East West Bancorp Reports Net Income for 2nd Quarter 2012 of $70.6 Million, Up 17% from Prior Year

first_img East West Bancorp, Inc. (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported financial results for the second quarter of 2012. For the second quarter of 2012, net income was $70.6 million or $0.47 per dilutive share. East West increased second quarter net income by $10.0 million or 17% and increased earnings per dilutive share $0.08 or 21% from the prior year period.“Net income for East West for the second quarter of 2012 totaled $70.6 million or $0.47 per share, an increase in earnings per share of 21% compared to the prior year period,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “East West’s strong financial results for the second quarter are the result of our ability to drive growth and generate strong operating performance quarter after quarter. During the second quarter of 2012, we continued to focus on growing both noncovered loans and low-cost core deposits, and reducing credit costs. Since March 31, 2012, we grew our noncovered commercial and trade finance loans by $180.0 million or 6%, and increased core deposits by $476.9 million or 5% to $11.0 billion.”Ng continued, “The increase in East West’s profitability is due to our success in growing key loan and deposit portfolios, combined with reduced credit costs and strong expense management. During the second quarter of 2012, the provision for loan losses decreased to $15.5 million and net charge-offs totaled $11.7 million, a decrease of 42% and 63%, respectively, from prior year. Nonperforming assets continued to decline, decreasing to $155.7 million or 0.72% of total assets as of June 30, 2012. Further, the efficiency ratio also improved during the second quarter, decreasing from 44% in the first quarter of 2012 to 42%.”“East West continues to outperform peers and the industry, despite the challenging operating environment. We believe that our strong results quarter after quarter demonstrate that our differentiating focus as the premier financial bridge between East and West, provides us with exceptional opportunities to win new customers and strengthen relationships with existing customers. We are pleased with our operating results for the second quarter of 2012 and areexcited about future opportunities to grow our business, increase earnings and return strong value to our shareholders,” concluded Ng. Community News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Second Quarter 2012 Highlights• Strong Second Quarter Earnings – For the second quarter of 2012, net income was $70.6 million or $0.47 per dilutive share. Net income grew 4% or $2.5 million from the first quarter of 2012 and 17% or $10.0 million from the second quarter of 2011. Earnings per dilutive share grew 4% or $0.02 from the first quarter of 2012 and 21% or $0.08 from the second quarter of 2011.• Repurchase of 2.2 Million Shares of Common Stock – During the second quarter of 2012, we repurchased 2.2 million shares of our common stock at a weighted average price of $21.95 per share.• Strong Loan Growth – Quarter to date, noncovered loans, excluding loans held for sale, grew $296.8 million or 3%. This growth was largely due to increases in commercial and trade finance loans, and single family loans, which grew $180.0 million or 6% and $64.8 million or 3%, respectively from March 31, 2012.• Strong Core Deposit Growth – Core deposits increased $476.9 million or 5% to a record $11.0 billion or 64% of total deposits. Total deposits remained unchanged at $17.3 billion, as we continued our strategy to reduce reliance on higher cost time deposits.• Cost of Funds Down 4 bps from Q1 2012 and Down 29 bps from Q2 2011 – The cost of funds improved 4 basis points from the first quarter of 2012 and 29 basis points from the second quarter of 2011 to 0.71% for the second quarter of 2012. Our cost of deposits improved 2 basis points from the first quarter of 2012 and 25 basis points from the second quarter of 2011 to 0.45% for the second quarter of 2012.• Efficiency Ratio Improves to 41.54% – For the second quarter of 2012, the efficiency ratio improved to 41.54% from 44.07% in the first quarter of 2012 and 43.95% in the second quarter of 2011.