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Northfield Savings introduces Moola Hoopla

first_imgNORTHFIELD SAVINGS BANK ADDS BOUNCE TO HALFTIME AT CATS GAMESMoola Hoopla Gives Fans A Chance To Win $50,000 $25,000 For TheShooter And $25,000 For The Victory ClubNorthfield, VermontJanuary 10, 2005Vermont Catamount fans havesomething new to cheer for at half time as Cats sponsor NorthfieldSavings Bank rolls out Moola Hoopla this week. At all men and womensregular season home games, one lucky spectator will have a chance to win$50,000–$25,000 cash for the participant and $25,000 which will bedonated to the Vermont Catamount Victory Club.The randomly selected fan must sink two consecutive shots from a place oftheir choice on the court. The catch is that they must sink one shot ineach basket from that spot.Vermont Athletics enjoys such widespread support among Vermonters that wewanted to offer an exciting promotion that would be fun to watch, andbenefit both the fans and the Athletic Department, says Patricia Sears,Senior Marketing Manager of Northfield Savings Bank. This approach ofrewarding a fan AND contributing to the University is consistent withNSBs policy of donating 10% of our profits back to Vermont communityorganizations, adds Sears.Moola Hoopla is a great partnership between two outstandinginstitutional members of Vermonts community Northfield Savings bank andthe University of Vermont. “We are fortunate to have such a greatpartnership with Northfield Savings Bank. Moola Hoopla is a very excitingpromotion for our fans and has added even more energy to our gameentertainment,” comments Krista Balogh, Director of Marketing & Promotionsfor Vermont Athletics.last_img read more

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Oil prices taxing for Vermonters

first_imgOil prices taxing for Vermontersby Kevin KelleyVermonters have been whacked with the equivalent of a new $850 million tax as a result of the doubling of oil prices in the past year, said Tom Kavet, the State Legislature’s economist. That hit – heavier than the total $622 million impact from personal income tax payments – is bound to stagger the Vermont economy as consumers cut back on discretionary spending in order to pay for heating fuel and gasoline, Kavet reckoned.About 70 percent of the added charge for the 17 million barrels of oil consumed annually in Vermont is going overseas – to the Middle East, Africa and Latin America. “Almost none of it stays in-state,” he said.It’s largely because of that drain that Kavet expects a “severe” recession to occur in Vermont.Peter Shumlin, the 52-year-old leader of the Democratic majority in the State Senate, fears that the coming downturn will prove to be “the most difficult of my lifetime.” And Matt Cota, director of the Vermont Fuel Dealers Association, likened the approaching turbulence to a category-five hurricane. “We’ve had a 6-month warning to brace for it,” he said.The clouds do appear darkly ominous.An average Vermont household with an income of about $50,000 spent roughly $2,000 on heating fuel last winter, estimated Dick Heaps, vice president of Westford-based Northern Economic Consulting. According to Heaps, that four percent share of gross income could more than double this winter. “That’s going to have a large negative impact on the economy,” he said.Vermonters have already achieved considerable reductions in heating oil consumption by adopting conservation measures, Cota said. A typical home burned about 1,500 gallons of fuel per year a couple of decades ago, compared to around 850 gallons now, he said. Cota believes that further enhancements of furnace efficiency and a tighter buttoning up of homes, combined with still-lower settings of thermostats, could bring consumption down to as little as 600 gallons per household in the coming year. Even at that level, however, a Vermont household would still have to spend about $3,000 on heating fuel, based on the current price of about $5 a gallon.Cota expressed hope that emergency assistance initiatives by both the federal and state governments will prevent tragedies from occurring in Vermont during the sub-freezing months. In the meantime, some fuel dealers are playing the role of social workers, he said. Cota imagines a scenario in which a heating-oil delivery man telling a customer, “You live in this great big farmhouse by yourself. Maybe you should consider moving in with your daughter for the winter.”Businesses don’t have those sorts of options, said Duane Marsh, director of the Vermont Chamber of Commerce. “They can’t switch to wood-burning stoves,” he said, “but I’m sure they’ll be dialing down and buying lots of sweaters.”Because business owners are “pretty resilient in the short term,” Marsh