Financial Management – Amiya Sahu http://amiyasahu.com/ Wed, 23 Nov 2022 14:22:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Management – Amiya Sahu http://amiyasahu.com/ 32 32 Jupiter Asset Management expands relationship with SS&C https://amiyasahu.com/jupiter-asset-management-expands-relationship-with-ssc/ Wed, 23 Nov 2022 13:13:00 +0000 https://amiyasahu.com/jupiter-asset-management-expands-relationship-with-ssc/ SS&C Global Investor and Distribution Solutions (GIDS) will provide transfer agency services for a £28 billion wallet WINDSOR, Conn., November 23, 2022 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Jupiter Asset Management, an investment management group, has extended its transfer agency agreement with SS&C. SS&C provides services to Jupiter mutual funds […]]]>

SS&C Global Investor and Distribution Solutions (GIDS) will provide transfer agency services for a £28 billion wallet

WINDSOR, Conn., November 23, 2022 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Jupiter Asset Management, an investment management group, has extended its transfer agency agreement with SS&C. SS&C provides services to Jupiter mutual funds and has now taken over Jupiter’s OEIC fund line acquired in 2020 as part of the Merian acquisition. The total funds administered by SS&C exceed £28 billion.

Jupiter, in partnership with SS&C, is committed to providing high quality service to all of its customers and has a particular interest in evolving its digital service offering. Jupiter will also leverage SS&C’s advanced data processing and analytics to gather insights into fund flows and client activity.

“SS&C is a valued long-term partner for Jupiter, and we look forward to continuing our work together on ways to improve our customer experience, particularly through SS&C’s digital capabilities,” said Paula MooreDirector of Operations at Jupiter.

“We are delighted to extend our valued, long-term relationship with Jupiter,” said Nick Wright, Managing Director, SS&C GIDS. “SS&C continues to differentiate itself with omnichannel service and support for all types of customers. We are committed to supporting Jupiter by delivering exceptional customer experiences.”

Learn more about SS&C’s global investor and distribution solutions here.

About Jupiter Asset Management

Jupiter Asset Management is a UK fund management group, managing equity and bond investments for private and institutional investors. The firm manages assets across a wide range of international and UK-based mutual funds, investment firms and institutional mandates, and provides wealth management services.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the largest global enterprises to small and midsize enterprises, rely on SS&C for their expertise, scale and technology.

SOURCE: SS&C

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

Follow SS&C on TwitterLinkedIn and Facebook.

SS&C SOURCE

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Will Turkey further lower its interest rates despite galloping inflation? https://amiyasahu.com/will-turkey-further-lower-its-interest-rates-despite-galloping-inflation/ Sun, 20 Nov 2022 15:00:02 +0000 https://amiyasahu.com/will-turkey-further-lower-its-interest-rates-despite-galloping-inflation/ Will Turkey lower its interest rates further? Turkey’s rate-cutting streak is set to continue when policymakers meet on Thursday, as its president calls for its key interest rate to drop to single digits this year, even as inflation accelerates beyond 85%. The monetary policy committee has cut the benchmark rate by a cumulative 3.5 percentage […]]]>

Will Turkey lower its interest rates further?

Turkey’s rate-cutting streak is set to continue when policymakers meet on Thursday, as its president calls for its key interest rate to drop to single digits this year, even as inflation accelerates beyond 85%.

The monetary policy committee has cut the benchmark rate by a cumulative 3.5 percentage points since August to 10.5%. It is expected to cut rates another 1.5 percentage points, according to a Reuters poll.

Sahap Kavcıoğlu, the central bank governor, acknowledged his inability to curb inflation, but said last month he expected price growth to peak this fall after hitting its highest level in a quarter century.

He faces pressure from President Recep Tayyip Erdoğan who wants ultra-loose monetary policy to revive the economy ahead of next year’s election. Erdoğan has called himself an “enemy of interests” and, contrary to mainstream economic theory, believes that high rates fuel inflation rather than slow it down.

The policy of growth at all costs has hurt the lira, which has lost nearly 43% of its value against the dollar in one year. The lira has stabilized in recent months after a series of central bank interventions and government policies.

Turkey’s real interest rate, which adjusts for inflation, is among the lowest in the world at minus 75%. Many economists now ignore bank policy decisions, and private banks rely on other interest rates that move independently of the benchmark, such as deposit rates, said Haluk Burumcekci, founder of Burumcekci Research. and Consulting.

“It doesn’t make much difference whether the rate is 10.5% or 9%,” he said. Ayla Jean Yackley

What will the PMI data reveal about the health of the European economy?

A series of closely watched business confidence surveys should add evidence that the UK economy has already fallen into a recession and the euro zone is following behind.

The purchasing managers’ index, published on Wednesday, should show a contraction in activity compared to the previous month.

Economists polled by Reuters expect Britain’s composite PMI, a measure of activity in the manufacturing and services sector, to have fallen to 47.5 in November from 48.2 in October. Any reading below 50 indicates a majority of companies reporting deteriorating activity.

The UK economy has already contracted in the second quarter and the Office for Budget Responsibility, the independent body responsible for analyzing public finances, expects it to be in recession until the last quarter of the year. next year as high inflation and higher borrowing costs hit households and businesses.

Analysts also expect the euro zone’s PMI to contract even as its economy grew in the third quarter. Economists expect the PMI Composite to fall to 47 in November from 47.3 the previous month.

“With little major news to change the economic narrative and inflation still high at 10.6% in October, we expect economic conditions to remain weak,” said Ellie Henderson, economist at Investec.

Many economists expect the eurozone recession to end in the first quarter of next year, with government support measures contributing to a recovery from the spring.

Frederique Carrier, head of investment strategy at RBC Wealth Management, noted that “the UK appears to be the first major economy to enter recession and could be the last to emerge.” Valentina Romei

What did Fed officials discuss at the last policy meeting?

Federal Reserve officials agree that the central bank should continue raising interest rates, but opinions differ on the peak of the interest rate cycle.

Minutes from the Fed’s rate-setting meeting in early November will provide clues as to what was discussed by policymakers when they enacted their fourth consecutive 0.75 percentage point hike.

Since the last meeting, Mary Daly, who heads the San Francisco branch of the Fed, has said the central bank could raise rates to a range of 4.75 to 5% and then take a break, while the president of St Louis branch Jim Bullard is more hawkish and has suggested the benchmark rate could go as high as 7 percent. The central bank has already pushed the federal funds rate from near zero at the start of the year to a range of 3.75-4%.

Mixed signals on the state of the economy also clouded the outlook.

While layoffs at big tech companies have grabbed headlines, the U.S. job market remains tight. Americans filed 222,000 new unemployment claims in the week ended Nov. 5, an all-time low.

On the other hand, the October Consumer Price Index and Producer Price Index reports indicated a slowdown in inflation, but both figures are well above the target for Fed 2% inflation.

“The U.S. economy is sending us extremely mixed signals,” Minneapolis Fed Chairman Neel Kashkari said in a speech last week. “It’s an open question how far we’re going to have to go with interest rates.” Jaren Kerr

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PayPal Holdings, Inc. (NASDAQ:PYPL) Receives an Average “Moderate Buy” Recommendation from Brokerages https://amiyasahu.com/paypal-holdings-inc-nasdaqpypl-receives-an-average-moderate-buy-recommendation-from-brokerages/ Fri, 18 Nov 2022 06:24:34 +0000 https://amiyasahu.com/paypal-holdings-inc-nasdaqpypl-receives-an-average-moderate-buy-recommendation-from-brokerages/ PayPal Holdings, Inc. (NASDAQ:PYPL – Get Rating) received a consensus rating of “moderate buy” from the forty-eight analysts who cover the company, MarketBeat.com reports. Twelve equity research analysts rated the stock with a hold recommendation and twenty-three gave the company a buy recommendation. The 12-month average price target among brokers who updated their coverage on […]]]>

PayPal Holdings, Inc. (NASDAQ:PYPL – Get Rating) received a consensus rating of “moderate buy” from the forty-eight analysts who cover the company, MarketBeat.com reports. Twelve equity research analysts rated the stock with a hold recommendation and twenty-three gave the company a buy recommendation. The 12-month average price target among brokers who updated their coverage on the stock in the past year is $120.63.

Several research companies have recently published reports on PYPL. Atlantic Securities lowered its price target on PayPal from $120.00 to $110.00 and set an “overweight” rating for the company in a Wednesday, Oct. 12 research report. Susquehanna Bancshares downgraded PayPal to a “neutral” rating and reduced its price target for the stock from $115.00 to $100.00 in a Tuesday, September 20 research note. Bank of America upgraded PayPal from a “neutral” rating to a “buy” rating and raised its target price for the stock from $94.00 to $114.00 in a Wednesday, August 31 research report. StockNews.com upgraded PayPal from a “sell” rating to a “hold” rating in a Thursday, October 20 research report. Finally, Barclays cut its price target on PayPal shares from $125.00 to $100.00 and set an “overweight” rating on the stock in a Sunday, November 6 report.

PayPal Stock Performance

The NASDAQ PYPL opened at $85.64 on Friday. The company’s 50-day moving average price is $87.25 and its 200-day moving average price is $85.03. The company has a market capitalization of $97.63 billion, a P/E ratio of 43.47, a P/E/G ratio of 1.83 and a beta of 1.34. The company has a debt ratio of 0.51, a quick ratio of 1.27 and a current ratio of 1.27. PayPal has a fifty-two week minimum of $67.58 and a fifty-two week maximum of $207.50.

PayPal (NASDAQ:PYPL – Get Rating) last released its quarterly results on Thursday, November 3. The credit services provider reported EPS of $0.87 for the quarter, beating consensus analyst estimates of $0.70 by $0.17. PayPal had a return on equity of 16.85% and a net margin of 8.50%. The company posted revenue of $6.85 billion in the quarter, versus $6.82 billion expected by analysts. During the same period last year, the company posted earnings per share of $0.90. The company’s revenue increased by 10.7% compared to the same quarter last year. Sell-side analysts expect PayPal to post 3.1 earnings per share for the current year.

Institutional investors weigh in on PayPal

Several institutional investors and hedge funds have recently changed their holdings in the company. Vanguard Group Inc. increased its position in PayPal by 1.1% during the third quarter. Vanguard Group Inc. now owns 95,857,229 shares of the credit service provider worth $8,250,431,000 after buying an additional 1,028,906 shares last quarter. BlackRock Inc. increased its stake in PayPal by 3.0% in the first quarter. BlackRock Inc. now owns 78,254,181 shares of the credit service provider valued at $9,050,097,000 after purchasing an additional 2,266,699 shares in the last quarter. State Street Corp increased its stake in PayPal by 1.3% in the third quarter. State Street Corp now owns 44,690,146 shares of the credit service provider valued at $3,846,481,000 after purchasing an additional 590,699 shares in the last quarter. Comprehensive Financial Management LLC increased its holdings of PayPal stock by 6.7% in the first quarter. Comprehensive Financial Management LLC now owns 32,006,618 shares of the credit service provider valued at $3,701,565,000 after purchasing an additional 2,018,310 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in PayPal shares by 2.0% during the third quarter. Fisher Asset Management LLC now owns 17,668,310 shares of the credit service provider worth $1,520,711,000 after purchasing an additional 338,368 shares during the period. Hedge funds and other institutional investors hold 70.67% of the company’s shares.

PayPal Company Profile

(Get a rating)

PayPal Holdings, Inc operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It provides payment solutions under the names PayPal, PayPal Credit, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey and Paidy. The company’s payment platform enables consumers to send and receive payments in approximately 200 markets and in approximately 100 currencies, withdraw funds to their bank accounts in 56 currencies, and store balances in their PayPal accounts in 25 currencies.

Read more

Analyst recommendations for PayPal (NASDAQ: PYPL)

This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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Delta Sigma Pi USM Chapter Wins Prestigious Award https://amiyasahu.com/delta-sigma-pi-usm-chapter-wins-prestigious-award/ Mon, 14 Nov 2022 18:18:36 +0000 https://amiyasahu.com/delta-sigma-pi-usm-chapter-wins-prestigious-award/ Mon, 14/11/2022 – 09:23 | By: Van Arnold The University of Southern Mississippi (USM) Delta Sigma Pi Chapter, Gamma Tau, has won the prestigious “Provincial – Outstanding Financial Operations for a Collegiate Chapter” award from the national office. The USM chapter is one of five to receive provincial awards. The provincial award is given to […]]]>

Mon, 14/11/2022 – 09:23 | By: Van Arnold

The University of Southern Mississippi (USM) Delta Sigma Pi Chapter, Gamma Tau, has won the prestigious “Provincial – Outstanding Financial Operations for a Collegiate Chapter” award from the national office. The USM chapter is one of five to receive provincial awards.

The provincial award is given to a chapter that plans and implements the most comprehensive fundraising and financial management program.

“I could not be more proud of the Gamma Tau Chapter of Delta Sigma Pi. In addition to the engagement challenges due to the COVID pandemic over the past two years, the Chapter has also had to deal with legacy financial difficulties. However, the dedicated leadership team and members have persevered to become the active and vital Chapter that they are today. This award is 100% due to their commitment to Delta Sigma Pi and the values ​​of the organization” said Amy Yeend, associate dean of professional development and career services, who has also served as the chapter’s advisor.

Winning this award is a testament to the overall excellence of the section. To be recognized for an award, the Chapter must submit an online nomination. Each application is first reviewed by a group of fellowship volunteers in each region (groups of 5-10 college chapters in a geographic area).

Regional winners are then forwarded to a provincial awards selection committee. (Provinces include: North-East, North-Central, South, South-Central and West and each province has about 40-50 chapters). The Delta Sigma Pi National Academic Development and Awards Committee, led by an appointee who has demonstrated years of dedicated service to the fraternity, then selects a national winner from the five provincial winners.

Emma Warren, Senior Finance Major and Vice President of Finance for the USM Chapter of Delta Sigma Pi, said, “It is an honor to receive this award, and I couldn’t be prouder of the Gamma Tau Chapter. COVID us pushed down, and our fraternity was struggling to retain and engage current brethren.Thanks to the passion and ambition of our Board of Directors, we have been able to develop fundraisers and events to help the chapter to get back on its feet. We have continued to grow in our operations, and I have nothing but hope for the future of Gamma Tau.”


