StellarOne Corporation reported improved first quarter results for 2009 compared to the fourth quarter of 2008. Net income was $146 thousand for the first quarter, an increase from a net loss of $898 thousand in the previous quarter. However, this was lower than net income of $2.1 million in the first quarter of the prior year. A key factor was a $7.8 million provision for loan losses, primarily due to increased losses in residential real estate development loans. While core earnings were up, asset quality deteriorated and economic conditions remained challenging, necessitating high loan loss provisions.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
- Goldman Sachs reported third quarter earnings per share of $5.25, up from $1.81 in the third quarter of 2008.
- Net revenues were $12.37 billion for the quarter, with strong results in fixed income, currency and commodities (FICC) and equities trading.
- Trading and principal investments generated $10.03 billion in net revenues, down slightly from the previous quarter but significantly higher than the third quarter of 2008.
Bank of Hawaii Corporation reported first quarter 2009 diluted earnings per share of $0.75, down from $1.18 in the first quarter of 2008. Net income was $36.0 million, down from $57.2 million in the first quarter of 2008. The board declared a dividend of $0.45 per share. Total assets increased to $11.45 billion as of March 31, 2009, up from $10.82 billion a year earlier, as deposits grew strongly.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an improvement from $527 million in the third quarter of 2008. Revenue was $28.8 billion, a record level for the year to date. Credit costs remained high at $2 billion added to consumer credit reserves, bringing the total to $31.5 billion. The firm's capital levels were strengthened with Tier 1 Common Capital reaching $101 billion, or 8.2% of the total. While signs of stability were seen in consumer credit, continued uncertainty remains around the economy. JPMorgan Chase aims to continue investing in its businesses through the challenging environment.
Hancock Holding Company reported a 69% increase in first quarter 2009 net income compared to fourth quarter 2008. Net income was $14.0 million for first quarter 2009, up from $8.3 million in fourth quarter 2008. Compared to first quarter 2008, net income was down 30%. Non-performing assets increased to $44.3 million as of March 31, 2009, with non-accrual loans rising to $38.3 million. However, net charge-offs declined 53 basis points from fourth quarter 2008 to 0.67% of average loans. Overall, while asset quality issues continue to impact results, the company showed improvement in key metrics compared to previous quarters.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
Bank of the Ozarks reported record first quarter 2009 earnings, with net income of $9.3 million, a 19.6% increase from the first quarter of 2008. Net interest income increased 39.5% to a record $30.3 million due to improved net interest margin. Non-interest income also increased 82.9% due to significant gains on securities sales. While asset quality ratios increased, the bank increased its allowance for loan losses to $36.9 million and remains well-capitalized with common equity ratios of 8.53% of assets.
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
CSC reported revenue growth of 5.1% in the first quarter of fiscal year 2005 compared to the same period last year. Revenue totaled $3.7 billion for the quarter. Net income was $110.4 million and earnings per share were $0.58. CSC saw growth in its European outsourcing and U.S. federal government businesses. The company's pipeline of federal opportunities over the next 20 months stands at around $33 billion. CSC announced $4.9 billion in new awards during the quarter from both commercial and government clients.
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
- MIC reported proportionately combined free cash flow of $57.0 million for Q3 2013, up 40% from Q3 2012.
- IMTT experienced revenue growth from increased storage rates and ancillary services, while Atlantic Aviation saw lower interest costs and higher non-fuel profits.
- Hawaii Gas and District Energy saw modest growth despite cooler weather reducing energy consumption.
- MIC reiterated its guidance for 2013 proportionately combined free cash flow of $4.10-$4.20 per share.
Whitney Holding Corporation reported a net loss of $11.1 million for the first quarter of 2009 compared to a profit of $8.2 million in the previous quarter. The loss was attributed to lower net interest income from margin compression, higher credit costs from rising delinquencies, and increased expenses. Total loans declined by $129 million from the previous quarter due to weak demand. However, the company's capital position remained strong with a tangible common equity ratio of 6.68% at the end of the first quarter.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Aon reported first quarter 2008 results with total revenue growing 7% to $1.9 billion and EPS from continuing operations increasing 10% to $0.56. Key highlights included adjusted EPS excluding items increasing 25% to $0.71, adjusted pretax margins increasing in both brokerage up 100 bps to 19.5% and consulting up 430 bps to 19.2%, and the company repurchasing $860 million of shares year-to-date. Segment reviews showed brokerage organic revenue up 2% and consulting up 4% while pretax income rose in both segments.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
L.B. Foster reported a 26.1% increase in net sales for the fourth quarter compared to the prior year. Gross profit margin decreased 360 basis points due to increased LIFO expense and decreased billing margins, partially offset by improved manufacturing variances. Income from continuing operations was $5.7 million or $0.55 per diluted share for the quarter. For the full year, net sales increased 0.7% while gross profit margin increased 60 basis points, and income from continuing operations was $27.7 million or $2.57 per diluted share. The company expects a difficult business environment in 2009 but will focus on cost controls and cash flow to minimize profit erosion.
First Financial Holdings reported second quarter results, with net income of $3.1 million compared to a $6.5 million loss last quarter. The company also declared a $0.05 quarterly dividend per share. Loan loss provisions increased to $12.8 million due to rising delinquencies and charge-offs. Total revenues increased 8.1% to $42.4 million despite lower non-interest income. Non-interest expenses decreased due to cost-cutting initiatives. Additionally, First Federal acquired Cape Fear Bank, adding 19 branches in North Carolina.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
- In the second quarter of fiscal year 2009, AmerisourceBergen reported record diluted EPS of $0.95, a 17% increase over the previous year. Revenue was $17.3 billion, down 2.5% due to one less business day.
- For the full fiscal year 2009, the company increased guidance for diluted EPS to $3.18-$3.30, a 10-14% increase over 2008, due to lower expected shares outstanding and interest expenses.
- In the first six months of fiscal 2009, diluted EPS was $1.67, up 14% over the previous year, while revenue was $34.7 billion, down 1.1%.
This document provides a summary and visual analysis of a double page magazine spread promoting a band called "The XX". Key details include:
- The spread is visually dominated by a large dark photo occupying 3/4 of the page, with limited textual content to engage youth readers.
