Page 13 – River City Bank

September 4, 2020

River City Bank President and CEO Steve Fleming named one of Sacramento’s Most Admired CEOs

This inaugural, peer-nominated award recognizes CEOs from the Sacramento region who have made a positive impact both within their respective businesses and the community as a whole. Steve Fleming is one of 25 recipients of the 2020 Most Admired CEOs award from Sacramento Business Journal.

Sacramento, CA – Steve Fleming, President and CEO of River City Bank, has been named one of Sacramento’s top leaders as a member of the inaugural class of Most Admired CEOs from the Sacramento Business Journal. The first annual event recognizes Sacramento CEOs who have made a positive impact through their dedication and leadership both within their business and in the local community as a whole. Recipients of this award were nominated for the distinction by their peers in the Sacramento business community.

“Since stepping in as President and CEO of River City Bank in 2008, Steve has evolved the way we do business and enhanced our community-focused initiatives throughout the Sacramento region while also expanding our footprint into promising nearby markets,” said Shawn Devlin, chairman of the board at River City Bank. “His leadership has made the difference between success and failure for many of our community’s important businesses, particularly during the difficult times we’ve faced due to the COVID-19 pandemic. I am pleased to congratulate Steve for this first-of-its-kind distinction, on behalf of the board of directors and the entire River City Bank team.”

In addition to driving strategy and execution at River City Bank, Fleming serves as a leader in various philanthropic and economic organizations, and he spearheads community-focused initiatives throughout the Sacramento region. He is President of the board for the Capital Region Family Business Center, President of the Sacramento chapter of Lambda Alpha International, and a member of the Sacramento Host Committee. He is also on the Board of Directors of the Kelly Foundation and the Greater Sacramento Area Economic Council.

Fleming has more than 35 years of banking experience, including more than 20 years with Bank of America in Sacramento and London, England. Immediately prior to joining River City Bank, he was the Founder and CEO of Presidio Bank in San Francisco. He was also the President and CEO of National Bank of the Redwoods in Santa Rosa. Under Fleming’s leadership, River City Bank has quadrupled in size from $800 million to $3.2 billion in total assets.

August 25, 2020

In Memoriam – Jon Kelly

Sacramento business icon Jon Kelly, the former owner of KCRA 3 and founder of Sacramento-based River City Bank, died July 25th, 2020. Jon, a longtime Sacramento resident before relocating to Southern California, was 84 years old.

Jon started at Channel 3, joining his older brother, Robert, in 1958. Two years later, Ewing “Gene” Kelly, their father, died of a heart attack and Jon Kelly, at the age of 24, became station manager. The brothers founded the Kelly Broadcasting Co. with their mother, Nina, a short time later.

After buying the stations outright from their partners — the Hansen family, who owned Crystal Cream and Butter Co. — the Kellys owned and operated the NBC-affiliated station for more than three decades, setting a bar higher than any of their competitors by producing public-affairs programming, daytime and evening news and lifestyle magazines years before others followed suit.

Channel 3’s longtime slogan — “Where the News Comes First” — was backed up by huge investments in its news operation. It fielded (and still does) more reporters and photographers, broadcast more hours of news and employed more news gathering equipment than any other station in the market.

The Kellys kept Channel 3 on the cutting edge, becoming the first in the market to use color film and Doppler radar; creating the first hour-long newscast and locally-produced morning show; creating “De Colores,” a public-affairs program focused on the Latino community; and sending LiveCopter 3 up into the skies above the capital beginning in 1987.

By the 1990s, before the station’s sale to Hearst in 1998, Channel 3 was leading competitors, and KCRA made national news several times, such as when President Bill Clinton decided to hold a statewide town hall meeting and chose to do it at KCRA.

Channel 3 has been a training ground for generations of TV reporters and anchors who went on to distinguished careers beyond Sacramento. Joan Lunden, the former veteran anchor of ABC’s “Good Morning America,” hosted Channel 3’s noon news in the 1970s. Miguel Almaguer and Kathy Park, now with NBC, are also a KCRA alumni, as is Gary Gerould, the voice of the Kings. The list goes on and on.

Kelly Broadcasting also operated KQCA-TV, owned AM and FM radio stations in Sacramento and owned and operated KCPQ-TV, the Fox affiliate in Seattle.

