MD Atkinson Closes Acquisition, Berry Reports First Quarter Loss of $ 21 Million, Valley Republic Reports $ 3.7 Million Profit | New
MD Atkinson Co. Inc., a leading local provider of property management services, acquired the Certified Realty Services accounts effective May 1.
The deal, the terms of which were not disclosed, added to the company’s 39-year-old homeowner association portfolio.
“We believe (HOAs) will benefit from the additional resources and knowledge while leveraging technology to help produce timely and accurate reporting, accounting and maintenance,” MD Atkinson said in a press release. “These benefits will continue our commitment to providing the highest quality professional customer service and taking care of our properties.”
MD Atkinson manages commercial and residential properties in southern and central California, including the Central Coast.
Local oil producer Berry Corp. Tuesday recorded a loss of $ 21 million in the first quarter.
The Dallas-based company with a strong presence in Bakersfield said in a press release that it had cut its non-energy spending by 11% from the fourth quarter of last year. By the same comparison, he said oil production was up 3% to 27,100 barrels per day of oil equivalent.
Berry also reported a second quarter split of 4 cents a share.
“We have had a strong quarter,” Chairman and CEO Trem Smith said in the release. “By running things under our control, we have achieved growth in our production by improving capital efficiency and achieving low non-energy operating expenses by improving our cost structure.”
He then criticized Gov. Gavin Newsom’s announcement last month that fracking would be banned in California by 2024. Smith said the governor’s decision did not affect Berry’s operations.
“However, this proposal is not in the best interest of Californians and does not support the state’s goal of net carbon neutrality by 2045,” Smith said. “Studies, including those sponsored by the governor, show Californians will still be asking for transportation fuels well beyond 2045. Therefore, this ban only displaces the state’s source of supply from local producers.” , who provide significant economic value to our communities and operate using environmental safety standards, to foreign oil producers who do not contribute to our economy or share our social or environmental standards.
Berry’s stock, which trades under the symbol “BRY” on the Nasdaq stock market, closed 13½ cents, or 2.15%, to close Tuesday at $ 6.15.
Valley Republic Bank’s parent company reported first-quarter profit of $ 3.7 million, up 64% from the same three months a year earlier.
Valley Republic Bancorp said its assets grew 41% in the same period to $ 1.35 billion and its deposits rose 43% to $ 1.2 billion.
The bank’s loans, also compared to the first quarter of 2020, amounted to $ 988 million, an increase of 54%.
Valley Republic said in a press release that it has chosen to process all federal Paycheck Protection Program claims in-house rather than selling them to a third party, which it says has become standard in industry.
“We believed that PPP was going to be extremely important to the communities we serve and for this reason we have focused on the successful implementation of the program,” President and CEO Geraud Smith said in the statement. “The Valley Republic team has done an outstanding job. Work to ensure that these PPP funds reach the hands of our business partners in our service area. By processing all loans internally, we are able to deliver on our promise. brand and reaffirm our commitment to the communities we serve.