Sovereign Bank reported strong financial results for the second quarter of 2005. Net income was up 40% from the previous year to $183 million. Earnings per share increased 16% to $0.47. Operating earnings were also up, increasing 37% to $197 million. The bank saw high rates of deposit and loan growth, with average deposits up 9% and average loans up 19% compared to the previous year. Return on assets and return on equity remained healthy. Additionally, the bank repurchased $10 million of its own stock during the quarter and committed funds to charitable causes.
PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
The blog provide some key insights on the subject – as to how to compute EIR for fixed or floating rate instruments, how to compute EIR for products which involves both interest income and fee income, what are the challenges which banks might face while computing EIR, what are the operational simplifications which banks might consider while computing EIR.
Momentive Performance DIP analysis May 2014John Sweeney
The document provides a point-in-time rating of 'BB-' to the debtor-in-possession term loan facility provided to Momentive Performance Materials USA Inc., a subsidiary of Momentive Performance Materials Inc. which is currently operating under Chapter 11 bankruptcy protection. The rating reflects Standard & Poor's assessment that the loan has a 'B+' likelihood of full repayment through a successful reorganization, enhanced to 'BB-' based on estimated recovery in a liquidation. Key factors in the rating include Momentive's restructuring needs, liquidity, and the view that its value exceeds the loan exposure, though its business risk profile is considered weak due to industry challenges.
Credit Suisse is scaling down its Prime Services unit. The revenue impact may be minimal: the bank has a strong synthetic financing capability, which could be folded into equity derivatives.
We disagree with the mainstream media’s unflattering coverage. CS’ cautious approach to restructuring is justified by the uncertain regulatory outlook, and the bank is, in fact, very close to achieving its key financial targets.
In the backdrop of the buzz that IFRS-9 has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. First in the series is our take on the latest BCBS paper which requires ‘high quality’, ‘robust’ & ‘consistent’ implementation of Expected Credit Loss (ECL) framework for all internationally active banks.
Key highlights from BCBS guidance are:
§ Banks should consider the principle of proportionality and materiality while finalizing the methodology for ECL estimation
§ BCBS allows the immediate reversal of allowance in case of credit quality improvement, recognising that ECL accounting frameworks are symmetrical
§ Limited use of IFRS 9 practical expedients such as, more than 30 days past due, low credit risk exemption & information set
§ Inclusion of forward looking information and macroeconomic forecasts to the historical information in the ECL estimation process
§ Requirement of robust policies and procedures for model governance and validation which is in line with regulatory requirements for Basel II IRB purposes
Please find enclosed the white paper, which provides in-depth details of the key aspects discussed by the Basel Committee and our view on the same.
Kuwait Finance House: A Case-Study of Issues and Concerns in the Financial Re...camillesillapaldi
Through analyzing Kuwait Finance House's financial ratios and accounting practices, this document aims to evaluate the current state of financial reporting in Islamic banking.
The analysis finds that KFH has weak liquidity and declining profitability ratios from 2009-2011. Its use of debt financing has also increased its credit risk. KFH's accounting practices are also inconsistent, as it selectively follows IFRS and AAOIFI standards without fully adhering to either. This creates gaps in disclosure and transparency. Moody's has downgraded KFH's ratings due to asset quality issues and an overreliance on volatile investment income. The document recommends KFH improve its financial reporting consistency and practices.
PowerPoint presentations from Fundación Capital's South-South Knowledge Exchange Forum, organized with support from IFAD "Leveraging Opportunities to Encourage Financial Inclusion"
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
The blog provide some key insights on the subject – as to how to compute EIR for fixed or floating rate instruments, how to compute EIR for products which involves both interest income and fee income, what are the challenges which banks might face while computing EIR, what are the operational simplifications which banks might consider while computing EIR.
Momentive Performance DIP analysis May 2014John Sweeney
The document provides a point-in-time rating of 'BB-' to the debtor-in-possession term loan facility provided to Momentive Performance Materials USA Inc., a subsidiary of Momentive Performance Materials Inc. which is currently operating under Chapter 11 bankruptcy protection. The rating reflects Standard & Poor's assessment that the loan has a 'B+' likelihood of full repayment through a successful reorganization, enhanced to 'BB-' based on estimated recovery in a liquidation. Key factors in the rating include Momentive's restructuring needs, liquidity, and the view that its value exceeds the loan exposure, though its business risk profile is considered weak due to industry challenges.
Credit Suisse is scaling down its Prime Services unit. The revenue impact may be minimal: the bank has a strong synthetic financing capability, which could be folded into equity derivatives.
We disagree with the mainstream media’s unflattering coverage. CS’ cautious approach to restructuring is justified by the uncertain regulatory outlook, and the bank is, in fact, very close to achieving its key financial targets.
In the backdrop of the buzz that IFRS-9 has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. First in the series is our take on the latest BCBS paper which requires ‘high quality’, ‘robust’ & ‘consistent’ implementation of Expected Credit Loss (ECL) framework for all internationally active banks.