- Colloquial language in quotes from the band interview will only be understood by the target audience.
- "The XX" name stands out in white against the overall dark theme, drawing the eye.
- Contrasting sans serif and serif fonts are used for the band name and article text respectively, making the content accessible to various readers.
Epiq Systems Inc. filed an 8-K on April 22, 2009 to report their financial results for the first quarter of 2009. Revenues increased 20% compared to the prior year quarter. Net income increased 23% to $3.3 million. Non-GAAP net income increased 18% to $6.3 million. Bankruptcy segment revenues increased 30% and non-GAAP EBITDA increased 15% excluding prior year gains. Electronic Discovery revenues increased slightly while investments reduced non-GAAP EBITDA. Settlement Administration revenues and non-GAAP EBITDA increased significantly due to new contracts. The company expects continued growth in 2009 from bankruptcy, litigation, and regulatory compliance activities.
This document is an annual report filed with the SEC by Investors Capital Holdings, Ltd. for the fiscal year ended March 31, 2009.
It provides an overview of the company's broker-dealer and investment advisory services business segments. The broker-dealer segment operates primarily through the company's subsidiary Investors Capital Corporation, which provides brokerage services to over 650 independent registered representatives. The investment advisory segment operates as Investors Capital Advisory Services and had over 427 independent investment advisor representatives as of the end of the fiscal year. The annual report includes details on the services, products, and revenue sources for each business segment.
Cypress reported financial results for the second quarter of 2009 that exceeded guidance and analyst expectations. Revenue increased 12% sequentially to $155.8 million, driven by strong demand for programmable products. The company also generated a positive cash flow, decreased inventory levels, and saw continued growth in design wins for their TrueTouch and CapSense technologies. While macroeconomic visibility remains limited, Cypress is cautiously optimistic about above average revenue growth in the third quarter.
How do you get people to ‘like’ your Facebook business page? How do they even find it? You’ve created one, you’ve put a few status entries on it, but no one is showing up. Why? And what do I do now?
Kathryn will share strategies that have worked for her clients, some insights into keeping visible in Facebook, and some fun ways to get people engaged.
- Texas Capital Bancshares reported financial results for Q1 2009 with net income available to common shareholders of $5.2 million, down 35% from Q1 2008. Earnings per share were $0.17, down 43% from the prior year.
- Key metrics like return on equity and return on assets declined from the prior year due to higher stockholders' equity and a challenging economic environment that has increased non-performing loans.
- Non-performing assets rose significantly, with non-accrual loans reaching $50.7 million, up from $13.6 million in Q1 2008. The company recorded an $8.5 million provision for loan losses.
CSC reported revenue growth of 5.1% in the first quarter of fiscal year 2005 compared to the same period last year. Revenue totaled $3.7 billion for the quarter. Net income was $110.4 million and earnings per share were $0.58. CSC saw growth in its European outsourcing and U.S. federal government businesses. The company's pipeline of federal opportunities over the next 20 months stands at around $33 billion. CSC announced $4.9 billion in new awards during the quarter from both commercial and government clients.
- CoBiz Financial announced a preliminary net loss of $14.6 million for Q1 2009 compared to a net income of $1.6 million in Q1 2008. This was driven by a $33.9 million loan loss provision.
- Nonperforming assets increased to $52.5 million from $47 million in Q4 2008. The allowance for loan losses increased to 3.16% of total loans.
- Net interest margin expanded to 4.38% from 4.15% in Q4 2008. However, noninterest income decreased due to soft insurance, investment advisory, and investment banking markets.
- MIC reported proportionately combined free cash flow of $57.0 million for Q3 2013, up 40% from Q3 2012.
- IMTT experienced revenue growth from increased storage rates and ancillary services, while Atlantic Aviation saw lower interest costs and higher non-fuel profits.
- Hawaii Gas and District Energy saw modest growth despite cooler weather reducing energy consumption.
- MIC reiterated its guidance for 2013 proportionately combined free cash flow of $4.10-$4.20 per share.
Whitney Holding Corporation reported a net loss of $11.1 million for the first quarter of 2009 compared to a profit of $8.2 million in the previous quarter. The loss was attributed to lower net interest income from margin compression, higher credit costs from rising delinquencies, and increased expenses. Total loans declined by $129 million from the previous quarter due to weak demand. However, the company's capital position remained strong with a tangible common equity ratio of 6.68% at the end of the first quarter.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Aon reported first quarter 2008 results with total revenue growing 7% to $1.9 billion and EPS from continuing operations increasing 10% to $0.56. Key highlights included adjusted EPS excluding items increasing 25% to $0.71, adjusted pretax margins increasing in both brokerage up 100 bps to 19.5% and consulting up 430 bps to 19.2%, and the company repurchasing $860 million of shares year-to-date. Segment reviews showed brokerage organic revenue up 2% and consulting up 4% while pretax income rose in both segments.
The document summarizes Sonoco's 2009 second quarter financial results. Key points:
- Net sales declined 21% year-over-year due to lower volumes, especially in industrial markets impacted by recession.
- Base earnings were $0.41 per share compared to $0.62 per share last year, with higher pension costs partially offsetting improvements from cost reductions.
- The Consumer Packaging segment saw a 6% sales decline but a 20% increase in operating profits due to price increases and productivity gains.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
L.B. Foster reported a 26.1% increase in net sales for the fourth quarter compared to the prior year. Gross profit margin decreased 360 basis points due to increased LIFO expense and decreased billing margins, partially offset by improved manufacturing variances. Income from continuing operations was $5.7 million or $0.55 per diluted share for the quarter. For the full year, net sales increased 0.7% while gross profit margin increased 60 basis points, and income from continuing operations was $27.7 million or $2.57 per diluted share. The company expects a difficult business environment in 2009 but will focus on cost controls and cash flow to minimize profit erosion.