• Nonperforming Assets Down to 0.72% of Total Assets – Nonperforming assets decreased to $155.7 million, or 0.72% of total assets at June 30, 2012, an $11.5 million or 7% decrease from March 31, 2012 and a $25.5 million or 14% decrease from June 30, 2011.Management GuidanceThe Company is providing guidance for the third quarter and full year of 2012. Management currently estimates that fully diluted earnings per share for the full year of 2012 will range from $1.84 to $1.86, an increase of 15% to 16% from the full year of 2011. Also, this updated guidance for the full year of 2012 is an increase of approximately $0.05 per dilutive share from our previously released guidance.Management currently estimates that fully diluted earnings per share for the third quarter of 2012 will range from $0.45 to $0.47 per dilutive share. This EPS guidance for the third quarter of 2012 is based on the following assumptions:• Stable balance sheet• A stable interest rate environment and an adjusted net interest margin of approximately 4.00%1• Provision for loan losses of approximately $12 to $15 million for the quarter• Total noninterest expense of approximately $100 million for the quarter, net of amounts to be reimbursed by the FDIC• Effective tax rate of approximately 35%Balance Sheet SummaryAt June 30, 2012, total assets equaled $21.5 billion compared to $21.7 billion at March 31, 2012. Average earning assets decreased slightly during the second quarter of 2012, down $14.1 million compared to the prior quarter. The small decrease in total assets and average earning assets during the second quarter was primarily attributable to a decrease in investment securities of $833.0 million, due to sales, calls and maturities, offset by purchases. As of June 30, 2012, excess cash from these activities had not yet been reinvested, resulting in an increase in cash and cash equivalents of $793.8 million.Total loans receivable at June 30, 2012 equaled $14.3 billion, compared to $14.5 billion as of March 31, 2012. During the second quarter noncovered loan balances excluding loans held for sale, grew $296.8 million or 3%. This growth was largely due to increases in commercial and trade finance loans, and single family loans, which grew $180.0 million or 6% and $64.8 million or 3%, respectively.Covered LoansCovered loans totaled $3.4 billion as of June 30, 2012, a decrease of $267.1 million or 7% from March 31, 2012. The decrease in the covered loan portfolio was primarily due to payoffs and paydown activity, as well as charge-offs. The covered loan portfolio is comprised of loans acquired from the FDIC-assisted acquisitions of United Commercial Bank (UCB) and Washington First  International Bank (WFIB) which are covered under loss share agreements with the FDIC. During the second quarter of 2012, we recorded a net decrease in the FDIC indemnification asset and receivable included in noninterest (loss)/income of ($40.3) million, largely due to continued improved credit performance of the UCB portfolio as compared to our original estimate.Deposits and BorrowingsAt June 30, 2012, total deposits equaled $17.3 billion, unchanged from March 31, 2012. In the second quarter of 2012, we continued to execute our strategy to grow low-cost, commercial deposits while reducing our reliance on higher cost time deposits. Core deposits increased to a record $11.0 billion at June 30, 2012, or an increase of $476.9 million or 5% from March 31, 2012. Time deposits decreased by $473.6 million or 7% from March 31, 2012 to $6.3 billion at June 30, 2012. During the second quarter of 2012, the Company prepaid $30.0 million of FHLB advances carrying an effective interest rate of 2.43%, incurring a prepayment penalty of $2.3 million, which is included in noninterest expense.Second Quarter 2012 Operating ResultsNet Interest IncomeNet interest income, adjusted for the net impact of covered loan dispositions, totaled $194.7 million for the second quarter of 2012, a decrease of $9.5 million from $204.2 million in the prior quarter. 1 The core net interest margin, excluding the net impact to interest income of $38.5 million resulting from covered loan activity and amortization of the FDIC indemnification asset, totaled 4.01% for the second quarter of 2012. This compares to a core net interest margin, excluding the net impact to interest income of $14.7 million resulting from covered loan activity and amortization of the FDIC indemnification asset, of 4.21% for the first quarter of 2012.The decrease in the core net interest margin in the second quarter of 2012 compared to the first quarter of 2012 is primarily due to the larger impact of covered loan dispositions and amortization activity in the second quarter and the continued downward repricing of the investment securities and loan portfolios. The extended low interest rate environment continues to be a challenge for East West and the rest of the banking industry. East West continues to look for opportunities to minimize