About Delta Sigma Pi

Delta Sigma Pi is a professional business fraternity organized to foster the study of business in universities; encourage scholarship, social activity and association of students for their mutual advancement through research and practice; to promote a closer affiliation between the business world and business students, and to promote a higher level of business ethics and culture and the civic and business welfare of the community.

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AZ Big Media Packed House Honors CFO of the Year Award Winners https://amiyasahu.com/az-big-media-packed-house-honors-cfo-of-the-year-award-winners/ Fri, 11 Nov 2022 05:00:30 +0000 https://amiyasahu.com/az-big-media-packed-house-honors-cfo-of-the-year-award-winners/ The President of the Arizona Chapter of Financial Executives International (FEI) honored some of Arizona’s best and brightest financial executives at the 14th Annual CFO of the Year Awards Thursday night at the Luxury Castle. Sponsors for the event included JPMorgan Chase, CBIZ MHM, Keyser, Lovitt and Touché and Vaco. “FEI’s Arizona Chapter holds the […]]]>

The President of the Arizona Chapter of Financial Executives International (FEI) honored some of Arizona’s best and brightest financial executives at the 14th Annual CFO of the Year Awards Thursday night at the Luxury Castle.

Sponsors for the event included JPMorgan Chase, CBIZ MHM, Keyser, Lovitt and Touché and Vaco.

“FEI’s Arizona Chapter holds the CFO of the Year Awards to highlight individuals who have excelled in financial management,” said Mike Day, FEI’s Arizona Chapter President. “We believe this benefits Arizona by highlighting – for those outside of the finance community – how talented and focused finance professionals can and do build better organizations. For those of us who work in finance, tonight gives us the opportunity to learn from their accomplishments to inspire us on how we can improve.


READ ALSO: Here are the winners of the Governor’s Innovation Celebration


A total of 25 of Arizona’s most influential CFOs have been selected as finalists for the 2022 CFO of the Year Awards and the total revenue handled by the finalists is more than 23 billions of dollars.

“It’s hard work,” Day said. “The CFO is not only expected to be a financial steward and skilled in operating a high performing finance function, but increasingly to be a strategist providing financial leadership to determine direction and serving as a catalyst to instill an empirical mindset throughout the organization.”

The CFO of the Year awards were presented in five categories. Here are the winners:

Nonprofit: Claire Agnew, Chief Financial Officer, Valleywise Health

ENGAGING ASPECT OF THE WORK: “The most rewarding part of my job is being able to support clinicians. I believe in our mission at Valleywise Health and my daily job is to support them so they can care for patients.

SOURCE OF PASSION: “Valleywise Health serves everyone, every patient, regardless of their ability to pay. It serves the most vulnerable patients, the most vulnerable patient populations, and it does that no matter where you come from, who you are or what you do. For me, how not to love and live from this on a daily basis. It feeds me. I think it feeds everyone who is there. We do it because we love it. I could work anywhere in healthcare, but I really enjoy working for Valleywise Health.

Midsize Private Company: Steve Swonger, Chief Financial Officer, BioLab Sciences

BE A FINANCIAL LEADER: “The most rewarding part of being a finance executive is being able to be involved in all aspects of the business and gaining a deep understanding of what’s going on in the business. What happens in operations? What happens in the administration? What is the big picture so you can ensure that all aspects come together to achieve the best results for the business? »

THE BEST PART OF THE JOB: “The ability to interact with people, find out what their goals are within the business, and help coach people to achieve those goals. As a CFO, you have to touch all the different departments and so you have to fit in. And to do that you have to know the people, get to know the people, who they are, what they do and how they grow up, it’s really a great experience.

Public Company: Megan Faust, Executive Vice President and Chief Financial Officer, Amkor

THE BEST PART OF THE JOB: “What I love most about my job is that it’s different every day. There is never a day despite the schedule and the planning where I can anticipate what might happen. So I appreciate having a lot of new challenges and unexpected events that keep things interesting and really push me to overcome some of those challenges.

HOW THE ROLE OF THE CFO HAS EVOLVED: “It’s really moved from a role of governance and tactical finance to a commercial and strategic role. There have been a lot of recent events that have moved faster and pushed it, like COVID and having to deal with working from home, especially in the semiconductor supply chain, which is part of the outcome of COVID , really trying to figure out how to overcome the challenges presented to us.

Large Private Company: Linn Shaw, Chief Financial Officer, KP Aviation

THE BEST PART OF THE JOB: “As a CFO, I really enjoy making a difference within an organization. I feel like I always understood math, I understood numbers, even counting coins as a kid in my parent’s car when we were driving somewhere was my hobby that I really loved… That’s what I really loved about the CFO journey, not just understanding the numbers, but how to create the numbers. How do the numbers change? How do they adapt? How do they thrive and where can I have a financial impact as a CFO within an organization? »

CORPORATE CULTURE : “We are co-founded by women, a small organization that has doubled in size this year. We strive to really make an imprint within our industry. And I think that drive to continually improve and be better while having a strong culture is really what drives me every day to do my best.

Sponsors Award: Jason Berg, Chief Financial Officer, AMERCO – U-Haul

ENGAGING ASPECT OF THE WORK: “The most rewarding aspect of being CFO at U-Haul is my ability to help others in the organization who don’t have the same specialty. I have a background in finance and I can help them do things they couldn’t do otherwise.

BEST PART OF THE JOB: “The most fun thing about my job is working with our field crew. We have 34,000 employees in the United States and Canada, and I appreciate that wherever I can fly, someone will pick me up from the airport and I can have lunch with someone who is interested in what i do and i can help them too.

2022 CFO of the Year Awards Finalists

Claire Agnew, Valleywise Health

Troy R. Anderson, Universal Technical Institute

Jason Berg, AMERCO (U-Haul)

Rhonda, Biddix, California Closets

Sam Blackham, eVisit

Margie Burke, Desert Botanical Garden

Michael Chesin, Helios Foundation for Education

Rachael Cordova, ISSA (International Sports Science Association)

Randy Ek, Mercy Care

Megan Faust, Amkor Technology

Mike Fett, South West Health and Behavioral Services

Mitch Gens, Tomcar

Dan Gerelick, Bluum

Ross Grainger, Paradox

Kevin Hull, TYR tactics

Susan Hunsaker, Paramount Building Solutions

Wajeh Khan, solar elevation

James Kohlbeck, Suncrest

Roop K. Lakkaraju, reference

Frank P. Marino, UNS Energy Corporation

Connie Nelson-Askrew, Valley of the Sun YMCA

Lata Quinn, New Beginning Women’s Foundation

Linn Shaw, KP Aviation

Jake Singleton, the joint

Scott Swonger, BioLab Sciences

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GERMAN AMERICAN BANCORP, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://amiyasahu.com/german-american-bancorp-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Mon, 07 Nov 2022 22:21:06 +0000 https://amiyasahu.com/german-american-bancorp-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ GERMAN AMERICAN BANCORP, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 78 banking offices in 20 contiguous southern Indiana counties and 14 Kentucky counties. The […]]]>

GERMAN AMERICAN BANCORP, INC.

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

German American Bancorp, Inc. is a Nasdaq-traded (symbol: GABC) financial
holding company based in Jasper, Indiana. German American, through its banking
subsidiary German American Bank, operates 78 banking offices in 20 contiguous
southern Indiana counties and 14 Kentucky counties. The Company also owns an
investment brokerage subsidiary (German American Investment Services, Inc.) and
a full line property and casualty insurance agency (German American Insurance,
Inc.).

Throughout this Management's Discussion and Analysis, as elsewhere in this
Report, when we use the term "Company," we will usually be referring to the
business and affairs (financial and otherwise) of German American Bancorp, Inc.
and its subsidiaries and affiliates as a whole. Occasionally, we will refer to
the term "parent company" or "holding company" when we mean to refer to only
German American Bancorp, Inc.

This section presents an analysis of the consolidated financial condition of the
Company as of September 30, 2022 and December 31, 2021 and the consolidated
results of operations for the three and nine months ended September 30, 2022 and
2021. This discussion should be read in conjunction with the consolidated
financial statements and other financial data presented elsewhere herein and
with the financial statements and other financial data, as well as the
Management's Discussion and Analysis of Financial Condition and Results of
Operations, included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2021.

MANAGEMENT OVERVIEW

This updated discussion should be read in conjunction with management’s overview that was included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.


On January 1, 2022, the Company completed its acquisition of Citizens Union
Bancorp of Shelbyville, Inc. ("CUB"). CUB, headquartered in Shelbyville,
Kentucky, operated 15 retail banking offices located in Shelby, Jefferson,
Spencer, Bullitt, Oldham, Owen, Gallatin and Hardin counties in Kentucky through
its banking subsidiary, Citizens Union Bank of Shelbyville, Inc. As of the
closing of the transaction, CUB had total assets of approximately $1.109
billion, total loans of approximately $683.8 million, and total deposits of
approximately $930.5 million. The Company issued approximately 2.9 million
shares of its common stock, and paid approximately $50.8 million in cash, in
exchange for all of the issued and outstanding shares of common stock of CUB.

For more information regarding this acquisition, see Note 15 (Business combinations) in the Notes to the consolidated financial statements included in Item 1 of this Report.

Net profit for the quarter ended September 30, 2022 totaled $24,596,000Where
$0.83 per share, up 2% per share from third quarter 2021 net income of $21,486,000Where $0.81 per share.


Net income for the nine months ended September 30, 2022 totaled $57,410,000, or
$1.95 per share, a decline of 20% on a per share basis compared with the first
nine months of 2021 net income of $64,865,000, or $2.44 per share. The change in
net income during the first nine months of 2022, compared with the same period
of 2021, was largely impacted by acquisition-related expenses for the CUB
transaction that closed on January 1, 2022. The first nine months of 2022
results of operations included acquisition-related expenses of $12,276,000
($9,336,000 or $0.32 per share, on an after tax basis) and also included Day 1
provision for credit losses under the CECL model of $6,300,000 ($4,725,000 or
$0.16 per share, on an after tax basis). The decline in per share net income for
the nine months ended September 30, 2022, as compared to the same period of
2021, was also impacted by the Company's January 1, 2022 issuance of
approximately 2.9 million shares of common stock as part of the merger
consideration in the CUB transaction.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES


The financial condition and results of operations for the Company presented in
the Consolidated Financial Statements, accompanying Notes to the Consolidated
Financial Statements, and selected financial data appearing elsewhere within
this Report, are, to a large degree, dependent upon the Company's accounting
policies. The selection of and application of these policies involve estimates,
judgments, and uncertainties that are subject to change. The critical accounting
policies and
                                       46
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estimates that the Company has determined to be the most susceptible to change
in the near term relate to the determination of the allowance for credit losses,
the valuation of securities available for sale, income tax expense, and the
valuation of goodwill and other intangible assets.

Provision for credit losses


The Company maintains an allowance for credit losses to cover the estimated
expected credit losses over the expected contractual life of the loan portfolio.
Loan losses are charged against the allowance when management believes the
uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any,
are credited to the allowance. Allocations of the allowance may be made for
specific loans, but the entire allowance is available for any loan that, in
management's judgment, should be charged-off. A provision for credit losses is
charged to operations based on management's periodic evaluation of the necessary
allowance balance. Evaluations are conducted at least quarterly and more often
if deemed necessary. The ultimate recovery of all loans is susceptible to future
market factors beyond the Company's control.

The Company has an established process to determine the adequacy of the
allowance for credit losses. The determination of the allowance is inherently
subjective, as it requires significant estimates, including the amounts and
timing of expected future cash flows on individually analyzed loans, estimated
losses on other classified loans and pools of homogeneous loans, and
consideration of past loan loss experience, the nature and volume of the
portfolio, information about specific borrower situations and estimated
collateral values, economic conditions, reasonable and supportable forecasts and
other factors, all of which may be susceptible to significant change. The
allowance consists of two components of allocations, specific and general. These
two components represent the total allowance for credit losses deemed adequate
to cover expected credit losses over the expected life of the loan portfolio.

Commercial and agricultural loans are subject to a standardized grading process
administered by an internal loan review function. The need for specific reserves
is considered for credits when: (a) the customer's cash flow or net worth
appears insufficient to repay the loan; (b) the loan has been criticized in a
regulatory examination; (c) the loan is on non-accrual; or (d) other reasons
where the ultimate collectability of the loan is in question, or the loan
characteristics require special monitoring.

Specific reserves on individually analyzed loans are determined by comparing the
loan balance to the present value of expected cash flows or expected collateral
proceeds. Allocations are also applied to categories of loans not individually
analyzed but for which the rate of loss is expected to be greater than other
similar type loans, including non-performing consumer or residential real estate
loans. Such allocations are based on past loss experience, reasonable and
supportable forecasts and information about specific borrower situations and
estimated collateral values.

General allocations are made for commercial and agricultural loans that are
graded as substandard and special mention, but are not individually analyzed for
specific reserves as well as other pools of loans, including non-classified
loans, homogeneous portfolios of consumer and residential real estate loans, and
loans within certain industry categories believed to present unique risk of
loss.  General allocations of the allowance are primarily made based on
historical averages for loan losses for these portfolios along with reasonable
and supportable forecasts, judgmentally adjusted for economic, external and
internal quantitative and qualitative factors and portfolio trends. Economic
factors include evaluating changes in international, national, regional and
local economic and business conditions that affect the collectability of the
loan portfolio. Internal factors include evaluating changes in lending policies
and procedures; changes in the nature and volume of the loan portfolio; and
changes in experience, ability and depth of lending management and staff.

The allowance for credit losses for loans represents management's estimate of
all expected credit losses over the expected contractual life of the loan
portfolio. Determining the appropriateness and adequacy of the allowance is
complex and requires judgment by management about the effect of matters that are
inherently uncertain. Subsequent evaluations of the loan portfolio may result in
significant changes in the allowance for credit losses in future periods.

