TWO MILLION AND COUNTING!

first_imgTags :daily pressNewsSanta Monicasanta monica californiasanta monica daily presssanta monica electionssanta monica newsSanta Monica Transparency Project Membershare on Facebookshare on Twitteradd a commentFilm Review: The Birth of a NationPlanning Commission wants to build on rules for housing remodelsYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall12 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press23 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press23 hours agoNewsCouncil picks new City ManagerBrennon Dixson23 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter23 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor23 hours ago HomeNewsTWO MILLION AND COUNTING! Oct. 10, 2016 at 7:00 amNewsTWO MILLION AND COUNTING!Guest Author5 years agodaily pressNewsSanta Monicasanta monica californiasanta monica daily presssanta monica electionssanta monica newsSanta Monica Transparency Project MemberSanta Monica City Hall (File photo) Santa Monica Elections Don’t Come Cheap(As of October 5, 2016)By Laurence Eubank, Santa Monica Transparency Project MemberWith the November 2016 election still a month away, five City Council Candidates of the ten running have raised about $115,000 ($97,000 in monetary donations and $18,000 in loans) with a PAC primarily funded by Lexus Santa Monica providing $2,077 and the Santa Monica Employees PAC providing $340 of support to each of the four incumbents. The remaining five City Council candidates have raised $0 in the fight for the four seats.The four SM College Board candidates (who are not limited to City’s $340 donation limit that the City Council candidates are) out raised them collecting nearly $125,000 ($111,000 in monetary donations and $14,000 in loans). These candidates are in a race for three seats.The four Rent Control Board candidates (restricted to City’s $340 donation limit) have raised about $23,000 ($6,000 in monetary donations and $17,000 in loans) with the Santa Monicans for Renters’ Rights (SMRR) PAC providing nearly $4,000 across two candidates. This is a race for two seats.Even the three sitting School Board candidates have gathered nearly $28,000 in contributions, though one could reasonably wonder why since they are running unopposed.The appropriately $271,000 raised by individual candidates is small ball compared to the nearly $1,778,000 ($1,765,000 in monetary and $13,000 in non-monetary donations) raised as of October 5th by fourteen Political Action Committees (PACs) which affect both candidate races and four ballot initiatives (a fifth measure is unfunded to date). The candidates’ races have had PAC support of a trivial $14,000 and the money is on the four big ballot initiatives.Election disclosure statements indicate that of the organizations marshalling resources, seven are perennial players in Santa Monica election politics, while six are newly formed political action committees (PACs) targeted at supporting or defeating specific ballot initiatives and re-electing the four sitting Councilors. The remaining player, Residocracy, falls somewhere between the two.Examination of legally required September 30, 2016 election disclosure statements plus review of forms (through October 5th) that must be submitted almost immediately for contributions of $1,000 or more illustrate two major factors: 1) the power of incumbency; and, 2) the big money (from all over the country) is aimed at ballot measures that generate the most controversy and have the greatest financial consequences, Measures LV, V, and GS/GSH.Here’s the lineup, first candidates, then ballot measures:City CouncilThe four sitting City Councilors up for re-election have raised the following. The numbers include money contributions and loans – Mayor Tony Vasquez($16K), Gleam Davis($30K), Terry O’Day($17K), and Ted Winterer($44K)Armen Melkonians has raised $9K;Oscar de la Torre, Terence Later, Jon Mann, Mende Smith, and James Watson have raised zero;Santa Monica Forward has formed two separate PAC’s, one to support the four City Council incumbents ($11K), Lexus Santa Monica donated $10K to this PAC and they have already provided about $10K of support which by law cannot be coordinated with the candidates, and another to defeat Measure LV (see below);Rent Control BoardFour candidates – Anastasia Foster($3K), Elaine Golden-Gealer($17K), Caroline Torosis($3K), and Christopher Walton($0), have collectively raised $23K which includes monetary and non-monetary donations and loans.Santa Monicans For Renters’ Rights have provided support of $1,800 each for Foster and Torosis;School BoardSitting members Jon Kean, Maria Leon-Vazquez, and Ralph Mechur have raised $28K to run against nobody, though it remains to be seen how much of these monies are redirected to other racesWe have already seen where Jon Kean for School Board has donated $1,500 in support of campaign for Yes on GS & GSHCollege BoardSusan Aminoff($20K), Margaret Quinones-Perez($27K), Rob Rader($24K), and Sion Roy($54K) raised $125K. These numbers represent monetary and non-monetary donations and loans.The 2016 ballot measures include:Measure LV (voter approval for land use plans and development projects, i.e. LUVE);Measure GSH (a .05% transaction and use tax);Measure GS (advisory to City Council that GSH proceeds be divvied 50/50 for affordable housing and public school maintenance and improvement);Measure V (a $345M bond, with interest over $700M payback, approval for Santa Monica College);Measure SM (clarification and strengthening of the existing anti-corruption Oaks Ordinance) has drawn no