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During a recent interview with Bloomberg, Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), had a lot to say about technology and artificial intelligence and how these advances could affect people’s jobs. With years of experience heading one of the biggest banks in the world, Dimon offered a cautious but optimistic assessment of the ongoing tech boom.

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Dimon pointed out that technological advancements are nothing new – they’ve been changing our lives for hundreds of years, from the printing press to steam engines to the Internet. He now thinks that another revolutionary wave is upon us due to the development of AI. “Tech is going to change many things,” he said. However, he also addressed the fear that comes with these changes, especially regarding job security.

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Many people are concerned that AI will eliminate jobs, but Dimon stated that technology has always produced new jobs in addition to eliminating old ones. “Your job will be enhanced. You’ll get more research, more questions – you’ll have like a real super assistant chief of staff on your shoulder,” Dimon said, pointing out that AI has the potential to make people more productive in their roles.

Although he warned against putting “our head in the sand” or ignoring the issue, he conceded that some employment would probably be wiped out.

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Instead of just accepting job losses, Dimon emphasized that companies and society need to find better ways to help those impacted by these changes. “We have to find a better way to help the people who get hurt by it,” he stated. For its part, JPMorgan is committed to retraining and redeploying employees whose roles are affected: “We love to retrain people, redeploy them, re-educate them. And so I’m not worried about it.”

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Dimon’s message was straightforward: technology has enormous advantages that can enhance our lives, increase productivity and keep us healthy. But we shouldn’t dismiss the potential consequences that these developments will bring about. While AI will undoubtedly alter how people work, he believes this won’t necessarily result in a general loss of jobs. “If it works for the customer and the client, we can kind of do more,” implying that successful businesses can continue to expand while assisting their employees in adjusting to these changes.

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Dimon also discussed how the current economic environment is affecting companies going public. He said that because they have access to private finance and wish to avoid the high costs and restrictions associated with initial public offerings (IPOs), many tech businesses opt not to go public now.

“It’s a little odd that public markets are quite elevated and IPOs haven’t come very much yet,” he said. He believes that eventually, companies will need to go public to provide liquidity for investors, but for now, the private markets are strong enough to support them.

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This article JPMorgan CEO Jamie Dimon Says We Shouldn’t Put Our Heads In The Sand, ‘We Have To Find A Better Way To Help The People Who Get Hurt By AI’ originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

DURANGO, Colo., Oct. 15, 2024 (GLOBE NEWSWIRE) — Rocky Mountain Chocolate Factory Inc. RMCF (the “Company”, “we”, or “RMCF”), an international franchisor and producer of premium chocolates and other confectionery products including gourmet caramel apples, is reporting financial and operating results for its fiscal second quarter ended August 31, 2024.

“We are pleased with our progress this quarter as we begin executing our multi-year strategic plan,” said Jeff Geygan, Interim CEO of RMCF. “We have been focused on several critical areas of the business: strengthening the company’s liquidity, rebuilding a strong executive team, expanding our franchise network, and laying a solid foundation for sustainable growth and profitability.

“In recent months, we welcomed several key team members, including a new CFO to lead our finance organization. We are also beginning to drive momentum with the expansion of our franchise network across eight strategic markets in the U.S., starting with a new store opening in Edmond, Oklahoma next month. We are finalizing new franchise agreements for three additional store locations, which we expect to announce in the coming weeks. At the same time, our rebranding initiative is nearly complete, and we anticipate unveiling the new store design by year-end, which will enhance the RMCF experience for both franchisees and consumers.”

Geygan continued, “Subsequent to quarter end, we took an important step to improve our financial position with a new $6 million credit facility, which allowed us to retire our previous $4 million credit facility and raise additional capital for ongoing investments. With a strengthened balance sheet, improved liquidity and a committed franchise network, we believe we are well-positioned to execute our three-year strategic plan and drive RMCF toward sustainable growth and profitability.”

