Community Bancorp (CBON)

QIAGEN Added To NASDAQ-100 Index

2009-12-17T00:57:00.001-08:00

December 16, 2009 (FinancialWire) QIAGEN N.V. (NASDAQ: QGEN) (Frankfurt: QIA) said its common shares will be included in the NASDAQ-100 Index effective as of the start of trading on December 21, 2009.

The NASDAQ-100 Index comprises the top 100 non-financial securities listed on The NASDAQ Stock Market based on market capitalization. Launched in January 1985, the NASDAQ-100 Index includes companies across major industry groups.

QIAGEN N.V., a Netherlands holding company, is the leading global provider of sample and assay technologies.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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Capitol Bancorp To Sell Ohio Commerce Bank

2009-12-16T09:53:00.001-08:00

December 16, 2009 (FinancialWire) Capitol Bancorp Ltd. (NYSE: CBC) said it has entered into a stock redemption agreement with Ohio Commerce Bank to sell its 51 percent interest in the bank. Under the deal, which is subject to regulatory approval, Capitol will receive 1.4 times the banks book value.

Capitol CEO Joseph D. Reid said, This transaction will allow us to prudently re-deploy capital resources into many of our demographically-diverse and growth-oriented communities, while also supporting those affiliates currently facing the challenges of a volatile economy.

Capitol Bancorp is a national community bank company, with a network of separately chartered banks in 17 states. The company has executive offices in Lansing, Michigan, and Phoenix, Arizona.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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Indiana Community Bancorp Announces Balance Sheet Repositioning Strategies

2009-12-15T18:39:00.001-08:00

Indiana Community Bancorp Announces Balance Sheet Repositioning Strategies

COLUMBUS, Ind., Dec. 15 /PRNewswire-FirstCall/ -- Indiana Community Bancorp (the "Company") (Nasdaq: INCB), the holding company of Indiana Bank and Trust Company of Columbus, Indiana (the "Bank"), today announced plans associated with a strategic decision to reposition a portion of its balance sheet. The Company's repositioning strategies include plans to sell a portion of its current securities portfolio and to prepay a portion of its Federal Home Loan Bank advances. Further details regarding the Company's plans related to each of these repositioning activities are discussed below. Chairman and CEO John Keach, Jr. stated "Our outstanding deposit growth which currently exceeds $150 million for 2009 has provided an opportunity to reduce higher cost wholesale funding thereby increasing net interest income as we move into 2010." Executive Vice President and CFO Mark Gorski added, "The balance sheet repositioning strategies are an important step to improving our core operating ratios in light of the current interest rate environment."

Sale of Securities

The Bank intends to sell approximately $100 million of securities with a weighted average yield of 2.2% and a weighted average life of 1.9 years. It is anticipated that these transactions will result in a gain on sale totaling approximately $2.0 million which will be recognized in the fourth quarter of 2009.

Prepayment of Federal Home Loan Bank Advances

The Bank intends to prepay approximately $55 million of Federal Home Loan Bank advances with a weighted average rate of 4.5% and a weighted average life of 2.3 years. Upon prepaying the advances, the Bank will record a prepayment penalty of approximately $3.8 million which will be recognized as an expense in the fourth quarter of 2009. The funds used to prepay the advances will come primarily from current overnight cash balances held at the Federal Reserve.

The financial impact of the sale of securities and the prepayment of the Federal Home Loan Bank advances will reduce the Company's pretax income by approximately $1.8 million. In addition, these transactions will reduce the Company's total assets by approximately $55 million. A portion of the cash balances used to prepay the advances will be replenished from the sale of securities. The remaining excess liquidity will be reinvested and management anticipates that by lengthening maturities, the securities purchased are expected to have better yields than the securities sold. The repositioning strategies are expected to improve the Company's net interest income and net interest market in future periods. Management estimates that as a result of the repositioning transactions, the Company's net interest income will improve by approximately $2.0 million annually as compared to the annualized results from the third quarter of 2009. This projected increase in net interest income is expected to result in a net interest margin of approximately 3.25% which would represent an increase of 37 basis points over the net interest margin reported in the third quarter of 2009.

Forward-Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Indiana Community Bancorp undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K, which disclosures are incorporated by reference herein.

SOURCE Indiana Community Bancorp

Weekly CFO Buys Highlight: Wireless Telecom Group, valuevision Media, American ...

2009-12-13T07:06:00.001-08:00

According to GuruFocus Insider Data, the largest CFO buys during the past week were Wireless Telecom Group Inc (WTT), ValueVision Media Inc. (VVTV), American River Bankshares (AMRB), Hemispherx Biopharma Inc (HEB), Indiana Community Bancorp (INCB), PennantPark Investment Corp. (PNNT), and MagneTek Inc. (MAG).

Wireless Telecom Group Inc (WTT): President, CFO and CEO Paul S Genova Bought 20,000 Shares

President, CFO and CEO of Wireless Telecom Group Inc (WTT) Paul S Genova bought 20,000 shares on 12/04/2009 at an average price of $0.76. Wireless Telecom Group is a global provider of noise generation equipment in the telecommunications field. The company's products have been primarily used to test the performance and capability of cellular/PCS and satellite communications systems. Other applications include radio, radar, wireless local area network and digital television. Wireless Telecom Group Inc has a market cap of $17.9 million; its shares were traded at around $0.7 with and P/S ratio of 0.4. Wireless Telecom Group Inc had an annual average earning growth of 0.5% over the past 5 years.

ValueVision Media Inc. (VVTV): SVP & CFO Frank Elsenbast Bought 6,500 Shares

SVP & CFO of ValueVision Media Inc. (VVTV) Frank Elsenbast bought 6,500 shares on 12/03/2009 at an average price of $3.7. VALUEVISION INTERNATIONAL, IN is a home-shopping retailer in the United States. Through its continuous merchandise-focused television programming, it sells a wide variety of products directly to consumers. The products are presented by on-air hosts, and orders are processed on-site by its telemarketing service representatives who use its customized computer processing system which provides real-time feedback to the on- air hosts. Valuevision Media Inc. has a market cap of $142 million; its shares were traded at around $4.39 with and P/S ratio of 0.2.

ShopNBC announced financial results for its third fiscal quarter ended October 31, 2009. Third quarter revenues were $119.4 million, a 4% decrease from the same period last year. EBITDA, as adjusted, was a loss of ($5.6) million compared to an EBITDA, as adjusted, loss of ($13.3) million in the year-ago period. Net loss for the third quarter was ($12.9) million compared to a net loss of ($20.8) million for the same quarter last year. announced financial results for its third fiscal quarter ended October 31, 2009.

Bank fails, Goldbergs pledge support for city

2009-12-11T11:34:00.003-08:00

Speaking from the relocated offices of AmTrust Financial Corp., the bank’s parent company, David Goldberg says he and his brothers Robert and Gerald continue to manage various family-owned properties. AmTrust Financial Corp., which filed for Chapter 11 bankruptcy protection just days before the federal government seized the bank, has 50 real estate and private equity investments throughout the U.S., Goldberg adds. The bank was not part of the Chapter 11 filing.

“Our business now is mostly land-development loans with developers in Florida, who are doing well,” he adds.

Goldberg declined to comment on AmTrust’s demise or the regulators’ action. “We’ve been operating the bank exactly the way we have for 20 years. Nothing different was taking place in the way the bank operated over the last 20 years.”

The bank’s problems accelerated late last year. In November 2008, the OTS turned down AmTrust’s request for federal funds under the Troubled Asset Relief Program (TARP), the WSJ reported. OTS then issued a “cease-and-desist order,” requiring AmTrust to raise capital, stop paying high rates for customer deposits, and reduce costs to improve its finances.

Large banks considered “too big to fail” like Bank of America and Citicorp received TARP funds. Cleveland’s National City Bank also was refused TARP aid; it was forced to sell in December 2008 at a bargain-basement price to PNC Financial Services Group Inc. of Pittsburgh. To sweeten the deal, PNC received its own TARP funds as well as money that would have gone to National City.

AmTrust was spared at the end of 2008, when federal regulators apparently accepted the bank’s turnaround plan, the WSJ reported. But as home prices continued to decline this year and foreclosures increased, homeowners stopped paying on their mortgages, walking away when what they owed exceeded their home’s value.

Banks that owned those mortgages or wanted to sell them on the secondary market – the majority of AmTrust’s business – suffered significant losses. Finding new capital from investors was impossible in this climate, David Goldberg told the WSJ in 2008.

“We’re proud of our family’s involvement in the community, and we are proud of the way we ran AmTrust Bank,” Goldberg says. “I think somebody should take note of what’s going on in the real estate economy in the U.S. with every bank involved in the real estate sector. Nothing unusual took place at AmTrust Bank.”

mkarfeld@cjn.org

End of era for a family business

Founded in 1889 as the Ohio Savings & Loan Company, the bank was acquired in 1963 by Leo Goldberg, father of Robert, David and Gerald, and of Bonnie Frankel and Jackie Ponsky. In February 2007, Gerald’s son Peter succeeded Robert, his uncle, as president of AmTrust. Peter became CEO in March 2009. At the time of its seizure last week, the Goldberg family owned 77% of the privately held bank.

The collapse of AmTrust “is devastating for us,” says Frankel, a therapist in private practice. “It is like the loss of a family member. We are grieving. Not just for us. The employees were really happy working there.”

Jackie Ponsky, AmTrust senior vice president and director of lifeBalance, said her work in human resources focused on creating an environment that was emotionally supportive. The bank offered weight-loss and smoking-cessation help, along with parenting and exercise groups.

The bank recognized that employees had a life outside of work, said Ponsky, who emphasized she knew employees on a personal level and felt she made a difference in their lives. “I feel good. That era is over, but it doesn’t wipe away what I was able to give. (The bank) was a safe place where people could come to cry, to share their concerns. That became the culture of the company.”

The Goldbergs never considered selling the bank over the years, Frankel said, because it was not just a business, but a family business, “with great concern for the people who worked there. We took a huge institution and made it personal.”

Although the Goldberg family plans to continue to give of their time to the community, Frankel said that they will not be able to do “the philanthropy that we used to do. It was a terrible loss for us. The bank was seized; we got nothing.”

Peter took over the bank just as the economy started to collapse, she notes. “He extended the life of the bank for a year to buy us some time for the economy to turn around.”

But the economy did not rebound. AmTrust had made construction loans in Florida, Arizona, California and Nevada, areas hit the hardest by the housing crisis, Frankel noted.

“My brothers worked 24/7 to save this bank, not just for the family, but for the employees and the community.”

– Marilyn Karfeld and Arlene Fine

See Jeff Ponksy op-ed: L’dor vador

Option Activity Alert: Bears Not Impressed by New York Community Bancorp, Inc.

2009-12-11T11:34:00.001-08:00

. During the past five days, traders on the International Securities Exchange (ISE) have bought to open 9,282 puts on NYB, compared to just 4,227 calls. The stock's five-day ISE put/call volume ratio of 2.20 reveals that puts bought to open have more than doubled calls during this time frame.

The equity's 10-day ISE put/call volume ratio is even more skeptically skewed, arriving today at 2.46. This reading ranks higher than 72.8% of other such ratios taken during the past 52 weeks, suggesting that option players have snapped up puts over calls at a faster pace less than 28% of the time.

However, the stock's Schaeffer's put/call open interest ratio (SOIR) indicates that bearish sentiment on NYB is far from peak levels. The equity's SOIR is resting at a slim 0.64, which ranks in just the 14th annual percentile. In other words, short-term option traders have been more optimistically aligned only 14% of the time during the past year.

In the December series, peak call open interest of 6,809 contracts can be found at the 12 strike. Meanwhile, the most popular front-month put is the 13 strike, with 5,059 contracts outstanding. With NYB trading just narrowly above $13 at last check, this configuration confirms the generally skeptical mood indicated by the ISE data.

After checking out the rest of the stock's sentiment backdrop, the seeming disparity between NYB's SOIR and the recent buy-to-open ISE activity is resolved. Short interest jumped by 8.2% during the past month, and ticked higher by 3.7% during the most recent reporting period. Now, these bearish bets account for a healthy 13.1% of the equity's float.

Not only does this short interest data confirm that many Wall Street denizens are expecting NYB to decline, it also casts new light on the heavy call open interest suggested by the low SOIR reading. With short interest rising precipitously during the past month, it's possible that some of the calls lingering in open interest were purchased in order to hedge short stock positions, rather than to speculate on bullish price action.

NYB has attracted attention this week due to its recent purchase of failed AmTrust Bank. Many analysts have voiced their skepticism about the deal, arguing that it takes NYB out of its element, but CEO Joseph Ficolara is standing by the decision. "Let's be real about this, a thrift in Florida is easier to run than a commercial bank in New York," he told Dow Jones.

While analysts and investors are expressing their reservations about the deal, NYB is actually enjoying a new foothold on the charts north of former resistance. The stock broke through stubborn pressure in the $12.50 region earlier this week, and this level could now switch roles to act as support. However, the $14 area looms large; this region capped NYB's progress back in January and February, and could now resume its role as a technical ceiling.

Another point of concern is NYB's 20-month moving average, which is directly above the stock's current price. This trendline hasn't been toppled on a monthly closing basis since June 2008, and it has effectively kept a lid on NYB's progress this week.

Judging by this troublesome technical setup, the rising pessimism toward NYB is richly deserved. If the stock proves it has the mettle to break through multiple layers of resistance, this bearish sentiment could potentially unwind in the form of fresh buying power. However, until the shares manage a convincing breakout above these looming roadblocks, these skeptics will have little motivation to back away from their negative stance.

28 US Dividend Stocks from the DJ STOXX Global Select Dividend 100 Index

2009-12-10T20:42:00.003-08:00

The Dow Jones STOXX® Global Select Dividend 100 Index tracks the performance of the 100 highest-yielding dividend companies in North America, Asia/Pacific and Europe. Of the 40 stocks from North America, 28 are from the U.S. and the rest are from Canada. Some of the Canadian components in this index include Enbridge (ENB), Bank of Montreal (BMO), Trans-Canada Corp (TRP), and National Bank of Canada [ NA.TO]. In this post, let's take a quick look at the US companies represented in this index.

The 28 US stocks in the DJ STOXX Global Select Dividend 100 Index and their current dividend yields are shown below:

click to enlarge

Altria (MO), CenturyTel (CTL) and New York Community Bancorp (NYB) offer over 7% dividends now. Altria is a favorite stock among many US dividend investors. It expects to maintain a dividend payout ratio of about 75% of net earnings. A $10,000 investment in the stock on January 2, 1970 would have grown to $516,533.33 for a return of 22,216.14% based on the closing price yesterday. The original 277.78 shares would have increased to 26,666.67 split adjusted. (Source: Investment Value Calculator at Altria’s IR site).

New York Community Bancorp Inc (NYB) is offering 60 Million shares of common stock at $13.00 per share to fund the acquisition of the failed Cleveland, Ohio-based AmTrust Bank. PNC and Regions Financial (RF) are not great dividend payers at this point. Utilities such as Duke Energy (DUK) and Consolidated Edison (ED) offer yields above 5%.

Provident New York Bancorp Reports Operating Results (10-K)

2009-12-10T20:42:00.001-08:00

Provident New York Bancorp (PBNY) filed Annual Report for the period ended 2009-09-30.

Provident New York Bancorp is a leading full-service independent community bank that helps families and businesses make the most of life's opportunities. By combining state-of-the-art technology with our own brand of local decision making, we can deliver the quality financial products and services you need, how, when and where you need them. Provident New York Bancorp has a market cap of $338.9 million; its shares were traded at around $8.57 with a P/E ratio of 13 and P/S ratio of 2. The dividend yield of Provident New York Bancorp stocks is 2.8%. Provident New York Bancorp had an annual average earning growth of 28.6% over the past 5 years.

Highlight of Business Operations:

Provident New York Bancorp (“Provident Bancorp” or the “Company”) is a Delaware corporation that owns all of the outstanding shares of common stock of Provident Bank (the “Bank”). At September 30, 2009, Provident Bancorp had, on a consolidated basis, assets of $3.0 billion, deposits of $2.1 billion and stockholders equity of $427.5 million. As of September 30, 2009, Provident Bancorp had 39,547,207 shares of common stock outstanding.

In addition to Provident Bank, the Company owns Hardenburgh Abstract Company of Orange County, Inc. (“Hardenburgh ) that was acquired in connection with the acquisition of Warwick Community Bancorp (“WSB”) and Hudson Valley Investment Advisors, LLC, an investment advisory firm that generates investment management fees. Hardenburgh had gross revenue from title insurance policies and abstracts of $1.0 million and net income of $156,000 in 2009, and Hudson Valley Investment Advisors, LLC generated $2.0 million in fee income in 2009 and net income of $317,000.

Commercial Real Estate Lending. We originate real estate loans secured predominantly by first liens on commercial real estate. The commercial properties are predominantly non-residential properties such as office buildings, shopping centers, retail strip centers, industrial and warehouse properties and, to a lesser extent, more specialized properties such as churches, mobile home parks, restaurants and motel/hotels. We may, from time to time, purchase commercial real estate loan participations. We target commercial real estate loans with initial principal balances between $1.0 million and $15.0 million. At September 30, 2009, loans secured by commercial real estate totaled $554.5 million, or 32.6% of our total loan portfolio and consisted of 1,038 loans outstanding, although there are a large number of loans with balances substantially greater than the average. Substantially all of our commercial real estate loans are secured by properties located in our primary market area.

We currently offer several ARM loan products secured by residential properties with rates that are fixed for a period ranging from six months to ten years. After the initial term, if the loan is not already refinanced, the interest rate on these loans generally reset every year based upon a contractual spread or margin above the average yield on U.S. Treasury securities, adjusted to a constant maturity of one year, as published weekly by the Federal Reserve Board and subject to certain periodic and lifetime limitations on interest rate changes. Many of the borrowers who select these loans have shorter-term credit needs than those who select long-term, fixed-rate loans. ARM loans generally pose different credit risks than fixed-rate loans primarily because the underlying debt service payments of the borrowers rise as interest rates rise, thereby increasing the potential for default. At September 30, 2009, our ARM portfolio included $4.5 million in loans that re-price every six months, $29.9 million in loans that re-price once a year, $6.3 million in loans that re-price periodically after an initial fixed-rate period of one year or more and $104,000 that re-price based upon other miscellaneous re-pricing terms. Our adjustable rate loans do not have interest-only or negative amortization features. We do not nor have we in the past originated “subprime” loans, loans to borrowers with subprime credit scores combined with either high loan to value or high debt to income ratios.

At September 30, 2009, the largest group of consumer loans consisted of $235.1 million of loans secured by junior liens on residential properties. We offer fixed-rate, fixed-term second mortgage loans, referred to as homeowner loans, and we also offer adjustable-rate home equity lines of credit. As of September 30, 2009, homeowner loans totaled $54.9 million or 3.2% of our total loan portfolio. The disbursed portion of home equity lines of credit totaled $180.2 million, or 10.6% of our total loan portfolio at September 30, 2009, with $151.0 million remaining undisbursed.

Other consumer loans include personal loans and loans secured by new or used automobiles. As of September 30, 2009, these loans totaled $16.4 million, or 1% of our total loan portfolio. We originate consumer loans directly to our customers or on an indirect basis through selected dealerships. We require borrowers to maintain collision insurance on automobiles securing consumer loans, with us listed as loss payee. Personal loans also include secured and unsecured installment loans for other purposes. Unsecured installment loans, which include most personal loans, generally have shorter terms than secured consumer loans, and generally have higher interest rates than rates charged on secured installment loans with comparable terms. We also offer overdraft lines of credit on an unsecured basis, outstanding balances on these loans totaled $5.1 million with additional undrawn lines totaling $15.4 million.

Read the The complete Report

PBNY is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., Private Capital of Private Capital Management, Chuck Royce of ROYCE & ASSOCIATES.

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Moody's Affirms New York Community (Senior at A3), Changes Outlook to Negative

2009-12-10T05:08:00.003-08:00

(Source: Info-Prod Research (Middle East))Moody's Investors Service affirmed theratings of New York Community Bancorp, Inc. and its savings banksubsidiary, New York Community Bank, and changed the outlook on theseentities to negative from stable. New York Community Bancorp, Inc. israted A3 for senior debt, and New York Community Bank is rated C+ forbank financial strength, and A2 and Prime-1 for long- and short-termdeposits, respectively. In a separate but simultaneous action, Moody'sdowngraded the trust preferred ratings of Haven Capital Trust II and NewYork Community Capital Trust V to Baa2 from Baa1, in accordance withMoody's new methodology for rating bank hybrid securities andsubordinated debt. Following the downgrade, the outlook on Haven CapitalTrust II and New York Capital Trust V is also negative. This separaterating action concludes the review for possible downgrade of theseratings that was initiated on December 3, 2009. New York CommunityBancorp, Inc. and its subsidiaries are referred to collectively hereafteras 'NYCB'. The affirmation of the ratings of, and change in outlook on New YorkCommunity Bancorp, Inc. and New York Community Bank to negative fromstable is in response to NYCB's entry into an FDIC-assisted transactionto acquire certain assets and assume the deposits and wholesaleborrowings of AmTrust Bank, a Cleveland, Ohio-based thrift institution.The affirmation of the ratings reflects NYCB's sound credit fundamentals,which Moody's believes remain intact with this deal. The negative outlookreflects Moody's view of the increased potential for integration riskinherent in the company's profile, now that NYCB has acquired bankingplatforms in Arizona, Florida and Ohio, coupled with the expectation thatit will seek to leverage those platforms through further acquisitions. Moody's recognizes NYCB's good track record in acquiring and integratingbanking institutions, and the positive aspects of the AmTrusttransaction, particularly the loss-sharing agreement with the FDIC thatlimits NYCB's potential losses, the improved funding profile resultingfrom the assumption of its deposits, and the favorable impact on thecompany's profitability. Nevertheless, these positive considerations areoutweighed by the additional challenges of managing and expanding arelatively large franchise in geographies that are not contiguous withNYCB's metro New York area home base, compounded by the possibility thatthe structures of future transactions may not be as benign in their riskprofile. Separate from the outlook change discussed above, Moody's downgraded thetrust preferred ratings of Haven Capital Trust II and New York CommunityTrust V to Baa2 from Baa1. The starting point for these hybrid ratings isthe Baseline Credit Assessment of A2 at the bank, adjusted for parentalsupport if any (the Adjusted Baseline Credit Assessment), which isfurther adjusted for structural subordination of the holding company anddoes not incorporate uplift for systemic support. In the case of NYCB,there is no parental support, and therefore the Adjusted Baseline CreditAssessment is of the bank is identical to its Baseline Credit Assessmentof A2. These lowered ratings reflect the coupon deferral risk associatedwith the respective instruments and are in line with Moody's recentlypublished methodology entitled "Moody's Guidelines for Rating Bank HybridSecurities and Subordinated Debt". Following the downgrade, the outlookon these two entities is also negative.

Originally published by Info-Prod Strategic Business Information.

A service of YellowBrix, Inc.

