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Banknorth reports record earnings; Net Income Up 8%

first_imgBanknorth reports record earnings; Net Income Up 8%PORTLAND, Maine Oct. 18, 2004 — Banknorth Group, Inc. (NYSE: BNK) today reported recordquarterly net income of $97.8 million for the third quarter endedSeptember 30, 2004, up 8% from net income of $90.3 million for the thirdquarter a year ago. On a per diluted share basis, net income was 55 centsfor the third quarter of 2004 and 55 cents for the third quarter of 2003.Exclusive of merger and consolidation costs, income was $102.1 million forthe quarter ended September 30, 2004, up 12% from $90.8 million for thequarter ended September 30, 2003. On a per diluted share basis, incomeexclusive of merger and consolidation costs was 58 cents for the quarterended September 30, 2004, up 5.5% from 55 cents for the quarter endedSeptember 30, 2003.For the nine months ended September 30, 2004, net income was up 10% overthe first nine months of last year to $283.9 million from $259.2 million.On a per diluted share basis, net income for the first nine months of 2004increased 4% to $1.65 from $1.59 for the first nine months of 2003.For the nine months ended September 30, 2004, income excluding merger andconsolidation costs was up 11% to $292.0 million from $263.6 million forthe same period a year ago. On a per diluted share basis, income excludingmerger and consolidation costs for the first nine months of 2004 increased5% to $1.70 from $1.62 for the first nine months of 2003.”I am pleased to continue our track record of delivering record quarterlyearnings, said William J. Ryan, Banknorth Chairman, President and ChiefExecutive Officer. It was a good quarter with solid loan and depositgrowth despite only a slight increase in our net interest margin, addedMr. Ryan. The Company also announced today a balance sheet de-leveraging whereby theCompany has sold approximately $1.2 billion of securities and prepaid asimilar amount of borrowings both of which had a duration of approximately3.5 years. The transaction will result in an after-tax charge ofapproximately $52.5 million ($80.8 million pre-tax) in the 4th quarter of2004. We continuously review our balance sheet and given the currentinterest rate environment, the de-leveraging made good economic sense atthis time. said Mr. Ryan. On a pro forma basis, the de-leveragingshould enhance shareholder value by improving the Companys annual netinterest margin by approximately 24 basis points, pre-tax earnings byapproximately $24.5 million, return on assets by approximately 12 basispoints and return on equity by approximately 79 basis points.Inaddition, on a pro forma basis, the de-leveraging will decrease theCompanys securities as a percent of total assets by 3%. The yield on thesecurities portfolio sold was 2.76% while the interest rate on theborrowings paid off was 4.77%. Total loans and leases at September 30,2004 increased by 16% over the levels at September 30, 2003, led byincreases in commercial business loans and leases of 18%, commercial realestate mortgages of 16% and consumer loans and leases of 14%. Exclusiveof acquisitions, total loans and leases increased by 8% which included a14% increase in commercial business loans, a 6% increase in commercialreal estate mortgages and a 10% increase in consumer loans and leases.Total deposits at September 30, 2004 increased by 9% over the levels atSeptember 30, 2003 primarily as a result of increases in noninterestbearing deposits of 23% and retail money market and NOW accounts of 14%and net of a decline in retail certificates of deposit of 6%.Exclusiveof acquisitions, total deposits increased by 0.6% which included a 12%increase in noninterest bearing deposits and a 5% increase in retail moneymarket and NOW accounts, which more than offset an 11% decline in retailcertificates of deposit. The Companys net interest margin during thethree months ended September 30, 2004 was 3.68%, up 5 basis points from3.63% for the quarter ended September 30, 2003 and up slightly from 3.66%for the quarter ended June 30, 2004.The margin did not expandsignificantly due in part to a flattening of the yield curve in the thirdquarter of 2004. Noninterest income for the quarter ended September 30,2004 increased by 3% from the quarter ended September 30, 2003, primarilyas a result of a 26% increase in trust and investment management servicesincome, a 23% increase in both merchant and electronic banking servicesincome and investment planning services income, and a 14% increase ininsurance commissions. These increases in noninterest income werepartially offset by a decline in both net gains on sales of securities of13% and other noninterest income of 30%. For the nine month period endedSeptember 30, 2004, noninterest income declined 5% to $269.2 million from$282.7 million for the same period a year ago, due primarily to declinesin net gains on sales of securities and other noninterest income.Excluding merger and consolidation expenses, noninterest expense for thequarter ended September 30, 2004 