First Financial Holdings reported second quarter results, with net income of $3.1 million compared to a $6.5 million loss last quarter. The company also declared a $0.05 quarterly dividend per share. Loan loss provisions increased to $12.8 million due to rising delinquencies and charge-offs. Total revenues increased 8.1% to $42.4 million despite lower non-interest income. Non-interest expenses decreased due to cost-cutting initiatives. Additionally, First Federal acquired Cape Fear Bank, adding 19 branches in North Carolina.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
S&T Bancorp reported a net loss of $3.1 million for Q1 2009 compared to net income of $14.9 million for Q1 2008. This was primarily due to a significant increase in loan loss provisions from $1.3 million to $21.4 million. Nonperforming loans increased substantially from $42.5 million to $92 million. The CEO commented that they are working closely with commercial customers experiencing difficulties due to the deteriorating economy, but that increasing reserves was prudent given current conditions.
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group for 2008. It identifies items affecting comparability between years, including restructuring charges, asset disposal charges, and stock-based compensation. The document summarizes the quantitative impact of these items on key financial metrics like operating income growth, earnings per share, and cash flow. It also provides guidance for 2008 operating free cash flow.
- In the second quarter of fiscal year 2009, AmerisourceBergen reported record diluted EPS of $0.95, a 17% increase over the previous year. Revenue was $17.3 billion, down 2.5% due to one less business day.
- For the full fiscal year 2009, the company increased guidance for diluted EPS to $3.18-$3.30, a 10-14% increase over 2008, due to lower expected shares outstanding and interest expenses.
- In the first six months of fiscal 2009, diluted EPS was $1.67, up 14% over the previous year, while revenue was $34.7 billion, down 1.1%.
This document provides a summary and visual analysis of a double page magazine spread promoting a band called "The XX". Key details include:
- The spread is visually dominated by a large dark photo occupying 3/4 of the page, with limited textual content to engage youth readers.
- Colloquial language in quotes from the band interview will only be understood by the target audience.
- "The XX" name stands out in white against the overall dark theme, drawing the eye.
- Contrasting sans serif and serif fonts are used for the band name and article text respectively, making the content accessible to various readers.
Epiq Systems Inc. filed an 8-K on April 22, 2009 to report their financial results for the first quarter of 2009. Revenues increased 20% compared to the prior year quarter. Net income increased 23% to $3.3 million. Non-GAAP net income increased 18% to $6.3 million. Bankruptcy segment revenues increased 30% and non-GAAP EBITDA increased 15% excluding prior year gains. Electronic Discovery revenues increased slightly while investments reduced non-GAAP EBITDA. Settlement Administration revenues and non-GAAP EBITDA increased significantly due to new contracts. The company expects continued growth in 2009 from bankruptcy, litigation, and regulatory compliance activities.
This document is an annual report filed with the SEC by Investors Capital Holdings, Ltd. for the fiscal year ended March 31, 2009.
It provides an overview of the company's broker-dealer and investment advisory services business segments. The broker-dealer segment operates primarily through the company's subsidiary Investors Capital Corporation, which provides brokerage services to over 650 independent registered representatives. The investment advisory segment operates as Investors Capital Advisory Services and had over 427 independent investment advisor representatives as of the end of the fiscal year. The annual report includes details on the services, products, and revenue sources for each business segment.
Cypress reported financial results for the second quarter of 2009 that exceeded guidance and analyst expectations. Revenue increased 12% sequentially to $155.8 million, driven by strong demand for programmable products. The company also generated a positive cash flow, decreased inventory levels, and saw continued growth in design wins for their TrueTouch and CapSense technologies. While macroeconomic visibility remains limited, Cypress is cautiously optimistic about above average revenue growth in the third quarter.
How do you get people to ‘like’ your Facebook business page? How do they even find it? You’ve created one, you’ve put a few status entries on it, but no one is showing up. Why? And what do I do now?
Kathryn will share strategies that have worked for her clients, some insights into keeping visible in Facebook, and some fun ways to get people engaged.
MetroCorp Bancshares Inc. filed an 8-K report announcing its financial results for the first quarter of 2009. The company reported a net loss of $2.0 million compared to net income of $2.2 million in the first quarter of 2008. The provision for loan losses increased to $7.3 million due to higher net charge-offs. Nonperforming assets also increased impacting interest income and the net interest margin, which declined to 3.44% from 4.09% a year earlier. Expenses declined due to lower salaries from staff reductions, however noninterest income declined due to lower service fees.
Oceaneering International reported record first quarter earnings for the period ending March 31, 2009. Revenue was $435 million and net income was $44.3 million, or $0.80 per share. This was an increase from the same period in 2008 due to growth in ROV and Subsea Projects operating profits. While first quarter results exceeded guidance, earnings are expected to decline for the rest of the year relative to 2008 due to anticipated decreases in demand, though the ROV business is expected to achieve profit growth. Full year 2009 EPS guidance was raised to a range of $3.10 to $3.60.
Federated Investors reported financial results for Q1 2009 with the following key details:
- Total managed assets reached a record high of $409.2 billion as of March 31, 2009.
- Net bond fund sales topped $1 billion for the first quarter of 2009, marking the best quarter for net fixed-income sales in over five years.
- Earnings per share were $0.34 for Q1 2009 compared to $0.54 in Q1 2008, with net income of $35.1 million compared to $55.8 million previously.
PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
- Columbia Banking System reported net income of $419,000 for Q1 2009, down significantly from $11.0 million in Q1 2008, due to a higher provision for loan losses from economic deterioration.
- Non-performing assets increased to $121.7 million from $15.0 million in Q1 2008, primarily in residential construction and commercial real estate loans.
- The company remains well-capitalized and focused on expense control while navigating challenging economic conditions.
5
J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
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Capital One reported a net loss for 2008 due to a large goodwill impairment in its Auto Finance business. It added $1 billion to loan loss reserves due to expectations of increasing losses. Credit performance deteriorated in the fourth quarter as the recession deepened. Deposits grew over 30% from the previous year and 10% in the last quarter.
Fulton Financial Corporation reported a 80.6% decrease in net income for Q1 2009 compared to Q1 2008, mainly due to a $38.8 million increase in loan loss provisions and $5 million in preferred stock dividends. Total assets increased 2.7% to $16.5 billion while loans increased 5.4% and deposits grew 13.6%. However, net interest margin declined to 3.45% from 3.58% in Q1 2008 due to higher deposit costs and lower asset yields. Non-performing assets rose to 1.63% of assets from 0.90% in Q1 2008 as the economic downturn negatively impacted loan quality.
