System for reporting suspicious opioid orders repeatedly failed, report finds

first_img @levfacher What’s included? Tags Congressopioids About the Author Reprints GET STARTED Unlock this article — plus daily intelligence on Capitol Hill and the life sciences industry — by subscribing to STAT+. First 30 days free. GET STARTED Log In | Learn More What is it? System for reporting suspicious opioid orders repeatedly failed, report finds Politics center_img Sen. Claire McCaskill (D-Mo.) Win McNamee/Getty Images [email protected] Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Lev Facher Washington Correspondent Lev Facher covers the politics of health and life sciences. By Lev Facher July 12, 2018 Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. WASHINGTON — A Senate report released Thursday lays out systematic failures in the reporting system for suspicious opioid orders, faulting some drug distributors and manufacturers for their roles and criticizing the Drug Enforcement Administration for a years-long lull in enforcement actions.The findings, the latest in a series of reports from Sen. Claire McCaskill (D-Mo.), the top Democrat on the Senate’s leading oversight committee, pointed in particular to disparities between two leading drug distributors: McKesson and AmerisourceBergen.last_img read more

As Christmas approaches, here’s 20 of the best places to propose in Laois

first_img Twitter Pike of RushallAre you finding yourself at a crossroads in life? Well then why not head to the crossroads in the Pike of Rushall and take the plunge.And if your other half says yes, you can head to any number of counties to celebrate. While if they say no, the getaway-quickly options are plentiful. Outside Supermac’sOutside Supermac’s. A place where true love first blossomed. Or where many a romance fizzled out before it got off the ground at all. There’s no doubting Supermac’s will have played a part in many a romance and for some a return to one of Portlaoise’s most romantic spots may be just the ideal place to get down on one knee and ask that question. As Christmas approaches, here’s 20 of the best places to propose in Laois Heywood GardensIf you’re one of the Heywood couples who refuses to get engaged in Culahill Community Centre (snobs) then Heywood Gardens may be the perfect place for you.The eighteenth-century romantic landscape consists of gardens, lakes, woodland and architectural features that will be sure to sweep your loved one off their feet. Twitter Top Square after a night outNot unlike the old premises of Club 23, the Top Square after a night out can bring back fond memories of all the times spent there before.Your romantic proposal outside of Mezza Pizza might be halted by the odd brawl or two, or by teenage girls screaming about how cold they are, and swarming towards one fool who has made the rookie error of showing his pizza to the world, but it’s the thought that counts. It’s coming up to that special time of year.Children laughing and singing, joy everywhere. As couples come into the festive season, it might be just the right time to pick the perfect ring and pop that question.Anyone you know dragging their feet? Perhaps they just need a subtle reminder, or some inspirition as to where to propose.That is why we at LaoisToday have compiled this list of some of the best places to propose around the county. We were inspired by the brilliant piece from the team in Gerry Browne Jewellers advising lads on how to pick the engagement ring on their own!There’s no need to be getting fancy and jetting off to New York or Paris or swanky hotels around the country – we have all that on our doorstep and a whole lot more too.Some of these places are so breathtakingly romantic that your partner will simply have to say yes. Others places, not so much, but it’s the thought that counts.Without further ado, we present 20 of the best places to propose in Laois. Rock of DunamaseWhere else would you want to get down on one knee but the most picturesque place in Laois?You can follow in the footsteps of Ireland’s most powerful couple in the 12th century – Strongbow and Aoife.When Isabel, the daughter of Strongbow and Aoife, wed William Marshal, Earl of Pembroke, the Dunamase was given as part of her marriage’s wedding gift.Despite being later destroyed, the remains leave a magical setting overlooking most of Laois where they’ll have to say yes. Premises of Club 23Where better to propose than the first night you met your future husband or wife to be across the sweaty dancefloor while John O’Loughlin blared Maniac 2000 in the DJ booth?Relive the days of Enda Norton saying ‘Not tonight lads’ and stumbling outside with the masses of 500 people plus is search of a kehab or bag of chips after a night on the tiles while trying to collect the friends you’ve lost along the way. The fountain in Laois Shopping CentreAh, the fountain in Laois Shopping Centre – reminiscent of teenage days meeting up for ‘dates’ with a group of 10 or so people.Why not propose to your loved one as children lean over to look at coins among the pensioners sitting down for a rest? It will be a gesture they remember forever. Facebook Glenbarrow Waterfall in the Slieve Bloom mountainsThe gentle rolling hills of the The Slieve Bloom Mountains may be one of the least explored in Ireland. Enjoy this picturesque, peaceful, and gloriously multi-coloured amenity as you plan your future vows.Nestled among the mountains is Glenbarrow Waterfall, the perfect quaint and picturesque location to plan a truly romantic