IBM Joins Vermont Energy Partnership

first_imgIBM Joins Vermont Energy PartnershipVermont’s Largest Employer Concerned About State’s Energy FutureIBM, Vermont’s largest employer, has joined the Vermont EnergyPartnership, a recently launched sizable and diverse coalition working toensure that Vermont has reliable, affordable, and clean electricity.The Vermont Energy Partnership, a recently-launched coalition of business, labor, and community leaders dedicated to ensuring that Vermont has reliable, affordable, and clean electricity, announced today that IBM has joined the organization. With this addition, the Partnership, which was formally launched on January 31, now has 25 members. “The two key questions that should be asked about our power system are the ones most often ignored, ‘Will the lights go out and can we afford the bill?,'” said John O’Kane, government relations manager for IBM.”This is an issue that goes to the heart of preserving jobs and Vermont’squality of life. We need to take steps now to improve the cost andreliability of Vermont’s electricity supply. In doing so, we will be ableto make the state’s electricity costs more competitive for residents andbusineses, and attract companies to expand and re-locate to Vermont,” saidMr. O’Kane. Former Governor Tom Salmon, a founding member of the Vermont Energy Partnership said, “IBM gets it. They understand that Vermont is at a critical crossroads. We can come together and address electricity issues now and help to ensure a promising future, or we can continue to neglect this exceedingly important public policy issue and invite potential calamity,” said Governor Salmon. Founded in 2005, the Vermont Energy Partnership (www.vtep.org(link is external) ) is a diverse group of business, labor, and community leaders working to ensure that Vermont has reliable, affordable, and clean electricity, which is essential to maintaining the state’s quality of life and future prosperity. The Vermont Energy Partnership recognizes that it is imperative to address Vermont’s tremendous electricity challenges today, so that Vermont stays a great place to live and work.- 30 –last_img read more

GMP files annual report

first_imgGMP Employee GMP Employee 12 38 2006-12-04T15:51:00Z 2007-03-23T18:23:00Z 2007-03-23T21:19:00Z 1 210 1203 Green Mountain Power Corporation 10 2 1411 10.2625 Print 2.85 pt 2 MicrosoftInternetExplorer4st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”;}March 23, 2007                  Upon request, shareholders may receivefree of charge a hard copy of the Annual Report on Form 10-K, includingcomplete audited financial statements, by emailing collins@greenmountainpower.biz(link sends e-mail),calling 1-802-655-8410, or mailing Green Mountain Power, 163 Acorn Lane,Colchester, VT 05446, attn: Corporate Relations. GREEN MOUNTAIN POWER FILES ANNUAL REPORT ON FORM 10-K           COLCHESTER, VT& Green Mountain Power (NYSE: GMP)today announced that it has filed with the U.S. Securities and Exchange Commissionits Annual Report on Form 10-K for the fiscal year ended December 31,2006.  The filing was made on March 13, 2007and is available electronically on Green Mountain Power’s website at www.greenmountainpower.biz(link is external). Underthe section entitled “Who We Are,” users should select “Investors.”    Green Mountain Power(www.greenmountainpower.biz(link is external))is an electric utility operating company that transmits, distributes and sellselectricity and utility construction services in the State of Vermontin a service territory with approximately one quarter of Vermont’spopulation. It serves approximately 90,000 customers. -30-           For further information, pleasecontact Dorothy Schnure, Manager of Corporate Communications, at 802-655-8418.last_img read more

Otter Creek Awnings returns to Vermont ownerhsip

first_imgOTTER CREEK AWNINGSRETURNS TO VERMONT OWNERSHIP Otter Creek Awnings, started in a Middlebury basement in 1976, is now owned once again by a Vermonter. Todd Warren of Essex purchased Otter Creek in late August, returning the company known for Vermont values home to its roots. Warren, a Johnson State College graduate born in Burlington, Vermont, joined Otter Creek in 1997 as Director of Sales and Marketing and has served as company President since 2001.”It feels wonderful for everyone involved, and it is truly a great thing for our employees and the customers we serve. We’ve always conducted ourselves as a local company. Our heritage, our customers and our staff have always been local. We will continue to work to enhance the feeling and the experience of working with a Vermont company whose number one priority is customer satisfaction,” Warren said.Under his leadership, Otter Creek has seen over 200% growth in revenue and as a result of his work at Otter Creek and in the community, Warren was recognized as the 2007 Associate of the Year for the Home Builder’s and Remodeler’s Association of Northern Vermont. “Too often small companies become part of a larger corporation; this time, we’re fortunate to reverse the scenario and bring Otter Creek back into the hands of local ownership.”last_img read more

National Life Group names Mehran Assadi as next CEO

