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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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Volleyball: Gophers win in four sets, prove to be too much for Badgers

first_imgThe University of Wisconsin volleyball team (16-5, 9-4 Big Ten) dropped a tough battle against Big Ten rival Minnesota (19-2, 13-0) Halloween night. The No. 3 Gophers were able to hold on for a 16–25, 25–22, 25–9, 25–19 victory over the No. 5 Badgers at the UW Field House.During the game, sophomore Dana Rettke had a school-record 30 kills and finished with an astounding .560 hitting percentage. But the Gophers proved too much to handle, and extended their winning streak to 14 matches, remaining undefeated in Big Ten play.The first set of the match started slow for the Badgers, as they fell behind 6–10 early. The rest of the set was all Badgers. The team finished the set on a 19–6 run, to take the set 25–16, including seven kills from Rettke and a stretch of six straight points thanks to several errors from the Minnesota squad.Men’s basketball: Aleem Ford out indefinitely with knee injurySophomore forward Aleem Ford has been ruled out indefinitely after sustaining a knee injury during practice and having surgery earlier Read…The second set of the match once again started slow for the Badgers, with Minnesota jumping out to a 12–5 lead early on and never looking back. Led by sophomore Stephanie Samedy, Minnesota was able to win the set 25–22 despite a late comeback by the Badgers.The third set of the match was a back and forth battle much of the way through. With the Badgers leading 13–12, the Gophers needed a momentum shift, and they got one in the form of six straight points, including three kills from freshman Adanna Rollins to give them the lead, 18–13. The rest of the set continued to be close, with Minnesota prevailing for a 25–19 win and 2–1 lead in the match.In the fourth set, both teams battled hard, with the score tied 10–10 early on. The two teams exchanged points until it was again tied 15–15. Minnesota then found their groove, pulling away for an 18–15 lead which they never relinquished, winning the final set 25–19 for a 3–1 match victory.Football: Takeaways from jaw-dropping loss in EvanstonUp until Saturday’s disappointing display from the Wisconsin football team, in which they lost 31–17 to the Northwestern Wildcats (in Read…Along with Rattke’s record breaking performance, teammate Sydney Hilley finished with 56 assists, making it a point to go to Rattke every opportunity she got. Despite the loss, Wisconsin also managed to finish the match with a better hitting percentage — .296 for Wisconsin and .272 for Minnesota — as well as two more blocks than Minnesota.The Badgers have a busy week ahead, beginning with a match against No.14 Michigan Sunday at the UW Field House. The game will begin at 1 p.m. and can be watched on the BTN2Go app.last_img read more

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More than 100 Participants at the Bicycle Event in Srbac

first_imgSrbac – on the 24 kilometres long relation Srbac – Gornja Lepenica, the 6th bicycle event “Srbac 2014” where more than 100 citizens age 3-60 participated was held today.This is the second bicycle event for the Bicycle club Srbac and before them this manifestation was organized four times by the Tourist organization Srbac.“This year we decided for the citizens to drive their bikes to the “Suvajac” excursion site below Motajica in Gornja Lepenica.“The relation is 24 kilometres long in one way with lots of climbs.” – said the president of the bicycle club “Srbac”, Ostoja Pejaković for SRNA agency.The youngest participant was the three years old Aco Nedić who arrived with his grandfather Branko, and Goran Milanović from Srbac brought his whole family along– two daughters and a seven year old son while his wife will go behind the colon by car if someone gets tired or some damage happens.Milanović says that this is a recreational event good for health and he recommends it to all citizens.The sponsor of this year’s bike event is the Municipality of Srbac.(Source: Nezavisne novine)last_img read more

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When will the MLB season start in 2020? Key dates, schedule & more to know for Opening Day