funds for or against as of October 5th.Measure LV puts the future skyline of the city at stake.Against – Santa Monica Forward Issues Committee raised $619KAgainst – Housing Opportunity for a Modern Economy (HOME) raised $361KFor – Residocracy has raised $50K in monetary and non-monetary donations;Measure GS and GSHCampaign for Public Education & Affordable Housing – Yes on GS & GSH has raised $117KCommunity for Excellent Public Schools has raised $5K from two individuals;Measure V puts $345M (plus interest yielding a payback of over $700M) in bonds at stake.Campaign For Safety and Modernization at SMC has raised $439K;Organizations assembling financial war chests but keeping their powder dry for now:Santa Monica Coalition for a Livable City (SMCLC)Unite Here Local 11SM Firefighters Political ActivitiesSM Police Officers Association for a Better CommunitySM City Employees PAC; to date they have donated $340 to each of the incumbent City Council candidatesSM Democratic ClubIn next week’s article, we will drill down to see exactly who is donating – particularly the heavyweights – to affect the future direction of our city and determine the tax burdens and development decisions that will be borne by its citizens.last_img read more

Berkshire Hills reports 50 percent first quarter core EPS growth; dividend declared

first_img BERKSHIRE HILLS BANCORP, INC. CONSOLIDATED BALANCE SHEETS – UNAUDITED – F-1 March 31, December 31, (In thousands) 2012 2011 Assets Cash and due from banks $      34,117 $         46,713 Short-term investments 11,186 28,646 Trading security 16,847 17,395 Securities available for sale, at fair value 423,580 419,756 Securities held to maturity, at amortized cost 59,533 58,912 Federal Home Loan Bank stock and other restricted securities 35,282 37,118 Total securities 535,242 533,181 Loans held for sale – 1,455 Residential mortgages 1,100,663 1,020,435 Commercial mortgages 1,147,455 1,156,241 Commercial business loans 429,627 410,292 Consumer loans 361,255 369,602 Total loans 3,039,000 2,956,570 Less: Allowance for loan losses (32,657) (32,444) Net loans 3,006,343 2,924,126 Premises and equipment, net 61,661 60,139 Other real estate owned 439 1,900 Goodwill  202,397 202,391 Other intangible assets 19,662 20,973 Cash surrender value of bank-owned life insurance 75,652 75,009 Other assets 82,628 91,309 Assets from discontinued operations – 5,362 Total assets $ 4,029,327 $    3,991,204 Liabilities and stockholders’ equity Demand deposits $    450,497 $       447,414 NOW deposits 294,411 272,204 Money market deposits 1,089,742 1,055,306 Savings deposits 365,289 350,517 Total non-maturity deposits 2,199,939 2,125,441 Time deposits 984,228 975,734 Total deposits 3,184,167 3,101,175 Borrowings 236,240 221,938 Junior subordinated debentures 15,464 15,464 Total borrowings 251,704 237,402 Other liabilities  36,622 43,758 Liabilities from discontinued operations – 55,504 Total liabilities 3,472,493 3,437,839 Total stockholders’ equity 556,834 553,365 Total liabilities and stockholders’ equity $ 4,029,327 $    3,991,204 (1) At year end 2011, four branches were held for sale as discontinued operations and sold in the first quarter of 2012. Forward Looking StatementsThis document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire’s most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at www.sec.gov(link is external).  Berkshire does not undertake any obligation to update forward-looking statements made in this document. Berkshire Hills Bancorp, Inc.  reported $0.45 in first quarter core earnings per share, a 50 percent increase over first quarter 2011 core earnings of $0.30 per share.  This increase resulted from ongoing business expansion together with the benefit of the acquisitions of Rome Bancorp and Legacy Bancorp.  GAAP net income included nonrecurring and merger related expenses, together with income from discontinued operations. These non-core items together equated to a first quarter after-tax charge of$0.17 per share in 2012 compared to $0.10 per share in 2011. Including these non-core items, first quarter GAAP net income was $0.28 per share, compared to $0.20 per share in the first quarter of 2011. Unaudited Selected Financial Highlights of CBT ‘The Connecticut Bank AND Trust CompanyIncluded in the financial exhibits to this news release are unaudited selected first quarter financial highlights of CBT. This information does not include all items which may affect the final financial statements of CBT as of March 31, 2012 and it does not include non-core charges related to the merger of CBT into Berkshire. Additional financial information about CBT will be provided in the notes to the financial statements of Berkshire as of June 30, 2012, which will reflect the acquisition of CBT as of April 20, 2012.  Asset performance remained favorable and improving in the most recent quarter, with non-performing assets decreasing to 0.58 percent of total assets, and the annualized ratio of net loan charge-offs/average loans decreasing to 0.24 percent. The allowance for loan losses increased slightly to$32.7 million, measuring 1.07 percent of loans and 143 percent of non-performing loans at the end of the quarter.  Financial ConditionTotal assets increased at a 4 percent annualized rate during the first quarter of 2012 including 11 percent annualized loan growth. The $82 million increase in loans primarily resulted from increased bookings of Massachusetts residential mortgages relating to the partnership with Greenpark Mortgage during the transition period prior to the planned acquisition in the second quarter. Commercial business loans increased at an 18 percent annualized rate, and the pipeline of pending commercial loans grew including the benefit of Berkshire’s recent expansion in Central/Eastern Massachusetts with the opening of its Westborough commercial lending office.  