City of Lodi releases new financial report
Lodi Mayor Cameron Bregman said this is the first of two reports being conducted on city finances.
Don't click that link: DMV warns of fake registration discount on social media
'It kind of gave us a gauge of what we're good at and what we need to work on,' Bregman said.
The final draft outlines the city's objectives and areas for improvement. One finding suggests that some city employees used Cal-Cards for inappropriate personal purchases. It also found that some employees may have used their personal credit cards for small transactions and then sought reimbursement from the city.
Moving forward, the third party recommends implementing a pre-approval process, transaction limits, and regular audits.
These findings align with Carney's earlier claims.
'There are things that we're doing right and things we can do better—and that's true for every city government,' Bregman says. 'I'm glad when we can put our problems on paper, because then you can actually fix the problem.'
An attorney told FOX40 that the individuals who misused public funds could potentially face charges of embezzlement or misappropriation of public funds.
Some residents have praised Carney for speaking out, while others disagreed with how he handled the situation.
'I was absolutely shocked,' said longtime Lodi resident Ron Heberle in an interview with Fox40. 'The comments he made in public were completely inappropriate.'
Mayor Bregman said the City Council will hold a vote on June 18 to potentially release the draft version of the findings.
Fox40 reached out to the third party that conducted the report and Scott Carney's attorney for comment, but did not receive a response.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Phillips 66 (PSX) Q2 2025 Earnings Call Highlights: Record Refining Utilization and Strong ...
Refining Utilization: 98% utilization, highest since 2018. Clean Product Yield: Over 86% yield. Midstream Adjusted EBITDA: Approximately $1 billion. Shareholder Returns: Over $900 million returned, including $490 million in share repurchases. Reported Earnings: $877 million or $2.15 per share. Adjusted Earnings: $973 million or $2.38 per share. Operating Cash Flow: $845 million; excluding working capital, $1.9 billion. Net Debt to Capital: 41%. Refining Market Capture: 99% of market indicator. Cash from Operations: $1.9 billion, excluding working capital. Capital Spending: $587 million. Ending Cash Balance: $1.1 billion. Warning! GuruFocus has detected 8 Warning Sign with PSX. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Phillips 66 (NYSE:PSX) achieved a refining utilization rate of 98%, the highest since 2018, and a clean product yield of over 86%. The Midstream segment generated an adjusted EBITDA of approximately $1 billion, on track to achieve the $4.5 billion annual EBITDA target by 2027. Marketing and Specialties reported its strongest quarter since 2022, contributing to a robust capital allocation framework. Phillips 66 (NYSE:PSX) returned over $900 million to shareholders this quarter, demonstrating strong shareholder returns. The company achieved the lowest adjusted refining cost per barrel since 2021, with plans to reduce it further by 2027. Negative Points The Chemicals segment saw decreased results due to lower polyethylene margins driven by lower sales prices. Phillips 66 (NYSE:PSX) reported a $239 million pre-tax impact of accelerated depreciation due to the planned cessation of operations at the Los Angeles refinery. Net debt to capital was 41%, reflecting the impact of the Coastal Bend asset acquisition, indicating a need to reduce debt levels. Renewable fuels margins were weak, leading to reduced operational rates at the Rodeo facility. The company faces regulatory challenges in the renewable fuels segment, including changes in eligible feedstocks for PTC credits. Q & A Highlights Q: After the recent shareholder engagement, are you still comfortable with the current strategy of Phillips 66 as an integrated company, or do you foresee any changes? A: Mark Lashier, Chairman and CEO, stated that the company remains committed to its current strategy, which has been supported by shareholder feedback. The board continuously evaluates strategic alternatives to ensure long-term shareholder value creation, and there are no sacred cows except for the focus on shareholder value. Q: Given the strong quarter, how does the current environment affect your $15 billion EBITDA target, and what is the right level of debt for the company? A: Mark Lashier explained that the refining EBITDA was $867 million for the quarter, which annualizes to $3.5 billion at an $11 market indicator. The company aims for a $14 market indicator as mid-cycle, which would bring refining EBITDA to over $5 billion. Kevin Mitchell, CFO, added that the target debt level is $17 billion, which they plan to achieve through cash flow and asset dispositions. Q: What drove the significant quarter-over-quarter improvement in refining results, achieving 99% market capture and 98% crude utilization? A: Rich Harbison, Executive Vice President of Refining, attributed the improvement to a focus on safe and reliable operations, comprehensive reliability programs, and small capital high-return projects that enhanced clean product yield and flexibility. The company also managed costs effectively, achieving a refining cost of $5.46 per barrel. Q: Can you provide insights into the global refining capacity additions and the impact of China's export capacity on the market? A: Brian Mandell, Executive Vice President of Marketing and Commercial, noted that net refinery additions are expected to be below demand expectations through the decade, with low clean product yields from new Asian refineries. This supports a strong margin environment, despite potential unplanned shutdowns and rationalizations in Europe and Asia. Q: How is Phillips 66 addressing the challenges in the renewable fuels segment, given the weak margins? A: Brian Mandell mentioned that the company is running its renewable diesel plant at reduced rates due to weak margins. They are working on lowering operating costs, increasing SAF production, and enhancing feedstock optionality. Regulatory changes and market dynamics are being closely monitored to ensure profitability. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Central Pacific Financial Corp (CPF) Q2 2025 Earnings Call Highlights: Strong Net Interest ...