Key highlights from BCBS guidance are:
§ Banks should consider the principle of proportionality and materiality while finalizing the methodology for ECL estimation
§ BCBS allows the immediate reversal of allowance in case of credit quality improvement, recognising that ECL accounting frameworks are symmetrical
§ Limited use of IFRS 9 practical expedients such as, more than 30 days past due, low credit risk exemption & information set
§ Inclusion of forward looking information and macroeconomic forecasts to the historical information in the ECL estimation process
§ Requirement of robust policies and procedures for model governance and validation which is in line with regulatory requirements for Basel II IRB purposes
Please find enclosed the white paper, which provides in-depth details of the key aspects discussed by the Basel Committee and our view on the same.
Kuwait Finance House: A Case-Study of Issues and Concerns in the Financial Re...camillesillapaldi
Through analyzing Kuwait Finance House's financial ratios and accounting practices, this document aims to evaluate the current state of financial reporting in Islamic banking.
The analysis finds that KFH has weak liquidity and declining profitability ratios from 2009-2011. Its use of debt financing has also increased its credit risk. KFH's accounting practices are also inconsistent, as it selectively follows IFRS and AAOIFI standards without fully adhering to either. This creates gaps in disclosure and transparency. Moody's has downgraded KFH's ratings due to asset quality issues and an overreliance on volatile investment income. The document recommends KFH improve its financial reporting consistency and practices.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
1) Collateral management has become increasingly important for financial institutions due to market developments like increased collateral circulation and new regulations requiring more collateral. It is no longer a back office function but a major challenge.
should build or buy systems that can integrate with existing
2) Key features of collateral management include bi-party agreements between two parties, tri-party agreements involving a third party custodian, collateral trading and re-hypothecation, and repurchase (repo) agreements.
infrastructure and provide a centralized view of collateral across
3) Best practices for financial institutions include regularly revaluing collateral, maintaining relationships with key clients, performing regular portfolio reconciliations, considering outsourcing collateral
The document discusses the history and recommendations of the Narasimhan Committee reforms in India. It analyzes the strengths and weaknesses of the Indian banking system. The key weaknesses included a scarcity of skilled manpower, high costs, and weak risk management. The recommendations included deregulating interest rates, reducing requirements for statutory liquidity and cash reserve ratios, and increasing bank capitalization. It also recommended restructuring the banking system into a few large international banks, national banks, local area banks, and rural banks.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
On Balance Sheet At 100% Board Of Governors Of The Fed Reserve System Financi...gueste9299a5
This letter clarifies the distinction between financial standby letters of credit and performance standby letters of credit for risk-based capital purposes. Financial standby letters of credit, which guarantee repayment of a financial obligation, are considered direct credit substitutes and converted to an on-balance sheet credit equivalent amount at 100%. Performance standby letters of credit, which guarantee failure to perform a nonfinancial contractual obligation, are considered transaction-related contingencies and converted at 50%. The determining factor is whether the triggering event is financial, like failure to pay, or performance-related, like failure to ship goods.
Heartland Payment Systems is a payment processing company that has built a narrow economic moat through its merchant-focused and transparent business practices. It provides competitive advantages over larger processors through lower fees and a customer-first approach. While the company may see slower growth during an economic downturn due to its focus on small and medium businesses, the continued shift to debit and credit card usage provides long-term opportunities. The analyst maintains a fair value of $26 per share based on forecasts of continued revenue and margin growth.
- Global Wealth & Investment Management (GWIM) is a large and profitable division of Bank of America serving both affluent and wealthy clients.
- GWIM has significant growth opportunities by leveraging its large customer base and integrated business lines to increase cross-selling between products.
- Premier Banking & Investments focuses on the mass affluent market and has experienced strong growth and profitability by providing dedicated client managers and deepening relationships through additional product sales.
Sovereign Bancorp provides a first half 2006 investor report. Key highlights include:
1) Sovereign acquired Independence Community Bank, adding $11 billion in deposits and expanding into the New York metro area.
2) Sovereign completed a $2.4 billion equity offering with Santander and received credit rating upgrades.
3) Sovereign focused on initiatives to generate customer deposit growth like partnering to provide small business services and installing ATMs in CVS stores.
Colonial Properties Trust reported financial results for the first quarter of 2009. Total property revenues were $82.1 million, nearly equal to revenues of $80.9 million in the first quarter of 2008. Net income was $0.29 per diluted share, matching the previous year's first quarter. Funds from operations (FFO) per diluted share increased to $0.88 from $0.58 in the prior year period, due to lower interest expense and preferred share redemptions. The company's dividend payout ratio declined to 84.8% of diluted earnings per share from 165.2% in the first quarter of 2008.