first_imgMehran Assadi has been designated the next president and chief executive officer of National Life Group (NLGroup), the company’s Board of Directors announced on Tuesday.Assadi, currently president of NLGroup’s life and annuity division, will succeed Thomas H. MacLeay, who is retiring Dec. 31 as president and CEO. MacLeay will remain as Chairman of the Board.David Coates, the lead independent director on the board and chairman of the search committee, said Assadi has been instrumental in developing and executing a strategy of success for the life and annuity division.”Mehran is a proven leader,” said Coates. “He brings energy, enthusiasm and optimism to every assignment he is given. We believe Mehran is the best person to build on Tom’s tremendous record of accomplishment.”National Life Group, a Fortune 1000 company with combined 2007 revenues of $1.4 billion, serves the financial needs of more than 700,000 customers. NLGroup includes its flagship company, National Life Insurance Company, founded in Montpelier in 1848; Life Insurance Company of the Southwest in Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all based in Montpelier.Assadi, 50, joined NLGroup in 2003 and was named president of the life and annuity division two years later. He oversees the life and annuity profit centers, which include sales and distribution as well as product development, new business, marketing, underwriting and customer service.”Mehran understands what makes National Life special: our history, our heritage, our mutual structure, our focus on the individual and our unwavering commitment to deliver on the promises we make,” said MacLeay. “Mehran also appreciates what we need to do to remain strong and competitive in tomorrow’s marketplace.”Assadi said that being named chief executive officer is an honor. “National Life is more than a company,” he said. “It is a jewel.””I feel privileged to be asked to lead National Life Group, especially as we mark the 160th anniversary of the founding of National Life Insurance Company,” he said.Assadi will only be the 16th person to serve as chief executive in the 160 years since National Life Insurance Co. was chartered. MacLeay has served as president for 11 years and as CEO and chairman for six years.Prior to joining National Life Group, Assadi served as executive vice president, chief marketing officer and chief information officer at Provident Mutual in Newark, Delaware. Previously he served for 16 years in various senior positions with United States Fidelity and Guaranty of Baltimore.A graduate of Towson University, Assadi has a Master’s in Management Information Systems from the University of Baltimore.Assadi and his wife Janet have three sons, Anthony, Jordan, and Ryan.last_img read more

Chittenden Bank parent company reports flat earnings

first_imgPeople’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) announced July 16, 2009, net income of $27.4 million, or $0.08 per share, for the second quarter of 2009, compared to $26.7 million, or $0.08 per share, for the first quarter of 2009, and $43.0 million, or $0.13 per share, for the second quarter of 2008. Second quarter 2009 earnings reflect continued margin pressure associated with the historically low interest rate environment and the company’s asset sensitive balance sheet, and security gains that served to offset an FDIC special assessment charge.For the second quarter of 2009, return on average tangible assets was 0.57 percent and return on average tangible stockholders’ equity was 3.0 percent, compared to 0.57 percent and 2.9 percent, respectively, for the first quarter of 2009. At June 30, 2009, People’s United Financial’s tangible equity ratio stood at 18.7 percent.The Board of Directors of People’s United Financial declared a $0.1525 per share quarterly dividend, payable August 15, 2009 to shareholders of record on August 1, 2009. Based on the closing stock price on July 15, 2009, the dividend yield on People’s United Financial common stock is 3.9 percent.”Our second quarter performance reflects continued growth in our core commercial and home equity loan portfolios and deposits during a difficult economic environment, specifically as it relates to the current level of interest rates and our asset-sensitive balance sheet,” stated Philip R. Sherringham, President and Chief Executive Officer. “However, the pillars of our financial position – strong asset quality and prudent management of our excess capital – have served us well in these challenging times. Modest levels of net loan charge-offs and nine percent year-over-year growth in our core lending portfolios continue to differentiate us from most in the banking sector. Despite an increase in non-performing assets during the quarter as the economy continued to show signs of weakness, we still believe that any potential losses attributable to those assets will be limited.”Sherringham added, “While we are well-positioned to benefit from future increases in interest rates given our asset-sensitivity, the current rate environment continues to pressure our net interest margin. Our strategic focus remains on expansion through opportunistic acquisitions even as we continue to pursue organic growth throughout our franchise. The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet continues to be funded almost entirely by deposits and stockholders’ equity, are features that set us apart from most in the industry.”Sherringham continued, “We believe one important catalyst for growth is our ability to enhance the customer experience. With this in mind, we were very pleased to announce in May that J.D. Power and Associates ranked People’s United Bank ‘Highest Customer Satisfaction with Retail Banking in the New England Region.’ This recognition underscores our long-term commitment to our customers. Our continued core business growth in these challenging times is, of course, the most tangible indication of our customers’ satisfaction.””Significant drivers of the company’s performance this quarter were loan growth across our strategic lending businesses, continued low levels of net loan charge-offs, improved fee income, and expense control, partially offset by continued margin pressure and our decision to increase the allowance for loan losses,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer. “Compared to the first quarter of 2009, average commercial banking loans, excluding shared national credits, increased $125 million, or 6 percent annualized, while our home equity loan portfolio increased $20 million, or 4 percent annualized.”Burner continued, “In addition, during the second quarter, mortgage-backed securities with a book value of $723 million were sold, with a portion of the proceeds reinvested in mortgage-backed securities with longer maturities and substantially-equivalent yields. This investment portfolio repositioning, which was undertaken to mitigate prepayment risk, generated security gains totaling $12.0 million. Total non-interest expense, adjusted for the FDIC special assessment charge in the second quarter and one-time charges in the first quarter, increased a modest $1.5 million during the period. The 13 basis point decline in the net interest margin was primarily attributable to an increase of $540 million, or 15 percent annualized, in average deposits during the second quarter that were invested in federal funds at 25 basis points.”Commenting on asset quality, Burner stated, “As previously disclosed, a single shared national credit accounted for $17 million, or 40 percent, of the increase in non-performing loans this quarter. Another $9.1 million, or 22 percent, of the increase was attributable to the residential mortgage portfolio, which is a reflection of higher levels of unemployment across our franchise, while $7.5 million, or 18 percent, of the increase was noted within the equipment financing portfolio, reflecting broader economic weakness. Notwithstanding the increase in non-performing assets, our continued low level of net loan charge-offs in this current economic environment is a testament to our disciplined underwriting standards.”Second quarter net loan charge-offs totaled $6.0 million compared to $6.4 million in the first quarter of 2009. Net loan charge-offs as a percent of average loans on an annualized basis were 0.16 percent in the second quarter of 2009 compared to 0.18 percent in this year’s first quarter. The provision for loan losses in the second quarter of 2009 reflects an $8.0 million increase in the allowance for loan losses to $167.0 million at June 30, 2009.At June 30, 2009, non-performing loans totaled $168.0 million and the ratio of non-performing loans to total loans was 1.15 percent, compared to $126.1 million and 0.86 percent, respectively, at March 31, 2009. Non-performing assets totaled $182.0 million at June 30, 2009, a $40.0 million increase from March 31, 2009. Non-performing assets equaled 1.25 percent of total loans, REO and repossessed assets at June 30, 2009 compared to 0.97 percent at March 31, 2009. At June 30, 2009, the allowance for loan losses as a percentage of total loans was 1.15 percent and as a percentage of non-performing loans was 99 percent, compared to 1.09 percent and 126 percent, respectively, at March 31, 2009.Conference CallOn July 17, 2009, at 11 a.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement. The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About People’s” section on the home page, and then selecting “Conference Calls” in the “News and Events” section. Additional materials relating to the call may also be accessed at People’s United Bank’s web site. The call will be archived on the web site and available for approximately 90 days.Selected Financial TermsIn addition to evaluating People’s United Financial’s results of operations in accordance with generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency ratio. Management believes this non-GAAP financial measure provides information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio is used by management in its assessment of financial performance specifically as it relates to non-interest expense control.The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financial to generate a dollar of revenue, is the ratio of total non-interest expense (excluding goodwill impairment charges, amortization of acquisition-related intangibles