Associated Banc-Corp reported first quarter earnings of $0.28 per share, up from $0.11 in the fourth quarter of 2008. Net income was $35.4 million, up from $13.6 million in the previous quarter. Total deposits grew to $15.9 billion, up 4.7% from the previous quarter. The company reduced its quarterly dividend to $0.05 per share to preserve capital during economic uncertainty.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
Sovereign Bancorp reported first quarter 2008 results with net income of $100.1 million, up from $48.1 million in the first quarter of 2007. Key highlights included an increase in net interest margin to 2.88% and loan growth of 1.9%. Non-performing loans increased to $417.8 million due to higher non-performing commercial loans related to the housing market. The allowance for credit losses was increased to 1.36% of total loans. Sovereign's President and CEO stated that results demonstrate progress reducing risk and improving earnings quality, but that turbulent financial markets provide a challenging credit environment.
United Community Banks reported a net operating loss of $32 million for Q1 2009, driven by a $65 million provision for loan losses and a $22 million increase in allowance for loan losses. The company also reported a $70 million non-cash goodwill impairment charge and $2.9 million in severance costs. Total net loss was $103.8 million. Credit quality continued to deteriorate due to weakness in Atlanta housing and construction markets, with non-performing assets up to $334.5 million. However, net interest margin improved to 3.08% due to actions to improve loan pricing and reduce deposit costs.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
Morgan Stanley reported financial results for the third quarter of 2008. Net revenues were $8.0 billion, a 1% increase from the third quarter of 2007. Earnings per share were $1.32. Business lines like commodities, foreign exchange and equity trading performed strongly, with record results in prime brokerage. However, mortgage trading incurred losses of $640 million. Overall, the company saw solid performance despite challenging market conditions.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
Sovereign Bancorp Inc. announced its second quarter 2008 results, reporting net income of $127.4 million compared to $100.1 million in Q1 2008 and $147.5 million in Q2 2007. Key highlights included expanding its net interest margin to 3.06%, increasing its allowance for credit losses, and strengthening its capital ratios through a common stock offering. While asset quality deteriorated, with non-performing loans rising, the company stated it was on solid financial footing to manage through the uncertain economic environment.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. While credit costs were high at $10 billion, record firmwide revenue was generated. The Investment Bank achieved record revenue and net income through strong performance in debt and equity markets. Retail Banking saw growth in deposits and checking accounts due to the Washington Mutual integration. The balance sheet remained strong with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion. JPMorgan Chase continued lending activities and foreclosure prevention efforts during the quarter.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
- TRW reported financial results for the 4th quarter and full year of 2008. 4th quarter sales were $2.8 billion, down 28% from the previous year, and full year sales were $15 billion, up 2%.
- The company reported a 4th quarter net loss of $946 million and a full year net loss of $779 million due to asset impairments and restructuring charges. Excluding special items, the 4th quarter net loss was $74 million and full year net earnings were $153 million.
- Cash flow from operations was $769 million for the 4th quarter and $773 million for the full year. Free cash flow was $625 million and $291 million respectively.
Similar to Q1 2009 Earning Report of Stellarone Corp. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
1. StellarOne Corporation Reports Improved First Quarter Results
Company Release - 04/27/2009 07:30
CHARLOTTESVILLE, Va., April 27, 2009 (GLOBE NEWSWIRE) -- StellarOne Corporation (Nasdaq:STEL) (StellarOne) today reported first
quarter 2009 earnings of $146 thousand for the first quarter and a net loss available to common shareholders of $298 thousand, or $0.01 per
diluted common share. Those results compare to net income of $2.1 million, or diluted earnings per share of $0.14, during the same period in
the prior year and reflect improvement on a linked quarter basis to the net loss to common shareholders of $898 thousand, or $0.04 per diluted
common share, for the fourth quarter of 2008. The results for the first quarter of 2009 included a provision for loan losses of $7.8 million related
primarily to increased specific reserves within the residential real estate development portfolio.
O. R. Barham, Jr., President and CEO, commented, quot;While we saw some positives relative to our core earnings stream during the quarter, we
experienced anticipated deterioration in asset quality, once again substantially related to residential real estate development loans at Smith
Mountain Lake. This coupled with adverse economic conditions at both the local and regional level continue to necessitate elevated levels of
loan loss provisioning. Our commercial real estate and industrial portfolios continue to hold up fairly well. Our pre-tax, pre-provision earnings of
$7.3 million were supported by a significant increase in mortgage revenues, continuing efforts on expense management, and a positive
increase in period-end core deposits for the period.quot;
Usefulness of Prior Year First Quarter Comparisons is Limited
StellarOne's 2008 operating results include the former Virginia Financial Group, Inc. (VFG) for the entire period, but results from the former FNB
Corporation (FNB) are only included from February 28, 2008 forward, representing the period subsequent to consummation of the merger of
equals transaction between VFG and FNB. Therefore, quarter to quarter comparisons are being discussed comparing results from first quarter
2009 to fourth quarter 2008 as they are felt to be more meaningful by management.
Nonperforming Asset Levels and Allowance for Loan Losses Increase
StellarOne's ratio of non-performing assets as a percentage of total assets increased to 2.38% as of March 31, 2009, compared to 1.66% as of
December 31, 2008. Annualized net charge-offs as a percentage of average loans receivable amounted to 0.51% for the first quarter of 2009,
compared to 2.22% for the fourth quarter of 2008. Net charge-offs for the first quarter totaled $2.9 million and were down $9.7 million compared
to the $12.6 million in net charge-offs recognized during the final quarter of 2008. The elevated nonperforming assets and the provision for loan
losses were driven by continued deterioration in credits collateralized by residential development and construction lending and declining
market conditions in general. The primary concentration of credit issues within our portfolio continue to arise from the residential development
and construction loan segment at Smith Mountain Lake (SML). Of the total residential development and construction exposure of approximately
$58.6 million at SML, approximately $25.3 million or 43% is now in non-performing assets and appropriately reserved for or charged off. This
amount includes the largest SML relationship of $14.7 million, which was moved to nonaccrual status during the quarter and represents the
primary increase in non-performing assets during the quarter.