Valuation of securities


Available-for-sale debt securities in unrealized loss positions are evaluated
for impairment related to credit losses at least quarterly. For
available-for-sale debt securities in an unrealized loss position, the Company
assesses whether we intend to sell, or it is more likely than not that we will
be required to sell the security before recovery of its amortized cost basis. If
either of the criteria regarding intent or requirement to sell is met, the
security's amortized cost basis is written down to fair value through income.
For available-for sale debt securities that do not meet the criteria, the
Company evaluates whether the decline in fair value has resulted from credit
losses or other factors. In making this assessment, management considers the
extent to which fair value is less than amortized cost, any changes to the
rating of the security by a rating agency, and adverse conditions specifically
related to the security and the issuer, among other factors. If this assessment
indicates that a credit loss exists, the Company compares the present value of
cash flows expected to be collected from the security with the amortized cost
basis of
                                       47
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the security. If the present value of cash flows expected to be collected is
less than the amortized cost basis for the security, a credit loss exists and an
allowance for credit losses is recorded, limited to the amount that the fair
value of the security is less than its amortized cost basis. Any impairment that
has not been recorded through an allowance for credit losses is recognized in
other comprehensive income, net of applicable taxes. No allowance for credit
losses for available-for-sale debt securities was needed at September 30, 2022.
Accrued interest receivable on available-for-sale debt securities is excluded
from the estimate of credit losses. As of September 30, 2022, gross unrealized
gains on the securities available-for-sale portfolio totaled approximately
$117,000 and gross unrealized losses totaled approximately $391,011,000. The net
amount of these two items, net of applicable taxes, is included in other
comprehensive income.

Equity investments whose fair value is not easily determinable are recognized at cost, less depreciation, observable price changes being recognized in profit or loss.

income tax expense

Income tax expense includes estimates related to valuation allowance on deferred tax assets and potential losses related to exposure to tax audits deemed to occur.


A valuation allowance reduces deferred tax assets to the amount management
believes is more likely than not to be realized. In evaluating the realization
of deferred tax assets, management considers the likelihood that sufficient
taxable income of appropriate character will be generated within carry-back and
carry-forward periods, including consideration of available tax planning
strategies. Tax-related loss contingencies, including assessments arising from
tax examinations and tax strategies, are recorded as liabilities when the
likelihood of loss is probable and an amount or range of loss can be reasonably
estimated. In considering the likelihood of loss, management considers the
nature of the contingency, the progress of any examination or related protest or
appeal, the views of legal counsel and other advisors, experience of the Company
or other enterprises in similar matters, if any, and management's intended
response to any assessment.

Good will and other intangible assets


Goodwill resulting from business combinations represents the excess of the
purchase price over the fair value of the net assets of businesses acquired.
Goodwill resulting from business combinations is generally determined as the
excess of the fair value of the consideration transferred, plus the fair value
of any noncontrolling interests in the acquiree, over the fair value of the net
assets acquired and liabilities assumed as of the acquisition date. Goodwill and
intangible assets acquired in a purchase business combination and determined to
have an indefinite useful life are not amortized, but tested for impairment at
least annually. The Company has selected December 31 as the date to perform the
annual impairment test. Goodwill is the only intangible asset with an indefinite
life on the Company's balance sheet. No impairment to Goodwill was indicated
based on year-end testing and no triggering events occurred in 2022 causing
reassessment.

Intangible assets with definite useful lives are amortized over their estimated
useful lives to their estimated residual values. Other intangible assets consist
of core deposit and acquired customer relationship intangible assets. They are
initially measured at fair value and then are amortized over their estimated
useful lives, which range from 6 to 10 years.

RESULTS OF OPERATIONS

Net revenue:

Net profit for the quarter ended September 30, 2022 totaled $24,596,000Where
$0.83 per share, up 2% per share from third quarter 2021 net income of $21,486,000Where $0.81 per share.


Net income for the nine months ended September 30, 2022 totaled $57,410,000, or
$1.95 per share, a decline of 20% on a per share basis compared with the first
nine months of 2021 net income of $64,865,000, or $2.44 per share. The change in
net income during the first nine months of 2022, compared with the same period
of 2021, was largely impacted by acquisition-related expenses for the CUB
transaction that closed on January 1, 2022. The first nine months of 2022
results of operations included acquisition-related expenses of $12,276,000
($9,336,000 or $0.32 per share, on an after tax basis) and also included Day 1
provision for credit losses under the CECL model of $6,300,000 ($4,725,000 or
$0.16 per share, on an after tax basis). The decline in per share net income for
the nine months ended September 30, 2022, as compared to the same period of
2021, was also impacted by the Company's January 1, 2022 issuance of
approximately 2.9 million shares of common stock as part of the merger
consideration in the CUB transaction.

                                       48
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Net interest income:


Net interest income is the Company's single largest source of earnings, and
represents the difference between interest and fees realized on earning assets,
less interest paid on deposits and borrowed funds. Several factors contribute to
the determination of net interest income and net interest margin, including the
volume and mix of earning assets, interest rates, and income taxes. Many factors
affecting net interest income are subject to control by management policies and
actions. Factors beyond the control of management include the general level of
credit and deposit demand, Federal Reserve Board monetary policy, and changes in
tax laws.

The following table summarizes net interest income (on a tax equivalent basis) for the three months ended September 30, 2022 and 2021. For tax equivalent adjustments, an effective tax rate of 21% was used for both periods(1).


                                                                                                  Average Balance Sheet
                                                                                      (Tax-equivalent basis / dollars in thousands)
                                                                     Three Months Ended                                             Three Months Ended
                                                                     September 30, 2022                                             September 30, 2021
                                                                               Income /                               Principal            Income /
                                                   Principal Balance           Expense          Yield / Rate           Balance             Expense          Yield / Rate
ASSETS
Federal Funds Sold and Other
Short-term Investments                           $      402,006              $   2,053               2.03  %       $    391,814          $     141               0.14  %
Securities:
Taxable                                               1,009,395                  5,276               2.09  %            857,394              3,261               1.52  %
Non-taxable                                             838,770                  7,679               3.66  %            788,128              5,937               3.01  %
Total Loans and Leases?²?                             3,676,862                 43,251               4.67  %          3,055,926             35,538               4.62  %
TOTAL INTEREST EARNING ASSETS                         5,927,033                 58,259               3.91  %          5,093,262             44,877               3.51  %
Other Assets                                            558,823                                                         384,892
Less: Allowance for Credit Losses                       (45,276)                                                        (40,687)
TOTAL ASSETS                                     $    6,440,580                                                    $  5,437,467

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing Demand, Savings
and Money Market Deposits                        $    3,477,902              $   3,131               0.36  %       $  2,737,358          $     663               0.10  %
Time Deposits                                           451,390                    466               0.41  %            395,114                476               0.48  %
FHLB Advances and Other Borrowings                      143,548                  1,229               3.39  %            190,252              1,149               2.40  %
TOTAL INTEREST-BEARING LIABILITIES                    4,072,840                  4,826               0.47  %          3,322,724              2,288               0.27  %
Demand Deposit Accounts                               1,738,237                                                       1,409,841
Other Liabilities                                        42,759                                                          46,268
TOTAL LIABILITIES                                     5,853,836                                                       4,778,833
Shareholders' Equity                                    586,744                                                         658,634
TOTAL LIBABILITIES AND
  SHAREHOLDERS' EQUITY                           $    6,440,580                                                    $  5,437,467

COST OF FUNDS                                                                                        0.32  %                                                     0.18  %
NET INTEREST INCOME                                                          $  53,433                                                   $  42,589
NET INTEREST MARGIN                                                                                  3.59  %                                                     3.33  %


(1) Effective tax rates have been determined as if interest earned on the Company’s investments in municipal bonds and loans were fully taxable. (2) Loans held for sale and outstanding loans have been included in average loans.


During the third quarter of 2022, net interest income, on a non tax-equivalent
basis, totaled $51,698,000, an increase of $10,411,000, or 25%, compared to the
third quarter of 2021 net interest income of $41,287,000. The increase in net
interest income during the third quarter of 2022 compared with the third quarter
of 2021 was primarily attributable to an improved net interest margin and a
higher level of earning assets driven largely by the CUB acquisition and deposit
growth, which led to a higher level of securities investment. These increases
were partially mitigated by a lower level of PPP loan fee recognition.

The tax equivalent net interest margin for the quarter ended September 30, 2022
was 3.59% compared with 3.33% in the third quarter of 2021. The improvement in
the net interest margin during the third quarter of 2022 was largely
attributable to increased market interest rates resulting in improved yields on
earning assets. The Company's net interest margin in both periods presented was
impacted by fees recognized as a part of the PPP and accretion of loan discounts
on acquired loans. The
                                       49
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the impact of PPP fees and increased loan forgiveness was significantly lower in the third quarter of 2022 compared to the third quarter of 2021.


Fees recognized on PPP loans through net interest income totaled $46,000 during
the third quarter of 2022 and $4,111,000 during the third quarter of 2021. The
fees recognized related to the PPP were immaterial to the net interest margin on
an annualized basis in the third quarter of 2022 and 32 basis points in the
third quarter of 2021. Accretion of loan discounts on acquired loans contributed
approximately 7 basis points to the net interest margin in the third quarter of
2022 and 4 basis points in the third quarter of 2021. Accretion of discounts on
acquired loans totaled $1,099,000 during the third quarter of 2022 and $516,000
during the third quarter of 2021.

The following table summarizes net interest income (on a tax equivalent basis) for the nine months ended September 30, 2022 and 2021. For tax equivalent adjustments, an effective tax rate of 21% was used for both periods(1).


                                                                                                  Average Balance Sheet
                                                                                      (Tax-equivalent basis / dollars in thousands)
                                                                     Nine Months Ended                                              Nine Months Ended
                                                                     September 30, 2022                                             September 30, 2021
                                                                             Income /                                Principal            Income /
                                                  Principal Balance           Expense          Yield / Rate           Balance              Expense          Yield / Rate
ASSETS
Federal Funds Sold and Other
  Short-term Investments                         $      533,758            $    3,565               0.89  %       $    372,177          $      329               0.12  %
Securities:
Taxable                                               1,033,881                14,909               1.92  %            794,023               9,391               1.58  %
Non-taxable                                             869,039                22,204               3.41  %            681,153              15,928               3.12  %
Total Loans and Leases?²?                             3,664,506               122,331               4.46  %          3,094,214             105,263               4.55  %
TOTAL INTEREST EARNING ASSETS                         6,101,184               163,009               3.57  %          4,941,567             130,911               3.54  %
Other Assets                                            549,657                                                        400,058
Less: Allowance for Credit Losses                       (45,765)                                                       (44,612)
TOTAL ASSETS                                     $    6,605,076                                                   $  5,297,013

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing Demand, Savings
  and Money Market Deposits                      $    3,531,100            $    5,115               0.19  %       $  2,645,261          $    1,972               0.10  %
Time Deposits                                           490,483                 1,360               0.37  %            429,201               1,878               0.59  %
FHLB Advances and Other Borrowings                      157,761                 3,387               2.87  %            184,467               3,445               2.50  %
TOTAL INTEREST-BEARING LIABILITIES                    4,179,344                 9,862               0.32  %          3,258,929               7,295               0.30  %
Demand Deposit Accounts                               1,739,389                                                      1,352,519
Other Liabilities                                        44,017                                                         46,282
TOTAL LIABILITIES                                     5,962,750                                                      4,657,730
Shareholders' Equity                                    642,326                                                        639,283
TOTAL LIBABILITIES AND
  SHAREHOLDERS' EQUITY                           $    6,605,076                                                   $  5,297,013

COST OF FUNDS                                                                                       0.22  %                                                      0.20  %
NET INTEREST INCOME                                                        $  153,147                                                   $  123,616
NET INTEREST MARGIN                                                                                 3.35  %                                                      3.34  %

(1) Effective tax rates have been determined as if interest earned on the Company’s investments in municipal bonds and loans were fully taxable. (2) Loans held for sale and outstanding loans have been included in average loans.


During the first nine months of 2022, net interest income, on a non
tax-equivalent basis, totaled $148,203,000, an increase of $28,104,000, or 23%,
compared to the same period of 2021 net interest income of $120,099,000. The
increase in net interest income during the first nine months of 2022 compared
with same period of 2021 was primarily attributable to a higher level of earning
assets driven by both the CUB acquisition and deposit growth, which led to a
higher level of securities and short-term investments. Such increase was
partially mitigated by a lower level of PPP loan fee recognition.

The tax equivalent net interest margin for the nine months ended September 30,
2022 was 3.35% compared with 3.34% for the same period of 2021. Excluding the
impact of the PPP fees as well as accretion on loan discounts, there was
improvement in the Company's net interest margin for the first nine months of
2022 largely attributable to improved yields on earning assets driven by
increased market interest rates.
                                       50
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Fees recognized on PPP loans through net interest income totaled $873,000 during
the first nine months of 2022 and $9,894,000 during the same period of 2021. The
fees recognized related to the PPP contributed approximately 3 basis points to
the net interest margin on an annualized basis in the first nine months of 2022
and 27 basis points in the same period of 2021. Accretion of loan discounts on
acquired loans contributed approximately 12 basis points to the net interest
margin in the first nine months of 2022 and 6 basis points in the first nine
months of 2021. Accretion of discounts on acquired loans totaled $3,739,000
during the first nine months of 2022 and $2,054,000 during the first nine months
of 2021.

Provision for Credit Losses:

The Company provides for credit losses through regular provisions to the
allowance for credit losses. The provision is affected by net charge-offs on
loans and changes in specific and general allocations of the allowance. During
the quarter ended September 30, 2022, the Company recorded a provision for
credit losses of $350,000 compared with a negative provision for credit losses
of $2,000,000 during the third quarter of 2021.

During the nine months ended September 30, 2022, the Company recorded a
provision for credit losses of $5,850,000 compared with the first nine months of
2021 negative provision for credit losses of $8,500,000. During the first
quarter of 2022, the provision for credit losses included $6,300,000 for the Day
1 CECL addition to the allowance for credit loss related to the CUB acquisition
for the non-PCD loans. The negative provision for credit losses in the third
quarter of 2021 as well as the first nine months of 2021 was largely due to a
decline in certain adversely criticized assets and improvement in certain
pandemic-related stressed sectors for which the Company had provided significant
levels of allowance for credit losses during 2020.

Net charge-offs totaled $682,000, or 7 basis points on an annualized basis, of
average loans outstanding during the third quarter of 2022 compared with
$197,000, or 3 basis points, of average loans during the third quarter of 2021.
Net charge-offs totaled $1,285,000 or 5 basis points on an annualized basis of
average loans outstanding during the nine months ended September 30, 2022,
compared with $561,000 or 2 basis points on an annualized basis of average loans
outstanding during the same period of 2021.