Fiscal Q2 2025 Financial Results vs. Year-Ago Quarter

• Total revenue for the second quarter of 2025 was $6.4 million compared to $6.6 million in the year-ago quarter.
• Total product and retail gross profit was $0.6 million compared to $0.4 million. Gross margin improved to 11.5% compared to 7.7%. The increase was primarily attributable to increased pricing and improved operating efficiencies.
• Total Costs and Expenses were reduced to $7.3 million compared to $7.6 million in the year-ago period.
• Net loss for the quarter was $0.7 million or ($0.11) per share, compared to net loss of $1.0 million or ($0.16) per share in fiscal Q2 2024.

Conference Call Information

The Company will conduct a conference call today at 5:00 p.m. Eastern time to discuss its financial results. A question-and-answer session will follow management’s opening remarks. The conference call details are as follows:

Date: Tuesday, October 15, 2024
Time: 5:00 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

Please dial into the conference call 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at RMCF@elevate-ir.com.

The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at https://ir.rmcf.com/.

About Rocky Mountain Chocolate Factory, Inc.

Rocky Mountain Chocolate Factory, Inc. is an international franchiser of premium chocolate and confection stores, and a producer of an extensive line of premium chocolates and other confectionery products, including gourmet caramel apples. Rocky Mountain Chocolate Factory was ranked in both the Franchise 500 by Entrepreneur Magazine and the Franchise 400 by Franchise Times for 2024. The Company is headquartered in Durango, Colorado.  The Company and its franchisees and licensees operate over 260 Rocky Mountain Chocolate stores across the United States, with several international locations. The Company’s common stock is listed on the Nasdaq Global Market under the symbol “RMCF.”

Forward-Looking Statements

This press release includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements involve various risks and uncertainties. The statements, other than statements of historical fact, included in this press release are forward-looking statements. Many of the forward-looking statements contained in this document may be identified by the use of forward-looking words such as “will,” “intend,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “potential,” or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements expressing general views about future operational performance, financial results and execution of the Company’s strategic plan – are forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause our Company’s actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to: inflationary impacts, changes in the confectionery business environment, seasonality, consumer interest in our products, receptiveness of our products internationally, consumer and retail trends, costs and availability of raw materials, competition, the success of our co-branding strategy, the success of international expansion efforts and the effect of government regulations. For a detailed discussion of the risks and uncertainties that may cause our actual results to differ from the forward-looking statements contained herein, please see the section entitled “Risk Factors” contained in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, each filed with the Securities and Exchange Commission.

Investor Contact

Sean Mansouri, CFA
Elevate IR
720-330-2829
RMCF@elevate-ir.com

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The U.S. retirement system received a C+ grade again this year, but its score dropped for a second year in a row in a new ranking of global retirement systems.

The U.S. system, which is funded mostly by individual retirement accounts (IRA), 401(k)s and Social Security, came in 29th out of 48 countries, according to the Mercer CFA Institute Global Pension Index, released Monday. Its overall score dipped to 60.4 out of 100, down from 63.0 last year and 63.9 in 2022. It was also below the overall average of 63.6.

U.S, scores declined in every subcategory – adequacy, sustainability and integrity – that make up the overall score. But the largest drag was from adequacy, which includes benefits provided by the current pension systems, and design features that can potentially improve the likelihood that adequate retirement benefits are provided.

The U.S. adequacy score was 63.9, down from 66.7 last year and below the 64.9 average of all countries examined, putting it at number 30 out of the 48 countries examined.

The U.S. provides a benefit of 15.6% of the average worker’s earnings for the lowest-income workers at retirement, according to the Organisation for Economic Co-operation and Development (OECD) data. “the better systems have a figure of at least 25% of the average wage,” said Dr. David Knox, lead author of the Mercer CFA Global Pension Index, Actuary and Senior Partner at Mercer.

Why are retirement systems under stress?

As fewer people enter the workforce following decades of declining birth rates, the imbalance between the retired and working age population continues to grow, Knox said.

“This trend, coupled with increasing longevity and a prolonged cost of living crisis, will directly impact the future success of the U.S.’s retirement savings system,” he said.

Unable to afford retirement: The retirement savings crisis: Why more Americans can’t afford to stop working

What steps can the US take to shore up its retirement system?