expects that “tough decisions” will be deferred to the next fiscal year in many cases. “But the longer something like this goes on,” he said of the upward spiral in energy costs, “the more difficult it becomes to maintain the status quo.”The state government will also be seeking additional economies as energy-related expenditures rise and as tax revenues fall, said Susan Bartlett, chair of the State Senate Appropriations Committee. Travel plans for state officials are being scaled back or eliminated altogether. But the state can do little to economize on heating costs, most of which accumulate at schools, Bartlett added.Bartlett said firm estimates of the energy crisis’ impact on the state’s budget are not yet available. What’s already clear, Kavet noted, is that revenues from taxes on gasoline and on automobile sales and use are down by a total of about $15 million from last year. Rooms and meals tax receipts are dropping as well, mainly because tourists are either not coming to Vermont in the same numbers or are choosing to spend less when they do visit the state.Despite these strains, Vermont’s budget remains in comparatively sound shape, Bartlett said. The state’s economy has also not been ravaged nearly as much as Florida’s or Arizona’s, for example, where home sales have tanked due to speculative overbuilding. The housing market is still generally stable in Vermont, with far fewer foreclosures occurring here on a percentage basis than in many other states.According to Heaps, a continued positive performance by its housing sector may enable Vermont to survive a national downturn with few scars. He still adheres to the belief that the U.S. economy will not experience a deep or long-lasting recession.Cota takes an optimistic view as well. Because the run-up in oil prices amounts to a bubble, he said, the price of a barrel should drop back to $70 or $80, which would bring back the days of $2 per gallon heating oil.”The question is when this will happen,” Cota said.Kavet observed that not all business sectors will be badly bruised in Vermont. Due to the weakness of the U.S. dollar, he said, the “winners in the current situation will be those who export, and Vermont does have a fair number of companies that do a good export business.”According to Kavet, the governor and State Legislature have only limited abilities to stimulate Vermont’s economy or to mitigate the effects of a national recession. “We don’t have anything like the fiscal and monetary levers that are available to the national legislature,” he said.In the long term, however, Vermont’s political leaders could position the state to prosper more than it has in the past, Shumlin said. He described a switchover to renewable energy as an inevitable move for the country as a whole. Vermont could take advantage of that development by working harder to attract “creative new jobs in the energy sectors.”In the immediate future, Bartlett said, the legislature and governor can cooperate to “take a lot of little steps that, together, will help ordinary Vermonters make it through this winter and help Vermont businesses in the process.”last_img read more

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Extreme ice and tree damage knocks out power to 24,000 CVPS customers

first_imgExtreme ice and tree damage knocks out power to 24,000 CVPS customersRUTLAND -A storm that has caused hundreds of thousands of people to lose power across the Northeast has knocked out power to 24,000 CVPS customers Friday morning. The effort will take days, CVPS said, as the storm is comparable to the ice storm of January 2007, and the infamous ice storm of ’98.CVPS line crews are working with outside contract crews to assess the damage and start making repairs this morning, however, road conditions and continuing sleet and ice accumulation are slowing the restoration effort. Hundreds of downed trees, tree limbs and downed lines have been reported across central and southern Vermont. Windsor and Windham counties were hit the hardest, with significant outages in Orange, Rutland and Bennington counties as well.”We are seeing an inch or more of ice in some of the southern areas. We have a half dozen transmission problems, and about 350 separate problems reported at this time,” said CVPS spokeswoman Christine Rivers. “Our crews are in assessment mode right now, and are working to repair the large transmission problems. At this point, it appears the restoration effort will carry into early next week. Our crews will be working around the clock to restore power as quickly as they safely can.”CVPS offered the following tips for safely coping with the outages:* Treat any downed line as if it is live. Report the line to your local utility and fire department, stay at least 30 feet away from the line, and keep children and pets away as well.* If using a generator, read and follow the owner’s manual before starting the generator. Never operate a generator inside any structure or near a structure. Use a transfer switch to ensure electricity is not accidentally fed onto a line where line crews must work.* Keep freezers and refrigerators closed as much as possible to prevent food spoilage.* Turn off all electrical appliances except one light so you’ll know when service returns. Then, turn equipment back on slowly.last_img read more

