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Estate Planning, Charitable Giving
And The Northern California Conference

The Planned Giving Department provides information to individuals that will assist them in using gift planning documents such as Wills, Trusts, Gift Annuities, Power of Attorney and Health Care Directives; that will provide for and protect family members and support God's work in Northern California and beyond.

Our department has received the highest possible accreditation by the North American Division of the General Conference of Seventh-day Adventists and certification for all of our planned giving professional staff. We are committed to assisting you with helpful information regarding the best way for you to benefit through a planned gift and to assist you with planning for the distribution of your estate. Please give us a call at 916-886-5699 and we will be happy to assist you.

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Thursday September 23, 2021



WD-40 Company Reports Earnings

WD-40 Company (WDFC) released its earnings report for the third quarter on Wednesday, July 7. The San Diego-based company reported increased sales and profits for the quarter.

Net sales came in at $136.4 million for the quarter. This was a 39% increase from the $98.2 million in net sales reported during the same quarter last year.

"Our tribe continues to work together through the challenges and opportunities associated with the COVID-19 pandemic," said WD-40 Company's Chairman and CEO, Garry Ridge. "In the third quarter we experienced unprecedented demand for our maintenance products and today we are reporting record net sales of $136.4 million, up 39% compared to the third quarter of last year."

The company reported net income of $21.0 million for the quarter. Last year at this time, WD-40 Company reported net income of $14.5 million.

In addition to its namesake brand, WD-40 Company offers products such as 3-in-One Multipurpose Oil, Lava Heavy-Duty Hand Cleaner and Spot Shot Instant Carpet Stain Remover. The company's Americas segment brought in $60 million in net sales for the quarter, up 20% from the prior year's quarter. This was followed by the EMEA (Europe, Middle East and Africa) segment, which reported $58.6 million in net sales, an 80% increase from the same time last year.

WD-40 Company (WDFC) shares ended the week at $255.03, relatively unchanged for the week.

Levi Strauss Releases Earnings Report

Levi Strauss & Co. (LEVI) posted its latest quarterly earnings on Thursday, July 8. The iconic blue jean brand reported strong returns following a difficult 2020.

The company reported net revenue of $1.3 billion for the quarter. This was up 156% from $498 million last year at this time.

"We generated strong momentum in the second quarter with the accelerated recovery of our revenues and delivered growth across all regions and channels," said Levi Strauss & Co. CEO Chip Bergh. "This was underscored by the strength of our brands and our ability to capitalize on evolving denim trends and a continued shift to casualization."

Levi Strauss posted net income of $65 million during the quarter. This was up from a net loss of $364 million during the same quarter last year.

Levi Strauss & Co. was one of many companies hit hard by the pandemic-related lockdowns in 2020. The company's growth has bounced back strongly across the board. In the Americas, the company's revenue jumped 153% from last year. In Europe and Asia revenue increased 183% and 128%, respectively. For the second half of the year, the company expects an increase in revenue between 28% and 29% from the prior year.

Levi Strauss & Co. (LEVI) shares ended the week at $28.38, up 1.2%.

Computer Services, Inc. Posts Earnings

Computer Services, Inc. (CSVI) released its latest quarterly earnings on Wednesday, July 7. The company reported record sales for the year.

Revenue came in at an all-time high of $76.7 million for the quarter. This was up from $70.6 million last year at this time.

"CSI's first quarter reflected continued growth from our Enterprise Banking and Business Solutions Groups," stated CSI's Chairman and CEO Steven A. Powless. "We benefited from increased demand for digital banking services, increased volume from payments processing due to relaxed COVID-19 restrictions, and higher demand for our regulatory compliance and network services. Our revenue base is enhanced by the high percentage of recurring revenues from long-term contracts and the high renewal rates from existing customers."

Net income reached $14.4 million. This was a 1.8% increase from net income of $14.2 million during the same quarter last year.

The Paducah, Kentucky-based company was founded in 1965 and specializes in technological support for the financial industry. CSI provides solutions for banking, regulatory compliance and IT security. The earnings release coincided with the company's annual shareholders meeting. During the meeting, CEO Steven A. Powless handed over his title to incoming CEO David Culbertson.

Computer Services, Inc. (CSVI) shares ended the week at $57.00, up 3.0% for the week.

The Dow started the week at 34,790 and closed at 34,870 on 7/9. The S&P 500 started the week at 4,356 and closed at 4,370. The NASDAQ started the week at 14,662 and closed at 14,702.

Treasury Yields Fall

Yields on U.S. Treasurys dropped this week amid a slight uptick in new jobless claims. Despite the increase, new jobless claims remain near pre-pandemic levels.

On Thursday, the U.S. Department of Labor released its weekly initial jobless claims report. The report showed 373,000 first-time claims. This came in slightly higher than analysts' predicted number of 350,000. However, the four-week average of continuing jobless claims was down 44,500 to 3.44 million.

"Employment is still on a strong upward trajectory," said Gregory Daco of Oxford Economics. "Demand for labor is very strong."

The benchmark 10-year Treasury note yield started the week at 1.437% and fell to a low of 1.246% on Thursday. The 30-year Treasury bond yield opened at 2.046% and dropped to 1.856% on Thursday.

The Federal Open Market Committee released its latest meeting minutes on Wednesday. During the meeting, which was held on June 15 and 16, members discussed the continued economic recovery as well as the potential for increased inflation.

"Over the past few months, many portfolio managers were expecting the 10-year Treasury yield to rise and held short positions in bonds," said Sanders Morris Harris Chairman George Ball. "With the Federal Reserve reiterating its patient stance on tapering in Wednesday's minutes report, many portfolio managers changed course and covered their short positions in bonds, which drove up bond prices and pushed yields down."

The 10-year Treasury note yield closed at 1.36% on 7/9, while the 30-year Treasury bond yield was 1.99%.

Mortgage Rates Decrease

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, July 8. The report showed mortgage rates continuing a downward trend.

This week the 30-year fixed rate mortgage averaged 2.90%. This was down from last week's average of 2.98%. Last year at this time, the 30-year fixed rate mortgage averaged 3.03%.

The 15-year fixed rate mortgage averaged 2.20% this week, down from last week's average of 2.26%. During the same time last year, the 15-year fixed rate mortgage averaged 2.51%.

"Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week's jobs report," said Freddie Mac's Chief Economist Sam Khater. "We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around 3%."

Based on published national averages, the savings rate was 0.06% as of 6/21. The one-year CD averaged 0.14%.

Published July 9, 2021
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Power of Attorney

If you want to be sure that a person you trust will be able to make decisions for you when you are unable to do so, you can create a power of attorney agreement for healthcare or finances. A power of attorney for healthcare allows a person (known as your agent) to make decisions about the medical care you will or will not receive. A power of attorney for finances allows your agent to manage your financial affairs. Your agent must make decisions consistent with what they know your wishes are, even if they personally disagree. If they do not know your wishes on a particular matter, they must act in your best interest. You can give your agent broad authority to make decisions related to your financial or health care needs, or you can limit their authority to certain types of decisions. Depending on your needs, we can help you create a power of attorney agreement that will be active immediately, will go into effect if you become incapacitated, or will only be in effect for a limited time or under specific circumstances.

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