Better access to retirement plans and financial education are imperative, said Graham Pearce, Mercer’s Global Defined Benefit Segment Leader.

In the U.S., only 52% of the working age population have a retirement account, Knox said. “In the better systems, that figure is more than 80%,” he said. That means almost every employee, “whether temporary or full time, is putting money aside for their retirement, whether it be through an employee or employer contribution, or both,” he said.

The report also noted many U.S. gig and contract workers have been left out of traditional retirement plans.

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The U.S. also needs to boost financial education, starting in schools, and “provide universal access to good quality sound advice and guidance,” Pearce said. “At the moment, good quality independent financial advice is out of the reach of most plan participants.”

What country has the best retirement system?

The top three countries, according to the research, are the same as last year:

No. 1 Netherlands (score of 84.8/100)

No. 2 Iceland (83.4)

No. 3 Denmark (81.6)

What country has the worst retirement system?

The bottom three countries, according to the report, are:

No. 1 India (44.0/100)

No. 2 Argentina (45.5)

No. 3 Philippines (45.8)

This article originally appeared on USA TODAY: How does the US retirement system rank in the world? Hint: not high.

A net gain on a home sale of $680k potentially could lead to having to pay capital gains taxes. But in many cases, you won’t have to pay taxes on the full amount of the gain. And you may be able to shield all of it. This is due to an exclusion that protects from taxation up to $500,000 in gains when you sell your primary residence. The exact amount you can exclude will vary depending on the circumstances. And there are moves you may be able to make to reduce, delay or even eliminate taxes on a home sale. Capital gains taxes are sensitive to your specific situation, so consider consulting with a financial advisor about your course of action.

Capital Gains on Home Sales

Any time you sell an asset for more than you paid, you generate a capital gain. The IRS considers this gain to be taxable. That applies to a gain on sale of any asset, including securities and investment real estate. However, due to the Section 121 Exclusion – named after a section of the tax code – when selling a personal residence up to $500,000 of the gain may be excluded from taxation.

How much you will be able to shield from taxes may vary. To begin with, the $500,000 exemption is only available for taxpayers who are married and file tax returns jointly. If you’re an individual filing singly, you can exclude only up to $250,000 of your gain.

You may not be able to get any exclusion at all, if you have not lived in the home for at least two of the preceding five years. The years don’t have to be consecutive, but the time you’ve occupied the home must total at least two full years out of the previous five.

If you lived in the home for a shorter period, the entire gain would be taxable. And it’s only for a principal residence. Vacation homes, second homes and investment property don’t qualify.

Also, it must be at least two years since the last time you claimed the 121 exclusion. You can do it as many times as you want up to your lifetime exclusion limit, but not more often than every two years. Before 1997 there was a one-time lifetime exclusion of up to $125,000 for homeowners aged 55 or older. The Taxpayer Relief Act of 1997 made a number of changes, including scrapping the one-time lifetime exclusion and age requirement.

A financial advisor can help you stay on top of changes to tax law and strategize accordingly.

Capital Gains Tax Rates

The specific tax you may owe can also vary. A gain by a seller who has owned the home for less than a year is considered a short-term capital gain. This is treated like ordinary income with the tax using regular federal income tax brackets that go up to a top marginal rate of 37%.

If the seller has owned the home for at least one year, on the other hand, long-term capital gains tax rates apply. These are generally lower than ordinary income rates, going from zero to a maximum of 20%.

A Capital Gains Example

A married couple who netted $680,000 from selling their principal residence after living in the home at least two of the preceding five years usually would be able to exclude $500,000 the gain, assuming they have not used the Section 121 exclusion before. This means $180,000 could be subject to taxes.

If they had a combined income of $100,000, they would normally be in the 22% marginal federal income tax bracket and owe federal income taxes of $14,261. After selling their home, the $180,000 of non-excluded gain on their home sale would be subject to capital gains taxes.

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The applicable capital gains tax rate can vary. It depends on whether the seller has owned the home for at least one year before the sale and also on the seller’s income tax bracket. A seller who has not owned the home for at least one year normally would have any gain taxed as ordinary income, in this case at the 22% income tax rate.