StellarOne recorded a provision for loan losses of $7.8 million for the first quarter of 2009, a decrease of $3.2 million compared to the fourth
quarter of 2008. The first quarter provision compares to net charge-offs of $2.9 million for the quarter, resulting in an increase in the allowance
as a percentage of total loans to 1.56% at March 31, compared to 1.35% at December 31. While unable to predict the duration or severity of the
current recession, StellarOne anticipates non-performing asset and net charge-off levels to remain elevated throughout 2009.
Capital Levels Remain Solid & TARP Deployment Continues
StellarOne's capital base remains strong. The tangible common equity ratio was 9.53% at March 31, 2009 compared to 9.75% at December 31,
2008. Tier 1 risked based capital ratio was 13.65% at March 31, 2009 compared to 14.07% at December 31, 2008. Excluding the $30 million in
preferred stock issued in connection with participation in the TARP program from our capital, StellarOne's Tier 1 risk based capital ratio was
12.44%. Shareholder's equity, excluding the preferred stock, represented 12.09% of total assets at March 31, while book value per common
share at March 31, 2009 was $16.01 per share. All capital ratios are significantly higher than an average of its peers and remain well above
regulatory standards for well-capitalized banks.
StellarOne continues to offer liquidity to its markets through incremental lending to qualified borrowers and has made approximately $53
million in additional loans subsequent to the issuance of preferred stock to the U.S. Treasury last December. In addition, mortgage
modification and builder loan programs have been developed and are underway. Additionally, StellarOne paid and accrued dividends totaling
$370 thousand in connection with this preferred stock instrument during the first quarter of 2009.
Noninterest Income Increases
On an operating basis, which excludes gains and losses from the sale of assets, total non-interest income amounted to $7.0 million for the
first quarter of 2009, an increase of $523 thousand or 8.0% from $6.5 million for the fourth quarter of 2009. Mortgage banking revenue totaled
$1.4 million for the first quarter, an increase of $814 thousand or greater than 100% compared to $610 thousand for the fourth quarter of 2008.
Wealth management revenues from trust and brokerage fees for the first quarter of 2009 were $1.0 million, or flat compared to $1.0 million in
2. the fourth quarter of 2008. These revenues remain suppressed due to lower market valuations for assets under management. Despite revenue
contraction, wealth management contributed earnings to the company during the first quarter. Additionally, mortgage operations also
contributed to earnings despite thinner margins received on increased revenues driven by the current refinancing activity. Retail banking fee
income amounted to $3.7 million for the first quarter, a decrease of $499 thousand or 11.9% compared to $4.2 million for the fourth quarter of
2008, a result of seasonality and fewer business days in the period. Revenues from other miscellaneous income sources for the first quarter of
2009 were $591 thousand, up $266 thousand or 81.9% compared to $325 thousand for the fourth quarter of 2008, related principally to
increases in merchant processing revenues.
Core Margin Compresses Moderately
Net interest income, on a tax-equivalent basis and excluding the effects of purchase accounting amortization, amounted to $22.0 million for the
first quarter of 2009, down $1.7 million or 6.9% compared to $23.7 million for the fourth quarter of 2008. The core net interest margin, adjusted
to exclude the effect of purchase accounting amortization, was 3.36% for the first quarter of 2009, compared to 3.55% for the fourth quarter of
2008. Including the effects of purchase accounting adjustments, the net interest margin was 3.52% for the first quarter of 2009, compared to
3.80% for the fourth quarter of 2008. The compression noted continues to be yield driven, with the average yield on earning assets decreasing
44 basis points to 5.59% as compared to 6.03% for the fourth quarter of 2008. The pricing structure for approximately 36% of the company's
loan portfolio continues to be tied to the LIBOR and Prime rate indices. Both of these indices declined significantly during the periods being
compared and have triggered a lower rate of return on the company's variable rate loan products resulting in decreased yield. In addition,
reversal of interest accruals associated with the aforementioned increase in nonperforming loans had some impact on loan yields for the
period. The cost of interest bearing liabilities contracted 16 basis points from 2.61% during the fourth quarter of 2008 to 2.45% during the first
quarter of 2009, but remained much less sensitive to repricing when compared to interest earning assets.
Controllable Operating Costs Continue to Contract
Non-interest expense for the first quarter of 2009 amounted to $22.2 million, or essentially flat when compared to the $22.1 million for the fourth
quarter of 2008. FDIC insurance premiums increased $462 thousand or 71.9% compared to the fourth quarter of 2008. Excluding this increase,
total noninterest expense decreased $292 thousand or 1.32% when compared to the fourth quarter of 2008. Reductions in compensation and
benefits of $39 thousand and demand deposit account charge-offs of $442 thousand, offset by an uptick in professional fees of $340 thousand,
accounted for much of this decrease. StellarOne's efficiency ratio was 73.70% for the first quarter of 2009, compared to 69.23% for the fourth
quarter of 2008, reflecting the contraction in gross revenues for the period.
Balance Sheet Remains Stable with Excellent Liquidity
Average loans for the first quarter of 2009 were $2.28 billion, remaining flat with that of fourth quarter 2008. Average securities were $312.0
million for the first quarter of 2009, down $43.9 million or 12.3% from $355.9 million for the fourth quarter of 2008. Average deposits for the first
quarter were $2.33 billion, or flat compared to $2.34 billion for the fourth quarter of 2008, but period end deposits were up $63.2 million or 2.7%
over December 31. Average balances in both non-interest and interest bearing deposits remained relatively stable when compared to the
previous quarter. Total average earning assets were $2.66 billion for the first quarter of 2009, up slightly when compared to $2.65 billion for the
fourth quarter of 2008. At March 31, 2009, total assets were $3.00 billion, compared to $2.96 billion at December 31, 2008. Cash and cash
equivalents were $144.5 million at March 31, 2009, an increase of $28.3 million or 19.6% compared to $116.3 million at December 31, 2008.
Shareholder's equity at March 31, 2009 was $392.3 million, a decrease of $2.5 million or 0.6% compared to December 31, 2008.