Bank Watch: Community Bank CRE Lending Conditions Deteriorate

2009-12-10T05:08:00.001-08:00

Commercial real estate lending conditions for the nation's community banks worsened again in the third quarter of 2009 compared to the second quarter of the year, according to the Commercial Real Estate Lending Index from Banc Investment Group (BIG). The BIG CRE Index dropped to 63.67 in the third quarter from 71.24 in the second quarter of 2009, a 10.6% decline. The Index declined 11.6% in the second quarter from the first quarter of 2009. Conditions in the industrial sector posted the largest decline, falling 21.2%. Lending conditions in the retail sector dropped 7.7%, the office sector 7.1%, and multifamily 9%. BIG's data and market analysis indicate a difficult lending environment for the fourth quarter of 2009 and into the first quarter of 2010. "CRE lending conditions for community banks worsened across the board in the third quarter, although the rate of decline slowed somewhat," said Chris Nichols, president and CEO of Banc Investment Group, the capital markets subsidiary of Pacific Coast Bankers' Bancshares. "The index results from the third quarter indicate that bankers will face tough challenges in managing their balance sheet in coming quarters and need to be pro-active in addressing problem loans." The retail sector of the index fell to 60.89 in the third quarter from 65.99 in the prior quarter, down 7.73%. Lending conditions benefitted from a modest improvement in retail sales (less gas and autos). The industrial sector of the index fell to 43.97 in the third quarter from 55.84 in the prior quarter, down 21.27%. The decrease was tempered compared to the decline between the first and second quarter as industrial production turned positive for every month in the third quarter. The multifamily sector of the index fell at an accelerated pace of 9.06% to 76.74 in the third quarter from 84.39 in the prior quarter. The office sector of the index fell to 73.07 in the third quarter, down 7.19 % from 78.73 in the prior quarter. State Bank of Long Island Cutting is Losses on Nonperforming Loans State Bancorp Inc., the Jericho, NY-based parent company of State Bank of Long Island, is in the final stages of liquidating certain non-performing and higher risk legacy loans. The holding company said it anticipates that this strategy will result in the final disposition of many of its most difficult loans including the majority of its non-performing loans which totaled $35 million at Sept. 30. About $10.5 million of that amount was related to CRE income producing properties, including multifamily loans. Last month, State Bancorp closed a $20 million bulk loan sale that resulted in a loss of $11 million. It is anticipated that the combined 2009 fourth quarter full impact of this troubled loan liquidation strategy (including the $20 million sale) will result in the disposition of approximately $55 million original principal balance loans and an expected aggregate pre-tax charge of approximately $17 million. The bank holding company also was to retire its outstanding 8.25% subordinated notes with an aggregate principal balance of $10 million issued in 2006 and due to mature in 2013. In exchange for the subordinated debt and accrued interest, the company will issue 1.67 million shares of its common stock in a privately negotiated transaction with four major institutional investors at an effective price of $6.50 per share. The investors participating in the exchange are Endicott Management Co., Sandler O'Neill Asset Management, PRB Investors LP, and funds affiliated with Northaven Management Inc. "Over the past several months we have been investigating alternatives to accelerate the financial repositioning of our balance sheet in an effort to create clearer earnings visibility for 2010 and beyond," said Thomas M. O'Brien president and CEO of State Bancorp. "In this analysis, it became clear that certain weak legacy credits and high cost debt stood in the way of realizing the company's potential. Accepting the fact that an immediate disposition of poorly performing loans would carry a high cost, we modeled the cost-benefit outcomes of these initiatives. The costs, while not insignificant in the short term, are quickly eclipsed by the transformative impact of a large scale liquidation and subordinated debt retirement. These conclusions were consistently validated throughout our deliberate analytical approach." "While some of these actions will result in a significant fourth quarter 2009 charge to earnings, together they represent important strategic steps toward reducing balance sheet risk and will position the company to concentrate its resources for long term profitability," O'Brien added. State Bank of Long Island has 17 branches in Nassau, Suffolk, Queens and Manhattan. Feds Shut Down $11 Billion AmTrust New York Community Bancorp Inc., through its savings bank subsidiary, New York Community, has acquired all the deposits and certain assets of AmTrust Bank from the Federal Deposit Insurance Corp. (FDIC). New York Community Bank received assets of approximately $11 billion, including performing single-family mortgage and consumer loans of approximately $6 billion which are subject to a loss-share agreement with the FDIC; cash of approximately $4 billion; and securities of approximately $1 billion; and assumed certain liabilities approximating $11 billion, including deposits of approximately $8 billion and wholesale borrowings of approximately $3 billion. Under the terms of the agreement, New York Community Bank did not acquire any of AmTrust Bank's non-performing loans serviced or any other real estate owned, construction, land, or development loans, private-label securities, or mortgage servicing rights; nor did it acquire any of the assets or assume any of the obligations of the holding company. AmTrust Bank was not heavily involved in commercial real estate lending and had just a little less than $16 million of nonperforming CRE-related assets on its books. The deal expands New York Community Bank's franchise from 212 branches to 278 branches, including 29 in Ohio, 25 in Florida, and 12 in Arizona. New York Community Bancorp said it will seek to take advantage of favorable market conditions to raise additional common equity capital to support its growth. The FDIC and New York Community Bank entered into a loss-share transaction on approximately $6 billion of AmTrust Bank's assets. New York Community Bank will share in the losses on the asset pools covered under the loss-share agreement. Dearborn Bancorp Receives Nasdaq Noncompliance Notice Dearborn Bancorp Inc., the holding company for Fidelity Bank in Dearborn, MI, received a letter from The Nasdaq Stock Market notifying the company that it failed to comply with Nasdaq's minimum bid price requirements for continued listing. Dearborn Bancorp has 180 calendar days to regain compliance or face delisting. Dearborn Bancorp Inc. is a registered bank holding company. Its sole banking subsidiary is Fidelity Bank. The Bank operates 17 offices in Wayne, Oakland, Macomb and Washtenaw counties in Michigan. Dearborn Bancorp with total assets of slightly more than $1 billion reported a net loss of $55.4 million for the first nine months of the year and said it has substantially curtailed new lending. At the end of September, Fidelity Bank had about $26 million in nonperforming loans on its books related to multifamily and income producing commercial real estate. Download this story and all of the stories in the Watch List Newsletter here. The Adobe pdf version also includes all of this week’s leads of distressed properties and loans of concern, lease cancellations applied for in bankruptcy proceedings, local and national facility closures & layoffs, and lists of loans approaching their maturity date. Plus the pdf version contains bonus news items not found in these columns or the CoStar Group web news pages. Receive notice when a new Watch List Newsletter column is published by receiving The Watch List E-Mail Alert. It's the quickest way to link directly to the news and leads you want. Just e-mail me your name, title, company, company business, city, state, and e-mail address. You can reach me by clicking on the byline above or e-mailing me at Mark Heschmeyer

Most Traded Guru Stocks: General Electric, Kroger Company, Intel Corporation ...

2009-12-09T14:14:00.001-08:00

: Senior Vice President R. Pete Williams sold 8,825 shares of KR stock on 10/05/2009 at the average price of 20.95, the price of the stock has decreased by 3.91% since.

3. Intel Corporation (INTC)

Intel Corporation, one of the world's largest semiconductor chip maker, supplies the computing and communications industries with chips, boards, and systems building blocks that are integral to computers, servers, and networking and communications products. Intel Corp. has a market cap of $110.39 billion; its shares were traded at around $19.99 with a P/E ratio of 30.3 and P/S ratio of 2.9. The dividend yield of Intel Corp. stocks is 2.9%. Intel Corp. had an annual average earning growth of 0.4% over the past 10 years.

Intel Corp. is owned many Investment Gurus. Among them, Jean-Marie Eveillard, John Hussman, PRIMECAP Management , Kenneth Fisher, Robert Olstein, Charles Brandes, Prem Watsa

Click on the stock symbol for details of Guru Ownership.

Insiders’ Activitieswith INTC: Sell: : SR VP, GM DIG ENT GRP Patrick P Gelsinger sold 120,000 shares of INTC stock on 08/28/2009 at the average price of 20.25, the price of the stock has decreased by 1.28% since.

4. New York Community Bancorp, Inc.

New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. New York Community Bancorp Inc. has a market cap of $4.53 billion; its shares were traded at around $12.65 with a P/E ratio of 12.1 and P/S ratio of 2.8. The dividend yield of New York Community Bancorp Inc. stocks is 7.9%. New York Community Bancorp Inc. had an annual average earning growth of 20.5% over the past 10 years.

New York Community Bancorp Inc. is owned by 2 Gurus: Irving Kahn owns 4,098,061 shares , which accounts for 10.52% of the $445 million portfolio of Kahn Brothers & Company Inc.. Prem Watsa owns 25,000 shares , which accounts for less than 0.01% of the $6.63 billion portfolio of Fairfax Financial Holdings, Inc..

5. Ford Motor Company (F)

Ford Motor Company produces cars and trucks. Ford Motor Company has a market cap of $28.41 billion; its shares were traded at around $8.82 with and P/S ratio of 0.2.

Ford Motor Company is owned by 4 Gurus, among them, George Soros and Ken Heebner owns a large stake in the company. Click on the stock symbol for the stock.

There has been no insider trading activity lately with this stock.

StockSource.us Reports MNDP Subsidiary Proving Beneficial

2009-12-08T23:06:00.003-08:00

(EMAILWIRE.COM, December 08, 2009 ) Del Mar, CA – The Mundus Group Inc (MNDP) has expanded its operations in order to exploit opportunities to increase revenue from its wholly owned subsidiary, Airstar International. The Mundus Group has added sales resources, targeted niche market opportunities, increased manufacturing capabilities and expanded its corporate headquarters to drive growth and revenue.

Josef Obermeier, CEO of Mundus Group, commented, Newly acquired subsidiary AirStar International has built a remarkable business, providing unmanned air vehicles for a wide range of customers including government agencies, television and film studios and aerial surveillance companies. AirStar’s sales to date have come from word-of-mouth referrals based on its proven, 20-year track record. Mundus Group is working with AirStar to deliver the marketing, sales and corporate expertise needed to take AirStar’s business to next level. We are seeing the results in increased sales, new contacts with potential customers, new co-development opportunities and increased market awareness that we believe signal significant growth and increased value for Mundus shareholders.

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StockSource.us (http://www.StockSource.us) Reports on Stocks to Watch:

Mundus Group Inc. (OTCBB: MNDP), La Jolla Pharmaceutical Company(NASDAQ:LJPC), Ohio Legacy Corp(NASDAQ:OLCB), International Royalty Corporation(AMEX:ROY), Invitel Holdings A/S(AMEX:IHO), Freddie Mac PRFD ‘L’(NYSE:FRE-L), New York Community Bancorp Inc.(NYSE:NYB), Harbor Bankshares Corp. (HRBK.PK)

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Other Stocks to Watch:

La Jolla Pharmaceutical Company(NASDAQ:LJPC)

La Jolla Pharmaceutical Company is a biopharmaceutical company focused on the development and testing of Riquent as a treatment for Lupus nephritis.

Ohio Legacy Corp(NASDAQ:OLCB)

Ohio Legacy Corp (Ohio Legacy) is a bank holding company. Ohio Legacy has one wholly owned subsidiary, Ohio Legacy Bank, N.A (Bank).

International Royalty Corporation(AMEX:ROY)

International Royalty Corporation (IRC) was formed for the purpose of acquiring and creating natural resource royalties with a specific emphasis on mineral royalties.

Invitel Holdings A/S(AMEX:IHO)

Invitel Holdings A/S, formerly Hungarian Telephone and Cable Corp., is a telecommunications provider operating in Hungary mainly through its subsidiary and brand Invitel.

Freddie Mac PRFD ‘L’(NYSE:FRE-L)

Freddie Mac purchases residential mortgages and mortgage-related securities in the secondary mortgage market and securitizes them into mortgage-related securities that can be sold to investors.

New York Community Bancorp Inc.(NYSE:NYB)

New York Community Bancorp, Inc. is the holding company for New York Community Bank (the Community Bank) and New York Commercial Bank (the Commercial Bank).

Harbor Bankshares Corp. (HRBK.PK)
Harbor Bank of Maryland opened its doors in September of 1982 with $2.1 million in assets. As of December 31, 2007, Harbor Bank has increased its assets to $299 million

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Traders buy calls ahead of NY Community-AmTrust deal

2009-12-08T23:06:00.001-08:00

CHICAGO, Dec 7 (Reuters) - Some lucky players made timely purchases of New York Community Bancorp Inc (NYB.N: 行情) call options last week after the U.S. savings and loan purchased certain assets and deposits of troubled AmTrust bank.

Following Friday's close of trading, the company bought about $11 billion in assets and assumed liabilities from AmTrust Bank in a deal assisted by the U.S. Federal Deposit Insurance Corp [ID:nBNG157477].

But a sudden burst of heavy call buying during the final 45 minutes of Friday's trading session has raised some eyebrows as to whether the news reached several investors ahead of the announcement later that day.

New York Community Bancorp is typically a thinly traded option name, averaging 2,025 contracts per day in 2009, according to the Options Clearing Corp.

However, action picked up in the near-term December $12 call options, with 8,933 contracts traded, nearly four times its existing contracts, according to option analytics firm Trade Alert, indicating new positions were opened.

Late on Friday, New York Community shares traded through $12 and continued to rise after the call buying occurred, pushing the premium for those options to its highest level of 50 cents per contract, said optionMonster analyst David Russell.

It appeared one buyer bought at least 7,400 December $12 calls for 23 to 30 cents apiece in a five-minute period, said Russell.

The shares rallied 5.29 percent to $12.33 on that day, the highest level since mid-April. The stock rose 8.7 percent to $13.40 on Monday after earlier hitting a high of $13.66.

The calls closed at 40 cents per contract on Friday and reached a high of $1.55 on Monday, a nifty 287 percent return from last week. They fetched $1.38 apiece at the close, Reuters data showed.

"This is definitely a pattern of potentially suspicious trading," Russell said.

The U.S. Securities and Exchange Commission, which looks into unusual option activity, declined to comment.

"We have no control over trading activity and it is not our policy to speculate on the factors contributing on any given day's activity," a New York Community Bancorp spokeswoman said.

The circumstances surrounding the call buying may also reflect speculative bullish bets or plain luck.

New York Community joins many other U.S. banks, who have actively cashed in on the rising bank failures as they look to expand their footprint with the help of regulators.

Bank regulators released the news of New York Community's purchase of AmTrust after 6:00 p.m. New York time on Friday.

Regulators typically go through great pains to ensure that news of bank closings do not leak before the seizure, although it does happen. For example, the Los Angeles Times reported in October that regulators were poised to seize California National Bank, just hours before the bank was officially shuttered.

"In hindsight it does seem unusual that there was that sort of call buying shortly before a deal was announced," said Steve Sosnick, equity risk manager at Timber Hill, a division of Interactive Brokers Group.

A total of 13,551 option contracts changed hands in the thrift on Friday, with 98 percent of the volume on the call side, OCC data show. (Additional reporting by Karey Wutowski; Editing by Kenneth Barry)

Locking In Cisco's Gains

2009-12-07T17:27:00.005-08:00

( CAG - news - people )--The food company responsible for such brands as Chef Boyardee, Hebrew National, and more, attracted bullish option players today. Shares rose slightly by 0.05% to $22.61. One trader banked gains on a previously established long call position. It appears the investor originally purchased 5,400 calls at the December 22.5 strike for 15 cents apiece back on Nov. 4, 2009, when shares were at $20.89. Today the trader sold all 5,400 calls for an average premium of 37 cents per contract to secure net profits of 22 cents per contract. The same investor ramped up optimism on the stock by initiating a new long call position in the March 2010 contract. The trader purchased 5,400 calls at the higher March 25 strike for 25 cents premium apiece. The optimistic investor breaks even on the new position if shares rally 12% from the current price to surpass the break-even point at $25.25 by expiration in March 2010.

Should STEC still be in your portfolio? How about Cypress Bioscience? Click here for immediate access to the December Oberweis Report.

New York Community Bancorp ( NYB - news - people )--News last week that this 212-branch community lender would take on the seized assets of AmTrust Bank saw its shares jump 10%. Lucky investors were treated to a further 8.5% on Monday to $13.40 as the bank said it would finance the takeover with the sale of 60 million shares. While the medium-term outlook maybe pretty bullish since it will expand by more than one third its number of accounts at a stroke, near term bears spent an average of 19 cents to lock into protective put option plays that would compensate them in the event that shares suffered a hiccup before options expire in two weeks time. Elsewhere happy banking bulls were keen to buy calls expiring in January at the 12.5, 14 and 15 strikes indicating that a successful takeover at AmTrust will attract more investors in the coming months.

Is it time to sell Goldman Sachs (GS) in case you already haven't? Click here for Larry McMillan's Option Strategist.

Options Intelligence Report: ConAgra (CAG) & New York Community Bancorp (NYB)

2009-12-07T17:27:00.003-08:00

Utilize the CBOE's "Mastering Options Strategies" workbook and teach yourself how to minimize risk and protect your portfolio.
Get Your Free Options Strategies Workbook From the CBOE

New York Community Bancorp
NYB � New York Community Bancorp � News last week that this 212-branch community lender would take on the seized assets of AmTrust Bank saw its shares jump 10%. Lucky investors were treated to a further 8.5% on Monday to $13.40 as the bank said it would finance the takeover with the sale of 60 million shares.

While the medium-term outlook maybe pretty bullish since it will expand by more than one third its number of accounts at a stroke, near term bears spent an average of 19 cents to lock into protective put option plays that would compensate them in the event that shares suffered a hiccup before options expire in two weeks time. Elsewhere happy banking bulls were keen to buy calls expiring in January at the 12.5, 14 and 15 strikes indicating that a successful takeover at AmTrust will attract more investors in the coming months.

---------------------------------------------------------------------------------------------

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither Interactive Brokers LLC nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither IB nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance is not necessarily indicative of future results.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Posted by Andrew Wilkinson | View more articles by Andrew Wilkinson

A Big Upgrade for New York Community Bancorp

2009-12-07T17:27:00.001-08:00

Disney Buys Marvel!

David Gardner called it. He’s up 1,334%! See what David’s recommending that you buy NEXT.

Every day, the sun rises on Wall Street, and a plethora of professional analysts wake to issue new opinions on stocks. Here at the Fool, we use our "This Just In" column to examine some of these picks -- and the track records of the companies behind them -- so individuals can make better investing decisions.

In addition to following professional banks, anyone can use Motley Fool CAPS to monitor the collective opinions of more than 145,000 members, many of whom demonstrate better investing insight than published analysts do.

After holding no better than a three-star rank for the past year, enough top-performing CAPS members have turned bullish on New York Community Bancorp (NYSE: NYB) recently to upgrade it to a more formidable four stars. A total of 191 members have given their opinion on the regional bank, with many of them offering analysis and commentary explaining the recent optimism.

More investors are questioning the systemic risk posed by larger banks and are instead beginning to eye the potential of smaller banks like New York Community Bancorp. While other financial companies such as AIG

US Bank Failure Tally Reaches 130

2009-12-06T12:07:00.001-08:00

정은선 stop1020@ajnews.co.kr 2009-12-06 12:57:05 기사입력 2009-12-06 12:57:05

The nation's tally of 2009 bank casualties hit 130 Friday when regulators shuttered a large Ohio bank, an Illinois bank, a Virginia bank and three small Georgia banks. The largest bank to fail was AmTrust Bank in Cleveland. A total of 130 lenders have collapsed in 2009, the highest number of failures since 1992 as regulators intensified their push to rid the industry of weak institutions.

Regulators also closed Benchmark Bank in Aurora, Ill., and Greater Atlantic Bank in Reston, Va. The Buckhead Community Bank in Atlanta, Ga., First Security National Bank in Norcross, Ga., The Tattnall Bank in Reidsville, Ga., were also closed. Customers of all the six failed banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000. The family-owned AmTrust, with $12 billion in assets and roots back to 1889, had been in trouble for more than a year. Like many other banks during the housing bubble, AmTrust barreled into unfamiliar geographic areas with aggressive mortgage and construction lending. Net losses of about $1 billion since last year's second quarter consumed nearly 80% of its capital. New York Community Bancorp Inc., Westbury, N.Y., is acquiring AmTrust and its 66 branches. The purchase is a dramatic expansion for New York Community, which runs a handful of banks in New York and New Jersey. The company has made seven acquisitions since 2000, none of them outside the New York City metropolitan area, where it has about 212 branches. The Federal Deposit Insurance Corp. said the AmTrust failure was expected to cost its deposit-insurance fund about $2 billion. AmTrust's deterioration over the past year likely resulted in the bank selling for a lower price than it would have fetched if the thrift had been seized earlier, said people familiar with the government-led auction. As part of the deal, the FDIC is shielding New York Community from most losses on $9 billion of AmTrust's assets. AmTrust has been riding a regulatory rollercoaster for the past year. Last fall, its primary regulator, the Office of Thrift Supervision, rejected AmTrust's requests for aid through the federal government's Troubled Asset Relief Program. The OTS then slapped AmTrust with a cease-and-desist order, citing "unsafe and unsound banking practices," and required the thrift shore up its capital, stop making certain loans and rein in the rates being offered for customer deposits. After AmTrust missed a deadline to raise capital, the FDIC in January approached other banks to gauge their takeover interest -- a sign the agency was gearing up to seize the thrift, according to people familiar with the matter. Executives figured it was about to meet the same fate as its cross-street rival, National City Corp., which regulators had forced into a sale to PNC Financial Services Group Inc. But AmTrust benefited from the advocacy of politicians, including Rep. Steven LaTourette (R., Ohio), who pleaded with Treasury and White House officials not to kill a second Cleveland bank. Cleveland's Democratic mayor, Frank Jackson -- a critic of National City's forced sale -- also sought to protect AmTrust. At the same time, regulators were hoping that federal rescue programs being rolled out would stem the number of seized banks. The OTS and FDIC eventually agreed to plans by AmTrust to aggressively shrink its balance sheet, sell branches, and thicken its capital cushions, according to people familiar with the matter.

Some banking experts were surprised, since AmTrust appeared in worse shape than National City. Critics viewed the disparate treatment of the two Cleveland banks as an example of inconsistency by regulators. AmTrust's reprieve was short-lived. With home prices falling and commercial real-estate losses mushrooming, AmTrust's finances deteriorated even faster. From March 31 through Sept. 30, AmTrust racked up $418 million in net losses. Its total risk-based capital ratio slumped to 5.44% from 9.28%, leaving AmTrust far below the 8% level needed to be classified as adequately capitalized. 아주경제= 인터넷뉴스팀 news@ajnews.co.kr
(아주경제=ajnews.co.kr) 무단전재 배포금지

10 Great Dividend Stocks

2009-12-04T16:54:00.003-08:00

By Philip Moeller

Posted: December 4, 2009

With interest rates hovering near zero and unlikely to change soon, finding attractive investment yields is tough. But stocks have been surging, and many investors have locked on to those with appealing dividends. Getting a nice yield can combine income with upside market potential.

U.S. News worked with S&P Equity Research and MarketScope Advisor to find the best-yielding dividends among the small number of stocks—only 115—that carry S&P's highest "strong buy" analyst rating. But be mindful that "strong buy" doesn't translate into "slam-dunk" when it comes to returns. The highest-yielding stock on the S&P list, for example, is Calumet Specialty Products Partners (ticker: CLMT), the dividend yield of which was recently a princely 10.1 percent. But Calumet also carries a "high" investment risk rating from S&P because it's in the volatile oil industry, where fortunes can quickly shift.

Here, ranked by dividend yield, are S&P's top 10 recommended stocks as of the market's close on November 30. Listings include ticker symbols, S&P risk evaluations, and thumbnail descriptions provided by S&P MarketScope:

Calumet Specialty Products Partners (CLMT). Dividend yield: 10.1 percent. Risk: high

Calumet Specialty Products Partners is a Delaware limited partnership. The general partner is Calumet GP, LLC, a limited liability company. On Jan. 31, 2006, the partnership completed the initial public offering (IPO) of its common units, and on July 5, 2006, the partnership completed a follow-on public offering of common units. CLMT is engaged in the production and marketing of crude oil-based specialty lubricating oils, fuels, solvents, and waxes in North America. Its businesses are organized into two segments—specialty products (63 percent of 2008 sales; 74 percent of 2008 gross profit), and fuel products (37 percent; 26 percent).

Windstream Corp. (WIN). Dividend yield: 10.0 percent. Risk: medium

In July 2006, Alltel Corp. spun off its wired operations into a separate entity. Immediately after the consummation of the tax free spinoff, the entity merged with Valor Communications, and the resulting company was renamed Windstream Corp. As of September 2009, WIN had 2.9 million access lines, including lines that were previously part of CT Communications, which was acquired in August 2007. The company also had just under 2 million long-distance customers and 1.1 million broadband customers (36 percent of total access lines and 53 percent of primarily residential lines), up 9 percent from a year earlier. WIN operates primarily in rural markets in the southern United States, such as Lexington, Ky., and Lincoln, Neb., with an average of about 20 access lines per square mile.

New York Community Bancorp. (NYB). Dividend yield: 8.5 percent. Risk: medium

New York Community Bancorp. is the holding company for New York Community Bank, a leading financial institution in the New York metropolitan region, with assets of $32.5 billion as of Dec. 31, 2008. The bank is a leading producer of multifamily mortgage loans in New York, with a year-end 2008 balance of $15.7 billion, and one of the largest thrift depositories in the New York metropolitan region, with deposits of $14.3 billion.

Altria Group (MO). Dividend yield: 7.2 percent. Risk: medium

Altria Group (formerly Philip Morris) is a holding company for wholly owned and majority-owned subsidiaries that make and market various consumer products, now primarily cigarettes. Prior to the March 30, 2007, spinoff of Kraft Foods, Altria Group's reportable segments were domestic tobacco, international tobacco, North American food, international food, and financial services. The spinoff of Philip Morris International was completed on March 28, 2008, at a one-for-one exchange rate. Philip Morris U.S.A. (PM USA) is the largest U.S. tobacco company, with total U.S. cigarette shipments amounting to 169.4 billion units in 2008 (down 3.3 percent from 2007), accounting for 50.7 percent of U.S. cigarette market shipments (up from 50.6 percent in 2007).

Kinder Morgan Energy Partners (KMP). Dividend yield: 7.2 percent. Risk: low

Kinder Morgan Energy Partners L.P. is a publicly traded limited partnership formed in August 1992. The partnership is one of the largest publicly traded pipeline limited partnerships in the United States in terms of market capitalization. In total, it transports refined petroleum products and natural gas through 25,000 miles of pipeline. In addition, it operates approximately 170 terminals handling refined products, coal, and other materials.

Home Properties Inc. (HME). Dividend yield: 6.1 percent. Risk: low

Home Properties is a self-administered and self-managed real estate investment trust (REIT) that owns, operates, acquires, develops, and rehabilitates apartment communities. The trust's properties are regionally located in markets in the Northeast, mid-Atlantic, Midwest, and southeastern Florida. The trust conducts its business through Home Properties L.P.—a New York limited partnership—in which HME held a 71.7 percent partnership interest as of Dec. 31, 2008. As of that date, the trust operated 112 communities with 38,280 apartment units.

AT&T Inc. (T). Dividend yield: 6.0 percent. Risk: medium

AT&T combined SBC Communications with the acquired assets of AT&T Corp. following a November 2005 acquisition. At the end of 2006, AT&T closed on its acquisition of BellSouth (BLS) for $86 billion in stock. As of September 2009, the company had 28 million consumer voice connections (down 12 percent from a year earlier) and 13.5 million consumer broadband customers (up 6 percent). With the acquisition of BLS, AT&T took full control of Cingular Wireless, the second-largest U.S. carrier now with 81.6 million subscribers (up 9 percent from a year earlier), and expanded its wired presence into the southeastern United States. In early 2007, Cingular was renamed AT&T. In June 2006, AT&T launched its new fiber-based network, which offers video and faster broadband services. As of September 2009, the service, called U-verse, had been rolled out in part of AT&T's operating territory with 1.8 million customers, more than double from a year earlier. AT&T has deployed the service to about 17 million households and aims to deploy it to 30 million households by 2011, a slight delay from prior expectations. At the end of June 2007, AT&T became the exclusive provider of the iPhone, and by that December, over 2 million customers had signed up for the service. In June 2008, the company announced an upgraded 3G version of the handset that AT&T has been subsidizing to drive customer demand and revenue per user. AT&T activated 4.3 million iPhones in the second half of 2008 and more than 7 million in the first nine months of this year, with the June launch of a newer, faster iPhone.