This document discusses key topics related to measuring bank performance, including stock values and profitability ratios, measuring risks, operating efficiency, and the effects of bank size and location. It emphasizes that profitability and risk are important dimensions of performance for banks, as they must attract capital from the public. Various profitability ratios are introduced, such as return on equity, return on assets, net interest margin, and net noninterest margin, which are used to evaluate performance. The document also discusses how the value of a bank's stock is determined by expected dividends, risks, interest rates, and earnings growth. It provides examples of calculating stock values and profitability ratios.
Equities Capital provides securities-based lending programs that allow clients to use stocks and other securities as collateral to obtain loans or lines of credit. The presentation outlines the key details of their loan and line of credit programs, including compensation structures for independent agents. The process involves clients providing securities information, Equities Capital issuing loan commitments, clients signing documents, securities being transferred, loans being funded, and interest-only payments by clients. The goal is to help clients access funds using their securities as collateral in an easy-to-understand manner.
Chapter10Statement of Cash FlowsConsidering the impo.docxmccormicknadine86
Chapter
10
Statement of Cash Flows
Considering the importance of cash, it is not surprising that the statement of cashflows has become one of the primary financial statements. The statement of cashflows gives managers, equity analysts, commercial lenders, and investment bankers a
thorough explanation of the changes that occurred in the firm’s cash balances.
The statement of cash flows provides an explanation of the changes that occurred in the
firm’s cash balances for a specific period. Cash is considered to be the lifeblood of the firm.
Understanding the flow of cash is critical to having a handle on the pulse of the firm.
Quote the Banker, “Watch Cash Flow”
Once upon a midnight dreary as I pondered weak and weary
Over many a quaint and curious volume of accounting lore,
Seeking gimmicks (without scruple) to squeeze through some new tax loophole,
Suddenly I heard a knock upon my door,
Only this, and nothing more.
Then I felt a queasy tingling and I heard the cash a-jingling
As a fearsome banker entered whom I’d often seen before.
His face was money-green and in his eyes there could be seen
Dollar-signs that seemed to glitter as he reckoned up the score.
“Cash flow,” the banker said, and nothing more.
I had always thought it fine to show a jet black bottom line,
But the banker sounded a resounding, “No,
Your receivables are high, mounting upward toward the sky;
Write-offs loom. What matters is cash flow.”
He repeated, “Watch cash flow.”
Then I tried to tell the story of our lovely inventory
Which, though large, is full of most delightful stuff.
But the banker saw its growth, and with a mighty oath
R
Sh
er
w
oo
d
Ve
ith
/i
St
oc
kp
ho
to
.c
om
393
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
08/21/2019 - RS0000000000000000000001583532 - Financial Reporting and Analysis
He waved his arms and shouted, “Stop! Enough!
Pay the interest, and don’t give me any guff!”
Next I looked for non-cash items which could add ad infinitum
To replace the ever-outward flow of cash,
But to keep my statement black I’d held depreciation back,
And my banker said that I’d done something rash.
He quivered, and his teeth began to gnash.
When I asked him for a loan, he responded, with a groan,
That the interest rate would be just prime plus eight,
And to guarantee my purity he’d insist on some security—
All my assets plus the scalp upon my pate.
Only this, a standard rate.
Though my bottom line is black, I am flat upon my back.
My cash flows out and customers pay slow.
The growth of my receivables is almost unbelievable;
The result is certa ...
Ecolab's annual shareholders' meeting will be held on May 7, 2004 in St. Paul, Minnesota. Ecolab common stock is traded on the New York Stock Exchange under the symbol ECL. As of February 27, 2004 there were 4,725 shareholders of record and the stock price closed at $27.31 per share. Ecolab has paid dividends every year since 1936, with the most recent dividend of $0.08 per share declared in December 2003.
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. Cash flows are presented using either the direct or indirect method. Non-cash transactions are excluded from the cash flow statement. Cash flows must be reconciled to cash and cash equivalents reported on the balance sheet, and any restrictions on cash must be disclosed.
Direct Insite Corp. provides an electronic reverse lockbox solution called PAYBOXTM for banks and billers. PAYBOXTM facilitates billions of dollars in B2B transactions annually through its global network of over 375,000 participants. The solution provides opportunities for banks to generate new revenue from lockbox services and helps large corporations improve their accounts receivable and payable processes. Direct Insite is currently deploying PAYBOXTM with a tier 1 global financial institution and aims to sign additional banking partnerships to expand its network virally and generate recurring revenue through the solution.
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. It aims to provide information about the ability of an entity to generate cash, its needs to utilize cash, and the timing and certainty of cash flows. The standard describes the content of the statement of cash flows, including requirements for presentation and disclosures.
Sterling National Bank has been serving businesses in the NY metropolitan area since 1929. It offers a full range of banking services including deposit accounts, lending, and cash management services. For deposits, it provides business checking accounts tailored for small, growing, and established companies as well as specialized accounts for law firms, real estate managers, and IOLA accounts. For lending, Sterling offers accounts receivable financing, asset-based lending, lines of credit, commercial loans, commercial mortgages, equipment financing, factoring, trade finance, and mortgage warehouse lines of credit. It prides itself on high-touch customer service and customized financing solutions.
