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Berkshire Hills reports 43 cents Q3 2013 core EPS

first_imgBerkshire Bank,Berkshire Hills Bancorp, Inc (NYSE:’ BHLB), parent of Berkshire Bank, reported that, for the first nine months of the year, core income increased by 18% to’ $36.7 million’ from’ $31.0 million’ due to the benefit of organic and acquisition growth initiatives.’  Nine month core earnings per share increased by 3% to’ $1.47’ from’ $1.43.’  The benefit of business expansion has more than offset pricing pressures in the low interest rate environment.’ Third quarter core earnings totaled’ $10.7 million’ in 2013 compared to’ $11.4 million’ in 2012.’  The widely publicized reduction in residential mortgage refinancing demand led to a’ $0.10’ per share after-tax reduction in mortgage banking fees.’  As a result, third quarter core earnings per share decreased to’ $0.43’ in 2013, compared to’ $0.52’ in the third quarter of 2012.’  ‘ Results in the most recent quarter included 16% annualized loan growth and a 4% reduction in core non-interest expense, compared to the linked quarter, reflecting’ Berkshire’s’ recent initiatives in response to the mortgage changes.’ Nine month GAAP net income increased to’ $30.6 million’ in 2013 from’ $23.9 million’ in 2012.’ ‘  These amounts include net non-core charges primarily related to mergers, systems integration, and restructuring expenses.’  They also include a third quarter 2013 net non-core credit adjustment posted as an out-of-period correction to recognize prior period interest income on loans acquired in bank acquisitions, net of related taxes and a variable compensation adjustment.’  Nine month GAAP net income increased to’ $1.22’ per share in 2013 from’ $1.10’ in 2012.’  Third quarter GAAP net income was’ $8.1 million’ and’ $10.0 million’ in 2013 and 2012, while third quarter GAAP earnings per share were’ $0.33’ and’ $0.46’ per share, respectively.’ ‘  Non-core charges in the most recent quarter were primarily due to restructuring charges intended to reduce ongoing operating expenses and improve future profitability.THIRD QUARTER FINANCIAL HIGHLIGHTS16% annualized increase in commercial business loans and in total loans8% annualized increase in total commercial loans7% annualized increase in total deposits16% annualized increase in demand deposits3.93% net interest margin4% decrease in core non-interest expense compared to prior quarter0.58% non-performing assets/total assets0.32% net loan charge-offs/average loansCEO’ Michael Daly’ stated, “We had a good quarter and our business expansion initiatives have driven year-to-date earnings growth despite the headwinds resulting from the interest rate environment.’  At the beginning of the third quarter, we took action to further consolidate the benefits from our expansion.’  We renewed loan growth while trimming core expenses, achieving near-term core earnings and profitability targets.”Mr. Daly continued, “We expect to accomplish our long term objectives through market share growth in our New England andNew York’ footprint. We’ve attracted a strong team and assembled the infrastructure to enable us to be the preferred provider of financial solutions.’  Recently,’ George Bacigalupo’ was promoted to the position of EVP ‘ Commercial Banking.’  George is an accomplished regional commercial banking executive serving middle market businesses.’  Our commercial market managers produced strong loan growth in the quarter and business development prospects remain encouraging for the months ahead.”Mr. Daly concluded, “We are restructuring targeted operations to drive additional efficiencies arising from expansion and infrastructure investment.’  Non-core restructuring charges were recorded during the quarter, enabling us to lower ongoing operating expenses as demonstrated by our third quarter results.’  In addition, there has been good progress towards completing the purchase of 20 New York branches from Bank of America in January.’  