proposal. TAGSCullohillHeywood gardensRomance. Emo CourtSupermacs WhatsApp WhatsApp Community Pinterest Grantstown Lake, BallacollaPicture the scene. It is a lovely summer’s day and you’ve taken a trip with your other half out to the lake in Grantstown.You head out on a stroll, taking in all the flora and fauna at your disposal before all of a sudden a ring is produced for your finger. And if you’re really lucky, Laois Cathaoirleach John King – who is an incredible singer – might even be around to serenade the pair of you as you start the next chapter of your lives.Mountmellick Christmas TreeUnder the Christmas tree in MountmellickOnce described as the greatest Christmas Tree in all of Europe, the Mountmellick one is a sight to behold when it is lit up in all of its glory.And we reckon you wouldn’t see a more magical scene than your other half down on one knee in front of the flash and sparkle of the tree.Old Mines in WolfhillThe Old Mines in WolfhillBack in April, we brought you the news that Ed Sheeran was set to play an intimate gig on the site of the old coal mines in Wolfhill. That was an Aprill Fools joke that did catch out a lot of people – but it did get us thinking about what else you could do. And if the person you propose to says no, you can always push them into the mines and they’ll never be seen again – WE ARE JOKING DO NOT DO THAT. O’Moore ParkYou often see it in America at baseball and basketball games, so why couldn’t it work here?Picture the scene – it is half time and the Laois footballers are defeating Offaly. All of a sudden your other half is standing in the centre of the pitch with a microphone in their hand professing their undying love for you and asking for your hand in marriage. How could you say no?SEE ALSO – A list of powerful GAA women operating in a man’s worldSEE ALSO – The best places for Laois people to find love back in the day Round Tower in TimahoeThe Round Tower in Timahoe is one of the most iconic landmarks in Laois and it is also a real tourist attraction.But under the Tower itself seems as good a place as any to propose and if you are lucky, Mr Timahoe Roghan Haedon may even be there to celebrate the moment with his bagpipes. Home We Are Laois A Bit of Fun As Christmas approaches, here’s 20 of the best places to propose in… We Are LaoisA Bit of Fun Facebook By LaoisToday Reporter – 7th December 2018 Council Ballyfin DemenseIf you’re feeling a bit flush and fancy spoiling your loved one, there’s no better place than Ballyfin House.Take a walk by the lake, or enjoy an eight-course meal in the luxury of one of the world’s best hotel settled amongst this quite corner of county Laois.The once a stately home of the landed gentry, your future husband and wife will be in awe of your efforts to propose there. As their partner, you will be admired for your spending for your proposal. As their spouse, you will be killed for it. Cullohill Community CentreCulohill Community Centre – home to the famous, or infamous, Culohill Disco.Hundreds of teenagers swarmed to the community centre on the Laois border in search of the shift, and if you didn’t get the shift in Culahill well then you were doing it all wrong.Bring your future betrothed to the back wall, or the smoking area of years gone by, and watch them wipe a tear from their eye as they say ‘yes’ to the place where you first shifted to the rhythm of Basshunter’s ‘Now You’re Gone’. Oisin Park in KilleshinThis is one of the most beautiful places in Laois.Oisin Park has stunning views over the valley of the River Barrow and on a clear day, you can see the Wicklow Mountains. If your other half says yes, there is a dancing table there too which means you can have a celebratory jig on the lovely wooden floor. Durrow Scarecrow FestivalThe Durrow Scarecrow Festival’s popularity is enormous and if they had a successful proposal – it would soar even further.And perhaps even the big fella pictured above might do the honours? Pinterest Emo Court This neo-classical mansion is the perfect place to profess your love to your future spouse.Exlpore the grounds and enjoy the beautiful 18th century gardens and parklands surrounding the house and use that as an excuse as to why you’re sweating profusely before you pop perhaps the biggest question of your life. Enjoy! The Canal in VicarstownWhy not go for a canoodle in a canoe in the canal?Vicarstown’s canal is a real hive of activity with the canoeing club now in full swing. And if your other half says yes, you can rent and canoe and paddle down the Sean’s Bar in Fisherstown to celebrate. Previous articleLaois festive gathering raising funds for an incredible local boyNext articleSharp shooter Williams crushes Heywood’s North Leinster final dreams LaoisToday Reporter RELATED ARTICLESMORE FROM AUTHOR Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Community Electric PicnicAh the Electric Picnic, where many a love story has blossomed. Take your time near the waltzers in the Jimmy Hendrix campsite, or while exploring the offerings of Body and Soul.It’s probably best to do it on day one of the festival, before the setting goes from picturesque to something out of the Walking Dead on day three of camping in a second-hand tent.Local lore claims that Colm ‘Woolly’ Parkinson met girlfriend Itxi Saila Ferrer, and if one of Laois’s most high profile pundits can express his love here – then so can you. New Arles road opens but disquiet over who was invited to official opening Laois secondary school announces scholarship winners for new academic yearlast_img read more