About StellarOne
StellarOne Corporation is a traditional community bank, offering a full range of business and consumer banking services, including trust and
wealth management services. Through the activities of its sole subsidiary, StellarOne Bank, StellarOne operates 61 full-service financial
centers, one loan production office, and 66 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, and Central and North
Central Virginia.
Earnings Webcast
To hear a live webcast of StellarOne's first quarter 2009 earnings conference call at 10:00 a.m. (EDT) today, please visit our website at
www.stellarone.com and click on the Investor Relations section for detailed instructions on how to participate. Replays of the conference call
will be available from 1:00 p.m. (EDT) on Monday, April 27, 2009 through 12:00 a.m. (EDT) on Sunday, May 3, 2009, by dialing toll free (888)
203-1112 and using passcode #3104829.
Non-GAAP Financial Measures
This report refers to the efficiency ratio, which is computed by dividing non-interest expense by the sum of net interest income on a tax
equivalent basis and non-interest income excluding gains or losses on securities, fixed assets, and foreclosed assets. It also refers to
operating earnings, which reflects net income and associated performance ratios adjusted for non-recurring expenses associated with
mergers, asset gains and losses or expenses that are unusual in nature. Such information is not in accordance with generally accepted
accounting principles in the United States (GAAP) and should not be construed as such. These are non-GAAP financial measures that we
believe provide investors with important information regarding our operational efficiency. Comparison of our efficiency ratio or operating
earnings with those of other companies may not be possible because other companies may calculate them differently. Management believes
such financial information is meaningful to the reader in understanding operating performance but cautions that such information should not
be viewed as a substitute for GAAP. StellarOne, in referring to its net income, is referring to income under GAAP.
3. Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements. The forward-looking statements are subject to
certain risks and uncertainties, which could cause actual results to differ materially from historical results, or those anticipated. When we use
words such as quot;believes,quot; quot;expects,quot; quot;anticipatesquot; or similar expressions, we are making forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date thereof. StellarOne
wishes to caution the reader that factors, such as those listed below, in some cases have affected and could affect StellarOne's actual results,
causing actual results to differ materially from those in any forward-looking statement. These factors include: (i) expected cost savings from
StellarOne's acquisitions and dispositions, (ii) competitive pressure in the banking industry or in StellarOne's markets may increase
significantly, (iii) changes in the interest rate environment may reduce margins, (iv) general economic conditions, either nationally or regionally,
may be less favorable than expected, resulting in, among other things, credit quality deterioration, (v) changes may occur in banking legislation
and regulation, (vi) changes may occur in general business conditions, and (vii) changes may occur in the securities markets. Please refer to
StellarOne's filings with the Securities and Exchange Commission for additional information, which may be accessed at www.StellarOne.com.
NOTE: Risk-based capital ratios are preliminary.
SELECTED FINANCIAL DATA
StellarOne Corporation (NASDAQ: STEL)
(Dollars in thousands, except per share data)
--------------------------------------------------------------------
Three Months
SUMMARY INCOME STATEMENT Ended March
--------------------------------------------- ----------------------
2009 2008
---------- ----------
Interest income - taxable equivalent $ 36,695 $ 31,114
Interest expense 13,579 13,113
---------- ----------
Net interest income - taxable equivalent 23,116 18,001
Less: taxable equivalent adjustment 565 486
---------- ----------
Net interest income 22,551 17,515
Provision for loan and lease losses 7,750 953
---------- ----------
Net interest income after provision for
loan and lease losses 14,801 16,562
Noninterest income 6,977 5,165
Noninterest expense 22,224 19,038
(Benefit) provision for income taxes (592) 602
---------- ----------
Net income 146 2,087
Dividends and accretion on preferred stock (370) --
Accretion of preferred stock discount (74) --
---------- ----------
Net (loss) income available to common
shareholders $ (298) $ 2,087
========== ==========
Earnings (Loss) per share available to
common shareholders
Basic $ (0.01) $ 0.14
Diluted $ (0.01) $ 0.14
Three Months
SUMMARY AVERAGE BALANCE SHEET Ended March
4. --------------------------------------------- ----------------------
2009 2008
---------- ----------
Total loans $2,284,456 $1,627,999
Total securities 312,027 286,710
Total earning assets 2,664,332 1,932,480
Total assets 2,952,220 2,100,220
Total deposits 2,328,523 1,572,599
Shareholders' Equity 393,991 220,319
Three Months
PERFORMANCE RATIOS Ended March
--------------------------------------------- ----------------------
2009 2008
---------- ----------
Return on average assets 0.02% 0.40%
Return on average equity 0.15% 3.81%
Return on average realized equity (A) 0.15% 3.85%
Net interest margin (taxable equivalent) 3.52% 3.75%
Net interest margin (excluding amortization
of purchase accounting adjustments) 3.36% 3.75%
Efficiency (taxable equivalent) (B) 73.70% 80.41%
Three Months
CREDIT QUALITY Ended March
--------------------------------------------- ----------------------
2009 2008
---------- ----------
Allowance for loan losses:
Beginning of period $ 30,464 $ 15,082
Provision for loan losses 7,750 953
Charge-offs (3,442) (618)
Recoveries 547 81
---------- ----------
Net charge-offs (2,895) (537)
Allowance acquired via acquisition -- 11,539
---------- ----------
End of period $ 35,319 $ 27,037
========== ==========
March 31
----------------------
2009 2008
---------- ----------
Total non-performing assets $ 71,406 $ 31,692
Nonperforming assets as a % of
total assets: 2.38% 1.02%
Nonperforming assets as a % of loans
plus foreclosed assets 3.15% 1.37%
Allowance for loan losses as a % of
total loans 1.56% 1.17%
Net charge-offs as a % of average
loans outstanding 0.51% 0.13%
5. CAPITAL MANAGEMENT March 31
--------------------------------------------- ----------------------
2009 2008
---------- ----------
Tier 1 risk based capital ratio 13.65% 12.01%
Tangible equity ratio 10.56% 9.48%
Tangible common equity ratio 9.53% 9.48%
Period end shares issued and outstanding 22,630,636 22,577,687
Book value per common share $ 16.01 $ 16.33
Tangible book value per common share $ 12.27 $ 12.48
Three Months
Ended March
----------------------
2009 2008
---------- ----------
Shares issued 25,573 11,781,744
Average common shares issued and
outstanding 22,619,426 15,077,544
Average diluted common shares issued
and outstanding 22,676,693 15,156,260
Cash dividends paid per common share $ 0.16 $ 0.16
OTHER DATA
End of period full time employees 834 908
NOTES:
(A) Excludes the effect on average stockholders' equity of
unrealized gains (losses) that result from changes in
market values of securities and other comprehensive
pension expense.