We are targeting overall positive operating leverage in 2014 based on revenue growth and efficiency goals.”DIVIDEND DECLAREDThe Board of Directors voted to declare a cash dividend of’ $0.18’ per share to shareholders of record at the close of business onNovember 14, 2013, payable on’ November 27, 2013. This dividend equates to a 2.7% annualized yield based on the’ $26.21average closing price of’ Berkshire’s’ common stock during the third quarter of 2013.’ ‘ ‘ NOTE ON ACCOUNTING CORRECTIONDuring the most recent quarter, the Company recorded a correction to recognize’ $2.2 million’ of prior period revenue that was primarily related to interest income earned on loans acquired in bank acquisitions, together with an income tax adjustment.’  This included’ $0.9 million’ in additional revenue for the first half of 2013, with the remainder representing revenue which was not previously recorded in 2011 and 2012.’  After evaluating the quantitative and qualitative aspects of these adjustments, the Company concluded that prior period statements were not materially misstated, and therefore no restatement was required and no revision was necessary in the disclosure of the level and trend of earnings. The Company classified this revenue as non-core in its determination of core earnings.FINANCIAL CONDITIONBerkshire’ increased its earning assets by’ $227 million’ (5%) in the most recent quarter including growth of’ $153 million’ (16% annualized) in total loans, with growth registered in most major loan categories.’  Loan growth was funded in part with a’ $67 million’ increase (7% annualized) in deposits, and’ Berkshire’ made progress towards its goal of completing the purchase of more than’ $600 million’ in deposits from Bank of America in January. ‘ ‘ Measures of asset quality, liquidity, and capital remained within targets and the Company continued to maintain an asset sensitive interest rate risk profile.’  Tangible book value per share increased to’ $16.08’ and total book value per share grew to’ $26.98.Earning asset growth included the benefit of ongoing business development as well as targeted asset purchases, primarily consisting of medium duration government agency mortgage backed securities.’  Run-off of commercial real estate related loans decreased and total commercial mortgage loans increased at a 4% annualized rate.’  Commercial business loans continued to grow strongly, increasing at a 16% annualized rate for the quarter and 15% year-to-date.’  As a result, total loan growth turned positive for the year-to-date.’  A significant portion of residential mortgage production was retained in the portfolio, benefiting from promotion of 10/1 adjustable rate mortgages as an alternative to higher cost 30-year fixed rate mortgages.’  Consumer loans advanced at a 21% annualized rate in the quarter, mostly due to higher originations of prime indirect automobile loans byBerkshire’s’ Syracuse based consumer lending team.’  Based on quarter-end lending pipelines, the Company expects to produce further net loan growth during the remainder of the year.Asset quality metrics remained favorable in the most recent quarter.’  Quarterly annualized net loan charge-offs measured 0.32% of average loans.’  Quarter-end non-performing assets were 0.58% of total assets, compared to 0.52% at the start of the year.’  Accruing delinquent loans were 0.71% of total loans after nine months, compared to 1.11% at the start of the year.’  The loan loss allowance measured 0.83% of total loans at both of the above dates.The 7% annualized third quarter increase in total deposits included 16% annualized growth in demand deposits and 19% annualized growth in money market balances.’  Due to short term promotions, the cost of deposits increased slightly to 0.55% from 0.52% in the prior quarter.’  Deposit growth included a’ $49 million’ increase in commercial deposits, including the benefit of ongoing commercial relationship expansion.’  Total borrowings increased by’ $149 million’ as short term funds were used to support earning asset growth pending the completion of the deposit acquisition.’ ‘ The loan/deposit ratio measured 104% at quarter-end.’ ‘ Berkshire’ improved the utilization of its capital to support higher earning assets, with the result that the ratio of tangible equity/assets stood at 7.7% at quarter-end, compared to 8.1% at the start of the quarter.’ ‘  The ratio of total equity/assets stood at 12.4% and 12.9% at these dates, respectively.’ RESULTS OF OPERATIONSBerkshire’ posted year-over-year growth in net revenue totaling 17% in the third quarter and 24% for the first nine months of the year due primarily to its organic and acquisition growth strategies.’  Most categories of income and expense increased year-over-year including the impact of acquisitions.’  Core earnings increased by 18% for the first nine months with the benefit of overall business expansion.’ ‘ Berkshire achieved these results while bearing the costs of maintaining its asset sensitive interest rate risk profile, absorbing charges related to its branch and team expansion, and investing in technology and other infrastructure.’  GAAP earnings include the impact of net non-core charges related to mergers, systems conversion, restructuring, and securities gains.’  The reconciliation of net income and core income, together with related financial measures, is shown on tables F-9 and F-10 of the financial tables.’  The core return on assets measured 0.81% in the most recent quarter while the GAAP return on assets measured 0.61% after the non-core items.’  The core return on tangible equity measured 11.2% during the quarter, while the GAAP return on equity measured 4.7%.Compared to the linked quarter,’ Berkshire’s’ third quarter net revenue increased by 2%.’ ‘ Core net revenue decreased by 1% due to lower mortgage banking fee revenue.’  Net interest income increased by 12% while non-interest income declined by 22%, including a decrease in realized equity securities gains.Average earning assets increased by 2% in the most recent quarter.’  Most of the growth came later in the quarter, resulting in a 5% increase in period-end balances.’  In addition to earning asset growth, net interest income benefited from an improvement in the net interest margin to 3.93%.’  Net interest income during the quarter included’ $8.5 million’ in purchased loan accounting accretion, including’ $4.8 million’ related to recoveries on acquired impaired loans and’ $2.2 million’ related to the out-of-period accounting adjustment.’  Excluding purchased loan accounting accretion, the net interest margin measured 3.21% during the quarter, compared to 3.34% in the prior quarter due to the ongoing impact of the low interest rate environment on earning asset yields and changes in the asset mix.’ Non-interest income decreased to’ $12.1 million’ in the third quarter of 2013, compared to’ $15.6 million’ in the linked quarter.’  This included a’ $1.7 million’ decrease in mortgage banking fees and a’ $1.3 million’ decrease in other loan fees related primarily to loan sales in the earlier quarter.’  The decrease in mortgage banking revenue resulted from lower refinancing demand, tighter margins on secondary market activity, and higher retention of adjustable rate mortgages in the mortgage portfolio.’ The third quarter provision for loan losses increased to’ $3.2 million’ in 2013 from’ $2.7 million’ in the linked quarter and from’ $2.5 million’ in the third quarter of 2012.’  Net loan charge-offs totaled’ $3.2 million,’ $2.7 million, and’ $2.3 million’ for these periods, respectively.’  There were no significant changes in the Company’s charge-off metrics, which remain low compared to long term industry standards.’  Following the loan loss provision, the loan loss allowance remained unchanged at’ $33.2 million’ during the most recent quarter and for the first nine months of the year.’ Third quarter core non-interest expense decreased by’ $1.4 million’ (4%) compared to the linked quarter due to cost saving initiatives that were undertaken in the third quarter.’  Most major categories of expense declined.’  Full time equivalent staff decreased by 7% to 948 from 1,014 during the quarter.’  