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BMO Financial Group Reports Third Quarter 2020 Results

Financial Results Highlights Third Quarter 2020 Compared With Third Quarter 2019: Net income of $1,232 million, compared with $1,557 million; adjusted net income1 of $1,259 million, compared with $1,582 million Reported EPS2 of $1.81, compared with $2.34; adjusted EPS1,2 of $1.85,…

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Financial Results Highlights

Third Quarter 2020 Compared With Third Quarter 2019:

  • Net income of $1,232 million, compared with $1,557 million; adjusted net income1 of $1,259 million, compared with $1,582 million
  • Reported EPS2 of $1.81, compared with $2.34; adjusted EPS1,2 of $1.85, compared with $2.38
  • Revenue, net of CCPB3, of $6,000 million, up 4%
  • Provision for credit losses (PCL) of $1,054 million, compared with $306 million; current quarter includes PCL on performing loans of $608 million
  • ROE of 9.4%, compared with 13.2%; adjusted ROE1 of 9.6%, compared with 13.5%
  • Common Equity Tier 1 Ratio of 11.6%
  • Dividend of $1.06, unchanged from the prior quarter; up 3% from the prior year

Year-to-Date 2020 Compared With Year-to-Date 2019:

  • Net income of $3,513 million, compared with $4,564 million; adjusted net income1 of $3,591 million, compared with $4,642 million
  • Reported EPS2 of $5.18, compared with $6.88; adjusted EPS1,2 of $5.30, compared with $7.00
  • Revenue, net of CCPB3, of $17,492 million, up 3%
  • Provision for credit losses of $2,521 million, compared with $619 million, including year-to-date PCL on performing loans of $1,338 million
  • ROE of 9.3%, compared with 13.5%; adjusted ROE1 of 9.5%, compared with 13.7%

TORONTO, Aug. 25, 2020 /PRNewswire/ – For the third quarter ended July 31, 2020, BMO Financial Group (TSX: BMO) (NYSE: BMO) recorded net income of $1,232 million or $1.81 per share on a reported basis, and net income of $1,259 million or $1.85 per share on an adjusted basis.

“For the third quarter, we delivered very good results in a fluid environment, demonstrating the continued strength and resiliency of our diversified business model. We produced adjusted earnings per share of $1.85, strong pre-provision pre-tax earnings(1) of $2.6 billion, up 12% year-over-year, and provided prudently for loan losses and demonstrated capital strength,” said Darryl White, Chief Executive Officer, BMO Financial Group.

“We entered the COVID-19 pandemic with momentum and in a position of strength and we have served our communities with consistent, safe and uninterrupted access to banking services and personalized financial advice. While the pandemic continues to have a serious disruptive impact causing lingering uncertainty and hardship for many, we are committed to standing by our customers and employees as we move into the next phase of the economic recovery.

“This quarter, we continued to deliver on our commitment to expense management, a critical and appropriate lever in the current environment. Expenses declined 2% from the prior quarter and year-over-year. Operating leverage for the quarter was 5.3% and year-to-date operating leverage was strong at 2.9%.

“We are moving forward with a strong foundation and good operating momentum, and are well positioned to withstand both economic headwinds and recovery. We will continue to provide unwavering support to our customers while delivering increased shareholder value through efficiency, discipline and a strong focus on our strategic goals,” concluded Mr. White.

(1)

Results and measures in this document are presented on a GAAP basis. They are also presented on an adjusted basis that excludes the impact of certain items. Adjusted results and measures are non-GAAP and are detailed for all reported periods in the Non-GAAP Measures section, where such non-GAAP measures and their closest GAAP counterparts are disclosed.

(2)

All Earnings per Share (EPS) measures in this document refer to diluted EPS, unless specified otherwise. EPS is calculated using net income after deducting total dividends on preferred shares and distributions payable on other equity instruments.

(3)

On a basis that nets insurance claims, commissions and changes in policy benefit liabilities (CCPB) against insurance revenue.

Note: All ratios and percentage changes in this document are based on unrounded numbers.