Do you have an idea for a Community Education Project? Get in touch with LOETB

first_img RELATED ARTICLESMORE FROM AUTHOR Pinterest The service can also provide pathways to other accredited courses on completion of a community education course.More information is available on www.loetb.ie/community-educationThe Facebook page is www.facebook.com/Laois-and-Offaly-ETB-Community-Education and well worth a look to get some practical gardening tips, learn how to paint a landscape, learn some needlework crafts or simply enjoy a browse and look at what is available.So, if you have an idea for a community education course/project that can support people in your area during this crisis and you would like more information, please email [email protected] or call 087 9573654 for Laois and 085 805 4579 for Offaly.SEE ALSO – The list of underlying conditions most likely to result in ICU if you get Coronavirus Pinterest Do you have an idea for a Community Education Project? Get in touch with LOETB Previous articleLaois man breaks Guinness World Record with Do It For Dan challengeNext articleStar-studded line-up for this week’s Late Late Show announced LaoisToday Reporter WhatsApp Like many services, Covid19 has presented some challenges for the Community Education Service with Laois and Offaly Education and Training Board (LOETB).One of the ways the service is trying to stay connected with groups and organisation is by putting up short online tutorials/demonstrations on their Facebook Page which is proving to be very popular.They have tutorials on art, cookery, woodwork, needlework and also a tutorial on Zoom and how it works.Brian Burke, Horticulturist with LOETB and judge on RTE’s Super Garden, is putting up two-minute tutorials on how to start a vegetable patch in the smallest of areas.  This week they will also have some hair care tutorials.The service is now calling on groups/organisations or individuals who have community education project/course ideas to get in touch with them.They are particularly interested in projects which focus on staying connected through remote or online learning and initiatives focusing on health and wellbeing.The Community Education Service is part of LOETB’s Further Education and Training Service and works with not-for-profit Community and Voluntary Groups across Laois and Offaly to provide courses for adults.Priority for courses is given to people who face acute barriers to taking part in education: older people, people experiencing disadvantage, people with disabilities, ethnic minority groups, unemployed, carers and groups providing community education in areas where adults do not have easy access to education services. By LaoisToday Reporter – 7th May 2020 Electric Picnic Home News Community Do you have an idea for a Community Education Project? Get in touch… NewsCommunity Twittercenter_img Bizarre situation as Ben Brennan breaks up Fianna Fáil-Fine Gael arrangement to take Graiguecullen-Portarlington vice-chair role WhatsApp Facebook News Facebook Electric Picnic organisers release statement following confirmation of new festival date TAGSLOETB Twitter Electric Picnic Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival last_img read more