This document provides shareholder information for Ecolab, including details about the company's stock listing and trading symbols, annual shareholder meeting, dividend reinvestment plan, earnings releases, research coverage, transfer agent, and independent accountants. It lists contact information for shareholder services and investor inquiries.
1) The document is a fixed income presentation from December 10-12, 2008 that discusses SunTrust Banks, Inc.'s investment thesis, strategic initiatives, diversified franchise, and solid capital structure and balance sheet.
2) It highlights SunTrust's stable base of operations, strategic initiatives for growth, diversified franchise across consumer and commercial platforms and geographies, and strengthened capital ratios and balance sheet positioning.
3) Key metrics discussed include total assets of $174.8 billion, long term credit ratings of A+/A1/A+, equity market capitalization over $10.5 billion, and proactive steps taken to reduce risk and improve capital levels.
A presentation delivered June 4, 2009 describing the impact of the economic crisis on venture and angel investing and common sense steps for fundraising for Medical Device Startups. No one is an expert now.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
Collateral Management and Market Developments - WhitepaperNIIT Technologies
1) Collateral management has become increasingly important for financial institutions due to market developments like increased collateral circulation and new regulations requiring more collateral. It is no longer a back office function but a major challenge.
should build or buy systems that can integrate with existing
2) Key features of collateral management include bi-party agreements between two parties, tri-party agreements involving a third party custodian, collateral trading and re-hypothecation, and repurchase (repo) agreements.
infrastructure and provide a centralized view of collateral across
3) Best practices for financial institutions include regularly revaluing collateral, maintaining relationships with key clients, performing regular portfolio reconciliations, considering outsourcing collateral
The document discusses the history and recommendations of the Narasimhan Committee reforms in India. It analyzes the strengths and weaknesses of the Indian banking system. The key weaknesses included a scarcity of skilled manpower, high costs, and weak risk management. The recommendations included deregulating interest rates, reducing requirements for statutory liquidity and cash reserve ratios, and increasing bank capitalization. It also recommended restructuring the banking system into a few large international banks, national banks, local area banks, and rural banks.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
On Balance Sheet At 100% Board Of Governors Of The Fed Reserve System Financi...gueste9299a5
This letter clarifies the distinction between financial standby letters of credit and performance standby letters of credit for risk-based capital purposes. Financial standby letters of credit, which guarantee repayment of a financial obligation, are considered direct credit substitutes and converted to an on-balance sheet credit equivalent amount at 100%. Performance standby letters of credit, which guarantee failure to perform a nonfinancial contractual obligation, are considered transaction-related contingencies and converted at 50%. The determining factor is whether the triggering event is financial, like failure to pay, or performance-related, like failure to ship goods.
Heartland Payment Systems is a payment processing company that has built a narrow economic moat through its merchant-focused and transparent business practices. It provides competitive advantages over larger processors through lower fees and a customer-first approach. While the company may see slower growth during an economic downturn due to its focus on small and medium businesses, the continued shift to debit and credit card usage provides long-term opportunities. The analyst maintains a fair value of $26 per share based on forecasts of continued revenue and margin growth.
- Global Wealth & Investment Management (GWIM) is a large and profitable division of Bank of America serving both affluent and wealthy clients.
- GWIM has significant growth opportunities by leveraging its large customer base and integrated business lines to increase cross-selling between products.
- Premier Banking & Investments focuses on the mass affluent market and has experienced strong growth and profitability by providing dedicated client managers and deepening relationships through additional product sales.
Sovereign Bancorp provides a first half 2006 investor report. Key highlights include:
1) Sovereign acquired Independence Community Bank, adding $11 billion in deposits and expanding into the New York metro area.
2) Sovereign completed a $2.4 billion equity offering with Santander and received credit rating upgrades.
3) Sovereign focused on initiatives to generate customer deposit growth like partnering to provide small business services and installing ATMs in CVS stores.
Colonial Properties Trust reported financial results for the first quarter of 2009. Total property revenues were $82.1 million, nearly equal to revenues of $80.9 million in the first quarter of 2008. Net income was $0.29 per diluted share, matching the previous year's first quarter. Funds from operations (FFO) per diluted share increased to $0.88 from $0.58 in the prior year period, due to lower interest expense and preferred share redemptions. The company's dividend payout ratio declined to 84.8% of diluted earnings per share from 165.2% in the first quarter of 2008.
This document discusses key topics related to measuring bank performance, including stock values and profitability ratios, measuring risks, operating efficiency, and the effects of bank size and location. It emphasizes that profitability and risk are important dimensions of performance for banks, as they must attract capital from the public. Various profitability ratios are introduced, such as return on equity, return on assets, net interest margin, and net noninterest margin, which are used to evaluate performance. The document also discusses how the value of a bank's stock is determined by expected dividends, risks, interest rates, and earnings growth. It provides examples of calculating stock values and profitability ratios.