first_imgMLB playoffs 2020With MLB imposing a season, expanded playoffs are off the table for 2020 and 2021. For now, the normal 10-team format will continue.MLB rule changesSo-called purists are sure to hate these two: There will be a DH in the National League, and all extra innings will begin with a runner on second base and no outs. The change in DH rules was included in the safety protocols, and the extra-inning change is meant to prevent marathon games that would keep team personnel at the park longer than preferred.MLB roster limits, trade deadlineUSA Today’s Bob Nightengale reported June 23 that teams will be able to carry 30 players on their active roster for the first 15 days of the season, 28 players until the 28th day and then 26 through the end of the season. There will be no expansion of rosters in September. The Athletic’s Jayson Stark reported that the trade deadline this year will be Aug. 31. Manfred’s mandate caps off a months-long “will-they-won’t-they” storyline fit for a terrible TV sitcom, featuring lots of public bitterness from both sides. With Manfred imposing a season, we’ll have Major League Baseball in 2020, unless something insane happens between now and July 23. Which, well, is a major possibility this year.There are many logistical hurdles that remain, including travel, lodging and travel restrictions still taking hold of different states and two neighboring countries. MORE: What’s next while we wait for an MLBPA voteWhen does the MLB season start in 2020?Spring (summer) training report date: July 1Regular season start date: July 23 or 24MLB Opening Day 2020 is slated for around July 24. Players are expected to report to spring (summer) training by July 1/MLB schedule 2020: How many games will they play?As implemented by Rob Manfred, the 2020 MLB season will be 60 games long, barring any kind of stoppage for any reason. Full details of the schedule are unknown at this time, but MLB offered some information on June 23.”The proposed schedule will largely feature divisional play, with the remaining portion of each Club’s games against their opposite league’s corresponding geographical division (i.e., East vs. East, Central vs. Central and West vs. West), in order to mitigate travel,” MLB said in a press release. Media reports said teams will play 40 intradivision games and 20 interleague games.That would seem to eliminate the idea of having just three divisions (combining Easts, Centrals and Wests) instead of six this year.MLB health and safety protocolsMLB sent a 67-page proposal to the MLBPA in May, and a revised 107-page pamphlet in June. Some of the known facts from the proposal:Social distancing (six feet) encouraged between players not in the game. As in, players and personnel will have to sit far from each other in the stands.No spitting, no chewing tobacco, no seeds, no general grossness that are player trademarks.Balls used in-game and touched by multiple players will be removed from the game.Players will be tested for the coronavirus during the week and temperatures will be taken once a day. Should a positive test occur, the player will be quarantined and will need two negative tests to return to the field.It seems pie-in-the-sky to try to enforce some of these rules, but hey, at least they’re trying. (On paper.)Will fans be allowed at MLB games?Evan Grant of the Dallas Morning News reported June 4 that MLB would defer to local governments as to whether fans would be allowed at games. That would bode well for a state like Texas, which is reopening despite rising numbers of coronavirus cases and is currently allowing up to 50 percent stadium capacity.It’s difficult to imagine fans in MLB stadiums this season on a large scale, considering the coronavirus pandemic is not contained in most states.What happened between MLB and the MLBPA?Take a deep breath. Saying both sides were arguing over money is accurate, but simply blaming the players for the lack of a long season is inaccurate.Here’s how the situation broke down:In March, MLB and the MLBPA agreed to a deal that would pay the players their full prorated salaries over the course of the season, no matter the length of games that would be played. Reportedly, the agreement to pay the players those salaries hinged upon whether there would be fans in the stands. Once it was apparent that it would be unsafe to play games with crowds, the fighting between the sides began.With owners standing to lose revenue from not having ticket and concession sales, MLB front offices wanted players to take bigger pay cuts for however long the season was played: MLB owners wanted players to take less than fully prorated salaries for the amount of games played. While they increased the number of games in different offers, they kept requesting that the players play for less than their full prorated salaries. The MLBPA scoffed at that.After lots of back-and-forth and MLB ownership not meeting the players’ salary requests, the MLBPA eventually threw down the gauntlet: After one of the last failed attempts at a deal, the players gave Manfred their now-famous “When and Where” ultimatum, essentially asking for the commissioner to impose a season. If you’re going to place most of the blame on the players in not getting a deal done, in the words of Lee Corso, “Not so fast, my friend.”The reason for the ultimatum was twofold; First, the players were ready to play. After all, they were the ones asking for as long a season as possible, including a 114-game proposal at one point.The second reason: Players were tired of being shortchanged by ownership, which the players believe was negotiating in bad faith. Asking Manfred to impose a season was one way to gain leverage in whatever grievance they may file (which they will) with an arbiter after a season gets underway. The fact that ownership balked at the idea of wanting a longer season should be proof enough for anyone following along that the players weren’t in the wrong. Further proof should be the fact MLB, in its last proposal, was asking for the players to waive their right to file a grievance.In the end, the owners got exactly what they wanted after a month of dribbling out the clock: The players look like the villains, MLB only has to pay 37 percent salaries of the players’ 2020 salaries, and the owners get to keep their books closed to the MLBPA.All of this is a precursor to the impending labor dispute when the current collective bargaining agreement expires following the 2021 season. Here’s hoping a deal gets done so we have a 2022 season. Baseball is (almost) back.It has been a messy, gross, disgusting three months of negotiating between the MLBPA and MLB, with both sides agreeing to disagree over prorated salaries and commissioner Rob Manfred ultimately imposing a 60-game schedule for the 2020 season.last_img read more

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FINN VALLEY’S MCGLOIN HAS IMPRESSIVE GREAT IRELAND RUN

first_imgFinn Valley athlete Teresa McGloin put in a terrific display at today’s Great Ireland Run to be the third Irish lady home.Teresa McGloin in full flightThe Letterkenny-based runner finished in a very impressive time of 35.41 in a very impressive field.Teresa was with the leading pack until the 7th kilometre when the pace became a little too much. However, Teresa can hold her head high after this battling performance. FINN VALLEY’S MCGLOIN HAS IMPRESSIVE GREAT IRELAND RUN was last modified: April 14th, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:finn valleyGreat Ireland RunTeresa McGloinlast_img read more

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