Net Income: $18.3 million or $0.67 per diluted share. Return on Average Assets: 1.00%. Return on Average Equity: 13.04%. Efficiency Ratio: 60.36%. Net Interest Income: $59.8 million, a 3.6% increase quarter over quarter. Net Interest Margin: Expanded by 13 basis points to 3.44%. Total Deposits: $6.54 billion, a slight decline from the prior quarter. Loan Portfolio: $5.29 billion, with growth in construction and consumer loans. Average Loan Yield: Increased to 4.96% from 4.88% in the prior quarter. Total Other Operating Income: $13.0 million, a $1.9 million increase quarter over quarter. Total Other Operating Expense: $43.9 million, a $1.9 million increase quarter over quarter. Effective Tax Rate: 23.5%. Share Repurchase: Approximately 103,000 shares at a total cost of $2.6 million. Quarterly Cash Dividend: $0.27 per share. Net Charge-Offs: $4.7 million or 35 basis points annualized on average loans. Nonperforming Assets: $14.9 million, or 20 basis points of total assets. Provision Expense: $5 million. Total Risk-Based Capital: 15.8%. Warning! GuruFocus has detected 2 Warning Sign with CPF. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Central Pacific Financial Corp (NYSE:CPF) was named the Best Bank in Hawaii by Forbes Magazine for the fourth consecutive year. The bank reported strong asset quality, capital, and liquidity positions, enabling continued business growth. Net interest income increased by 3.6% quarter over quarter, with a net interest margin expansion of 13 basis points to 3.44%. The Hawaii market showed resilience with low unemployment rates and steady growth in the construction and tourism sectors. CPF's noninterest-bearing deposit growth was impressive, contributing to a favorable deposit mix shift. Negative Points Loan portfolio declined slightly, with growth only in construction and consumer loans, while other categories saw declines. Total deposits decreased slightly from the prior quarter, indicating challenges in deposit growth. Net charge-offs increased to $4.7 million, primarily due to a single commercial loan write-off. Nonperforming assets increased to $14.9 million, with a rise in residential mortgage and HELOC portfolio issues. The bank anticipates a one-time pretax write-off of $2 million to $2.5 million due to the exit of an operations center building. Q & A Highlights Q: Can you provide insights into the loan growth trends and the competitive landscape in Hawaii? A: Arnold Martines, CEO, noted that loan growth was muted in the first half of 2025, which was expected due to the operating environment. However, the outlook for the second half is positive, with anticipated low single-digit growth for the full year. David Morimoto, COO, added that while there was a runoff in residential mortgage and HELOC portfolios, the loan pipeline remains robust, with several deals expected to close in the third quarter. Competition in Hawaii remains steady, with no significant changes observed. Q: How is Central Pacific Financial Corp managing deposit growth and costs? A: Arnold Martines, CEO, emphasized the team's focus on maintaining customer relationships and prospecting to balance deposit growth and margin. David Morimoto, COO, highlighted efforts to grow core deposits through relationship building and prospecting, which has shown early success. The company is managing deposit costs effectively, with a favorable shift in deposit mix towards noninterest-bearing deposits. Q: What is the outlook for operating expenses and areas of investment? A: Dayna Matsumoto, CFO, stated that the company is pleased with its efficiency ratio and is investing in technology, facilities, and personnel to drive efficiency and revenue growth. The near-term guidance for total other operating expenses is between $43.5 million and $44.5 million per quarter, excluding any one-time impacts. Q: Can you provide details on the credit quality and any concerns in the loan portfolio? A: Ralph Mesick, Chief Risk Officer, reported strong credit performance, with net charge-offs primarily due to a single commercial loan write-off. The increase in criticized loans was attributed to specific circumstances, not systemic issues. The company maintains a strong capital position to absorb potential financial impacts, and no significant concerns were noted in the loan portfolio. Q: What are the expectations for net interest margin and deposit cost management in light of potential Fed rate cuts? A: Dayna Matsumoto, CFO, indicated that the company expects to successfully lower deposit costs with minimal timing lag following Fed rate cuts. The deposit pricing market remains rational, and the company anticipates maintaining its pricing strategies and discipline. The net interest margin showed improvement, with a focus on managing the balance sheet effectively. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
13 minutes ago
- Yahoo
Eastern Bankshares Inc (EBC) Q2 2025 Earnings Call Highlights: Strong Growth in Earnings and ...