Mr. Daly continued, “We are pleased with the progress of our strategic acquisitions of the operations of Greenpark Mortgage Corporation and CBT ‘The Connecticut Bank and Trust Company. We look forward to having the well regarded Greenpark team join us in the current quarter, and our partnership with them contributed to our first quarter results. The Connecticut Bank and Trust Company acquisition was completed on schedule on April 20.  We are now operating 8 branches in the Greater Hartford area, bringing our total branch count to 68, and introducing our brand and products into this attractive market.  We look forward to additional revenue and earnings growth from both of these strategic initiatives, along with the benefits to all of our business lines from this further expansion of our footprint.” BERKSHIRE HILLS BANCORP, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – F-9 At or for the Quarters Ended Mar. 31,  Dec. 31,  Sept. 30,  June 30,  Mar. 31,  (Dollars in thousands) 2012 2011 2011 2011 2011 Net income  $  5,844 $  8,477 $  4,392 $  1,877 $  2,835 Adj: Gain on sale of securities, net – (8) – (6) – Adj:  Other non-recurring gain (42) – (1,975) (124) – Plus: Nonrecurring and merger related expense 4,223 3,678 9,091 5,451 1,708 Adj:  Income taxes (1,255) (1,947) (2,884) (1,400) (316) Adj: pre-tax loss (income) from discontinued operations 261 (4,692) 8 – – Adj: income taxes from discontinued operations 376 3,773 (3) – – Total core income (A) $  9,407 $  9,281 $  8,629 $  5,798 $  4,227 Total non-interest income $  9,878 $  8,825 $10,766 $  8,170 $  8,009 Adj: Gain on sale of securities, net – (8) – (6) – Adj:  Other non-recurring gain (42) – (1,975) (124) – Total core non-interest income                        9,836 8,817 8,791 8,040 8,009 Net interest income 31,138 31,135 31,551 24,201 20,146 Total core revenue $40,974 $39,952 $40,342 $32,241 $28,155 Total non-interest expense $30,524 $29,533 $35,320 $28,623 $23,189 Less: Merger related expense (4,223) (3,678) (9,091) (5,451) (1,708) Core non-interest expense                                     26,301 25,855 26,229 23,172 21,481 Less: Amortization of intangible assets (1,318) (1,314) (1,382) (935) (716) Total core tangible non-interest expense              $24,983 $24,541 $24,847 $22,237 $20,765 (Dollars in millions, except per share data) Total average assets                                                 (B) $  3,990 $  3,989 $  3,871 $  3,214 $  2,876 Total average stockholders’ equity                          (C) 553 551 531 450 392 Total stockholders’ equity, period-end 557 553 547 445 391 Less:  Intangible assets, period-end (222) (223) (233) (193) (172) Total tangible stockholders’ equity, period-end    (D) 335 330 314 252 219 Total shares outstanding, period-end (thousands)                (E) 21,191 21,147 21,134 16,721 14,115 Average diluted shares outstanding (thousands) (F) 21,062 21,043 20,105 16,601 13,981 Core earnings per share, diluted  (A/F) $    0.45 $    0.44 $    0.43 $    0.35 $    0.30 Tangible book value per share, period-end (D/E) $  15.81 $  15.60 $  14.86 $  15.07 $  15.52 Core return (annualized) on assets (A/B) 0.94 % 0.93 % 0.89 % 0.72 % 0.59 % Core return (annualized) on equity  (A/C) 6.80 6.74 6.50 5.15 4.31 Efficiency ratio (1) 59.27 59.44 59.62 66.22 71.03 Supplementary data Tax credit benefit of tax shelter investments $    505 $    664 $    664 $    664 $    405 (1) Efficiency ratio is computed by dividing total core tangible non-interest expense by the sum of total net interest income on a fully taxable equivalent basis and total core non-interest income adjusted to include tax credit benefit of tax shelter investments. The Company uses this non-GAAP measure, which is used widely in the banking industry, to provide important information regarding its operational efficiency. (2) Ratios are annualized and based on average balance sheet amounts, where applicable. (3) Quarterly data may not sum to year-to-date data due to rounding. Non-GAAP Financial MeasuresThis document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations, including merger costs, restructuring costs, and systems conversion costs. Similarly, the efficiency ratio is also adjusted for these non-core items and for tax preference items. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community. Non-GAAP expense adjustments are primarily related to charges related to merger and acquisition activity. These charges consist primarily of severance/benefit related expenses, contract termination costs, and professional fees. There are additionally non-GAAP adjustments related to non-recurring securities gains, discontinued operations, the disposition of excess properties, and core systems conversion costs. Tax adjustments are based on an analysis of tax accruals for core income and for GAAP income, with the net difference included with non-core items and reflecting the timing impacts of tax expense estimates. RESULTS OF OPERATIONSFirst quarter results in 2012 included the operations of Rome Bancorp (acquired on April 1, 2011) and Legacy Bancorp (acquired on July 21, 2011), along with the per share impact of shares issued as merger consideration for those acquisitions. Most first quarter categories of income and expense increased from year-to-year due to these acquisitions. This discussion therefore primarily compares the most recent quarter to the fourth quarter of 2011, which also included these acquired operations. The core return on assets increased to 0.94 percent in the most recent quarter from 0.93 percent in the prior quarter. The GAAP ROA was 0.59 percent compared to 0.85 percent for these periods, respectively, including noncore expense charges. Capital ratios were little changed during the most recent quarter, with tangible equity/assets measuring 8.8 percent and total equity/assets measuring 13.8 percent at quarter-end. Tangible book value per share increased to $15.81 from $15.60 during the quarter, while total book value per share increased to $26.28 from $26.17.  