our cost of funds and maximize our asset yields, while also ensuring prudent interest rate risk management. In the second quarter of 2012, East West prepaid $30.0 million of FHLB advances at an average effective cost of 2.43%. The cost of funds decreased 4 basis points from 0.75% in the first quarter of 2012 to 0.71% in the second quarter of 2012.The reduction in the cost of funds and interest expense is primarily due to management’s ongoing actions to reduce high-cost time deposits and grow core deposits. During the second quarter, the Company reduced both the balance of time deposits by 7% and also the average cost of time deposits, which decreased from 0.88% in the first quarter of 2012 to 0.84% in the second quarter of 2012. In addition, the Company increased core deposit balances by 5%, quarter over quarter. These combined actions resulted in an overall reduction in the cost of deposits of 2 basis points to 0.45% for the second quarter of 2012 from 0.47% in the prior quarter. Management expects to maintain a relatively stable net interest margin and expects the adjusted net interest margin to be approximately 4.00% for the third quarter of 2012.Noninterest (Loss)/Income & ExpenseThe Company reported total noninterest (loss) for the second quarter of 2012 of ($11.7) million, a decrease from noninterest income of $21.7 million in the first quarter of 2012 and $12.5 million in the second quarter of 2011. The decrease in noninterest income from the prior quarter and prior year is primarily attributable to an increase in the net reduction of the FDIC indemnification asset and FDIC receivable.Branch fees, letter of credit and foreign exchange income, ancillary loan fees and other operating income increased and totaled $22.2 million in the second quarter of 2012, as compared to $21.6 million in the first quarter of 2012 and $22.1 million in the second quarter of 2011. In addition, included in noninterest (loss) for the second quarter of 2012 were net gains on sales of loans of $6.4 million, and net gains on sales of investment securities of $71 thousand. A summary of fees and other income for the second quarter of 2012, compared to the first quarter of 2012 and 2nd quarter of 2011, is detailed below:Noninterest expense totaled $101.6 million for the second quarter of 2012, a decrease of $13.2 million from the first quarter of 2012 and $16.0 million from the second quarter of 2011.Noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances, totaled $96.6 million for the second quarter of 2012. A summary of noninterest expense for the second quarter 2012, compared to the first quarter of 2012 and 2nd quarter of 2011, is detailed below: Business: Retail News East West Bancorp Reports Net Income for 2nd Quarter 2012 of $70.6 Million, Up 17% from Prior Year And Earnings Per Share of $0.47, Up 21% from Prior Year Published on Wednesday, July 18, 2012 | 2:08 pm 11 recommended0 commentsShareShareTweetSharePin it Make a comment Total noninterest expense for the second quarter, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances, decreased $4.7 million or 5% from the first quarter of 2012 to $96.6 million. The decrease in noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances, was primarily due to a reduction in compensation and employee benefits. Compensation and employee benefits decreased $3.5 million or 8% from the first quarter of 2012 primarily due to a decrease in payroll taxes and an increase in the offset to compensation expense from deferred loan costs due to an increase in origination volume.Credit cycle costs, which include other real estate owned expense, loan related expense, and legal expense decreased $9.7 million or 43% from the first quarter 2012, totaling $12.8 million for the second quarter, as compared to $22.5 million for the first quarter 2012 and $25.7 million for the second quarter of 2011. Of the total credit cycle costs incurred in the second quarter, $3.4 million is related to covered loans and other real estate owned for which we expect that 80% or $2.7 million is reimbursable by the FDIC.Management anticipates that for the third quarter of 2012, noninterest expense will total approximately $100.0 million, net of amounts reimbursable from the FDIC. The effective tax rate for the second quarter was 32.4% as compared to 36.8% in the prior quarter. The decrease in the effective tax rate for the second quarter of 2012 compared to the first quarter of 2012 was primarily due to a $3.0 million benefit from a settlement with the California Franchise Tax Board. The effective tax rate is reduced from the statutory tax