Operating Earnings: $81.7 million, a 21% increase from the first quarter. Net Interest Margin: Expanded by 21 basis points to 3.59%. Operating Efficiency Ratio: Improved to 50.8%. Operating Return on Average Assets: Increased by 21 basis points to 1.3%. Operating Return on Average Tangible Equity: Increased from 11.7% to 13.6%. Total Assets: $25.5 billion, up 2% from March 31. Tangible Book Value Per Share: Increased 4% to $12.53. Loan Growth: 8% annualized growth this quarter. Deposits Growth: 8% annualized growth. Assets Under Management: Reached a record high of $8.7 billion. Net Income: $100.2 million or $0.50 per diluted share. Operating Earnings Per Share: $0.41, a 21% increase from the previous quarter. Net Interest Income: $202 million, or $206.8 million on an FTE basis, a 7% increase from Q1. Non-Interest Income: $42.9 million, compared to a non-interest loss of $236.1 million in Q1. Non-Interest Expense: $137 million, an increase of $6.8 million from the first quarter. Period End Deposits: $21.2 billion, an increase of $424 million from the prior quarter. Period End Loans: Increased by $385 million, led by commercial lending. Allowance for Loan Losses: $232 million or 127 basis points of total loans. Non-Performing Loans: Decreased to $54.7 million or 30 basis points of total loans. Provision for Loan Losses: $7.6 million, up from $6.6 million in the prior quarter. Full Year Loan Growth Outlook: Raised to 3% to 5%. Full Year Deposit Growth Expectation: Lowered to 0% to 1%. Net Interest Income Guidance: $810 million to $820 million. Operating Fee Income Forecast: Increased to $145 million to $150 million. Operating Non-Interest Expense Forecast: $530 million to $540 million. Operating Tax Rate: Revised to 21% to 22%. Warning! GuruFocus has detected 6 Warning Signs with COLFF. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Eastern Bankshares Inc (NASDAQ:EBC) reported strong second quarter results with operating earnings of $81.7 million, a 21% increase from the first quarter. Net interest margin expanded by 21 basis points to 3.59%, and the operating efficiency ratio improved to 50.8% due to higher revenues and effective expense management. Total assets reached $25.5 billion, up 2% from March 31, with tangible book value per share increasing by 4% to $12.53. Deposits grew at an annualized rate of 8%, with stable deposit costs, highlighting disciplined pricing and a favorable deposit mix. Credit trends remained positive, with non-performing loans improving for the second consecutive quarter and no net charge-offs reported. Negative Points The competitive market for deposits has intensified, impacting the bank's ability to maintain favorable deposit costs. The bank's outlook for deposit growth has been lowered to 0% to 1%, down from the previous range of 1% to 2%. The net interest income guidance has been modestly reduced due to lower average deposit balances. Non-interest expense increased by $6.8 million from the first quarter, driven by higher operating expenses and merger-related costs. The bank remains cautious about economic uncertainties and evolving policies that could impact customers. Q & A Highlights Q: Is it likely that we'll see more securities portfolio restructurings in coming quarters, excluding any related to the Harbor One deal? A: Possibly. We prioritize organic growth, share buybacks, and balance sheet management, including portfolio repositioning. However, due to the merger and the expiration of our current authorization, restructuring is on the back burner for now. - David Rosato, Chief Financial Officer Q: What drove the significant drop in non-performing loans (NPLs) this quarter? Were there any loan sales involved? A: The drop was due to our managed asset group resolving five credits during the quarter, not through loan sales. - David Rosato, Chief Financial Officer Q: Following the Harbor One deal, is there a plan to expand into new markets like Southern Rhode Island, Connecticut, or New York? A: We plan to build out in the Rhode Island market but have no current plans to expand banking services into Connecticut or New York. We already have a presence in Connecticut for wealth management. - Denis Sheahan, Chief Executive Officer Q: Can you provide more details on the strong CNI growth this quarter? What type of customers were involved, and were these new customers or existing ones utilizing more credit? A: It's a combination of both. We're seeing increased confidence from our customer base and have been adding talent in our commercial lending division. The growth is broad-based across all verticals within CNI. - Denis Sheahan, Chief Executive Officer and David Rosato, Chief Financial Officer Q: What is the outlook for the net interest margin in the back half of the year? A: The margin is expected to be relatively flat. Factors include core deposit growth, the impact of securities repositioning, and competitive deposit markets. Accretion income is unpredictable and could affect the margin. - David Rosato, Chief Financial Officer Q: How should we think about the rabbi trust income and its impact on fee income and expenses for the full year? A: Positive equity markets lead to positive rabbi trust income. If markets remain steady, the rabbi trust income and expense won't significantly impact the financials. - David Rosato, Chief Financial Officer Q: Are any of the $118 million in criticized office loans maturing in the next four quarters? A: Yes, there is one criticized loan maturing within the next year. However, there are no non-performing loans or non-accruing loans in the next year's maturities. - David Rosato, Chief Financial Officer Q: Regarding the FASB's proposed ASU on the CECL double count, what will the tangible book pickup look like, and will you be an early adopter? A: If finalized, we plan to early adopt, which applies only to Harbor One. The impact is a 1% to 1.5% reduction in tangible book value dilution and a slight reduction in earn-back time. - David Rosato, Chief Financial Officer For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