Equities Capital provides securities-based lending programs that allow clients to use stocks and other securities as collateral to obtain loans or lines of credit. The presentation outlines the key details of their loan and line of credit programs, including compensation structures for independent agents. The process involves clients providing securities information, Equities Capital issuing loan commitments, clients signing documents, securities being transferred, loans being funded, and interest-only payments by clients. The goal is to help clients access funds using their securities as collateral in an easy-to-understand manner.
Chapter10Statement of Cash FlowsConsidering the impo.docxmccormicknadine86
Chapter
10
Statement of Cash Flows
Considering the importance of cash, it is not surprising that the statement of cashflows has become one of the primary financial statements. The statement of cashflows gives managers, equity analysts, commercial lenders, and investment bankers a
thorough explanation of the changes that occurred in the firm’s cash balances.
The statement of cash flows provides an explanation of the changes that occurred in the
firm’s cash balances for a specific period. Cash is considered to be the lifeblood of the firm.
Understanding the flow of cash is critical to having a handle on the pulse of the firm.
Quote the Banker, “Watch Cash Flow”
Once upon a midnight dreary as I pondered weak and weary
Over many a quaint and curious volume of accounting lore,
Seeking gimmicks (without scruple) to squeeze through some new tax loophole,
Suddenly I heard a knock upon my door,
Only this, and nothing more.
Then I felt a queasy tingling and I heard the cash a-jingling
As a fearsome banker entered whom I’d often seen before.
His face was money-green and in his eyes there could be seen
Dollar-signs that seemed to glitter as he reckoned up the score.
“Cash flow,” the banker said, and nothing more.
I had always thought it fine to show a jet black bottom line,
But the banker sounded a resounding, “No,
Your receivables are high, mounting upward toward the sky;
Write-offs loom. What matters is cash flow.”
He repeated, “Watch cash flow.”
Then I tried to tell the story of our lovely inventory
Which, though large, is full of most delightful stuff.
But the banker saw its growth, and with a mighty oath
R
Sh
er
w
oo
d
Ve
ith
/i
St
oc
kp
ho
to
.c
om
393
Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
08/21/2019 - RS0000000000000000000001583532 - Financial Reporting and Analysis
He waved his arms and shouted, “Stop! Enough!
Pay the interest, and don’t give me any guff!”
Next I looked for non-cash items which could add ad infinitum
To replace the ever-outward flow of cash,
But to keep my statement black I’d held depreciation back,
And my banker said that I’d done something rash.
He quivered, and his teeth began to gnash.
When I asked him for a loan, he responded, with a groan,
That the interest rate would be just prime plus eight,
And to guarantee my purity he’d insist on some security—
All my assets plus the scalp upon my pate.
Only this, a standard rate.
Though my bottom line is black, I am flat upon my back.
My cash flows out and customers pay slow.
The growth of my receivables is almost unbelievable;
The result is certa ...
Ecolab's annual shareholders' meeting will be held on May 7, 2004 in St. Paul, Minnesota. Ecolab common stock is traded on the New York Stock Exchange under the symbol ECL. As of February 27, 2004 there were 4,725 shareholders of record and the stock price closed at $27.31 per share. Ecolab has paid dividends every year since 1936, with the most recent dividend of $0.08 per share declared in December 2003.
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. Cash flows are presented using either the direct or indirect method. Non-cash transactions are excluded from the cash flow statement. Cash flows must be reconciled to cash and cash equivalents reported on the balance sheet, and any restrictions on cash must be disclosed.
Direct Insite Corp. provides an electronic reverse lockbox solution called PAYBOXTM for banks and billers. PAYBOXTM facilitates billions of dollars in B2B transactions annually through its global network of over 375,000 participants. The solution provides opportunities for banks to generate new revenue from lockbox services and helps large corporations improve their accounts receivable and payable processes. Direct Insite is currently deploying PAYBOXTM with a tier 1 global financial institution and aims to sign additional banking partnerships to expand its network virally and generate recurring revenue through the solution.
IAS 7 provides guidance on cash flow statements. It requires entities to present a statement of cash flows which classifies cash flows during a period into operating, investing and financing activities. It aims to provide information about the ability of an entity to generate cash, its needs to utilize cash, and the timing and certainty of cash flows. The standard describes the content of the statement of cash flows, including requirements for presentation and disclosures.
Sterling National Bank has been serving businesses in the NY metropolitan area since 1929. It offers a full range of banking services including deposit accounts, lending, and cash management services. For deposits, it provides business checking accounts tailored for small, growing, and established companies as well as specialized accounts for law firms, real estate managers, and IOLA accounts. For lending, Sterling offers accounts receivable financing, asset-based lending, lines of credit, commercial loans, commercial mortgages, equipment financing, factoring, trade finance, and mortgage warehouse lines of credit. It prides itself on high-touch customer service and customized financing solutions.