rate primarily due to the utilization of tax credits related to affordable housing investments. The expected effective tax rate for the remainder of 2012 is approximately 35%.Credit QualityDuring the second quarter of 2012, the provision for loan losses and nonperforming assets were lower than the previous quarter and the prior year as a result of continued credit quality improvement. The provision for loan losses was $15.5 million for the second quarter of 2012, a decrease of 14% or $2.6 million from the prior quarter, and a decrease of 42% or $11.0 million as compared to the second quarter of 2011. Additionally, nonaccrual loans excluding covered loans, decreased to $112.4 million or 0.78% of total loans as of June 30, 2012.Gross charge-offs totaled $14.8 million and recoveries totaled $3.1 million for the second quarter of 2012. Total net charge-offs increased slightly to $11.7 million for the second quarter of 2012, from $10.3 million in the first quarter of 2012 due to the high level of recoveries during the first quarter of 2012. East West continues to maintain a strong allowance for noncovered loan losses at $219.5 million or 2.03% of noncovered loans receivable at June 30, 2012. This compares to an allowance for noncovered loan losses of $214.3 million or 2.04% of noncovered loans at March 31, 2012 and $213.8 million or 2.29% of noncovered loans at June 30, 2011.The total nonperforming assets, excluding covered assets, to total assets ratio was under 1.00% for the eleventh consecutive quarter with nonperforming assets of $155.7 million or 0.72% of total assets at June 30, 2012. Community News Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Name (required)  Mail (required) (not be published)  Website  First Heatwave Expected Next Week Herbeauty8 Yoga Poses To Overcome Stress And AnxietyHerbeautyHerbeautyHerbeautyThis Trend Looks Kind Of Cool!HerbeautyHerbeautyHerbeauty7 Reasons Why The Lost Kilos Are Regained AgainHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeautyWhat’s Your Zodiac Flower Sign?HerbeautyHerbeauty Our capital ratios remain very strong. As of June 30, 2012, our Tier 1 leverage capital ratio totaled 9.7%, our Tier 1 risk-based capital ratio totaled 15.7% and our total risk-based capital ratio totaled 17.3%. East West exceeds well capitalized requirements for all regulatory guidelines by more than $900 million. The Company is focused on active capital management and is committed to maintaining strong capital levels that exceed regulatory requirements while also supporting balance sheet growth and providing a strong return to our shareholders. During the second quarter of 2012, the Company repurchased 2.2 million shares of common stock at an average price of $21.95 per share, or $49.0 million in total cost. Under the repurchase program authorized by East West’s Board of Directors earlier in the year, management has the authority to repurchase up to a total of $200.0 million of the Company’s common stock. As of June 30, 2012, the Company had repurchased a total of 6.8 million shares of common stock under the repurchase program at a total cost of $149.9 million.Dividend PayoutEast West’s Board of Directors has declared third quarter dividends on the common stock and Series A Preferred Stock. The common stock cash dividend of $0.10 is payable on or about August 24, 2012 to shareholders of record on August 10, 2012. The dividend on the Series A Preferred Stock of $20.00 per share is payable on August 1, 2012 to shareholders of record on July 15, 2012.Conference CallEast West will host a conference call to discuss second quarter 2012 earnings with the public on Thursday, July 19, 2012 at 8:30 a.m. PDT/ 11:30 a.m. EDT. The public and investment community are invited to listen as management discusses second quarter results and operating developments. The following dial-in information is provided for participation in the conference call: Call within the US – (877) 317-6789; Call within Canada – (866) 605-3852; International call – (412) 317-6789. A listen-only live broadcast of the call also will be available on the investor relations page of the Company’s website at www.eastwestbank.com. EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Top of the News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Subscribe Business News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes More Cool Stuff Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Your email address will not be published. Required fields are marked *last_img read more

Bob Good, Stressing Religious Conservatism, Holds Virginia House Seat for G.O.P.