Other Business Ventures

Jon Kelly was the key player in the formation years ago of the Sacramento Area Trade and Commerce Organization, which was instrumental in attracting such industrial heavyweights as Intel, NEC and Hewlett-Packard to the region.

He also donated the land on which public television’s KVIE, Channel 6, now sits in South Natomas, and also found success as a real estate developer. One of his signature projects was the 12-story, LEED-certified Gateway Tower building at 2020 W. El Camino Ave.

Jon founded River City Bank to serve the capital region, growing the business-focused institution to 10 area branches and a presence in the Bay Area and Southern California before retiring from the chairman’s post in 2009. The Kellys still own a majority interest in the bank, which began in 1973 with about $2 million in capital. Today, the bank has assets of nearly $3.2 billion, making it the largest locally-owned bank in the capital region.

Jon was also an active producer in the television syndication business, remained in broadcasting through his investment in the SummitMedia group, owning 50 radio stations throughout the country, according to his family.

Jon Kelly was born July 23, 1936, in Berkeley, before the family moved to Sacramento where Gene Kelly became an ad salesman for The Bee before starting his own advertising agency in 1938. In 1945, they started their radio station. Jon Kelly attended the Lawrenceville School in New Jersey and the University of California, Berkeley.

After the sale of KCRA, Jon and his wife, Sarah, moved to their farm in Rancho Santa Fe in San Diego County. There, they continued their interest in thoroughbred horse racing and breeding, which led them to field horses in the Kentucky Derby and other prestigious races.

In addition to wife Sarah, Jon Kelly is survived by his sister, Suzanne, along with his children Gregory, Shawn, Marilyn, Mary Margaret and Melanie; and 13 grandchildren.

July 23, 2020

River City Bank reports a quarterly cash dividend on common shares

SACRAMENTO, CA — Steve Fleming, president and chief executive officer of River City Bank (the Bank), announced that the Bank’s board of directors has approved, in connection with the Bank’s recently reported net income of $6.1 million or $4.20 diluted earnings per share for the quarter ending June 30, 2020, a cash dividend of $0.30 per common share to shareholders of record as of August 4, 2020, and payable on August 18, 2020.

July 22, 2020

River City Bank reports net income of $6.1 million for the second quarter and $13.4 million year to date

SACRAMENTO, CA — River City Bank (the Bank) reported net income of $6.1 million, or $4.20 per diluted share, for the quarter ending June 30, 2020, which compares to the $6.5 million, or $4.44 per diluted share, for the same period in 2019. Net income was $13.4 million or $9.16 per diluted share for the six months ending June 30, 2020, which compares to the $12.4 million or $8.51 per diluted share for the six months ending June 30, 2019.

The improved net income for the six months versus the prior year period was driven by a $7 million or 23% increase to net interest income from higher loan balances. Average loan outstandings, including Paycheck Protection Program (PPP) loans were $461 million higher than the prior year period, thereby increasing loan interest and fee income. PPP loans originated in the second quarter totaled $283 million as of June 30, 2020. Partially, offsetting the higher level of loan interest and fee income were the following:

Provision for loan losses of $5.5 million or $3.5 million higher than the prior year period. Approximately $4.3 million of this provision can be attributed to the exceptional loan growth (over $200 million, excluding the PPP loans which are guaranteed by the US Government’s Small Business Administration), with the remaining $1.2 million primarily due to some Covid-19 caused deterioration in loan quality.
Mark to market on the interest rate swaps resulting in a loss of $1.5 million for the six months ending June 30, 2020 compared to zero for the prior year period. The Bank entered into these swap agreements to hedge the interest rate risk associated with its ongoing origination of medium-term fixed rate loans. Because certain of the Bank’s interest rate swaps were not designed to receive hedge accounting treatment, these swaps must be carried on the balance sheet at fair market value with any changes in value recorded in the income statement.

“Until an effective vaccine is developed and widely distributed amongst the population, we believe that the California economy will be seriously stressed; we are very pleased to be entering this period with solid asset quality metrics”, said Steve Fleming, president and chief executive officer of River City Bank. “Through our disciplined and financially conservative loan underwriting and diligent management of the portfolio, we have reported no non-performing loans over the past three consecutive quarters. Perhaps even more importantly is the minimal number of loan modifications that we have had to make as a result of the COVID-19 pandemic.” The COVID-19 related loan modifications through June 30, 2020 consisted of the following:

Consumer: One residential mortgage loan with an outstanding balance of only $6,278 had its P&I payments deferred to October 2020.
C&I: One loan with an outstanding balance of $1.3 million had its P&I payments deferred to July 15, 2020.
CRE: Seven loans with an aggregate outstanding balance of $24 million have been making interest only payments for three months.