increased by 12% from the quarter endedSeptember 30, 2003.Excluding both the impact of acquisitions and mergerand consolidation costs, noninterest expense was up 5% for the thirdquarter of 2004 as compared to the third quarter of 2003. Asset qualityremained sound with total nonperforming assets declining to $68.1 millionat September 30, 2004 from $70.4 million at September 30, 2003.Nonperforming loans as a percentage of total loans and leases declined to.36% at September 30, 2004 from .42% at September 30, 2003. Netcharge-offs amounted to $8.8 million during the third quarter of 2004 andwere essentially flat from the second quarter of 2004. As a percentage ofaverage loans, net chargeoffs declined slightly to 19 basis points duringthe three months ended September 30, 2004. At September 30, 2004, theCompany’s Tier 1 leverage capital ratio was 6.95% and its total risk basedcapital ratio was 11.62% as compared to 6.56% and 11.29%, respectively, atSeptember 30, 2003. Tangible equity to tangible assets at September 30,2004 was 5.89%, up 43 basis points from 5.46% at September 30, 2003.Shareholders’ equity at September 30, 2004 was $3.0 billion, up from $2.5billion at September 30, 2003. At September 30, 2004, the Companys bookvalue per share was $17.50 and its tangible book value per share was $9.34up from $15.32 and $8.32, respectively, at September 30, 2003. AtSeptember 30, 2004, Banknorth Group Inc., headquartered in Portland,Maine, had assets of $29 billion.The pending acquisition of BostonFedBancorp, Inc., expected to close in the first quarter of 2005, isprojected to increase Banknorth’s assets by more than $1.5 billion. TheCompany’s banking subsidiary, Banknorth, N.A., operates banking divisionsin Connecticut (Banknorth Connecticut); Maine (Peoples Heritage Bank);Massachusetts (Banknorth Massachusetts); New Hampshire (Bank of NewHampshire); New York (Evergreen Bank); and Vermont (Banknorth Vermont).The Company and Banknorth, N.A. also operate subsidiaries and divisions ininsurance, money management, merchant services, mortgage banking,government banking and other financial services and offers investmentproducts in association with PrimeVest Financial Services, Inc. TheCompany’s website is at www.banknorth.com(link is external) . OnAugust 26, 2004, Banknorth Group, Inc. and TD Bank Financial Group (NYSEand TSE: TD) announced that they entered into a definitive agreement forTD to acquire 51% of the outstanding shares of Banknorth, subject toreceipt of required regulatory and shareholder approvals and othercustomary conditions.Note: This news release contains financialinformation determined by methods other than in accordance with accountingprinciples generally accepted in the United States of America (GAAP).The Companys management uses these non-GAAP measures in its analysis ofthe Companys performance. These measures typically adjust GAAPperformance measures to exclude the effects of charges and expensesrelated to the consummation of mergers and acquisitions and costs relatedto the integration of merged entities, as well as the amortization ofintangible assets in the case of cash basis performance measures. Thesenon-GAAP measures also may exclude other significant gains or losses thatare unusual in nature, such as security gains and prepayment penalties.Because these items and their impact on the Companys performance aredifficult to predict, management believes that presentations of financialmeasures excluding the impact of these items provide useful supplementalinformation that is essential to a proper understanding of the operatingresults of the Companys core businesses. These disclosures should not beviewed as a substitute for operating results determined in accordance withGAAP, nor are they necessarily comparable to non-GAAP performance measureswhich may be presented by other companies.This news release contains certain forward-looking statements with respectto the financial condition, results of operations and business ofBanknorth. Forward-looking statements are subject to various factors whichcould cause actual results to differ materially from these estimates.These factors include, but are not limited, to, changes in generaleconomic conditions, interest rates, deposit flows, loan demand,competition, legislation or regulation and accounting principles, policiesor guidelines, as well as other economic, competitive, governmental,regulatory and accounting and technological factors affecting Banknorthsoperations. In addition, acquisitions may result in large one-time chargesto income, may not produce revenue enhancements or cost savings at levelsor within time frames originally anticipated and may result in unforeseenintegration difficulties. Investors are encouraged to access Banknorthsperiodic reports filed with the Securities and Exchange Commission forfinancial and business information regarding Banknorth, includinginformation which could affect Banknorths forward-looking statements.CONTACT: Banknorth Group, Inc. Jeffrey Nathanson, 207-761-8517SOURCE: Banknorth Group, Inc.last_img read more