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Unemployment rate jumps half point to 5.7 percent

first_imgThe Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for November 2008 was 5.7 percent, up five-tenths of a point from the revised October rate and up 1.9 points from a year ago.”The nation’s economic slowdown is showing up in more sectors of Vermont’s labor market” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “Bright spots remain in Education & Health services as well as Professional & Business services which continue to show annual growth.”Job GrowthBefore seasonal adjustment, Total Non-Farm (TNF) jobs fell by 2,500 or -0.8% from October to November. Most of this decline is expected as we transition into the winter and holiday period. However, annual TNF job losses increased to -1,950 or -0.6%. The largest monthly seasonal declines were observed in Leisure & Hospitality, (-1,750 or -5.4%), Construction (-950 or -5.6%) Professional & Business services, (-450 or -2.0%) and Manufacturing, (-300 or -0.9%). Only Education & Health services, (+100 or 0.2%) and the Government sector, (+150 or 0.3%) showed month to month gains. On an annual basis Education & Healthcare, (+900 or 1.6%) and Professional & Business services, (+150 or 0.7%) are the only sectors showing significant job growth. The Manufacturing and Construction sectors have contracted by 1,050 and 1,200 jobs respectively over the year.When seasonally adjusted, November job levels declined by 600 or -0.2% over October and by 1,800 or -0.6% from November of 2007. Education & Health services, (+100 jobs), Leisure & Hospitality, (+ 400 jobs) and Total Government, (+200 jobs) were the only major employment sectors to show any seasonally adjusted monthly job growth.Employment GrowthVermont’s unemployment rate grew to 5.7 percent in November as a result of a sharp increase in the number of unemployed (+1,697 to 20,200) and a decrease in employment (-918 to 336,800). Vermont’s observed November seasonally adjusted unemployment levels and rate were statistically significant and greater than October values, but employment and total labor force values were not. For comparison purposes, the US seasonally adjusted unemployment rate for November was 6.7 percent, up two-tenths of a point from October 2008. Unemployment rates for Vermont’s 17 labor market areas ranged from 3.2 percent in Hartford to 7.4 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the November unadjusted unemployment rate for Vermont was 5.5 percent, up three-tenths of a point from October 2008 and up 2 points from a year ago.last_img read more

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Douglas, top Obama Administration officials to lead H1N1 flu preparedness summit

first_imgGovernor Douglas will join via interactive television U.S. Department of Health and Human Services Secretary Sebelius, Homeland Security Secretary Napolitano, Education Secretary Duncan, and White House Homeland Security Advisor Brennan today for an all-day H1N1 Influenza Preparedness Summit with representatives from 54 states and territories.  Vermont officials participating in Washington, DC include AHS Secretary Rob Hofmann, VDH Commissioner Dr. Wendy Davis and Vermont Homeland Security Unit Director Captain Chris Reinfurt.The Flu Summit will focus on preparation and planning at every level of government for a fall flu season that is expected to include the seasonal flu and the H1N1 (swine flu) virus. The Summit will be held at the Natcher Conference Center at the National Institutes of Health in Bethesda, Maryland. I am pleased to participate in this important event today to discuss with leaders across the country what state and the federal government can do to handle the H1N1 flu, said Governor Douglas.  