Microchip Technology Inc. (MCHP). Dividend yield: 5.1 percent. Risk: medium

Microchip Technology develops and manufactures specialized chips used in a wide variety of embedded control applications. MCHP is a leading microcontroller company, having shipped over 7 billion microcontrollers since 1990. MCHP also offers a broad range of high-performance linear, mixed-signal, power management, thermal management, battery management, and interface devices, as well as serial EEPROMs. Microcontrollers are low-cost components that form the brains of the vast majority of electronic devices, except for PCs.

UDR Inc. (UDR). Dividend yield: 5.0 percent. Risk: low

UDR (formerly United Dominion Realty Trust) is a REIT that owns, manages, develops, acquires, renovates, and operates middle-market apartment communities nationwide. The trust conducts operations through its two operating subsidiaries: Heritage Communities LP and United Dominion Realty LP. UDR has a geographically diverse portfolio. At Dec. 31, 2008, the trust owned communities with 44,388 apartment homes spread across four different regions.

Dominion Resources Inc. (D). Dividend yield: 4.8 percent. Risk: medium

Dominion Resources is a fully integrated gas and electric holding company. The company operates in three primary segments: Virginia Power, energy, and generation. The Virginia Power segment (20.7 percent of 2008 operating segment revenue) operates regulated electric transmission and distribution businesses in Virginia and northeastern North Carolina. The energy segment (28.8 percent) operates a regulated natural gas distribution company in Ohio, regulated gas transmission pipeline and storage operations, regulated liquefied natural gas operations, and the natural gas exploration and production business, which supports the company's gas distribution business. The energy segment also includes a producer services business, which aggregates gas supply, provides gas transportation and storage market-based services, and engages in associated gas trading and marketing. The generation segment (52.8 percent) is involved in generation for electric utility and merchant power customers, along with energy marketing and risk management activities.

You can find other lists of attractive dividends. Barron's recently put together its own list, and it included none of the stocks in the S&P screen: Banco Santander (STD), Chevron (CVX), Intel (INTC), Johnson & Johnson (JNJ), McDonald's (MCD), Nestlé (NSRGY), Novartis (NVS), PepsiCo (PEP), Procter & Gamble (PG), and Verizon Communications (VZ).

CNBC's "Mad Money" host Jim Cramer has six high-yielding picks: Intel (INTC), Kimberly-Clarke (KMB), McDonald's (MCD), Clorox (CLX), Sanofi-Aventis (SNY), and Eaton (ETN).

Motley Fool scanned for companies that are highly rated by its users, have at least $1 billion in market capitalization, carry debt-equity ratios of less than 0.5 percent, and have dividend yields above 5 percent. Seven stocks made the list: BP (BP), Vodafone (VOD), Northstar Realty (NRF), Total SA (TOT), Penn West Energy Trust (PWE), Turkcell (TKC), and Terra Nitrogen (TNH).

Four Undervalued Mid Caps to Own Now (& Why): Q, THC, ONNN, NYB

2009-12-04T16:54:00.001-08:00

Call it middle child syndrome, but the mid caps stocks have been doing the bulk of the market's bullish work this year, yet have gotten the least vocalized love from investors...though somebody clearly buying them. Since it's a trend that's apt to continue, it may be wise to cherry pick a couple of extra names from the group to overweight your mid cap exposure. I'd start by considering New York Community Bancorp, Inc. (NYSE:NYB), ON Semiconductor Corp. (NASDAQ:ONNN), Tenet Healthcare Corporation (NYSE:THC), and Qwest Communications International Inc. (NYSE:Q). Here's a closer look at each one.

Tenet Healthcare Corporation (NYSE:THC)

Predictable? Yeah, I know. That's ok though - the recovery the company is making is for real, whether it's been talked about too much or not. Analyst upgrades are starting to flow in as well, and we now know that hospitals like Tenet Healthcare Corporation aren't subject to payment cuts that are part of the discussion (and new bill) the Senate is batting around now. Tenet Healthcare can go right on betting EPS estimates, as it has for the last four quarters. (When will analysts figure it out?)

Chart-wise, THC has been getting hammered since October. Though it's fun to see rallies, in Tenet's case, I'm glad the chart got reigned in after a 500% run since March. The dip is a buying opportunity, and not a reflection of the THC's value. That said, I suggest waiting to buy Tenet Healthcare on the way up rather than on the way down. Timing is everything.

Qwest Communications International Inc. (NYSE:Q)

Telecom's been a disaster for so long, I was wondering if steady-Eddie investors would ever find them again. They did. Now that the group's got some wind in its sails, we can hitch a ride.

I like Qwest Communications shares for two reasons. The first one is the chart - Q broke out of a long-standing wedge in early November... a time when the rest of the market was struggling. The second reason is value. I know a telco provider isn't the sexiest of stock picks, but Qwest - like Tenet - has beat earnings estimates its last four quarters. That makes me wonder of the projected P/E is hyper-inflated. Actually, I think it is hyper-inflated... Q is worth more than the market's saying it is.

Alliance Financial Declares 28 Cent Dividend

2009-12-02T20:25:00.001-08:00

December 2, 2009 (FinancialWire) Alliance Financial Corps (NASDAQ: ALNC) board has declared a quarterly dividend of $0.28 per common share. The dividend is payable on January 4, 2010 to shareholders of record on December 21, 2009.

New York-based Alliance Financial is an independent financial holding company with Alliance Bank, N.A. as its principal subsidiary.

The bank provides retail and commercial banking, and investment management services through 29 offices in Cortland, Madison, Oneida, Onondaga and Oswego counties in New York.

Alliance also operates an investment management administration center in Buffalo, an equipment lease financing company, Alliance Leasing, and a multi-line insurance agency, Ladds Agency.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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Econiq Moves Bank to Unprecedented Service Levels Through High-Tech, High Touch

2009-12-02T05:16:00.001-08:00

Econiq Moves Bank to Unprecedented Service Levels Through High-Tech, High Touch

BURLINGTON Mass., Dec. 2 /PRNewswire/ -- Intermountain Community Bancorp is pleased to announce the deployment of a remarkable relationship building tool from Econiq. This unique software solution was designed specifically for community banks to capture customer information within an analytical matrix that alerts the banker to products and services that may be a good fit.

The Econiq software has been proven to deliver a 20% increase in customer relationships for banks, and a commensurate increase in customer satisfaction.

The bank plans to implement the program throughout its entire branch network, which includes Panhandle State Bank in Northern Idaho, Magic Valley Bank in Southern Idaho, and Intermountain Community Bank in the Nampa/Caldwell area, Eastern Oregon, and Eastern Washington. The software will also be used at the bank's Customer Care Center.

Cindy Quillin, President of Community Banking, says that this technology will promote more aware, attentive and personal interactions with every customer. "Our bank is committed to building relationships every customer values for life."

"Every day our customers tell us about things that are going on in their lives that present us with opportunities to provide them with a better service. The problem is that 9 times out of 10 what we hear is not retained, or used appropriately," explains Quillin. "The Econiq solution allows our frontline staff to capture this type of information easily, quickly and systematically. Econiq then uses the data to identify products or services that might be useful to the customer. It's simple, smart and swift -- the customer gets superior service and the bank recognizes more opportunities. Econiq helps us listen better, remember more, take immediate action, and improve our customers' lives."

The Econiq solution also provides the bank with historical and real time reporting that gives them an unprecedented insight into what is happening at the frontline. This provides the bank with a clear understanding of its relationship effectiveness from the branch levels down to individual staff members. "We will be able to identify where some of our staff may need support, coaching and development," comments Quillin.

No integration with legacy systems is required -- the solution uses the data recorded and gathered at the time of customer interaction to provide real insights into opportunities gained and lost.

The Econiq solution will also be used by Intermountain Community Bancorp to help them streamline and automate back office processes to drive productivity and efficiency gains.

"One of the things we really liked about the Econiq solution is its completeness, from helping our staff to provide better service through ensuring that new processes are rolled out effectively. It's good for our customers, it's good for our staff and it's good for our business," Quillin concludes.

The Econiq solution is showing quantifiable improvements of up to 20% in frontline sales, increased profitability and staff effectiveness.

For more information visit www.econiq.com or contact Rosemary Turley on +781 685 4634

SOURCE Econiq

McHugh Joseph B

2009-12-01T14:31:00.001-08:00

4. If Amendment, Date of Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) XForm filed by One Reporting PersonForm filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned1.Title of Security(Instr. 3)2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code(Instr. 8)4. Securities Acquired (A) or Disposed of (D)(Instr. 3, 4 and 5)5. Amount of Securities Beneficially Owned Following Reported Transaction(s)(Instr. 3 and 4)6. Ownership Form: Direct (D) or Indirect (I)(Instr. 4)7. Nature of Indirect Beneficial Ownership(Instr. 4)CodeVAmount(A) or (D)Price Common Stock 12/01/2009 S(1) 1,000 (1) D$ 6.86 111,559 (2) D (3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)1. Title of Derivative Security(Instr. 3)2. Conversion or Exercise Price of Derivative Security3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code(Instr. 8)5. Number of Derivative Securities Acquired (A) or Disposed of (D)(Instr. 3, 4, and 5)6. Date Exercisable and Expiration Date(Month/Day/Year)7. Title and Amount of Underlying Securities(Instr. 3 and 4)8. Price of Derivative Security(Instr. 5)9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)(Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)(Instr. 4)11. Nature of Indirect Beneficial Ownership(Instr. 4)CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares Stock Option (Right to Buy) $ 9.11 (4)01/30/2018 Common Stock 60,000 60,000 D Stock Option (Right to Buy) $ 7.51 (5)07/05/2015 Common Stock 48,000 48,000 D Explanation of Responses:1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person.2. Includes 3,840 shares (as adjusted pursuant to the reorganization completed in June 2007) held in the 2005 Recognition and Retention Plan Trust which reflect the unvested portion of a grant amount originally covering 12,000 shares of Abington Community Bancorp, Inc. common stock that commenced vesting at a rate of 20% per year on July 5, 2006 and 20,000 shares held in the 2007 Recognition and Retention Plan Trust which reflect the unvested portion of a grant amount originally covering 25,000 shares that commenced vesting at a rate of 20% per year on January 30, 2009.3. Includes 83,413.4788 shares held jointly with the reporting person's spouse. Also includes 3,305 shares held as tenants in common with the reporting person's spouse.4. The options are vesting at a rate of 20% per year commencing on January 30, 2009.5. The options are vesting at a rate of 20% per year commencing on July 5, 2006. /s/ Frank Kovalcheck, P.O.A. for Joseph B. McHugh

Elmira Savings Bank Declares Cash Dividend

2009-11-30T09:20:00.003-08:00

Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). The most recently issued reports and/or recorded webcasts include Bellway PLC (London Stock Exchange: BWY) (OTC: BLWYF), British Assets Trust PLC (London Stock Exchange: BSET), Sopra Group (Paris Stock Exchange: SOPR) (OTC: SRAQF), Universal Display Corp. (NASDAQ: PANL), Charteris PLC (Berlin Stock Exchange: EQH), British Empire Securities & General Trust PLC (London Stock Exchange: BTEM), Eaton Vance Enhanced Equity Income Fund (NYSE: EOY), Denbury Resources, Inc. (NYSE: DNR), D.R. Horton, Inc. (NYSE: DHI) and Analogic Corp. (NASDAQ: ALOG).

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New York Community Bancorp, Inc. - Financial and Strategic Analysis Review ...

2009-11-30T09:20:00.001-08:00

the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward.

New York Community Bancorp, Inc. (NYCB) is a US based multi-bank holding bank. The bank operates through its two principal subsidiaries New York Community Bank and New York Commercial Bank. It offers a broad spectrum of banking and non banking services including mortgage loan originator and serviced, leases, non-deposit investment products, commercial real estate lending, construction lending, commercial and industrial and multi-family loans. The company serves its custoemrs through its 215 banking offices across New York City, Long Island, and Westchester County in New York, and Essex, Hudson, Mercer, Middlesex, Monmouth, Ocean, and Union counties in New Jersey.

Recent Developments

Sep 09, 2009: New York Community Bank Installs New In-house Data Processing System

Scope

- Provides key company information for business intelligence needs
- The companys strengths and weaknesses and areas of development or decline are analyzed. Financial, strategic and operational factors are considered.
- The opportunities open to the company are considered and its growth potential assessed. Competitive or technological threats are highlighted.
- The report contains critical company information business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.
- The report provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.
- Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.

Reasons to buy

- A quick one-stop-shop to understand the company.
- Enhance business/sales activities by understanding customers businesses better.
- Get detailed information and financial & strategic analysis on companies operating in your industry.
- Identify prospective partners and suppliers with key data on their businesses and locations.
- Capitalize on competitors weaknesses and target the market opportunities available to them.
- Compare your companys financial trends with those of your peers / competitors.
- Scout for potential acquisition targets, with detailed insight into the companies strategic, financial and operational performance.

Tim Landis: United Community Bancorp expanding again

2009-11-29T04:25:00.001-08:00

Posted Nov 28, 2009 @ 11:30 PM

A matter of months after adding branches to the south, UNITED COMMUNITY BANCORP INC. is looking northwest of Springfield.

The latest expansion also will take UCB over the $1 billion mark in assets.

The Chatham-based holding company for United Community Bank has reached agreement to acquire banks in Mount Sterling, Golden, Carthage, Augusta and Hamilton from Quincy-based Mercantile Bancorp. Subject to regulatory approval, closing should take about 60 days.

“We plan to leave them as freestanding, independent bank charters. We do not plan to change the names,” said Todd Wise, president of United Community Bank.

The banks operate as Brown County State Bank in Mount Sterling and Golden and as Marine Bank and Trust in Carthage, August and Hamilton. The banks are spread between Mount Sterling, about 65 miles northwest of Springfield, and Hamilton, on the Mississippi River about 35 miles north of Quincy.

In addition to the name, Wise said management and employees will remain with the banks.

“We’re not presently in west-central Illinois, so this clearly will be a new market for us,” said Wise. The privately owned companies did not disclose terms of the sale.

Statements from Brown County State Bank president and CEO Steve Quinn, and Marine Bank and Trust president and CEO R. Thomas Dale said the deal with UCB will bring the benefits of a much larger banking company, but one that will remain community-based.

When combined with the $85 million in assets of Brown County State Bank and $199 million in assets at Marine Bank and Trust, UCB will have more than $1.1 billion in assets. It will bring the branch bank total to 22.

UCB added branch banks in the Macoupin County communities of Carlinville and Bunker Hill this summer. The branches had belonged to Citizens National Bank of Macomb, which was among the early bank failures in Illinois this year.

Morton Community Bank, based near Peoria, acquired Citizens and, in turn, sold the Macoupin County branches to UCB.

Unlike the summer acquisition, Wise described the Mercantile Bancorp banks as “good banks” that also were looking to expand.

“We were approached by them, and we started this process in September,” said Wise.

Brown County certainly has fared well in the current economy, according to figures from the Illinois Department of Employment Security. For several months the county has had the lowest unemployment rate in the state (4.5 percent in October compared to the state’s 11 percent). That’s thanks primarily to Mount Sterling-based Dot Foods Inc., which is one of the nation’s largest food-distribution companies.

Another Quincy-based bank, FIRST BANKERS TRUST CO., has its signs up on the former Firstbank Inc. branch at 2201 Wabash Ave. in Springfield. St. Louis-based Firstbank has sold a number of branches this year as the company restructures and cuts costs.

The Springfield branch opened in 1992.

Maybe it’s all that federal stimulus money, but local transportation planners seem to be pushing especially hard this year to get the public’s take on preferences for road, water, rail and air improvements.

Earlier, it was a Web-based survey. Next up, a “transportation plan symposium,” sponsored by the SPRINGFIELD-SANGAMON COUNTY REGIONAL PLANNING COMMISSION, from 5:30 to 7:30 p.m., Thursday, Dec. 10, in the Club Room of the Hoogland Center for the Arts, 420 S. Sixth St. in Springfield.

Speakers will include representatives from Abraham Lincoln Capital Airport, the Illinois Department of Transportation, the city of Springfield, Springfield Mass Transit District, the Federal Highway Administration, Springfield Mass Transit District, Sangamon County and the village of Chatham.

EVAN LLOYD ASSOCIATES INC., 1630 S. Sixth in Springfield, is 40 years old. Evan Russell Lloyd Jr. founded the architectural firm in 1969. An employee group bought the business following his death in 1999. Timothy Smith is now president and Gregory Frazier is vice president.

The company has worked on a variety of high-profile projects throughout Illinois and Missouri, including renovation of the House and Senate chambers at the Capitol, and renovation of the Waterways Building just north of the Capitol for use by the Fourth District Appellate Court of Illinois.

The phone number us 789-7011.

Maintenance work. That is apparently all that is going on at the old ESQUIRE THEATRE at MacArthur Boulevard and South Grand Avenue. A representative of owner Kerasotes Corp. said there are no immediate plans for the building.

The theater has been vacant since closing in 2003. It is a high-priority corner, too, for the MacArthur Boulevard Business Association and efforts to redevelop the boulevard between South Grand and Wabash avenues.

SANGAMON VALLEY VETERINARY CLINIC at 2525 E. Sangamon Ave. has begun a 1,400-foot expansion to make room for a new surgery suite, treatment rooms, an exercise and training room, an expanded laboratory and a dental suite.

The project also will allow for more boarding kennels, including “luxury suites.” Owner Dr. Frank Coble also owns Coble Animal Hospital at 2828 S. MacArthur Blvd. The Sangamon Avenue clinic opened in 1985. The phone number is 789-0011.

Facade restoration work at 11th Street and South Grand Avenue has reached RED HAIR FASHION on the southeast corner of the intersection. The work is part of the city’s Old South Town redevelopment project.

Completed work includes Clay’s Popeye’s BBQ, the old South Town Theater marquee, the Eleventh Street Cafe, and Bourbon Street Rhythm & Blues.

Whatever the political/security spin on a proposal to open a federal prison at Thompson in northwestern Illinois, the state could use the money, says an analysis from UNIVERSITY OF ILLINOIS economist J. Fred Giertz.

Backers estimate using the prison to house detainees from Guantanamo Bay and other federal prisoners would create 840 to 910 temporary jobs and 3,180 to 3,880 permanent jobs. Jobs equal more tax revenue, says Giertz.

“Obviously, the money from the sale (of the prison) and jobs would not solve the state’s fiscal problems, but it would be a small step in the right direction and an important stimulant for the area,” said Giertz.

Listen to Tim Landis Tuesday afternoons at 4:45 and Wednesday mornings at 8:20 during The WUIS/SJ-R Business Report on WUIS 91.9 FM, 89.3 FM and WUIS.org.

Indiana Community Bancorp Declares 1 Cent Dividend

2009-11-25T12:11:00.003-08:00

November 25, 2009 (FinancialWire) Indiana Community Bancorp (NASDAQ: INCB), the holding company of Indiana Bank and Trust company of Columbus, Indiana, has declared a fourth quarter dividend of $0.01 per share.

The dividend will be paid on January 5, 2010, to all shareholders of record on December 18, 2009.

Indiana Community Bancorp is a bank holding company whose principal subsidiary, is an FDIC insured state chartered commercial bank.

Indiana Bank and Trust company was founded in 1908 and offers a range of consumer and commercial financial services through 20 branch offices in central and southeastern Indiana.

Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279).

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Northeast Indiana Bancorp Ups Dividend November 2, 2009 (FinancialWire) Northeast Indiana Bancorp, Inc., (OTCBB: NIDB) (Current Market Cap: $14.11 Mil.) said it will pay a cash dividend of $0.17 per common share. This represents a 3.0% increase... S.Y. Bancorp Declares 17 Cent Dividend November 19, 2009 (FinancialWire) S.Y. Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Co., said that its board has declared a quarterly cash dividend of $0.17 per common share.... River Valley Bancorp To Raise $5 Million November 20, 2009 (FinancialWire) River Valley Bancorp (NASDAQ: RIVR), an Indiana holding company for River Valley Financial Bank, said it has closed the sale of 5,000 shares of a new series of Fixed... First Capital, Inc. Announces Quarterly Dividend November 23, 2009 (FinancialWire) The board of directors of First Capital, Inc. (NASDAQ: FCAP) has declared a quarterly cash dividend of $0.18 (eighteen cents) per share of common stock, according to... Community Partners Bancorp Declares 3% Stock Dividend August 26, 2009 (FinancialWire) Community Partners Bancorps (NASDAQ: CPBC) (Current Market Cap: $27.84 Mil.) board has approved a 3% stock dividend. The dividend will be payable on October 23 to shareholders... American Woodmark Declares 9 Cent Dividend November 23, 2009 (FinancialWire) American Woodmark Corp. (NASDAQ: AMWD ) has declared a quarterly cash dividend of $0.09 per share to be paid on December 21, 2009, to shareholders of record on December... First West Virginia Bancorp Declares 19 Cent Dividend November 18, 2009 (FinancialWire) The board of First West Virginia Bancorp, Inc. (NYSE: FWV) has declared a quarterly cash dividend of 19 cents per share to be paid to its shareholders for the fourth... Registrations, Buy-Backs, Stock Splits Dividends Pre-Week Review pNovember 9, 2009 (FinancialWire) emRegistrations, Buy-Backs Stock Splits news last week included /ememNortheast Indiana Bancorp, Inc., (OTCBB: NIDB), Sonic Foundry, Inc. (NASDAQ: SOFO), Image Sensing...

Hilltop Community Bancorp Board Authorize Payment Of 5% Stock Dividend - Quick ...

2009-11-25T12:11:00.001-08:00

(RTTNews) - Allegheny Energy Inc. (AYE: News ) and American Electric Power (AEP: News ) said that regulatory commissions in West Virginia and Virginia issued rulings on procedural schedules for the review of the proposed Potomac-Appalachian Transmission Highline. In Virginia, the Hearing Examiner for the State Corporation Commission affirmed the original procedural schedule, with evidentiary hearings set to begin in Richmond in January. In West Virginia, the Public Service Commission established a new schedule that calls for evidentiary hearings in October-November 2010, and for a commission decision no later than February 24, 2011.Before the end of the year, The Potomac Edison Company, an Allegheny Energy affiliate, would submit a new application to the Maryland Public Service Commission seeking authorization to construct the Maryland portions of the PATH project. Click here to receive FREE breaking news email alerts for Allegheny Energy Inc and others in your portfolio

by RTT Staff WriterFor comments and feedback: contact editorial@rttnews.com

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HNB part of multi-bank transaction

2009-11-24T21:07:00.001-08:00

Posted Nov 24, 2009 @ 03:45 PM Hannibal, MO —

HNB Bank of Hannibal has a new owner, but no layoffs are planned and customers can expect no changes.
The deal involves HNB parent Mercantile Bancorp Inc. of Quincy, Ill., Dean Phillips and Great River Bancshares Inc. of Quincy and United Community Bancorp Inc. of Chatham, Ill.
Mercantile is erasing $28 million in debt by turning over controlling interest of HNB to Phillips and Great River.
It also is selling banks in five Illinois cities to United Community for $25.6 million.
As part of the transaction, Mercantile will receive an additional $11 million in debt from Phillips and Great River, as well as a $7 million line of credit.
Phillips is the largest shareholder of Mercantile stock and the only shareholder of Great River.
“It will be a seamless transaction,” said Ron Verdier, HNB president and chief executive officer. “We’re similar in operational systems. I’m very excited on behalf of the band and our customers to be aligned with Dean Phillips. I’m looking forward to working with him.”
“The whole thing is pretty static,” said Ted Awerkamp, Mercantile’s president and chief executive officer. “This is an opportunity to get out of debt.”
Awerkamp said Mercantile was “disappointed” to let go of HNB, but said customers “won’t see any changes.”
Phillips was not available for comment. Verdier called him a “solid” banker with a “strong reputation” for excellence.
“He hires the right people and he runs a good shop,” said Verdier, who has known Phillips for a quarter of a century.
HNB has 115 employees, all of whom will be retained in the transaction. The bank has $330 million in assets.
“We’re very profitable,” Verdier said. “This bank is in excellent shape.”
In addition to four locations in Hannibal, HNB has sites in Palmyra, Monroe City, Perry, Bowling Green, Troy and Wentzville.
HNB was known as the Bank of Hannibal when it was organized in May 1888. A year later, the bank’s current facility at the corner of Main and Broadway was built.
In 1903, the institution was granted a charter to become Hannibal National Bank. The name was changed to HNB National Bank in 2003.
Mercantile bought HNB in 2007 for $30.2 million.

