Phase 3-ready clinical program and two Phase 2 clinical programs. It was established in 2004.

Anthera Pharmaceuticals Inc. is based out of Hayward, CA and has some 21 employees. Its CEO is John Thompson.

Anthera Pharmaceuticals Inc. is a component of the Russell 2000. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It’s maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index.

Russell’s indices differ from traditional indices like the Dow Jones Industrial Average (DJIA) or S&P 500, whose members are selected by committee, because they base membership entirely on an objective, rules based methodology. The 3,000 largest companies by market cap make up the Russell 3000, with the 2,000 smaller companies making up the Russell 2000. It’s a simple approach that gives a broad, unbiased look at the small-cap market as a whole.

Washington Federal Inc. (WAFD) Soars 5.7%

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April 24, 2019

Washington Federal Inc. (WAFD) Soars 5.7%

Washington Federal Inc. (WAFD) had a good day on the market for Tuesday April 16 as shares jumped 5.7% to close at $32.27. About 1.11 million shares traded hands on 9,425 trades for the day, compared with an average daily volume of n/a shares out of a total float of 81.11 million. After opening the trading day at $30.52, shares of Washington Federal Inc. stayed within a range of $32.30 to $30.09.

With today’s gains, Washington Federal Inc. now has a market cap of $2.62 billion. Shares of Washington Federal Inc. have been trading within a range of $35.25 and $24.67 over the last year, and it had a 50-day SMA of $n/a and a 200-day SMA of $n/a.

Washington Federal Inc runs more than 200 offices across eight states, primarily in the West. Key states include Washington, Oregon, and Arizona, which account for nearly 80% of loans. Profits are derived mostly from interest sources, as non interest income makes up only about 7% of net revenue. Most of the loan book is oriented toward single-family mortgages, which account for 65% of the portfolio. Multifamily loans account for nearly 11%, and commercial real estate loans for about an additional 8%.

Washington Federal Inc. is based out of Seattle, WA and has some 1,910 employees. Its CEO is .

For a complete fundamental analysis of Washington Federal Inc., check out Equities.com’s Stock Valuation Analysis report for WAFD.

Washington Federal Inc. is also a component of the Russell 2000. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It’s maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index.

Russell’s indices differ from traditional indices like the Dow Jones Industrial Average (DJIA) or S&P 500, whose members are selected by committee, because they base membership entirely on an objective, rules based methodology. The 3,000 largest companies by market cap make up the Russell 3000, with the 2,000 smaller companies making up the Russell 2000. It’s a simple approach that gives a broad, unbiased look at the small-cap market as a whole.

To get more information on Washington Federal Inc. and to follow the company’s latest updates, you can visit the company’s profile page here: WAFD’s Profile. For more news on the financial markets and emerging growth companies, be sure to visit Equities.com’s Newsdesk. Also, don’t forget to sign-up for our daily email newsletter to ensure you don’t miss out on any of our best stories.

Cannabis 2.0 LPs Are Adapting To The Quickly Changing Canadian Market

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April 23, 2019

With total legalization in effect for only six months, the Canadian cannabis industry remains a tempest in a teapot.

Speaking Wednesday to the Benzinga Cannabis Capital Conference in Toronto, 420 Investor author Alan Brochstein moderated a panel of representatives from some of the leading cannabis suppliers serving the Canadian market discussing how their companies have so far approached finding a share of the still-nascent industry.

“You’re about to meet four of the OGs,” Brochstein said. “All of these companies have been around since 2013 or earlier.”

Cannabis Markets Scaling Supply To Demand

One of the major choke points affecting the Canadian market is meeting demand. The consensus among the panel is that the supply issue is at least partly a matter of scaling production to what is now a fully legal industry in a country of more than 37 million people.

Scott Walters, VP of corporate development with The Supreme Cannabis Co. Inc. SPRWF 1.23%, characterized the shift after the Oct. 17 legalization.

“After celebrating Oct. 17, not 5 minutes later, the entire executive team was planning for cannabis 2.0.”

Ray Gracewood, chief commercial officer for OrganiGram Holdings Inc OGRMF 3.35%, outlined his company’s concerted efforts to ramp up production.

“We are in the middle of working on expanding 36,000 kilograms of product to 100,000 kilograms, tripling our production.”

Allan Rewak, vice president of communication at Emerald Health Therapeutics Inc. EMHTF 1.79%, said getting product to stores is a critical component of the newly legal industry.

“We’ve seen in the cannabis markets that, with a decent retail supply, more than 80 percent [of sales] are done in brick-and-mortar,” said Rewak.

Marc Lakmaaker, vice president of investor relations at Aurora Cannabis Inc. ACB 2.61%, had a similar appraisal, touting Aurora’s own rapidly expanding production. He emphasized the critical role logistics will play in getting product to consumers.

“Getting from harvest to shelf, it’s a matter of getting logistics in order, working through an entire supply chain. We’re doing well in that.”