The provision for credit losses made during the three and nine months ended
September 30, 2022 was made at a level deemed necessary by management to absorb
expected losses in the loan portfolio. A detailed evaluation of the adequacy of
the allowance for credit losses is completed quarterly by management, the
results of which are used to determine provision for credit losses. Management
estimates the allowance balance required using past loan loss experience, the
nature and volume of the portfolio, information about specific borrower
situations and estimated collateral values, economic conditions and reasonable
and supportable forecasts along with other qualitative and quantitative factors.

Non-interest income:


During the quarter ended September 30, 2022, non-interest income totaled
$14,097,000, a decrease of $1,459,000, or 9%, compared with the third quarter of
2021. The decrease in non-interest income during the third quarter of 2022
compared with the third quarter of 2021 was in large part attributable to the
sale of two branch office locations during the third quarter of 2021 and lower
volumes and lower pricing levels of loans sold in the secondary market.

Non-interest Income                           Three Months Ended                 Change From
(dollars in thousands)                           September 30,                  Prior Period
                                                                             Amount         Percent
                                              2022            2021           Change         Change
Wealth Management Fees                    $     2,376      $  2,690      $       (314)        (12) %
Service Charges on Deposit Accounts             3,014         2,017               997          49
Insurance Revenues                              1,995         2,007               (12)         (1)
Company Owned Life Insurance                      416           493               (77)        (16)
Interchange Fee Income                          4,054         3,339               715          21
Other Operating Income                          1,365         2,595            (1,230)        (47)
Subtotal                                       13,220        13,141                79           1
Net Gains on Sales of Loans                       854         2,197            (1,343)        (61)
Net Gains on Securities                            23           218              (195)        (89)
Total Non-interest Income                 $    14,097      $ 15,556      $     (1,459)         (9)


                                       51
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Wealth management fees have fallen $314,000or 12%, during the third quarter of 2022 compared to the third quarter of 2021. The decline during the third quarter of 2022 was primarily due to the decline in the equity markets as a whole.


Service charges on deposit accounts increased $997,000, or 49%, during the third
quarter of 2022 compared with the third quarter of 2021. The increase during the
third quarter of 2022 was the result of the CUB acquisition as well as increased
deposit customer activity.

Interchange fee income increased $715,000, or 21%, during the quarter ended
September 30, 2022 compared with the third quarter of 2021. The increase in the
level of fees during the third quarter of 2022 compared with the third quarter
of 2021 was related to the CUB acquisition as well as increased card utilization
by customers.

Other operating income declined $1,230,000, or 47%, during the third quarter of
2022 compared with the same quarter of 2021. The decline during the third
quarter of 2022 compared with the third quarter of 2021 was primarily
attributable to the net gain of $1,378,000 related to the sale of the two branch
office locations during the third quarter of 2021.

Net gains on loan sales declined $1,343,000, or 61%, in the third quarter of 2022 compared to the third quarter of 2021. The decline in the third quarter of 2022 compared to the third quarter of 2021 was largely related to a lower volume of loans sold and lower price levels. Loan sales totaled $40.9 million in the third quarter of 2022 compared to $69.7 million during the third quarter of 2021.


During the nine months ended September 30, 2022, non-interest income totaled
$45,465,000, an increase of $970,000, or 2%, compared with the first half of
2021.

Non-interest Income                           Nine Months Ended                   Change From
(dollars in thousands)                          September 30,                    Prior Period
                                                                              Amount           Percent
                                              2022           2021             Change           Change
Wealth Management Fees                    $    7,656      $  7,668      $      (12)                -  %
Service Charges on Deposit Accounts            8,568         5,430           3,138                58
Insurance Revenues                             7,970         7,319             651                 9
Company Owned Life Insurance                   1,768         1,230             538                44
Interchange Fee Income                        11,848         9,651           2,197                23
Other Operating Income                         3,858         5,287          (1,429)              (27)
Subtotal                                      41,668        36,585           5,083                14
Net Gains on Sales of Loans                    3,324         6,417          (3,093)              (48)
Net Gains on Securities                          473         1,493          (1,020)              (68)
Total Non-interest Income                 $   45,465      $ 44,495      $      970                 2



Service charges on deposit accounts increased $3,138,000, or 58%, during the
first nine months of 2022 compared with the same period of 2021. The increase
during 2022 compared with 2021 was the result of the CUB acquisition as well as
increased deposit customer activity.

Company owned life insurance revenue increased $538,000, or 44%, during the nine
months ended September 30, 2022 compared with the first nine months of 2021. The
increase was largely related to death benefits received from life insurance
policies during 2022 and to the CUB acquisition.

Interchange fee income increased $2,197,000, or 23%, during the first nine
months of 2022 compared with the same period of 2021. The increase in the level
of fees during the first nine months of 2022 compared with the same period of
2021 was related to the CUB acquisition as well as increased card utilization by
customers.

Other operating income declined $1,429,000, or 27%, during the nine months ended
September 30, 2022 compared with the same period of 2021. This decline was
primarily attributable to the net gain of $1,378,000 related to the sale of the
two branch office locations during the third quarter of 2021.

Net gains on sales of loans declined $3,093,000, or 48%, during the first three
quarters of 2022 compared with the same period of 2021. The decline in 2022
compared with 2021 was generally attributable to a lower volume of loans sold
and lower pricing levels. Loan sales totaled $142.6 million during 2022 compared
with $200.0 million during 2021.

                                       52
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The Company realized $473,000 in gains on sales of securities during the first
nine months of 2022 compared with $1,493,000 during the same period of 2021. The
sales of securities in both periods was done as part of modest shifts in the
allocations within the securities portfolio.

Non-interest charges:


During the quarter ended September 30, 2022, non-interest expense totaled
$34,716,000, an increase of $2,272,000, or 7%, compared with the third quarter
of 2021. The increase in non-interest expense in the third quarter of 2022
compared with the third quarter of 2021 was primarily related to the operating
costs for CUB.

Non-interest Expense                                Three Months Ended                Change From
(dollars in thousands)                                 September 30,                  Prior Period
                                                                                  Amount         Percent
                                                    2022            2021          Change         Change
Salaries and Employee Benefits                  $    19,751      $ 17,274      $     2,477          14  %
Occupancy, Furniture and Equipment Expense            3,685         3,453              232           7
FDIC Premiums                                           477           383               94          25
Data Processing Fees                                  2,712         2,006              706          35
Professional Fees                                     1,188         1,357             (169)        (12)
Advertising and Promotion                             1,215           897              318          35
Intangible Amortization                                 897           661              236          36
Other Operating Expenses                              4,791         6,413           (1,622)        (25)
Total Non-interest Expense                      $    34,716      $ 32,444      $     2,272           7



Salaries and benefits increased $2,477,000, or 14%, during the quarter ended
September 30, 2022 compared with the third quarter of 2021. The increase in
salaries and benefits during the third quarter of 2022 compared with the third
quarter of 2021 was largely related to the salaries and benefit costs for the
CUB employee base and a higher number of full time equivalent employees.

Data processing fees increased $706,000, or 35%, during the third quarter of
2022 compared with the third quarter of 2021. The increase in data processing
fees during the third quarter of 2022 compared with the same period of the prior
year was in part attributable to the CUB acquisition and costs related to
continued data system enhancements.

Advertising and promotion costs have increased $318,000or 35%, in the third quarter of 2022 compared to the third quarter of 2021. The increase during the third quarter of 2022 is largely due to expenses related to the acquisition of CUB.


Other operating expenses declined $1,622,000, or 25%, during the third quarter
of 2022 compared with the third quarter of 2021. The decline in the third
quarter of 2022 compared with the same period of 2021 was primarily attributable
to the establishment of a $3,050,000 settlement reserve for a lawsuit
challenging the Company's assessment of overdraft fees for certain debit card
transactions during the third quarter of 2021. Partially offsetting this decline
were increased operating costs related to the acquisition of CUB. As previously
reported, settlement and dismissal of the above lawsuit was approved by the
court in August 2022.

During the nine months ended September 30, 2022, non-interest expense totaled
$118,577,000, an increase of $25,837,000, or 28%, compared with the first nine
months of 2021. The first nine months of 2022 non-interest expenses included
approximately $12,276,000 of non-recurring acquisition-related expenses for the
acquisition of CUB. The primary drivers of the remaining increases in the first
nine months of 2022 compared with the first three quarters of 2021 were the
operating costs for CUB.

                                       53
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Non-interest Expense                                Nine Months Ended                 Change From
(dollars in thousands)                                September 30,                  Prior Period
                                                                                  Amount         Percent
                                                    2022           2021           Change         Change
Salaries and Employee Benefits                  $   63,223      $ 51,454      $     11,769          23  %
Occupancy, Furniture and Equipment Expense          11,266        11,631              (365)         (3)
FDIC Premiums                                        1,418         1,046               372          36
Data Processing Fees                                12,896         5,528             7,368         133
Professional Fees                                    5,124         4,030             1,094          27
Advertising and Promotion                            3,380         2,384               996          42
Intangible Amortization                              2,871         2,132               739          35
Other Operating Expenses                            18,399        14,535             3,864          27
Total Non-interest Expense                      $  118,577      $ 92,740      $     25,837          28



Salaries and benefits increased $11,769,000, or 23%, during the first nine
months of 2022 compared with the same period of 2021. The increase in salaries
and benefits during the first nine months of 2022 compared with the first nine
months of 2021 was largely attributable to the CUB acquisition completed on
January 1, 2022. The first three quarters of 2022 included approximately
$1,480,000 of acquisition-related salary and benefit costs of a non-recurring
nature with the remainder of the increase due primarily to the salaries and
benefits costs for the CUB employee base.

Occupancy, furniture and equipment expense declined $365,000, or 3%, during the
first nine months of 2022 compared with the same period of 2021. The decline
during the first nine months of 2022 compared to the first nine months of 2021
was largely related to operating fewer branch offices from the Company's
existing branch network (excluding the CUB acquisition), which was the result of
the Company's 2021 operating optimization plan, and non-recurring costs
associated with the optimization plan in the first nine months of 2021,
partially mitigated by the operating costs of the CUB branch network in the
first nine months of 2022.

Data processing fees increased $7,368,000, or 133%, during the first three
quarters of 2022 compared with the same period of 2021. The increase during 2022
compared with 2021 was largely driven by acquisition-related costs which totaled
approximately $4,982,000 during the first three quarters of 2022, along with the
CUB operating costs and costs related to continued data system enhancements.

Professional fees increased $1,094,000, or 27%, in the first nine months of 2022
compared with the first nine months of 2021. The increase during 2022 was
primarily due to professional fees associated with the CUB acquisition. Merger
and acquisition related professional fees totaled approximately $1,755,000
during the first nine months of 2022.

Advertising and promotion expense increased $996,000, or 42%, in the first three
quarters of 2022 compared with the first three quarters of 2021. The increase
during 2022 was due in large part to expenses related to the CUB acquisition.

Other operating expenses increased $3,864,000, or 27%, during the first nine
months of 2022 compared with the first nine months of 2021. The increase in 2022
compared to 2021 was largely attributable to acquisition-related costs that
totaled approximately $3,862,000 in the first nine months of 2022 and operating
costs associated with CUB. The acquisition-related costs were primarily vendor
contract termination costs. These increases were partially offset by the
aforementioned establishment of a $3,050,000 settlement reserve during the first
nine months of 2021.

Income Taxes:

The Company's effective income tax rate was 20.0% and 18.6%, respectively,
during the three months ended September 30, 2022 and 2021. The Company's
effective income tax rate was 17.1% and 19.3%, respectively, during the nine
months ended September 30, 2022 and 2021. The effective tax rate in all periods
presented was lower than the blended statutory rate resulting primarily from the
Company's tax-exempt investment income on securities, loans and company-owned
life insurance, income tax credits generated from affordable housing projects,
and income generated by subsidiaries domiciled in a state with no state or local
income tax.

FINANCIAL CONDITION

The total assets of the Company amount to $6.260 billion at September 30, 2022which represents an increase of $651.4 million compared to the end of 2021. The increase in total assets at September 30, 2022 compared to the end of 2021 was largely attributable to the acquisition of CUB.

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Securities available for sale declined $188.0 million as of September 30, 2022
compared with year-end 2021. The decline in the securities portfolio in the
first three quarters of 2022 was largely the result of fair value adjustments on
the available-for-sale portfolio caused by the rapid rise in market interest
rates throughout 2022.

September 30, 2022 total loans increased $678.4 million compared with December
31, 2021. The increase in total loans at September 30, 2022, compared with
year-end 2021, was largely due to the acquisition of CUB, which was partially
offset by a decline in PPP loans. The Company had no PPP loans at September 30,
2022 compared with $19.5 million at December 31, 2021.

End of Period Loan Balances:                               September 30,          December 31,         Current Period
(dollars in thousands)                                         2022                   2021                 Change
Commercial and Industrial Loans and Leases               $      644,284          $    548,350          $    95,934
Commercial Real Estate Loans                                  1,923,794             1,530,677              393,117
Agricultural Loans                                              401,608               358,150               43,458
Home Equity and Consumer Loans                                  370,335               307,184               63,151
Residential Mortgage Loans                                      346,347               263,565               82,782
Total Loans                                              $    3,686,368          $  3,007,926          $   678,442


The following table shows the breakdown of the allowance for credit losses for the periods indicated (in thousands of dollars):


                                                      September 30,       

the 31st of December,

                                                           2022               2021
     Commercial and Industrial Loans and Leases      $       13,673      $       9,754
     Commercial Real Estate Loans                            22,143             19,245
     Agricultural Loans                                       4,529              4,505
     Home Equity and Consumer Loans                           2,143              1,808
     Residential Mortgage Loans                               2,211              1,705
     Unallocated                                                  -                  -

     Total Allowance for Credit Losses               $       44,699      $      37,017



The Company's allowance for credit losses totaled $44.7 million at September 30,
2022 compared to $37.0 million at year-end 2021. The allowance for credit losses
represented 1.21% of period-end loans at September 30, 2022 compared with 1.23%
at year-end 2021.

The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses
(Topic 326) ("CECL") on January 1, 2020. The Company added $9.4 million to the
allowance for credit losses in conjunction with the closing of the CUB
acquisition on January 1, 2022, related to the CUB loan portfolio. Of the
increase in the allowance for credit losses for the CUB portfolio, $6.3 million
was recorded through the provision for credit losses on "Day 1" under the CECL
model for non-PCD loans. The Company also acquired $29.9 million in PCD loans
for which the Company recorded a credit adjustment of $3.1 million which was
included in the allowance for credit losses.