This document provides shareholder information for Ecolab, including details about the company's stock listing and trading symbols, annual shareholder meeting, dividend reinvestment plan, earnings releases, research coverage, transfer agent, and independent accountants. It lists contact information for shareholder services and investor inquiries.
1) The document is a fixed income presentation from December 10-12, 2008 that discusses SunTrust Banks, Inc.'s investment thesis, strategic initiatives, diversified franchise, and solid capital structure and balance sheet.
2) It highlights SunTrust's stable base of operations, strategic initiatives for growth, diversified franchise across consumer and commercial platforms and geographies, and strengthened capital ratios and balance sheet positioning.
3) Key metrics discussed include total assets of $174.8 billion, long term credit ratings of A+/A1/A+, equity market capitalization over $10.5 billion, and proactive steps taken to reduce risk and improve capital levels.
A presentation delivered June 4, 2009 describing the impact of the economic crisis on venture and angel investing and common sense steps for fundraising for Medical Device Startups. No one is an expert now.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
SLM Corporation presented at the American Securitization Forum Conference on February 4-6, 2008. The presentation contained forward-looking statements and disclosures about non-GAAP financial measures. It provided an overview of SLM, including that it is the largest originator, servicer, and collector of student loans in the US, with a $164 billion portfolio that is mostly government guaranteed. The presentation also discussed SLM's recent events, new management, business fundamentals, competitive advantages in the student loan market, and strategies to focus on more profitable private and federal loans.
Bill Dallas has over 35 years of experience in the mortgage industry. He founded First Franklin, which was sold for $232 million in 1998. He later purchased and sold other mortgage companies for hundreds of millions of dollars. Currently, he is the CEO of Skyline Home Loans, which he joined in 2009. Skyline has grown through acquisitions to produce over $1 billion in loans annually with plans to expand to $10 billion annually within five years. Skyline aims to take market share back from large banks by offering an innovative digital mortgage platform that reduces costs and improves compliance.
Bank of America Corporation acquires Merrill Lynch & Co., Inc. PresentationQuarterlyEarningsReports3
This document summarizes the proposed merger between Bank of America and Merrill Lynch to create the premier financial services company. Some key points:
- Ken Lewis of Bank of America and John Thain of Merrill Lynch will lead the combined company.
- The merger combines Bank of America's retail banking franchise with Merrill Lynch's leading wealth management and investment banking businesses.
- The deal will diversify revenue streams and significantly enhance Bank of America's investment banking capabilities.
- Merrill Lynch brings over 20,000 financial advisors and $2.5 trillion in client assets to strengthen Bank of America's wealth management business.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
western unionRelated Person Transactions Policy finance47
The policy establishes guidelines for approving related person transactions between the company and its directors, executive officers, or significant shareholders. It requires that all related person transactions be approved or ratified by the Corporate Governance Committee or disinterested members of the Board. The committee must consider factors like the transaction's size, the related person's interest, potential conflicts, and whether comparable terms could be obtained from an unaffiliated third party. Ongoing related person transactions are also subject to annual review. All approved transactions must be disclosed as required by securities laws.
The document summarizes Western Union's 2006 annual report. It highlights that Western Union has a 150-year history of connecting people around the world through money transfers, with its brand synonymous with speed, trust, reliability and convenience. It processes nearly 150 million consumer-to-consumer transactions annually, accounting for over 80% of its revenue. It is also expanding its consumer-to-business services to allow bill payments, having recently acquired a company in Argentina, as it looks to increase diversification and growth opportunities.
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
This document provides an analysis of Hershey Foods Corporation's financial condition and results of operations. It discusses increases in net sales and gross margin from 1999 to 2000 primarily due to lower raw material costs. Selling and administrative expenses also increased from 1999 to 2000 due to higher marketing and staffing costs. In 2000, Hershey acquired Nabisco's mint and gum businesses for $135 million. The acquisition increased assets but did not materially impact 2000 results. Cash flow from operations and prior asset sales exceeded capital expenditures, share repurchases and dividends. Liquidity remains strong with continued capital investments planned.
1) Net sales for Hershey Foods Corporation increased 6% from 1999 to 2000 due to higher core confectionery and grocery product sales in North America, new product introductions, and lower returns and discounts. Net sales decreased 10% from 1998 to 1999 primarily due to the sale of the pasta business.
2) Gross margin increased from 40.7% in 1999 to 41.5% in 2000 due to lower raw material costs and returns/discounts, but was partially offset by higher distribution costs. Gross margin decreased from 40.8% in 1998 to 40.7% in 1999 due to product mix and higher distribution costs.
3) Net income decreased 27% from 1999 to 2000 due to the 1999
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. Net sales decreased in 2002 due to increased promotion costs, divestitures, and sluggish retail conditions. Cost of sales decreased due to lower raw material costs and supply chain efficiencies. In late 2001, the company approved a business realignment plan to improve efficiency, including outsourcing manufacturing, rationalizing product lines, improving supply chain, and workforce reductions, generating $75-80 million in annual savings. Charges of $312 million were recorded for these initiatives.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and net income compared to 2002 through strategies focusing on key brands, gross margin expansion, and earnings growth per share.