First Quarter Financial Highlights50 percent increase in core earnings per share, compared to first quarter of 201110 percent annualized revenue growth, compared to linked quarter11 percent annualized loan growth11 percent annualized deposit growth3.62 percent net interest margin0.58 percent non-performing assets/total assets0.24 percent annualized net loan charge-offs/average loans0.94 percent core ROA (0.59% GAAP ROA)59 percent efficiency ratioBerkshire President and CEO, Michael P. Daly, stated, “We maintained strong momentum as we started the year, including a 9 percent annualized increase in core EPS compared to the prior quarter. We continue to have strong growth in our balance sheet, while maintaining a solid net interest margin. Our fee revenue also grew strongly during the quarter, while our focused expense discipline resulted in operating costs a little better than our expectations. Our core profitability improved and we are generating positive core operating leverage, with revenue growth exceeding expense growth. Our loan performance metrics remain favorable and improving.  We are maintaining the momentum we need to achieve our earnings growth targets and to generate revenue growth through further market share gains.” Conference CallBerkshire will conduct a conference call/webcast at 10:00 am eastern time on Wednesday, April 25, 2012 to discuss the results for the quarter and guidance about expected future results. Participants should dial-in to the call a few minutes before it begins. Information about the conference call follows:Dial-in: 866-843-0890 Elite Entry Number: 3494596 Webcast: www.berkshirebank.com(link is external) (investor relations link) BERKSHIRE HILLS BANCORP, INC. AVERAGE BALANCES – F-7 Quarters Ended Mar. 31,  Dec. 31,  Sept. 30,  June 30,  Mar. 31,  (In thousands) 2012 2011 2011 2011 2011 Assets Loans: Residential mortgages $1,057,903 $1,039,025 $1,004,950 $802,460 $651,059 Commercial mortgages 1,153,690 1,166,989 1,140,691 973,557 929,564 Commercial business loans 412,237 392,542 383,059 333,700 283,747 Consumer loans 366,035 376,385 376,754 311,057 281,069 Total loans 2,989,865 2,974,941 2,905,454 2,420,774 2,145,439 Securities 525,109 515,128 474,435 405,670 403,549 Short-term investments 15,107 20,748 34,293 4,688 12,035 Total earning assets 3,530,081 3,510,817 3,414,182 2,831,132 2,561,023 Goodwill and other intangible assets 223,930 230,864 229,594 196,292 172,653 Other assets 235,909 247,376 226,757 186,785 142,789 Total assets $3,989,920 $3,989,057 $ 3,870,533 $ 3,214,209 $2,876,465 Liabilities and stockholders’ equity Deposits: NOW $ 272,239 $274,041 $256,662 $229,980 $215,191 Money market 1,084,948 953,162 853,128 778,055 746,366 Savings 359,859 446,672 476,230 317,232 234,838 Time 983,696 1,028,817 1,029,555 809,768 737,551 Total interest-bearing deposits 2,700,742 2,702,692 2,615,575 2,135,035 1,933,946 Borrowings and debentures 257,389 248,611 253,018 269,665 229,878 Total interest-bearing liabilities 2,958,131 2,951,303 2,868,593 2,404,700 2,163,824 Non-interest-bearing demand deposits 439,015 448,952 432,381 334,171 293,895 Other liabilities  40,039 38,110 38,431 25,268 26,862 Total liabilities 3,437,185 3,438,365 3,339,405 2,764,139 2,484,581 Total stockholders’ equity 552,735 550,692 531,128 450,070 391,884 Total liabilities and stockholders’ equity $3,989,920 $3,989,057 $3,870,533 $3,214,209 $2,876,465 Supplementary data Total non-maturity deposits $2,156,061 $2,122,827 $2,018,401 $1,659,438 $1,490,290 Total deposits 3,139,757 3,151,644 3,047,956 2,469,206 2,227,841 Fully taxable equivalent income adj. 669 674 673 675 679 (1) The above schedule does not reclassify balances associated with discontinued operations, which are reclassified  from period end balances on the balance sheet. Core non-interest expense increased by $0.4 million (7 percent annualized) in the most recent quarter, compared to the linked quarter.  Expense growth included the impact of office expansion in retail and commercial banking.  The efficiency ratio remained unchanged at 59 percent. Net non-recurring and merger related expense totaled $2.9 million after-tax in the most recent quarter. This included merger related expenses for the Legacy and CBT acquisitions, disposition costs of excess premises in Pittsfield following the Legacy integration, and systems conversion costs related to the core systems conversion planned for later in 2012. Additionally, the Company recorded a $0.6 million after-tax non-core charge related to the divestiture of four New York branches in January. This charge included $0.4 million in income tax expense due to the non-deductibility of the goodwill associated with these branches.  