(B) Computed by dividing non-interest expense by the sum of
net interest income and non-interest income, net of gains
or losses on securities, fixed assets and foreclosed assets.
This is a non-GAAP financial measure, which we believe
provides investors with important information regarding
our operational efficiency. Comparison of our efficiency
ratio with those of other companies may not be possible,
because other companies may calculate the efficiency ratio
differently.
(C) Individual amounts shown above are calculated from actual,
not rounded amounts in the thousands, which appear above.
QUARTERLY PERFORMANCE SUMMARY
StellarOne Corporation (NASDAQ: STEL)
(Dollars in thousands, except per share data)
SELECTED BALANCE SHEET DATA 3/31/2009 3/31/2008
--------- ---------
6. Assets
Cash and cash equivalents $ 144,533 $ 121,198
Securities available for sale 322,415 417,022
Securities held to maturity 451 3,594
Total securities 322,866 420,616
Mortgage loans held for sale 38,175 13,533
Real estate - construction 348,732 392,546
Real estate - 1-4 family residential 816,502 732,319
Real estate - commercial and multifamily 812,449 850,530
Commercial, financial and agricultural 218,123 230,783
Consumer loans 52,326 83,386
All other loans 15,017 20,759
Total loans 2,263,149 2,310,323
Deferred loan costs 1,366 46
Allowance for loan losses (35,319) (27,037)
Net loans 2,229,196 2,283,332
Premises and equipment, net 86,171 86,477
Core deposit intangibles, net 9,828 11,673
Goodwill 74,880 75,041
Bank owned life insurance 29,207 27,882
Foreclosed assets 4,207 4,902
Other assets 57,866 68,636
Total assets 2,996,929 3,113,290
Liabilities
Deposits:
Noninterest bearing deposits 314,763 337,354
Money market & interest checking 782,591 655,297
Savings 191,329 215,475
CD's and other time deposits 1,097,646 1,160,341
Total deposits 2,386,329 2,368,467
Federal funds purchased and securities
sold under agreements to repurchase 477 1,136
Federal Home Loan Bank advances 170,083 240,958
Subordinated debt 32,991 32,991
Commercial paper -- 74,309
Other borrowings -- 350
Other liabilities 14,724 26,492
Total liabilities 2,604,604 2,744,703
Stockholders' equity
Preferred stock 28,139 --
Common stock 22,631 22,578
Additional paid-in capital 227,992 224,991
Retained earnings 111,551 117,368
Accumulated other comprehensive income, net 2,012 3,650
Total stockholders' equity 392,325 368,587
Total liabilities and stockholders'
equity $2,996,929 $3,113,290
7. QUARTERLY PERFORMANCE SUMMARY
StellarOne Corporation (NASDAQ: STEL)
(Dollars in thousands)
Percent
For the Three Months Ended Increase
3/31/2009 3/31/2008 (Decrease)
--------- --------- ---------
Interest Income
Loans, including fees $ 32,492 $ 27,262 19.18%
Federal funds sold and
deposits in other banks 18 199 -90.95%
Investment securities:
Taxable 2,574 2,062 24.83%
Tax-exempt 848 837 1.31%
Dividends 199 268 -25.75%
Total interest income 36,131 30,628 17.97%
Interest Expense
Deposits 11,651 10,205 14.17%
Federal funds repurchased
and securities sold under
agreements to repurchase 3 55 -94.55%
Federal Home Loan Bank advances 1,562 1,907 -18.09%
Subordinated debt 357 467 -23.55%
Commercial paper -- 479 -100.00%
Other borrowings 7 -- N/A
Total interest expense 13,580 13,113 3.56%
Net interest income 22,551 17,515 28.75%
Provision for loan losses 7,750 953 >100.00%
Net interest income after
provision for loan losses 14,801 16,562 -10.63%
Noninterest Income
Retail banking fees 3,711 2,567 44.57%
Commissions and fees from
fiduciary activities 758 803 -5.60%
Brokerage fee income 253 414 -38.89%
Mortgage banking-related fees 1,424 871 63.49%
Gains (losses) on sale of
premises and equipment 199 (43) >-100.00%
Gains on securities available
for sale 2 32 -93.75%
Losses on sale of foreclosed
assets (265) (500) -47.00%
Income from bank owned life
insurance 304 192 58.33%
Other operating income 591 829 -28.71%
Total noninterest income 6,977 5,165 35.08%
Noninterest Expense
Compensation and employee
benefits 10,526 11,168 -5.75%
Net occupancy 2,091 1,160 80.26%
8. Supplies and equipment 1,962 1,541 27.32%
Amortization-intangible assets 438 161 >100.00%
Marketing 240 417 -42.45%
State franchise taxes 596 395 50.89%
FDIC insurance 1,105 47 >100.00%
Data processing 1,036 1,084 -4.43%
Professional fees 504 574 -12.20%
Telecommunications 467 289 61.59%
Other operating expenses 3,259 2,202 48.00%
Total noninterest expense 22,224 19,038 16.73%
(Loss) income before income
taxes (446) 2,689 >-100.00%
Income tax (benefit) expense (592) 602 >-100.00%
Net income $ 146 $ 2,087 -93.00%
STELLARONE CORPORATION
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Dollars in thousands)
For the Three Months Ended March 31,
(unaudited)
-----------------------------------------------------
2009 2008
-------------------------- -------------------------
Dollars in Average Interest Avg. Average Interest Avg.