and fair value adjustments, losses on real estate assets and nonrecurring expenses) to net interest income on a fully taxable equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of assets, other than residential mortgage loans, and nonrecurring income). People’s United Financial generally considers an item of income or expense to be nonrecurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.2Q 2009 Financial HighlightsSummaryNet income totaled $27.4 million, or $0.08 per share.Net interest income on a fully taxable equivalent basis totaled $142.1 million.Net interest margin decreased 13 basis points from 1Q09 to 3.12%.Average investments, excluding mortgage-backed securities, totaled $2.9 billion, or 16% of average earning assets, and yielded 0.27% in 2Q09.Average deposits increased $540 million, or 15% annualized, from 1Q09.Provision for loan losses totaled $14.0 million.Net loan charge-offs totaled $6.0 million in 2Q09 compared to $6.4 million in 1Q09.The allowance for loan losses was increased by $8.0 million in 2Q09 from 1Q09 levels.Non-interest income, excluding net security gains, totaled $73.0 million in 2Q09 compared to $66.8 million in 1Q09.Bank service charges increased $2.5 million from 1Q09.Gains on sales of residential mortgage loans increased $1.9 million from 1Q09.Net security gains totaled $12.0 million in 2Q09 and $5.4 million in 1Q09.Non-interest expense, excluding an FDIC special assessment charge and one-time charges, totaled $164.7 million in 2Q09 compared to $163.2 million in 1Q09.FDIC special assessment charge in 2Q09 totaled $8.4 million.One-time charges in 1Q09 totaled $4.4 million.Effective income tax rate was 30.0% in 2Q09 and 31.2% in the first six months of 2009.Commercial BankingAverage commercial banking loans, excluding shared national credits, increased $125 million, or 6% annualized, from 1Q09 to $8.7 billion.Shared national credits totaled $617.3 million at June 30, 2009, a $55.0 million decrease from March 31, 2009.Non-performing commercial banking assets totaled $122.5 million at June 30, 2009, a $32.6 million increase from March 31, 2009.The ratio of non-performing commercial banking loans to total commercial banking loans was 1.21% at June 30, 2009 compared to 0.85% at March 31, 2009.Net loan charge-offs totaled $3.3 million, or 0.15% annualized, of average commercial banking loans in 2Q09, compared to $3.7 million, or 0.16% annualized, in 1Q09.Retail & Small Business BankingAverage residential mortgage loans totaled $3.0 billion, a $157 million decrease (excluding loans held for sale) from 1Q09, reflecting People’s United Financial’s strategy to sell essentially all newly-originated loans.Average home equity loans increased $20 million, or 4% annualized, from 1Q09 to $2.0 billion.Average indirect auto loans totaled $0.2 billion, unchanged from 1Q09.Home equity net loan charge-offs totaled $0.6 million, or 0.13% annualized, of average home equity loans.Indirect auto net loan charge-offs totaled $0.7 million, or 1.14% annualized, of average indirect auto loans.Wealth ManagementInvestment management fees increased $1.1 million from 1Q09, primarily reflecting the increase in assets under custody and management resulting from the improvement in the equity markets.Insurance revenue declined $1.5 million from 1Q09, reflecting the combination of the seasonal nature of insurance renewals and a continued soft insurance market resulting from the contracting economy.Assets under custody and management, which are not reported as assets of People’s United Financial, totaled $9.4 billion at June 30, 2009 compared to $9.2 billion at March 31, 2009.People’s United Financial, a diversified financial services company with $21 billion in assets, provides commercial banking, retail and small business banking, and wealth management services through a network of nearly 300 branches in Connecticut, Vermont, New Hampshire, Maine, Massachusetts and New York. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.Certain statements contained in this release are forward-looking in nature. These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People’s United Financial’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; and (10) the successful completion of the integration of Chittenden Corporation. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Access Information About People’s United Financial on the World Wide Web at www.peoples.com(link is external). People’s United Financial, Inc. FINANCIAL HIGHLIGHTS Three Months Ended June March Dec. Sept. June (dollars in millions, 30, 31, 31, 30, 30, except per share data) 2009 2009 2008 2008 2008 Operating Data: Net interest income $141.2 $142.8 $153.3 $159.8 $157.0 Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Non-interest income (1) 85.0 72.2 73.7 74.2 73.4 Non-interest expense (2) 173.1 167.6 165.5 158.7 162.9 Income before income tax expense 39.1 39.5 52.8 68.5 65.1 Net income 27.4 26.7 35.4 46.0 43.0 Selected Statistical Data: Net interest margin (3) 3.12% 3.25% 3.55% 3.71% 3.56% Return on average assets (3) 0.53 0.53 0.71 0.92 0.84 Return on average tangible assets (3) 0.57 0.57 0.76 0.99 0.91 Return on average stockholders’ equity (3) 