The effective income tax rate on core income from continuing operations was 27 percent in the most recent quarter, compared to a 24 percent effective tax rate for the year 2011, reflecting the expectation of higher core income in 2012.center_img The Bank plans to continue to maintain an asset sensitive interest rate profile based on commercial loan growth and the integration of the CBT balance sheet. All major categories of deposit account balances increased, with growth continuing to come primarily from Berkshire’s expanding New York region, including a new office in Colonie, New York. In January, the Company completed the divestiture of the deposits of four former Legacy New York offices which were reported as discontinued operations at the end of 2011.  Total net revenue increased by $1.0 million (10 percent annualized) in the most recent quarter, compared to the linked quarter. This growth was due to an increase in fee income, including the benefit of increases in mortgage secondary market income, insurance income, and wealth management income. These increases included increased business volume in these areas, along with some seasonal and pricing related factors.  Net interest income was stable compared to the prior quarter, and the net interest margin increased slightly to 3.62 percent.  Loan growth was weighted towards the latter part of the quarter and is expected to produce a higher proportionate revenue benefit in the second quarter. The provision for loan losses decreased to $2.0 million in the most recent quarter from $2.3 million in the prior quarter. Net loan charge-offs totaled$1.8 million during the quarter.  Dividend DeclaredThe Board of Directors voted to declare a cash dividend of $0.17 per share to shareholders of record at the close of business on May 10, 2012, payable on May 24, 2012. This dividend equated to a 3.0% yield based on the $22.67 average closing price of Berkshire’s common stock in the first quarter of 2012. BackgroundBerkshire Hills Bancorp is the parent of Berkshire Bank – America’s Most Exciting Bank(SM).  Including the recently acquired operations of CBT, Berkshire has $4.3 billion in assets and 68 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services.  Berkshire Bank provides 100 percent deposit insurance protection for all deposit accounts, regardless of amount, based on a combination of FDIC insurance and the Depositors Insurance Fund (DIF).  For more information, visit www.berkshirebank.com(link is external) or call 800-773-5601.  BERKSHIRE HILLS BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED – F-3 Three Months Ended March 31, (In thousands, except per share data) 2012 2011 Interest and dividend income     Loans $35,051 $24,606 Securities and other     3,621 3,307 Total interest and dividend income     38,672 27,913 Interest expense Deposits 5,502 5,715 Borrowings and junior subordinated debentures 2,025 2,052 Total interest expense     7,527 7,767 Net interest income 31,145 20,146 Non-interest income Loan related fees 1,373 591 Deposit related fees 3,500 2,541 Insurance commissions and fees     2,746 3,730 Wealth management fees     1,900 1,192 Total fee income     9,519 8,054 Other 241 80 Non-recurring gain 42 – Total non-interest income       9,802 8,134 Total net revenue 40,947 28,280 Provision for loan losses    2,000 1,600 Non-interest expense Compensation and benefits 13,589 11,151 Occupancy and equipment      4,395 3,435 Technology and communications 1,958 1,466 Marketing and professional services      1,716 1,213 Supplies, postage and delivery 562 454 FDIC premiums and assessments 681 1,027 Other real estate owned 179 609 Amortization of intangible assets      1,311 716 Nonrecurring and merger related expenses      4,223 1,708 Other 1,580 1,410 Total non-interest expense      30,194 23,189 Income from continuing operations before income taxes        8,753 3,491 Income tax expense 2,272 656 Net income from continuing operations 6,481 2,835 Loss from discontinued operations before income taxes      (including gain on disposal of $63) (261) – Income tax expense 376 – Net loss from discontinued operations (637) – Net income  $  5,844 $  2,835 Basic and diluted earnings per share: Continuing operations $     0.31 $     0.20 Discontinued operations (0.03) – Total basic and diluted earnings per share $     0.28 $     0.20 Weighted average shares outstanding:       Basic 20,955 13,943 Diluted 21,062 13,981 (1)  Discontinued operations are described in Note 3 on Page F-1.  Loss from discontinued operations includes operating losses        in the first quarter of 2012 (including divestiture costs), and the gain on the sale of four branches in the same quarter, net        of taxes. At or for the Quarters Ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, 2012 2011 2011 2011 2011 PERFORMANCE RATIOS Core return on assets 0.94 % 0.93 % 0.89 % 0.72 % 0.59 % Return on assets 0.59 0.85 0.45 0.23 0.39 Core return on equity 6.80 6.74 6.50 5.15 4.31 Return on equity 4.23 6.16 3.31 1.67 2.89 Net interest margin, fully taxable equivalent 3.62 3.61 3.74 3.52 3.30 Fee income/Net interest and fee income 23.44 21.44 22.20 25.58 28.56 Efficiency ratio  59.27 59.44 59.62 66.22 71.03 GROWTH Total commercial loans, year-to-date (annualized) 3 % 29 % 38 % 20 % – % Total loans, year-to-date (annualized) 11 38 54 29 – Total deposits, year-to-date (annualized) 11 41 63 26 7 Total net revenues, year-to-date, compared to prior year 43 33 28 15 6 Earnings per share, year-to-date, compared to prior year 40 (2) (26) (37) (17) Core earnings per share, year-to-date, compared to prior year 50 53 50 33 25 FINANCIAL DATA   (In millions ) Total assets $4,029 $3,991 $4,087 $3,226 $2,886 Total loans 3,039 2,957 3,003 2,452 2,145 Allowance for loan losses 33 32 32 32 32 Total intangible assets 222 