“In addition to the exceptional loan growth noted above, we also experienced outstanding deposit growth of $542 million or 25% during the first half of 2020”, said Steve Fleming. “It should be noted that some of this deposit growth is temporary in nature due to an extension in the tax filing due date from April 15 to July 15 and the recent funding of the PPP loans into deposit accounts at the Bank. Nevertheless, we are very pleased with the trust placed in us by our deposit customers, which has allowed us to continue our robust lending into the communities we serve. Though our branches remain open to provide services to our customers, given the health risks associated with COVID-19, we are continuing to protect our staff through minimizing the number of customers that can enter a branch at one time and are following California’s guidelines for wearing masks and social distancing.”

“Operational efficiency remains a core competency for the Bank, as evidenced by our 36 percent efficiency ratio for the six months ending June 30, 2020” said Anker Christensen, chief financial officer of River City Bank. “Though our total non-interest expense has increased over the prior year period, our focus on managing expenses continues to be evident by our continued low efficiency ratio.”

Shareholders’ equity for River City Bank on June 30, 2020, increased $16.5 million to $253 million, when compared to the $237 million as of December 31, 2019. The increase was driven by current year retained earnings and a $3.5 million increase in accumulated other comprehensive income as the decline in short and medium term interest rates resulted in increased unrealized gains in our Investment securities portfolio. The Bank’s capital ratio remains well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 8.7% as of June 30, 2020.

June 8, 2020

President’s Message

Head shot of Steve Fleming River City Bank President

Suffice to say, the COVID-19 pandemic has impacted our lives in 2020 in ways that most of us could never have imagined. Many segments of the business world have literally been shut down now for several months. While the economy has started to reopen, it is clear that many businesses will not return to pre-COVID revenue levels for quite a while, if ever. Consumer behavior reflects a great deal of anxiety about the health risks associated with COVID-19, and folks are going to be reluctant to fly in airplanes, stay in hotels, eat in restaurants, and visit shops until they feel safer. There are a few bright spots, though, as demand has soared for home improvement items, recreational vehicles, pool supplies, cleaning supplies, and groceries, amongst others.

Having started my banking career in 1980, this economic downturn will mark the 6^th recession I’ve experienced. We are always faced with unknown questions at the time the economy turns down about the depth and length of the recessions. However, what makes the current fact set particularly unique and difficult to forecast is that the trigger is a public health crisis. As a consequence, we have a double dose of uncertainty – i.e. will a relaxation of the shelter-in-place restrictions result in a resurgence of the virus, how long will we go without a vaccine, will the virus slow its spread in the hot summer weather and then rage again in the fall? It is impossible to project the outlook for the economy without first addressing the above questions about the Coronavirus. If we define risk by the uncertainty of the outcome, we are in a period of great risk.

Relationships in business matter, and during times of stress and uncertainty, they matter the most. For us at River City Bank, that recently meant taking care of our customers’ applications for funding under the Paycheck Protection Program (“PPP”). I’m extremely proud of my colleagues’ performance since Congress announced the PPP on March 27. Thus far, we have processed almost $300 million in loans for 700 borrowers; all RCB applicants received their funding.

None of us knows for sure what the future will bring. As people who own and operate businesses, our job is to focus on the things that we can control and manage the risks, as best we can, around the unknown. Please let me or your relationship manager know if we can help you navigate through this challenging period.

April 24, 2020

River City Bank reports an increase to the quarterly cash dividend on common shares

SACRAMENTO, CA — Steve Fleming, President and CEO of River City Bank (the Bank), announced that the Bank’s board of directors has approved, in connection with the Bank’s recently reported net income of $7.3 million, or $4.96 diluted earnings per share, for the quarter ending March 31, 2020, a cash dividend of $0.30 per common share to shareholders of record as of May 5, 2020, and payable on May 19, 2020.