Fifth Cabinet Vice Premier Appointed

first_img North Korea tries to accelerate building of walls and fences along border with China News Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR News There are signs that North Korea is running into serious difficulties with its corn harvest AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] Head of the Jagang Provincial People’s Committee Kim Tok Hunhas been promoted to vice premier of North Korea’s cabinet, Chosun Central NewsAgency announced on the 30th. Kim is thought to have held a managerial position at the Taean Heavy Machine Works Industrial Complex beforeemerging as a delegate of the Supreme People’s Assembly in September,2003. Since Kim Jong Il’s death in late 2011, Kim has been referred to a number of times in North Korean media as the head ofthe Jagang Provincial People’s Committee.This appointment brings the total number of cabinet vice premiers to five.  The others are Ro TuChol, Ri Mu Yong, Kim Yong Jin and Ri Chol Man. As the executive branch of the state, the cabinet is largelyresponsible for implementing economic policy. It is also in charge of overseeing the local People’s Committees. center_img News Fifth Cabinet Vice Premier Appointed By Daily NK – 2014.05.01 11:01am SHARE Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak News last_img read more

Rachel Collier Joins Ancient Peaks Winery as VP of National Accounts

first_imgHome Industry News Releases Rachel Collier Joins Ancient Peaks Winery as VP of National AccountsIndustry News ReleasesWine BusinessRachel Collier Joins Ancient Peaks Winery as VP of National AccountsBy Press Release – February 7, 2017 77 0 Linkedin Email AdvertisementSanta Margarita, CA—Ancient Peaks Winery today announced that Rachel Collier has been named VP of National Accounts, a new position charged with growing the winery’s national accounts and corporate retail business.Collier comes to Ancient Peaks Winery from The Henry Wine Group, where she worked for the past 20 years, most recently as the VP of corporate sales. The Henry Wine Group is Ancient Peaks Winery’s California distributor.“Personally and professionally, we have long held Rachel in the highest regard,” said Amanda Wittstrom-Higgins, VP of operations at Ancient Peaks Winery. “Rachel’s depth of experience as a management executive, leader and trainer is exactly what we need to take our corporate sales to the next level.”Said Collier, “I am thrilled to be working with such a high-quality team and excited to further develop their rapidly growing brand.”Added winery co-proprietor Karl Wittstrom, “Rachel Collier is a true professional and we are very excited to have someone of her caliber of on our team. Rachel’s confidence in our brand and company, in and of itself, represents a proud moment for Ancient Peaks.”Ancient Peaks Winery’s estate Margarita Vineyard is the southernmost vineyard in the Paso Robles region, located just 14 miles from the Pacific Ocean in the Santa Margarita Ranch AVA. The vineyard occupies one of Paso Robles’ coolest growing environments and spans a rare diversity of soils, resulting in wines that are known for their rich flavors, inherent balance and vivid sense of place.“Our national retail prospects have grown thanks to the distinctive quality of our wines and the efforts of our team,” Wittstrom-Higgins said. “This has created a need for someone with Rachel’s skill set who can expertly manage and maximize our opportunities across the United States.”Wittstrom-Higgins added, “We hold The Henry Wine Group in great esteem. They were our first distributor and have been a fantastic partner. Rachel and I and everyone here at Ancient Peaks look forward to working even more closely with them and to forging many more successful years together.”Ancient Peaks is a family-owned winery specializing in wines from our sustainably farmed estate Margarita Vineyard in Paso Robles on California’s Central Coast. Margarita Vineyard stands alone as the southernmost vineyard in the Paso Robles AVA, nestled into the rugged Santa Lucia Mountain Range just 14 miles from the Pacific Ocean. The name Ancient Peaks honors the tall peaks surrounding Margarita Vineyard, which were forged by the collision of the coastal plates. Over time, these same geologic forces blessed us with five distinct soil zones—ancient sea bed, rocky alluvium, shale, volcanic and granitic—that bring natural complexity to our wines. Our tasting room is located in Santa Margarita. Visit www.AncientPeaks.com for more information.Advertisement TAGSAncient Peaks WinerypeopleRachel Collier Twitter Pinterest Share ReddIt Facebook Previous articleRutherford Roots Run Deep at Rutherford Dust Society’s Annual Meeting and DinnerNext articleV2 Wine Group and Donati Family Vineyard Announce a Sales and Marketing Agreement Press Releaselast_img read more