I want to be sure that here in Vermont we are adequately prepared and appropriately handling this pandemic.The Summit will include remarks from White House Homeland Security Advisor Brennan, Secretaries Napolitano, Sebelius and Duncan, and a Secretaries Panel Discussion hosted by Governor O Malley.The Secretaries Panel will include a video conference with Governors Jim Douglas (VT), Jim Doyle (WI), Mark Parkinson (KS), John Baldacci (ME), and Jodi Rell (CT).The media availability will include Homeland Security Advisor Brennan, Governor O Malley and Secretaries Sebelius, Napolitano and Duncan. The Flu Summit will include a situational update from the Centers for Disease Control Director Thomas Frieden, and various panel discussions with federal, state, and local health officials.The Summit can be viewed live at www.flu.gov(link is external) beginning at 8:30 a.m. EDT on Thursday, July 9.  The Secretaries panel which Governor Douglas is taking part in begins at 9:30a.m. EDT.  The Plenary sessions can be viewed between 8:30 a.m. and 12:30 p.m. and again between 2:45 p.m. and 4:00 p.m.   The individual break-out sessions as well as the entire program will be available on-demand after the live broadcast.  Please note, you will need Flash (http://www.adobe.com(link is external)) installed on your computer in order to view the live video stream.last_img read more

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Merchants Bancshares announces 2009 second quarter results

first_imgMerchants Bancshares, Inc. (Nasdaq: MBVT), the parent company of Merchants Bank, today announced net income of $2.06 million and $4.97 million, or diluted earnings per share of $0.34 and $0.82, for the quarter and six months ended June 30, 2009, respectively. This compares with net income of $2.88 million and $5.54 million, or diluted earnings per share of $0.47 and $0.91, for the second quarter and first half of the previous year, respectively. The return on average assets for the quarter and six months ended June 30, 2009 was 0.61% and 0.74%, respectively, compared to 0.90% and 0.89% for the same periods in 2008. The return on average equity for the quarter and six months ended June 30, 2009 was 9.87% and 12.14%, respectively, compared to 15.26% and 14.54% for the same periods in 2008. Merchants declared a dividend on July 16, 2009, of 28 cents per share payable August 13, 2009, to shareholders of record as of July 30, 2009.There were several specific events that negatively impacted Merchants earnings for the second quarter of 2009. Merchants recorded a $625 thousand expense related to the FDIC’s special assessment on all banks during the quarter. Additionally, Merchants recorded a $2.00 million loan loss provision during the second quarter of 2009, bringing the total provision expense to $2.90 million for the first six months of this year; compared to $50 thousand for the second quarter of 2008, and $350 thousand for the first six months of 2008. The higher provision expense during 2009 was primarily a result of increases in nonperforming and classified loans and net charge-offs. Lastly, as a result of strong deposit growth during the quarter, Merchants was able to pre-pay $18 million of relatively expensive FHLB debt, and incurred a $304 thousand prepayment penalty as a result. Merchants estimates that it will earn back this prepayment penalty in approximately six months.”We experienced strong growth in both loans and deposits, net interest income continues to set new records for us, and we feel we are well positioned for a solid second half of the year,” said Michael R. Tuttle, Merchants’ President and CEO. “Our performance for the second quarter was negatively impacted by previously mentioned events as well as some deterioration in asset quality.”Merchants’ net interest income for the second quarter of 2009 was $12.38 million, an 18.0% increase over the same period in 2008; Merchants’ net interest income for the first half of 2009 was $24.72 million, a 22.8% increase over the same period last year. Merchants’ net interest margin for the second quarter of 2009 was 3.81%, a 33 basis point increase over the same period in 2008. The increase in net interest income and net interest margin was primarily a result of strong growth in both loans and deposits, and a result of funding costs falling more rapidly than asset repricing. Merchants’ net interest margin compressed by four basis points on a linked-quarter basis. This compression was a result of strong deposit growth and investment portfolio cash flows which outpaced loan demand. Increased deposits and investment portfolio cash flows that were not redeployed into the loan portfolio were used in part to pay down FHLB advances as mentioned previously. The balance was invested short term at current low interest rates, contributing to the four basis points decrease in the margin.Merchants’ quarterly average loans were $895.98 million, an increase of 17.5% over the second quarter of 2008 average of $762.76 million, and were $30.02 million, or 3.47% higher on a linked-quarter basis. Loans ended the second quarter of 2009 at $896.09 million, a 