April 23, 2020

River City Bank reports 2020 first quarter net income of $7.3 million

SACRAMENTO, CA — River City Bank (the Bank) reported net income of $7.3 million, or $4.96 per diluted share, for the quarter ending March 31, 2020, which compares favorably to the $5.9 million, or $4.07 per diluted share, for the same period in 2019. The improved net income versus the prior year quarter was driven by:

Higher loan balances – Average loan outstandings were $333 million higher than the prior year quarter, thereby increasing net interest income.
Non-core income of $657,000 during the current quarter related to prepayment penalty and deferred loan fee income on loans that paid off prior to their maturity compared to only $3,000 in the prior year quarter.
Increased loan income of $428,000 associated with hedge accounting entries related to our interest rate swap contracts compared to only $26,000 in the prior year quarter.
Partially offsetting the benefits to net income was a $500,000 increase in the provision for loan losses versus the prior year.

“We experienced exceptional deposit growth of $133 million, or 6.2 percent, during the first quarter of 2020,” said Steve Fleming, President and CEO of River City Bank. “We are very pleased with the trust placed in us by our deposit customers, which has allowed us to continue our robust lending into the communities we serve. These are unprecedented times and we are thankful that we can play a vital role through providing Paycheck Protection Program Loans (PPP Loans) to our existing customers as well as some new customers. As of April 20, 2020, we have funded $251 million of these PPP Loans. Our staff has performed at an exceptionally high level to ensure our customers received the resources they needed for their businesses in a timely fashion. Additionally, given the health risks associated with Covid-19, we are protecting our staff through minimizing the number of customers that can enter a branch at one time and through the use of acrylic barriers on our teller-line. Lastly, for those working in our corporate and back offices, we have been able to allow 80-90 percent of those staff to work from home.”

“These will be trying times for our economy and we are very pleased to be entering this period with solid asset quality metrics,” Fleming said. “Through our disciplined underwriting and consistency of monitoring the portfolio, we reported no non-performing loans for the two consecutive quarters ending March 31, 2020, and December 31, 2019.”

After excluding the prepayment penalty, accelerated deferred loan fee income and hedge accounting entries noted above, the Bank’s net interest margin decreased slightly from 2.66 percent to 2.64 percent for the quarters ending March 31, 2019 and 2020, respectively.

“Operational efficiency remains a core competency for the Bank, as evidenced by our 39 percent efficiency ratio for the quarter ending March 31, 2020,” said Anker Christensen, Chief Financial Officer of River City Bank. “Though our total non-interest expense has increased over the prior year quarter, our focus on managing expenses continues to be evident by our continued low efficiency ratio.”

Shareholders’ equity for River City Bank on March 31, 2020, increased $10.4 million to $247 million, when compared to the $237 million as of December 31, 2019. The increase was driven by increased retained earnings and a $3.2 million increase in accumulated other comprehensive income as the decline in short- and medium-term interest rates resulted in increased unrealized gains in our investment securities portfolio. The Bank’s capital ratio remains well above the regulatory definitions for being Well Capitalized, with a Tier 1 Leverage ratio of 9.5 percent as of March 31, 2020.

April 16, 2020

Kelly Foundation assists local food banks with $220,000 in total grant awards

Individual grant awards presented to five food banks including Sacramento Food Bank and Meals on Wheels of Alameda County

SACRAMENTO, CA – In response to the global coronavirus crisis, the Kelly Foundation awarded a total of five individual grants to Northern California food banks in Sacramento, Yolo, Alameda and Sonoma counties. The grant monies, representing $220,000 in total donations, will be used to secure and refrigerate food supplies, support community deliveries, and pay workers. Recipient organizations include Sacramento Food Bank & Family Services, Yolo Food Bank, Redwood Empire Food Bank, Alameda County Community Food Bank and Meals on Wheels of Alameda County, the latter of which serves food primarily to housebound elders who are among those at greatest risk from COVID-19.

“Access to food is a fundamental right, and the Kelly Foundation is pleased to support families throughout Northern California by awarding grants to five regional food banks serving some of the most at-risk populations,” said Shawn Kelly Devlin, President of the Kelly Foundation and Chairman of the Board of River City Bank. “As demand for these essential services continues to surge, it is imperative that we equip our food banks to meet needs and help our communities rise to the multitude of challenges presented by COVID-19 without sacrificing health and wellness.”