While COVID-19 continues to have an impact on the bank’s earnings in the current quarter, the bank’s operational performance remains good. Reported net income of $1,232 million and adjusted net income of $1,259 million were impacted by higher provisions for credit losses, which increased $748 million pre-tax, or $550 million after tax. Revenue increased in BMO Capital Markets, BMO Wealth Management and U.S. P&C, partially offset by a decrease in Canadian P&C and Corporate Services. We maintained a disciplined approach to expense management, with adjusted expenses decreasing 2% year-over-year. Overall results demonstrated the resiliency of our diversified earnings platform in a challenging environment.

Return on equity (ROE) was 9.4%, compared with 13.2% in the prior year, and adjusted ROE was 9.6%, compared with 13.5% in the prior year. Return on tangible common equity (ROTCE) and adjusted ROTCE were both 11.1% in the current quarter, compared with 15.8% on both a reported and an adjusted basis in the prior year.

Concurrent with the release of results, BMO announced a fourth quarter 2020 dividend of $1.06 per common share, unchanged from the prior quarter and up $0.03 per share or 3% from the prior year. The quarterly dividend of $1.06 per common share is equivalent to an annual dividend of $4.24 per common share.

The extent to which the COVID-19 pandemic impacts our business, results of operations, reputation and financial performance and condition, including our regulatory capital and liquidity ratios, and credit ratings, as well as its impact on our customers, competitors and trading exposures, and the potential for loss from higher credit, counterparty and mark-to-market losses, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope, severity and duration of the pandemic and actions taken by governmental and regulatory authorities, which could vary by country, and other third parties in response to the pandemic. The COVID-19 pandemic may also impact our ability to achieve, or the timing to achieve, certain previously announced targets, goals and objectives. Please refer to the Impact of COVID-19 and Risk Management sections.

Our complete Third Quarter 2020 Report to Shareholders, including our unaudited interim consolidated financial statements for the period ended July 31, 2020, is available online at www.bmo.com/investorrelations and at www.sedar.com.

Third Quarter Operating Segment Overview

Canadian P&C
Reported and adjusted net income were $320 million, compared with reported net income of $650 million in the prior year, and adjusted net income of $651 million. Adjusted net income excludes the amortization of acquisition-related intangible assets. Net income was lower due to higher provisions for credit losses and lower revenue.

During the quarter, we were named the Best Commercial Bank in Canada by World Finance magazine for the sixth consecutive year, recognized for our achievements and innovations in the global banking industry. In addition, we launched enhancements to our Indigenous Personal Banking Program, including 12 months free banking with a Performance Plan Chequing Account for new customers, preferred rates on a wide range of mortgage options and a BMO CashBack Mastercard with no annual fee.

U.S. P&C
Reported net income was $263 million, compared with $368 million in the prior year, and adjusted net income was $273 million, compared with $379 million. Adjusted net income excludes the amortization of acquisition-related intangible assets.

Reported net income was US$192 million, compared with US$278 million in the prior year, and adjusted net income was US$199 million, compared with US$286 million, primarily due to higher provisions for credit losses, partially offset by lower expenses.

During the quarter, we were among eight select U.S. banks chosen to offer mobile-first chequing accounts managed via Google Pay, launching in 2021. This collaboration is an acknowledgement of our proven ability to deliver innovative and customer-centric digital financial services.

BMO Wealth Management
Reported net income was $341 million, an increase of $91 million or 37% from the prior year, and adjusted net income was $349 million, an increase of $91 million or 35%. Adjusted net income excludes the amortization of acquisition-related intangible assets. Traditional Wealth reported net income was $271 million, an increase of $45 million or 20%, and adjusted net income was $279 million, an increase of $45 million or 19%, primarily driven by lower expenses and higher revenue, partially offset by higher provisions for credit losses. Insurance net income was $70 million, an increase of $46 million, primarily due to higher revenue.

BMO Private Banking was named Best Private Bank in Canada by World Finance magazine for the tenth consecutive year, a recognition of our client-centric approach and ability to understand and adapt to evolving trends.

BMO Capital Markets
Reported net income was $426 million, an increase of $112 million or 36% from the prior year, and adjusted net income was $435 million, an increase of $116 million or 36%. Adjusted net income excludes the amortization of acquisition-related intangible assets and acquisition integration costs. Strong revenue performance was partially offset by higher provisions for credit losses and higher expenses.

