Bank7 Corp. Announces Q2 2022 Earnings
Bank7 Corp. Announces Q2 2022 Earnings
PR Newswire
OKLAHOMA CITY, July 27, 2022
OKLAHOMA CITY, July 27, 2022 /PRNewswire/ — Bank7 Corp. (NASDAQ: BSVN) (“the Company”), the parent company of Oklahoma City-based Bank7 (the “Bank”), today reported un…
Bank7 Corp. Announces Q2 2022 Earnings
PR Newswire
OKLAHOMA CITY, July 27, 2022
OKLAHOMA CITY, July 27, 2022 /PRNewswire/ -- Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the fiscal quarter ended June 30, 2022. "We are pleased to announce a strong quarter, as evidenced by record net income and earnings per share. Our dynamic geographic markets, strong loan growth and asset sensitive balance sheet, combined with our talented bankers, continues to produce outstanding results. As we move forward, we intend to continue producing exceptional results through organic growth and strategic acquisitions," said Thomas L. Travis, President and CEO of the Company.
Three months ended June 30, 2022 compared to three months ended March 31, 2022
- Net income of $7.0 million compared to $6.2 million, an increase of 13.5%
- Diluted Earnings per share of $0.76 compared to $0.67, an increase of 13.4%
- Total assets of $1.5 billion compared to $1.4 billion, an increase of 4.7%
- Total loans of $1.2 billion compared to $1.1 billion, an increase of 8.5%
- PPE of $9.5 million compared to $8.6 million, an increase of 12.3%
- Total interest income of $16.7 million compared to $14.9 million, an increase of 11.7%
Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as "well-capitalized" for regulatory purposes. On June 30, 2022, the Bank's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 8.97%, 11.21%, and 12.14%, respectively. On June 30, 2022, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 8.97%, 11.20%, and 12.14%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.
Bank7 Corp. | ||||
Consolidated Balance Sheets | ||||
June 30, 2022 | December 31, 2021 | |||
Assets | ||||
Cash and due from banks | $ 123,686 | $ 195,359 | ||
Federal funds sold | - | 9,493 | ||
Cash and cash equivalents | 123,686 | 204,852 | ||
Interest-bearing time deposits in other banks | 1,992 | 3,237 | ||
Available-for-sale debt securities | 185,048 | 84,808 | ||
Loans, net of allowance for loan losses of $10,819 and | ||||
$10,316 at June 30, 2022 and December 31, 2021, respectively | 1,141,497 | 1,018,085 | ||
Loans held for sale, at fair value | 635 | 464 | ||
Premises and equipment, net | 13,581 | 17,257 | ||
Nonmarketable equity securities | 1,192 | 1,202 | ||
Core deposit intangibles | 1,489 | 1,643 | ||
Goodwill | 8,717 | 8,479 | ||
Interest receivable and other assets | 9,983 | 10,522 | ||
Total assets | $ 1,487,820 | $ 1,350,549 | ||
Liabilities and Shareholders' Equity | ||||
Deposits | ||||
Noninterest-bearing | $ 442,150 | $ 366,705 | ||
Interest-bearing | 903,627 | 850,766 | ||
Total deposits | 1,345,777 | 1,217,471 | ||
Income taxes payable | 2,865 | - | ||
Interest payable and other liabilities | 7,687 | 5,670 | ||
Total liabilities | 1,356,329 | 1,223,141 | ||
Shareholders' equity | ||||
Common stock, $0.01 par value; 50,000,000 shares authorized; shares | ||||
issued and outstanding: 9,098,655 and 9,071,417 at | 91 | 91 | ||
June 30, 2022 and December 31, 2021 respectively | ||||
Additional paid-in capital | 95,016 | 94,024 | ||
Retained earnings | 44,167 | 33,149 | ||
Accumulated other comprehensive income (loss) | (7,783) | 144 | ||
Total shareholders' equity | 131,491 | 127,408 | ||
Total liabilities and shareholders' equity | $ 1,487,820 | $ 1,350,549 |
Three months ended | Six months ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Interest Income | ||||||||
Loans, including fees | $ 15,754 | $ 14,357 | $ 30,131 | $ 27,450 | ||||
Interest-bearing time deposits in other banks | 13 | 38 | 29 | 106 | ||||