223 233 193 172 Total deposits 3,184 3,101 3,249 2,486 2,241 Total stockholders’ equity 557 553 547 445 391 Total core income  9.4 9.3 8.6 5.8 4.2 Total net income 5.8 8.5 4.4 1.9 2.8 ASSET QUALITY RATIOS Net charge-offs (current quarter annualized)/average loans 0.24 % 0.27 % 0.27 % 0.24 % 0.30 % Non-performing assets/total assets 0.58 0.65 0.58 0.52 0.54 Allowance for loan losses/total loans 1.07 1.10 1.07 1.30 1.49 Allowance for loan losses/non-accruing loans 143 134 148 212 240 PER SHARE DATA Core earnings, diluted $  0.45 $  0.44 $  0.43 $  0.35 $  0.30 Net earnings, diluted 0.28 0.40 0.22 0.11 0.20 Tangible book value 15.81 15.60 14.86 15.07 15.52 Total book value 26.28 26.17 25.87 26.61 27.69 Market price at period end 22.92 22.19 18.47 22.39 20.83 Dividends 0.17 0.17 0.16 0.16 0.16 CAPITAL RATIOS Stockholders’ equity to total assets 13.82 % 13.86 % 13.38 % 13.80 % 13.54 % Tangible stockholders’ equity to tangible assets 8.80 8.76 8.15 8.31 8.07 (1) Reconciliation of Non-GAAP financial measures, including all references to core and tangible amounts, appear on pages F-9. Tangible assets are total assets less total intangible assets. (2) All performance ratios are annualized and are based on average balance sheet amounts, where applicable. (3)   The above schedule does not reclassify balances associated with discontinued operations, which are reclassified  from period end balances on the balance sheet. BERKSHIRE HILLS BANCORP, INC. ASSET QUALITY ANALYSIS – F-5 At or for the Quarters Ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (Dollars in thousands) 2012 2011 2011 2011 2011 NON-PERFORMING ASSETS Non-accruing loans: Residential mortgages $  8,281 $  7,010 $  4,750 $  2,811 $  1,529 Commercial mortgages 12,151 14,280 13,721 9,600 9,510 Commercial business loans 1,029 990 1,399 1,764 1,507 Consumer loans 1,411 1,954 1,834 862 763 Total non-accruing loans 22,872 24,234 21,704 15,037 13,309 Other real estate owned 439 1,900 2,200 1,700 2,400 Total non-performing assets $23,311 $26,134 $23,904 $16,737 $15,709 Total non-accruing loans/total loans 0.75% 0.82% 0.72% 0.61% 0.62% Total non-performing assets/total assets 0.58% 0.65% 0.58% 0.52% 0.54% PROVISION AND ALLOWANCE FOR LOAN LOSSES Balance at beginning of period $32,444 $32,181 $31,919 $31,898 $31,898 Charged-off loans (1,923) (2,313) (2,061) (1,564) (1,758) Recoveries on charged-off loans 136 313 123 85 158 Net loans charged-off (1,787) (2,000) (1,938) (1,479) (1,600) Provision for loan losses 2,000 2,263 2,200 1,500 1,600 Balance at end of period $32,657 $32,444 $32,181 $31,919 $31,898 Allowance for loan losses/total loans 1.07% 1.10% 1.07% 1.30% 1.49% Allowance for loan losses/non-accruing loans 143% 134% 148% 212% 240% NET LOAN CHARGE-OFFS Residential mortgages $   (381) $   (449) $   (292) $   (225) $   (124) Commercial mortgages (1,116) (1,198) (1,099) (597) (963) Commercial business loans (3) (244) (463) (435) (222) Home equity  (247) (90) 7 (68) (79) Other consumer (40) (19) (91) (154) (212) Total, net $(1,787) $(2,000) $(1,938) $(1,479) $(1,600) Net charge-offs (QTD annualized)/average loans  0.24% 0.27% 0.27% 0.24% 0.30% Net charge-offs (YTD annualized)/average loans  0.24% 0.27% 0.27% 0.27% 0.30% DELINQUENT AND NON-ACCRUING LOANS/TOTAL LOANS 30-89 Days delinquent 0.55% 0.55% 0.79% 0.50% 0.59% 90+ Days delinquent and still accruing 0.40% 0.34% 0.22% 0.12% 0.11% Total accruing delinquent loans 0.95% 0.89% 1.01% 0.62% 0.70% Non-accruing loans 0.75% 0.82% 0.72% 0.61% 0.62% Total delinquent and non-accruing loans 1.70% 1.71% 1.73% 1.23% 1.32% (1)  The above schedule includes balances associated with discontinued operations. BERKSHIRE HILLS BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED – F-4 Quarters Ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (In thousands, except per share data) 2012 2011 2011 2011 2011 Interest and dividend income     Loans $35,051 $35,466 $35,719 $28,607 $24,606 Securities and other     3,621 3,562 3,547 3,446 3,307 Total interest and dividend income     38,672 39,028 39,266 32,053 27,913 Interest expense Deposits 5,502 5,792 6,097 5,768 5,715 Borrowings and junior subordinated debentures 2,025 2,101 2,131 2,084 2,052 Total interest expense     7,527 7,893 8,228 7,852 7,767 Net interest income 31,145 31,135 31,038 24,201 20,146 Non-interest income Loan related fees 1,373 856 934 780 591 Deposit related fees 3,500 3,848 3,885 3,366 2,541 Insurance commissions and fees     2,746 2,145 2,431 2,782 3,730 Wealth management fees     1,900 1,650 1,607 1,389 1,192 Total fee income     9,519 8,499 8,857 8,317 8,054 Other 241 318 (158) (277) 80 Gain on sale of securities, net      – 8 – 6 – Non-recurring gain 42 – 1,975 124 – Total non-interest income       9,802 8,825 10,674 8,170 8,134 Total net revenue 40,947 39,960 41,712 32,371 28,280 Provision for loan losses    2,000 2,263 2,200 1,500 1,600 Non-interest expense Compensation and benefits 13,589 13,172 13,195 12,027 11,151 Occupancy and equipment      4,395 4,063 3,883 3,546 3,435 Technology and communications 1,958 2,464 1,996 1,531 1,466 Marketing and professional services      1,716 1,565 1,873 1,557 1,213 Supplies, postage and delivery 562 555 545 507 454 FDIC premiums and assessments 681 542 923 741 1,027 Other real estate owned 179 153 541 700 609 Amortization of intangible assets      1,311 1,314 1,271 935 716 Nonrecurring and merger related expenses      4,223 3,678 9,091 5,451 1,708 Other 1,580 2,024 1,392 1,627 1,410 Total non-interest expense      30,194 29,530 34,710 28,623 23,189 Income from continuing operations before income taxes        8,753 8,167 4,802 2,248 3,491 Income tax expense  2,272 609 405 371 656 Net income from continuing operations 6,481 7,558 4,397 1,877 2,835 (Loss) gain from discontinued operations before income taxes         (including gain on disposals) (261) 4,692 (8) – – Income tax expense (benefit) 376 3,773 (3) – – Net (loss) gain from discontinued operations (637) 919 (5) – – Net income  $  5,844 $  8,477 $  4,392 $  1,877 $  2,835 Basic and diluted earnings per share: Continuing operations $    0.31 $    0.36 $    0.22 $    0.11 $    0.20 Discontinued operations (0.03) 0.04 – – – Total basic and diluted earnings per share $    0.28 $    0.44 $    0.22 $    0.11 $    0.20 Weighted average shares outstanding:       Basic 20,955 20,930 20,009 16,580 13,943 Diluted 21,062 21,043 20,105 16,601 13,981 (1) The Company acquired Rome Bancorp on April 1, 2011.  