Under the CECL model, certain acquired loans continue to carry a fair value
discount as well as an allowance for credit losses. As of September 30, 2022,
the Company held net discounts on acquired loans of $6.6 million which included
$2.8 million related to the CUB loan portfolio.

                                       55
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The following is an analysis of the Company’s non-performing assets at September 30, 2022 and December 31, 2021:

Non-performing Assets:                                   September 30,       December 31,
(dollars in thousands)                                        2022               2021
Non-accrual Loans                                       $      13,054       $     14,602
Past Due Loans (90 days or more)                                  726                156
Total Non-performing Loans                                     13,780             14,758
Other Real Estate                                                   -                  -
Total Non-performing Assets                             $      13,780       $     14,758

Restructured Loans                                      $           -       $        104

Non-performing Loans to Total Loans                              0.37  %            0.49  %
Allowance for Credit Loss to Non-performing Loans              324.38  %    

250.83%

The following table shows outstanding loans and loans 90 days or more past due by loan category:

                                                                                                        Loans Past Due 90 Days
                                                              Non-Accrual Loans                        or More & Still Accruing
                                                      September 30,        December 31,                                   December 31,
                                                          2022                 2021            September 30, 2022             2021
Commercial and Industrial Loans and Leases           $      8,695          $   10,530          $          28             $         -
Commercial Real Estate Loans                                2,059               2,243                      -                     156
Agricultural Loans                                            899               1,136                    698                       -
Home Equity Loans                                             262                  24                      -                       -
Consumer Loans                                                 89                  82                      -                       -
Residential Mortgage Loans                                  1,050                 587                      -                       -
Total                                                $     13,054          $   14,602          $         726             $       156



Non-performing assets totaled $13.8 million at September 30, 2022 compared to
$14.8 million at year-end 2021. Non-performing assets represented 0.22% of total
assets at September 30, 2022 compared to 0.26% at December 31, 2021.
Non-performing loans totaled $13.8 million at September 30, 2022 compared to
$14.8 million at year-end 2021. Non-performing loans represented 0.37% of total
loans at September 30, 2022 compared to 0.49% at December 31, 2021.

September 30, 2022 total deposits increased $830.0 million compared to the end of 2021. The increase in total deposits at September 30, 2022 year-end 2021 was largely attributable to the acquisition of CUB.


End of Period Deposit Balances:                                  September 30,          December 31,         Current Period
(dollars in thousands)                                               2022                   2021                 Change
Non-interest-bearing Demand Deposits                           $    

1,755,065 $1,529,223 $225,842
Interest-bearing current, savings and money market accounts

                                                            3,381,082             2,867,994              513,088
Time Deposits < $100,000                                              248,455               201,683               46,772
Time Deposits of $100,000 or more                                     189,739               145,416               44,323
Total Deposits                                                 $    5,574,341          $  4,744,316          $   830,025


Capital Resources:

As of September 30, 2022, shareholders' equity declined by $173.8 million to
$494.7 million compared with $668.5 million at year-end 2021. The decline in
shareholders' equity was primarily attributable to a decline in accumulated
other comprehensive income of $324.5 million related to the decrease in value of
the Company's available-for-sale securities portfolio driven by a rapid increase
in market interest rates during the first nine months of 2022. Partially
mitigating the decline was the issuance of the Company's common shares in the
acquisition of CUB. Approximately 2.9 million shares were issued to CUB
shareholders resulting in an increase to shareholders' equity of $111.9 million.
Also mitigating the decline was increased retained earnings of $37.1 million due
to net income of $57.4 million, which was partially offset by the payment of
$20.3 million in shareholder dividends.

Shareholders' equity represented 7.9% of total assets at September 30, 2022 and
11.9% of total assets at December 31, 2021. Shareholders' equity included $190.8
million of goodwill and other intangible assets at September 30, 2022 compared
to $127.6 million of goodwill and other intangible assets at December 31, 2021.
The increase in goodwill and other intangible assets was attributable to the CUB
acquisition.
                                       56
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On January 31, 2022, the Company's Board of Directors approved a plan to
repurchase up to 1.0 million shares of the Company's outstanding common stock.
On a share basis, the amount of common stock subject to the new repurchase plan
represented approximately 3% of the Company's outstanding shares on the date it
was approved. The Company is not obligated to purchase any shares under the
plan, and the plan may be discontinued at any time. The actual timing, number
and share price of shares purchased under the repurchase plan will be determined
by the Company at its discretion and will depend upon such factors as the market
price of the stock, general market and economic conditions and applicable legal
requirements. At the time it approved the new plan, the Board also terminated a
similar plan that had been adopted in January 2021. The Company has not
repurchased any shares of common stock under the 2022 repurchase plan.

Federal banking regulations provide guidelines for determining the capital
adequacy of bank holding companies and banks. These guidelines provide for a
more narrow definition of core capital and assign a measure of risk to the
various categories of assets. The Company is required to maintain minimum levels
of capital in proportion to total risk-weighted assets and off-balance sheet
exposures.

The current risk-based capital rules, as adopted by federal banking regulators,
are based upon guidelines developed by the Basel Committee on Banking
Supervision and reflect various requirements of the Dodd-Frank Act (the "Basel
III Rules"). The Basel III Rules require banking organizations to, among other
things, maintain a minimum ratio of Total Capital to risk-weighted assets, a
minimum ratio of Tier 1 Capital to risk-weighted assets, a minimum ratio of
"Common Equity Tier 1 Capital" to risk-weighted assets, and a minimum leverage
ratio (calculated as the ratio of Tier 1 Capital to adjusted average
consolidated assets). In addition, under the Basel III Rules, in order to avoid
limitations on capital distributions, including dividend payments, the Company
is required to maintain a 2.5% capital conservation buffer above the adequately
capitalized regulatory capital ratios. At September 30, 2022, the capital levels
for the Company and its subsidiary bank remained well in excess of the minimum
amounts needed for capital adequacy purposes and the Bank's capital levels met
the necessary requirements to be considered well-capitalized.

The table below presents the consolidated capital ratios of the Company and the banking subsidiary according to regulatory guidelines:

                                                                                                       Minimum for Capital
                                                     9/30/2022                  12/31/2021              Adequacy Purposes
                                                       Ratio                       Ratio                       ?¹?               Well-Capitalized Guidelines
Total Capital (to Risk Weighted Assets)
Consolidated                                                15.21  %                    16.20  %                   8.00  %                               N/A
Bank                                                        13.88  %                    13.36  %                   8.00  %                          10.00  %
Tier 1 (Core) Capital (to Risk Weighted
Assets)
Consolidated                                                13.76  %                    14.61  %                   6.00  %                               N/A
Bank                                                        13.26  %                    12.83  %                   6.00  %                           8.00  %
Common Tier 1, (CET 1) Capital Ratio
 (to Risk Weighted Assets)
Consolidated                                                13.04  %                    14.18  %                   4.50  %                               N/A
Bank                                                        13.26  %                    12.83  %                   4.50  %                           6.50  %
Tier 1 Capital (to Average Assets)
Consolidated                                                10.10  %                    10.10  %                   4.00  %                               N/A
Bank                                                         9.75  %                     8.88  %                   4.00  %                           5.00  %

(1) Excluding capital conservation buffer.


In December 2018, the federal banking regulators approved a final rule to
address changes to credit loss accounting under GAAP, including banking
organizations' implementation of CECL. The final rule provides banking
organizations the option to phase in over a three-year period the day-one
adverse effects on regulatory capital that may result from the adoption of the
new accounting standard. On March 27, 2020, in an action related to the CARES
Act, the federal banking regulators announced an interim final rule to delay the
estimated impact on regulatory capital stemming from the implementation of CECL.
The interim final rule, which was finalized effective September 30, 2020,
maintains the three-year transition option in the previous rule and provides
banks the option to delay for two years an estimate of CECL's effect on
regulatory capital, relative to the incurred loss methodology's effect on
regulatory capital, followed by a three-year transition period (five-year
transition option). The Company elected to adopt the five-year transition option
and, as a result, began the required three-year phase-in by reflecting 25% of
the previously deferred estimated capital impact of CECL in its regulatory
capital effective January 1, 2022. An additional 25% is to be phased in at the
beginning of each subsequent year until fully phased in by January 1, 2025.
Under the
                                       57
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five-year transition option, the amount of adjustments to regulatory capital
that could be deferred until the phase-in period began included both the initial
impact of our adoption of CECL at January 1, 2020 and 25% of subsequent changes
in our allowance for credit losses during each quarter of the two-year period
ended December 31, 2021.

On April 9, 2020, federal banking regulators issued an interim final rule to
modify the Basel III regulatory capital rules applicable to banking
organizations to allow those organizations participating in the PPP to
neutralize the regulatory capital effects of participating in the program.
Specifically, the agencies have clarified that banking organizations, including
the Company and the Bank, are permitted to assign a zero percent risk weight to
PPP loans for purposes of determining risk-weighted assets and risk-based
capital ratios.

Liquidity:


The Consolidated Statement of Cash Flows details the elements of changes in the
Company's consolidated cash and cash equivalents. Total cash and cash
equivalents decreased $23.8 million during the nine months ended September 30,
2022 ending at $373.0 million.  During the nine months ended September 30, 2022,
operating activities resulted in net cash inflows of $82.5 million. Investing
activities resulted in net cash inflows of $84.1 million during the nine months
ended September 30, 2022. Financing activities resulted in net cash outflows for
the nine months ended September 30, 2022 of $190.4 million.

The parent company is a corporation separate and distinct from its bank and
other subsidiaries. The Company uses funds at the parent-company level to pay
dividends to its shareholders, to acquire or make other investments in other
businesses or their securities or assets, to repurchase its stock from time to
time, and for other general corporate purposes including debt service. The
parent company does not have access at the parent-company level to the deposits
and certain other sources of funds that are available to its bank subsidiary to
support its operations. Instead, the parent company has historically derived
most of its revenues from dividends paid to the parent company by its bank
subsidiary. The Company's banking subsidiary is subject to statutory
restrictions on its ability to pay dividends to the parent company. The parent
company has in recent years supplemented the dividends received from its
subsidiaries with borrowings. As of September 30, 2022, the parent company had
approximately $41.6 million of cash and cash equivalents available to meet its
cash flow needs.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS


The Company from time to time in its oral and written communications makes
statements relating to its expectations regarding the future. These types of
statements are considered "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company may include
forward-looking statements in filings with the Securities and Exchange
Commission ("SEC"), such as this Form 10-Q, in other written materials, and in
oral statements made by senior management to analysts, investors,
representatives of the media, and others. Such forward looking statements can
include statements about the Company's net interest income or net interest
margin; its adequacy of allowance for credit losses, levels of provisions for
credit losses, and the quality of the Company's loans, investment securities and
other assets; simulations of changes in interest rates; expected results from
mergers with or acquisitions of other businesses; litigation results; tax
estimates and recognition; dividend policy; parent company cash resources and
cash requirements, and parent company capital resources; estimated cost savings,
plans and objectives for future operations; and expectations about the Company's
financial and business performance and other business matters as well as
economic and market conditions and trends. They often can be identified by the
use of words like "plan," "expect," "can," "might," "may," "will," "would,"
"could," "should," "intend," "project," "estimate," "believe" or "anticipate,"
or similar expressions.

Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the forward-looking statement is made.


Readers are cautioned that, by their nature, all forward-looking statements are
based on assumptions and are subject to risks, uncertainties, and other factors.
Actual results may differ materially and adversely from the expectations of the
Company that are expressed or implied by any forward-looking statement. The
discussions in this Item 2 list some of the factors that could cause the
Company's actual results to vary materially from those expressed or implied by
any forward-looking statements. Other risks, uncertainties, and factors that
could cause the Company's actual results to vary materially from those expressed
or implied by any forward-looking statement include:

•the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates;

•changes in competitive conditions;


•the introduction, withdrawal, success and timing of asset/liability management
strategies or of mergers and acquisitions and other business initiatives and
strategies;

                                       58
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•changes in customer borrowing, repayment, investment and deposit practices;

•changes in budgetary, monetary and fiscal policies;

•changes in financial and capital markets;

•the potential deterioration in general economic conditions, nationally or locally, resulting in, among other things, a deterioration in the quality of credit;

•the severity and duration of the COVID-19 pandemic and its impact on general economic and financial market conditions and on our business, results of operations and financial condition;

•our participation as a PPP lender;

•capital management activities, including any future sales of new securities, or any repurchases or redemptions by the Company of outstanding debt or equity securities;

•the factors determining investment impairment charges;

•the impact, extent and timing of technological changes;

• potential cyberattacks, information security breaches and other criminal activities;


•litigation liabilities, including related costs, expenses, settlements and
judgments, or the outcome of matters before regulatory agencies, whether pending
or commencing in the future;

• shares of the Federal Reserve Board;

•the possible effects of the replacement of the London interbank offer rate (LIBOR);

•the impact of the current standard on expected credit losses (CECL);

•changes in accounting principles and interpretations;


•potential increases of federal deposit insurance premium expense, and possible
future special assessments of FDIC premiums, either industry wide or specific to
the Company's banking subsidiary;

•actions by regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms;


•impacts resulting from possible amendments or revisions to the Dodd-Frank Act
and the regulations promulgated thereunder, or to Consumer Financial Protection
Bureau rules and regulations;

•the continued availability of sufficient excess earnings and capital for the legal and prudent declaration and payment of cash dividends; and


•with respect to the merger with CUB, the possibility that the anticipated
benefits of the transaction, including anticipated cost savings and strategic
gains, are not realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the two companies,
unexpected credit quality problems of the acquired loans or other assets, or
unexpected attrition of the customer base of the acquired institution or
branches.

Such statements reflect our views with respect to future events and are subject
to these and other risks, uncertainties and assumptions relating to the
operations, results of operations, growth strategy and liquidity of the Company.
Readers are cautioned not to place undue reliance on these forward-looking
statements.

Investors should consider these risks, uncertainties, and other factors, in
addition to those mentioned by the Company in its Annual Report on Form 10-K for
its fiscal year ended December 31, 2021, this Quarterly Report on Form 10-Q, and
other SEC filings from time to time, when considering any forward-looking
statement.