thousands Balance Inc/Exp Rates Balance Inc/Exp Rates
--------------- ---------- ------- ----- ---------- ------- -----
Assets
Loans
receivable,
net $2,284,456 $32,600 5.79% $1,627,999 $27,300 6.73%
Investment
securities
Taxable 228,397 2,749 4.81% 202,373 2,341 4.58%
Tax exempt 83,630 1,305 6.24% 84,337 1,287 6.04%
---------- ------- ----- ---------- ------- -----
Total
investments 312,027 4,054 5.20% 286,710 3,628 5.01%
Interest
bearing
deposits 50,542 32 0.25% 375 3 3.16%
Federal
funds sold 17,307 9 0.21% 17,396 183 4.16%
---------- ------- ----- ---------- ------- -----
379,876 4,095 4.31% 304,481 3,814 4.96%
---------- ------- ----- ---------- ------- -----
Total earning
assets 2,664,332 $36,695 5.59% 1,932,480 $31,114 6.46%
------- -------
Total nonearning
assets 287,888 167,740
9. ---------- ----------
Total assets $2,952,220 $2,100,220
---------- ----------
Liabilities and
Stockholders'
Equity
Interest-bearing
deposits
Interest
checking $ 516,475 $ 1,397 1.10% $ 305,030 $ 1,096 1.44%
Money market 235,150 830 1.43% 131,175 665 2.03%
Savings 188,399 410 0.88% 127,065 338 1.07%
Time deposits:
Less than
$100,000 762,657 6,060 3.22% 513,723 5,298 4.14%
$100,000 and
more 324,093 2,954 3.70% 255,407 2,808 4.41%
---------- ------- ----- ---------- ------- -----
Total interest-
bearing
deposits 2,026,774 11,651 2.33% 1,332,400 10,205 3.07%
Federal funds
purchased and
securities
sold under
agreements to
repurchase 344 3 3.49% 5,444 55 4.00%
Federal Home
Loan Bank
advances 184,321 1,568 3.40% 186,298 1,907 4.05%
Subordinated debt 32,991 357 4.33% 24,426 467 7.56%
Commercial paper -- -- N/A 74,261 479 2.55%
---------- ------- ----- ---------- ------- -----
217,656 1,928 3.54% 290,429 2,908 3.96%
---------- ------- ----- ---------- ------- -----
Total
interest-
bearing
liabilities 2,244,430 13,579 2.45% 1,622,829 13,113 3.23%
------- -------
Total
noninterest-
bearing
liabilities 313,799 257,072
---------- ----------
Total
liabilities 2,558,229 1,879,901
Stockholders'
equity 393,991 220,319
---------- ----------
10. Total
liabilities and
stockholders'
equity $2,952,220 $2,100,220
---------- ----------
Net interest
income (tax
equivalent) $23,116 $18,001
------- -------
Average
interest
rate spread 3.14% 3.23%
Interest
expense as
percentage
of average
earning
assets 2.07% 2.71%
Net interest
margin 3.52% 3.75%
STELLARONE CORPORATION
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
NORMALIZED BY EXCLUDING PURCHASE ACCOUNTING ADJUSTMENTS
THREE MONTHS ENDED MARCH 31, 2009 AND 2008
(Dollars in thousands)
For the Three Months Ended March 31,
(unaudited)
-----------------------------------------------------
2009 2008
-------------------------- -------------------------
Dollars in Average Interest Avg. Average Interest Avg.
thousands Balance Inc/Exp Rates Balance Inc/Exp Rates
--------------- ---------- ------- ----- ---------- ------- -----
Assets
Loans
receivable,
net $2,286,712 $31,660 5.63% $1,627,999 $27,300 6.73%
Investment
securities
Taxable 228,397 2,749 4.81% 202,373 2,341 4.58%
Tax exempt 83,630 1,305 6.24% 84,337 1,287 6.04%
---------- ------- ----- ---------- ------- -----
Total
investments 312,027 4,054 5.20% 286,710 3,628 5.01%
Interest
bearing
deposits 50,542 32 0.25% 375 3 3.16%
Federal
funds sold 17,307 9 0.21% 17,396 183 4.16%
---------- ------- ----- ---------- ------- -----
379,876 4,095 4.31% 304,481 3,814 4.96%
11. ---------- ------- ---------- -------
Total
earning
assets 2,666,588 $35,755 5.45% 1,932,480 $31,114 6.46%
------- -------
Total
nonearning
assets 285,590 167,740
---------- ----------
Total assets $2,952,178 $2,100,220
---------- ----------
Liabilities and
Stockholders'
Equity
Interest-
bearing
deposits
Interest
checking $ 516,475 $ 1,397 1.10% $ 305,030 $ 1,096 1.44%
Money market 235,150 830 1.43% 131,175 665 2.03%
Savings 188,399 410 0.88% 127,065 338 1.07%
Time deposits:
Less than
$100,000 762,615 6,190 3.29% 513,723 5,298 4.14%
$100,000 and
more 324,093 2,954 3.70% 255,407 2,808 4.41%
---------- ------- ----- ---------- ------- -----
Total
interest-
bearing
deposits 2,026,732 11,781 2.36% 1,332,400 10,205 3.07%
Federal funds
purchased and
securities
sold under
agreements to
repurchase 344 3 3.49% 5,444 55 4.00%
Federal Home
Loan Bank
advances 184,321 1,568 3.40% 186,298 1,908 4.05%
Subordinated debt 32,991 357 4.33% 24,426 467 7.56%
Commercial paper -- -- N/A 74,261 479 2.55%
---------- ------- ----- ---------- ------- -----
217,656 1,928 3.54% 290,429 2,908 3.96%
---------- ------- ----- ---------- ------- -----
Total
interest-
bearing
liabilities 2,244,388 13,709 2.47% 1,622,829 13,113 3.23%
------- -------
12. Total
noninterest-
bearing
liabilities 313,799 257,072
---------- ----------
Total
liabilities 2,558,187 1,879,901
Stockholders'
equity 393,991 220,319
---------- ----------
Total
liabilities and
stockholders'
equity $2,952,178 $2,100,220
---------- ----------
Net interest
income (tax
equivalent) $22,046 $18,001
------- -------
Average
interest
rate spread 2.97% 3.23%
Interest
expense as
percentage
of average
earning
assets 2.08% 2.71%
Net interest
margin 3.36% 3.75%
CONTACT: Jeffrey W. Farrar, Executive Vice President and
Chief Financial Officer of StellarOne Corporation
(434) 964-2217
JFarrar@StellarOne.com
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