For a sale where the home was owned for more than one year, the preferred capital gains rates of 0%, 15% or 20% would apply, instead of regular income tax rates. Your capital gains tax rate is also dependent on your income.

This married couple of with income of $100,000 and a taxable gain of $180,000 after the $500,000 exclusion would pay taxes on the gain at a rate of 15%. This would mean capital gains taxes of $180,000 times 15% or approximately $27,000.

A financial advisor can help you determine whether you’ll owe taxes on your home sale depending on your specific circumstances. Get matched with a financial advisor.

Other Strategies

If it looks like you might owe capital gains taxes on part of the sale of your home, you may be able to adjust the home’s cost basis by deducting the cost of some improvements from the sale price. This reduces the amount of the gain and the resulting tax. For instance, if you had spent $20,000 to replace a roof and $40,000 to add a bathroom, you might be able to increase the cost basis by $60,000 and reduce the taxable gain by a similar amount.

Another method to consider is a like-kind exchange, or a 1031 exchange, after another tax code section. To do this, you essentially trade one investment property for a lower-priced one.  Done correctly, you won’t owe any taxes on the difference in the prices of the two properties until you sell the lower-priced one.

Like-kind exchanges can’t be done with a principal residence, however. It’s only for investment property. To meet the restrictions, you would have to convert your home into an investment property by renting it for at least two years before the sale.  Then you would have to rent out the home being purchased a similar period after the sale. Only then could it be used as the retiree’s principal residence.

Tax-loss harvesting may also be helpful to reduce your tax bill. This works by applying a loss on the sale of another asset to reduce the capital gain on the sale of your home. Say you sold stocks for a loss of $60,000. By applying this loss on a stock transaction to the gain on your home sale, you could reduce the capital gain on the home transaction. Specific rules apply, so it may be prudent to speak with a fiduciary financial advisor about your strategy.

Bottom Line

You can often shield from taxes all or part of the gain when selling a home. To use this, you have lived in the home for two years before the sale. You can $250,000 if you are a single filer and $500,000 if you file jointly. If your gain is more than that, or if you can’t exclude any at all, the tax will depend on how long you owned the home. The gain is likely to be taxed as ordinary income if you owned it for less than a year. For a home owned longer, the lower long-term capital gains rate is used.

Tips

• A financial advisor can help you figure your likely tax liability when selling your home. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

• Use SmartAsset’s Capital Gains Tax Calculator to estimate capital gains taxes when you’re selling a home, investment real estate or any other asset.

• Keep an emergency fund on hand in case you run into unexpected expenses. An emergency fund should be liquid — in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks.

• Are you a financial advisor looking to grow your business? SmartAsset AMP helps advisors connect with leads and offers marketing automation solutions so you can spend more time making conversions. Learn more about SmartAsset AMP.

Photo credit: ©iStock.com/andresr, ©iStock.com/katleho Seisa

The post I’m Selling My House and Netting $680k. Do I Have to Worry About Capital Gains Taxes? appeared first on SmartReads by SmartAsset.

LANCASTER, Pa., Oct. 15, 2024 /PRNewswire/ — Fulton Financial Corporation FULT (“Fulton” or the “Corporation”) reported net income available to common shareholders of $60.6 million, or $0.33 per diluted share, for the third quarter of 2024, a decrease of $31.8 million, or $0.19 per share, in comparison to the second quarter of 2024. Operating net income available to common shareholders for the three months ended September 30, 2024 was $91.3 million, or $0.50 per diluted share⁽¹⁾, an increase of $8.8 million, or $0.03 per share, in comparison to the second quarter of 2024.

“We are excited about the progress we made on key strategic initiatives and pleased to see that this work has generated record operating earnings this quarter,” said Curtis J. Myers, Chairman and CEO of Fulton. “We continue to see strong operating revenue growth, improvement in operating efficiency and profitability, combined with solid organic capital generation.”

Financial Highlights

Third quarter of 2024 operating results of $0.50 per diluted share represented an all-time high for Fulton and was impacted by the following items:

• Solid net interest margin of 3.49%, an increase of six basis points compared to the prior quarter.
  