The income statement includes operations from that date.  (2) The Company acquired Legacy Bancorp on July 21, 2011.  The income statement includes operations from that date.  A telephone replay of the call will be available through May 2, 2012 by calling 877-344-7529 and entering access code: 10011976. The webcast and a podcast will be available at Berkshire’s website above for an extended period of time. BERKSHIRE HILLS BANCORP, INC. AVERAGE YIELDS  (Fully Taxable Equivalent – Annualized) – F-8 Quarters Ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, 2012 2011 2011 2011 2011 Earning assets Loans: Residential mortgages 4.63 % 4.68 % 4.82 % 4.97 % 5.04 % Commercial mortgages 5.01 5.17 5.44 4.74 4.68 Commercial business loans 4.76 4.44 4.78 4.89 4.69 Consumer loans 3.98 4.03 4.17 3.97 3.63 Total loans 4.72 4.74 4.97 4.74 4.65 Securities 3.29 3.26 3.53 4.07 4.01 Short-term investments 0.07 0.14 0.03 0.19 0.13 Total earning assets 4.48 4.49 4.72 4.64 4.53 Funding liabilities Deposits: NOW 0.26 0.39 0.49 0.31 0.33 Money Market 0.55 0.62 0.66 0.69 0.75 Savings 0.20 0.19 0.18 0.26 0.31 Time 1.51 1.52 1.67 2.00 2.19 Total interest-bearing deposits 0.82 0.87 0.95 1.08 1.20 Borrowings and debentures 3.16 3.35 3.34 3.10 3.62 Total interest-bearing liabilities 1.02 1.06 1.16 1.31 1.46 Net interest spread 3.46 3.43 3.56 3.33 3.07 Net interest margin 3.62 3.61 3.74 3.52 3.30 Cost of funds 0.89 0.92 1.01 1.15 1.28 Cost of deposits 0.71 0.73 0.82 0.94 1.04 (1) Cost of funds includes all deposits and borrowings. (2) The above schedule includes yields associated with discontinued operations, although the related income        is excluded from income from continuing operations on the income statement.  This schedule also includes balances       associated with discontinued operations. Berkshire Hills Bank Inc. 4.24.2012. THE CONNECTICUT BANK AND TRUST COMPANY UNAUDITED SELECTED FINANCIAL HIGHLIGHTS – F-10 March 31,  December 31,  (In thousands) 2012 2011 Selected Financial Condition Data: Loans: Commercial mortgages $   130,242 $        133,215 Other commercial loans 58,732 68,022 Consumer and other loans 25,413 25,796 Total loans 214,387 227,033 Deposits: Demand deposits 51,200 52,014 NOW deposits 26,835 24,002 Savings and money market deposits 66,572 67,252 Time deposits 72,575 76,737 Total deposits 217,182 220,005 Three Months Ended March 31, 2012 2011 Selected Operating Data: Core net interest income $      2,380 $            2,494 Core non-interest income 227 208 Core non-interest expense 2,590 2,527 (1)  Core income and expense information excludes non-core merger related items. BERKSHIRE HILLS BANCORP, INC. CONSOLIDATED LOAN & DEPOSIT ANALYSIS – UNAUDITED – F-2 LOAN ANALYSIS Organic annualized  growth % (Dollars in millions) March 31,  2012 Balance December 31,  2011 Balance First Quarter 2012 Total residential mortgages $    1,101 $          1,020 32% Total commercial mortgages 1,147 1,156 (3) Total commercial business loans 430 411 18 Total commercial loans 1,577 1,567 3 Total consumer loans 361 370 (9) Total loans $    3,039 $          2,957 11% DEPOSIT ANALYSIS Organic annualized growth % (Dollars in millions) March 31,  2012 Balance December 31,  2011 Balance First Quarter 2012 Demand $      451 $            447 4% NOW 294 272 32 Money market 1,090 1,055 13 Savings 365 351 16 Total non-maturity deposits 2,200 2,125 14 Time less than $100,000 479 487 (7) Time $100,000 or more 505 489 13 Total time deposits 984 976 3 Total deposits $    3,184 $          3,101 11% (1)  Organic annualized growth rates are calculated on organic growth only, which excludes the impact of mergers and         divestitures.   (2)  Quarterly data may not sum to annualized data due to rounding.last_img read more

Hamilton Extends Championship Lead With Spanish GP Victory

first_imgDefending champion Lewis Hamilton has extended his Formula One championship lead to 17 points after the Briton dominated and won the Spanish Grand Prix (GP) on Sunday.It was the Mercedes driver’s second successive win as he moved clear of rival Sebastian Vettel.Vettel could only finish in fourth position having dropped from second as a result of questionable calls from his Ferrari team.The German paid for Ferrari’s decision to pit him under the virtual safety car with him running out of tyre life prompting Mercedes driver Valtteri Bottas and Max Verstappen of Red Bull to take full advantage by finish in second and third place respectively.Championship Standings (Top Four):1. Lewis Hamilton (Mercedes and Great Britain) 95 points2. Sebastian Vettel (Ferrari and Germany) 78 points3. Valtteri Bottas (Mercedes and Finland) 58 points4. Kimi Raikkonen (Ferrari and Finland) 48 pointsRelatedlast_img read more

#Ask It Results: Which Water Park is Best?