2.1 2.1 2.7 3.5 3.3 Return on average tangible stockholders’ equity (3) 3.0 2.9 3.8 5.0 4.7 Efficiency ratio 72.3 73.4 69.0 64.9 66.3 Per Common Share Data: Diluted earnings per share $0.08 $0.08 $0.11 $0.14 $0.13 Dividends paid per share 0.15 0.15 0.15 0.15 0.15 Dividend payout ratio 186.2% 188.4% 141.8% 108.7% 116.1% Book value (end of period) $15.31 $15.39 $15.45 $15.65 $15.63 Tangible book value (end of period) 10.77 10.83 10.87 11.06 11.00 Stock price: High 18.54 18.18 20.15 21.76 18.52 Low 14.72 15.61 14.75 13.92 15.52 Close (end of period) 15.07 17.97 17.83 19.25 15.60 Average diluted common shares outstanding (in millions) 332.97 332.78 332.33 331.32 330.19 (1) Includes net security gains of $12.0 million and $5.4 million for the three months ended June 30, 2009 and March 31, 2009, respectively. (2) Includes an FDIC special assessment charge of $8.4 million for the three months ended June 30, 2009. (3) Annualized. People’s United Financial, Inc. FINANCIAL HIGHLIGHTS – Continued Six Months Ended June 30, June 30, (dollars in millions, except per share data) 2009 2008 Operating Data: Net interest income $284.0 $323.3 Provision for loan losses (1) 21.9 10.7 Non-interest income (2) 157.2 155.7 Non-interest expense (3) 340.7 382.1 Income before income tax expense 78.6 86.2 Net income 54.1 58.1 Selected Statistical Data: Net interest margin (4) 3.18% 3.61% Return on average assets (4) 0.53 0.56 Return on average tangible assets (4) 0.57 0.61 Return on average stockholders’ equity (4) 2.1 2.2 Return on average tangible stockholders’ equity (4) 3.0 3.1 Efficiency ratio 72.9 65.6 Per Common Share Data: Diluted earnings per share $0.16 $0.18 Dividends paid per share 0.30 0.28 Dividend payout ratio 187.3% 162.2% Book value (end of period) $15.31 $15.63 Tangible book value (end of period) 10.77 11.00 Stock price: High 18.54 18.52 Low 14.72 14.29 Close (end of period) 15.07 15.60 Average diluted common shares outstanding (in millions) 332.87 329.67 (1) Includes a $4.5 million provision for the six months ended June 30, 2008 to align allowance for loan losses methodologies across the combined organization following the acquisition of Chittenden Corporation. (2) Includes net security gains of $17.4 million and $8.3 million for the six months ended June 30, 2009 and 2008, respectively. (3) Includes an FDIC special assessment charge of $8.4 million for the six months ended June 30, 2009, and merger-related expenses of $36.5 million and other one-time charges of $14.8 million for the six months ended June 30, 2008. (4) Annualized. People’s United Financial, Inc. FINANCIAL HIGHLIGHTS – Continued As of and for the Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Financial Condition Data: General: Total assets $20,805 $20,681 $20,168 $20,042 $20,392 Loans 14,553 14,648 14,566 14,331 14,366 Short-term investments (1) 3,073 2,756 1,139 2,534 2,265 Securities 491 806 1,902 428 866 Allowance for loan losses 167 159 158 155 152 Goodwill and other acquisition-related intangibles 1,525 1,531 1,536 1,537 1,541 Deposits 15,023 14,846 14,269 14,152 14,532 Borrowings 160 185 188 152 144 Subordinated notes 181 181 181 180 180 Stockholders’ equity 5,137 5,160 5,176 5,239 5,211 Non-performing assets 182 142 94 91 86 Net loan charge-offs 6.0 6.4 5.7 4.0 2.4 Average Balances: Loans $14,595 $14,603 $14,371 $14,310 $14,425 Short-term investments (1) 2,816 1,824 1,610 2,325 2,433 Securities 799 1,275 1,393 715 907 Total earning assets 18,210 17,702 17,374 17,350 17,765 Total assets 20,759 20,258 20,057 20,057 20,492 Deposits 14,886 14,346 14,117 14,193 14,613 Total funding liabilities 15,237 14,721 14,479 14,520 14,939 Stockholders’ equity 5,162 5,164 5,230 5,204 5,202 Ratios: Net loan charge-offs to average loans (annualized) 0.16% 0.18% 0.16% 0.11% 0.07% Non-performing assets to total loans, REO and repossessed assets 1.25 0.97 0.64 0.64 0.60 Allowance for loan losses to non- performing loans 99.4 126.1 186.8 181.6 182.6 Allowance for loan losses to total loans 1.15 1.09 1.08 1.08 1.06 Average stockholders’ equity to average total assets 24.9 25.5 26.1 25.9 25.4 Stockholders’ equity to total assets 24.7 25.0 25.7 26.1 25.6 Tangible stockholders’ equity to tangible assets 18.7 19.0 19.5 20.0 19.5 Total risk-based capital (2) 13.8 13.5 13.4 16.2 17.8 (1) Includes securities purchased under agreements to resell. (2) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing at People’s United Financial, Inc. People’s United Bank’s June 30, 2009 total risk-based capital ratio is preliminary. People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF CONDITION June 30, March 31, June 30, (in millions) 2009 2009 2008 Assets Cash and due from banks $343.0 $311.2 $585.7 Short-term investments 2,672.8 2,755.7 1,865.1 Total cash and cash equivalents 3,015.8 3,066.9 2,450.8 Securities: Trading account securities, at fair value 12.2 16.3 29.5 Securities available for sale, at fair value 446.8 757.5 804.2 Securities held to maturity, at amortized cost 0.8 0.8 1.4 Federal Home Loan Bank stock, at cost 31.1 31.1 31.1 Total securities 490.9 805.7 866.2 Securities purchased under agreements to resell 400.0 – 400.0 Loans: Commercial real estate 5,234.2 5,086.7 4,859.7 