5.8% increase over December 31, 2008 ending balances of $847.13 million. The increase since December 31, 2008 is made up of residential and commercial mortgages, and commercial loans. Tuttle commented, “Loan growth was strong during the first half of 2009, but slowed down substantially during the most recent quarter. The continuing deep recession has served to depress loan demand and limit the pool of strong credit prospects. Strong residential refinancing demand has continued, but at a slower pace than the first quarter.”Quarter end loans balances were as follows:(In thousands) June 30, 2009 March 31, 2009 December 31, 2008————– ————- ————– ————Commercial, financial and agricultural $135,031 $140,866 $129,032Real estate loans – residential 436,423 423,161 395,834Real estate loans – commercial 291,321 279,041 273,526Real estate loans – construction 24,555 40,478 40,357Installment loans 7,834 7,545 7,670All other loans 923 1,488 708————— — —– —Total loans $896,087 $892,579 $847,127=========== ======== ======== ========Merchants’ investment portfolio totaled $374.30 million at June 30, 2009, a decrease of $57.31 million from December 31, 2008 ending balances of $431.61 million. This decrease is a result of Merchants decision to use most of the cash flows from the investment portfolio to fund loan growth. Investments purchased during the last year have consisted exclusively of government agency bonds. With the exception of six bonds with a current aggregate book value of $10.38 million, all securities in Merchants’ investment portfolio were either Agency guaranteed or rated AAA by all rating agencies at June 30, 2009. Merchants has no corporate debt exposure in its investment portfolio and does not own any perpetual preferred stock in FHLMC or FNMA, nor any interests in pooled trust preferred securities.Quarterly average deposits were $1.00 billion, an increase of 8.6%, over second quarter 2008 average balances of $921.88 million. Deposits ended the quarter at $1.02 billion, an increase of 9.1% over year-end 2008 balances of $930.80 million. Approximately $17.28 million of the new deposit growth is attributable to Merchants’ new government banking group. Merchants hired two experienced government banking officers during 2008, who provide depository, lending and other banking services to municipalities, school districts and other governmental authorities or agencies in Merchants’ service area.Merchants’ capital levels remain strong at June 30, 2009 with a Tier 1 leverage ratio of 7.41% and a tangible capital ratio of 6.25%. Merchants will seek to maximize its use of capital through an emphasis on continued growth of its core franchise, while limiting additional leverage through a continued shift of its asset and liability mix.Merchants recorded a $2.00 million provision for credit losses during the second quarter of 2009 and $2.90 million year-to-date, compared to $50 thousand and $350 thousand for the second quarter and first six months of 2008, respectively. The increase in the provision during the second quarter of this year is primarily a result of increased levels of non-performing and classified loans, combined with increased net charge-offs, continued economic uncertainty and strong loan growth over the first six months of 2009. Merchants net charge-offs for the first six months of this year were $979 thousand compared to net recoveries of $65 thousand for the same period in 2008. Nonperforming loans increased $2.00 million to $13.65 million at June 30, 2009 from $11.64 million at December 31, 2008. Management made progress in collection efforts for loans in non-accrual status at December 31, 2008, which were reduced by approximately 13%. However, this progress was more than offset by management’s decision to place a number of additional commercial relationships into non-accruing status during the first half of 2009. The allowance for loan losses at June 30, 2009 was $10.60 million; 1.18% of total loans and 78% of nonperforming loans at June 30, 2009. “We are closely monitoring the operating performance of our customers, and actively managing credit risk,” Tuttle commented. “We expect that this will continue to be a major point of focus for the balance of 2009 and into 2010. To date we have seen limited evidence of any improvement in the economy. “Noninterest income, excluding gains/losses on investment securities, increased slightly to $2.41 million for the second quarter of 2009 from $2.31 million for the second quarter of 2008, and to $4.54 million for the first half of 2009, from $4.47 million for the first half of last year. Trust Company income decreased during 2009. Although Merchants has experienced increases in overall trust relationships, these increases have