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© Edgar Online, source Previews

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Long Island financial adviser admits $3 million bank loan scheme https://amiyasahu.com/long-island-financial-adviser-admits-3-million-bank-loan-scheme/ Fri, 04 Nov 2022 21:30:00 +0000 https://amiyasahu.com/long-island-financial-adviser-admits-3-million-bank-loan-scheme/ A Long Island financial adviser could spend decades in federal prison after admitting his role in a $3 million bank loan scheme. Gary Confredo, 60, of East Northport, pleaded guilty to conspiracy to commit bank fraud in Central Islip Federal Court on Friday, November 4. Prosecutors said Confredo, also known as Gary Conte, conspired with […]]]>

A Long Island financial adviser could spend decades in federal prison after admitting his role in a $3 million bank loan scheme.

Gary Confredo, 60, of East Northport, pleaded guilty to conspiracy to commit bank fraud in Central Islip Federal Court on Friday, November 4.

Prosecutors said Confredo, also known as Gary Conte, conspired with others to submit fraudulent applications for business loans and lines of credit to Bank of America on behalf of his Goldstar Financial Management Corp clients, based in Commack.

Between November 2016 and October 2019, he submitted altered tax returns and bank statements to falsely inflate his clients’ income and assets, allowing them to meet Bank of America’s loan requirements, prosecutors said. .

According to investigators, clients paid Confredo a portion of any loan it obtained on their behalf.

The scheme resulted in Bank of America issuing approximately $3.2 million in loans and lines of credit to Goldstar customers, and suffering nearly $1 million in losses when the loans and lines of credit failed. not been reimbursed.

“As defendant admitted, he selfishly manipulated his clients’ trust and lied to financial institutions simply to line his pockets,” U.S. Attorney Breon Peace said in a statement. “He will now face the consequences of his greed.”

Confredo faces up to 30 years in prison when sentenced at a later date.

As part of his guilty plea, he agreed to forfeit approximately $140,000 and pay restitution in an amount to be determined by a judge.

He was later released on $250,000 bond.

Click here to follow Daily Voice Nassau and receive free updates.

]]>
Core Financial Management Application Market Current Growth and Future Trend Analysis 2030 https://amiyasahu.com/core-financial-management-application-market-current-growth-and-future-trend-analysis-2030/ Wed, 02 Nov 2022 10:15:00 +0000 https://amiyasahu.com/core-financial-management-application-market-current-growth-and-future-trend-analysis-2030/ Financial management applications The core financial management application market size is estimated to be $11,730.1 million in 2030 from $4,909.7 million in 2022, growing by 9.1%. evolve between 2022 and NEW YORK, NY, USA, Nov. 2, 2022 /EINPresswire.com/ — Market.Biz has published a study on the global core financial management applications market covering the micro-level […]]]>

Financial management applications

The core financial management application market size is estimated to be $11,730.1 million in 2030 from $4,909.7 million in 2022, growing by 9.1%. evolve between 2022 and

NEW YORK, NY, USA, Nov. 2, 2022 /EINPresswire.com/ — Market.Biz has published a study on the global core financial management applications market covering the micro-level of competitor analysis and key business segments (2022-2030) . Core Financial Management Application Market explores in-depth study of various segments such as Opportunities, Industry Size, Product Type Share [Cloud Based, Web Based]and Request [Large Enterprises, SMEs] development, innovation, sales and overall growth of major key players [SAP, Oracle, Insightsoftware, Microsoft, Infor, Deltek, Totvs, Unit4, TechnologyOne, Talentia Software, Workday, Sage Intacct, Ramco Systems, FinnanciaForce, Acumatica]. Sector research is conducted on primary and secondary statistical sources and consists of qualitative and quantitative details.

Core Financial Management Suites include the functional areas of General Ledger, Accounts Payable (AP), Accounts Receivable (AR), Fixed Assets (AF), Project Accounting, and Project Costing .

Various factors are responsible for the growth of the market, which are studied extensively in the report. In addition, the report lists restraints that threaten the Core Financial Management Application market. This report is a consolidation of primary and secondary research, which provides business size, share, dynamics and forecasts for various segments and sub-segments considering macro and micro environmental factors.

Get Sample Copy of Research Report Here (Use Business Email Id Only): https://market.biz/report/global-core-financial-management-applications-market-gm/#requestforsample

Market estimates:

The industry was valued in 2022 at: $4,909.7M

Industry expected to grow by 2030: $11,730.1 million

CAGR during provision period: 9.1%

The Core Financial Management Applications Market research report provides a comprehensive analysis of industry size, trends and growth prospects. This report also provides detailed information on technology expenditure for the forecast period, which gives a unique view of the core financial management application market across many segments.

Key Players Mentioned in the Core Financial Management Applications Market Research Report:

SAP
Oracle
Insight Software
Microsoft
Information
DeltekComment
toddlers
Unit 4
TechnologyOne
Talentia software
Working day
untouched sage
Ramco Systems
FinancialStrength
Acumatica

Global Core Financial Management Applications Market Segmentation:

Global Core Financial Management Application Market, By Type

Cloud-based
web-based

Global Core Financial Management Application Market, By Application

Large companies
SME

Impact of covid19 on the current market for basic financial management applications:

The main objective of the report is to provide companies in the sector with a strategic analysis of the impact of covid-19. The sudden emergence of the covid19 outbreak has led to the introduction of harsh forms lockdown laws in some countries causing delays in the import and export markets of basic financial management apps. The Application and Major Countries research and assess the potential of the Core Financial Management Application industry, including statistical data on business dynamics, growth factors, key challenges, growth analysis and analysis of business entry strategy, opportunities and forecasts.

The Core Financial Management Application industry is segmented in this report on the basis of manufacturers, regions, product types and applications. The study can help to understand the industry and define progress strategies for the company / key players. Provides a detailed analysis of new entrants or exists competitors in the Keyword industry, ranging from industry positioning and marketing channels to potential growth strategies.

Customization Inquiry or Any Other Related Inquiry at https://market.biz/report/global-core-financial-management-applications-market-gm/#inquiry

Core Financial Management Application Market Region:

➛ North America (United States, Canada, Mexico)

➛ Europe (UK, Germany, France, Italy and Russia)

➛ Asia-Pacific (Japan, Korea, India, China and Southeast Asia)

➛ South America (Argentina, Colombia and Brazil)

➛ The Middle East and Africa (Saudi Arabia, Nigeria, Egypt, United Arab Emirates and South Africa)

Core Financial Management Application Market Report Highlights:

1. The Core Financial Management Applications Market report provides comprehensive qualitative and quantitative analysis which will provide an overview of the industry.

2. This Basic Financial Management Applications industry overview includes data from significant participants such as marketers, industry experts and investors.

3. Trends and drivers are discussed in Core Financial Management Applications report

4. The Core Financial Management Applications report provides insight into the competitive environment.

5. It provides details about the company, its size, share and growth.

Buy Core Financial Management Applications Market Report Here: https://market.biz/checkout/?reportId=659344&type=Single%20User

Contact us:

United States / Canada Tel. : +1 8574450045, +91 9130855334

Email: survey@market.biz

Visit our trending blog:
http://vistamister.net/

View trend reports:

Pre and post estimates of the competitive intelligence tools market during the coronavirus (COVID-19) lockdown and forecast to 2030: https://www.digitaljournal.com/pr/competitive-intelligence-tools-market-pre- and-post-estimates-during -coronavirus-covid-19-containment-and-forecasts-until-2030/

Fintech market impact and opportunity analysis during Covid-19 lockdown and forecast 2021-2030: https://www.digitaljournal.com/pr/fintech-market-impact-and-opportunity-analysis- during-covid-19-lockdown-and -forecast-2021-2030/

Luxury real estate market impact and outbreak updates during the coronavirus lockdown and 2021-2030 forecast assessment: https://www.digitaljournal.com/pr/luxury-real-estate-market- impact-and-outbreak-updates-during-coronavirus-assessment-containment-and-forecast-2021-2030/

taj
Prudour Pvt Lmt
+1 8574450045
write to us here

]]>
Why are there so many “human errors” in infractions? https://amiyasahu.com/why-are-there-so-many-human-errors-in-infractions/ Sun, 30 Oct 2022 21:55:33 +0000 https://amiyasahu.com/why-are-there-so-many-human-errors-in-infractions/ A legal expert says licensees rely too much on ‘human error’ with more than 5,000 reports indicating it is a cause of breach when the fault may lie in their systems and processes. Last week the Australian Securities and Investments Commission (ASIC) announced the first results of its reportable occurrences regime data from October 1, […]]]>

A legal expert says licensees rely too much on ‘human error’ with more than 5,000 reports indicating it is a cause of breach when the fault may lie in their systems and processes.

Last week the Australian Securities and Investments Commission (ASIC) announced the first results of its reportable occurrences regime data from October 1, 2021 to June 30, 2022, which revealed that more than 8,000 breaches had been reported.

This was a lower number than the regulator had anticipated and he questioned whether licensees understood the nature of the legislation and whether he had the right systems and processes in place to identify violations.

Felicity Healy, partner and financial services lawyer at Corrs Chambers Westgarth, agreed the law firm had also expected to see a “mass influx” of breach reports, but that had not happened.

She noted that more than 5,000 reports specified a root cause of the problem as staff negligence or error and Healy said that was an overuse of the term.

In contrast to the root causes of human error, only 9% of reports were described as a policy or process deficiency and 6% were described as a system deficiency.

The ASIC report stated: “Personnel negligence or error was selected as the only root cause category in 55% of reports where the licensee reported that there had been similar prior violations and/or or that there were multiple violations grouped together in the relevant report. This raises some concerns about whether licensees consistently identify and address the underlying root causes of violations (e.g. determining the underlying reasons, such as system or process issues, for negligence or misconduct). repeated staff error).

“In response to this, we intend to provide guidance to licensees on when it is appropriate for licensees to select ‘staff negligence or error’ as the root cause (e.g., only when it has determined that there are no other underlying root causes).”

Healy said: “There has been overuse of the term ‘human error’ and it doesn’t fit where the most common reports were about false or misleading information and it doesn’t fit the understanding of compliance.

“Some breaches may have been caused by human error, but this was due to a weakness in the system which then led to an error.”

When this was identified as the cause, ASIC found that the most common method of rectification was staff training on internal policies and procedures, cited by 41% of reports.

However, she praised companies’ efforts to quickly remedy once a breach has been identified.

In 18% of the reports received, ASIC said it took more than a year for the licensee to identify and investigate an issue after it first occurred. However, only 0.6% of reports had taken more than a year to be rectified, with most being rectified before the start of the investigation or within seven days.

“That’s the good news, people find and fix these flaws quickly, but they can be hard to find, hard to criticize because they take too long to identify. It takes time to do it right. .

“In particular, customers are very wary of scammers these days, so contacting them is getting harder and harder, it’s not as easy as it used to be.”

She also pointed out that it was difficult to reopen cases once they were over, so companies erred on the side of caution and left long deadlines for completing customer investigations or corrective action.

]]>
PILGRIMS PRIDE CORP MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://amiyasahu.com/pilgrims-pride-corp-management-report-of-financial-position-and-results-of-operations-form-10-q/ Thu, 27 Oct 2022 10:08:21 +0000 https://amiyasahu.com/pilgrims-pride-corp-management-report-of-financial-position-and-results-of-operations-form-10-q/ Summary Insight We reported net income attributable to Pilgrim's of $900.9 million, or $3.73 per diluted common share, and income before tax totaling $1.2 billion, for the nine months ended September 25, 2022. These operating results included net sales of $13.3 billion, gross profit of $1.7 billion and $790.6 million of cash provided by operating […]]]>

Summary

Insight


We reported net income attributable to Pilgrim's of $900.9 million, or $3.73 per
diluted common share, and income before tax totaling $1.2 billion, for the nine
months ended September 25, 2022. These operating results included net sales of
$13.3 billion, gross profit of $1.7 billion and $790.6 million of cash provided
by operating activities. We generated a consolidated operating margin of 9.4%
with operating margins of 13.8%, 0.0% and 7.7% in our U.S., U.K. and Europe, and
Mexico reportable segments, respectively. For the nine months ended
September 25, 2022, we generated EBITDA and Adjusted EBITDA of $1.6 billion and
$1.6 billion, respectively. A reconciliation of net income to EBITDA and
Adjusted EBITDA is included below.

Global economic conditions


During the third quarter of 2022, we continued to experience solid recoveries in
volume throughout the business from prior year levels as COVID-19 restrictions
eased, but were confronted with significant challenges from inflation in
commodity, labor and other operating costs across all our businesses. The global
feed ingredient and energy markets continue to be impacted by the Russia-Ukraine
war, driving up prices as supply out of the Black Sea region is disrupted and
future production is at risk. We continued to experience labor shortages in the
U.K. as European Union (or "E.U.") workers returned to their home countries
following Brexit, thus affecting our ability to process, pack and transport
products. Despite inflationary headwinds and softening consumer demand
throughout the U.K. and E.U., we have and will continue to invest in our people,
implement supply chain solutions, and conduct customer negotiations for cost
recovery. Our Mexico segment is managing through significant challenges as
Mexico remains a volatile market given inflationary pressures, implications of
more significant bird disease, an evolving global protein industry, and overall
business seasonality.

We have responded to these challenges by continuing negotiations with customers
to recoup the extraordinary costs we have experienced. We also continue to focus
on operational initiatives that aim to deliver labor efficiencies, better
agricultural performance and improved yields.

Impacts of the Russia-Ukraine War


The Russia-Ukraine war began in February 2022. The impact of the ongoing war and
sanctions will not be limited to businesses that operate in Russia and Ukraine
and may negatively impact other global economic markets including where we
operate. The impacts have included and may continue to include, but are not
limited to, higher prices for commodities, such as food products, ingredients
and energy products, increasing inflation in some countries, and disrupted trade
and supply chains. The conflict has disrupted shipments of grains, vegetable
oils, fertilizer and energy products.

The impact on the agriculture markets falls into two main categories: (1) the
effect on Ukrainian crop production, as the region is key in global grain
production; and (2) the duration of the disruption in trade flows. Safety and
financing concerns in the region are restricting export execution, which is in
turn forcing grain and oil demand to find alternative supply. The duration of
the war and related volatility makes global markets extremely sensitive to
growing-season weather in other global grain producing regions and has led to a
large risk premium in futures prices. The continued volatility in the global
markets as a result of the war has adversely impacted our costs by driving up
prices, raising inflation and increasing pressure on the supply of feed
ingredients and energy products throughout the global markets. In the third
quarter of 2022, Ukraine resumed water-borne exports and their export volumes
continue to climb. Their supply constraints did not have a material impact on
our costs during the third quarter.