first_imgBob Good, a self-described “biblical conservative” who tied himself closely to President Trump, maintained Republicans’ hold on Virginia’s largest House district early Wednesday, beating back an aggressive challenge by a University of Virginia doctor focused on the coronavirus pandemic.The victory over Dr. Cameron Webb, a Democrat, as called by The Associated Press, was welcome news for Republicans, who had feared they could lose the seat after Mr. Good, a far-right conservative who struggled to raise money, defeated Representative Denver Riggleman in a bitter primary this summer. It demonstrated the party’s continued support in rural America, even in states like Virginia where Mr. Trump is deeply unpopular.- Advertisement – – Advertisement – He tried to tie Dr. Webb, who is Black, to both, falsely charging that he supported defunding the police and insinuating that he would advocate a government takeover of the health care system. One ad superimposed Dr. Webb’s face over menacing images of fires and confrontations with police and urged voters to “look past the smooth presentation.” Democrats denounced it as a “racist dog whistle.” Dr. Webb, whose father was in law enforcement, never supported defunding the police.- Advertisement – – Advertisement –center_img A first-time candidate, Dr. Webb tried to capitalize on discontent with Mr. Trump and the government’s handling of the coronavirus pandemic. He continued to treat patients with the disease throughout the campaign and presented himself as a mainstream doctor who would stay above the political fray while steering the country toward a more effective response to the coronavirus pandemic and better health coverage.Political donations to Dr. Webb poured in. But in the end, it was not enough to flip a district with so much conservative DNA.The mostly white district had been relatively safe for Republicans until 2018, when antipathy toward Mr. Trump and growth around Charlottesville and in the outlying suburbs of Washington put it into play. Mr. Trump carried it by 11 points in 2016, but Democrats came within seven points of winning in 2018, and polling in recent weeks had suggested a dead heat. Mr. Good, a former athletics official at Liberty University, defeated Mr. Riggleman in a bizarre drive-through convention in June, capitalizing on the conservative outrage after the congressman officiated at the same-sex wedding of two of his former campaign volunteers.In the general election, Mr. Good ran an unabashedly conservative campaign appealing to the rural heart of the sprawling district, which stretches from the outskirts of Washington, through the liberal university town of Charlottesville, to the far southern reaches of the state. He pledged to fight for “Judeo-Christian” values in Washington and defend the district from what he said was encroaching socialism and radicals like the Black Lives Matter movement.last_img read more

Update on the latest sports

first_imgUpdate on the latest sports July 22, 2020 Associated Press Attendance at Indy 500 will be 25% of capacityINDIANAPOLIS (AP) — Attendance will be limited to 25% capacity for the Indianapolis 500 and spectators will be required to wear face coverings at “The Greatest Spectacle in Racing.” Indianapolis Motor Speedway can hold approximately 350,000 fans in the grandstands, suites and infield, but officials said last month only 50% capacity would be admitted for the Aug. 23 race. The number was adjusted Tuesday. Tickets will not be sold after Friday. Among the precautions the speedway will take is reassigning seats for social distancing, distributing hand sanitizer and administering temperature checks at entry. Concession stands will be limited to mostly prepackaged foods. WOMEN’S SOCCER-LOS ANGELES — The Dodgers have optioned infielder Gavin Lux and agreed on a one-year deal with pitcher Jake McGee. Lux arrived late to summer camp and has appeared in only a few of the team’s intrasquad games. Chris Taylor and Kiké Hernandez have also gotten starts at second base. McGee was placed on waivers by Colorado last week. The 33-year-old left-hander was 4-11 with a 4.78 ERA in 225 games in four years with the club. He was 0-2 with a 4.35 ERA last season. —Oakland Athletics left-hander A.J. Puk received an injection in his troublesome pitching shoulder and is likely to be sidelined for at least two weeks. The prized prospect had been set to pitch in the rotation. He is dealing with inflammation that also bothered him during spring training. Puk is on the 10-day injured list. Right-hander Daniel Mengden is filling Puk’s spot at the back end of the rotation to begin the shortened 60-game season. The A’s open at home against the Angels on Friday night.NFL-PRESEASONAP source: NFLPA agrees with