Debt securities, taxable | 571 | - | 935 | - | ||||
Debt securities, tax-exempt | 85 | - | 183 | - | ||||
Other interest and dividend income | 249 | 42 | 319 | 68 | ||||
Total interest income | 16,672 | 14,437 | 31,597 | 27,624 | ||||
Interest Expense | ||||||||
Deposits | 878 | 772 | 1,595 | 1,647 | ||||
Total interest expense | 878 | 772 | 1,595 | 1,647 | ||||
Net Interest Income | 15,794 | 13,665 | 30,002 | 25,977 | ||||
Provision for Loan Losses | 219 | 1,300 | 495 | 2,575 | ||||
Net Interest Income After Provision for Loan Losses | 15,575 | 12,365 | 29,507 | 23,402 | ||||
Noninterest Income | ||||||||
Secondary market income | 95 | 78 | 261 | 92 | ||||
Gain (Loss) on sales of available-for-sale debt securities (includes accumulated | ||||||||
other comprehensive loss reclassification of $10,000 and ($117,000) for the | 10 | - | (117) | - | ||||
three months ended June 30, 2022 and 2021, respectively; $10,000 and $0 | ||||||||
for the six months ended June 30, 2022 and 2021, respectively) | ||||||||
Service charges on deposit accounts | 219 | 119 | 468 | 239 | ||||
Other | 361 | 382 | 748 | 585 | ||||
Total noninterest income | 685 | 579 | 1,360 | 916 | ||||
Noninterest Expense | ||||||||
Salaries and employee benefits | 4,126 | 2,949 | 8,152 | 5,739 | ||||
Furniture and equipment | 386 | 231 | 744 | 433 | ||||
Occupancy | 571 | 458 | 1,122 | 930 | ||||
Data and item processing | 559 | 286 | 946 | 565 | ||||
Accounting, marketing and legal fees | 209 | 149 | 442 | 297 | ||||
Regulatory assessments | 226 | 161 | 422 | 302 | ||||
Advertsing and public relations | 121 | 71 | 231 | 105 | ||||
Travel, lodging and entertainment | 74 | 118 | 122 | 207 | ||||
Other | 691 | 452 | 1,202 | 841 | ||||
Total noninterest expense | 6,963 | 4,875 | 13,383 | 9,419 | ||||
Income Before Taxes | 9,297 | 8,069 | 17,484 | 14,899 | ||||
Income tax expense | 2,280 | 1,964 | 4,283 | 3,690 | ||||
Net Income | $ 7,017 | $ 6,105 | $ 13,201 | $ 11,209 | ||||
Earnings per common share - basic | $ 0.77 | $ 0.67 | $ 1.45 | $ 1.24 | ||||
Earnings per common share - diluted | 0.76 | 0.67 | 1.44 | 1.24 | ||||
Weighted average common shares outstanding - basic | 9,097,280 | 9,050,606 | 9,093,150 | 9,050,295 | ||||
Weighted average common shares outstanding - diluted | 9,194,923 | 9,074,408 | 9,187,637 | 9,066,797 | ||||
Other Comprehensive Income (Loss) | ||||||||
Unrealized losses on securities, net of tax benefit of $1.5 million | $ (3,788) | $ - | $ (7,783) | $ - | ||||
Reclassification adjustment for realized gain(loss) included in net income, | ||||||||
net of tax of $17,000 | 10 | - | (134) | - | ||||
Other comprehensive loss, net of tax benefit of $1.5 million | $ (3,778) | $ - | $ (7,917) | $ - | ||||
Comprehensive Income (Loss) | $ 3,239 | $ 6,105 | $ 5,284 | $ 11,209 |
Net Interest Margin | |||||||||||||
For the Six Months Ended June 30, | |||||||||||||
2022 | 2021 | ||||||||||||
Average | Interest | Average | Average | Interest | Average | ||||||||
(Dollars in thousands) | |||||||||||||
Interest-Earning Assets: | |||||||||||||
Short-term investments | $ 159,157 | $ 330 | 0.42 % | $ 127,203 | $ 157 | 0.25 % | |||||||
Investment securities, taxable | 132,298 | 948 | 1.45 | 1,180 | 17 | 2.91 | |||||||
Debt securities, tax exempt | 22,275 | 188 | 1.70 | - | - | - | |||||||
Loans held for sale | 383 | - | - | 445 | - | - | |||||||
Total loans(1) | 1,047,220 | 30,131 | 5.80 | 868,526 | 27,450 | 6.37 | |||||||
Total interest-earning assets | 1,361,333 | 31,597 | 4.68 | 997,354 | 27,624 | 5.59 | |||||||
Noninterest-earning assets | 24,506 | 6,090 | |||||||||||
Total assets | $ 1,385,839 | $ 1,003,444 | |||||||||||
Funding sources: | |||||||||||||
Interest-bearing liabilities: | |||||||||||||
Deposits: | |||||||||||||