In addition, the U.S. government and other governments in jurisdictions in which
we operate have imposed sanctions and export controls against Russia, Belarus
and interests therein and threatened additional sanctions and controls. Our U.K.
and Europe business may be impacted by the increase in energy prices and the
availability of energy during the winter months. The impact of these measures,
now and in the future, could adversely affect our business, supply chain or
customers.

Impact of COVID-19

The impact of COVID-19 and the measures to prevent its spread continue to affect our business in several ways.


•Our workforce. Employee health and safety is our priority. As an essential
business in a critical infrastructure industry, we continue to produce chicken
and pork products. Measures we implemented during the height of the pandemic
that remain in place today include, but are not limited to: increasing physical
distancing of our employees,


                                       35
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where possible; staggering start and shift breaks; increasing personal hygiene
practices and providing our employees additional personal protective equipment
and sanitation stations; and increasing sanitation of our facilities. We have
also continued to support and encourage our employees and their family members
to be vaccinated against COVID-19.

•Our operations. All of our production facilities continue to operate. To date, we have not experienced any significant impact from a plant closure.

•Demand for our products. As global vaccination levels increased and government restrictions eased, we have noted the trend towards pre-pandemic demand levels in grocery stores and restaurants and are currently experiencing no significant changes in demand due to the COVID-19 pandemic.


•CARES Act. On March 27, 2020, the U.S. government enacted the CARES Act, which
includes modifications to the limitation on business interest expense and net
operating loss provisions, and provides a payment delay of employer payroll
taxes during 2020 after the date of enactment. We delayed the payment of $52
million in employer payroll taxes otherwise due in 2020. The first 50% was paid
on December 31, 2021 and the remaining 50% is due and payable by December 31,
2022.

Raw Materials and Pricing

Our U.S. and Mexico segments use corn and soybean meal as the main ingredients
for feed production, while our U.K. and Europe segment uses wheat, soybean meal
and barley as the main ingredients for feed production.

U.S. commodity market prices for chicken products declined 30% from historical
highs in early July to levels slightly above the 5-year average by the end of
September due to increasing chicken supply which outpaced the volume demand. As
a result, chicken volumes in cold storage and availability increased, driving
prices to decline more than seasonal norms. During the third quarter of 2022,
industry production levels trended above previous year levels, +2.8%
year-over-year, in ready to cook pounds. The increase in production was due to
both the improvement in layer productivity and hatchability rates since late in
the second quarter of 2022. Both factors led to more birds processed relative to
the same time previous year. Average chicken liveweights for the quarter
remained in line with a year ago. Third quarter demand remained steady across
the channels as indicated by increased sales. In the foodservice channel,
commercial foodservice restaurants volume demand remained flat while the
non-commercial subchannel grew significantly relative to same quarter prior
year. In retail, Pilgrim's fresh sales volumes outpaced the relatively flat
market volumes; while the frozen subchannel saw mixed results as declining
frozen commodity volumes more than offset value-added growth. The deli
subchannel also experienced steady volume sales, even at elevated prices. The
export market declined 9% in volume shipments for July and August.

During the third quarter of 2022, the UK The chicken market continued to experience rising food ingredient, utility and labor costs. Through our current customer models and additional negotiations, we have offset the majority of these cost increases. We continue to focus on cost management, including labor and yield efficiency, farm performance and increasing operational efficiency through investments in capital projects.


Commodity prices for chicken in Mexico increased during the third quarter of
2022 and remained well above prices from same quarter prior year. The increase
is primarily from increased demand that outpaced supply. The cost to produce
also increased from same quarter prior year due to significant increases in corn
and soy, the two main ingredients used for feed in Mexico.

While commodity market prices for chicken products declined, prices for the
remainder of the year will depend on (1) the evolution of foodservice, retail
and export meat demand and (2) factors such as government regulation, the
ongoing Russia-Ukraine war, further spread of avian influenza both domestically
and abroad, uncertainty surrounding the general economy and overall protein
supply.

U.K. market prices for pork products during the three months ended September 25,
2022 continued an upward trend, though the rate of growth slowed from 31% in the
second quarter to 21% in the third quarter driven by the slowing of EU prices.
The increase in Germany was at a more moderate growth rate of 6% in the third
quarter compared to more than 50% in late first quarter. Despite some pig price
recovery, the cost of production continued to exceed market prices, with pig
farmers reducing their loss to around £16 per pig in the third quarter, which is
a significant improvement over first and second quarter which had losses well
above £50 per pig. Input costs for feed and energy in the U.K. continue to rise
in the third quarter consistent with global market conditions, with the recovery
of inflation through retailers an ongoing area of focus.


                                       36

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Reportable Segments


We operate in three reportable segments: U.S., U.K. and Europe, and Mexico. We
measure segment profit as operating income. Certain corporate expenses are
allocated to the Mexico and U.K. and Europe reportable segments based upon
various apportionment methods for specific expenditures incurred related thereto
with the remaining amounts allocated to the U.S. For additional information, see
"Note 17. Reportable Segments" of our Condensed Consolidated Financial
Statements included in this quarterly report.

Operating results

Three months completed September 25, 2022 Compared to the three months ended
September 26, 2021


Net sales. Net sales generated in the three months ended September 25, 2022
increased $641.4 million, or 16.8%, from net sales generated in the three months
ended September 26, 2021. The following table provides net sales information:

                                                                                            Change from Three Months Ended
                                                               Three Months Ended                 September 26, 2021
Sources of net sales                                           September 25, 2022            Amount                Percent
                                                                             (In thousands, except percent data)
U.S.                                                           $     2,836,920          $     370,070                   15.0  %
U.K. and Europe                                                      1,203,095                272,655                   29.3  %
Mexico                                                                 428,954                 (1,322)                  (0.3) %
   Total net sales                                             $     4,468,969          $     641,403                   16.8  %


U.S. Reportable Segment. U.S. net sales generated in the three months ended
September 25, 2022 increased $370.1 million, or 15.0%, from U.S. net sales
generated in the three months ended September 26, 2021 primarily due to an
increase in net sales per pound which increased $386.4 million, or
15.7 percentage points, to the increase in net sales. The increase in net sales
per pound was partially offset by a decrease in sales volume of $16.3 million,
or 0.7 percentage points. The increase in net sales per pound was driven
primarily by increases in price necessary to recover increased feed ingredients,
labor, utilities and other operating costs during the three months ended
September 25, 2022.

U.K. and Europe Reportable Segment. U.K. and Europe net sales generated in the
three months ended September 25, 2022 increased $272.7 million, or 29.3%, from
U.K. and Europe net sales generated in the three months ended September 26, 2021
primarily due to the acquisition of Pilgrim's Food Masters ("PFM") which
contributed $247.6 million to the increase in net sales. The existing U.K. and
Europe businesses contributed $25.1 million to the increase in net sales. This
increase to net sales of the existing operations was driven by an increase of
$238.0 million from increased net sales per pound, or 25.4 percentage points,
partially offset by the unfavorable impact of foreign currency translation of
$158.4 million, or 16.9 percentage points, and a decrease in sales volume of
$54.5 million, or 5.8 percentage points. The increase in net sales per pound was
driven by price increases necessary to recover increased feed ingredients,
labor, utilities and other operating costs.

Mexico Reportable Segment. Mexico net sales generated in the three months ended
September 25, 2022 decreased $1.3 million, or 0.3%, from Mexico net sales
generated in the three months ended September 26, 2021 primarily due to a
decrease in sales volume of $47.5 million, or 11.0 percentage points, and the
unfavorable impact of foreign currency remeasurement of $4.9 million, or
1.2 percentage points, partially offset by an increase in net sales per pound of
$51.1 million, or 11.9 percentage points. The increase in net sales per pound
was driven primarily by higher chicken prices that resulted from solid market
fundamentals.

Gross profit and cost of sales. Gross profit increased by $125.4 million, or
33.7%, from $371.8 million generated in the three months ended September 26,
2021 to $497.3 million generated in the three months ended September 25, 2022.
The following tables provide information regarding gross profit and cost of
sales information:

                                               Three Months              Change from Three Months Ended                        Percent of Net Sales
                                              Ended September                  September 26, 2021                               Three Months Ended
Components of gross profit                       25, 2022                 Amount                Percent            September 25, 2022        

September 26, 2021

                                                                                     (In thousands, except percent data)
Net sales                                    $    4,468,969          $     641,403                   16.8  %                  100.0  %                  100.0  %
Cost of sales                                     3,971,699                515,976                   14.9  %                   88.9  %                   90.3  %
Gross profit                                 $      497,270          $     125,427                   33.7  %                   11.1  %                    9.7  %




                                       37
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                                                                                              Change from Three Months Ended
                                                                 Three Months Ended                 September 26, 2021
Sources of gross profit                                          September 25, 2022            Amount                Percent
                                                                               (In thousands, except percent data)
U.S.                                                             $       445,308          $     167,280                   60.2  %
U.K. and Europe                                                           52,469                 20,145                   62.3  %
Mexico                                                                      (521)               (61,998)                (100.8) %
Elimination                                                                   14                      -                      -  %
Total gross profit                                               $       497,270          $     125,427                   33.7  %


                                                                                             Change from Three Months Ended
                                                                   Three Months                    September 26, 2021
                                                                  Ended September
Sources of cost of sales                                             25, 2022                 Amount                 Percent
                                                                               (In thousands, except percent data)
U.S.                                                             $    2,391,612          $      202,790                   9.3  %
U.K. and Europe                                                       1,150,626                 252,510                  28.1  %
Mexico                                                                  429,475                  60,676                  16.5  %
Elimination                                                                 (14)                      -                     -  %
Total cost of sales                                              $    3,971,699          $      515,976                  14.9  %


U.S. Reportable Segment. Cost of sales incurred by our U.S. operations during
the three months ended September 25, 2022 increased $202.8 million, or 9.3%,
from cost of sales incurred by our U.S. segment during the three months ended
September 26, 2021. The increase in cost of sales was primarily driven by an
increase in cost per pound sold of $217.3 million, or 9.9 percentage points,
partially offset by the impact of decreased sales volume of $14.5 million, or
0.6 percentage points. The increase in cost per pound sold included increases in
live operations costs, prepared foods purchases, payroll costs, contract labor
costs, supplies costs and utility costs. The increase in live operations costs
includes an increase of $91.4 million in feed costs and a $25.3 million increase
in chick costs. The increase in feed costs was driven primarily from higher corn
and soy prices, our main ingredients in feed.

U.K. and Europe Reportable Segment. Cost of sales incurred by our U.K. and
Europe operations during the three months ended September 25, 2022 increased
$252.5 million, or 28.1%, from cost of sales incurred by our U.K. and Europe
segment during the three months ended September 26, 2021 primarily because of
costs incurred by the acquired PFM operations and from increases in cost of
sales incurred by our existing U.K. and Europe operations. Cost of sales related
to the existing U.K. and Europe operations increased due to higher cost per
pound sold, partially offset by the favorable impact of foreign currency
translation and decreased sales volume. The increase in cost per pound sold was
driven by inflation in feed ingredients, utilities, CO2 costs and labor costs.

Mexico Reportable Segment. Cost of sales incurred by our Mexico operations
during the three months ended March 28, 2021 increased $60.7 million, or 16.5%,
from cost of sales incurred by our Mexico segment during the three months ended
September 26, 2021. This increase was driven by increased cost per pound sold of
$106.3 million, or 28.8 percentage points. The increase in cost per pound sold
was driven by higher input costs, such as feed ingredients and cost of chicks
which was negatively impacted by the cost to import eggs to offset the impacts
of bird disease at our locations, and an unfavorable shift in product mix due to
market demands. These increases were partially offset by a decrease in sales
volume of $40.7 million, or 11.0 percentage points, and the favorable impact of
foreign currency remeasurement of $4.9 million, or 1.3 percentage points.

Operating income and SG&A expense. Operating income increased by $218.4 million,
or 180.8%, from income of $120.8 million generated in the three months ended
September 26, 2021 to income of $339.2 million generated in the three months
ended September 25, 2022. The following tables provide information regarding
operating income and selling, general and administrative ("SG&A") expense:


                                       38

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                                        Three Months              Change from Three Months Ended                       Percent of Net Sales
                                       Ended September                  September 26, 2021                              Three Months Ended
Components of operating income            25, 2022                 Amount                Percent            September 25, 2022       September 26, 2021
                                                                             (In thousands, except percent data)
Gross profit                          $      497,270          $     125,427                   33.7  %                  11.1  %                   9.7  %
SG&A expense                                 158,068                (92,998)                 (37.0) %                   3.5  %                   6.6  %

Operating income                      $      339,202          $     218,425                  180.8  %                   7.6  %                   3.2  %


                                                                                                     Change from Three Months Ended September
                                                                      Three Months Ended                             26, 2021
Sources of operating income                                           September 25, 2022                  Amount                  Percent
                                                                                      (In thousands, except percent data)
U.S.                                                              $        338,548                  $       267,882                   379.1  %
U.K. and Europe                                                             14,198                           13,753                 3,090.6  %
Mexico                                                                     (13,558)                         (63,210)                 (127.3) %
Eliminations                                                                    14                                -                       -  %
Total operating income                                            $        339,202                  $       218,425                   180.8  %

                                                                                                     Change from Three Months Ended September
                                                                      Three Months Ended                             26, 2021
Sources of SG&A expense                                               September 25, 2022                  Amount                  Percent
                                                                                      (In thousands, except percent data)
U.S.                                                              $        106,760                  $      (100,602)                  (48.5) %
U.K. and Europe                                                             38,271                            6,392                    20.1  %
Mexico                                                                      13,037                            1,212                    10.2  %
Total SG&A expense                                                $        158,068                  $       (92,998)                  (37.0) %


U.S. Reportable Segment. SG&A expense incurred by our U.S. reportable segment
during the three months ended September 25, 2022 decreased $100.6 million, or
48.5%, from SG&A expense incurred by our U.S. reportable segment during the
three months ended September 26, 2021. The decrease in SG&A expense resulted
primarily from recognition of legal settlements and acquisition transaction
costs in the prior year. A net increase in other U.S. SG&A expense partially
offsets the decrease from legal settlement expense and acquisition transaction
costs. This net increase is driven by incentive compensation costs.