We continue to provide innovative solutions for our clients during the pandemic. In the current quarter, we acted as joint bookrunner on a $625 million senior secured notes offering to support a leveraged buyout of Radio Systems Corporation by a fund managed by Clayton, Dubilier & Rice (CD&R), joint lead arranger and joint bookrunner on the concurrent syndication of a $100 million asset-based lending revolver, and as financial advisor to CD&R on the transaction.

Corporate Services
Reported and adjusted net loss were $118 million, compared with a reported and adjusted net loss of $25 million in the prior year. Results decreased, primarily due to lower treasury-related revenue and higher expenses driven by the impact of a gain on the sale of an office building in the prior year.

Adjusted results in this Third Quarter Operating Segment Overview section are non-GAAP amounts or non-GAAP measures. Please refer to the Non-GAAP Measures section.

Capital
BMO’s Common Equity Tier 1 (CET1) Ratio was 11.6% as at July 31, 2020. The CET1 Ratio increased from 11.0% at the end of the second quarter driven by retained earnings growth, lower source currency risk-weighted assets, primarily from a decline in commercial lending and a reduction in the credit valuation adjustments charge, the adjustment for transitional arrangements for expected credit loss provisioning, and other net positive impacts.

Provision for Credit Losses
Total provision for credit losses was $1,054 million, an increase of $748 million from the prior year, with the year-over-year change due to the impact of COVID-19. The total provision for credit losses ratio was 89 basis points, compared with 28 basis points in the prior year. The provision for credit losses on impaired loans was $446 million, an increase of $203 million from the prior year, due to higher provisions in all businesses. The provision for credit losses on impaired loans ratio was 38 basis points, compared with 22 basis points in the prior year. There was a $608 million provision for credit losses on performing loans in the current quarter, compared with a $63 million provision for credit losses on performing loans in the prior year. The $608 million provision for credit losses on performing loans in the current quarter, reflects the impact of the extraordinary and highly uncertain environment on credit conditions, the economy and scenario weights. Please refer to the Accounting Policies and Critical Accounting Estimates section and Note 3 in our unaudited interim consolidated financial statements for further information on the allowance for credit losses as at July 31, 2020.

Caution
The foregoing sections contain forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Regulatory Filings
Our continuous disclosure materials, including our interim filings, annual Management’s Discussion and Analysis and audited annual consolidated financial statements, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular, are available on our website at www.bmo.com/investorrelations, on the Canadian Securities Administrators’ website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange Commission’s website at www.sec.gov.



Bank of Montreal uses a unified branding approach that links all of the organization’s member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group. As such, in this document, the names BMO and BMO Financial Group mean Bank of Montreal, together with its subsidiaries.



Non-GAAP Measures
Results and measures in this document are presented on a GAAP basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from financial statements prepared in accordance with International Financial Reporting Standards (IFRS). References to GAAP mean IFRS. They are also presented on an adjusted basis that excludes the impact of certain items, as set out in the table below. Results and measures that exclude the impact of Canadian/U.S. dollar exchange rate movements on our U.S. segment are non-GAAP measures. Please refer to the Foreign Exchange section on page 8 of our Third Quarter 2020 Report to Shareholders for a discussion of the effects of changes in exchange rates on our results. Pre-provision pre-tax earnings (PPPT) is a non-GAAP measure, and is calculated as the difference between revenue, net of insurance claims, commissions and changes in policy benefit liabilities (CCPB), and non-interest expense. Management assesses performance on a reported basis and on an adjusted basis, and considers both to be useful in assessing underlying ongoing business performance. Presenting results on both bases provides readers with a better understanding of how management assesses results. It also permits readers to assess the impact of certain specified items on results for the periods presented, and to better assess results excluding those items that may not be reflective of ongoing results. As such, the presentation may facilitate readers’ analysis of trends. Except as otherwise noted, management’s discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results. Adjusted results and measures are non-GAAP and as such do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

Non-GAAP Measures

(Canadian $ in millions, except as noted)