Compensation expense did not fully reflect the declining run rate during the quarter, and this was offset by higher variable compensation related to increased business production and the increased prior period revenue recognition.Total GAAP non-interest expense increased to’ $42.8 million’ from’ $37.9 million’ in the linked quarter due to’ $6.5 million’ of non-recurring charges in the most recent quarter, including’ $1.0 million’ related to the upcoming acquisition of Bank of America branches,’ $2.4 million’ in severance costs, and’ $2.8 million’ related to facilities restructuring costs.’  The latter charge related to nine properties that are being closed or consolidated.’  Two branches are being consolidated in the fourth quarter, and for the year,’ Berkshire’ will have consolidated five branch offices (7% of the total) to achieve greater efficiency following its acquisitions.’  The Company continues to evaluate restructuring opportunities in order to improve efficiency.’  The efficiency ratio improved to 61.0% in the most recent quarter.’  The effective income tax rate was 32.6% in the most recent quarter, which was generally in line with the Company’s expectations.CONFERENCE CALLBerkshire’ will conduct a conference call/webcast’ at’ 10:00 a.m. eastern time’ on’ Tuesday, October 29, 2013’ to discuss the results for the quarter and provide guidance about expected future results.’  Participants should dial-in to the call a few minutes before it begins.’  Information about the conference call follows:Dial-in:’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ 888-317-6003Elite Entry Number:’ ‘ ‘ ‘ ‘ ‘ ‘ 8416293Webcast:’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ berkshirebank.com’ (investor relations link)‘ ‘ A telephone replay of the call will be available through’ Wednesday, November 6, 2013’ by calling’ 877-344-7529’ and entering conference number:’ 10034938.’  The webcast and a podcast will be available at’ Berkshire’s website above for an extended period.’  A PDF version of this release is available at’ Berkshire’s’ Investor Relations web site.BACKGROUNDBerkshire Hills Bancorp is the parent of Berkshire Bank ‘’ America’s Most Exciting Bank’®’ . The Company has approximately$5.5 billion’ in assets and 74 full service branch offices in’ Massachusetts,’ New York,’ Connecticut, and’ Vermont’ providing personal and business banking, insurance, and wealth management services.’ FORWARD LOOKING STATEMENTSThis document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.’  There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements.’ For a discussion of such factors, please see’ Berkshire’s’ most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at’ www.sec.gov(link is external).’ ‘ Berkshire’ does not undertake any obligation to update forward-looking statements.NON-GAAP FINANCIAL MEASURESThis document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”).’  These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.’  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information.’  A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.’  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.’  The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense.’  These measures exclude amounts which the Company views as unrelated to its normalized operations, including merger costs, restructuring costs, and systems conversion costs.’  Similarly, the efficiency ratio is also adjusted for these non-core items and for tax preference items.’  The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.’  Non-GAAP expense adjustments are primarily related to charges related to merger and acquisition activity.’  These charges consist primarily of severance/benefit related expenses, contract termination costs, and professional fees.’  There are additionally non-GAAP adjustments related to non-recurring securities gains, discontinued operations, the disposition of excess properties, and core systems conversion costs.’  