YLD hosts Health and Wellness Olympics

first_img May 27, 2021 By Jim Ash Senior Editor News in Photos YLD hosts Health and Wellness Olympics Adam WhiteThe Young Lawyers Division has a winning strategy to get “Type A” legal personalities to focus on their wellbeing — a competition.As 400 registered participants in the Health and Wellness Olympics near the May 27 finish line, YLD President Adam White is ready to declare mission accomplished.“This initiative was a great success,” he said. “And we hope to take what we learned this year and build upon the initiative to make it even better in the years to come.”Marianne CurtisThe goal is to promote health and wellness and advance a broader YLD mission to destigmatize mental health in the profession, one that Florida Bar President Dori Foster-Morales has long championed, said Miami attorney and YLD board member Marianne Curtis.“It’s been a really encouraging and fulfilling experience to watch different lawyers across the state engage with each other, and get good friendly rivalries going,” she said. “We even had judges sign up as a judge team, and they’re doing awesome.”Kayla RichmondCurtis and YLD board member Kayla Richmond, a Ft. Myers attorney, co-chair the committee responsible for the project .“We’re proud of all those who participated and hope that it keeps gaining traction, and lawyers continue to put their health and wellness at the forefront of their lives,” Richmond said.After the April 1 kickoff, the event quickly caught fire on Instagram, Facebook, and Twitter, Curtis said.Registration was open to all Florida Bar members in good standing, and after it closed April 15, the committee logged 400 registered participants, with 300 actively posting their progress through the “IncentFit” app available on the YLD Health and Wellness Olympics website. The website also explains the rules and scoring system.In a video message, Richmond explains how easy it has been for many competitors to keep score.“I have a Garmin watch, so I don’t have to actually report anything, it just uploads to the app from my watch,” she said.Competitors registered as either individuals or as affiliates.One of the challenges for the 10-member committee was to encourage health and wellness activities that any Bar member could accomplish. They range from the physical, such as basketball, hiking and biking, to the cerebral, such as meditation, counseling, and healthy eating.“You could get points for attending a health and wellness CLE, too,” Curtis said. “And the fun part about it was, there was also a social media campaign to everything, where we had ‘#YLDMotionGranted.’”Winners will be announced via social media May 28. Prizes include affiliate grants and Garmin watches, Curtis said.But Curtis noted in her video message that in a health and wellness competition, everyone is a winner.“This is going to be an opportunity for us to encourage and inspire each other to make sure that we know that we are not alone in putting our health and wellness as a priority,” she said. “But I can’t forget to mention that bragging rights are on the line.”last_img read more

Issue of pay inequality for teachers ‘unfinished business’, says Minister

first_img By News Highland – April 24, 2019 Pinterest Google+ Facebook Twitter Consultation launched on proposal to limit HGV traffic in Clady Issue of pay inequality for teachers ‘unfinished business’, says Minister WhatsApp 45 new social homes to be built in Dungloe Journey home will be easier – Paul Hegarty Derry draw with Pats: Higgins & Thomson Reaction WhatsAppcenter_img Google+ AudioHomepage BannerNews Previous articleGAA urged to revoke proposed ban on Naomh Colmcille ClubNext articleCouncil endeavours to address water issues at local housing estate News Highland Fianna Fail is calling on the Education Minister to bring in a timeline for the introduction of pay parity for newly qualified teachers.Yesterday, Minister McHugh told the INTO conference the issue of pay is ‘unfinished business’.Meanwhile, he told the ASTI convention he was hopeful the issue of pay equality will be addressed by the next round of pay talks.Fianna Fail education spokesperson Thomas Byrne says Minister McHugh needs to show he’s not just buying time with his remarks:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2019/04/byhjghjghjgrne10.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Donegal hoteliers enjoy morale boost as bookings increase RELATED ARTICLESMORE FROM AUTHOR Facebook Pinterest Twitter Harps come back to win in Waterford last_img read more