not generated enough additional revenue to offset lost revenue due to market value declines in the current volatile environment. Merchants experienced slight increases in its net overdraft income for the second quarter of 2009 compared to last year, which made up for decreases in this fee category in the first quarter of 2009. On a year to date basis, service charges on deposits for 2009 are slightly higher than 2008.Total noninterest expenses increased $1.39 million, or 15.5%, to $10.34 million for the second quarter of 2009 from $8.95 million for the second quarter of 2008, and by $2.81 million, or 16.4% to $19.88 million for the first half of 2009 from $17.07 million for the same period last year. The largest increase was in Merchants’ expenses related to FDIC insurance which have increased by $1.21 million year to date. As mentioned previously, Merchants recorded a $625 thousand estimated expense related to the FDIC’s special assessment during the quarter. Additionally, Merchants’ year-to-date FDIC insurance expense, excluding the special assessment, increased $581 thousand to $631 thousand from $50 thousand for the first half of 2009 compared to 2008. Merchants also prepaid $18 million in FHLB debt during the quarter, resulting in a $304 thousand prepayment penalty which is included in Other Expenses. Salaries and Wages decreased slightly for the second quarter of 2009 compared to 2008, but have increased for the first half of this year compared to last year. The year to date increase is a result of normal pay increases combined with additional staff that Merchants hired in the corporate banking, executive and trust areas over the course of 2008. The decrease for the second quarter is the result of lower anticipated incentive payouts for 2009 compared to 2008. Employee benefits have also increased for 2009. The largest year over year increases were in health insurance costs and pension plan expenses.Mr. Michael Tuttle, Merchants’ President and Chief Executive Officer; and Ms. Janet Spitler, Merchants’ Chief Financial Officer, will host a conference call to discuss these earnings results at 9:30 a.m. Eastern Time on Friday, July 31, 2009. Interested parties may participate in the conference call by dialing (888) 423-3273; the title of the call is Earnings Release Conference Call for Merchants Bancshares, Inc. Participants are asked to call a few minutes prior to register. A replay will be available until noon on Friday, August 7, 2009. The U.S. replay dial-in telephone number is (800) 475-6701. The international replay telephone number is (320) 365-3844. The replay access code for both replay telephone numbers is 967738.Merchants Bank was established in 1849 in Burlington, Vermont. Its continuing mission is to provide Vermonters with a statewide community bank that combines a strong technology platform with a genuine appreciation for local markets. Merchants Bank delivers this commitment through a branch-based system that includes: 34 community bank offices and 42 ATMs throughout Vermont; local branch presidents and personal bankers dedicated to high-quality customer service; free online banking, phone banking, and electronic bill payment services; high-value depositing programs that feature Free Checking for Life®, Cash Rewards Checking, Rewards Checking for Business, business cash management, money market accounts, health savings accounts, certificates of deposit, Flexible CD, IRAs, and overdraft assurance; feature-rich loan programs including mortgages, home equity credit, vehicle loans, personal and small business loans and lines of credit; and merchant card processing. Merchants Bank offers a strong set of commercial and government banking solutions, delivered by experienced banking officers in markets throughout the state. These teams provide customized financing for medium-to-large companies, non-profits, cities, towns, and school districts. Please visit www.mbvt.com(link is external) for access to Merchants Bank information, programs, and services. Merchants’ stock is traded on the NASDAQ National Market system under the symbol MBVT. Member FDIC. Equal Housing Lender.Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements reflect Merchants’ current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause Merchants’ actual results to differ significantly from those expressed in any forward-looking statement. Forward-looking statements should not be relied on since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Merchants’ control and which could materially affect actual results. The factors that could cause actual results to differ materially from current expectations include changes in general economic conditions in Vermont, changes in interest rates, changes in competitive product and pricing pressures among financial institutions within Merchants’ markets, and changes in the financial condition of Merchants’ borrowers. The forward-looking statements contained herein represent Merchants’ judgment as of the date of this report, and Merchants cautions readers not to place undue reliance on such statements. For further information, please refer to Merchants’ reports filed with the Securities and Exchange Commission. Merchants Bancshares, Inc. Financial Highlights (unaudited) (Dollars in thousands except share and per share data) 06/30/09 12/31/08 06/30/08 12/31/07 ——– ——– ——– ——–Balance Sheets – Period EndTotal assets $1,355,583 $1,341,210 $1,292,325 $1,170,743Loans 896,087 847,127 774,194 731,508Allowance for loan losses (“ALL”) 10,605 8,894 8,439 8,002Net loans 885,482 838,233 765,755 723,506Securities available for sale 372,876 429,872 441,834 361,512Securities held to maturity 1,425 1,737 3,445 4,078Federal Home Loan Bank (“FHLB”) stock 8,630 8,523 6,748 5,114Federal funds sold and other short-term investments 260 111 6,110 20,100Other assets 86,910 62,734 68,433 56,433Deposits 1,015,398 930,797 945,644 867,437Securities sold under agreement to repurchase and other short-term debt 83,787 124,408 82,168 98,917Securities sold under agreement to repurchase, long-term 54,000 54,000 74,000 41,500Other long-term debt 83,129 118,643 86,640 62,117Junior subordinated debentures issued to unconsolidated subsidiary trust 20,619 20,619 20,619 20,619Other liabilities 13,900 13,046 9,602 4,846Shareholders’ equity 84,750 79,697 73,652 75,307Balance Sheets – Quarter-to-Date AveragesTotal assets $1,353,776 $1,320,845 $1,277,824 $1,169,811Loans 895,981 825,395 762,761 730,688Allowance for loan losses 9,985 8,596 8,423 7,840Net loans 885,996 816,799 754,338 722,848Securities available for sale and FHLB stock 385,715 436,712 441,916 340,598Securities held to maturity 1,511 2,187 3,618 4,247Federal funds sold and other short-term investments 23,082 2,420 7,627 38,227Other assets 57,472 62,727 70,325 63,891Deposits 1,000,914 946,534 921,884 874,406Securities sold under agreement to repurchase and other short-term debt 83,949 96,736 89,785 94,785Securities sold under agreement to repurchase, long-term 54,000 54,000 71,143 35,646Other long-term debt 96,223 117,996 82,682 60,811Junior subordinated debentures issued to unconsolidated subsidiary trust 20,619 20,619 20,619 20,619Other liabilities 14,474 9,845 16,094 10,780Shareholders’ equity 83,597 75,115 75,617 72,764Interest earning assets 1,306,289 1,266,714 1,215,922 1,113,760Interest bearing liabilities 1,149,207 1,110,612 1,073,468 958,669Ratios and Supplemental Information – Period EndBook value per share $14.65 $13.89 $12.81 $13.05Book value per share (1) $13.90 $13.15 $12.15 $12.35Tier I leverage ratio 7.41% 7.42% 7.43% 8.14%Tangible capital ratio (2) 6.25% 5.94% 5.70% 6.42%Period end common shares outstanding (1) 6,098,608 6,061,182 6,061,570 6,096,737Credit Quality – Period EndNonperforming loans (“NPLs”) $13,650 $11,643 $5,335 $9,231Nonperforming assets (“NPAs”) $14,452 $12,445 $5,335 $9,706NPLs as a percent of total loans 1.52% 1.37% 0.69% 1.26%NPAs as a percent of total assets 1.07% 0.93% 0.41% 0.83%ALL as a percent of NPLs 78% 76% 158% 87%ALL as a percent of total loans 1.18% 1.05% 1.09% 1.09%(1) This book value and period end common shares outstanding includes 314,520; 323,754; 311,638 and 325,789 Rabbi Trust shares for the periods noted above, respectively. (2) The tangible capital ratio is a non-GAAP financial measure which we believe provides investors with information that is useful in understanding our financial performance. For the Six Months Ended June 30, 2009 2008 —- —-Balance Sheets – Year to-Date AveragesTotal assets $1,348,751 $1,240,145Loans 881,054 750,187Allowance for loan losses 9,613 8,275Net loans 871,441 741,912Securities available for sale and FHLB stock 404,312 408,193Securities held to maturity 1,589 3,778Federal funds sold and other short-term investments 14,127 17,131Other assets 57,282 69,131Deposits 974,844 900,365Securities sold under agreement to repurchase and other short-term debt 98,654 88,995Securities sold under agreement to repurchase, long-term 54,000 60,621Other long-term debt 105,099 78,667Junior subordinated debentures issued to unconsolidated subsidiary trust 20,619 20,619Other liabilities 13,650 14,665Shareholders’ equity 81,885 76,213Interest earning assets 1,301,082 1,179,289Interest bearing liabilities 1,144,919 1,034,444 For the Three Months For the Six Months Ended Ended June 30, June 30, 2009 2008 2009 2008 —- —- —- —-Operating ResultsInterest incomeInterest and fees on loans $11,944 $11,373 $23,712 $22,939Interest and dividends on investments 