Transaction accounts | $ 667,159 | 1,012 | 0.31 % | $ 412,070 | 691 | 0.34 % | |||||||
Time deposits | 176,587 | 583 | 0.67 | 208,903 | 956 | 0.92 | |||||||
Total interest-bearing deposits | 843,746 | 1,595 | 0.38 | 620,973 | 1,647 | 0.53 | |||||||
Total interest-bearing liabilities | 843,746 | 1,595 | 0.38 | 620,973 | 1,647 | 0.53 | |||||||
Noninterest-bearing liabilities: | |||||||||||||
Noninterest-bearing deposits | 405,674 | 266,237 | |||||||||||
Other noninterest-bearing liabilities | 6,615 | 5,126 | |||||||||||
Total noninterest-bearing liabilities | 412,289 | 271,363 | |||||||||||
Shareholders' equity | 129,804 | 111,108 | |||||||||||
Total liabilities and shareholders' equity | $ 1,385,839 | $ 1,003,444 | |||||||||||
Net interest income | $ 30,002 | $ 25,977 | |||||||||||
Net interest spread | 4.30 % | 5.05 % | |||||||||||
Net interest margin | 4.44 % | 5.25 % | |||||||||||
(1) | Nonaccrual loans are included in total loans |
For the Three Months Ended June 30, | ||||||||||||
2022 | 2021 | |||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||
(Dollars in thousands) | ||||||||||||
Interest-Earning Assets: | ||||||||||||
Short-term investments | $ 130,961 | $ 249 | 0.76 % | $ 128,643 | $ 64 | 0.20 % | ||||||
Debt securities, taxable-equivalent | 174,583 | 584 | 1.34 | 1,187 | 16 | 5.41 | ||||||
Debt securities, tax exempt | 22,244 | 85 | 1.53 | - | - | - | ||||||
Loans held for sale | 279 | - | - | 557 | - | - | ||||||
Total loans(1) | 1,090,053 | 15,754 | 5.80 | 889,278 | 14,357 | 6.48 | ||||||
Total interest-earning assets | 1,418,120 | 16,672 | 4.72 | 1,019,665 | 14,437 | 5.68 | ||||||
Noninterest-earning assets | 25,341 | 5,086 | ||||||||||
Total assets | $ 1,443,461 | $ 1,024,751 | ||||||||||
Funding sources: | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Deposits: | ||||||||||||
Transaction accounts | $ 693,619 | 555 | 0.32 % | $ 399,293 | 329 | 0.33 % | ||||||
Time deposits | 183,494 | 323 | 0.71 | 212,212 | 443 | 0.84 | ||||||
Total interest-bearing deposits | 877,113 | 878 | 0.40 | 611,505 | 772 | 0.51 | ||||||
Total interest-bearing liabilities | $ 877,113 | 878 | 0.40 | $ 611,505 | 772 | 0.51 | ||||||
Noninterest-bearing liabilities: | ||||||||||||
Noninterest-bearing deposits | $ 429,388 | $ 293,867 | ||||||||||
Other noninterest-bearing liabilities | 6,925 | 6,047 | ||||||||||
Total noninterest-bearing liabilities | 436,313 | 299,914 | ||||||||||
Shareholders' equity | 130,035 | 113,332 | ||||||||||
Total liabilities and shareholders' equity | $ 1,443,461 | $ 1,024,751 | ||||||||||
Net interest income | $ 15,794 | $ 13,665 | ||||||||||
Net interest spread | 4.31 % | 5.17 % | ||||||||||
Net interest margin | 4.47 % | 5.38 % |
(1) | Nonaccrual loans are included in total loans |
We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve locations in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and Kansas. We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets as well as pursue strategic acquisitions.
Bank7 Corp. has scheduled a conference call to discuss its first quarter results, which will be broadcast live over the Internet, on Wednesday, July 27, 2022 at 10:00 a.m. central standard time. To participate in the call, dial 1-888-348-6421, or access it live over the Internet at https://app.webinar.net/lO0ZkVNkM4w. For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/lO0ZkVNkM4w shortly after the call for 1 year.
This communication contains a number of forward-looking statements. These forward-looking statements reflect Bank7 Corp.'s current views with respect to, among other things, future events and Bank7 Corp.'s financial performance. Any statements about Bank7 Corp.'s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by Bank7 Corp. or any other person that the future plans, estimates or expectations contemplated by Bank7 Corp. will be achieved.