“COVID-19 has stressed our organization like never before, and we are sincerely grateful for this important funding from the Kelly Foundation,” said Melanie Flood, Director of Development and Communications for Sacramento Food Bank & Family Services. “Demand has skyrocketed, and we are seeing people in need who have never asked for assistance from a food program before. This funding will help us continue to purchase food, invest in supplies and equipment to keep pace with demand, and provide vital services while also planning for the next 60 to 90 days.”

“The Redwood Empire Food Bank normally serves 82,000 people per year, and we are projected to serve twice that number because of the COVID-19 crisis,” said David Goodman, CEO of Redwood Empire Food Bank. “This contribution will help us purchase and refrigerate food, pay our dedicated staff and fuel our trucks to make deliveries across Sonoma County. Ultimately, it will keep food on the table for thousands of people who need it.”

“Human lives literally will be saved because we received critical funding to ensure food access to vulnerable people,” said Joy Cohan, Director of Philanthropic Engagement at Yolo Food Bank. “The Kelly Foundation’s generosity will provide more than 10 days of nourishment for the more than 35,000 people experiencing hunger in Yolo County.”

In evaluating the needs of communities throughout its organizational and geographic footprint, the Kelly Foundation prioritized providers and allocated funds according to the total number of people and families served, as well as the urgency of the need. Sacramento Food Bank and Yolo Food Bank each received a grant in the amount of $75,000; Redwood Empire Food Bank received a $25,000 grant, Alameda Food Bank received $12,500 and Meals on Wheels of Alameda County was awarded a grant of $32,500.

The Kelly Foundation supports health and human services, education, culture, environment and civic improvement through its funding. Each year, the Foundation provides approximately $500,000 in grants to organizations that support the Sacramento and North Bay Area regions. Since merging with the RCB Foundation in 2009, the Kelly Foundation, of which River City Bank remains a major contributor, focuses on giving back to the greater Sacramento region through charitable donations.

For more information about the Kelly Foundation, please visit KellyFoundationSacramento.org.

About the Kelly Foundation

The Kelly Broadcasting Company’s KCRA-TV (Sacramento-Stockton-Modest, CA) went on the air on Sept. 5, 1955, and the owners of the Kelly Broadcasting Company established the Kelly Foundation in December 1988 as a formal vehicle for structuring charitable contributions. The Kelly family sold KCRA-TV in 1999 and have continued the Kelly Foundation ever since. In 2009, the River City Bank Foundation merged with the Kelly Foundation, and some executives of the Bank currently serve on the Foundation’s Board. Jon S. Kelly founded River City Bank and continues to support the Bank. His daughter, Shawn Kelly Devlin, currently serves as President and Chairman of the Board. The Kelly Foundation is an expression of the importance the Kelly family places on being a good neighbor and citizen in regions where they do business. For more information on the Kelly Foundation, please visit KellyFoundationSacramento.org or call (916) 978-4892.

March 9, 2020

River City Bank Hosts 11th Annual Business Outlook Event

Crowd attending Steve Fleming presentation at Business Outlook Event 2023

River City Bank’s Business Outlook once again played to a packed house. With a lineup that included Chancellor Gary S. May of the University of California, Davis, and Beth Vaughan, Executive Director of the California Community Choice Association (CalCCA), the audience received a sneak peek into what’s in store for California at both the local and state level. Beth Vaughan spoke on CCAs continued ability to thrive as the demand for renewable energy rapidly grows in California. Chancellor May presented on the collaboration of UC Davis and local businesses to create both educational and economic opportunities in the Sacramento region through the Aggie Square project. RCB President & CEO Steve Fleming spoke on the strength of the Bank and his perspective on the economy.

Steve Fleming, Steve Mills of DCA Capital Partners, and Lon Burford of Genovese Burford & Brothers

Pat McHone of River City Bank with Larry Kelley and Frank Meyers of McClellan Park

Sheri Farinha of Norcal Services for Deaf & Hard of Hearing

Kennard Boutte’-Nears and Linda Bergaus of Life -Assist with River City Bank’s Donna Sutherland

Edmund Knighton talking with fellow attendee at Business Outlook Event

Edmund Knighton of Meristem

Barry Broome of the Greater Sacramento Economic Council

This year’s panel – UC Davis Chancellor Gary S. May, River City Bank’s Steve Fleming, and Beth Vaughan of the California Choice Association