Mercantile Bancorp Q3 Loss Narrows - Quick Facts

2009-11-23T15:28:00.003-08:00

(RTTNews) - Dynacq Healthcare, Inc. (DYII: News ) reported net loss of $484 thousand or $0.03 per share for fiscal 2009 compared with a net income of $8.4 million or $0.51 per share in the same period last year.Loss from continuing operations for fiscal 2009 was $0.03 per share compared to income from continuing operations of $0.32 per share in the previous year.
The U.S. Division's net patient service revenues for fisacl 2009 decreased by 21%, from $60.3 million in 2008 to $47.6 million in 2009, primarily due to lower reimbursements on workers' compensation cases, and due to a 41% decrease in the number of inpatient cases. Click here to receive FREE breaking news email alerts for dynacq healthcare inc. and others in your portfolio

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Kevin Kennedy Appointed to the Board of Directors of NorCal Community Bancorp ...

2009-11-23T15:28:00.001-08:00

ALAMEDA, Calif. - (Business Wire) James B. Davis, Chairman of the Board of NorCal Community Bancorp and Bank of Alameda (OTCBB:NCLC), today announced the appointment of Kevin Kennedy to the board of directors of both entities. Mr. Kennedy, age 42, is currently the president and owner of Kevin Kennedy, LLC, an Alameda based financial planning firm. Mr. Kennedy holds a bachelors degree in Economics from the University of California, Davis and is a registered investment advisor with the State of California.

“We are extremely pleased that Kevin will be joining the Board of Directors of both the Company and the Bank. His qualifications as a financial planner and his strong ties within the Alameda community made Kevin an outstanding candidate for selection as an additional director to our existing board,” stated Mr. Davis. Mr. Kennedy remarked, “As a long time resident of Alameda and strong supporter of our local community bank, I look forward to joining this experienced group of directors and providing assistance to the successful future of the Company and the Bank of Alameda.”

Mr. Kennedy’s extensive professional resume includes over 20 years in the financial services industry. He is currently serving his third consecutive term as the elected treasurer for the City of Alameda. Kevin has hosted a business show on cable television and has been a financial columnist for the Alameda Journal.

A copy of the Company’s information and disclosure statement pursuant to Securities and Exchange Commission Rule 15c2-11 can be found on the home page of the Company’s website at www.bankofalameda.com under the Investor Relations section.

Cautionary Statement: This release may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated herein. Words such as “anticipate,” “believe,” “estimate,” “expect,” “should,” “intend,” “project,” and words or phrases of similar meaning are intended to identify forward-looking statements. Management’s assumptions and projections are based on their anticipation of future events and actual performance may differ materially from that projected.

NorCal Community BancorpSteve Andrews, 510-748-8468www.norcalcommunitybancorp.com

Central Valley Community Bank Named as One of the Top Four Best Companies to ...

2009-11-20T15:22:00.001-08:00

Daniel J. Doyle, President and CEO of Central Valley Community Bank (CVCB), the sole subsidiary of Central Valley Community Bancorp (NASDAQ: CVCY), announced that the Bank has been honored as one of the top four Best Companies to Work for in Central California in the large-sized business category. Central Valley Community Bank was the only publicly traded company and only financial institution honored in the large-sized business category defined as organizations with 100 or more employees. CVCB competed with for-profit, non-profit, public and privately held companies in Central California's six county region covering Fresno, Kern, Tulare, Kings, Madera, and Merced counties.

The Best Companies to Work for in Central California competition is in its fourth year as collaboration between the Best Companies Group and The Business Journal. The competition's goal is to recognize distinguished companies who strive to create an ideal working environment and to develop ethical standards for other companies to model based upon a two phase assessment. The first phase is an employer survey, followed by an anonymous employee survey, which are calculated together to determine the final ranking.

"Central Valley Community Bank strives to provide an outstanding workplace for our employees by letting them know that our management and board of directors value every employee and the vital role each individual plays in making the Company successful. The Bank is honored to be recognized for our 30-year commitment to those priorities," said Dan Doyle, President and CEO for Central Valley Community Bank and Central Valley Community Bancorp.

"The Bank is not just focused on our customers, but our entire team and the communities in which we are located," said LeAnn Ruiz, Administrative Assistant with CVCB for 15 years. "That loyalty and commitment has allowed us to grow individually as professionals and has helped the Bank grow into a well-respected business throughout the Central Valley."

Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank currently operates 16 offices in Clovis, Fresno, Kerman, Lodi, Madera, Merced, Oakhurst, Prather, Sacramento, Stockton, Tracy, and a loan production office in Modesto, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are provided by Investment Centers of America and insurance services are offered through Central Valley Community Insurance Services LLC. Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, Wanda L. Rogers (Director Emeritus), William S. Smittcamp, and Joseph B. Weirick. More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com.

Monarch Community Bancorp Inc. Reports Operating Results (10-Q)

2009-11-16T06:59:00.001-08:00

Monarch Community Bancorp Inc. (MCBF) filed Quarterly Report for the period ended 2009-09-30.

Monarch Community Bank is a service-oriented organization dedicated to protecting their members' savings and providing affordable, competitive loan opportunities to Branch and Hillsdale counties...and all the communities they serve. Monarch Community Bancorp Inc. has a market cap of $6.16 million; its shares were traded at around $3.01 with and P/S ratio of 0.3.

Highlight of Business Operations:

Total deposits increased $23.5 million, or 12.3%, from $192.2 million at December 31, 2008 to $215.7million at September 30, 2009. The increase is attributed to an increase of $10.1 million in local certificates of deposit, an increase of $5.9 million in demand and Now accounts, an increase in money market accounts of $15.1 million and an increase of $400,000 in savings accounts. Brokered deposits decreased $8 million as management continues to try to reduce its reliance on wholesale funding. The increase in local certificates of deposits and money market accounts is largely due to management’s efforts to remain competitive with interest rates in these categories of deposits. The increase in money market accounts has provided funding so it has not been necessary for management to borrow additional FHLB advances or increase brokered deposits. Brokered deposits have been managed to provide additional liquidity or reduce excess liquidity depending on current conditions. Management expects future deposit growth to come from increased sales and marketing efforts to attract lower cost savings and checking accounts as well as product enhancement.

The provision for loan losses was $1.3 million in the third quarter of 2009, compared to $731,000 in the third quarter of 2008 and $5.4 million for the nine month period ended September 30, 2009, compared to $1.5 million in the same period of 2008. Net charge-offs for the quarter ended September 30, 2009 totaled $814,000, compared to $442,000 for the quarter ended September 30 , 2008 and $2.1 million for the nine months ended September 30, 2009, compared to $1.0 million for the same period a year ago. The significant increase in the provision was primarily driven by the continued deteriorating economic conditions in Michigan and weaknesses in the local real estate markets which resulted in downgrades to the credit ratings of certain loans in the portfolio and a significant increase in the balances of nonperforming loans.

Net gain on sale loans increased $269,000 for the quarter ended September 30, 2009 from $101,000 to $370,000 compared to the same period a year ago. The increase is largely due to the falling rate environment which has generated a significant amount of one to four family residential mortgage refinancing. Management expects this trend to decline through the latter half of 2009. Fees and service charges decreased $19,000 for the quarter ended September 30, 2009 from $598,000 to $579,000 compared to the same period a year ago. This decrease was a result of a decrease in overdraft fees of $17,000 offset by an increase of $2,000 in all other fees and charges. Future increases in this source of income are dependent on the Bank increasing the number of checking account customers. Management does not expect significant increases in Bounce Protection income from its existing customer base.

Non-interest income for the nine months ended September 30, 2009 increased $1.1 million or 38.5%, from $2.8 million to $3.9 million for the same period in 2008. Net gain on sale loans increased $1.3 million for the nine months ended September 30, 2009 from $563,000 to $1.8 million compared to the same period a year ago. Fees and Service charges decreased $98,000 for the nine months ended September 30, 2009 from $1.7 million to $1.6 million compared to the same period a year ago. As mentioned previously the decrease in fees and service charges is primarily due to the decrease in overdraft fees of $91,000. Other income decreased $74,000 from $204,000 to $127,000.

Noninterest expense increased $227,000, or 10.1%, for the three months ended September 30, 2009 compared to the same period ending a year ago. Salaries and employee benefits increased $127,000 from $1.1 million to $1.2 million due normal increases in salaries and wages. Amortization of mortgage servicing rights increased $19,000 as a result of a continued increase in mortgage loan payoffs due to refinancing associated with the decrease of interest rates in the fourth quarter of 2008. Other general and administrative expenses increased $49,000, from $330,000 to $379,000; reflecting the increase in the quarterly FDIC assessment. Foreclosed property expense increased $60,000, from $84,000 to $144,000 due to increases in maintenance costs, loan collection costs, and losses and impairment charges associated with the disposition of other real estate. Professional services increased $44,000 from $108,000 to $152,000 primarily due to increases in legal fees associated with non-performing loans. Other operating expenses increased $20,000. Data processing decreased $92,000 from $185,000 to $93,000 due to a one time credit recognized with the renegotiation of our contract with the third party data processor Jack Henry and Associates.

Noninterest expense increased $672,000, or 9.7%, for the nine months ended September 30, 2009 compared to the same period ending a year ago. Salaries and employee benefits increased $138,000 from $3.3 million to $3.5 million due normal increases in salaries and wages. Other general and administrative expenses increased $288,000, from $1 million to $1.3 million; this is primarily due to the increase in FDIC insurance reflecting the increase of $136,000 one-time special assessment on all insured financial institutions equal to approximately 5 basis points of total assets, less tier one equity and the quarterly increases implemented earlier in the year.. Amortization of mortgage servicing rights increased $125,000, from $321,000 to $446,000, also for reasons mentioned previously. Professional services increased $103,000, from $301,000 to $404,000 primarily due to increases in legal fees associated with non-performing loans and legal fees associated with the issuance of preferred stock and common stock warrants as part of the Capital Purchase Program transaction. Other operating expenses increased $92,000. The increase in other operating expenses was due to increases in loan collection costs, and losses and impairment charges associated with the disposition of other real estate and additional costs associated with the reissuance of ATM/debit cards associated with a compromised card processing vendor. Data processing decreased $74,000 due to the reasons mentioned previously.

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Four Financials With Formidable Fundamentals

2009-11-13T22:03:00.003-08:00

IN PICTURES: Eight Ways To Survive A Market Downturn

But while the big names all the while grabbed the headlines (along with not a few small- and mid-sized outfits that filed for bankruptcy), there are still a great number of solvent financials that trade with noteworthy fundamentals - even after the S&P 500's near 60% since March. Here are just a few of them.

A Sterling Opportunity to Make MoneySterling Bancorp (NYSE:STL) is the holding company for the Sterling National Bank, which conducts retail banking operations in New York, New Jersey and North Carolina. The bank's shares currently trade with a P/E ratio of 13 and have an annual yield of 5.5%. Price to Book is a mere 0.75 and price/sales only 0.93.

Medallion Financial Corp. (NYSE:TAXI) is in the business of providing loans to taxicabs for their licenses (or medallions). The shares trade with a very generous 9.3% annual dividend and a P/E of 15-times last year's earnings. TAXI stock trades below the breakup value of the company, with a P/B of just 0.86.

Medallion stock is up 150% since bottoming in March.

Another with Great ProspectsProspect Capital Corporation (Nasdaq:PSEC) is another issue with great fundamentals. The company's shares trade with a P/E of 8.5 and continue to pay an annual dividend of 16%. The stock is up over 50% since bottoming in the first quarter of the year. Prospect, too, trades below book value, with a P/B of just 0.83.

Prospect Financial is a closed end fund that lends to and invests in privately-held, middle market companies. It recently acquired Patriot Capital Funding for $197 million, expanding its portfolio to include a broad array of investments in everything from aerospace hardware to boxer shorts.

New York Community Bancorp (NYSE:NYB) is the holding company for New York Community Bank, a retail operation with 214 offices spread over the metropolitan New York City area. The bank's shares currently yield 8.8% and trade with a P/E of 11.4. Price to book on the shares is a lowly 0.90.

The Bottom LineNot every outfit in the banking sector succumbed to the lure of outsized profits with outsized risks. The above named companies are an excellent example of financial firms that took to heart the old-school banker's lessons on prudence. The financials are healthy - if you know where to look. (To learn more, see Analyzing A Bank's Financial Statements.)

Use the Investopedia Stock Simulator to trade the stocks mentioned in this stock analysis, risk free!

Central Valley Community Bancorp Reports Operating Results (10-Q)

2009-11-13T22:03:00.001-08:00

Central Valley Community Bancorp (CVCY) filed Quarterly Report for the period ended 2009-09-30.

Central Valley Community Bank is the sole subsidiary of Central Valley Community Bancorp. The Bank operates full-service offices in Clovis, Fresno, Prather, Kerman and Sacramento, plus Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are also provided by Investment Centers of America. Central Valley Community Bancorp has a market cap of $43.6 million; its shares were traded at around $5.6899 with a P/E ratio of 13.6 and P/S ratio of 1.1.

Highlight of Business Operations:

On November 12, 2008, the Company completed its acquisition of Service 1st Bancorp with total assets of $224 million (the “Service 1st merger”). The Company paid cash of $5,972,000 inclusive of a $3,500,000 escrow amount related to litigation on one Service 1st loan and issued 1,628,397 new shares of common stock in conjunction with this acquisition, adding full-service branches in Stockton, Lodi and Tracy, $192 million in deposits and $123 million in loans. In connection with the transaction, Service 1st Bank was merged with and into Central Valley Community Bank. The results of operations for the quarter and nine months ended September 30, 2009 include the operating results of Service 1st for the full periods.

For the nine months ended September 30, 2009, our consolidated net income was $2,102,000 compared to net income of $3,834,000 for the same period in 2008. Diluted EPS was $0.23 for the nine month period ended September 30, 2009 compared to $0.61 for the same period in 2008. The decrease in net income was primarily due to increases in the provision for credit losses and non-interest expenses, partially offset by increases in net interest income and non-interest income, and a decrease in the provision for income taxes. The decrease in interest rates reflective of the 500 basis point decline in rates by the Federal Reserve Bank since September 2007 was also a factor. While interest-earning asset growth was positive, the yield on average total interest-earning assets decreased 30 basis points comparing the nine month period ended September 30, 2009 to the same period in 2008. During the first three quarters of 2009, the Company has reduced interest rates on deposits while maintaining the yield on interest-earning assets, and as a result our net interest margin has increased. Net interest income increased $8,289,000 or 47.1%. Non-interest income also increased $853,000 or 21.9%, however the provision for credit losses increased $6,745,000 and non-interest expense increased $5,993,000 or 40.2% in the nine months ended September 30, 2009 compared to 2008.

$192,429,000 or 60.8% over the same period. Our net interest margin for the nine months ended September 30, 2009 was 5.39% compared to 5.21% for the same period in 2008. The margin increased principally due to the decrease in rates on interest-bearing liabilities outpacing the decrease in yield on earning assets. For the nine months ended September 30, 2009, the effective yield on loans decreased 82 basis points reflecting the declining interest rates since September 2007. The effective yield on investment securities including Federal funds sold increased 144 basis points. This resulted in the effective yield on interest earning assets decreasing 30 basis points to 6.43% compared to 6.73% for the same period in 2008. The cost of total interest-bearing liabilities decreased 85 basis points to 1.37% compared to 2.22% for the same period in 2008. The cost of total deposits decreased 50 basis points to 0.99% for the nine months ended September 30, 2009 compared to 1.49% for the same period in 2008. Net interest income for the nine months ended September 30, 2009 was $25,887,000, compared to $17,598,000 for the same period in 2008, an increase of $8,289,000 or 47.1%. Net interest income increased as a result of the above yield changes combined with the increased levels of earning assets partially offset by the increased levels of interest-bearing liabilities. The increases were primarily from the Service 1st merger and also from our organic growth. The Bank had non-accrual loans totaling $11,835,000 at September 30, 2009, compared to $15,750,000 at December 31, 2008 and $1,419,000 at September 30, 2008. The Company had other real estate owned at September 30, 2009 totaling $3,102,000, compared to none at December 31, 2008, or September 30, 2008.

Our return to our stockholders is measured in the form of return on average equity (ROE). Our annualized ROE was 3.41% for the nine months ended September 30, 2009 compared to 8.82% for the year ended December 31, 2008 and 9.36% for the nine months ended September 30, 2008. Our net income for the nine months ended September 30, 2009 decreased $1,732,000 or 45.2% to $2,102,000 compared to $3,834,000 for the nine months ended September 30, 2008. Net income decreased due to increases in the provision for credit losses and non-interest expenses, offset by increases in net interest income, and non-interest income. Net interest margin (NIM) increased 18 basis points comparing the nine month periods ended September 30, 2009 and 2008. Diluted EPS was $0.23 for the nine months ended September 30, 2009 and $0.61 for the same period in 2008.

As revenues from both net interest income and non-interest income are a function of asset size, the continued growth in assets has a direct impact in increasing net income and therefore ROE and ROA. The majority of our assets are loans and investment securities, and the majority of our liabilities are deposits, and therefore the ability to generate deposits as a funding source for loans and investments is fundamental to our asset growth. Total assets increased slightly by 0.8% during the nine months ended September 30, 2009 to $758,744,000 compared to $752,713,000 as of December 31, 2008. Total gross loans decreased 0.7% to $480,848,000 as of September 30, 2009 compared to $484,238,000 as of December 31, 2008. Total deposits increased 0.5% to $638,063,000 as of September 30, 2009 compared to $635,058,000 as of December 31, 2008. Our loan to deposit ratio at September 30, 2009 was 75.4% compared to 76.3% at December 31, 2008. The loan to deposit ratio of our peers was 92.8% at June 30, 2009. Further discussion of loans and deposits is below.

Net income decreased to $2,102,000 for the nine months ended September 30, 2009 compared to $3,834,000 for the nine months ended September 30, 2008. Basic earnings per share were $0.24 and $0.64 for the nine months ended September 30, 2009 and 2008, respectively. Diluted earnings per share were $0.23 for the nine months ended September 30, 2009 and $0.61 for the same period in 2008. Annualized ROE was 3.41% for the nine months ended September 30, 2009 compared to 9.36% for the nine months ended September 30, 2008. Annualized ROA for the nine months ended September 30, 2009 was 0.37% compared to 1.01% for the nine months ended September 30, 2008.

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Peter Crabb: Why lend to local businesses when loans to the government are so ...

2009-11-13T07:14:00.001-08:00

This appears to be the question bankers across the United States are asking themselves.

According to data released by the U.S. Federal Reserve this past week, commercial and industrial loans made by U.S. banks are declining rapidly, from nearly $1.6 trillion last year to only $1.4 trillion today. Meanwhile, banks now own as a group, $1.4 trillion of U.S. government debt such as Treasury and Fannie Mae bonds. This is 19 percent higher than the same time last year.

Bankers are asking themselves why take risk when they can make a nice profit from the government. Current monetary policy gives bankers little incentive to lend to small or even medium size businesses.

Banks can borrow at short-term rates near zero through the interbank market or at less than 1 percent from depositors. These funds can be quickly turned around and invested, with little work such as credit checks and servicing, in higher yield Treasury notes and bonds.

Idaho banks are not surprisingly making the same profitable investments. In their quarterly report released at the end of October, Sandpoint-based Intermountain Community Bancorp reported good increases in deposits and improvements on their regulated capital ratios.

The bank also reported that cash holdings and Treasury like investments were more than 30 percent higher than the same period last year. But over the course of this past year, loans on their balance sheet declined by 9 percent. Commercial loans were down 4 percent.

Banks throughout the country will continue to hold onto their cash or lend it to the government rather than businesses as long as the cost of getting funds remains low.

Policymakers see little reason to change their current stance, which is fostering this anti-business loan mentality. They don�t see a reason to raise rates. In a speech this week, Federal Reserve Bank of Dallas President Richard Fisher said economic activity and inflation is likely to remain low for some time.

The macroeconomic consequence of such inaction will be a continuing decline in the value of the dollar, as measured both against other currencies, such as the Japanese Yen, and gold. But the problem hits closer to home since banks have little incentive to lend to our local companies and employers.

On positive note, local banks may soon see a turnaround in business opportunities. Industrial activity is picking up in the Treasure Valley.

According to Thornton Oliver Keller�s Monthly Market Review, the vacancy rate for industrial properties fell from 12.4 percent to 11.9 percent in October. While the decline was driven by one large renter, this was the largest drop in this segment of the market since the summer of 2006.

The positive move mirrors industrial activity at the national level. According to the Federal Reserve�s most recent report, industrial production rose 0.7 percent in September and 1.2 percent in August.

Hopefully, bankers will soon see more opportunities in commercial lending, and the government will stop distorting their incentives.

Peter R. Crabb is a professor of finance and economics at Northwest Nazarene University in Nampa. He earned his doctorate in international and financial economics from the University of Oregon.

Keeping Up With the Kahn Brothers

2009-11-12T01:25:00.003-08:00
You can also subscribe to RealMoney by calling 1-866-321-8726, Monday - Friday 8 a.m. - 6 p.m. ET. Outside the U.S. and in Canada, please call 1-212-321-5200. If you choose a 14-day free trial of RealMoney and you do NOT call to cancel within those 14 days, you will pay $179.95 for a year of RealMoney, a savings of $50 off the regular annual price of $229.95. Unless you call to cancel your annual subscription before the end of that year, your subscription will automatically renew for another year at the then-current subscription price. Your free, signed copy of Real Money: Sane Investing in an Insane World, will be shipped within 6-8 weeks after your annual subscription begins. (You will NOT receive the free book if you cancel your subscription within the first 30 days.) If you choose a monthly subscription, you will pay $34.95 per month unless you call to cancel before your next monthly charge occurs. You will be notified if the current monthly price changes at any time in the future. A monthly subscription does NOT entitle you to the free book. Offer applies only to new annual RealMoney subscribers, and is subject to change at any time. Void where prohibited. TheStreet.com is a publisher. RealMoney articles and content contain the authors' opinions and do not constitute a recommendation. None of the contributors or their affiliates will provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. From time to time, any or all of the contributors or their affiliates may hold positions in securities mentioned and they may trade for their own accounts. In cases where the position is held at the time of publication, appropriate disclosure is made. Please be assured that we respect the privacy of our subscribers. To view our privacy policy, please click here. © TheStreet.com, Inc., 14 Wall Street, 15th Floor, New York, NY 10005.

Irving Kahn Top Holdings: New York Community Bancorp Inc., bristolmyers Squibb ...

2009-11-12T01:25:00.001-08:00
(GuruFocus, November 11, 2009) Call it successful marketing, Americans have been educated by the financial service industry that the purpose of their life is to save enough money so they can retire early. For people who quit their professional life too early and then regret the decision later on, they should take a look at Irving Kahn. This is from the entry for Irving Kahn from Wikipedia:Irving Kahn (born December 19, 1905 ) is an American value investor and, with over 77 years experience in the investment business, one of the oldest financial analysts on Wall Street. He is currently chairman of Kahn Brothers Group, Inc., the privately owned investment advisory and broker-dealer firm that he founded with his sons, Alan and Thomas, in 1978. The firm has approximately $372 million in equities under management according to the Form 13-F filed with the SEC in August, 2009. Kahn still performs an active role at the company at the age of 103.

The entry goes on discussing Kahn’s career and how did he get into a career of investing:Educated at the City College of New York, Kahn served as the second teaching assistant to Benjamin Graham at the Columbia Business School. At the time, other notable students and/or teaching assistants to Graham included future Berkshire Hathaway chairman Warren Buffett and future value investors William J. Ruane,Walter J. Schloss and Charles Brandes, among others.

Columbia University, the origin and capital of value investing back then, still carries the banner for value investing today.

Back to Irving Kahn, I found this article in [www.financialweek.com] entitled: “There are old-school investors, and then there's Irving Kahn” on Irving Kahn’s investment style and his performance . It was published on Oct. 19, 2008Kahn Brothers adheres strictly to Mr. Graham's value-investing principles: Buy stocks at cheap prices relative to earnings, and then hold on for the long term. Kahn Brothers holds its investments for a minimum of three to five years, but often much longer; that's compared with a typical U.S. equity fund, which has about 85% turnover annually, according to Morningstar. The firm has returned about 16% annually from year-end 1994 to June 30, 2008, compared with almost 10% for Standard & Poor's 500-stock index over the same period.

What are his top holdings? Given the slow turnover ratio of his portfolio, his top holdings have not changed since last quarter, and they are:

No. 1: New York Community Bancorp Inc. (NYB), Weightings: 10.52% - 4,098,061 Shares

New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. New York Community Bancorp Inc. has a market cap of $3.85 billion; its shares were traded at around $11.14 with a P/E ratio of 10.6 and P/S ratio of 2.3. The dividend yield of New York Community Bancorp Inc. stocks is 9%. New York Community Bancorp Inc. had an annual average earning growth of 20.5% over the past 10 years. GuruFocus rated New York Community Bancorp Inc. the business predictability rank of 2.5-star.

No. 2: BristolMyers Squibb Company (BMY), Weightings: 8.8% - 1,738,102 Shares

Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression, schizophrenia and other mental disorders; pain; and other conditions. Bristolmyers Squibb Company has a market cap of $46.23 billion; its shares were traded at around $23.34 with a P/E ratio of 11.5 and P/S ratio of 2.2. The dividend yield of Bristolmyers Squibb Company stocks is 5.3%.

No. 3: Pfizer Inc (PFE), Weightings: 8.25% - 2,218,062 Shares

Pfizer Inc is a research-based, global pharmaceutical company that discovers and develops innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer Inc has a market cap of $118.51 billion; its shares were traded at around $17.56 with a P/E ratio of 8.1 and P/S ratio of 2.4. The dividend yield of Pfizer Inc stocks is 3.7%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.