These forward-looking statements are subject to significant uncertainties because they are based upon: the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters. These other matters include, among other things, the impact of COVID-19 on the United States economy and our operations, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Bank7 Corp. has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Bank7 Corp. believes may affect its financial condition, results of operations, business strategy and financial needs. Bank7 Corp.'s actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. If one or more events related to these or other risks or uncertainties materialize, or if Bank7 Corp.'s underlying assumptions prove to be incorrect, actual results may differ materially from what Bank7 Corp. anticipates. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and Bank7 Corp. undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements herein are qualified by these cautionary statements.
Contact:
Thomas Travis
President & CEO
(405) 810-8600
View original content to download multimedia:https://www.prnewswire.com/news-releases/bank7-corp-announces-q2-2022-earnings-301594074.html
SOURCE Bank7 Corp.
International
Beloved mall retailer files Chapter 7 bankruptcy, will liquidate
The struggling chain has given up the fight and will close hundreds of stores around the world.
It has been a brutal period for several popular retailers. The fallout from the covid pandemic and a challenging economic environment have pushed numerous chains into bankruptcy with Tuesday Morning, Christmas Tree Shops, and Bed Bath & Beyond all moving from Chapter 11 to Chapter 7 bankruptcy liquidation.
In all three of those cases, the companies faced clear financial pressures that led to inventory problems and vendors demanding faster, or even upfront payment. That creates a sort of inevitability.
Related: Beloved retailer finds life after bankruptcy, new famous owner
When a retailer faces financial pressure it sets off a cycle where vendors become wary of selling them items. That leads to barren shelves and no ability for the chain to sell its way out of its financial problems.
Once that happens bankruptcy generally becomes the only option. Sometimes that means a Chapter 11 filing which gives the company a chance to negotiate with its creditors. In some cases, deals can be worked out where vendors extend longer terms or even forgive some debts, and banks offer an extension of loan terms.
In other cases, new funding can be secured which assuages vendor concerns or the company might be taken over by its vendors. Sometimes, as was the case with David's Bridal, a new owner steps in, adds new money, and makes deals with creditors in order to give the company a new lease on life.
It's rare that a retailer moves directly into Chapter 7 bankruptcy and decides to liquidate without trying to find a new source of funding.
The Body Shop has bad news for customers
The Body Shop has been in a very public fight for survival. Fears began when the company closed half of its locations in the United Kingdom. That was followed by a bankruptcy-style filing in Canada and an abrupt closure of its U.S. stores on March 4.
"The Canadian subsidiary of the global beauty and cosmetics brand announced it has started restructuring proceedings by filing a Notice of Intention (NOI) to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada). In the same release, the company said that, as of March 1, 2024, The Body Shop US Limited has ceased operations," Chain Store Age reported.
A message on the company's U.S. website shared a simple message that does not appear to be the entire story.
"We're currently undergoing planned maintenance, but don't worry we're due to be back online soon."
That same message is still on the company's website, but a new filing makes it clear that the site is not down for maintenance, it's down for good.
The Body Shop files for Chapter 7 bankruptcy
While the future appeared bleak for The Body Shop, fans of the brand held out hope that a savior would step in. That's not going to be the case.
The Body Shop filed for Chapter 7 bankruptcy in the United States.
"The US arm of the ethical cosmetics group has ceased trading at its 50 outlets. On Saturday (March 9), it filed for Chapter 7 insolvency, under which assets are sold off to clear debts, putting about 400 jobs at risk including those in a distribution center that still holds millions of dollars worth of stock," The Guardian reported.
After its closure in the United States, the survival of the brand remains very much in doubt. About half of the chain's stores in the United Kingdom remain open along with its Australian stores.
The future of those stores remains very much in doubt and the chain has shared that it needs new funding in order for them to continue operating.
The Body Shop did not respond to a request for comment from TheStreet.
bankruptcy pandemic canadaGovernment
Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence
Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
The…
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.
VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”
He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”
Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”
The agency searched for such data and did not find any.
“The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.
“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.
The VA’s mandate remains in place to this day.
The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.
There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.
President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.
President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.
“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.
Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.
“By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.
The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.
“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.
“This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”
The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.
A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.
Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”
Government
Are Voters Recoiling Against Disorder?
Are Voters Recoiling Against Disorder?
Authored by Michael Barone via The Epoch Times (emphasis ours),
The headlines coming out of the Super…
Authored by Michael Barone via The Epoch Times (emphasis ours),
The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.
With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.
The primary results have spotlighted some of both nominees’ weaknesses.
Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.
Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).
Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.
When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.
High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.
There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.
Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.
Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.
The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.
More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.
St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.
Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.
In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.
2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.
Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.
Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
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