PSG Banks on Paris Crowd to Upstage Real Madrid

first_imgParis St Germain are hoping their Parc des Princes crowd will help them overturn a 3-1 deficit in their Champions League last-16 return leg against Real Madrid as they try to cope without the injured Neymar.The talismanic Brazilian forward was ruled out of the game tonight after undergoing foot surgery, but PSG coach Unai Emery is confident the home fans will play a key role.“You play a game with your head and your heart. On Tuesday (tonight), the heart will be the most important thing,” Emery told a news conference yesterday. “And we will be playing with 12 players tonight because we will have the backing of the crowd.”PSG has lost its last five return legs in the Champions League, notably going out in the last 16 last season when it slumped to a 6-1 loss at Barcelona after beating the Spanish side 4-0 in Paris.“Our team, even without Neymar, is able to beat the best Real Madrid team,” said Emery.“With Neymar, PSG is stronger, but we are still strong without him,” fullback, Dani Alves said.“There are two options: either we sit and cry, or we stand on our feet and fight.”If the Paris team is going to knock out the defending champions, PSG will need to be more focused than during the first leg, when it conceded two goals in the last 10 minutes.“In the first leg we played better, had the best opportunities. But this time we need to do that for 90 minutes, not just 80,” Alves said.TODAY PSG Vs Real Madrid Liverpool Vs FC Porto TOMORROW Man City Vs FC Basel Tottenham Vs JuventusShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Suntech, Siemens in SA solar projects

first_img18 December 2012China’s Suntech Power Holdings, one of the world’s largest producers of solar panels, has announced that it will supply approximately 100 megawatts (MW) of solar panels for two projects that are being developed, built and operated in South Africa.The projects, which are being developed at two separate sites in the country’s Northern Cape province, will be built and operated by a consortium led by Mainstream Renewable Power and designed and constructed by Siemens.The sites will be operational by mid-2014.“We are excited to be partnering with Mainstream Renewable Power, one of the world’s leading developers of renewable energy projects, and Siemens, which is renowned for its engineering and implementation expertise,” Suntech chief executive officer, David King, said in a statement last week.‘Clean, sustainable energy’“These landmark projects will showcase the ability of solar to provide clean and sustainable energy to South African communities,” he said.The solar systems are expected to generate 180 gigawatt-hours of electricity, enough to power approximately 15 000 households and displace approximately 180 000 tons of carbon emissions per year.“With quality components and engineering, we are confident these projects will demonstrate the capabilities of solar energy in South Africa and set the foundation for a sustainable future,” said Mainstream Renewable Power’s chief executive, Eddie O’Connor.The 100MW solar plants are among the first projects to be granted licenses under South Africa’s first Renewable Energy Independent Power Producer Programme (REIPPP).The programme targets the installation of 1.45 gigawatts of photovoltaic solar plants by the end of 2014 and 8.2 gigawatts by 2030.“These projects are opening the door to one of the most interesting emerging renewable energy markets,” said Siemens Solar & Hydro Division chief executive officer, Ted Scheidegger.“With rapid cost declines over the past decade, solar is not only environmentally friendly, but also cost competitive with many other forms of energy generation,” said Suntech’s founder and executive chairperson, Zhengrong Shi.“We are confident that South Africa’s clear renewable energy policy will provide a blueprint for other countries in the region.”SAinfo reporterlast_img read more

Inmates found drinking inside U.P. jail barrack

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Blurred Vision Album Release Concert To Benefit Charity