No. 4: ScheringPlough Corp. (SGP), Weightings: 7.08% - 1,114,093 Shares

Schering-Plough Corporation and its subsidiaries are engaged in the discovery development manufacturing and marketing of pharmaceutical products worldwide. The company operates primarily in the prescription pharmaceutical marketplace. However where appropriatethe company has sought regulatory approval to switch prescription products to over-the-counter status as a means of extending a product's life cycle..

SGP has been bought out by Merck & Company (MRK) early this month. Irving Kahn owns a lot of Merck as well.

No. 5: Old Republic International Corp. (ORI), Weightings: 6.59% - 2,406,358 Shares

Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages in the property and liability, mortgage guaranty, title and life and health insurance fields. Old Republic International Corp. has a market cap of $2.64 billion; its shares were traded at around $10.97 with and P/S ratio of 0.7. The dividend yield of Old Republic International Corp. stocks is 6.2%. Old Republic International Corp. had an annual average earning growth of 5% over the past 10 years.

No. 6: Merck & Co. Inc. (MRK), Weightings: 6.42% - 903,102 Shares

Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. Merck & Co. Inc. has a market cap of $70.88 billion; its shares were traded at around $33.61 with a P/E ratio of 10.1 and P/S ratio of 3. The dividend yield of Merck & Co. Inc. stocks is 4.5%.

Conclusion

Looking for a steadfast believer in values in Pharmaceuticals? You can find one in the 104 years old Irving Kahn. His holding in this sector is long term and concentrated.

GuruFocus provides real time information and insights of Investment Gurus such as Warren Buffett and Irving Kahn for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available. Rate This Article:

FNCB Releases Third Quarter 2009 Financial Results

2009-11-09T19:27:00.001-08:00
November 09, 2009 04:15 PM Eastern Time FNCB Releases Third Quarter 2009 Financial Results
DUNMORE, Pa.--(BUSINESS WIRE)--First National Community Bancorp, Inc. (OTCBB:FNCB), the financial holding company of First National Community Bank, today announced a net loss for the quarter ended September 30, 2009 of $6.2 million compared to net income of $4.3 million for the same quarter of 2008.

Loss per share for the quarter was $.38 compared to earnings per share of $.27 for the same prior year period.

Results were negatively impacted by the continued weakness in the U.S. economy, which has led to declining collateral values supporting many of the institution's commercial real estate loan projects and an increase in non-performing assets.

"Until Northeastern Pennsylvania begins to experience an economic upturn, the entire local banking industry will continue to feel the impact of rising unemployment, mounting real estate foreclosures and further credit deterioration," notes J. David Lombardi, President and Chief Executive Officer of FNCB. "Challenging times require extraordinary management, and we have allocated the necessary reserves so that problems identified in our loan portfolio will not be an ongoing factor."

Net interest income before the provision for credit losses totaled $9.5 million, which was approximately 6% lower than the prior three-month period and the same quarter last year. Other income was negatively impacted by the $2.4 million impairment charge on investment securities due to credit quality issues. Operating expenses increased in relation to prior periods due to the recognition of costs on properties carried in Other Real Estate Owned.

For the first nine months of 2009, the company has recorded a $5.2 million net loss, as more than $20 million of earnings have been allocated to the allowance for credit losses to strengthen the reserve and absorb current period charges.

"FNCB remains well-capitalized and well-prepared for the future," Lombardi explains. "We remain focused on our mission of providing liquidity and funding in these difficult economic times, and continue to operate as an outstanding community banking organization fully committed to providing our customers with personal service and quality products, as we have for almost 100 years."

US Banker this year ranked FNCB 38th of the top 200 community banks according to a three-year average of the company's Return on Equity.

First National Community Bank provides personal, small business and commercial banking services to individuals and businesses from 20 offices throughout Lackawanna, Luzerne, Monroe and Wayne Counties in Northeastern Pennsylvania. The institution was established as a National Banking Association in 1910 as The First National Bank of Dunmore, and has been operating under its current name since 1988.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ include, but are not limited to, the following: the strategic initiatives and business plans may not be satisfactorily completed or executed, if at all; increased demand or prices for the Corporation’s financial services and products may not occur; changing economic and competitive conditions; technological developments; the effectiveness of the Corporation’s business strategy due to changes in current or future market conditions; effects of deterioration of economic conditions on customers specifically the effect on loan customers to repay loans; inability of the Corporation to raise or achieve desired or required levels of capital; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; relationships with customers and employees; challenges in establishing and maintaining operations; volatilities in the securities markets; and deteriorating economic conditions and other risks and uncertainties, including those detailed in the Corporation’s filings with the Securities and Exchange Commission.

PACWEST BANCORP Reports Operating Results (10-Q)

2009-11-09T19:26:00.001-08:00

PACWEST BANCORP (PACW) filed Quarterly Report for the period ended 2009-09-30.

PACWEST BANCORP, formerly First Community Bancorp, with one wholly-owned banking subsidiary, Pacific Western Bank. Through sixty full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western's branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. Pacwest Bancorp has a market cap of $563.4 million; its shares were traded at around $16.66 with and P/S ratio of 1.8. The dividend yield of Pacwest Bancorp stocks is 0.2%.
Highlight of Business Operations:
Pacific Western is a full-service community bank offering a broad range of banking products and services including: accepting time and demand deposits; originating loans, including commercial, real estate construction, SBA-guaranteed, consumer, and international loans; and providing other business-oriented products. Our operations are primarily located in Southern California and the Bank focuses on conducting business with small to medium-sized businesses and the owners and employees of those businesses in our marketplace. Through our asset-based lending operation we also operate in Arizona, Northern California, the Pacific Northwest, and Texas. At September 30, 2009, our assets totaled $5.5 billion, of which gross non-covered and covered loans totaled $4.5 billion. At this date approximately 18% were commercial loans, 56% were commercial real estate loans, 7% were commercial real estate construction loans, 6% were residential real estate construction loans, 12% were residential real estate loans, and 1% were consumer and other loans. These percentages include some foreign loans, primarily to individuals or entities with business in Mexico, representing 1% of total non-covered loans. Our portfolio's value and credit quality is affected in large part by real estate trends in Southern California, which have been negative over the last several quarters.

On August 28, 2009, Pacific Western Bank acquired certain assets and liabilities of Affinity Bank from the Federal Deposit Insurance Corporation ("FDIC") in an FDIC-assisted transaction. We entered into a loss sharing agreement with the FDIC, whereby the FDIC will cover a substantial portion of any future losses on loans, other real estate owned and certain investment securities. We refer to the acquired assets subject to the loss sharing agreement collectively as "covered assets." Under the terms of such loss sharing agreement, the FDIC will absorb 80% of losses and share in 80% of loss recoveries on the first $234 million of losses on the covered assets and absorb 95% of losses on covered assets exceeding $234 million. The loss sharing arrangement for non-residential and residential loans is in effect for 5 years and 10 years from the August 28, 2009 acquisition date and the loss recovery provisions are in effect for 8 years and 10 years, respectively, from the acquisition date.

We generally seek new lending opportunities in the $500,000 to $10 million range, try to limit loan maturities for commercial loans to one year, for construction loans up to 18 months, and for commercial real estate loans up to ten years, and to price lending products so as to preserve our interest spread and net interest margin. We sometimes encounter strong competition in pursuing lending opportunities such that potential borrowers obtain loans elsewhere at lower rates than those we offer. We have continued to reduce our exposure to residential construction and foreign loans, including limiting the amount of new loans in these categories. Our ability to make new loans is dependent on economic factors in our market area, borrower qualifications, competition, and liquidity, among other items. We expect loan growth for 2009 to be negatively affected by the current state of the economy in Southern California and the competition among banks for liquidity. Although non-covered loans, net of unearned income, declined $165.2 million during the first nine months of 2009, new loans and advances on loan commitments totaled $382.4 million.

Net earnings totaled $2.7 million, or $0.08 per diluted share, for the quarter ended September 30, 2009, compared to a net loss of $5.7 million, or $0.18 per diluted share, for the quarter ended June 30, 2009. The increase in net earnings of $8.5 million between the third and second quarters of 2009 is due mainly to the combination of higher net interest income, a higher provision for credit losses, the gain from the Affinity acquisition and lower noninterest expenses.

Net earnings totaled $2.7 million, or $0.08 per diluted share for the quarter ended September 30, 2009 compared to $9.6 million, or $0.35 per diluted share for the quarter ended September 30, 2008. The decrease in net earnings for the third quarter of 2009 compared to the same quarter of 2008 is due mainly to the combination of higher provision for credit losses, higher non-covered OREO costs, higher compensation cost and higher FDIC insurance assessments partially offset by the gain from the Affinity acquisition.

Net loss totaled $1.6 million, or $0.06 per diluted share, for the nine months ended September 30, 2009 compared to a net loss of $737.7 million, or $27.17 per diluted share, for the nine months ended September 30, 2008. The lower net loss for the nine months ended September 30, 2009 compared to

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Indiana Community Bancorp Reports Operating Results (10-Q)

2009-11-06T01:53:00.001-08:00

Indiana Community Bancorp (INCB) filed Quarterly Report for the period ended 2009-09-30.

Indiana Bank & Trust Company was founded in 1908 in Seymour Indiana. Their 21 locations serve customers in nine south central Indiana counties. They pride themselves on delivering professional financial services and personalized solutions in a friendly atmosphere. Headquartered in Columbus Indiana Bank & Trust Company is one of the largest banks headquartered in Indiana. Indiana Community Bancorp has a market cap of $28.9 million; its shares were traded at around $8.62 with and P/S ratio of 0.5. The dividend yield of Indiana Community Bancorp stocks is 0.5%.
Highlight of Business Operations:
The provision for loan losses increased $2.9 million for the quarter ended September 30, 2009 to $3.9 million compared to $1.0 million for the quarter ended September 30, 2008. The $3.9 million provision for loan losses for the third quarter was due to increased levels in non-performing loans in the current quarter of $1.8 million to $29.7 million at September 30, 2009, as well as the continuing challenging economic environment. Net charge offs were $1.8 million for the third quarter. The Company had a $1.2 million write down on a commercial equipment loan, based on the continued decline in equipment values, evidenced by values received at auctions held in the third quarter. Additionally, the Company experienced $684,000 in consumer related net charge offs in the third quarter of 2009.

Non interest expenses increased $923,000 or 13.0% to $8.0 million for the quarter. This increase was primarily due to the total goodwill impairment of $1.4 million recorded in the third quarter of 2009. See footnote 6 for a description of the impairment analysis performed. Another expense which increased in the third quarter of 2009 was FDIC insurance expense, which increased $287,000 over the same quarter of the prior year. In the quarter ended September 2008, FDIC insurance expense was $31,000. This was based on an assessment rate that is less than half of the current year assessment rate. Additionally, in the third quarter of 2008 the Company received the benefit of an assessment credit that was depleted at the end of 2008. In the quarter ended September 2009, the assessment rate is more than double the prior year rate and the Company no longer has an assessment credit to apply against the insurance charge. In total the FDIC insurance charge was $318,000 in the third quarter of 2009. Offsetting these increases were decreases in compensation and employee benefits of $458,000 or 11.6%, a decrease in occupancy and equipment expenses of $155,000 or 14.4% and a $128,000 decrease in miscellaneous expenses. Several factors contributed to the decrease in compensation and benefits: 1) the Company reduced its workforce by approximately 10% in the third quarter of 2008 resulting in an expense reduction of approximately $200,000 for the quarter; 2) the Company changed its vacation policy in February 2009 resulting in compensation reductions of $90,000 and 3) the Company discontinued offering brokerage services effective September 2008 resulting in an expense reduction of $258,000 for the quarter. These decreases to compensation and employee benefits were partially offset by an increase in mortgage commissions of $128,000 as a result of increased mortgage origination volumes. Occupancy expense reductions related to cost reductions in maintenance contracts. Miscellaneous expense decreased $128,000 or 9.6% for the current quarter. This decrease is the net result of increased loan expenses of $127,000 associated with increased loan originations and problem loan workouts offset by decreases in employee expenses, professional fees and communications expense.

The provision for loan losses increased $9.5 million for the nine months ended September 30, 2009 to $12.8 million compared to $3.3 million for the nine months ended September 30, 2008. The increase in the provision for loan losses is reflective of the increase in non-performing loans and the continuing sluggish economy. Year-to-date net charge offs totaled $9.2 million compared to $2.2 million for the year to date 2008 period. Net charge offs were $1.8 million for the third quarter and included a $1.2 million charge off on a commercial equipment loan, based on the continued decline in equipment values, evidenced by values received at auctions in the third quarter. Additionally the Company experienced $684,000 in consumer related net charge offs in the third quarter of 2009. Net charge offs were $5.6 million for the second quarter and included $3.3 million of charge offs related to three condominium projects. In the second quarter of 2009, one of the condominium projects converted to a multi-family apartment project, due to the continued decline of the condominium market. The change in project type and new bank appraisal valuation based on that change resulted in a second quarter write down of the new project. The Company received an updated second quarter 2009 appraisal valuation on another under performing condominium project leading management to decrease the value of the outstanding loan. Also in the second quarter of 2009, the Company had a court approved receiver s auction on a third under performing condominium project. The remaining units of this project were written down based on the auction values received. The Company also had a $1.2 million write down on an equipment loan, based on a chapter 11 bankruptcy filing by the borrower and updated equipment valuations provided in the second quarter. Additional smaller write downs occurred in the second quarter primarily due to new information becoming available regarding the value of the various projects involved. Net charge offs of $1.8 million for the first quarter of 2009 included a $1.4 million write down of a $3.0 million loan to a manufacturing business in southeast Indiana, as well as $268,000 of charge offs related to residential mortgages, seconds and home equities. The allowance for loan losses increased $3.6 million during the first nine months of 2009. The increase in the allowance for loan losses during the nine months, like the increase in the provision, was a result of the increasing level of non performing loans which totaled $29.7 million and the affect of the current economic climate on credit quality. See the Critical Accounting Policies, Allowance for Loan Losses section for a description of the systematic analysis the Bank uses to determine its allowance for loan losses. The change to the loan loss allowance for the nine month periods ended September 30, 2009 and 2008 is as follows:

The explanation for changes in non interest income for the nine month periods ended September 2009 and September 2008 are very similar to the explanation for changes in the three month periods ending September 2009 and 2008. Non interest income decreased $1.2 million or 12.5% to $8.1 million for the nine months ended September 2009. Gain on sale of loans increased $1.0 million over the two comparative nine month periods as declining rates resulted in increased refinance activity. The Company currently sells substantially all of its residential mortgage originations in the secondary market. The Company recorded a loss of $437,000 related to an other than temporary impairment in the value of its $4.3 million investment in the AMF Ultra Short Mortgage Fund in the second and third quarter of 2008. Investment advisory services decreased $1.4 million during the nine months. The Company sold its investment advisory services during the third quarter of 2008. Service fees on deposit accounts decreased $329,000 or 6.5% due to a reduction in the number of overdraft fees charged. Net loss on real estate owned of $468,000 was recorded in the third quarter of 2009, due to a write down of the carrying value of a subdivision owned by the Company resulting in the $510,000 decrease in net gain(loss) on real estate owned. Miscellaneous income decreased $366,000 due primarily to a $196,000 decrease in FHLB dividend income. Other categories of miscellaneous income had small changes including a net decrease of $56,000 from the loss on sale of a Company building and other fixed assets, a $77,000 reduction in rental income received and a net reduction of $47,000 due to the recognition of deferred income related to the sale of a commercial property in the first nine month of 2008.

Non interest expenses increased $452,000 or 2.0% to $22.7 million for the nine months. This increase in expenses is the net result of several factors. The key factors increasing non interest expenses were the FDIC insurance expense of $1.4 million and the $1.4 million full impairment charge applied to goodwill. This FDIC insurance increase relates to the doubling of the rate charged, coupled with the depletion of the one time credit at the end of 2008, resulting in $939,000 of FDIC insurance expenses, as well as the second quarter $454,000 charge for the FDIC special assessment. The goodwill impairment charge resulted from the Company s annual analysis of goodwill described in footnote 6. Miscellaneous expense increased $210,000 or 5.1%, for the nine months due primarily to increased loan expenses of $819,000 for the year to date period primarily due to expenses associated with increased loan volumes and problem loan workout related costs. Offsetting the increase in loan expenses were decreases in various expense accounts including employee expenses of $133,000 due to having fewer employees, decreases in professional fees of $155,000 due to the previous year s change in external auditors and a $154,000 decrease in office supplies as the nine months ended September 2008 included purchases associated with the Bank s name change. Decreases in non interest expense included a decrease in compensation and employee benefits of $1.8 million or 14.4%, a decrease of $229,000 or 7.3% in occupancy expenses and a decrease in marketing expenses of $476,000 or 44.9%. Four primary factors contributed to the decrease in compensation and benefits: 1) the Company froze its defined benefit pension plan effective April 1, 2008 resulting is an expense reduction of $450,000 for the nine months; 2) the Company reduced its workforce by approximately 10% in the third quarter of 2008 resulting in an expense reduction of approximately $600,000 for the nine months; 3) the Company changed its vacation policy in February 2009 and had reduced bonus expense resulting in compensation reductions of $375,000; and 4) the Company discontinued offering brokerage services effective September
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Citizens Community Bancorp, Inc. Announces Preliminary Fiscal 2009 Fourth ...

2009-11-04T23:45:00.001-08:00
Citizens Community Bancorp, Inc. Announces Preliminary Fiscal 2009 Fourth-Quarter Results EAU CLAIRE, Wis., Nov. 4, 2009 (GLOBE NEWSWIRE) -- Citizens Community Bancorp, Inc. (Nasdaq:CZWI), the holding company for Citizens Community Federal (the "Bank"), today reported preliminary results for its fiscal 2009 fourth quarter ended September 30, 2009. Highlights for the quarter included: * Assets increased $28.7 million to $575.4 million, or 5.2%, over the balance as of June 30, 2009. * Loans increased $16.2 million to $442.5 million, or 3.8%, over the balance as of June 30, 2009. * Deposits increased $43.4 million to $409.3 million, or 11.9%, over the balance as of June 30, 2009. * Core deposit growth of $48.1 million from the level as of June 30, 2009. * Total interest and dividend income increased $487,000 to $8.3 million, or 6.2%, as compared to the three-month period ended June 30, 2009. * Interest expense increased $18,000 to $3.6 million, or 0.5%, as compared to the three-month period ended June 30, 2009. * Net interest income after Provision for Loan Loss increased $389,000 to $4.3 million, or 9.8%, as compared to the three-month period ended June 30, 2009. The Company expects that its fourth quarter net income will be approximately $668,000, compared to $384,000 for the prior year fourth quarter period, an increase of 74% year-over-year. The Company is pleased to announce that based on its analysis, there is no goodwill impairment for fiscal 2009. The expected fourth quarter earnings are mainly the result of continued strong performance in our branch offices, the initial results of cost-cutting initiatives, including the voluntary surrender of the Senior Executive Retirement Plan by certain members of the executive management team. Change in Capital Status Citizens Community Bancorp, Inc. reported in its Thrift Financial Report, which was filed with the Office of Thrift Supervision (OTS) on October 30, 2009, that as of September 30, 2009, the Bank's risk-based capital was 9.57%, classified as 'adequately capitalized' under the applicable regulations of the OTS. The change in the risk-based capital classification came primarily as a result of an elevated 'risk-weighting' required for a portion of the Bank's Mortgage-Backed Security Investment Portfolio. As of September 30, 2009, the Bank continues to report Tier 1 Capital levels in the 'well-capitalized' category at 9.38%, $18.2 million over the applicable threshold for qualifying for the 'well-capitalized' category for Tier 1 Capital. It is management's intent to work to achieve and maintain a well-capitalized level for risk-based capital. Bank management expects that assuming successful implementation of cost-cutting and other initiatives the Bank will be restored to 'well-capitalized' in all regulatory capital measurements within the next six-to-twelve months. About Citizens Community Bancorp, Inc. Citizens Community Bancorp, Inc., based in Eau Claire, Wis., is the holding company for Citizens Community Federal, a federal savings association operating 26 full-service banking offices in Wisconsin, Minnesota and Michigan. Please visit us online at www.citizenscommunityfederal.net. Certain statements contained in this press release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "could," "expect," "intend," "may," "planned," "potential," "should," "will," and "would." Such forward-looking statements in this release are inherently subject to many uncertainties in the Bank's operations and business environment. These uncertainties include general economic conditions, in particular, relating to consumer demand for the Bank's products and services; the Bank's ability to maintain current deposit and loan levels at current interest rates; competitive and technological developments; deteriorating credit quality, including changes in the interest rate environment reducing interest margins; prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; the Bank's ability to maintain required capital levels and adequate sources of funding and liquidity; maintaining capital requirements may limit the Bank's operations and potential growth; changes and trends in capital markets; competitive pressures among depository institutions; effects of critical accounting policies and judgments; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board (FASB) or other regulatory agencies; further write-downs in the Bank's mortgage-backed securities portfolio; the Bank's ability to implement its cost-savings and revenue enhancement initiatives; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Bank; fluctuation of the Bank's stock price; ability to attract and retain key personnel; ability to secure confidential information through the use of computer systems and telecommunications networks; and the impact of reputational risk created by these developments on such matters as business generation and retention, funding and liquidity. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Citizens Community Bancorp, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release. In addition, such uncertainties and other operational matters are discussed further in the company's quarterly and annual filings with the Securities and Exchange Commission. -0- CONTACT: Citizens Community Bancorp, Inc. John Zettler, Senior Vice President and Chief Financial Officer 715 836-9994 x109

ICB shows growth in 3Q 2009

2009-11-03T21:57:00.003-08:00

Tags - Banking, financial reports, Intermountain Community Bancorp

Intermountain Community Bancorp showed strong deposit growth, lower loan delinquencies, improving asset quality, solid liquidity and capital ratios in the third quarter of ’09.
“Commercial real estate loans grew to 24.6 percent of the portfolio, up $33 million from the same period last year,” Curt Hecker, Chief Executive Officer, said. “Virtually all of this increase is comprised of owner-occupied loans made to established, profitable businesses.”
Intermountain Community is headquartered in Sandpoint and operates as four separate divisions with 20 banking locations in three states. It is known as Panhandle State Bank, Intermountain Community Bank Washington, Intermountain Community Bank and Magic Valley Bank.
Its loan portfolio is spread throughout the market area with about 50 percent of the portfolio in north Idaho and eastern Washington based on branch totals, 18 percent in southwest Idaho and eastern Oregon, 14 percent in the greater Boise area, and 8 percent in the Magic Valley area of southern Idaho, according to the quarterly report.
“Generally, North Idaho, Spokane and the Magic Valley economies and real estate markets have held up much better than the Boise areas through this downturn,” Hecker said. “Much of our portfolio in southwestern Idaho is resident in the ‘Tri-County’ area along the border of Idaho and Oregon, which are largely agribusiness communities, and are doing relatively well. We have been focused on resolving problem credits throughout our market areas, but particularly in the Boise area.”
Residential land and construction assets continue to comprise most of the nonperforming loans and OREO totals, reflecting the weakness in the housing market, according to the quarterly report.
“The geographic breakout of the nonperforming loans reflects both the strong market presence we have built in Northern Idaho – Eastern Washington and the progress we have made in the greater Boise market through property sales and loan writedowns we have already booked,” Hecker said.
Agricultural lending, which comprises about half of ICB’s commercial loans, continues to contribute to overall loan quality, in part because company officials focus on making operating loans that renew annually. In addition, ICB has limited exposure to agricultural real estate or equipment loans and virtually no exposure to the highly volatile dairy industry.
In addition, the Small Business Administration loans continue to be popular with business owners in the markets.
“We are continuing to see mortgage refinancing, reflecting historically low mortgage rates,” Hecker said. “Year-over-year, our land development and commercial construction loans fell almost $11.3 million to 10.3 percent of the portfolio and residential construction balances are down $59 million to 14.8 percent of the overall portfolio.”