Q3-2020

Q2-2020

Q3-2019

YTD-2020

YTD-2019

Reported Results






Revenue

7,189

5,264

6,666

19,200

19,396

Insurance claims, commissions and changes in policy benefit liabilities (CCPB)

(1,189)

197

(887)

(1,708)

(2,374)

Revenue, net of CCPB

6,000

5,461

5,779

17,492

17,022

Total provision for credit losses

(1,054)

(1,118)

(306)

(2,521)

(619)

Non-interest expense

(3,444)

(3,516)

(3,491)

(10,629)

(10,643)

Income before income taxes

1,502

827

1,982

4,342

5,760

Provision for income taxes

(270)

(138)

(425)

(829)

(1,196)

Net income

1,232

689

1,557

3,513

4,564

EPS ($)

1.81

1.00

2.34

5.18

6.88

Adjusting Items (Pre-tax) (1)






Acquisition integration costs (2)

(5)

(3)

(3)

(11)

(11)

Amortization of acquisition-related intangible assets (3)

(32)

(30)

(29)

(91)

(90)

Adjusting items included in reported pre-tax income

(37)

(33)

(32)

(102)

(101)

Adjusting Items (After tax) (1)






Acquisition integration costs (2)

(4)

(2)

(2)

(8)

(8)

Amortization of acquisition-related intangible assets (3)

(23)

(24)

(23)

(70)

(70)

Adjusting items included in reported net income after tax

(27)

(26)

(25)

(78)

(78)

Impact on EPS ($)

(0.04)

(0.04)

(0.04)

(0.12)

(0.12)

Adjusted Results






Revenue

7,189

5,264

6,666

19,200

19,396

Insurance claims, commissions and changes in policy benefit liabilities (CCPB)

(1,189)

197

(887)

(1,708)

(2,374)

Revenue, net of CCPB

6,000

5,461

5,779

17,492

17,022

Total provision for credit losses

(1,054)

(1,118)

(306)

(2,521)

(619)

Non-interest expense

(3,407)

(3,483)

(3,459)

(10,527)

(10,542)

Income before income taxes

1,539

860

2,014

4,444

5,861

Provision for income taxes

(280)

(145)

(432)

(853)

(1,219)

Net income

1,259

715

1,582

3,591

4,642

EPS ($)

1.85

1.04

2.38

5.30

7.00

(1)

Adjusting items are generally included in Corporate Services, with the exception of the amortization of acquisition-related intangible assets and certain acquisition integration costs, which are charged to the operating groups.

(2)

KGS–Alpha and Clearpool acquisition integration costs are reported in BMO Capital Markets. Acquisition integration costs are recorded in non-interest expense.

(3)

These amounts were charged to the non-interest expense of the operating groups. Before-tax and after-tax amounts for each operating group are provided on pages 19, 20, 22, 24 and 26 of our Third Quarter 2020 Report to Shareholders

Adjusted results and measures in this table are non-GAAP amounts or non-GAAP measures.

Caution Regarding Forward-Looking Statements 
Bank of Montreal’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to our objectives and priorities for fiscal 2020 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, the regulatory environment in which we operate and the results of or outlook for our operations or for the Canadian, U.S. and international economies, our response to the COVID-19 pandemic and its expected impact on our business, operations, earnings, results and financial performance and condition, including our regulatory capital and liquidity ratios and credit ratings, as well as its impact on our customers, competitors, reputation and trading exposures, and the potential for loss from higher credit, counterparty and mark-to-market losses, and include statements of our management. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “project”, “intend”, “estimate”, “plan”, “goal”, “target”, “may” and “could.”

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. The uncertainty created by the COVID-19 pandemic has heightened this risk given the increased challenge in making assumptions, predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; the severity, duration and spread of the COVID-19 pandemic, its impact on local, national or international economies and its heightening of certain risks that may affect our future results; the possible impact on our business and operations of outbreaks of disease or illness that affect local, national or international economies; the Canadian housing market and consumer leverage; weak, volatile or illiquid capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; the level of competition in the geographic and business areas in which we operate; changes in laws or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; failure of third parties to comply with their obligations to us; our ability to execute our strategic plans and to complete and integrate acquisitions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; changes to our credit ratings; political conditions, including changes relating to or affecting economic or trade matters; global capital markets activities; the possible effects on our business of war or terrorist activities; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; technological changes; information, privacy and cyber security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational, legal and regulatory, business, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section that begins on page 68 of BMO’s 2019 Annual Report, and the Risk Management section on page 35 of our Third Quarter 2020 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law.