first_imgShare This!Summer can be a brutal time in the theme parks. Aside from crowds, Mother Nature can make you feel like a bug under a magnifying glass with the heat of the relentless sun. Sometimes a day at a water park can be just the cure for that summertime heat. The Orlando area has a variety of water parks to choose from, but we wanted to know which one YOU would choose. Last week, we asked you:Which water park is best?Typhoon Lagoon was the overall winner (with more than 50% of the vote averaged on the blog and Twitter), and it’s hard to go wrong with this as a choice. With its giant wave pool, kids’ area, and waterslides, raft rides, and more, there is something for everyone. Whether your speed is more Crush ‘n’ Gusher or more laid back like Castaway Creek or the new(ish) Miss Adventure Falls, you’ll find plenty of fun in the sun.Blizzard Beach. ©DisneyComing in around 25% of the vote was Blizzard Beach. Perhaps the inclusion of a higher-thrill drop slide in Summit Plummet makes this park seem like it is more for teens and adults than for all ages, but there still is a lot for the whole family to do, including water slides where you can race your family. And yes, don’t forget to get your donuts while you’re there. There are some people who make a trip to the water park for that. (We don’t judge…especially when it comes to donuts.)Rounding up the bottom were Volcano Bay and Aquatica. Volcano Bay had a rocky start (pun intended), and it still is a tough sell that this is Universal Orlando’s third resort. As a water park, however, it has some of the biggest thrills in the area, and it is a visually stunning park. As operational issues get worked out, and as more people visit it during its second year, I would expect that this water park will grow in popularity.Picture courtesy of Sea World.What Aquatica lacks in name recognition and accessibility from a major theme park resort complex (like Walt Disney World of Universal), it makes up for in terms of quality. It has the requisite amount of slides and water play areas, but also neat features like a lazy river that goes “underwater” with views of tropical fish. The all-day dining pass is also a unique option, especially for families with older kids who want to go off on their own.Got any plans to hit the water parks this summer? What’s your go-to spot to stay cool? Let us know in the comments. Stay tuned for our next Ask It question on the blog.last_img read more

Fifa Medical Centre for SA

first_imgTamara O’ReillyThe only Fifa-accredited medical centre on the continent specialising in health care for football players is at the University of the Witwatersrand in Johannesburg.Wits University’s Centre for Exercise Science and Sports Medicine is one of only six medical centres in the world that has won the approval of the world’s football governing body. The other such centres are based in Switzerland, USA, Japan, New Zealand and Germany.Selection processAll Fifa Medical Centres of Excellence have been carefully selected, based on a comprehensive application process that proves their clinical, educational and research expertise.Some of the requirements by Fifa was that centres such as these be multidisciplinary and have significant experience in the management and care of football teams during training and competition as well as responsibility for the overall health care of football players. The centre was previously accredited by the South African Football Association as a Football Centre of Specialisation, assisting with the assessment of young football players.Education and researchRegarding research, the centre is conducting research into sport medicine on a continuous basis to ensure they keep abreast of sport medical trends as well as set their own.“We are an educational institution so naturally we pay a lot of attention to advancing the sport through education,” says Dmitri Constantinou, director of the facility. “For example, Fifa requires that all doping control officers also be registered medical doctors so a Fifa-accredited course will take place soon for our local doctors. In fact, until the 2010 Soccer World Cup there will be several courses taking place here that deal with the medical aspects of the sport.”FacilitiesThe centre comprises rehabilitation rooms which are fitted with the necessary equipment to treat injuries, ample facilities for relaxation like swimming pool and squash courts, wheelchair access, and the expertise of dieticians, professors and medical doctors.If a player requires a surgical procedure, he will be referred to the university’s private academic hospital – the Donald Gordon Medical Centre or alternately to any Medi-Clinic Hospital.Several rooms in the student residence on the premises have also been reserved to accommodate players overnight or longer if needed.In a letter addressed to the director of the facility, Fifa President Sepp Blatter said, “We are very pleased to recommend your institution to the football community as an elite centre with a history of commitment to football and the respective expertise when specialised services are required.”Constantinou says the accreditation is valid for the next five years but until that time it opens many doors for the facility to continue their research and build a name as a world-class sports medicine facility.Useful Links:FifaWits University Official 2010 World Cup Website Donald Gordon Medical Centrelast_img read more

4 Necessities for High Performing Teams

first_imgTo read the original post on UpstartHR, please click here. Great teams can propel organizations to new levels of success. Today we’re looking at how to improve team performance with an approach that has proven results across a spectrum of cultural, geographic, and generational challenges. A few years ago The Orange Revolution was written by Adrian Gostick and Chester Elton. The book focuses on great teams and where they come from. According to the authors, there are four things that skilled leaders do in order to develop great teams.Ensure the right people joinTranslate corporate goals into team goalsFacilitate great team conductPromote a culture of appreciationWhen looking at teambuilding through that list of requirements, it’s easy to see how each of these elements can tie into the plan. Let’s break it down to each individual component and discuss each in turn.Ensure the right people joinThis is the crucial first step. Especially when looking at cross-cultural teams that might involve language barriers, geographical distance, or other difficult pieces, it’s important to select the correct individuals that will “mesh” with each other and be able to collaborate effectively.Translate corporate goals into team goalsThis is often one of the more difficult pieces for team members to understand. Many are familiar with individual goals, but translating those up into top level team goals and overarching corporate goals can be more challenging. The essential power of a good team comes when each member understands the unified purpose and works toward a common goal.Facilitate great team conductThe majority of people have worked with a team that didn’t get along well. The variety of attitudes, beliefs, and behaviors in the workplace virtually guarantees that there will be occasional friction; however, a good team lead will help to reduce that friction and enable each person to contribute to their fullest abilities.Want to learn more about leading a team? Check out How to Manage a Team.Promote a culture of appreciationSometimes, a difficult piece of working with a team could be a lack of individual appreciation for a job well done. Helping each team member understand how they can provide appreciation and recognition to their peers will increase overall satisfaction within and among the group.These four key elements to building great teams are a great reminder that there is substantial potential for great performance in a well-built team.last_img read more