Monarch Community Bancorp, Inc. Announces Suspension of Quarterly Dividend

2009-11-03T21:57:00.001-08:00
COLDWATER, Mich., Nov. 3, 2009 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (Nasdaq:MCBF), the holding company for Monarch Community Bank, today announced that its Board of Directors has decided to discontinue the quarterly cash dividend previously paid on shares of its common stock. "The current economic conditions and the Bank's level of earnings have made it necessary for us to review our dividend. In order to preserve our capital we think it is prudent to suspend the payment of the cash dividend until we return to viable level of profitability," said Don Denney, President and CEO. "The high unemployment rate and decline in real estate values have had a negative impact on our earnings. While the U.S. economy is showing signs of recovery, unfortunately the economic recovery in Michigan is not expected to occur until 2011. We believe maintaining our strong capital position will not only sustain us through the current economic challenges but allow us to take full advantage of the recovery when it begins." Monarch Community Bank is headquartered in Coldwater, Michigan and operates six full service retail offices in Branch, Calhoun and Hillsdale counties. Certain statements in this press release, including statements regarding the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). You can identify these forward-looking statements because they may include terms such as "believes," "anticipates," "intends," "expects" or similar expressions. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters. For additional information, visit Monarch Community Bancorp's website at www.monarchcb.com. -0- CONTACT: Monarch Community Bancorp, Inc. Donald L. Denney, President and CEO (517) 279-3978

Local Community Banks See Growing Commercial Real Estate Loan Losses

2009-11-03T08:53:00.001-08:00
(Source: The Times-Tribune)By David Falchek, The Times-Tribune, Scranton, Pa.
Nov. 3--The pang of the economic downturn and the erosion of commercial real estate values forced several local community banks to book millions of dollars of losses in the third quarter.
This week, Dunmore-based First National Community Bancorp posted third-quarter losses of $4.9 million, and Clarks Summit-based Community Bank & Trust Co. posted losses before adjustments of $2.4 million, according to call reports filed with the Federal Deposit Insurance Corp.
The losses come days after another bank, Dunmore-based Fidelity D&D Bancorp, reported third-quarter losses of $3.2 million.
In all cases, the losses are overwhelmingly due to the banks' massive contributions to cover possible loan losses, losses made more likely by falling commercial real estate values and struggling business borrowers.
Such dramatic moves have rarely been necessary in a region where community banks reliably profit every quarter and are more likely to make symbolic contributions, if any, to loan loss reserves. The economic hit underscores the depth of the recession on small businesses and commercial real estate in Northeast Pennsylvania and the potential for a commercial loan crisis.
The situation goes far beyond the region. Banks confronting stronger-armed regulators nationwide are being encouraged to identify and account for potential problem loans before they become problems.
In prepared statements, William F. Farber, Sr., president and chief executive officer of Community Bank parent, Comm Bancorp Inc., attributed his bank's $9.7 million provision for loan losses to the heightened regulatory environment. The bank was able to offset a $2.5 million loss with provisions to pay income taxes, reducing the stated quarter loss to $385,000. Comm Bancorp shares fell 14 percent Monday, to a $25.43 close.
The banks moves are painful, but necessary, say banking observers. The large contributions to loan losses and more aggressive write downs of bad loans suggest that lenders are trying to get in front of a brewing problem, said Wilson Smith, a bank equities analyst with Patriot Capital Partners.
Both Community Bank & Trust and FNCB have doubled the balances in their loan loss reserves by the end of September, even as Community Bank wrote off $3.6 million of loans for the year and FNCB took a loss for $10.2 million. FNCB shares price took a hit Monday, falling 11 percent to $5.35 per share.
Bank failures were nearly non-existent but so far this year more than 110 banks have failed. The FDIC, which is funded by premiums from all banks, has become more aggressive in monitoring all banks.

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A Big Upgrade for Hudson City Bancorp

2009-11-02T19:50:00.001-08:00
Disney Buys Marvel!
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Every day, the sun rises on Wall Street, and a plethora of professional analysts wake to issue new opinions on stocks. Here at the Fool, we use our "This Just In" column to examine some of these picks-- and the track records of the companies behind them -- so individuals can make better investing decisions.

In addition to following professional banks, anyone can use Motley Fool CAPS to monitor the collective opinions of more than 140,000 members, many of whom demonstrate better investing insight than published analysts do.

After spending much of the past year at a mediocre three-star rank, enough top-performing CAPS members have turned bullish on Hudson City Bancorp (Nasdaq: HCBK) recently to upgrade it to a more formidable four stars. A total of 511 members have given their opinion on the financial firm, with many of them offering analysis and commentary explaining the recent optimism.

Not all banks are evil. While some like SunTrust

Bank holding company reports profit slips

2009-10-31T04:53:00.005-07:00
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Albina Community Bancorp Slips To Loss In Q3 - Quick Facts

2009-10-31T04:53:00.003-07:00
(RTTNews) - Perfect World Co., Ltd. (PWRD: News ) announced that it has appointed Daniel Dong Yang as an independent director to its Board of Directors.In addition, the company said that Louis Hsieh recently stepped down from his position as a member of the Board of Directors. He plans to focus on other professional commitments.
Daniel Dong Yong has been a partner of SAIF Partners, an Asian private equity firm, since 2004 and served as a director from 2001 to 2004. He currently serves as a director of several companies, such as MainOne Information Technology Co., Ltd. and Mobi Antenna Technologies (Shenzhen) Co., Ltd. Click here to receive FREE breaking news email alerts for Perfect World Co., Ltd. and others in your portfolio

by RTT Staff WriterFor comments and feedback: contact editorial@rttnews.com

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Albina Community Bancorp Reports First Quarter Loss; Pre-Tax, Pre-Provision ...

2009-10-31T04:53:00.001-07:00
Albina Community Bancorp Reports First Quarter Loss; Pre-Tax, Pre-Provision Earnings Increase 72% PORTLAND, Ore., Oct. 30, 2009 (GLOBE NEWSWIRE) -- Albina Community Bancorp (OTCBB:ACBC), Portland's only certified community development bank today reported that following a $2.9 million provision for loan losses and a non-cash valuation allowance for the deferred tax asset of $1.2 million, the company lost $2.8 million, or $(2.09) per common share, for the third quarter ended September 30, 2009, compared to a $1.7 million loss, or $(1.29) per common share in the preceding quarter, when the provision was $2.3 million. In the third quarter a year ago, net income totaled $105,000, or $0.10 per share, with a loan loss provision of $980,000. The company's core earnings, defined as pre-tax, pre-provision earnings, increased 72% for the third quarter of 2009 to $1.9 million from $1.1 million in the third quarter a year ago. Year-to-date, Albina has recorded a total provision for loan losses of $7.1 million contributing to a net loss of $5.6 million, or $(2.09) per common share, compared to a loss of $867,000, or $(0.81) per common share, in the like period a year ago, with a loan loss provision of $3.0 million. Year-to-date, core earnings were $1.7 million compared to core earnings of $1.6 million for the first nine months of 2008. The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) recently released its fiscal year (FY) 2010 Notice of Funding Availability (NOFA) for its CDFI Program, which if appropriated will make available $113 million to the CDFI's across the country. "We are delighted by this potential funding and intend to submit our application for the FY 2010 CDFI Program before the November 18 deadline," said Robert McKean, President and Chief Executive Officer. "If we are fortunate enough to be recommended, we could be eligible to receive additional funding. Awards from the CDFI Program allow us to continue our mission in providing much needed capital to small businesses in our communities as we all work together through this economic recovery." Albina Community Bancorp has received CDFI funding in 8 of the past 9 years. In the third quarter, the U.S. Treasury's Community Development Financial Institutions Fund's Financial Assistance Program awarded Albina with two cash awards totaling $2.2 million, and in the third quarter a year ago it awarded Albina with $675,000. Third Quarter 2009 Financial Highlights: (for the quarter ended September 30, 2009 compared to September 30, 2008) -- Deposits grew 14% to $179.9 million up from $157.9 million. -- Total assets increased 5% to $218.7 million up from $208.3 million. -- Gross loans were $151.3, down 6% from $161.8 in the same quarter a year ago. -- Albina is one of the top producers of SBA loans in the Portland District. -- Albina was awarded $2.2 million in CDFI funding in the third quarter. -- Allowance for loan losses increased to $3.7 million, or 2.45% of total loans. Capital Adequacy and Liquidity At September 30, 2009, capital ratios for Albina Bank continued to exceed regulatory definitions for adequately capitalized banks with Tier 1 leverage at 5.52%, Tier 1 risk-based at 7.74% and Total risk-based capital at 9.00%. "To meet our customer needs, we maintain high levels of liquidity by holding liquid securities and through our available lines of credit at the Federal Home Loan Bank and the Federal Reserve Bank," added McKean. "Our investment portfolio consists entirely of investment grade securities that have an average life of less than three years. Excess liquidity will be invested in securities until the underlying time deposits mature or loan originations increase." Credit Quality Nonperforming assets (NPAs), consisting of nonperforming loans, other real estate owned (OREO), and loans delinquent 90 days or more, increased during the quarter to $16.9 million, or 7.7% of total assets, at September 30, 2009, from $15.3 million, or 6.8% of total assets in the preceding quarter, and up from $10.2 million, or 4.9% of assets a year ago. "We are increasingly encouraged by people expressing interest in the properties we hold in our portfolio, and we continue to market them," continued McKean. "We sold one small commercial building out of OREO this quarter for a $6,000 gain." Nonperforming loans (NPLs) increased to $15.4 million, or 10.18% of total loans at September 30, 2009, compared to $13.4 million, or 8.65% of total loans, three months earlier, and $10.2 million, or 6.32% of total loans, from a year ago. "Although we continue to witness economic stress in our communities, sales of residential units are improving, particularly in the low to moderate price ranges," commented McKean. "Standard & Poor released its Case-Shiller report this week, which showed that the Portland Metropolitan market home prices have climbed for three months in a row. We are also noticing a lot more activity in land and development projects, as major developers are beginning to return to the market." Net charge-offs totaled $2.6 million, or 1.71% of average loans in the third quarter quarter, and $2.0 million, or 1.30% of average loans for the linked quarter, and $1.2 million, or 0.78% of average loans in the third quarter of 2008. Year-to-date, net charge-offs totaled $6.1 million, or 3.88% of average loans, and $1.5 million, or 0.99% of average loans in the like period a year ago. The allowance for loan and lease losses (ALLL) totaled $3.7 million, or 2.45% of total loans at September 30, 2009, compared to $3.4 million or 2.19% of total loans at June 30, 2009 and $3.1 million, or 1.90% of total loans a year ago. Balance Sheet Results Total assets increased 5% to $218.7 million at September 30, 2009, compared with $208.3 million at September 30, 2008. Loans, net of reserves, decreased $11.1 million from a year ago to $147.6 million. The loan portfolio remains well-diversified with a wide variety of borrowers and collateral; over 75% of the portfolio is secured by real estate, both residential and commercial. Consumer loan participations were down 27% year-over-year standing at $11.7 million. Commercial loan participations declined 5% year-over-year to $20.9 million. Consumer and commercial loan participations provide additional earnings and diversification for the portfolio and account for approximately 22% of the total loan portfolio. More than 39% of Albina's commercial real estate loans are owner-occupied. (Dollars in As of the Date Ended thousands) ------------------------------------------------------- Sept. 30, June 30, Sept. 30, 2009 2009 2008 ------------------------------------------------------- (unaudited) (unaudited) (unaudited) Loans Commercial business $ 23,101 15.3% $ 24,222 15.6% $ 21,495 13.3% R/E construction 15,702 10.4% 16,630 10.7% 29,158 18.0% Commercial R/E 76,595 50.6% 76,419 49.4% 78,530 48.5% Multifamily residential 4,365 2.9% 3,864 2.5% 2,976 1.8% One to four family residential 18,690 12.4% 19,865 12.8% 12,653 7.8% Consumer 13,149 8.7% 14,152 9.1% 17,410 10.8% Unearned Loan Fees (321) -0.2% (308) -0.2% (468) -0.3% --------- --------- --------- Total Loans 151,281 100.0% 154,844 100.0% 161,754 100.0% "Albina is one of the top producers of SBA loans, and we are funding a good volume of relatively small dollar amount SBA loans. With the rebound in the secondary market, we will be selling the guaranteed portion of the SBA loans we originate, producing quality non-interest income for the bank," continued McKean. "Our success in this area is twofold: we are making loans from which we generate fee income, and we secure the full corresponding deposit relationship. As a result, we are growing deposits organically while building our core business operations and establishing strong customer relationships." At September 30, 2009, total deposits grew 14% to $179.9 million up from $157.9 million a year ago. Noninterest bearing deposits accounted for 15% of total deposits and interest bearing and savings accounts accounted for 25% of deposits, and time certificates were 60% of total deposits at quarter end. "We continue to attract more home-grown deposits, establishing full-service banking relationships with our customers, which in turn supports our community development and urban renewal," said McKean. "The increase in the number of core deposit relationships was a direct result of our SBA lending activity and new customers who are looking for a local community banking solution." The ratio of loans to deposits at September 30, 2009 was 82% compared with 101% at September 30, 2008. The investment securities portfolio more than doubled to $40.7 million from $17.9 million a year ago, as Albina sought to take advantage of increased credit spreads available in investment securities. All securities held by Albina are investment grade securities issued by U.S. Government Sponsored Enterprises (GSE). Shareholder equity at September 30, 2009, totaled $7.3 million, or $5.53 per share, compared to $12.5 million, or $9.37 per share a year ago. Operating Results Revenue, consisting of net interest income and noninterest income, was $4.3 million in the third quarter of 2009, compared to $1.7 million in the preceding quarter and $2.7 million in the third quarter a year ago. Albina's net interest income, before the provision for loan losses, was $1.5 million in the third quarter of 2009, compared to $1.4 million, before the provision in the prior quarter, and $1.7 million in the third quarter a year ago. After the $2.9 million provision for loan losses, third quarter 2009 net interest loss was $1.4 million, down from net interest income of $718,000 a year ago, which included a provision for loan losses of $980,000. "With interest rates at historically low levels, our securities portfolio has increased in value," said Jim Schlotfeldt, Chief Financial Officer. Realized gain on sale from investments of $179,000 increased non-interest income in the third quarter of 2009. Albina's net interest margin in the quarter was 3.17% compared to 2.85% in the second quarter this year and 3.73% in the third quarter a year ago. "As we continue to carry an elevated level of non-accruals, our net interest margin will be impacted," added Schlotfeldt. The reversal of accrued interest from non-performing assets reduced interest income by $439,000 in the quarter and was responsible for the compression in the net interest margin by 92 basis points. Year-to-date, the reversal of accrued interest totaled $1.3 million, or 92 basis points. Non-interest expense for the third quarter increased 44% to $2.4 million compared to $1.6 million for the like quarter a year ago. The 44% increase in total non-interest expense for the third quarter reflects higher ongoing FDIC insurance premiums and additional legal and professional expenses associated with managing the loan portfolio. The efficiency ratio for the quarter improved to 55.61% from 59.87% in the third quarter a year ago. The income tax expense for the quarter ended September 30, 2009 was $1.7 million, which included a non-cash charge of $1.2 million as a valuation allowance for the deferred tax asset, as compared to an income tax expense of $16,000 in the third quarter a year ago, and an income tax benefit of $844,000 in the second quarter of 2009. Due to the capital structure of the company, preferred shareholders participated in the per share loss during the quarter and year-to-date periods. "Our original shareholders, owners of the Preferred A and B series, had reached their maximum participation in our earnings stream in prior years," said Schlotfeldt. "With the recent losses, however, our retained earnings have fallen below their earnings participation threshold. Consequently, the loss per share allocated to common shareholders was lower by $0.48 in the third quarter and $0.99 in the nine months ended September 30, 2009. On a pro rata basis, future losses will continue to be allocated between preferred and common shareholders and future earnings will be reduced until preferred shareholders reach the $100 per preferred share liquidation preference." About Albina Community Bancorp Albina Community Bank is a locally owned, full-service, independent commercial bank committed to investing in individuals, families, businesses and local neighborhoods. The bank promotes community development by providing products and services and banking solutions that are directed towards improving the social or economic conditions of underserved peoples or residents of distressed communities. Albina offers a wide range of competitive banking solutions, while also maintaining its mission to promote jobs, growth of small businesses, and wealth in our local Portland neighborhoods. Albina Community Bank opened in December 1995 as the sole subsidiary of Albina Community Bancorp. Albina is one of approximately 50 commercial banks across the United States certified by the U.S. Treasury Department's Community Development Financial Institutions Fund as a community development financial institution. Albina is the only CDFI-certified commercial bank headquartered in Oregon. Albina operates from five local Portland locations including offices at: 2002 Northeast Martin Luther King Jr. Boulevard; 8040 North Lombard in the St. Johns neighborhood of North Portland; 4020 Northeast Fremont Street in the Beaumont neighborhood; 5636 Northeast Sandy Boulevard in the Rose City Park neighborhood of the International District; and 430 Northwest 10th Avenue in Portland's Pearl District; and a remote ATM at New Columbia in North Portland. For more information about Albina Community Bank, please call 503-287-7537 or visit www.albinabank.com. This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995, including statements concerning the continued financial performance of the company and its plans and opportunities for future growth. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those expected. Specific risks include, but are not limited to, general business and economic conditions, competitive factors, pricing pressures, further interest rate changes, and other factors listed from time to time in Albina Community Bancorp's regulatory reports. Albina Community Bancorp Balance Sheet (Dollars in thousands) As of the Date Ended ---------------------------------------- Sept. 30, June 30, Sept. 30, Annual 2009 2009 2008 %Change ---------------------------------------- (unaudited)(unaudited)(unaudited) ASSETS Cash and due from banks $ 469 $ 434 $ 496 -6% Interest-bearing deposits 12,616 7,596 4,074 210% Federal funds sold 94 121 8,698 -99% ------------------------------- Total cash and cash equivalents 13,179 8,151 13,268 -1% Time deposits with other banks 4,233 4,333 4,731 -11% Investment securities 40,713 47,119 17,863 128% Federal Home Loan Bank Stock 1,325 1,325 1,361 -3% Loans Albina originated loans 118,721 121,794 123,720 -4% Commercial participations purchased 20,889 20,387 22,065 -5% Consumer participations purchased 11,670 12,662 15,969 -27% ------------------------------- Total loans 151,281 154,844 161,754 -6% Allowance for loan and lease losses (3,703) (3,395) (3,066) 21% ------------------------------- Net loans 147,578 151,448 158,688 -7% Property and equipment, net 5,423 5,506 5,751 -6% Other real estate owned 1,491 1,928 -- 0% Other assets 4,735 5,973 6,677 -29% ------------------------------- ------------------------------- Total assets $ 218,678 $ 225,785 $ 208,340 5% =============================== LIABILITIES AND EQUITY Deposits Non-interest bearing deposits $ 26,356 $ 22,756 $ 22,363 18% Interest-bearing accounts 41,377 39,087 44,955 -8% Savings accounts 4,690 4,355 3,982 18% Time certificates 107,440 112,470 86,589 24% ------------------------------- Total deposits 179,864 178,668 157,889 14% Notes payable 23,331 29,356 30,293 -23% Subordinated debentures 6,186 6,186 6,186 0% Other liabilities 2,000 1,720 1,469 36% ------------------------------- Total liabilities 211,380 215,929 195,836 8% Shareholders' equity: Preferred stock 2,482 2,482 2,482 0% Common stock 8,605 8,597 8,567 0% Retained earnings (4,067) (1,315) 1,573 -359% Accum. other comp. income 278 92 (118) -335% ------------------------------- Total shareholders' equity 7,298 9,856 12,503 -42% ------------------------------- ------------------------------- Total liabilities and equity $ 218,678 $ 225,785 $ 208,340 5% =============================== FINANCIAL RATIOS Loans / deposits 82.05% 84.77% 100.51% Non-performing loans / total loans 10.18% 8.65% 6.32% Reserve / loans 2.45% 2.19% 1.90% Tangible book value per share $ 5.53 $ 7.48 $ 9.37 Albina Community Bancorp Income Statement (Dollars in thousands, except per-share data) Three Months Ended ---------------------------------------------- Sept. 30, June 30, Sept. 30, ---------------------------------------------- 2009 2009 2008 % Chg ---------------------------------- (Unaudited) (Unaudited) (Unaudited) INTEREST INCOME Interest and fees on loans $ 2,320 $ 2,411 $ 2,660 -13% Interest on investment securities 356 252 209 70% Other interest income 41 43 74 -45% ---------------------------------- Total interest income 2,717 2,707 2,943 -8% INTEREST EXPENSE Interest on deposits 880 965 882 0% Interest on borrowings 322 375 364 -12% ---------------------------------- Total interest expense 1,202 1,340 1,245 -3% ---------------------------------- NET INTEREST INCOME 1,516 1,367 1,698 -11% Loan loss provision 2,910 2,300 980 197% ---------------------------------- Net interest income after provision (1,394) (933) 718 -294% NON-INTEREST INCOME Service charges and fees 186 181 185 1% Government payments and contracts 2,211 -- 675 227% Loan fees on brokered loans -- -- 8 -100% Merchant & card interchange income 70 64 70 1% Realized gain/(loss) on sale of investment securities 179 -- -- NM Other income 105 109 107 -2% ---------------------------------- Total non-interest income 2,750 353 1,045 163% NON-INTEREST EXPENSE Salaries and employee benefits 710 764 902 -21% Occupancy and equipment 185 186 190 -3% Legal and professional 227 254 104 118% Marketing 39 64 64 -40% Data processing 185 192 164 13% Other 1,026 500 218 372% ---------------------------------- Total non-interest expense 2,372 1,960 1,642 44% PRETAX INCOME (1,016) (2,540) 121 -942% Provision for income taxes 1,735 (844) 16 10879% ---------------------------------- NET INCOME $ (2,751) $ (1,696) $ 105 -2721% ================================== Earnings per share: Basic $ (2.09) $ (1.29) $ 0.10 -2190% Diluted $ (2.09) $ (1.29) $ 0.10 -2190% Weighted average shares outstanding: Basic 1,070,355 1,069,867 1,068,991 0% Diluted 1,070,355 1,069,867 1,070,630 0% FINANCIAL RATIOS Return on average assets -1.22% -0.75% 0.05% Return on average equity -25.03% -14.72% 0.81% Efficiency ratio 55.61% 113.94% 59.87% Net interest margin 3.17% 2.85% 3.73% (Dollars in thousands, except per-share data) Nine Months Ended ---------------------------------- Sept. 30, Sept. 30, ---------------------------------- 2009 2008 % Chg ---------------------- (Unaudited) (Unaudited) INTEREST INCOME Interest and fees on loans $ 7,142 $ 8,214 -13% Interest on investment securities 821 527 56% Other interest income 125 222 -44% ---------------------- Total interest income 8,088 8,963 -10% INTEREST EXPENSE Interest on deposits 2,840 2,845 0% Interest on borrowings 1,043 1,020 2% ---------------------- Total interest expense 3,883 3,865 0% ---------------------- NET INTEREST INCOME 4,205 5,098 -18% Loan loss provision 7,055 3,030 133% ---------------------- Net interest income after provision (2,850) 2,068 -238% NON-INTEREST INCOME Service charges and fees 573 507 13% Government payments and contracts 2,211 675 227% Loan fees on brokered loans -- 54 -100% Merchant & card interchange income 185 222 -17% Realized gain/(loss) on sale of investment securities 179 13 1275% Other income 320 308 4% ----------------------- Total non-interest income 3,467 1,779 95% NON-INTEREST EXPENSE Salaries and employee benefits 2,255 2,945 -23% Occupancy and equipment 562 566 -1% Legal and professional 684 330 107% Marketing 140 232 -40% Data processing 547 548 0% Other 1,814 638 185% ---------------------- Total non-interest expense 6,004 5,259 14% PRETAX INCOME (5,386) (1,386) 289% Provision for income taxes 193 (519) -137% ---------------------- NET INCOME $ (5,579) $ (867) 544% ====================== Earnings per share: Basic $ (2.09) $ (0.81) 158% Diluted $ (2.09) $ (0.81) 158% Weighted average shares outstanding: Basic 1,069,861 1,068,768 0% Diluted 1,069,861 1,075,086 0% FINANCIAL RATIOS Return on average assets -2.47% -0.44% Return on average equity -50.76% -6.69% Efficiency ratio 78.25% 76.19% Net interest margin 2.97% 3.81% Albina Community Bancorp Selected Highlights (Dollars in thousands) As of the Date Ended ---------------------------------------------------- Sept. 30, June 30, Sept. 30, 2009 2009 2008 ---------------------------------------------------- (unaudited) (unaudited) (unaudited) Loans Commercial business $ 23,101 15.3% $ 24,222 15.6% $ 21,495 13.3% R/E construction 15,702 10.4% 16,630 10.7% 29,158 18.0% Commercial R/E 76,595 50.6% 76,419 49.4% 78,530 48.5% Multifamily residential 4,365 2.9% 3,864 2.5% 2,976 1.8% One to four family residential 18,690 12.4% 19,865 12.8% 12,653 7.8% Consumer 13,149 8.7% 14,152 9.1% 17,410 10.8% Unearned Loan Fees (321) -0.2% (308) -0.2% (468) -0.3% -------- -------- -------- Total Loans 151,281 100.0% 154,844 100.0% 161,754 100.0% ASSET QUALITY Non-Performing loans: Loans past due 90 days or more 140 152 761 Non-accrual loans 15,253 13,243 9,458 -------- -------- -------- Total non-performing loans 15,393 13,395 10,219 OREO 1,491 1,928 -- -------- -------- -------- Total non performing assets $ 16,885 $ 15,323 $ 10,219 --------- -------- -------- Non performing assets / total assets 7.72% 6.79% 4.91% Beginning ALLL - from previous FYE $ 2,736 $ 2,736 $ 1,556 Provision for loan loss expense 7,055 4,145 3,030 Loan charge offs (6,356) (3,637) (1,661) Loan recoveries 268 151 141 -------- -------- -------- (Charge offs), net of recoveries (6,088) (3,486) (1,520) -------- -------- -------- Ending ALLL - YTD 3,703 3,395 3,066 -------- -------- -------- Average Loans Quarter 152,422 156,752 158,280 YTD 156,939 159,235 154,192 Net charge-off Quarter 2,603 2,037 1,229 YTD 6,088 3,486 1,520 Net charge-offs as % of Average loans Quarter 1.71% 1.30% 0.78% YTD 3.88% 2.19% 0.99% Non-accrual loans Residential Development 11,409 9,324 4,672 Commercial Real Estate 3,437 3,547 4,733 Commercial/ Industrial 406 372 53 -------- -------- -------- Total Non-accrual loans 15,253 13,243 9,458 -0- CONTACT: Albina Community Bancorp Robert L. McKean, President & CEO (503) 288-7280 Jim Schlotfeldt, Chief Financial Officer (503) 288-8495