- The company's strategies over a three-year period resulted in increased sales, gross margins, and returns through price increases, improved sales mix, lower costs, and share repurchases. However, challenges remain in driving profitable core confectionery growth and portfolio evolution.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and income compared to 2002 through strategies focused on key brands, gross margin expansion, and earnings growth per share.
- Primary challenges for 2004 and beyond include profitable sales growth in core confectionery and broader snacks, evolving the product portfolio to meet consumer trends, and balancing growth and profit in seasonal and packaged candy businesses. The company expects continued revenue growth, margin expansion, and earnings growth per share through focus on these strategies.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, marketing strategies, distribution networks, raw material costs, and price increases. Key details include that Hershey manufactures and sells over 50 brands of confectionery, snack, refreshment and grocery products in North America and other countries. It sources cocoa beans, its primary raw material, from various global regions.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, distribution, raw materials, and pricing. Key details include: Hershey manufactures and sells confectionery, snack, refreshment and grocery products worldwide; its major brands include Hershey's, Reese's, and Kit Kat; cocoa beans are its primary raw material; and it announced price increases on half its domestic confectionery line in late 2004 and early 2005.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
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.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
"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.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
13 Jun 24 ILC Retirement Income Summit - slides.pptx
sovereignbankQ2_2005
1. Second Quarter 2005 Investor Report
sovereignbank.com | NYSE:SOV
Second Quarter 2005 Earnings Highlights
Financial Highlights
■ et
N income was $183 million, up 40% from $131 million in the same quarter a year ago. Earnings per diluted share for the second
quarter of 2005 were $.47, up 16% from $.41 per diluted share in the second quarter of 2004.
■ perating/cash
O earnings were $197 million, up 37% from $143 million in the same quarter a year ago. Operating/cash earnings per
diluted share were $.49 per share, up 7% from $.46 per share in the second quarter of 2004. Operating/cash earnings exclude a
reversal of merger and integration charges related to previous acquisitions of $5.5 million, after tax, or $.01 per share in the second
quarter of 2005 and amortization of intangible assets of $12.2 million, or $.03 per share, and $12.0 million, or $.04 per share, in the
second quarters of 2005 and 2004, respectively.
ratio was 48.7% in the second quarter of 2005 as compared to 49.2% in the second quarter of 2004.
■ Efficiency
■ verage
A deposits increased to $36.2 billion during the quarter, an annualized organic growth rate of 9%; average core deposits
(excluding time deposits) increased to $26.8 billion during the quarter, an annualized organic growth rate of 5%.
loans increased to $41.4 billion during the quarter, an annualized organic growth rate of 19%.
■ Average
■ eturn
R on average assets of 1.26% compared to 1.10% in the second quarter of 2004. Operating/cash return on average assets of
1.31% compared to 1.20% in the second quarter of 2004.
■ eturn
R on average equity of 13.4% compared to 13.6% in the second quarter of 2004. Operating/cash return on tangible common equity
of 29.1% compared to 24.8% a year ago.
■ nnualized
A net charge-offs decreased to .19% of average loans at June 30, 2005, versus .20% at March 31, 2005 and .43%
at June 30, 2004.
■ overeign
S repurchased 10 million shares during the quarter through our previously announced repurchase program, and a total of
16 million shares through July 31, 2005.
■ n
O July 20, 2005, Sovereign’s Board of Directors authorized a new stock repurchase program for up to 20 million shares, approximately
5% of shares outstanding, to commence at the conclusion of a previously authorized repurchase program.
For our full second quarter 2005 earnings press release, please visit the News and Press section of the Investor Relations page on our web
site at sovereignbank.com.
Community Involvement Highlights
Sovereign Bank is providing loan assistance to small businesses affected by the recent Red Tide disaster that contaminated shellfish beds along the
coast of Massachusetts. Sovereign is the only bank providing such technical assistance to help businesses apply for Economic Injury Disaster Loans
(EIDLs) through the SBA.
The Sovereign Bank Foundation has donated $5,000 to the Philadelphia Zoo’s Corporate Giving Program. Through this program, sponsors make it
possible for thousands less fortunate to visit and learn from the Zoo’s 42-acre garden, as well as enjoy other benefits.
Sovereign Bank has committed $40,000 for sponsorship of The Heart Gallery of New Jersey, Inc., a non-profit organization dedicated to raising
awareness of New Jersey’s foster children who are legally free for adoption and are in need of finding permanent homes.
2. Investor Report
Sovereign Bancorp, Inc., (“Sovereign”) (NYSE: SOV), is the parent company of Sovereign Bank, a $60 billion financial institution
with more than 650 community banking offices, over 1,000 ATMs and approximately 10,000 team members with principal markets
in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking,
business and corporate banking, cash management, capital markets, trust and wealth management and insurance. Sovereign
is the 19th largest banking institution in the United States. For more information on Sovereign Bank, visit sovereignbank.com or
call 1-877-SOV-BANK (1-877-768-2265).