Commercial 4,094.6 4,239.2 3,987.3 Residential mortgage 2,950.1 3,060.9 3,491.6 Consumer 2,273.7 2,261.0 2,027.6 Total loans 14,552.6 14,647.8 14,366.2 Less allowance for loan losses (167.0) (159.0) (151.7) Total loans, net 14,385.6 14,488.8 14,214.5 Goodwill and other acquisition- related intangibles 1,525.3 1,530.6 1,541.3 Premises and equipment 258.2 260.4 267.2 Bank-owned life insurance 233.0 230.3 225.0 Other assets 496.5 298.4 427.4 Total assets $20,805.3 $20,681.1 $20,392.4 Liabilities Deposits: Non-interest-bearing $3,310.4 $3,238.0 $3,340.3 Savings, interest-bearing checking and money market 6,609.7 6,553.0 6,161.2 Time 5,102.9 5,054.7 5,030.0 Total deposits 15,023.0 14,845.7 14,531.5 Borrowings: Repurchase agreements 145.5 170.5 109.7 Federal Home Loan Bank advances 14.6 14.8 15.4 Other – – 18.7 Total borrowings 160.1 185.3 143.8 Subordinated notes 181.2 180.8 179.8 Other liabilities 304.4 308.9 326.2 Total liabilities 15,668.7 15,520.7 15,181.3 Stockholders’ Equity Common stock ($0.01 par value; 1.95 billion shares authorized; 348.3 million shares, 348.3 million shares and 346.7 million shares issued) 3.5 3.5 3.5 Additional paid-in capital 4,500.6 4,493.9 4,449.7 Retained earnings 974.7 998.8 1,041.8 Treasury stock, at cost (3.3 million shares, 3.3 million shares and 3.3 million shares) (60.1) (60.5) (60.6) Accumulated other comprehensive loss (83.3) (74.7) (17.3) Unallocated common stock of Employee Stock Ownership Plan (198.8) (200.6) (206.0) Total stockholders’ equity 5,136.6 5,160.4 5,211.1 Total liabilities and stockholders’ equity $20,805.3 $20,681.1 $20,392.4 People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (in millions, except per share data) 2009 2009 2008 2008 2008 Interest and dividend income: Commercial real estate $70.8 $69.0 $73.9 $75.4 $74.7 Commercial 50.6 50.6 54.9 56.6 56.9 Residential mortgage 37.8 40.7 43.2 45.4 48.4 Consumer 24.0 23.9 25.8 27.2 26.8 Total interest on loans 183.2 184.2 197.8 204.6 206.8 Securities 7.2 9.3 8.5 4.8 7.4 Short-term investments 1.6 1.7 6.1 12.5 9.4 Securities purchased under agreements to resell 0.2 – – 0.5 3.9 Total interest and dividend income 192.2 195.2 212.4 222.4 227.5 Interest expense: Deposits 46.8 48.2 54.6 58.0 65.8 Borrowings 0.4 0.4 0.7 0.8 0.9 Subordinated notes 3.8 3.8 3.8 3.8 3.8 Total interest expense 51.0 52.4 59.1 62.6 70.5 Net interest income 141.2 142.8 153.3 159.8 157.0 Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Net interest income after provision for loan losses 127.2 134.9 144.6 153.0 154.6 Non-interest income: Investment management fees 8.6 7.5 9.6 8.9 9.5 Insurance revenue 6.8 8.3 7.3 8.8 8.1 Brokerage commissions 3.2 3.3 3.2 4.1 4.2 Total wealth management income 18.6 19.1 20.1 21.8 21.8 Bank service charges 32.9 30.4 31.5 33.1 32.4 Merchant services income 6.1 5.8 6.6 7.5 7.1 Bank-owned life insurance 2.7 1.6 1.5 2.1 1.7 Net security gains (losses) 12.0 5.4 0.2 (0.2) (0.2) Net gains on sales of residential mortgage loans 3.8 1.9 0.8 1.5 2.2 Other non-interest income 8.9 8.0 13.0 8.4 8.4 Total non-interest income 85.0 72.2 73.7 74.2 73.4 Non-interest expense: Compensation and benefits 86.6 88.7 83.2 85.6 86.7 Occupancy and equipment 26.3 28.0 26.5 26.1 26.1 Professional and outside service fees 11.7 10.7 12.8 11.9 11.8 Regulatory assessment expense 11.0 1.6 1.4 1.5 1.2 Amortization of other acquisition-related intangibles 5.3 5.2 5.5 5.3 5.3 Merchant services expense 5.2 4.9 5.6 6.8 5.9 Other non-interest expense 27.0 28.5 30.5 21.5 25.9 Total non-interest expense 173.1 167.6 165.5 158.7 162.9 Income before income tax expense 39.1 39.5 52.8 68.5 65.1 Income tax expense 11.7 12.8 17.4 22.5 22.1 Net income $27.4 $26.7 $35.4 $46.0 $43.0 Diluted earnings per common share $0.08 $0.08 $0.11 $0.14 $0.13 People’s United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Six Months Ended June 30, June 30, (in millions, except per share data) 2009 2008 Interest and dividend income: Commercial real estate $139.8 $152.9 Commercial 101.2 117.5 Residential mortgage 78.5 101.3 Consumer 47.9 57.9 Total interest on loans 367.4 429.6 Securities 16.5 17.5 Short-term investments 3.3 28.3 Securities purchased under agreements to resell 0.2 7.0 Total interest and dividend income 387.4 482.4 Interest expense: Deposits 95.0 149.5 Borrowings 0.8 2.0 Subordinated notes 7.6 7.6 Total interest expense 103.4 159.1 Net interest income 284.0 323.3 Provision for loan losses 21.9 10.7 Net interest income after provision for loan losses 262.1 312.6 Non-interest income: Investment management fees 16.1 18.3 Insurance revenue 15.1 17.2 Brokerage commissions 6.5 8.7 Total wealth management 37.7 44.2 Bank service charges 63.3 63.1 Merchant services income 11.9 13.5 Bank-owned life insurance 4.3 4.7 Net security gains 17.4 8.3 Net gains on sales of residential mortgage loans 5.7 4.2 Other non-interest income 16.9 17.7 Total non-interest income 157.2 155.7 Non-interest expense: Compensation and benefits 175.3 175.8 Occupancy and equipment 54.3 57.7 Professional and outside service fees 22.4 23.3 Regulatory assessment expense 12.6 2.4 Amortization of other acquisition-related intangibles 10.5 10.5 Merchant services expense 10.1 11.5 Merger-related expenses – 