The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the Economic Developments and Outlook section on page 18 of BMO’s 2019 Annual Report and updated in the Economic Review and Outlook section of our Third Quarter 2020 Report to Shareholders, as well as in the Allowance for Credit Losses section of our Third Quarter 2020 Report to Shareholders. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy. Please refer to the Economic Review and Outlook and the Allowance for Credit Losses sections in our Third Quarter 2020 Report to Shareholders.

INVESTOR AND MEDIA PRESENTATION

Investor Presentation Materials
Interested parties are invited to visit our website at www.bmo.com/investorrelations to review our 2019 annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial information package.

Quarterly Conference Call and Webcast Presentations
Interested parties are also invited to listen to our quarterly conference call on Tuesday, August 25, 2020, at 7.15 a.m. (ET). The call may be accessed by telephone at 416-340-2217 (from within Toronto) or 1-800-806-5484 (toll-free outside Toronto), entering Passcode: 6163481#. A replay of the conference call can be accessed until Wednesday, September 23, 2020, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering Passcode: 8932373#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.





Shareholder Dividend Reinvestment and Share Purchase

For other shareholder information, please contact

Plan (the Plan)

Bank of Montreal

Average market price as defined under the Plan

Shareholder Services

May 2020: $65.23

Corporate Secretary’s Department

June 2020: $73.17

One First Canadian Place, 21st Floor

July 2020: $74.47

Toronto, Ontario M5X 1A1


Telephone: (416) 867-6785

For dividend information, change in shareholder address

Fax: (416) 867-6793

or to advise of duplicate mailings, please contact

E-mail: [email protected]

Computershare Trust Company of Canada


100 University Avenue, 8th Floor

For further information on this document, please contact

Toronto, Ontario M5J 2Y1

Bank of Montreal

Telephone: 1-800-340-5021 (Canada and the United States)

Investor Relations Department

Telephone: (514) 982-7800 (international)

P.O. Box 1, One First Canadian Place, 10th Floor

Fax: 1-888-453-0330 (Canada and the United States)

Toronto, Ontario M5X 1A1

Fax: (416) 263-9394 (international)


E-mail: [email protected]

To review financial results and regulatory filings and disclosures online,
please visit our website at
www.bmo.com/investorrelations.



Our 2019 Annual MD&A, audited annual consolidated financial statements, annual information form and annual report on Form 40-F (filed with the U.S. Securities and Exchange Commission) are available online at www.bmo.com/investorrelations and at www.sedar.com. Printed copies of the bank’s complete 2019 audited financial statements are available free of charge upon request at 416-867-6785 or [email protected].



Annual Meeting 2021

The next Annual Meeting of Shareholders will be held on Wednesday, April 7, 2021, in Toronto, Ontario.


® Registered trademark of Bank of Montreal

SOURCE BMO Financial Group

Source: https://www.prnewswire.com:443/news-releases/bmo-financial-group-reports-third-quarter-2020-results-301117672.html

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IHA and Infinity Primary Care FINALIZE Integration

ANN ARBOR, Mich., Oct. 21, 2020 After completing the necessary due diligence and operational preparations, IHA, the area’s leading multispecialty medical group, and Infinity Primary Care, PC, have finalized terms for the integration of Primary Care Internal Medicine and the Center for…

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ANN ARBOR, Mich., Oct. 21, 2020 After completing the necessary due diligence and operational preparations, IHA, the area’s leading multispecialty medical group, and Infinity Primary Care, PC, have finalized terms for the integration of Primary Care Internal Medicine and the Center for Family Care into IHA.

“Our goal in integrating these practices is to partner with the outstanding providers of Infinity Primary Care with to promote high-quality, patient-centered care to the Livonia community,” states Mark LePage, MD, and CEO of IHA. “We intend to hold true to our core mission of compassionate, patient-centered care that delights our patients.” 