Pass-It-On Awards Program for Women

first_img Tweet ← NATO Headquarters Internship Programme LinkedIn 0 Deadline: 10 April 2013Open to: Internationally, to any woman over 18 years oldGrant: $500.00 to $1000.00 USDDescriptionThe Anita Borg Systers Pass-It-On (PIO) Awards honor Anita Borg’s desire to create a network of technical women helping one another. The cash awards, funded by donations from the Systers Online Community, are intended as means for women established in technological fields to support women seeking their place in the fields of technology. The program is called “Pass-It-On” because it comes with the moral obligation to “pass on” the benefits gained from the award.EligibilityPass-it-on Award applications are open to any woman over 18 years old in or aspiring to be in the fields of computing. Awards are open to women in all countries. GrantPrizes range from $500.00 to $1000.00 USD. Applications covering a wide variety of needs and projects are encouraged, such as:Small amount to help with studies, job transfers or other transitions in life.A broader project that benefits girls and women.Projects that seek to inspire more girls and women to go into the computing field.Assistance with educational fees and materials.Partial funding source for larger scholarship.Mentoring and other supportive groups for women in technology or computing.Application procedureInterested candidates can apply online here. The deadline for application is 10 April 2013!More information can be obtained from the official page of the program. YO!Fest – LoveYouthFuture Video/Photography Competition → Pocket Pass-It-On Awards Program for Women April 4, 2013 Published by turpis +1 Leave a Reply Cancel ReplyYou must be logged in to post a comment. Reddit Similar Stories Share 0last_img read more