Rick Brown, PhD of Terraverde Energy, Barry Vesser of the Climate Center, and Dan Jennejohn of River City Bank

River City Bank’s Jeremy Spencer with the team from Bender Insurance Solutions: Steve Bender, Heather Rohr, Maggie Bender-Johnson, and Lisa Bracero

March 8, 2020

Client Profile: Innovative Education Management (IEM)

Founded as Horizon Instructional Systems by Randy Gaschler in 1993, and later renamed Innovative Education Management (IEM) in 1998, IEM successfully develops and operates charter schools throughout the state of California. The company works with the local school districts to gain charter approval and is responsible for every aspect of managing the school. With three charters schools and approximately 6,800 students, currently under its umbrella, IEM’s mission is to ensure that every student has an individualized learning plan, and every parent has the opportunity to make as many decisions as legally possible that directly affect their children’s education.

We caught up with IEM’s CEO, Jodi Jones, to talk more about IEM and the future of charter schools.

What obstacles, if any, were encountered when IEM was first getting off the ground?

In the beginning, cash flow and public misperception due to a lack of knowledge about charter schools were a challenge. While increasingly more parents are choosing charter schools for their children, there are still many myths regarding school choice– and charter schools in particular– that continue to circulate.

What are the differences between charter schools and the traditional brick-and-mortar schools?

Charter schools are tuition-free public schools that are approved by a local school district, county office of education, or the State Board of Education. Charter schools range from pure personalized homeschooling models to traditional brick-and-mortar. Each charter school is unique based on the local community needs. Some charter schools have a specialized curriculum focus, such as performing arts, STEM, Montessori, homeschooling, and individualized hybrid models.

The distinct and unique characteristics of a charter school are described in their charter petition, which is typically submitted to a local school board for approval. IEM is an independent-study charter school, and it specializes in individualized education plans for every student. Our students are generally homeschooled and work closely with a certificated teacher to create a customized learning plan. We serve Pre-K through 12^th-grade students throughout California, from Butte County to Riverside County.

South Sutter Charter Resource Center is slated for completion in July 2020

What percentage of charters schools in California are “independent-study” schools?

Nonclassroom-based charter schools account for approximately 22% of all charter schools in California. That’s around 290 schools of the 1350 charter schools. IEM constitutes roughly 5% of all nonclassroom-based students in California. The beauty of charter schools is that they are born out of a desire of parents, teachers, and community members to develop a school that meets the needs of their students in a way they felt was not offered elsewhere.

“Independent-study” charters like IEM have become havens for families who don’t want their children in traditional brick-and-mortar schools. What are the main reasons for their decision?

One reason could be is that the neighborhood’s public school is too hard, too easy, or just too crowded or impersonal. Along with wanting to control the pace of instruction, parents have become more and more concerned with bullying and safety in traditional schools. They have turned to independent-study charters to help alleviate these worries.

In the case of nonclassroom-based charter schools, parents are always looking for an innovative approach to education. They want flexibility in where and how their children are educated, and they want the ability to seek out experts to provide instructional support rather than relying on a single teacher to provide instruction in all academic subjects. This model of public education has also gained momentum with the rise in concerns about school safety, social issues, and behavioral health needs of students. IEM’s schools provide parents an environment where the academic needs of their children can be addressed without worrying about the social issues they faced in a traditional school. By delivering multiple tools, resources, and programs, IEM helps teachers and parents develop a personalized student success plan that will address their academic and social-emotional needs.

How many states permit charter schools?

As of 2018, all but six states allow charter schools. It is important to note that charter school operations look very different from state to state, based on the charter laws and education code of each location. Currently, under California law, the current cap on charter schools is 2,250 statewide, but the cap is raised by 100 schools each year.

What is currently in the works for IEM?

In Sutter County, a learning resource center is under construction for our South Sutter Charter School. The building will house meeting spaces and rooms for additional activities needed for our students, including science labs. We worked closely with the district to secure vacant land to build the Resource Center. The building is set to be completed by July 2020.

Why did IEM choose River City Bank?

We believe that local small banks provide more personal customer service. River City Bank is no exception.

IEM believes that by combining the concepts of parent decision making and individualized plans, it can help the student truly “experience learning.” To learn more about IEM, visit https://ieminc.org/.