United Community Bancorp Reports First Quarter Results

2009-10-30T16:06:00.001-07:00
http://www.businesswire.com/news/home/20091030005869/en LAWRENCEBURG, Ind.--(Business Wire)-- United Community Bancorp (the "Company") (Nasdaq: UCBA), the holding company for United Community Bank (the "Bank"), today reported earnings of $222,000, or $0.03 per diluted share, for the quarter ended September 30, 2009, compared to net income of $387,000, or $0.05 per diluted share, for the quarter ended September 30, 2008. United Community Bancorp Statements of Income (Unaudited, in thousands, except per share data) For the three months ended 9/30/2009 9/30/2008 Net income $222 $387 Basic earnings per share 0.03 0.05 Diluted earnings per share 0.03 0.05 Weighted average shares outstanding Basic 7,612,070 7,597,109 Diluted 7,612,070 7,597,109 United Community Bancorp Summarized Statements of Financial Condition (Unaudited) (Unaudited) (Unaudited) (Unaudited) (In thousands, as of) 9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008 ASSETS Cash and cash equivalents $24,341 $27,004 $42,029 $19,824 $27,808 Investment securities 82,439 76,657 58,325 41,614 36,948 Loans receivable, net 272,652 272,270 278,184 288,349 287,486 Other Assets 23,710 25,648 23,076 23,389 23,904 Total Assets $403,142 $401,579 $401,614 $373,176 $376,146 LIABILITIES Municipal Deposits $114,954 $124,282 $134,126 $116,343 $120,420 Other Deposits 225,912 215,334 204,959 194,372 193,879 FHLB Advances 3,583 3,833 4,083 4,333 4,583 Other Liabilities 3,100 3,051 2,844 2,662 2,665 Total Liabilities 347,549 346,500 346,012 317,710 321,547 Total Stockholders' Equity 55,593 55,079 55,602 55,466 54,599 Total Liabilities & Stockholders' Equity $403,142 $401,579 $401,614 $373,176 $376,146 Summarized Statements of Operations (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008 (for the three months ended, in thousands, except per share data) Interest Income $4,821 $4,689 $5,049 $5,030 $5,144 Interest Expense 1,705 1,733 1,774 2,091 2,308 Net Interest Income 3,116 2,956 3,275 2,939 2,836 Provision for Loan Losses 622 1,052 664 396 335 Net Interest Income after Provision for Loan Losses 2,494 1,904 2,611 2,543 2,501 Total Non-Interest Income 686 854 735 502 696 Total Non-Interest Expenses 2,875 3,480 2,738 2,639 2,593 Income before Tax Provision (Benefit) 305 (722 ) 608 406 604 Income Tax Provision (Benefit) 83 (443 ) 259 144 217 Net Income (Loss) $222 $(279 ) $349 $262 $387 Basic earnings (loss) per share (1) 0.03 (0.04 ) 0.05 0.03 0.05 Diluted earnings (loss) per share (2) 0.03 (0.04 ) 0.05 0.03 0.05 (1) - For all periods shown, United Community MHC has held 4,655,200 shares of outstanding common stock. Since its inception, the MHC has waived receipt of quarterly dividends on common stock. (2) - Due to the net loss for the three month period ended June 30, 2009, no adjustments were made for outstanding stock options and unearned restricted shares, as such effect would be anti-dilutive. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) For the three months ended 9/30/2009 6/30/2009 3/31/2009 12/31/2008 9/30/2008 Performance Ratios: Return on average assets (1) 0.22 % (0.28 %) 0.35 % 0.27 % 0.41 % Return on average equity (1) 1.61 % (2.02 %) 2.51 % 1.91 % 2.84 % Interest rate spread (2) 3.11 % 2.93 % 3.30 % 3.03 % 2.91 % Net interest margin (3) 3.30 % 3.12 % 3.50 % 3.28 % 3.18 % Noninterest expense to average assets (1) 2.86 % 3.46 % 2.76 % 2.76 % 2.72 % Efficiency ratio (4) 75.62 % 91.34 % 68.28 % 76.69 % 73.41 % Average interest-earning assets to average interest-bearing liabilities 110.26 % 110.28 % 110.51 % 110.47 % 110.30 % Average equity to average assets 13.75 % 13.75 % 14.00 % 14.33 % 14.30 % Capital Ratios: Tangible capital 12.16 % 12.08 % 12.69 % 13.58 % 13.34 % Core capital 12.16 % 12.08 % 12.69 % 13.58 % 13.34 % Total risk-based capital 19.36 % 18.40 % 20.07 % 20.02 % 20.64 % Asset Quality Ratios: Nonperforming loans as a percent of total loans 1.45 % 2.19 % 2.56 % 1.96 % 2.17 % Allowance for loan losses as a percent of total loans 1.47 % 1.55 % 1.53 % 1.26 % 1.36 % Allowance for loan losses as a percent of nonperforming loans 101.22 % 70.51 % 59.65 % 64.53 % 62.65 % Net charge-offs to average outstanding loans during the period (1) 1.22 % 1.59 % 0.07 % 0.85 % 1.47 % (1) Quarterly income and expense amounts used in ratio have been annualized. (2) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost on average interest-bearing liabilities. (3) Represents net interest income as a percent of average interest-earning assets. (4) Represents other expense divided by the sum of net interest income and other income. Net interest income increased $280,000, or 9.9%, to $3.1 million in the quarter ended September 30, 2009, as compared to $2.8 million for the prior year quarter. The increase is the result of a decrease in the average interest rate paid on interest bearing liabilities from 2.85% to 1.99%, partially offset by a decrease in the average rate earned on interest earning assets from 5.76% to 5.10%. Changes in interest rates are reflective of changes in overall market rates during that same period. Noninterest expense increased $282,000, or 10.9 %, to $2.9 million for the quarter ended September 30, 2009, from $2.6 million in the prior year quarter. The increase is primarily a result of a $100,000 provision for loss on the sale of other real estate owned ("REO") by the Bank for the quarter ended September 30, 2009 compared to no such provision in the prior year quarter, and an increase of $157,000 in the Bank`s FDIC insurance premium in the current period. The increase in FDIC insurance premium is a result of rate increases. The provision for loan losses was $622,000 for the quarter ended September 30, 2009 compared to $335,000 for the same quarter in the prior year. The increase is attributable to troubled debt restructurings increasing from $4.5 million at June 30, 2009 to $7.1 million at September 30, 2009. These increases are primarily the result of the economic conditions in our market area. At September 30, 2009, troubled debt restructurings included ten commercial real estate loans representing eight commercial lending relationships. These loans have been restructured with lower-than-market interest rates of 0% to 3%, for fixed terms that will end between 2010 and 2012. Other nonperforming assets (comprised of nonperforming loans and REO) decreased to $6.6 million at September 30, 2009 from a balance of $7.9 million at June 30, 2009. Included in REO at September 30, 2009 are six separate properties totaling $2.7 million, at June 30, 2009 there were four separate properties totaling $1.9 million. The Bank is actively working to sell all of the assets in REO. Where necessary, management has reserved for losses on the sale of certain properties (these reserves are included in the REO balance at September 30, 2009 and June 30, 2009), and continues to maintain the properties and monitor their values based upon current market conditions. For the quarter ended September 30, 2009, the Bank has recorded $100,000 in provision for loss on the sale of REO, compared to $0 in the prior year quarter. Nonperforming loans decreased to $3.9 million at September 30, 2009 from $6.0 million at June 30, 2009. A $1.1 million commercial real estate loan was included in both troubled debt restructuring and nonperforming loans at September 30, 2009 and June 30, 2009. The decrease in nonperforming loans is attributable to $1.6 million in the previously mentioned, newly classified troubled debt restructurings, $1.7 million in loans being charged off, and $643,000 in loans coming current, partially offset by $1.8 million in new nonperforming loans being added. Total assets were $403.1 million at September 30, 2009, compared to $401.6 million at June 30, 2009. The increase is primarily due to a $5.8 million increase in investments, partially offset by a $2.7 million decrease in cash, and a $2.1 million decrease in loans available for sale (included in other assets). The increase in investments is the result of the purchase of $8.1 million in investment securities during the quarter, partially offset by payments, sales and maturities on investments. The purchase of securities was funded by cash on hand and cash obtained through the sale of loans held for sale. Total liabilities were $347.5 million at September 30, 2009, compared to $346.5 million at June 30, 2009. The increase is a result of a $10.6 million increase in other deposits, partially offset by a $9.3 million decrease in municipal deposits. The increase in other deposits is attributable to increased advertising and promotional efforts in our existing market area. The decrease in municipal deposits is the result of the cyclical nature of these accounts, which is affected by the timing of the receipt of tax revenues and spending for ongoing civic projects. Total stockholders` equity was $55.6 million at September 30, 2009, compared to $55.1 million at June 30, 2009. The increase is primarily the result of an increase of $475,000 in unrealized gains on available for sale securities and net income of $222,000, partially offset by dividends paid of $321,000. United Community Bancorp is the holding company of United Community Bank, headquartered in Lawrenceburg, Indiana. The Bank currently operates six offices in Dearborn County, Indiana. This news release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company`s loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company`s annual report on Form 10-K, or its quarterly reports on Form 10-Q, which are available through the SEC`s website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements. United Community Bancorp William F. Ritzmann, 812-537-4822 President and Chief Executive Officer Copyright Business Wire 2009

First Northern Community Bancorp 3rd Quarter Earnings Report

2009-10-30T02:58:00.001-07:00
Strong Year-to-Date Growth in Earnings, Assets and Deposits DIXON, Calif.--(Business Wire)-- First Northern Community Bancorp (FNRN) (OTCBB:FNRN), the single-bank holding company for First Northern Bank, today announced financial results through the third quarter of 2009. The Company reported year-to-date net income as of September 30, 2009 of $1.56 million, or $0.11 per diluted share, compared to $170 thousand, or $0.02 per diluted share for the same fiscal period last year. Net income for the quarter ended September 30, 2009 was $530 thousand or $0.03 per diluted share, compared to $970 thousand, or $0.11 per diluted share for the same fiscal period last year. (All 2008 per share earnings have been adjusted for a 4% stock dividend issued March 31, 2009.) Total assets at September 30, 2009 were $730.0 million, an increase of $72.5 million, or 11.0% from prior-year third quarter levels. Total deposits of $630.2 million increased $71.0 million or 12.7% compared to September 30, 2008 figures. During that same period, total net loans (including loans held-for-sale) decreased $44.7 million, or 8.4%, to $485.6 million. Owen J. Onsum, President & CEO stated, "This year has been highlighted by the Company`s strong deposit growth, strong liquidity position and maintaining a strong risk-based capital to risk-weighted assets ratio (as of September 30, 2009, First Northern Community Bancorp`s ratio was approximately 15.6%; bank regulators consider anything above 10% to be `well capitalized`). Asset quality improvement remains the Company`s number one priority. Management continues to strengthen its balance sheet by reducing its problem assets with specific focus on commercial and industrial loans and commercial real estate loans within its loan portfolio. Until the national economy is on solid footing, we are fully aware that much work is ahead to lead First Northern Community Bancorp through the end of this recession. That being said, First Northern`s board of directors and management team remain confident that the Company will emerge from the recession strong and ready to take advantage of future opportunities." First Northern Bank, an independent community bank headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer and the west slope of El Dorado County. First Northern has 11 branches located in Dixon, Davis, West Sacramento, Fairfield, Vacaville (2), Winters, Woodland, Downtown Sacramento, Roseville, and most recently Auburn. First Northern also has an SBA Loan Office and full service Trust Department in Sacramento and offers non-FDIC insured Investment and Brokerage Services at each branch location. The Bank can be found on the Web at www.thatsmybank.com. Forward-Looking Statements This press release may include certain "forward-looking statements" about First Northern Community Bancorp (the "Company").These forward-looking statements are based on management's current expectations and are subject to certain risks, uncertainties and changes in circumstances.Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.More detailed information about these risk factors is contained in the Company's most recent reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K and Form 10-Q.The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances arising after the date on which they are made.For further information regarding the Company, please read the Company's reports filed with the SEC and available at www.sec.gov. First Northern Community Bancorp & First Northern Bank Owen J. Onsum, 707-678-3041 President & CEO Copyright Business Wire 2009

Monarch Community Bancorp, Inc. Announces Third Quarter 2009 Earnings

2009-10-29T14:09:00.003-07:00
COLDWATER, Mich., Oct. 29, 2009 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (Nasdaq:MCBF), the parent company of Monarch Community Bank, today announced a loss for the quarter ended September 30, 2009 of $440,000 based on net loss available to common shareholders compared to earnings of $57,000 for the quarter ended September 30, 2008. Basic and diluted losses per share for the quarter ended September 30, 2009 were $(.22) compared to earnings of $0.03 for the same period in 2008. Monarch Community Bancorp also reported a net loss for the first nine months of 2009 of $2.2 million compared to earnings of $638,000 for the same period a year ago. Basic and diluted losses per share for the nine months ended September 30, 2009 were $(1.13) compared to earnings of $0.27 for the same period in 2008. The decline in net income and earnings per share for both periods was primarily due to the increase in loan loss provision required by the weak Michigan economy. The company continues to face the challenges of high unemployment and the deterioration of the real estate and housing markets. These challenges overshadow the core operating performance and strong capital position of the Company. "Although we have seen signs of improvement in the economy at the national level, we have not seen similar trends in Michigan. We continue to respond aggressively to non-performing assets and maintain our reserves at levels we feel appropriate," said Don Denney, President and CEO of Monarch Community Bancorp and Monarch Community Bank. "While we feel our approach is prudent, the additional reserve necessitated by the decline in real estate values and high unemployment has continued to impact our earnings." Total assets were $307.3 million at September 30, 2009 compared to $291.8 million at December 31, 2008. Total loans decreased $17 million (6.9%), to $230.5 million at September 30, 2009 from $247.5 million at December 31, 2008. Deposits increased $23.5 million, or 12.2%, to $215.7 million during the third quarter from $192.2 million at of the end of 2008. The net interest margin for the third quarter of 2009 was 3.16% compared to 3.07% for the second quarter of 2009. The improvement in the margin was due to the repayment of more costly wholesale funds including Federal Home Loan Bank advances and brokered deposits. The company also continues to focus on deposit pricing strategies and growing deposits to reduce its cost of funds. The net interest margin decreased 19 basis points to 3.10% for the nine months ending September 30, 2009 compared to 3.29% for the same period in 2008. The decline in margin year over year was due to the change in earning assets as the bank has seen runoff in the mortgage portfolio as loan originations have moved into the secondary market, (see further discussion below). The investment portfolio has increased offsetting the decrease in the loan portfolio; however, the investments are a lower yielding asset. The decline was also due to the bank's yield on earning assets decreasing more rapidly than its cost of funds. Management attributes this to the declining interest rate environment consistent throughout 2008 and into 2009. The provision for loan losses was $1.3 million in the third quarter compared to $731,000 during the third quarter of 2008. The higher provision was necessary due to the continued net charge off activity and non-performing assets. The Company continues to monitor real estate dependent loans and focus on asset quality. Non-performing assets totaled $13.6 million at the end of the third quarter of 2009, an increase of $9 million from December 31, 2008, and an increase of $7.6 million from September 30, 2008. Net charge offs for the quarter ended September 30, 2009 were $814,000 compared to $442,000 for the same period in 2008. Year to date 2009 net charge offs totaled $2.1 million compared to $1.0 million for the same period a year ago. Net charge offs year to date consisted of 64% one to four family residential mortgages, 18% commercial real estate, 13% consumer and the remaining 5% included construction, commercial and industrial and home equity lines of credit. Non-interest income increased $194,000 or 22% from $898,000 during the third quarter of 2008 to $1,092,000 for the third quarter of 2009. The increase was primarily due to the increase in mortgage banking income, which is attributable to the increase in mortgage refinancing activity. The refinancing activity has been driven by the unprecedented low mortgage rates available over the past nine months. Non-interest income for the first nine months of 2009 increased $1.1 million or 38.5%, compared to the same period a year ago, for the same reasons mentioned previously. Non-interest expense increased $227,000 or 10%, for the third quarter of 2009, compared to the same period a year ago. Non-interest expense was directly impacted by the increases in FDIC insurance expense and amortization of mortgage servicing rights. The increase in amortization of mortgage servicing rights has been a byproduct of the previously mentioned mortgage refinancing activity. Increases in costs associated with non-performing assets and foreclosed properties such as professional fees, collection and maintenance costs, and impairment charges related to the disposition of other real estate, also directly impacted non-interest expense. Non-interest expense increased $672,000 or 9.7%, from $6.9 million during the nine months ended September 30, 2008 to $7.6 million for the nine months ended September 30, 2009. Monarch Community Bank is headquartered in Coldwater, Michigan and operates six full service retail offices in Branch, Calhoun and Hillsdale counties. For additional information, visit Monarch Community Bancorp's website at www.monarchcb.com. -0- CONTACT: Monarch Community Bank Donald L. Denney, CEO (517) 279-3978 Rebecca S. Crabill, CFO (517) 279-3956

American Community Bancorp Announces Third Quarter Earnings

2009-10-29T14:09:00.001-07:00
-- Third quarter 2009 net income of $335,779, a 36.9 percent increase over core net income for the third quarter 2008. EVANSVILLE, Ind., Oct. 29 /PRNewswire-FirstCall/ -- American Community Bancorp, Inc. (the "Company") (OTC Bulletin Board: ACBP), the holding company for Bank of Evansville, today reported consolidated net income for the third quarter of 2009 of $335,779, a decrease of 47.8 percent over the same quarter in 2008. During the third quarter of 2008, the Company sold its merchant processing line of business for a pre-tax gain of $675,000. Adjusted for the one-time gain in 2008, net income was $90,484, or 36.9 percent higher than the same quarter a year ago. Diluted earnings per share were $0.16 and $0.32 for the third quarter of 2009 and 2008, respectively. (Logo: http://www.newscom.com/cgi-bin/prnh/20070424/CLTU114LOGO) For the first nine months of 2009, consolidated net income was $648,377 compared to net income of $1,478,125 for the first nine months of 2008. Net income for 2009 includes $133,215 in pre-tax expense related to the FDIC's special deposit insurance assessment levied on all FDIC-insured financial institutions. Diluted earnings per share for the first nine months of 2009 and 2008 were $0.32 and $0.73, respectively. Exclusive of the merchant processing line of business, diluted earnings per share for the first nine months of 2008 would have been $0.53. Michael S. Sutton, President and Chief Executive Officer, commented, "We are pleased to report the increase in core earnings for the quarter. For the third straight quarter we have increased our net interest income. The significant growth of our non-interest bearing deposits has been a major driver in the improvement of our net interest income. The growth in our core deposit base contributed to a 27.0 percent increase in service charge revenue, compared to the first nine months of 2008. Our mortgage banking operation continues to actively participate in the residential refinancing market with an 89.0 percent increase in fees year over year." Total assets at September 30, 2009, were $301,846,993, compared to $292,239,571 at the same date a year ago, an increase of $9,607,422, or 3.3 percent. Loans declined $4,620,053, or 1.8 percent, and were $257,477,911 at September 30, 2009, compared to $262,097,964 reported at September 30, 2008. Total deposits at September 30, 2009, were $260,195,367, reflecting an increase of $8,757,468, or 3.5 percent, over the corresponding total a year ago. Non-interest bearing deposits, the Company's lowest cost source of funding, increased $10,318,301, or 45.6 percent, over the same date a year ago. Total revenues, consisting of net interest income and non interest income, were $2,499,100 for the third quarter of 2009, which was $905,844, or 26.6 percent, lower than the same period last year. Excluding 2008 merchant processing related revenue, total revenues for the third quarter were only $29,490, or 1.2 percent, less than the same quarter last year. Net interest income was $2,249,474 for the third quarter of 2009, decreasing $70,787, or 3.1 percent, over the same quarter of 2008. Non interest income of $249,626 for the third quarter of 2009 was $835,057, or 77.0 percent, lower compared to the same period in 2008. Excluding third quarter 2008 merchant processing related revenue, non interest income increased $41,297 over the same quarter last year, reflecting an increase of 19.8 percent. The increase is primarily from higher gains on the sale of loans resulting from residential mortgage refinancing activity. Total revenues for the first nine months of 2009 were $7,290,927, decreasing $1,312,816, or 15.3 percent, compared to the same period in the prior year. Net interest income for the first nine months of 2009 was $6,447,492, which was $281,208, or 4.2 percent, lower than the $6,728,700 reported for the first nine months of 2008. Non interest income for the first nine months of 2009 decreased $1,031,608, or 55.0 percent. Year over year comparisons for total revenues and non interest income are similarly impacted to the quarter over quarter comparisons as a result of the sale of the merchant processing portfolio in 2008. Non interest expense for the third quarter of 2009 was $1,679,721 compared to $1,965,499 for the third quarter of 2008. Adjusted for third quarter 2008 expenses related to the Company's merchant processing line of business, non interest expense decreased $101,056, or 5.7 percent, compared to the same period a year ago. During the third quarter of 2009, the Company had net loan recoveries of $90,500 due to gross loan charge offs of only $32,407 and recoveries of $122,907. During the quarter we received a $100,000 recovery on a loan relationship that was charged-off in the second quarter of 2009. Although net charge offs were negative, the Company recorded $250,000 in provision for loan losses during the quarter. Year to date, provision expense equals $990,000 which totals more than two times net charge offs of $488,843. The ratio of the allowance for loan losses to total loans was 1.88 percent at September 30, 2009, and 1.42 percent at September 30, 2008. "We remain focused on our asset quality during these troubling economic times," concluded Mr. Sutton. "We strengthened our allowance for loan losses to 1.88 percent of total loans at the end of the third quarter as part of our strategy to protect our capital base. American Community Bancorp continues to maintain its 'well capitalized' position, the highest regulatory rating. Our total risk-based capital ratio of 13.2 percent for the Holding Company remains significantly above the 10.0 percent requirement for a well-capitalized institution." American Community Bancorp, Inc., through its wholly owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana, area. This news release contains certain forward-looking statements. These forward-looking statements may be identified by the use of such forward-looking terminology as "expect," "believe," "plan," "anticipate," "may," "will," or similar statements or variations of such terms or otherwise express views concerning trends and the future. Forward-looking statements involve risks and uncertainties which could cause our results to differ materially from such forward-looking statements. We assume no obligation for updating any such forward-looking statement at any time. AMERICAN COMMUNITY BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Unaudited) September 30, December 31, September 30, 2009 2008 2008 ------------- ------------ ------------ ASSETS Cash and due from banks $4,871,730 $10,566,834 $1,485,759 Interest bearing balances with banks 15,050,703 67,729 52,835 Federal funds sold 4,946,000 - 7,464,000 ------------- ------------ ------------ Total cash and cash equivalents 24,868,433 10,634,563 9,002,594 Securities available for sale, at fair value 11,907,634 12,540,576 12,569,296 Nonmarketable equity securities 1,269,450 1,269,450 1,269,450 Loans, net of deferred fees 257,477,911 263,454,211 262,097,964 Allowance for loan losses (4,851,856) (4,350,699) (3,727,679) ------------- ------------ ------------ Net loans 252,626,055 259,103,512 258,370,285 Premises and equipment 7,253,295 7,498,177 6,981,976 Other real estate owned - 268,600 603,780 Other assets 3,922,126 3,689,315 3,442,190 ------------- ------------ ------------ Total assets $301,846,993 $295,004,193 $292,239,571 ============= ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non interest bearing $32,947,981 $25,961,237 $22,629,680 NOW, MMDA and Savings 145,215,201 94,865,418 93,399,990 Time deposits 82,032,185 133,455,253 135,408,229 ----------- ----------- ----------- Total deposits 260,195,367 254,281,908 251,437,899 Long term debt 18,248,000 18,248,000 18,248,000 Accrued expenses and other liabilities 1,136,125 1,072,135 1,080,117 ----------- ----------- ----------- Total liabilities 279,579,492 273,602,043 270,766,016 SHAREHOLDERS' EQUITY Common stock, no par value, 3,000,000 shares authorized; issued and outstanding 2,021,335 2,001,462, and 2,001,462 21,790,199 20,556,955 20,538,808 Undivided profits 341,759 750,568 931,439 Accumulated other comprehensive income (loss) 135,543 94,627 3,308 Total shareholders' equity 22,267,501 21,402,150 21,473,555 ----------- ----------- ----------- Total liabilities and shareholders' equity $301,846,993 $295,004,193 $292,239,571 ============ ============ ============ AMERICAN COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended September 30, Interest income: 2009 2008 ---------- ---------- Interest and fees on loans $3,328,715 $3,931,316 Securities: U. S. government agencies and corp. 63,969 120,830 State, County, Municipal bonds 8,282 - Other securities 22,378 16,763 Federal funds sold 681 27,604 Deposits with other banks 17,443 120 ---------- ---------- Total interest income 3,441,468 4,096,633 Interest expense: Deposits 1,075,872 1,610,108 Fed funds purchased - 5,321 Borrowings 116,122 160,943 ---------- ---------- Total interest expense 1,191,994 1,776,372 ---------- ---------- Net interest income 2,249,474 2,320,261 Provision for loan losses 250,000 345,000 ---------- ---------- Net interest income after provision for loan losses 1,999,474 1,975,261 Non interest income: Service charges on deposit accounts 93,065 83,022 Gain on sale of loans 101,502 81,062 Gain on sale of other assets - 675,000 Gain (loss) on sale of other real estate (5,151) (16,836) Merchant processing fees - 201,354 Other 60,210 61,081 ---------- ---------- Total non interest income 249,626 1,084,683 Non interest expense: Salaries and benefits 873,361 858,621 Occupancy and equipment, net 173,296 182,243 Marketing 31,955 24,730 Data processing 111,362 105,383 Supplies, postage and printing 18,506 25,337 Legal and professional 155,671 103,829 Merchant processing expense - 184,722 Other 315,570 480,634 ---------- ---------- Total non interest expense 1,679,721 1,965,499 ---------- ---------- Income before income taxes 569,379 1,094,445 Income taxes 233,600 450,900 ---------- ---------- Net income $335,779 $643,545 ========== ========== Basic earnings per common share* $0.17 $0.32 Diluted earnings per common share* $0.16 $0.32 Average common shares outstanding* 2,003,341 1,994,440 Average diluted shares outstanding* 2,045,664 2,014,292 Nine months ended September 30, Interest income: 2009 2008 ---------- ----------- Interest and fees on loans $9,972,308 $11,905,675 Securities: U. S. government agencies and corp. 244,744 296,912 State, County, Municipal bonds 19,747 - Other securities 51,996 51,257 Federal funds sold 681 187,180 Deposits with other banks 25,337 457 ---------- ----------- Total interest income 10,314,813 12,441,481 Interest expense: Deposits 3,488,083 5,213,455 Fed funds purchased 3,369 11,571 Borrowings 375,869 487,755 ---------- ----------- Total interest expense 3,867,321 5,712,781 ---------- ----------- Net interest income 6,447,492 6,728,700 Provision for loan losses 990,000 842,345 ---------- ----------- Net interest income after provision for loan losses 5,457,492 5,886,355 Non interest income: Service charges on deposit accounts 252,058 198,497 Gain on sale of loans 435,660 230,558 Gain on sale of other assets - 675,000 Gain (loss) on sale of other real estate (4,797) (16,836) Merchant processing fees - 596,239 Other 160,514 191,585 ---------- ----------- Total non interest income 843,435 1,875,043 Non interest expense: Salaries and benefits 2,679,338 2,611,197 Occupancy and equipment, net 511,359 454,487 Marketing 61,122 57,709 Data processing 335,863 311,080 Supplies, postage and printing 49,527 50,026 Legal and professional 424,420 280,292 Merchant processing expense - 531,729 Other 1,123,821 961,453 ---------- ----------- Total non interest expense 5,185,450 5,257,973 ---------- ----------- Income before income taxes 1,115,477 2,503,425 Income taxes 467,100 1,025,300 ---------- ----------- Net income $648,377 $1,478,125 ========== =========== Basic earnings per common share* $0.32 $0.75 Diluted earnings per common share* $0.32 $0.73 Average common shares outstanding* 2,003,257 1,975,072 Average diluted shares outstanding* 2,046,549 2,023,071 * Adjusted for 5 percent stock dividends paid on June 6, 2008 and June 11, 2009 AMERICAN COMMUNITY BANCORP, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) 2009 2009 2009 3rd Qtr 2nd Qtr 1st Qtr ------- ------- ------- (dollars in thousands except per share data) EARNINGS Net interest income $2,250 $2,182 $2,016 Provision for loan losses $250 $530 $210 Non interest income $250 $314 $280 Non interest expense $1,680 $1,937 $1,569 Income taxes $234 $20 $213 Net income $336 $9 $304 Basic earnings per share* $0.17 $- $0.15 Diluted earnings per share* $0.16 $- $0.15 Average shares outstanding* 2,003,341 2,003,518 2,002,922 Average diluted shares outstanding* 2,045,664 2,063,187 2,030,806 PERFORMANCE RATIOS Return on average assets 0.46% 0.01% 0.42% Return on average common equity 6.00% 0.16% 5.65% Net interest margin (fully tax equivalent) 3.20% 3.24% 2.98% Efficiency ratio 67.21% 77.61% 68.32% Full time equivalent employees 49 50 49 CAPITAL Average equity to average assets 7.67% 7.71% 7.47% Tier 1 leverage capital ratio 10.19% 10.09% 9.93% Tier 1 risk based capital ratio 11.66% 11.45% 11.35% Total risk based capital ratio 13.16% 13.00% 12.90% Book value per share* $11.02 $10.79 $10.80 Cash dividend per share - - - ASSET QUALITY Gross loan charge offs $32 $450 $162 Net loan charge offs $(91) $438 $141 Net loan charge offs to average loans -0.04% 0.17% 0.05% Allowance for loan losses $4,852 $4,511 $4,420 Allowance for losses to total loans 1.88% 1.76% 1.71% Nonperforming loans $6,595 $6,376 $5,005 Other real estate and repossessed assets $- $80 $109 Nonperforming assets to total assets 2.18% 2.18% 1.74% END OF PERIOD BALANCES Loans $257,478 $255,695 $257,814 Total earning assets $290,427 $266,797 $272,786 Total assets $301,847 $295,892 $294,243 Deposits $260,195 $254,188 $253,249 Shareholders' equity $22,268 $21,808 $21,831 AVERAGE BALANCES Loans $252,797 $257,429 $258,888 Total earning assets $278,858 $269,875 $274,509 Total assets $289,537 $287,793 $292,042 Deposits $247,764 $245,551 $251,223 Shareholders' equity $22,208 $22,182 $21,803 Years ended 2008 2008 December 31 4th Qtr 3rd Qtr 2008 2007 ------- ------- ----- ----- (dollars in thousands except per share data) EARNINGS Net interest income $2,082 $2,320 $8,810 $8,150 Provision for loan losses $870 $345 $1,712 $2,607 Non interest income $147 $1,085 $2,022 $1,499 Non interest expense $1,642 $1,965 $6,900 $6,133 Income taxes $(102) $451 $923 $405 Net income $(181) $644 $1,297 $504 Basic earnings per share* $(0.09) $0.32 $0.66 $0.26 Diluted earnings per share* $(0.09) $0.32 $0.64 $0.25 Average shares outstanding* 1,994,440 1,994,440 1,979,939 1,958,235 Average diluted shares outstanding* 2,018,682 2,014,292 2,021,574 2,054,852 PERFORMANCE RATIOS Return on average assets -0.25% 0.87% 0.45% 0.20% Return on average common equity -3.32% 12.13% 6.23% 2.52% Net interest margin (fully tax equivalent) 2.95% 3.28% 3.20% 3.38% Efficiency ratio 88.17% 57.72% 63.70% 63.56% Full time equivalent employees 48 48 48 46 CAPITAL Average equity to average assets 7.39% 7.20% 7.24% 7.95% Tier 1 leverage capital ratio 9.70% 9.76% 9.70% 9.97% Tier 1 risk based capital ratio 11.26% 11.37% 11.26% 11.17% Total risk based capital ratio 12.87% 12.96% 12.87% 13.05% Book value per share* $10.69 $10.73 $10.69 $9.94 Cash dividend per share - - - - ASSET QUALITY Gross loan charge offs $260 $119 $509 $2,554 Net loan charge offs $247 $115 $478 $2,554 Net loan charge offs to average loans 0.09% 0.04% 0.19% 1.15% Allowance for loan losses $4,351 $3,728 $4,351 $3,117 Allowance for losses to total loans 1.65% 1.42% 1.65% 1.30% Nonperforming loans $5,328 $2,095 $5,328 $2,243 Other real estate and repossessed assets $269 $604 $269 $- Nonperforming assets to total assets 1.90% 0.92% 1.90% 0.84% END OF PERIOD BALANCES Loans $263,454 $262,098 $263,454 $239,392 Total earning assets $277,175 $283,448 $277,175 $254,321 Total assets $295,004 $292,240 $295,004 $267,829 Deposits $254,282 $251,438 $254,282 $239,183 Shareholders' equity $21,402 $21,474 $21,402 $19,527 AVERAGE BALANCES Loans $260,959 $261,598 $255,114 $222,114 Total earning assets $280,354 $281,152 $275,325 $241,036 Total assets $292,931 $293,197 $287,266 $251,136 Deposits $251,768 $252,297 $248,185 $221,913 Shareholders' equity $21,657 $21,106 $20,812 $19,960 * Adjusted for 5 percent stock dividends paid June 6, 2008 and June 11, 2009 Contact: Michael S. Sutton, CEO John M. Schenk, CFO Phone: (812) 962-2265 SOURCE American Community Bancorp, Inc. Michael S. Sutton, CEO, John M. Schenk, CFO, +1-812-962-2265