Sovereign Bancorp Introduces Electronic Delivery of Proxy Materials
We are pleased to offer our shareholders the benefits and convenience of viewing Proxy Statements, Annual Reports and other shareholder materials online.
With your consent, we can stop sending paper copies of these documents beginning this year and until you notify us otherwise. To enroll, log onto the Internet at:
sovereignbank.com, Investor Relations, Shareholder Services, Electronic Delivery Enrollment. Next, enter your account, Social Security or tax I.D. number
(as printed on your check or statement) on the secure site; then enter your e-mail address and a PIN number of your choice, which will be used for electronic
voting. Reduce paper mailed to your home—enroll today!
Some examples of how to request assistance:
Mellon Investor Services Telephonic System Tips
■ To enroll in Dividend Reinvestment, say “Dividend Reinvestment”
In June of 2004, Mellon Investor Services upgraded its IVR to a
or “enroll in Dividend Reinvestment”
more sophisticated speech recognition system called the “Tell Me”
■ To change the address of record, say “change address”
system. The new system recognizes speech patterns and is thus able to
■ To report lost stock certificates and receive replacement
handle many calls that previously were routed to a Customer Service
paperwork, say “replace certificate”
representative, which sometimes resulted in extended waiting periods.
■ To transfer ownership of a certificate or book shares, say
The new system is easy to use. Dial 1-800-685-4524; after the system “transfer ownership of stock”
introduction, registered shareholders can simply say what they need. ■ To request replacement of a lost dividend check, say
“replace dividend check”
Mellon Investor Services can only assist registered shareholders; beneficial
■ At any time, shareholders may interrupt the system (after the
holders should contact their brokers for assistance.
introduction) to make their request. To speak with a Customer
Service Representative, shareholders can say “customer service”
or “operator” at any time.
Common Stock Direct Stock Purchase Plan with Dividend Reinvestment
Sovereign Bancorp, Inc. now offers a Direct Stock Purchase Plan along with our Dividend Reinvestment Plan. The Plan provides a convenient
and economical method for new investors to make an initial investment in our common stock and for existing investors to increase their holdings
of our common stock. Interested investors may request the new prospectus and enrollment form by calling 1-800-842-7629 and following
the telephone prompts. Alternatively, investors may also view the prospectus and enroll online over the Internet via Investor Service Direct® at
www.melloninvestor.com
Corporate Information
James J. Lynch
CONTACT INFORMATION DIVIDENDS FINANCIAL INFORMATION
Chairman and Chief Executive Officer
Mailing Address Investors, brokers, security analysts, and others
Cash dividends on common stock are
of Sovereign Bank Mid-Atlantic Division
Sovereign Bancorp Investor Relations desiring financial information should contact:
customarily paid on a quarterly basis on or
267-675-0636
Mail Code: 11-900-IR5 about the 15th of February, May, August, and Mark R. McCollom, CPA Jlynch1@sovereignbank.com
P.O. Box 12646 November. Chief Financial Officer
Reading, PA 19612 Mark R. McCollom, CPA
610-208-6426
Sovereign Trust Preferred Capital Securities Chief Financial Officer
Mmccollo@sovereignbank.com
Phone
dividends are customarily paid on a quarterly 610-208-6426
Operator: 610-320-8400 Stacey V. Weikel
basis on or about March 31, June 30, September Mmccollo@sovereignbank.com
Investor Relations Voice Mail: 1-800-628-2673 Senior Vice President,
30, and December 31.
Lawrence M. Thompson, Jr., Esq.
Investor Relations and Strategic Planning
Internet
Chief Operating Officer, Sovereign Bank
610-208-6112
Web Site: sovereignbank.com REGISTRAR AND TRANSFER AGENT
610-526-6230
Sweikel@sovereignbank.com
E-mail: investor@sovereignbank.com Registered shareholders who wish to change the Lthompso@sovereignbank.com
EXECUTIVE MANAGEMENT
name, address, or ownership of stock, report lost
OFFICE OF THE CHAIRMAN
stock certificates, or consolidate stock accounts
should contact: Jay S. Sidhu
Chairman of the Board,
Common Stock – NYSE: SOV
President, and CEO
Mellon Investor Services
610-320-8415
One Mellon Bank Center
Jsidhu@sovereignbank.com
500 Grant Street, Room 2122
Pittsburgh, PA 15258 Joseph P . Campanelli
1-800-685-4524 President and Chief Executive Officer
Sovereign Bank New England Division
Trust Preferred Securities – NYSE: SOVPRA
617-757-3444
The Bank of New York
Jcampane@sovereignbank.com
2 North LaSalle Street
10th Floor Chicago, IL 60602
312-827-8547
2