In the most recent period, non-core restructuring charges are related to severance costs as a result of management and staffing changes, along with facilities costs related to excess facilities where the bank is exiting its occupancy and investment.’  As discussed previously, non-core items recorded in the third quarter of 2013 also included the after-tax impact of the out-of-period accounting adjustment, along with an adjustment of variable compensation based on the additional revenue recognition.CONTACTSInvestor Relations ContactAllison O’Rourke; Vice President – Investor Relations; 413-236-3149Media ContactRay Smith, Assistant Vice President ‘ Marketing; 413-236-3756BERKSHIRE HILLS BANCORP, INC.CONSOLIDATED BALANCE SHEETS – UNAUDITED – (F-1)‘ ‘ ‘ September 30,June 30,December 31,‘ (In thousands)201320132012‘ Assets‘ ‘ ‘ ‘ Cash and due from banks$ ‘  ‘  ‘  ‘  ‘  ‘  ‘ 61,149$ ‘  ‘  ‘  ‘  ‘  ‘  ‘ 56,623$ ‘  ‘  ‘  ‘  ‘  ‘  ‘ 63,382‘ Short-term investments15,71023,48234,862‘ Total cash and short-term investments76,85980,10598,244‘ ‘ ‘ ‘ ‘ ‘ Trading security15,33015,56616,893‘ Securities available for sale, at fair value684,716568,268466,169‘ Securities held to maturity, at amortized cost46,92549,60451,024‘ Federal Home Loan Bank stock and other restricted securities42,34237,66739,785‘ Total securities789,313671,105573,871‘ ‘ ‘ ‘ ‘ ‘ Loans held for sale27,06464,10185,368‘ ‘ ‘ ‘ ‘ ‘ Residential mortgages1,313,6091,232,4881,324,251‘ Commercial mortgages1,366,1041,352,9131,413,544‘ Commercial business loans668,983643,924600,126‘ Consumer loans675,147641,350650,733‘ Total loans4,023,8433,870,6753,988,654‘ Less: Allowance for loan losses(33,248)(33,248)(33,208)‘ Net loans3,990,5953,837,4273,955,446‘ ‘ ‘ ‘ ‘ ‘ Premises and equipment, net83,13688,64486,461‘ Other real estate owned3,5612,7131,929‘ Goodwill’ 256,871256,118255,199‘ Other intangible assets15,03016,33719,059‘ Cash surrender value of bank-owned life insurance100,29989,59288,198‘ Deferred tax asset61,61760,41057,729‘ Other assets45,91157,57975,305‘ Total assets$ ‘  ‘  ‘  ‘  5,450,256$ ‘  ‘  ‘  ‘  5,224,131$ ‘  ‘  ‘  ‘  5,296,809‘ ‘ ‘ ‘ ‘ ‘ Liabilities and stockholders’ equity‘ ‘ ‘ ‘ Demand deposits$ ‘  ‘  ‘  ‘  ‘  ‘ 669,878$ ‘  ‘  ‘  ‘  ‘  ‘ 644,059$ ‘  ‘  ‘  ‘  ‘  ‘ 673,921‘ NOW deposits352,762356,695379,880‘ Money market deposits1,357,2011,295,7711,439,632‘ Savings deposits438,135444,586436,387‘ Total non-maturity deposits2,817,9762,741,1112,929,820‘ Time deposits1,064,0491,074,1121,170,589‘ Total deposits3,882,0253,815,2234,100,409‘ ‘ ‘ ‘ ‘ ‘ Senior borrowings740,022590,826358,471‘ Subordinated notes89,66389,64789,617‘ Total borrowings829,685680,473448,088‘ ‘ ‘ ‘ ‘ ‘ Other liabilities’ 65,35155,46581,047‘ Total liabilities4,777,0614,551,1614,629,544‘ ‘ ‘ ‘ ‘ ‘ Total stockholders’ equity673,195672,970667,265‘ ‘ ‘ ‘ ‘ ‘ Total liabilities and stockholders’ equity$ ‘  ‘  ‘  ‘  5,450,256$ ‘  ‘  ‘  ‘  5,224,131$ ‘  ‘  ‘  ‘  5,296,809‘ ‘ ‘ ‘ ‘ ‘ (1) Certain reclassifications have been made to prior year balances to conform to the current year presentation.‘ BERKSHIRE HILLS BANCORP, INC.CONSOLIDATED LOAN & DEPOSIT ANALYSIS – UNAUDITED – (F-2)‘ LOAN ANALYSIS‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Annualized growth %(Dollars in millions)‘ Sept. 30, 2013 Balance‘ June 30, 2013 Balance‘ Dec. 31, 2012 Balance‘ Quarter ended’  September 30, 2013Year to date‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Total residential mortgages‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  1,314‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  1,233‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  1,324‘ 26%(1)%‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Commercial mortgages:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Construction‘ 105‘ 128‘ 168‘ (74)‘ (50)‘ Single and multi-family‘ 132‘ 129‘ 124‘ 9‘ 8‘ Commercial real estate‘ 1,129‘ 1,096‘ 1,122‘ 12‘ 1‘ Total commercial mortgages‘ 1,366‘ 1,353‘ 1,414‘ 4‘ (4)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Total commercial business loans669‘ 644‘ 600‘ 16‘ 15‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Total commercial loans‘ 