“We are confident that the nearly 20,000 patients under the care of these two practices will be able to count on IHA to provide access to an extensive range of high-quality services,” adds Dr LePage.  “And as the Medical Group for Saint Joseph Mercy Health System, we are very excited to partner with Infinity Primary Care to extend our geographic reach into Livonia and western Wayne County as we further the mission of our integrated delivery system in partnership with our hospital partner, St Mary Mercy Livonia.”

The integration with IHA brings together 15 providers and several dozen staff members from the following two IPC practices:

Primary Care Internal Medicine

  • Randall Sternberg, MD
  • Lisa Harston-LeDoux, MD
  • Pranay Korpole, MD
  • Jennifer Kup, CNP
  • Sangeetha Nathabalan, MD
  • David Steinberger, MD

Center for Family Care

  • Stacy O’Dowd, MD
  • Christine Brenner, MD
  • Andrew Gush, DO
  • Nicole Kohnen, MD
  • Mark Michaels, MD
  • Nicole Rothenberg, MD
  • David Smeenge, MD
  • Stacy Smith, MD
  • Michael Wowk, MD

“This is an important step in aligning these two IPC practices with IHA, and their associated residency practices connected with St. Mary Mercy Livonia, to enable us to better meet patient needs and provide efficient, cost-effective care,” notes Rob Casalou, president and CEO of Trinity Health Michigan.  “By collaborating as a truly integrated health care delivery system, we will create a unified clinical and operational infrastructure with coordinated protocols and best practices, which will lead not only to better clinical outcomes but also to an improved patient experience across the continuum of both outpatient and inpatient care.” 

IHA offers a breadth of capabilities that is virtually unrivaled in the region, giving patients a single, trusted source for more of the medical services that they need at every stage of life.

“As we see IHA continuing to welcome new partners in the Livonia area, whether primary care or specialty care, it enables all of us to expand our regional footprint of services,” adds Dave Spivey, president of St. Mary Mercy Livonia.  “We are not only preparing for the April 2021 opening of the new IHA/SJMHS Livonia Medical Center on the Schoolcraft campus, but also actively making highly specialized services such as orthopaedics and plastic surgery available to our communities now.”

The timeline for the transition of these practices into IHA is December 1, 2020.

About IHA
Established in 1994, IHA is one of the largest multi-specialty medical groups in Michigan delivering more than one million patient visits each year, practicing based on the guiding principle: our family caring for yours. Led by physicians, IHA is committed to providing the best care with the best outcomes for every patient and an exceptional work experience for every provider and employee. Recognized as Metro Detroit’s Top Physician Group by Consumer Reports magazine, IHA offers patients from infancy through senior years, access to convenient, quality health care with extended office hours and urgent care services, online patient diagnosis, treatment and appointment access tools. IHA is based in Ann Arbor and employs more than 3,000 staff, including more than 700 providers consisting of physicians, nurse practitioners, physician assistants, care managers and midwives in more than 100 practice locations across Southeast Michigan. IHA serves as the Medical Group for Saint Joseph Mercy Health System and a member of Trinity Health. To learn more about IHA, visit www.ihacares.com.

About Saint Joseph Mercy Health System
Saint Joseph Mercy Health System (SJMHS) is a health care organization serving seven counties in southeast Michigan including Livingston, Washtenaw, Wayne, Oakland, Macomb, Jackson, and Lenawee. It includes 537-bed St. Joseph Mercy Ann Arbor, 443-bed St. Joseph Mercy Oakland in Pontiac, 304-bed St. Mary Mercy Livonia, 131-bed St. Joseph Mercy Livingston in Howell, and 133-bed St. Joseph Mercy Chelsea.  Combined, the five hospitals are licensed for 1,548 beds, have five outpatient health centers, six urgent care facilities, more than 25 specialty centers; employ more than 15,300 individuals and have a medical staff of nearly 2,700 physicians. SJMHS has annual operating revenues of about $2 billion and returns about $115 million to its communities annually through charity care and community benefit programs.

SJMHS is a member of Trinity Health, a leading Catholic health care system based in Livonia, Mich. Trinity Health operates in 22 states, employs about 133,000 colleagues, has annual operating revenues of $17.6 billion and assets of about $24.7 billion. Additionally, the organization returns almost $1.1 billion to its communities annually in the form of charity care and other community benefit programs.