U.K. and Europe Reportable Segment. SG&A expense incurred by our U.K. and Europe
reportable segment during the three months ended September 25, 2022 increased
$6.4 million, or 20.1%, from SG&A expense incurred by our U.K. and Europe
segment during the three months ended September 26, 2021 primarily from the
acquisition of the PFM business. Other factors affecting U.K. and Europe SG&A
expense were individually immaterial.

Mexico Reportable Segment. SG&A expense incurred by our Mexico reportable
segment during the three months ended September 25, 2022 increased approximately
$1.2 million, or 10.2%, from SG&A expense incurred by our Mexico segment during
the three months ended September 26, 2021. The primary driver of the increase in
SG&A expense was marketing costs. Other factors affecting Mexico SG&A expense
were individually immaterial.

Net interest expense. Net interest expense increased to $34.2 million recognized
in the three months ended September 25, 2022 from $28.6 million recognized in
the three months ended September 26, 2021. The increase in net interest expense
resulted primarily from interest expense on outstanding borrowings. Average
borrowings increased by $0.7 billion from $2.6 billion during the three months
ended September 26, 2021 to $3.4 billion during the three months ended
September 25, 2022 due to the issuance of the 2032 Senior Notes in September
2021 to purchase PFM. As a percent of net sales, interest expense in the three
months ended September 25, 2022 and September 26, 2021 was 0.8% and 0.8%,
respectively.

Income taxes. Income tax expense increased to $65.7 million, a 20.2% effective
tax rate, for the three months ended September 25, 2022 compared to an income
tax expense of $30.4 million, a 33.3% effective tax rate, for the three months
ended September 26, 2021. The increase in income tax expense resulted primarily
from the increase in profit before taxes.


                                       39

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Nine month period ended September 25, 2022 Compared to the nine months ended September 26, 2021

Net sales. Net sales generated during the nine months ended September 25, 2022
increase $2.6 billionor 24.2%, of the net sales generated during the nine months ended September 26, 2021. The following table provides information on net sales:


                                                                                       Change from Nine Months Ended September
                                                               Nine Months Ended                       26, 2021
                                                                 September 25,
Sources of net sales                                                 2022                   Amount                 Percent
                                                                             (In thousands, except percent data)
U.S.                                                           $    8,318,007          $    1,603,128                   23.9  %
U.K. and Europe                                                     3,640,129                 919,110                   33.8  %
Mexico                                                              1,382,876                  80,085                    6.1  %
   Total net sales                                             $   13,341,012          $    2,602,323                   24.2  %


U.S. Reportable Segment. U.S. net sales generated in the nine months ended
September 25, 2022 increased $1.6 billion, or 23.9%, from U.S. net sales
generated in the nine months ended September 26, 2021 primarily due to an
increase in net sales per pound which contributed $1.6 billion, or
23.8 percentage points, to the increase in net sales. The increase in net sales
per pound was driven primarily by price increases necessary to recover increased
feed ingredients, labor costs, supplies costs, utility costs and other operating
costs. Also contributing to the increase in net sales was an increase in sales
volume of $4.0 million, or 0.1 percentage points.

U.K. and Europe Reportable Segment. U.K. and Europe net sales generated in the
nine months ended September 25, 2022 increased $919.1 million, or 33.8%, from
U.K. and Europe net sales generated in the nine months ended September 26, 2021
primarily due to the acquisition of PFM which contributed $774.1 million to the
increase in net sales. The existing U.K. and Europe businesses contributed
$145.0 million to the increase in net sales. This increase was driven by an
increase of $506.7 million from increased net sales per pound, or 18.6
percentage points, partially offset by the unfavorable impact of foreign
currency translation of $285.0 million, or 10.5 percentage points, and a
decrease in sales volume of $76.7 million, or 2.8 percentage points. The
increase in net sales per pound was driven by price increases necessary to
recover increased feed ingredients, labor costs, CO2 costs, utility costs and
other operating costs.

Mexico Reportable Segment. Mexico net sales generated in the nine months ended
September 25, 2022 increased $80.1 million, or 6.1%, from Mexico net sales
generated in the nine months ended September 26, 2021 primarily due to an
increase in net sales per pound of $170.9 million, or 13.1 percentage points,
partially offset by a decrease in sales volume of $80.7 million, or 6.2
percentage points, and a decrease from the unfavorable impact of foreign
currency remeasurement of $10.1 million, or 0.8 percentage points. The increase
in net sales per pound was driven primarily by higher chicken prices that
resulted from solid market fundamentals.

Gross profit and cost of sales. Gross profit increased by $702.7 million, or
69.3%, from $1.0 billion generated in the nine months ended September 26, 2021
to $1.7 billion generated in the nine months ended September 25, 2022. The
following tables provide information regarding gross profit and cost of sales
information:

                                             Nine Months Ended       Change from Nine Months Ended September                    Percent of Net Sales
                                               September 25,                         26, 2021                                     Nine Months Ended
Components of gross profit                         2022                   Amount                 Percent            September 25, 2022        

September 26, 2021

                                                                                     (In thousands, except percent data)
Net sales                                    $   13,341,012          $    2,602,323                   24.2  %                  100.0  %                  100.0  %
Cost of sales                                    11,624,991               1,899,629                   19.5  %                   87.1  %                   90.6  %
Gross profit                                 $    1,716,021          $      702,694                   69.3  %                   12.9  %                    9.4  %


                                                                                             Change from Nine Months Ended
                                                                 Nine Months Ended                 September 26, 2021
                                                                   September 25,
Sources of gross profit                                                2022                   Amount                Percent
                                                                              (In thousands, except percent data)
U.S.                                                             $    1,411,948          $     760,713                 116.8  %
U.K. and Europe                                                         160,503                 40,326                  33.6  %
Mexico                                                                  143,528                (98,345)                (40.7) %
Elimination                                                                  42                      -                     -  %
Total gross profit                                               $    1,716,021          $     702,694                  69.3  %




                                       40
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                                                                                         Change from Nine Months Ended September
                                                                 Nine Months Ended                      26, 2021
                                                                   September 25,
Sources of cost of sales                                               2022                   Amount                 Percent
                                                                               (In thousands, except percent data)
U.S.                                                             $    6,906,059          $      842,415                  13.9  %
U.K. and Europe                                                       3,479,626                 878,784                  33.8  %
Mexico                                                                1,239,348                 178,430                  16.8  %
Elimination                                                                 (42)                      -                     -  %
Total cost of sales                                              $   11,624,991          $    1,899,629                  19.5  %


U.S. Reportable Segment. Cost of sales incurred by our U.S. operations during
the nine months ended September 25, 2022 increased $842.4 million, or 13.9%,
from cost of sales incurred by our U.S. segment during the nine months ended
September 26, 2021. Cost of sales increased primarily because of an increase in
cost per pound sold which contributed $838.8 million, or 13.8 percentage points,
and an increase in sales volume of $3.6 million, or 0.1 percentage points. The
increase in cost per pound sold included increases in live operations costs,
payroll costs, prepared foods purchases, contract labor costs, supplies costs,
utility costs and higher realized losses in commodity derivatives. The increase
in live operations costs includes an increase of $292.8 million in feed costs
and a $69.5 million increase in chick costs. The increase in feed costs was
driven primarily from higher corn and soy prices, our main ingredients in feed.

U.K. and Europe Reportable Segment. Cost of sales incurred by our U.K. and
Europe operations during the nine months ended September 25, 2022 increased
$878.8 million, or 33.8%, from cost of sales incurred by our U.K. and Europe
segment during the nine months ended September 26, 2021 primarily because of
costs incurred by the acquired PFM operations and from increases in cost of
sales incurred by our existing U.K. and Europe operations. Cost of sales related
to the existing U.K. and Europe operations increased due to an increase in cost
per pound sold, partially offset by the favorable impact of foreign currency
translation and a decrease in sales volume. The increase in cost per pound sold
was driven by inflation in feed ingredients, CO2 costs, utility costs, as well
as increases in labor costs due to shortages resulting from Brexit and an
increase in the national minimum wage.

Mexico Reportable Segment. Cost of sales incurred by our Mexico operations
during the nine months ended September 25, 2022 increased $178.4 million, or
16.8%, from cost of sales incurred by our Mexico segment during the nine months
ended September 26, 2021. This increase was driven by increased cost per pound
sold of $253.2 million, or 23.9 percentage points, partially offset by a
decrease in sales volume of $65.7 million, or 6.2 percentage points, and the
favorable impact of foreign currency remeasurement of $9.0 million, or 0.9
percentage points. The increase in cost per pound sold was driven by higher
input costs, such as feed ingredients, chick costs and packaging costs, and an
unfavorable shift in product mix due to market demands.

Operating income and SG&A expense. Operating income increased by $1.1 billion
from $156.1 million generated in the nine months ended September 26, 2021 to
$1.3 billion generated in the nine months ended September 25, 2022. The
following tables provide information regarding operating income and selling,
general and administrative ("SG&A") expense:

                                      Nine Months Ended       Change from Nine Months Ended September                   Percent of Net Sales
                                        September 25,                         26, 2021                                    Nine Months Ended
Components of operating income              2022                   Amount                 Percent            September 25, 2022       September 26, 

2021

                                                                             (In thousands, except percent data)
Gross profit                          $    1,716,021          $      702,694                   69.3  %                  12.9  %                   9.4  %
SG&A expense                                 461,902                (395,315)                 (46.1) %                   3.5  %                   8.0  %

Operating income                      $    1,254,119          $    1,098,009                  703.4  %                   9.4  %                   1.5  %




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                                                                                                  Change from Nine Months Ended September
                                                                      Nine Months Ended                          26, 2021
Sources of operating income                                          September 25, 2022                Amount                 Percent
                                                                                    (In thousands, except percent data)
U.S.                                                              $       1,146,821               $    1,232,201                    NM(1)
U.K. and Europe                                                                 406                      (32,365)                (98.8) %
Mexico                                                                      106,850                     (101,827)                (48.8) %
Eliminations                                                                     42                            -                     -  %
Total operating income                                            $       1,254,119               $    1,098,009                 703.4  %

(1) This year-over-year percentage change is designated as immaterial (or “NM”) due to significant non-recurring items recognized in the prior year.


                                                                                                  Change from Nine Months Ended September
                                                                      Nine Months Ended                          26, 2021
Sources of SG&A expense                                              September 25, 2022                Amount                 Percent
                                                                                    (In thousands, except percent data)
U.S.                                                              $         265,127               $     (471,488)                (64.0) %
U.K. and Europe                                                             160,097                       72,691                  83.2  %
Mexico                                                                       36,678                        3,482                  10.5  %
Total SG&A expense                                                $         461,902               $     (395,315)                (46.1) %


U.S. Reportable Segment. SG&A expense incurred by our U.S. reportable segment
during the nine months ended September 25, 2022 decreased $471.5 million, or
64.0%, from SG&A expense incurred by our U.S. reportable segment during the nine
months ended September 26, 2021. The decrease in SG&A expense resulted primarily
from recognition of legal settlements and acquisition transaction costs in the
prior year. A net increase in other U.S. SG&A expense partially offsets the
decrease from legal settlement expense and acquisition transaction costs. This
net increase is driven by incentive compensation and legal defense costs.

U.K. and Europe Reportable Segment. SG&A expense incurred by our U.K. and Europe
reportable segment during the nine months ended September 25, 2022 increased
$72.7 million, or 83.2%, from SG&A expense incurred by our U.K. and Europe
segment during the nine months ended September 26, 2021 primarily from the
acquisition of the PFM business. Other factors affecting SG&A expense were
individually immaterial.

Mexico Reportable Segment. SG&A expense incurred by our Mexico reportable
segment during the nine months ended September 25, 2022 increased approximately
$3.5 million, or 10.5%, from SG&A expense incurred by our Mexico segment during
the nine months ended September 26, 2021. The primary drivers of the increase in
SG&A expense were compensation-related costs and marketing costs. Other factors
affecting our Mexico segment's SG&A expense were individually immaterial.

Net interest expense. Net interest expense slightly decreased to $106.3 million
recognized in the nine months ended September 25, 2022 from $106.4 million
recognized in the nine months ended September 26, 2021. The decrease in net
interest expense resulted primarily due to a $24.7 million loss on early
extinguishment of debt recognized in the prior year, partially offset by an
increase in interest expense on outstanding borrowings of $23.1 million. Average
borrowings increased by $1.0 billion from $2.4 billion during the nine months
ended September 26, 2021 to $3.4 billion during the nine months ended September
25, 2022 due to the issuance of the 2031 Senior Notes in September 2021 to fund
the acquisition of PFM. As a percent of net sales, interest expense in the nine
months ended September 25, 2022 and September 26, 2021 was 0.8% and 1.0%,
respectively.

Income taxes. Income tax expense increased to $253.7 million, a 21.9% effective
tax rate, for the nine months ended September 25, 2022 compared to an income tax
expense of $55.9 million, a 110.3% effective tax rate, for the nine months ended
September 26, 2021. The increase in income tax expense resulted primarily from
the increase in profit before taxes.


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Cash and capital resources


  The following table presents our available sources of liquidity as of
September 25, 2022:

                                                      Facility          Amount           Amount
Sources of Liquidity                                   Amount        Outstanding       Available
                                                                     (In millions)
Cash and cash equivalents                            $       -      $          -      $    654.2
Borrowing arrangements:
U.S. Credit Facility Revolving Note Payable(a)           800.0                 -           763.9
U.S. Credit Facility Term Loans(b)                       700.0             486.4               -
Mexico Credit Facility(c)                                 74.2                 -            74.2
U.K. and Europe Revolver Facility(d)                     162.9              10.9           152.0


(a) Availability under the WE The credit facility is also reduced by our outstanding standby letters of credit. Stand-by letters of credit in progress at
September 25, 2022 totaled $36.1 million.


(b)For more information on the U.S. Credit Facility Term Loans, refer to "Note
12. Debt."
(c)The U.S. dollar-equivalent of the facility amount under the Mexico Credit
Facility is $74.2 million (Mex$1.5 billion).
(d)The U.S. dollar-equivalent of the facility amount under the U.K. and Europe
Revolver Facility is $162.9 million (£150.0 million).

We expect cash flows from operations, combined with availability under our
credit facilities, to provide sufficient liquidity to fund current obligations,
projected working capital requirements, maturities of long-term debt and capital
spending for at least the next twelve months.

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