  
• Excluding brokered deposits, customer deposits increased $745.0 million compared to the prior quarter.
  
  
• Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.
  
  
• Tangible shareholders’ equity per common share increased $0.59, or 4.7%, to $13.02 compared to the prior quarter.
  
  
• Acquisition-related⁽²⁾ expenses of $14.2 million.
  
  
• FultonFirst implementation and asset disposal costs of $9.4 million.

The following items highlight notable changes in the components of net income in the third quarter of 2024 compared to the second quarter of 2024:

• Net interest income totaled $258.0 million, an increase of $16.3 million, which was largely due to the full-quarter impact of the Acquisition and an increase in on-balance sheet liquidity.
  
  
• Non-interest income before investment securities gains (losses) was $59.7 million compared to $113.3 million in the second quarter of 2024. The decrease was primarily due to a $55.1 million change in the gain on acquisition (net of tax) with a $7.7 million reduction recorded in the third quarter of 2024.
  
  
• Non-interest expense was $226.1 million compared to $219.8 million in the second quarter of 2024, excluding the $20.3 million gain on the sale-leaseback transaction, reflected in other expense in the second quarter of 2024. The increase was largely due to an $8.2 million increase in salaries and benefits expense driven by a $4.9 million increase in employee severance costs related to the FultonFirst initiative, a full-quarter impact of salaries and benefits from the Acquisition resulting in an increase of $2.7 million and a $1.7 million increase in incentive compensation expense. The increase in salaries and benefits expense was partially offset by a $1.4 million decrease in consulting costs related to the FultonFirst initiative.

Balance Sheet Summary

• Net loans totaled $24.2 billion, an increase of $69.8 million compared to $24.1 billion as of June 30, 2024. The increase was largely due to increases of $203.7 million and $53.8 million in commercial mortgage loans and residential mortgage loans, respectively, partially offset by decreases of $130.8 million, $53.1 million and $40.4 million in construction loans, commercial and industrial loans and consumer loans, respectively. Excluding the impact from the day 1 Purchased Credit Deteriorated (“PCD”) adjustment of $55.9 million and purchase accounting accretion of $24.9 million, net loans acquired in the Acquisition declined approximately $82.3 million since the Acquisition Date. Excluding purchase accounting accretion of $14.5 million, net loans acquired in the Acquisition declined approximately $49.2 million to $2.5 billion, compared to the second quarter of 2024.
  
  
• Deposits totaled $26.2 billion, an increase of $592.5 million compared to $25.6 billion as of June 30, 2024. The increase was primarily due to increases of $374.2 million, $301.4 million and $177.1 million in time deposits, interest-bearing demand deposits and savings deposits, respectively, partially offset by decreases of $152.5 million in brokered deposits and $107.7 million in noninterest-bearing demand deposits. Deposits assumed in the Acquisition declined approximately $248.6 million since the Acquisition Date and increased approximately $108.7 million to $3.9 billion compared to the second quarter of 2024.

Provision for Credit Losses and Asset Quality

• The provision for credit losses was $11.9 million in the third quarter of 2024 compared to $32.1 million in the second quarter of 2024. The decrease was primarily related to the Acquisition, which included a provision for credit losses of $23.4 million for non-PCD loans in the second quarter of 2024.
  
  
• Non-performing assets were $205.0 million, or 0.64% of total assets, at September 30, 2024, in comparison to $174.0 million, or 0.55% of total assets, at June 30, 2024.
  
  
• Net charge-offs for the third quarter of 2024 were 0.18% of total average loans in comparison to 0.19% in the second quarter of 2024.
  
  
• The allowance for credit losses attributable to net loans remained relatively unchanged and totaled $376.0 million, or 1.56% of total loans at September 30, 2024, compared to $375.9 million, or 1.56% of total loans at June 30, 2024.

Additional information on Fulton is available on the Internet at www.fultonbank.com.

Safe Harbor Statement

This press release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “will,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation’s actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the “SEC”) and are, or will be, available in the Investor Relations section of the Corporation’s website (www.fultonbank.com) and on the SEC’s website (www.sec.gov).

Non-GAAP Financial Measures

The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.