36.5 Other non-interest expense 55.5 64.4 Total non-interest expense 340.7 382.1 Income before income tax expense 78.6 86.2 Income tax expense 24.5 28.1 Net income 54.1 58.1 Diluted earnings per common share $0.16 $0.18 People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Three months ended June 30, 2009 March 31, 2009 (dollars in Average Yield/ Average Yield/ millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,543.9 $1.6 0.26% $1,824.3 $1.7 0.37% Securities purchased under agreements to resell 272.5 0.2 0.23 – – – Securities (2) 798.6 7.2 3.60 1,274.7 9.3 2.94 Loans: Commercial real estate 5,154.4 70.8 5.49 5,020.5 69.0 5.50 Commercial 4,175.7 51.5 4.94 4,210.3 51.5 4.89 Residential mortgage 2,988.8 37.8 5.05 3,119.4 40.7 5.22 Consumer 2,275.9 24.0 4.22 2,252.7 23.9 4.24 Total loans 14,594.8 184.1 5.04 14,602.9 185.1 5.07 Total earning assets 18,209.8 $193.1 4.24% 17,701.9 $196.1 4.43% Other assets 2,549.5 2,555.6 Total assets $20,759.3 $20,257.5 Liabilities and stockholders’ equity: Deposits: Non-interest- bearing $3,192.0 $- -% $3,106.1 $- -% Savings, interest- bearing checking and money market 6,600.5 12.1 0.74 6,288.2 12.6 0.80 Time 5,093.5 34.7 2.72 4,951.6 35.6 2.88 Total deposits 14,886.0 46.8 1.26 14,345.9 48.2 1.34 Borrowings: Repurchase agreements 155.8 0.2 0.43 171.1 0.2 0.46 Federal Home Loan Bank advances 14.6 0.2 5.30 14.9 0.2 5.26 Other – – – 8.7 – 1.94 Total borrowings 170.4 0.4 0.84 194.7 0.4 0.89 Subordinated notes 181.0 3.8 8.36 180.7 3.8 8.37 Total funding liabilities 15,237.4 $51.0 1.34% 14,721.3 $52.4 1.42% Other liabilities 359.8 372.6 Total liabilities 15,597.2 15,093.9 Stockholders’ equity 5,162.1 5,163.6 Total liabilities and stockholders’ equity $20,759.3 $20,257.5 Net interest income/ spread (3) $142.1 2.90% $143.7 3.01% Net interest margin 3.12% 3.25% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.9 million for the three months ended June 30, 2009, March 31, 2009 and June 30, 2008. People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) June 30, 2008 Three months ended Average Yield/ (dollars in millions) Balance Interest Rate Assets: Short-term investments $1,663.1 $9.4 2.25% Securities purchased under agreements to resell 769.7 3.9 2.05 Securities (2) 907.3 7.4 3.25 Loans: Commercial real estate 4,798.5 74.7 6.22 Commercial 4,000.5 57.8 5.78 Residential mortgage 3,629.3 48.4 5.34 Consumer 1,997.0 26.8 5.37 Total loans 14,425.3 207.7 5.76 Total earning assets 17,765.4 $228.4 5.14% Other assets 2,726.8 Total assets $20,492.2 Liabilities and stockholders’ equity: Deposits: Non-interest-bearing $3,172.4 $- -% Savings, interest-bearing checking and money market 6,219.5 19.0 1.22 Time 5,220.6 46.8 3.59 Total deposits 14,612.5 65.8 1.80 Borrowings: Repurchase agreements 110.9 0.5 1.71 Federal Home Loan Bank advances 16.0 0.2 5.22 Other 19.5 0.2 3.93 Total borrowings 146.4 0.9 2.39 Subordinated notes 179.6 3.8 8.42 Total funding liabilities 14,938.5 $70.5 1.89% Other liabilities 351.9 Total liabilities 15,290.4 Stockholders’ equity 5,201.8 Total liabilities and stockholders’ equity $20,492.2 Net interest income/spread (3) $157.9 3.25% Net interest margin 3.56% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.9 million for the three months ended June 30, 2009, March 31, 2009 and June 30, 2008. People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Six months ended June 30, 2009 June 30, 2008 (dollars in Average Yield/ Average Yield/ millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,186.1 $3.3 0.30% $1,971.1 $28.3 2.86% Securities purchased under agreements to resell 137.0 0.2 0.23 578.6 7.0 2.45 Securities (2) 1,035.3 16.5 3.20 963.6 17.5 3.63 Loans: Commercial real estate 5,087.8 139.8 5.50 4,773.9 152.9 6.40 Commercial 4,192.9 103.0 4.91 3,951.0 119.4 6.05 Residential mortgage 3,053.8 78.5 5.14 3,767.3 101.3 5.38 Consumer 2,264.4 47.9 4.23 1,988.8 57.9 5.82 Total loans 14,598.9 369.2 5.06 14,481.0 431.5 5.96 Total earning assets 17,957.3 $389.2 4.33% 17,994.3 $484.3 5.38% Other assets 2,552.5 2,698.4 Total assets $20,509.8 $20,692.7 Liabilities and stockholders’ equity: Deposits: Non-interest- bearing $3,149.3 $- -% $3,159.2 $- -% Savings, interest- bearing checking and money market 6,445.2 24.7 0.77 6,251.2 43.7 1.40 Time 5,022.9 70.3 2.80 5,371.9 105.8 3.94 Total deposits 14,617.4 95.0 1.30 14,782.3 149.5 2.02 Borrowings: Repurchase agreements 163.4 0.4 0.44 113.6 1.3 2.17 Federal Home Loan Bank advances 14.8 0.4 5.28 17.2 0.4 5.02 Other 4.3 – 1.95 21.4 0.3 2.70 Total borrowings 182.5 0.8 0.87 152.2 2.0 2.57 Subordinated notes 180.8 7.6 8.37 182.7 7.6 8.28 Total funding liabilities 14,980.7 $103.4 1.38% 15,117.2 $159.1 2.10% Other liabilities 366.2 367.4 Total liabilities 15,346.9 15,484.6 Stockholders’ equity 5,162.9 5,208.1 Total liabilities and stockholders’ equity $20,509.8 $20,692.7 Net interest income/spread (3) $285.8 2.95% $325.2 3.28% Net interest margin 3.18% 3.61% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $1.8 million and $1.9 million for the six months ended June 30, 2009 and 2008, respectively. People’s United Financial, Inc. NON-PERFORMING ASSETS June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Non-accrual loans: Commercial