For more information on health services offered at Saint Joseph Mercy Health System, please visit the Saint Joes Health website.

SOURCE IHA

Related Links

http://www.ihacares.com

Source: https://www.prnewswire.com:443/news-releases/iha-and-infinity-primary-care-finalize-integration-301157250.html

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В ходе совещания представителей МВФ и Всемирного банка, организованного комитетом RBWC, компания Thousand Cities Strategic Algorithms представила свою стратегию по преодолению экономических проблем, возникших в результате пандемии, с помощью революционного решения макроэкономического уровня, которое было разработано с использованием «больших» данных

ВАШИНГТОН, 21 октября 2020 г. /PRNewswire/ — Недавно обновленный Бреттон-Вудский комитет (RBWC) провел первое из запланированных на осень совещаний МВФ/Всемирного банка по теме “The Economics of Pandemics: The Role of Data” («Экономика в условиях пандемии: роль “больших” данных»). В…

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В 7-дневных осенних совещаниях МВФ/Всемирного банка приняли участие авторитетные сотрудники центральных банков из разных стран мира, в частности руководитель статистического отдела Банка международных расчетов, а также главы центробанков и представители Японии, Канады, Сингапура, Испании, Чешской Республики, Армении, Южной Африки, Бразилии, Мексики и Перу. Участники обсудили усиливающуюся потребность в разработке стратегических решений на основе «больших» данных с учетом последствий пандемии и представили свое мнение в отношении обеспечения экономической стабильности с помощью финансовых и технологических инноваций.

Принимая во внимание глобальные экономические проблемы, с которыми сталкиваются эти международные учреждения, главный специалист по разработке алгоритмических систем Адкинс Чжэн (Adkins Zheng) представил инновационную макроэкономическую теорию и новые информационные технологии для их решения.

Для борьбы с усиливающимся хаосом и формирования структуры всемирной экономики, способной обеспечить устойчивый внутрисистемный рост, исследовательская группа TCSA добилась двух показательных и фундаментальных прорывов в создании национального аналитического центра, занимающегося обработкой экономических данных для представителей государственных структур:

Во-первых, компания TCSA разработала полностью алгоритмизированную макроэкономическую структуру в цифровом формате, способную синхронизировать и интегрировать национальные системы экономических, фискальных, денежно-кредитных и финансовых данных. Данная структура представляет собой инновационное решение на основе уже существующих международных статистических стандартов, включая СНС, СГФ и MFSMCG.

Во-вторых, компания TCSA преодолела технические трудности, связанные с обработкой экстремальных объемов детализированных наборов данных общенационального масштаба. Множество стран рассматривают возможность создания национального аналитического центра, занимающегося обработкой экономических данных, но не могут справиться с дефицитом вычислительных мощностей и капиталовложений. Система данных TCSA позволила разработать упрощенную алгоритмическую структуру, которая стала фундаментом для создания высокоэффективной, логико-ориентированной и экономически выгодной сети данных нового поколения.

Согласно имеющейся информации, Отдел международных отношений компании TCSA сформировал многоязычные целевые группы на английском, русском, испанском и арабском языках для предоставления принципиально новых консультационных услуг различным экономическим организациям.

Фото — https://mma.prnewswire.com/media/1317082/aaa0298c3c3f29d69a21c26b619a02b.jpg  

SOURCE Thousand Cities

Source: https://www.prnewswire.com:443/news-releases/v-khode-soveshchaniia-predstavitelei-mvf-i-vsemirnogo-banka-organizovannogo-komitetom-rbwc-kompaniia-thousand-cities-strategic-algorithms-predstavila-svoiu-strategiiu-po-preodoleniiu-ekonomicheskikh-problem-voznikshikh-v-rezul-tate-pandemii-875219925.html

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Extell Announces New Partnership With Corcoran Sunshine

NEW YORK, Oct. 21, 2020 /PRNewswire/ — Nationally acclaimed real estate developer, Extell Development Company, announced today a strategic partnership with Corcoran Sunshine Marketing Group (CSMG), the industry leader in the planning, design, marketing, and sale of luxury residential…

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“We have a long-standing and successful relationship with Corcoran,” said Gary Barnett, Chairman and Founder of Extell Development Company. “With Corcoran on board, we are taking a fresh look at how to showcase Central Park Tower.  Now that it is nearly complete, we will have new model residences, new listings, and exceptional pricing for today’s market.”