Interview: Speaking off-grid with Phaesun

first_imgInterview: Speaking off-grid with PhaesunTobias Zwirner, MD of Phaesun GmbH, talks to pv magazine about last month’s Off-Grid Experts Workshop, held in Memmingen, Germany, between September 25-26. October 2, 2015 Ian Clover Markets Markets & Policy Share The World Speaks Off-Grid: the slogan that accompanied this year’s Off-Grid Experts Workshop – co-organized between Phaesun and Steca Electronik with Studer Innotec, SolarWorld and Morningstar as event partners – encapsulated the high-level discussions had by the 450 experts drawn from all over the world. There were 35 expert lectures held across the two days, covering everything from system sizing and monitoring technology to business model innovation and learning to work with the challenges posed by the solar market’s own travails. In between these lectures were a number of interactive workshops, 40 exhibitors and an endless stream of impromptu gatherings that highlighted just how complex and compassionate the sector is. Tobias Zwirner, managing director of event organizer Phaesun, shared his thoughts on this year’s event with pv magazine. pv magazine: What were the chief headlines to emerge from the Off-Grid Experts Workshop this year?Tobias: The main feedback from 2013 from the manufacturers, exhibitors and some of the guests was the suggestion to hold the workshop every two years. We have a relatively high proportion of African guests and it is quite an effort for many, in terms of visas, logistics and costs, to attend every year. Their suggestion then was to run the event every two years, and this has allowed us more time to develop different formats and generate new ideas. It has ensured a more relaxed show for everybody involved. For every workshop we develop a specific motto – this year’s slogan was “The World Speaks Off-Grid”. In that regard, this year we created a speech bubble platform where everybody was able to give their opinion about their experiences or advice in the off-grid business. So I suppose the main headlines to emerge from the workshop were concerned with solar PV, wind and hydropower for rural electrification, and solar water supply in the industrial and leisure sectors. What have been the key motivations behind this year’s Workshop?For the off-grid market, there is really no event that fits well specifically to this sector. EU PVSEC or Intersolar, the major events, are really big, so for the off-grid niche suppliers they are often scattered in the halls at these events and can be difficult to locate and engage with. Since a lot of on-grid solar players disappeared from the market, Solar Promotion has tried to group all of the off-grid players together, but even then we find that guests at these events are always in a rush. Off-Grid is too complex a topic to inform visitors to the booth in just 15 minutes. This is why we decided in 2010 to start our own event where the guests are filtered experts, and they have two days in a relaxed atmosphere to exchange all their knowledge and opinions. This is, and has always been, our motivation. How have technological advances over the past year played a part in moving the show forward?We have seen that off-grid solar technology fits much more closely to off-grid water and wind power than it does to grid-connected solar technology. There is also a trend in the development of complete or ready-made kits for the independent power supply, supported by more developments in the LED technology, which fits well in terms of the complete kits. There was also a trend to identify for kits with larger solar generators (above the Pico PV range) as well as we can see additionally a development towards much larger hybrid systems and more sophisticated system monitoring, which is ever more important in the off-grid sector. Based on feedback and responses from the Workshop, how important and complementary will improvements in storage and energy management software prove in the near future?Storage has always been the core of most off-grid systems, water pumping aside. But since solar module prices have fallen a lot, storage is now the most expensive portion of the off-grid solution, and this is where we are seeing development. There is now a wider variety in storage development, particularly with different lithium technologies. Price-wise, the older technologies are still dependent upon the price of lead, but lithium is the newer option for off-grid, and we are seeing already a price drop in lithium technology. And of course, monitoring technologies are becoming increasingly important, and there has been a definite improvement in these platforms. What were the key takeaways from Session 1b on day one: off-grid and grid-connected energy existing side-by-side?The major topics have been applications in the leisure market, including infrastructural topics such as street lighting and other illuminations outside, in the public space. Traffic was also a major topic, and for us the off-grid connect was very important. This is our only connection to the grid – it is grid parallel, it uses solar technology, and is more or less back up of the grid, supported by solar energy. It is most useful in regions with a weak grid, guaranteeing a continuous power supply, and you see it in cities in Africa and South America. The issue of system sizing was addressed in a training session on the first day. Could you talk a little about that session, and explain why it is so important to size systems correctly?This proved a highly interesting topic that attracted a number of different presentations. System sizing was one of the main presentation sessions, but it was also a popular topic at the speakers’ corner where guests were able to spontaneously give a presentation. Once these off-grid systems have become complex and customized, they must fit individual needs on energy, which can be as individual as humans themselves. There is a huge need for accurate system sizing, so we saw the development of really good system sizing tools. These tools are mainly a software platform; you have a checklist, list all your loads, calculate the kWh in total, enter all of the necessary parameters and the software can calculate just how large or small you need to make the system. This topic is always popular, and this year was no exception. Off-grid experts are always interested in improved software and easier handling of system performance. Can you describe what business model innovations were discussed during Sessions 4b on day two?We have seen that the typical rural electrification developments funded by donors have failed over the last few years because donations based on gifts are counter-productive. All you achieve is that people get addicted to these ‘gifts’, and donations become like drugs – you are just addicting the recipients to the next set of gifts. It takes away initiative from the local people. There is now a new trend, which we call BOSS – Business Opportunities with Solar Systems, where donations can be used as initial finance. This way you support entrepreneurs who can then pay back in installments initial investments that they receive, either from donors or micro-finance institutes. There we developed a lot of ideas, but the target is also there to give an initial idea as data for local entrepreneurs to develop their own business models. There have been big initiatives from GIZ, and even in the Alliance for Rural Electrification we have that as a main topic – the need to give local entrepreneurs opportunities. With all these refugees coming to Europe, it makes it the message of why we need to give local people opportunities by supporting entrepreneurs who are responsible for local development in rural areas ever more important. Without them, these regions see no business development. Do your guests from Africa bring ideas with them to the workshop, and if so, are these ideas taken on board?Yes. The conversation now is more of a dialogue and process of cooperation than it ever was. GIZ has long been working in Africa with great success, so the focus is more a new cooperative way to support the local initiatives, and focus more on getting local initiatives started, and the European guys can support this rather than going there like missionaries – this approach always fails. It was great to see at the workshop how well these exchanges are working – between different cultures and practices etc. With all these subsidies in the on-grid market there was a big hype, but the subsidies had that same drug-like effect – visitors to the major shows would be completely addicted, and once people are addicted, the reaction is that there is no creativity any longer. That is missing in the on-grid sector because many companies became paralyzed once this happened. So how has the off-grid sector been more proactive in this space?It was never subsidized, simply. All the drivers have been there from the beginning; it forces us to do our best to work in an unsubsidized, natural market. Our enemy is the donation culture, which damages the natural order and the efforts of entrepreneurs. Slowly we see that the small investments from the past are now growing. How are innovations in solar PV technology going to support the off-grid sector’s development?There are specific developments that are only for the off-grid sector. One of the winners of the Off Grid Experts Awards was the Universal Electricity Dispenser, which is a specific off-grid invention. We also see development in the plug and play solutions in the off-grid sector. We have some packages that are above Pico PV, so it is more or less the next step towards systems with a higher energy supply. In the past, these systems have been called solar home systems based on plug and play solutions, and are similar to Pico PV in that respect. We also see these monitoring systems that can work with different components from a whole range of suppliers, putting all system information into one IP software that shows the user a better overview of how their system is performing. 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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