real estate $75.0 $53.8 $29.8 $29.9 $31.9 Residential mortgage 51.4 42.3 24.2 21.1 18.3 Commercial 21.3 16.3 21.1 23.9 23.4 PCLC 16.5 9.0 5.8 6.9 6.4 Consumer 3.8 4.6 3.3 3.2 3.1 Indirect auto – 0.1 0.1 0.1 – Total non-accrual loans (1) 168.0 126.1 84.3 85.1 83.1 Real estate owned (“REO”) and repossessed assets, net 14.0 15.9 9.4 6.3 3.3 Total non-performing assets $182.0 $142.0 $93.7 $91.4 $86.4 Non-performing loans as a percentage of total loans 1.15% 0.86% 0.58% 0.59% 0.58% Non-performing assets as a percentage of: Total loans, REO and repossessed assets 1.25 0.97 0.64 0.64 0.60 Tangible stockholders’ equity and allowance for loan losses 4.82 3.75 2.47 2.37 2.26 (1) Reported net of government guarantees totaling $7.1 million at June 30, 2009, $7.2 million at March 31, 2009, $6.5 million at December 31, 2008, $6.4 million at September 30, 2008 and $6.6 million at June 30, 2008. PROVISION AND ALLOWANCE FOR LOAN LOSSES Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 Balance at beginning of period $159.0 $157.5 $154.5 $151.7 $151.7 Charge-offs (6.9) (6.9) (6.9) (5.0) (3.6) Recoveries 0.9 0.5 1.2 1.0 1.2 Net loan charge-offs (6.0) (6.4) (5.7) (4.0) (2.4) Provision for loan losses 14.0 7.9 8.7 6.8 2.4 Balance at end of period $167.0 $159.0 $157.5 $154.5 $151.7 Allowance for loan losses as a percentage of: Total loans 1.15% 1.09% 1.08% 1.08% 1.06% Non-performing loans 99.4 126.1 186.8 181.6 182.6 NET LOAN CHARGE-OFFS Three Months Ended June March Dec. Sept. June 30, 31, 31, 30, 30, (dollars in millions) 2009 2009 2008 2008 2008 PCLC $1.8 $0.8 $0.5 $0.2 $0.1 Consumer 1.2 1.2 0.9 0.6 0.7 Commercial 1.1 1.9 1.2 1.1 0.8 Residential mortgage 0.8 0.5 0.8 0.1 – Indirect auto 0.7 1.0 0.8 0.8 0.3 Commercial real estate 0.4 1.0 1.5 1.2 0.5 Total $6.0 $6.4 $5.7 $4.0 $2.4 Net loan charge-offs to average loans (annualized) 0.16% 0.18% 0.16% 0.11% 0.07% SOURCE: People’s United Financial, Inc. BRIDGEPORT,Conn., July 16 /PRNewswire-FirstCall/ —last_img read more

Vermont to get more than $9.2 million in Homeland Security grants

first_imgUS Senator Patrick Leahy (D-VT) announced Tuesday that Vermont has secured more than $9.2 million in federal grants from the US Department of Homeland Security (DHS) to help with prevention and preparedness.  ‘Preserving our national security starts with prevention and preparedness,’ said Leahy.  ‘First responders in Vermont are on the front lines each and every day, protecting our communities, securing our borders and ports of entry, and keeping our citizens safe.  Governments from Washington to local communities in Vermont are all tightening their fiscal belts, but these grants are an investment in our safety and security.  They will help Vermont ensure our borders and our communities are safe and secure.’ Vermont will receive grant awards under seven different DHS programs: ·       $5,137,205 from the State Homeland Security Grant Program to support the implementation of strategies to address the identified planning, organization, equipment, training and exercise needs to help state and local law enforcement agencies prevent, protect against, respond to and recover from acts of terrorism and other disasters.  This grant allocation includes $1.7 million to be dedicated to law enforcement terrorism prevention activities;·       $2,860,761 from the Emergency Management Performance Grant Program to assist Vermont and local governments in the state in emergency preparedness for disasters and hazards;·       $684,804 from the Driver’s License Security Grant Program to help prevent terrorism, reduce fraud and improve the reliability and accuracy of personal identification documents issued by the State of Vermont;·       $330,254 from Operation Stonegarden to enhance cooperation and coordination among local, state and federal law enforcement agencies along travel routes into Vermont from Canada;·       $86,748 from the Citizens Corps Program, to promote coordination between community and government leaders to include the involvement of community members and organizations in emergency preparedness, planning, mitigation, response and recovery;·       $69,750 from the Intercity Bus Security Grant Program, to be awarded to the Premier Coach Company to obtain resources to support security measures such as enhanced planning, facility security upgrades, and vehicle and driver protection;·       $55,000 from the Port Security Grant Program to assist the Vermont Department of Public Safety in securing Lake Champlain as a port of entry;Leahy has long championed all-state minimum funding formulas for homeland security grants to ensure that small, rural states like Vermont are included and supported by federal resources to prevent terrorism.  Since 2001, Leahy’s all-state minimum has brought Vermont more than $100 million in federal funding to help first responders upgrade equipment, modernize radio systems and offer new training opportunities.  Leahy is a senior member of the Senate Appropriations Committee and of its Subcommittee on Homeland Security, which handles the Senate’s work in writing the annual budget bills that fund the DHS grant programs. Source: Leahy’s office. (TUESDAY, August 23, 2011) ‘last_img read more