first_imgCanadian rock band Blurred Vision – led by Iranian born brothers Sepp and Sohl Osley, and drummer Ben Riley – will release their debut album “Organized Insanity” under their Open Eyes Records imprint, and will raise money for WhyHunger at their album release concert in Toronto.Blurred Vision and The CubeThe 11 track album is produced by Terry Brown, most famous for his iconic work with legendary Canadian trio Rush.“Organized Insanity” drops Tuesday November 25 2014, and will be available internationally as a digital release on iTunes, and other download and streaming platforms with pre-orders available as of Monday October 20, 2014.The cover art, which the group calls the “Insanity Cube”, is the work of renowned designer Hugh Syme who created some of the most memorable Rock album covers from bands including Rush, Aerosmith, Def Leppard and Iron Maiden.Blurred Vision will be releasing a series of video podcasts anticipating the album’s release which includes a live studio performance sneak peek of some of the album tracks and a “round-table chat” with the band.Blurred Vision’s debut “Organized Insanity” delves into issues the band say are “vital to our existence as a Rock ‘N’ Roll band”. The album opens with the track “No More War”, an anti-war anthem with an homage to Martin Luther King Jr.. “Organized Insanity” touches controversial themes of war, politics, religion, and the state of the music scene today while at times digging into personal subjects surrounding relationships and love with songs like “Tonight”, “Arms Of Our World”, and “Wherever You Are” that demonstrate the band’s broad songwriting palette. Among the eleven original tunes are two tributes that highlight Blurred Vision’s influences; “Dear John”, an emotional track written for Beatle legend John Lennon, and “The Keeper”, a prog-rock/mid-east fusion with melodies inspired by the Persian mystic poet Hafez and even sung in Persian on the first verse.Blurred Vision will perform at The Hard Rock Cafe in Toronto on November 23rd, for the Organized Insanity Album Release Concert. Part of the proceeds from the Hard Rock Cafe show will benefit WhyHunger, an international charity organization based in New York City. Blurred Vision are official ambassadors of the charity, who are behind the annual “Imagine There’s No Hunger” campaign that kicks off in November, in partnership with Yoko Ono Lennon, and Hard Rock International.Under the creative direction of acclaimed producer and filmmaker Babak Payami and his Toronto-based Imagisti Creative Studio, Blurred Vision is gearing up for a 2015 album launch concert tour of the U.K, U.S. and Canada. Details of the tour will be announced late 2014.last_img read more

Under Moyes Manchester United Wasnt Particularly Good — Or Lucky

Manchester United fired manager David Moyes with four matches left in the English Premier League season, the club announced on Tuesday. His removal — after only 10 months on the job — left Moyes more than 25 seasons shy of the tenure of his predecessor, Sir Alex Ferguson. Going by results, that’s understandable: Ferguson’s United sides won England’s top league 13 times, while United under Moyes was languishing at seventh in the league, eliminated from the lucrative, Europe-wide Champions League for the coming season.Although Ferguson selected him as his successor, Moyes was always going to have big shoes to fill. Yet less noticed was that Ferguson had been, in his final season, lucky as well as good. By several crucial stats, United wasn’t as good last year as it seemed in winning the league by 11 points. The team has been worse by all these measures under Moyes. But the club has also been far less lucky.Soccer analysts, inspired by ice hockey’s Corsi stat, have begun to examine teams’ ability to create and prevent shots. Teams’ share of all shots taken, and their share of all shots on target, are far more predictive of future success than teams’ percentage of shots converted or of opponents’ shots saved, as soccer analyst James Grayson has shown.Last season, United was far from leading the Premier League in creating the lion’s share of shots, or shots on target. United ranked eighth of 20 teams in proportion of shots, and seventh in proportion of shots on target, according to Grayson; and seventh and fourth, respectively, according to Benjamin Pugsley, who uses a slightly different set of underlying numbers. (Soccer doesn’t yet have completely standardized stats — or, as, Pugsley puts it, “Football and numbers is really new.”)How, then, did Manchester United nonetheless lead the league in goal differential? By leading the league in shooting percentage and placing fourth in save percentage. Grayson calls the sum of those two percentages, multiplied by 1,000, PDO (after its hockey name), and he’s shown that it has essentially no value in predicting future results. United led the Premier League in PDO by a big margin last year. It did the same the year before, which at the time prompted Grayson to forecast a United decline — a year too early, as it turned out.So United’s path to the league title last year was a lucky one; its performance didn’t predict continued success this season. Sure enough, United’s PDO has declined from league-leading to seventh best, and that, combined with less-precipitous declines in share of shots and shots on target, has led to the club outscoring opponents by less than half a goal per game, compared to more than a goal per game last season.Not only did United convert shots, and prevent shots, at unusually high — and unsustainable — rates last season. The club also won more matches than expected based on its goal differential. United won the league by 11 points over Manchester City last season. It also had 12 more points than expected based on its goals scored and allowed. This year, it’s getting about as many points as expected based on goal differential.Was Ferguson just lucky last season, or was he able to conjure consistently high levels of shooting accuracy and goalkeeping even after his club’s edge in shots had eroded? On the one hand, his United clubs sustained high levels of PDO during his tenure. On the other hand, there’s some out-of-sample evidence from United’s Champions League performance, this season and last season.In Ferguson’s last year at the helm, United played eight Champions League games, yielded nine more shots than it took and outscored opponents by two goals. Real Madrid eliminated United in the round of 16. In this season’s Champions League, under Moyes, United allowed 32 more shots than it attempted, yet United still outscored opponents by eight goals, advancing to the quarterfinal stage.These results suggest United’s overachievement in the Premier League last season was due more to luck than to anything Ferguson did. read more