2,035‘ 1,997‘ 2,014‘ 8‘ 1‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Consumer loans:‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Home equity’ ‘ 304‘ 310‘ 325‘ (9)‘ (9)‘ Other‘ 371‘ 331‘ 326‘ 48‘ 18‘ Total consumer loans‘ 675‘ 641‘ 651‘ 21‘ 5‘ Total loans‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  4,024‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  3,871‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  3,989‘ 16%1%‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ DEPOSIT ANALYSIS‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Annualized growth %(Dollars in millions)‘ Sept. 30, 2013 Balance‘ June 30, 2013 Balance‘ Dec. 31, 2012 Balance‘ Quarter ended’  September 30, 2013Year to date‘ Demand‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘ 670‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘ 644‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘  ‘ 674‘ 16%(1)%NOW‘ 353‘ 357‘ 380‘ (4)‘ (9)‘ Money market‘ 1,357‘ 1,296‘ 1,440‘ 19‘ (8)‘ Savings‘ 438‘ 444‘ 436‘ (5)‘ 1‘ Total non-maturity deposits‘ 2,818‘ 2,741‘ 2,930‘ 11‘ (5)‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Total time deposits‘ 1,064‘ 1,074‘ 1,170‘ (4)‘ (12)‘ Total deposits‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  3,882‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  3,815‘ $ ‘  ‘  ‘  ‘  ‘  ‘  ‘  4,100‘ 7%(7)%‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ (1)’  Quarterly data may not sum to annualized data due to rounding.‘ ‘ ‘ ‘ ‘ ‘ BERKSHIRE HILLS BANCORP, INC.CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED – (F-3)‘ ‘ ‘ ‘ ‘ ‘ Three Months Ended‘ Nine Months Ended‘ September 30,‘ September 30,(In thousands, except per share data)2013‘ 2012‘ 2013‘ 2012Interest and dividend income’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Loans$ ‘  ‘  ‘  ‘ 50,025‘ $ ‘  ‘  ‘  ‘ 39,497‘ $ ‘  ‘  ‘ 142,549‘ $ ‘  ‘  ‘ 113,335Securities and other’ ‘ ‘ ‘ 4,479‘ 3,626‘ 12,533‘ 11,116Total interest and dividend income’ ‘ ‘ ‘ 54,504‘ 43,123‘ 155,082‘ 124,451Interest expense‘ ‘ ‘ ‘ ‘ ‘ ‘ Deposits5,278‘ 5,628‘ 15,693‘ 16,612Borrowings and subordinated debentures3,357‘ 2,270‘ 10,479‘ 6,416Total interest expense’ ‘ ‘ ‘ 8,635‘ 7,898‘ 26,172‘ 23,028Net interest income45,869‘ 35,225‘ 128,910‘ 101,423Non-interest income‘ ‘ ‘ ‘ ‘ ‘ ‘ Loan related fees1,308‘ 1,340‘ 6,669‘ 3,990Mortgage banking fees444‘ 4,306‘ 4,790‘ 6,553Deposit related fees4,559‘ 3,775‘ 13,623‘ 11,238Insurance commissions and fees’ ‘ ‘ ‘ 2,473‘ 2,742‘ 7,877‘ 8,256Wealth management fees’ ‘ ‘ ‘ 2,137‘ 1,774‘ 6,471‘ 5,431Total fee income’ ‘ ‘ ‘ 10,921‘ 13,937‘ 39,430‘ 35,468Other832‘ 375‘ 1,722‘ 885Gain on sale of securities, net’ ‘ ‘ ‘ 361‘ -‘ 1,366‘ 7Non-recurring gain-‘ 1‘ -‘ 43Total non-interest income’ ‘ ‘ ‘ ‘ ‘ 12,114‘ 14,313‘ 42,518‘ 36,403Total net revenue57,983‘ 49,538‘ 171,428‘ 137,826Provision for loan losses’ ‘ ‘ 3,178‘ 2,500‘ 8,278‘ 6,750Non-interest expense‘ ‘ ‘ ‘ ‘ ‘ ‘ Compensation and benefits18,506‘ 15,992‘ 54,398‘ 45,219Occupancy and equipment’ ‘ ‘ ‘ ‘ 5,614‘ 4,599‘ 17,119‘ 13,484Technology and communications3,304‘ 2,302‘ 9,775‘ 6,518Marketing and promotion’ ‘ ‘ ‘ ‘ 590‘ 419‘ 1,831‘ 1,548Professional services1,757‘ 1,327‘ 5,011‘ 4,185FDIC premiums and assessments856‘ 907‘ 2,574‘ 2,458Other real estate owned and foreclosures138‘ 42‘ 445‘ 215Amortization of intangible assets’ ‘ ‘ ‘ ‘ 1,307‘ 1,314‘ 4,029‘ 3,982Non-recurring and merger related expenses’ ‘ ‘ ‘ ‘ 6,516‘ 2,214‘ 12,355‘ 10,522Other4,196‘ 3,046‘ 12,665‘ 8,409Total non-interest expense’ ‘ ‘ ‘ ‘ 42,784‘ 32,162‘ 120,202‘ 96,540‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Income from continuing operations before income taxes’ ‘ ‘ ‘ ‘ ‘ ‘ 12,021‘ 14,876‘ 42,948‘ 34,536Income tax expense3,917‘ 4,847‘ 12,342‘ 10,040Net income from continuing operations8,104‘ 10,029‘ 30,606‘ 24,496Loss from discontinued operations before income taxes’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘  (including gain on disposals of $63)-‘ -‘ -‘ (261)Income tax expense-‘ -‘ -‘ 376Net loss from discontinued operations-‘ -‘ -‘ (637)Net income’ $ ‘  ‘  ‘  ‘  ‘ 8,104‘ $ ‘  ‘  ‘  ‘ 10,029‘ $ ‘  ‘  ‘  ‘ 30,606‘ $ ‘  ‘  ‘  ‘ 23,859‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Basic earnings per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ Continuing operations$ ‘  ‘  ‘  ‘  ‘  ‘ 0.33‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 0.46‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.23‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.14Discontinued operations-‘ -‘ -‘ (0.03)Total basic earnings per share$ ‘  ‘  ‘  ‘  ‘  ‘ 0.33‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 0.46‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.23‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.11‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Diluted earnings per share:‘ ‘ ‘ ‘ ‘ ‘ ‘ Continuing operations$ ‘  ‘  ‘  ‘  ‘  ‘ 0.33‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 0.46‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.22‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.13Discontinued operations-‘ -‘ -‘ (0.03)Total diluted earnings per share$ ‘  ‘  ‘  ‘  ‘  ‘ 0.33‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 0.46‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.22‘ $ ‘  ‘  ‘  ‘  ‘  ‘ 1.10‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Weighted average shares outstanding:’ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ Basic24,748‘ 21,921‘ 24,835‘ 21,541Diluted24,873‘ 22,031‘ 25,001‘ 21,635‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ ‘ PITTSFIELD, Mass.,’ Oct. 28, 2013’ /PRNewswire/ –’ Berkshire Hills Bancorp, Inclast_img read more

Smith: Censoriously asserting one’s moral superiority

first_imgby Mike Smith The newest columnist for The New York Times, Bret Stephens, caused quite a kerfuffle among climate change advocates when he recently wrote: “Claiming total certainty about the science [of climate change] traduces the spirit of science and creates openings for doubt whenever a climate claim proves wrong.”Stephens went on to write, “Censoriously asserting one’s moral superiority and treating skeptics as imbeciles and deplorables wins few converts.”He asserts that none of this is to deny the severity of climate change but he concludes his column this way: “Perhaps if there were less certitude about our climate future, more Americans would be interested in having a reasoned conversation about it.”After his column ran many took to social media to express outrage. They labeled Stephens a climate change denier. There were calls for him to be fired. Some ended their subscriptions to the Times.Other columnists and media outlets, especially Erik Wemple of The Washington Post, eviscerated Stephens by describing his column as, “a dreadfully argued piece contending that … well, the point is buried in false starts, bogus reasoning and imprecise writing.” A reporter from Gizmodo — a science and entertainment news website — tweeted to Stephens, “You’re a s-thead. a crybaby lil f-kin weenie. a massive twat too.”By the way, Bret Stephens won the Pulitzer Prize for commentary in 2013 when he worked for the Wall Street Journal.Despite where you may stand politically on the issue of climate change — and I am much more sympathetic to those advocating for action in the this area than I suspect Stephens is — there is a larger point that doesn’t center on climate change, and, in fact, nowadays, seems to apply to most major public policy debates.It’s a disturbing trend in which both the political left and right are more interested in demonizing those they disagree with rather than trying to persuade opponents with the merits of their cause.In essence, we have weaponized our retorts to inflict the most damage to those with whom we disagree. We don’t seek converts — heck, we don’t even look for compromise — instead, we seek casualties.Opponents and their opinions must be eliminated rather than be reckoned with. If there happens to be collateral damage to free speech, then unfortunately that’s the price that must be paid for a victory.This certainly seems