The Importance Of Customer Experience

Beyond bringing product to consumers, Canadian cannabis companies are establishing their brands and market presence. Building brand awareness ensures that consumers will buy again, but it also means brands have the opportunity to become synonymous with the overall cannabis market.

Supreme Cannabis’ Walters said that’s why he is firm on communicating and maintaining the company’s high standard of quality, particularly at the point of sale.

“We do a lot in our provincial stores with educating the budtender in communicating to the client what the product will do for them and making sure we are very clear about the products we are selling.”

The panel was in accord on how critical these consumer experiences are. Those, more than advertising, will determine a brand’s success.

“Consumers are still learning about brands, whether through online or in a brick-and-mortar store,” Emerald Health’s Rewak said. “We need to focus on providing a good, high-quality supply and let that discovery happen.”

Pinterest IPO What Worth Knowing

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April 23, 2019

Pinterest to IPO Social Media takes on Wall Street Again

The basket of social media stocks will expand Thursday as Pinterest, Inc. joins the ranks of Facebook, Inc. SnapChat and others.

Pinterest will issue 75 million shares on the New York Stock Exchange under the ticker “PINS,” according to the firm’s S-1 filing.

At prices between $15 and $17, the offering represents 100 percent of outstanding shares and is expected to bring in about $1.466 billion. Editor’s note: Pinterest priced a 75-million share offering at $19 per share.

The lead underwriters include Goldman Sachs, JPMorgan and Allen & Company.

The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.

Pinterest The Company

Pinterest operates a social media platform that includes a customized discovery board and visual blog. The site enables visitors to search and discover lifestyle inspiration.

“[Users] come to discover ideas for just about anything you can imagine: daily activities like cooking dinner or deciding what to wear, major commitments like remodeling a house or training for a marathon, ongoing passions like fly fishing or fashion and milestone events like planning a wedding or a dream vacation,” the San Francisco-based company said in the SEC filing.

Visitors organize their interests on curated boards to better visualize their goals. “Pinterest is the productivity tool for planning your dreams,” the prospectus said.

At the end of 2018, the firm recorded more than 250 million monthly active users contributing a monthly average of 2 billion searches.

By helping build brand awareness and improve online traffic for e-commerce, Pinterest considers itself a well-positioned advertiser. It estimates the global digital advertising market will grow from $272 billion in 2018 to $423 billion in 2022.

The Finances

In 2018, Pinterest recorded $755.93 million in revenue contributing to a net loss of $62.97 million. The previous year saw a loss of $130.04 million on revenue of $472.85 million.

Interview: Bitcoin Transactions and American Taxation

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March 24, 2019

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using bitcoin. The word bitcoin first occurred and was defined in the white paper that was published on 31 October 2008.

It is a compound of the words bit and coin. The white paper frequently uses the shorter coin. There is no uniform convention for bitcoin capitalization.

On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin.A Peer-to-Peer Electronic Cash System was posted.

Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown. In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coinbase of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying:

“So, if I get hit by a bus, it would be clear that the project would go on”

This left opportunity for controversy to develop over the future development path of bitcoin. The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John’s.

Over 1 Million People in Line for Bitcoin Trading App

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March 24, 2019

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using bitcoin. The word bitcoin first occurred and was defined in the white paper that was published on 31 October 2008.

It is a compound of the words bit and coin. The white paper frequently uses the shorter coin. There is no uniform convention for bitcoin capitalization.

On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin.A Peer-to-Peer Electronic Cash System was posted.

Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown. In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coinbase of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying:

“So, if I get hit by a bus, it would be clear that the project would go on”

This left opportunity for controversy to develop over the future development path of bitcoin. The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John’s.

Singapore Mall Sells Bitcoin Mining Hardware Station

By

Administrator

-

March 24, 2019

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using bitcoin. The word bitcoin first occurred and was defined in the white paper that was published on 31 October 2008.

It is a compound of the words bit and coin. The white paper frequently uses the shorter coin. There is no uniform convention for bitcoin capitalization.

On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin.A Peer-to-Peer Electronic Cash System was posted.

Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown. In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coinbase of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying:

“So, if I get hit by a bus, it would be clear that the project would go on”

This left opportunity for controversy to develop over the future development path of bitcoin. The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John’s.

Bank of Japan: No Big Problems With Bitcoin So Far

By

Administrator

-

March 24, 2019

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a crypto currency wallet, most of them using bitcoin. The word bitcoin first occurred and was defined in the white paper that was published on 31 October 2008.

It is a compound of the words bit and coin. The white paper frequently uses the shorter coin. There is no uniform convention for bitcoin capitalization.

On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin.A Peer-to-Peer Electronic Cash System was posted.

Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown. In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coinbase of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Nakamoto subsequently disappeared from any involvement in bitcoin. Andresen stated he then sought to decentralize control, saying:

“So, if I get hit by a bus, it would be clear that the project would go on”

This left opportunity for controversy to develop over the future development path of bitcoin. The value of the first bitcoin transactions were negotiated by individuals on the bitcointalk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John’s.