“Extell has developed some of the most distinguished residential properties in the world, and are consistent innovators in terms of building design, workmanship and amenities,” said Pamela Liebman, President and CEO of The Corcoran Group. “Having previously worked with Gary and his firm on projects spanning several decades, we are thrilled at the opportunity to join forces once again on this remarkable tower.”

Central Park Tower officially became the tallest residential building in the world at 1,550 feet when it topped out in the fall of 2019. Located on West 57th Street, along the corridor known as “Billionaires’ Row,” Central Park Tower is the definitive New York skyscraper, offering endless views, exquisite architecture, the best floor plans on Central Park and an unprecedented level of service.

Extell pioneered the development of Manhattan’s Billionaires’ Row with One57, the first supertall condominium on West 57th Street. And now with Central Park Tower, Extell solidifies its position as the foremost developer along the corridor.

Designed by top architectural firm Adrian Smith + Gordon Gill Architecture (AS+GG), a firm responsible for the design of some of the most ambitious supertalls around the world, Central Park Tower represents the firm’s dedication to the design of high-performance, energy-efficient and striking architecture. The grand residential interiors were designed by Rottet Studio and offer the firm’s trademark level of custom details and finishes. The 179 ultra-luxury two-to-eight-bedroom residences begin on the 32nd floor of the building and range in size from 1,435 square feet to over 17,500 square feet.

At the base of Central Park Tower is Nordstrom’s first full-line department store, which opened last year. The approximately 300,000-square-foot, seven-story store represents the company’s biggest statement for its brand and is the culmination of a 25-year search for the perfect site to open a New York flagship store.

Pricing for current availability at Central Park Tower starts at $6.5 million. Closings are anticipated to commence at the end of 2020. For more information or to schedule a private appointment, please call 212-957-5557 or visit www.centralparktower.com.

About Extell Development Company:

Founded and headed by Gary Barnett, Extell Development Company is a nationally acclaimed real estate developer of residential, commercial, retail, hospitality and mixed-use properties, operating primarily in Manhattan and other premier cities across the nation. In collaboration with world-class architects and design professionals, Extell creates properties distinguished by sophisticated design, gracious floor plans and first-class amenities.

The firm has developed some of Manhattan’s top-selling luxury condominiums, including One57, the record-breaking glass tower overlooking Central Park that has redefined the New York City skyline and includes ultra-luxury condominiums above the Park Hyatt’s new five-star flagship hotel. Current projects under development include One Manhattan Square, the largest condominium building on the Lower East Side Waterfront with over 100,000 square feet of amenities and Brooklyn Point, currently the tallest building in Brooklyn. Recently completed buildings include The Kent at 200 East 95th Street, a building that pays homage to some of New York City’s Art Deco structures; 70 Charlton, the first luxury residential development to be built in Hudson Square; and 555TEN, a 56-story luxury rental building located at the nexus of Hell’s Kitchen and Hudson Yards. 

For more information, visit www.extell.com

About Corcoran Sunshine Marketing Group

With over 30 years of experience in marketing and collective sales of over $50 billion, Corcoran Sunshine Marketing Group is a recognized industry leader in the planning, design, marketing, and sale of luxury residential development. Representing properties throughout the United States and in select international locations, Corcoran Sunshine Marketing Group’s portfolio contains a curated collection of the world’s most desirable new addresses.

Corcoran Sunshine Marketing Group is the new development arm of The Corcoran Group which is part of Realogy Brokerage Group, the nation’s leading residential real estate brokerage company and a subsidiary of Realogy Holdings Corp., which operates Realogy’s company-owned real estate brokerage offices.

SOURCE Extell Development Company

Related Links

https://www.extell.com

Source: https://www.prnewswire.com:443/news-releases/extell-announces-new-partnership-with-corcoran-sunshine-301157139.html

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