LaVar Ball Remains Unbothered As Son Lonzo Gets Drafted

No. HE said he would be a Laker, and basically told everybody else not to bother. Now we’ve got 15+ years of an NBA dance mom. Great.— Paul Scozzari (@edwood_not) June 23, 2017Others applauded LaVar Ball.”Triple b’s. Big Baller Brand”. Lavar is a prophet!— Jamal Crawford (@JCrossover) June 22, 2017 Lavar Ball a great dad. U don’t understand because u not a Big Baller.— shifty (@ShiftyTheGreen) June 23, 2017 Lavar Ball is gonna get the last laugh— Flex God Daps (@FlexGodDaps) June 23, 2017 I can’t wait to see the son fail in the NBA— Jonathan Ozek (@Jonathan_Ozek) June 23, 2017 Never stop being you Lavar!!! #NBADraft pic.twitter.com/NwIFmsuBmW— The Undefeated (@TheUndefeated) June 23, 2017It turns out LaVar Ball didn’t hurt his son’s NBA draft chances after all and Ball celebrated by delighting in everyone else’s annoyance.The Los Angeles Lakers selected Lonzo Ball as the second overall pick Thursday, June 22 and his dad, who expected the Lakers to draft his son, couldn’t contain his excitement.“From the words of Zeus, Jesus everybody said he was gonna be a Laker,” LaVar Ball told ESPN when the decision was announced.“It’s a wonderful feeling, but I already knew what was coming to him,” he added later, noting he’s had his son pegged for the Lakers for 19 or 20 years. “I got two more boys, I gotta come to the same thing [for] two more years.”LaVar Ball, proudly wearing the family’s Big Baller Brand hat in Lakers colors, also declared his former UCLA guard son would take the Lakers to the playoffs in his first year. As LaVar Ball made his way out of the arena surrounded by a booing audience, he tossed the BBB hat into the crowd.LaVar Ball getting booed out of the arena and threw his BBB hat in the air ?It has begun. #NBADraft pic.twitter.com/Tr1vlf5oEH— Krysten Peek (@KP_Rivals) June 23, 2017Online, some still couldn’t put their issues with the outspoken basketball dad and his son to rest.His father’s stupid and his expectations are far from realistic.— Shady_JayiX (@JC_Boltzz) June 23, 2017 read more

Michael Bennett Other NFL Players Ask Roger Goodell for

Justin Britt stands beside Michael Bennett during the national anthem during a preseason game. (Source: Seattle Times)A group of current and former NFL players have asked Commissioner Roger Goodell for the league’s support for their campaign for racial equality and criminal justice reform.Yahoo Sports is reporting the players sent a 10-page memo to Goodell and NFL executive Troy Vincent in August asking for money, political involvement and other commitments from the league. It also asked the NFL to recognize the month of November as activism awareness month.The website reports Wednesday night that Seattle Seahawks defensive end Michael Bennett, Philadelphia Eagles safety Malcolm Jenkins and receiver Torrey Smith, and former NFL receiver Anquan Boldin co-authored the letter.The NFL declined to comment when asked about the memo by Yahoo Sports. The players behind the letter didn’t return requests for comment or declined to speak about it, according to the website. read more

UPDATE Fire ravages five wooden structures TCI Police confirm

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items: Facebook Twitter Google+LinkedInPinterestWhatsAppGrand Turk, Turks and Caicos Islands – March 7, 2018 –  A fire in the wee hours of the morning swallowed up five wooden structures confirmed Police this morning following civilian reports of the fire in the Capital island of the Turks and Caicos.The fire is confirmed by TCI Police media liaison officer, Takara Bain who also said the report came in at 2:42 a.m. and that the inferno broke out on Hospital Road and ‘five homes are affected, wooden structure dwellings’.  A WhatsApp voice note captured two men reporting on the blaze in Grand Turk: “like four or five houses going down boy. (No seven)  Seven houses going down, one time.”Further details are promised later.last_img read more

BSE closes points 25987 down on August 8

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