to have been the thinking of some at Middlebury College when they prevented controversial author Charles Murray from speaking on that college’s campus.But stifling speech is dangerous stuff, especially in a democracy, because ultimately the goal is to ban opposing thought. Unfortunately, if you are on the losing end of what is deemed acceptable speech then what will probably follow is some form of persecution for your beliefs.All of this is not an argument against vigorous political and public policy debate. In fact, there’s much intellectual rigor in strongly held positions being passionately debated.As a society we benefit immensely from this type of speech. But a line is crossed when free speech is denied — as was the case at Middlebury College — and when your argument is reduced to calling an opponent, a “twat.” In too many instances intellectual conversations are being replaced with thuggish and boorish behavior.With today’s technology we have the ability to seek out all sorts of information. No longer are we tethered to news that is filtered through the lens of three television networks, or through the opinions of a few national newspapers and one wire service.But with this modern day ability to search for all sorts of diverse and contrary information comes the prospect that we will gravitate solely to — and be reinforced by — those of like minds.Through technology we can form exclusive clubs where information and relationships are sought out that are in line with our own perspectives. There is no diverse or contrary opinion because none is allowed.There is certitude in our beliefs because they go unchallenged. In essence, we have the potential of self-radicalizing ourselves.Is this the society that we seek: close-minded and polarized, perhaps even radicalized?The words of “The Captain” [the prison warden] in the 1967 movie “Cool Hand Luke,” aptly apply to the dilemma we find ourselves in these days: “What we have here is a failure to communicate.”Mike Smith is the host of the radio program, “Open Mike with Mike Smith,” on WDEV 550 AM and 96.1, 96.5, 98.3 and 101.9 FM. He is a regular columnist for Vermont Business Magazine and VTDigger and also a political analyst for WCAX-TV and WVMT radio. He was the secretary of administration and secretary of human services under former Gov. Jim Douglas.last_img read more

New safety manual out from BOC

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

Ghana Grand Prix to be institutionalized – rLG

first_imgVice President, John Dramani Mahama is among dignitaries expected to grace the maiden edition of the Ghana Grand Prix which will take place at the Baba Yara Stadium in Kumasi on Saturday August 6, 2011.Over hundred national and international professional athletes are in the Garden City to compete in the one-day track and field event.Title sponsor of the competition, rLG Communication, says the programme falls in line with the company’s core brand values of beauty, confidence and energy.“If you look at all these core values they fall directly under sportsmen; what sportsmen can do and considering the fact that both local and international athletes are coming on one stage and the fact that Kumasi is the centre of Sports activities… that is why we’re on board this Grand Prix”, said Millicent Atuguba, Head of Communication at rLG.About eight Ghanaian athletes including long jumper, Ignatius Gaizah, sprinters, Aziz Zakari and Vida Anim as well as heptathlete, Margaret Simpson are expected to participate in the Grand Prix.Other international athletes participating in the games include Women’s Long Jumper, Tiana Madison, sprinter Terrel Wilks and Jamaican Indira Spence. Ms. Atuguba expects the maiden event to be grand.According to her, plans are far advanced to institutionalize the event, stating that rLG is proud to be associated with the event because “it’s a way of penetrating the West African market”.rLG would be marketing its range of locally assembled mobile phones and laptops at the Grand Prix.Story by Kofi Adu Domfeh/Luv Fm/Ghanalast_img read more