4,769 5,569 10,036 10,452Total interest and dividend income 16,713 16,942 33,748 33,391Interest expenseDeposits 2,680 4,378 5,516 8,894Short-term borrowings 47 415 132 1,053Long-term debt 1,611 1,659 3,384 3,316Total interest expense 4,338 6,452 9,032 13,263Net interest income 12,375 10,490 24,716 20,128Provision for credit losses 2,000 50 2,900 350Net interest income after provision for credit losses 10,375 10,440 21,816 19,778Noninterest incomeTrust Company income 413 473 814 978Service charges on deposits 1,489 1,356 2,727 2,647(Loss) gain on investment securities — — (205) 82Equity in losses of real estate limited partnerships, net (461) (461) (924) (924)Other noninterest income 965 937 1,923 1,765Total noninterest income 2,406 2,305 4,335 4,548Noninterest expenseSalaries and wages 3,200 3,255 6,625 6,352Employee benefits 1,334 936 2,594 1,868Occupancy and equipment expenses 1,563 1,491 3,202 3,043Legal and professional fees 657 696 1,346 1,279Marketing expenses 438 592 779 996State franchise taxes 302 278 600 550FDIC Insurance 942 25 1,256 50Other noninterest expense 1,899 1,677 3,475 2,936Total noninterest expense 10,335 8,950 19,877 17,074Income before provision for income taxes 2,446 3,795 6,274 7,252Provision for income taxes 383 911 1,305 1,711Net income $2,063 $2,884 $4,969 $5,541Ratios and Supplemental Information Weighted average common shares outstanding 6,094,912 6,069,476 6,081,497 6,077,131Weighted average diluted shares outstanding 6,097,571 6,081,387 6,084,156 6,089,041Basic earnings per common share $0.34 $0.48 $0.82 $0.91Diluted earnings per common share $0.34 $0.47 $0.82 $0.91Return on average assets 0.61% 0.90% 0.74% 0.89%Return on average shareholders’ equity 9.87% 15.26% 12.14% 14.54%Net interest rate spread 3.63% 3.19% 3.65% 3.12%Net interest margin 3.81% 3.48% 3.84% 3.44%Net (charge-offs) recoveries to Average Loans -0.07% 0.01% -0.11% 0.01%Net (charge-offs) recoveries ($631) $55 ($979) $65Efficiency ratio (1) 65.14% 64.79% 63.43% 64.24%(1) The efficiency ratio excludes amortization of intangibles, equity in losses of real estate limited partnerships, OREO expenses, gain/loss on sales of securities, state franchise taxes, and any significant nonrecurring items. Note: As of June 30, 2009, the Bank had off-balance sheet liabilities inthe form of standby letters of credit to customers in the amount of$4.27 million. SOUTH BURLINGTON, Vt., July 29 /PRNewswire-FirstCall/ —last_img read more

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GMCR to release first quarter results February 1

first_imgGreen Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), a leader in specialty coffee and coffee makers, today announced that the Company plans to announce financial results for its fiscal 2012 first quarter in a press release to be issued following the close of the financial markets on Wednesday, February 1, 2012. These results are widely anticipated as GMCR stock fell from over $100 per share to under $50 late last year under a barrage of investor opposition to its business practices and a class action suit, and because of what Wall Street felt was disappointing 2011 financial results. The stock closed January 10, 2011, at $47.99 after a high of $115.98 on September 20, 2011.In conjunction with this announcement, GMCR will publish management’s prepared remarks on its quarterly results. These prepared remarks will be provided via a Current Report on Form 8-K and also posted under the events link in the Investor Relations section of the Company’s website at www.GMCR.com(link is external).The Company will host a conference call with investors and analysts on Wednesday, February 1, 2012 at 5 pm ET. As a result of publishing prepared remarks in advance of the live call, the conference call will include only brief remarks by management followed by a question and answer session.The live conference call will be simultaneously webcast and will be accessible from the events link in the Investor Relations portion of the Company’s website:http://investor.gmcr.com/events.cfm(link is external). The webcast will be archived for replay following the conclusion of the live event. Individuals who prefer not to use the internet for either the live call or the replay can call the Investor Services Department at GMCR, (802) 882-2899, to make alternate arrangements to hear the call by telephone live or the replay through Sunday, February 5, 2012.About Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR)As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and donating at least five percent of its pre-tax profits to social and environmental projects.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.last_img read more

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