Indiana Community Bancorp Announces Third Quarter Results

2009-10-28T23:56:00.001-07:00
Indiana Community Bancorp Announces Third Quarter Results
COLUMBUS, Ind., Oct. 27 /PRNewswire-FirstCall/ -- Indiana Community Bancorp (the "Company") (Nasdaq: INCB), the holding company of Indiana Bank and Trust Company of Columbus, Indiana (the "Bank"), today announced a net loss for the third quarter of $2.1 million or $(0.71) diluted loss per common share compared to net income of $1.8 million or $0.54 diluted earnings per common share for the third quarter of 2008. Year-to-date net loss was $4.5 million or $(1.60) diluted loss per common share compared to net income of $3.5 million or $1.04 diluted earnings per common share a year earlier. The third quarter was negatively impacted by a non-cash expense related to the write off of the Company's total goodwill of $1.4 million. Excluding the impact of the goodwill write off, the Company's net loss would have been reduced to $684,000 or $(0.20) diluted loss per common share for the quarter. The Company continued to increase the balance in the allowance for loan losses in light of the challenging economic cycle by recording a provision for loan losses of $3.9 million for the third quarter which exceeded net charge offs for the quarter by $2.0 million. Retail deposit growth remained strong for 2009 as retail deposits increased $58.1 million for the third quarter and $129.6 million for the year. As of September 30, 2009, shareholders' equity was $87.8 million and the Company's tangible common equity to assets ratio was 6.34%. Chairman and CEO John Keach, Jr. stated, "The tremendous increase in core deposits adds significantly to our core franchise. These new deposit relationships position our Company for future growth as the credit cycle and economy improve." Executive Vice President and CFO Mark Gorski added, "Appropriate increases to the allowance for loan losses helps to strengthen our Company and are prudent based on the current credit environment. We anticipate that we may need to continue to increase the allowance for loan losses into 2010."

Balance Sheet

Total assets were $1.1 billion as of September 30, 2009, an increase of $83.6 million from December 31, 2008. Total loans decreased $14.4 million for the quarter and $40.3 million year-to-date. Commercial and commercial mortgage loans decreased $3.4 million for the quarter and $11.5 million year-to-date. The commercial loan portfolio has continued to decline due to the challenging credit market which has contributed to the decrease in new commercial loan originations. Residential mortgage and consumer loans decreased $11.0 million for the quarter and $29.0 million year-to-date. Residential mortgage loan origination volume has slowed compared to the previous two quarters as the refinance activity slows. Mortgage loan originations remain substantially higher than the prior year due to significant refinance activity resulting from low interest rates. As substantially all new mortgage loans are being sold in the secondary market, residential mortgage balances continue to decline. Decreases in the mortgage loan portfolio account for $8.4 million of the decrease in consumer loans for the quarter and $19.8 million of the decrease year-to-date.

Total retail deposits increased $58.1 million for the quarter and $129.6 million or 18.7% year-to-date. This substantial growth in retail deposits occurred in all categories as demand deposits increased $3.0 million, interest bearing transaction accounts increased $98.2 million and certificates of deposit increased $28.4 million. The Bank has seen deposit growth from individual accounts, business accounts and public entity accounts across the entire market footprint. Management believes that deposit growth reflects customer preference for insured bank deposits which provide safety of principal balance plus interest. Additionally, management believes deposit growth during the third quarter was greater than previous quarters due in part to the continued negative press and ultimate failure of the Company's largest competitor in its headquarter market of Columbus, Indiana.

Total wholesale funding decreased $4.5 million for the quarter and $39.9 million year-to-date. The increase in retail deposits provided a source for the repayment of wholesale funding sources during the year.

Asset Quality

Provision for loan losses totaled $3.9 million for the quarter and $12.8 million year-to-date which represented significant increases over the comparable periods in 2008. The provision expense for the year has covered net charge offs and significantly increased the allowance for loan losses. Net charge offs were $1.9 million for the third quarter and included $1.2 million of commercial loan charge offs and $684,000 of consumer loan charge offs. Year-to-date net charge offs totaled $9.2 million and included $7.7 million of commercial loan charge offs and $1.5 million of consumer loan charge offs. Non-performing assets to total assets increased to 3.12% at September 30, 2009 compared to 2.86% at December 31, 2008. The ratio of the allowance for loan losses to total loans was increased to 1.60% at September 30, 2009 compared to 1.07% at December 31, 2008.

Net Interest Income

Net interest income decreased $659,000 or 8.8% to $6.8 million for the third quarter and year-to-date net interest income decreased $1.1 million or 5.1% to $20.4 million. Net interest margin for the third quarter was 2.88% which was equal to the second quarter. Year-to-date net interest margin was 2.96% for 2009 compared to 3.38% for 2008. The decrease in net interest margin for the year was primarily the result of an unusually high balance in interest earning demand deposits and an increase in non-accrual loans. Due to continued increases in deposits and reduced loan demand, the excess liquidity has been invested in short term securities throughout the quarter. Total investment securities increased $47.2 million for the quarter and $82.8 million year-to-date. Based on current interest rates, the short term securities have interest rates below 2%. While this is negatively impacting the net interest margin currently, the cash flows from these securities will be readily available to reinvest into loans or to pay down higher cost wholesale funding when it matures. Management anticipates the net interest margin to increase slowly due to an expected decrease in deposit costs resulting from reductions in the pricing of money market accounts and certificates of deposit.

Non Interest Income

Non interest income decreased $1.1 million for the third quarter and $1.2 million year-to-date. Gain on sale of mortgage loans continues to exceed prior year levels due to increased origination volumes however the quarterly gap continues to narrow. For the quarter, gain on sale of mortgage loans was up $105,000 while the year-to-date total has increased $1.0 million. The Bank discontinued offering brokerage services in September 2008. Brokerage fee income totaled $419,000 in the third quarter of 2008 and $1.4 million year-to-date in 2008. Service fees on deposits have run consistently below prior year levels due primarily to a reduction in overdraft fees. Service fees on deposits were down $223,000 or 11.8% for the quarter and down $329,000 or 6.5% year-to-date. During the third quarter, miscellaneous income included a writedown on other real estate of $468,000 related to a former subdivision loan. Due to further declines in value and lack of sales activity, the carrying value was reduced an additional 20%.

Non Interest Expenses

Non interest expenses increased $923,000 to $8.0 million for the third quarter and $452,000 to $22.7 million year-to-date. However, included in expenses for the third quarter was a non-cash expense related to the write off of $1.4 million of goodwill. Excluding the goodwill write off, expenses decreased $471,000 or 6.7% for the third quarter and $942,000 or 4.2% year-to-date. Compensation and employee benefits expense decreased $458,000 or 11.6% for the third quarter and $1.8 million or 14.4% year-to-date. Four primary factors contributed to the decrease in compensation and benefits: 1) the Company froze its defined benefit pension plan effective April 1, 2008 resulting in an expense reduction of $450,000 for the year, 2) the Company reduced its workforce by approximately 10% in the third quarter of 2008 resulting in an expense reduction of approximately $600,000 for the year, 3) the Company discontinued offering brokerage services effective September 2008 resulting in an expense reduction of $809,000 for the year and 4) bonus and vacation related benefits have decreased resulting in an expense reduction of $375,000 for the year. These decreases to compensation and employee benefits were partially offset by an increase in mortgage commissions of $503,000 as a result of increased mortgage volumes discussed above. FDIC insurance increased $287,000 for the third quarter and $1.3 million year-to-date. The year-to-date increase includes a special assessment of $475,000 with was recorded in the second quarter. Marketing expense increased $11,000 for the third quarter and decreased $476,000 year-to-date due to the timing of advertising associated with the name change which occurred in the first and second quarters of 2008. The Company anticipates total marketing cost for 2009 to be approximately 20% less than the average marketing expense over the previous 2 years.

Indiana Community Bancorp is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve"), which has been authorized by the Federal Reserve to engage in activities permissible for a financial holding company. Indiana Bank and Trust Company, its principal subsidiary, is an FDIC insured state chartered commercial bank. Indiana Bank and Trust Company was founded in 1908 and offers a wide range of consumer and commercial financial services through 20 branch offices in central and southeastern Indiana.

Forward-Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends," "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Indiana Community Bancorp undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. The Company's ability to predict future results involves a number of risks and uncertainties, some of which have been set forth in the Company's most recent annual report on Form 10-K, which disclosures are incorporated by reference herein.
INDIANA COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) September 30, December 31, 2009 2008 ---- ---- Assets: Cash and due from banks $11,460 $22,352 Interest bearing demand deposits 55,433 234 ------ --- Cash and cash equivalents 66,893 22,586 Securities available for sale at fair value (amortized cost $171,071 and $90,957) 173,854 91,096 Securities held to maturity at amortized cost (fair value $3,872 and $3,884) 4,349 4,467 Loans held for sale (fair value $3,188 and $2,907) 3,123 2,856 Portfolio loans: Commercial and commercial mortgage loans 544,666 556,133 Residential mortgage loans 100,416 120,227 Second and home equity loans 98,690 104,084 Other consumer loans 16,774 20,532 Unearned income (126) (241) ---- ---- Total portfolio loans 760,420 800,735 Allowance for loan losses (12,170) (8,589) ------- ------ Portfolio loans, net 748,250 792,146 Premises and equipment 14,624 15,323 Accrued interest receivable 3,936 3,777 Goodwill 0 1,394 Other assets 37,969 35,728 ------ ------ TOTAL ASSETS $1,052,998 $969,373 ========== ======== Liabilities and Shareholders' Equity: Liabilities: Deposits: Demand $74,680 $71,726 Interest checking 161,027 110,944 Savings 42,336 40,862 Money market 203,200 156,500 Certificates of deposits 342,807 314,425 ------- ------- Retail deposits 824,050 694,457 ------- ------- Brokered deposits 0 5,420 Public fund certificates 614 10,762 --- ------ Wholesale deposits 614 16,182 --- ------ Total deposits 824,664 710,639 ------- ------- FHLB advances 110,346 129,926 Short term borrowings 0 4,713 Junior subordinated debt 15,464 15,464 Other liabilities 14,753 16,619 ------ ------ Total liabilities 965,227 877,361 ------- ------- Commitments and Contingencies Shareholders' equity: No par preferred stock; Authorized: 2,000,000 shares Issued and outstanding: 21,500 and 21,500; Liquidation preference $1,000 per share 21,029 20,962 No par common stock; Authorized: 15,000,000 shares Issued and outstanding: 3,358,079 and 3,358,079 21,045 20,985 Retained earnings, restricted 44,558 50,670 Accumulated other comprehensive income (loss), net 1,139 (605) ----- ---- Total shareholders' equity 87,771 92,012 ------ ------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $1,052,998 $969,373 ========== ======== INDIANA COMMUNITY BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------ ------------ 2009 2008 2009 2008 ---- ---- ---- ---- Interest Income: Short term investments $33 $57 $76 $450 Securities 1,200 704 2,824 2,063 Commercial and commercial mortgage loans 7,504 8,019 22,672 23,523 Residential mortgage loans 1,463 2,018 4,870 6,619 Second and home equity loans 1,225 1,527 3,756 4,732 Other consumer loans 358 468 1,117 1,453 --- --- ----- ----- Total interest income 11,783 12,793 35,315 38,840 ------ ------ ------ ------ Interest Expense: Checking and savings accounts 481 157 1,106 673 Money market accounts 608 634 1,697 2,256 Certificates of deposit 2,677 2,863 8,190 9,505 ----- ----- ----- ----- Total interest on retail deposits 3,766 3,654 10,993 12,434 ----- ----- ------ ------ Brokered deposits 32 112 139 335 Public funds 4 62 74 109 -- -- -- --- Total interest on wholesale deposits 36 174 213 444 -- --- --- --- Total interest on deposits 3,802 3,828 11,206 12,878 ----- ----- ------ ------ FHLB borrowings 1,061 1,297 3,337 3,825 Other borrowings 0 1 1 1 Junior subordinated debt 87 175 335 594 -- --- --- --- Total interest expense 4,950 5,301 14,879 17,298 ----- ----- ------ ------ Net interest income 6,833 7,492 20,436 21,542 Provision for loan losses 3,899 987 12,785 3,271 ----- --- ------ ----- Net interest income after provision for loan losses 2,934 6,505 7,651 18,271 ----- ----- ----- ------ Non Interest Income: Gain on sale of loans 464 359 2,200 1,158 Loss on sale of securities (37) (18) (37) (437) Investment advisory services 0 419 0 1,371 Service fees on deposit accounts 1,674 1,897 4,722 5,051 Loan servicing income, net of impairment 122 139 395 413 Miscellaneous 92 589 814 1,690 -- --- --- ----- Total non interest income 2,315 3,385 8,094 9,246 ----- ----- ----- ----- Non Interest Expenses: Compensation and employee benefits 3,509 3,967 10,641 12,432 Occupancy and equipment 924 1,079 2,918 3,147 Service bureau expense 465 493 1,457 1,434 FDIC premium 318 31 1,393 72 Marketing 178 167 585 1,061 Goodwill impairment 1,394 0 1,394 0 Miscellaneous 1,213 1,341 4,311 4,101 ----- ----- ----- ----- Total non interest expenses 8,001 7,078 22,699 22,247 ----- ----- ------ ------ Income (loss) before income taxes (2,752) 2,812 (6,954) 5,270 Income tax provision (credit) (674) 1,010 (2,474) 1,776 ---- ----- ------ ----- Net Income (Loss) $(2,078) $1,802 $(4,480) $3,494 ======= ====== ======= ====== Basic earnings (loss) per common share $(0.71) $0.54 $(1.60) $1.04 Diluted earnings (loss) per common share $(0.71) $0.54 $(1.60) $1.04 Basic weighted average number of common shares 3,358,079 3,358,079 3,358,079 3,360,199 Dilutive weighted average number of common shares 3,358,079 3,358,079 3,358,079 3,360,199 Dividends per common share $0.010 $0.120 $0.250 $0.520 Supplemental Data: Three Months Ended Year to Date (unaudited) September 30, September 30, ------------ ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Weighted average interest rate earned on total interest- earning assets 4.97% 5.96% 5.11% 6.10% Weighted average cost of total interest-bearing liabilities 2.11% 2.51% 2.22% 2.77% Interest rate spread during period 2.85% 3.45% 2.89% 3.32% Net interest margin (net interest income\ divided by average interest-earning assets on annualized basis) 2.88% 3.49% 2.96% 3.38% Total interest income divided by average Total assets (on annualized basis) 4.50% 5.47% 4.67% 5.62% Total interest expense divided by average total assets (on annualized basis) 1.89% 2.27% 1.97% 2.50% Net interest income divided by average total assets (on annualized basis) 2.61% 3.20% 2.70% 3.12% Return on assets (net income divided by average total assets on annualized basis) -0.79% 0.77% -0.59% 0.51% Return on equity (net income divided by average total equity on annualized basis) -9.26% 10.49% -6.57% 6.83% September 30, December 31, 2009 2008 ---- ---- Book value per share outstanding $19.71 $20.98 Nonperforming Assets: Loans: Non-accrual $26,367 $22,534 Past due 90 days or more 2,779 518 Restructured 504 1,282 --- ----- Total nonperforming loans 29,650 24,334 Real estate owned, net 3,180 3,335 Other repossessed assets, net 57 44 -- -- Total Nonperforming Assets $32,887 $27,713 Nonperforming assets divided by total assets 3.12% 2.86% Nonperforming loans divided by total loans 3.90% 3.04% Balance in Allowance for Loan Losses $12,170 $8,589

SOURCE Indiana Community Bancorp

Stocks Advancing Amid Heavy Short Interest - Insulet Corp, Vonage Holdings ...

2009-10-28T10:55:00.003-07:00
Stocks Advancing Amid Heavy Short Interest - Insulet Corp, Vonage Holdings Corp, Echelon Corp, James River Coal Co 10/28/2009 8:07 AMpermanent link
Keywords: PODD VG ELON JRCC
As explained in our education section, short interest is a useful sentiment indicator that measures the level of investor pessimism toward a stock. While it isn't always a simple "long only" indicator, it can give you insight into situations where you might see concentrated buying demand. The purpose of this post is to highlight heavily-shorted stocks that could be in the midst of a potential short covering rally. More details about the methodology are listed below.

Companies included in today's scan are: Insulet Corporation (PODD), Vonage Holdings Corp. (VG), Lululemon athletica (LULU), Georgia Gulf (GGC), Incyte Corp. (INCY), Hovnanian Enterprises (HOV), Hertz Global Holdings, Inc. (HTZ), Pacific Capital Bancorp (PCBC), Anixter International (AXE), Echelon Corp. (ELON), Swift Energy (SFY), Vertex Pharmaceuticals Inc (VRTX), YRC Worldwide Inc (YRCW), Community Bank System (CBU), Triad Guaranty (TGIC), James River Coal Co (JRCC), First Community Bancorp (FCBP), First Midwest Bancorp (FMBI), InterMune (ITMN), Continental Airlines (CAL), Pinnacle Financial Partners (PNFP), Builders FirstSource, Inc. (BLDR), Encore Wire (WIRE), Cephalon (CEPH), Gamestop Corp (GME).

Methodology - the query scans my database of companies which has some basic filters to eliminate stocks that don't trade frequently. The table above is a filtered list of stocks that have at least 10 percent of their float sold short and showed a gain in the previous trading day. I use this as a tool for finding situations where stocks with heavy short interest have begun to move.

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-posted by Nick Perry10/28/2009 8:07 AM
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