league on no preseason gamesNEW YORK (AP) — The NFL Players Association has agreed to the league’s plan to drop all preseason games for the 2020 season, a person familiar with the decision told The Associated Press. Trump is scheduled to honor the three-time Olympian with the Presidential Medal of Freedom at the White House on Friday.The Wichita native entered the record books in 1964 at age 17 by becoming the first high school runner to break the 4-minute barrier in the mile with a time of 3 minutes, 59 seconds. He competed in three Olympic Games and later served in Congress. TOKYO-PANDEMICTokyo head: Olympics not possible under current conditionsTOKYO (AP) — The head of the Tokyo Olympics says the delayed games could not be held next year if conditions caused by the coronavirus pandemic remain as they are. But Yoshiro Mori says he expects conditions to improve and is hopeful a COVID-19 vaccine will be developed soon. The person spoke on condition of anonymity because the offer had not been made public. The union also agreed to a 80-player roster limit for training camp, instead of the usual 90. The players’ union plan came during a conference call on Tuesday.The agreement between the union and the league came a day after league made a proposal on not playing any preseason games because of the coronavirus pandemic. The players’ association originally had sought no preseason games and the league had reduced the exhibition schedule to two games. But on Monday evening, the NFL said it would eliminate those preseason contests and also would offer players 18 days for acclimation, up from seven days. In other NFL news:— The NFL is planning to allow players to have decals on the back of their helmets bearing names or initials of victims of systemic racism and police violence. The league has been in talks with individual players and their union since June about somehow honoring such victims. The initiative will be done leaguewide, with each team deciding who it will honor and how to display the names. — Washington’s NFL team has hired TV reporter, anchor and host Julie Donaldson to oversee its broadcast operation and be a member of a three-person radio booth for games. Donaldson will be the first woman to be a regular on-air member of an NFL radio broadcast booth. The move comes less than a week after longtime broadcaster Larry Michael announced he was leaving Washington after 16 years. A day after his departure was made public, Michael was among the team executives named in a Washington Post report about sexual harassment by club employees. Portman, Nortman to bring women’s soccer team to LALOS ANGELES (AP) — Actor Natalie Portman and venture capitalist Kara Nortman lead a group that will bring an expansion National Women’s Soccer League team to the Los Angeles area in 2022. The team, tentatively named Angel City, will bring the league to 11 teams. Louisville FC joins the nine current NWSL clubs next season. Portman and Nortman are joined by gaming entrepreneur Julie Uhrman, who is president in the majority-female group. Others involved include actors Eva Longoria, America Ferrera, Jennifer Garner and Uzo Aduba. VIRUS OUTBREAK-TENNIS-COLLINSDanielle Collins kicked out of World TeamTennis for COVID violation UNDATED (AP) — Danielle Collins has been kicked out of World TeamTennis for breaking the league’s COVID-19 protocols.WTT CEO Carlos Silva says Collins left The Greenbrier resort hosting all of the matches during the league’s three-week season and went out of the state of West Virginia.Collins is a 26-year-old American who was a semifinalist at the 2019 Australian Open. She has been ranked as high as No. 23 and currently is No. 51. She was playing for the Orlando Storm at WTT, which took all nine of its teams and put them at The Greenbrier, where the season began July 12 and ends Aug. 2.VIRUS OUTBREAK-TENNIS-CITI OPENAugust tournament in Washington, D.C. is canceledWASHINGTON (AP) — The hard-court tournament in the nation’s capital that was supposed to mark the official return of men’s professional tennis amid the coronavirus pandemic has been canceled. Seating in the bench areas will be assigned, with folding chairs set up on three rows instead of the customary two and spaced out several feet from one another — instead of players sitting shoulder-to-shoulder as they have in the past. And across the center stripe, the words “Black Lives Matter” are painted onto the surfaceThe league’s marketing motto for the restart of the season at Walt Disney World is “Whole New Game,” and in many respects, that’s very true. The arenas that will be used for the exhibitions, the seeding games that start July 30 and then the playoffs that are scheduled for mid-August through mid-October set up much differently than usual — all with safety during a pandemic very much in mind.In other NBA news:— The Utah Jazz will honor Hall of Fame coach Jerry Sloan by wearing a patch on their team jerseys and warmups when the NBA season restarts in Orlando, Florida. The patch will feature the number “1223.” That was the total number of wins during Sloan’s 23 seasons in charge of the Jazz. Sloan died in May of complications from Parkinson’s disease and Lewy body dementia. INDY 500 FANS Manager Terry Francona said the group had an “honest” conversation and he came away proud of how it was handled by all involved.Francona stressed that nothing has been resolved over the controversial topic.The franchise recently announced it was in the early stages of meeting with the community and appropriate stakeholders “to determine the best path forward with regard to our team name.” The Indians’ move coincided with the recent decision by Washington’s NFL team to drop the name Redskins, which had been decried as being racist for decades.Cleveland removed its contentious Chief Wahoo logo from its game jerseys and caps. Fans, however, can still buy merchandise bearing the red-faced, toothy mascot that became a symbol of hatred to some and civic pride to others.In other MLB news:—The Blue Jays’ front office has told its players that Pittsburgh and Baltimore are possibilities for where the team will hold home games this year after Canada’s government barred the club from playing in Toronto amid the coronavirus pandemic. That’s according to Blue Jays outfielder Randal Grichuk. He says the players want to be in a major league stadium but have also been told their Triple-A affiliate in Buffalo is a possibility. Canada denied the Blue Jays’ request to play at Rogers Centre because the regular-season schedule would require frequent travel back and forth from the United States, where COVID-19 cases are surging. Share This StoryFacebookTwitteremailPrintLinkedinRedditMLB-INDIANS-NAME CHANGEIndians players, owner meet to discuss potential name changeCLEVELAND (AP) — Cleveland’s players met Tuesday with owner Paul Dolan to discuss a potential name change for the team, which has been called the Indians for the past 105 years. — Veteran defensive end and three-time Pro Bowler Michael Bennett is retiring after 11 NFL seasons.The 34-year-old Bennett played for five teams and was an integral part of the Seattle Seahawks’ 2013 NFL championship. He said Tuesday on Instagram that the 2019 season, which he split between New England and Dallas, was his last. He also played for Tampa Bay and Philadelphia.— The Panthers have now signed all seven draft picks. The team signed its final six unsigned draft picks, including second-round draft picks Yetur Gross-Matos and Jeremy Chinn on Tuesday. Also signed were fourth-round selection Tony Pride Jr. from Notre Dame, fifth-round pick Kenny Robinson Jr. from West Virginia, sixth-round pick Bravvion Roy from Baylor and seventh-round pick Stantley Thomas-Oliver from Florida International. First-round pick Derrick Brown from Auburn signed back in May. NBA-RESTART-ARENASA whole new look, for a whole new NBA game experienceLAKE BUENA VISTA, Fla. (AP) — The NBA comes back Wednesday with a very different look. There’s no bench. The courtside broadcasters will not be courtside. And the stat crew will be doing their work inside what loosely can be described as an oversized hockey penalty box. The postponed Olympics open a year from now on July 23, 2021. Organizers and the International Olympic Committee say they want to simplify the games to help reduce soaring costs. Officials cannot say now if fans will be permitted next year. Plans call for the full contingent of 11,000 Olympic athletes and 4,400 Paralympic athletes to be competing. But the group in charge of the U.S. Open immediately said the tuneup’s cancellation “in no way impacts” its Grand Slam event. The Citi Open tournament in Washington had been scheduled to start with Aug. 13 qualifying. It was called off Tuesday because of what tournament manager Mark Ein said are “too many unresolved external issues, including various international travel restrictions as well as troubling health and safety trends.” The number of coronavirus cases has been spiking in spots throughout the United States.The men’s and women’s pro tours both have been suspended since March and are planning to return next month. The first event on the most recently announced calendar is a women’s tournament in Palermo, Italy, starting Aug. 3.TRUMP-JIM RYUNTrump to honor former track star, congressmanWASHINGTON (AP) — President Donald Trump is awarding the nation’s highest civilian honor to Jim Ryun, a former Kansas congressman who was the first high school runner to clock a mile in under 4 minutes.last_img read more