Most-Clicked Stars! How Beyonce, Scandal & Fat Bitch Food Made 2013 Unbelievable for Kinky Boots’ Billy Porter

first_img BILLY PORTER! In 2013, Porter had an amazing Broadway comeback in the role of Lola in Kinky Boots, winning the Tony Award for Best Performance by a Leading Actor in a Musical for his sizzling work. All week, we’re highlighting the ten most-clicked stars who appeared on Broadway in 2013 (in no particular order!). Today’s fan favorite is… In the video below, Porter talks about his favorite things and moments from the year!center_img View Commentslast_img

Colnago Adds Campagnolo EPS C59 Disc Road Bike, Disc Brake Cyclocross & 29ers!

first_imgTwenty IX alloy 29er uses hydroformed 6000-series aluminum, a hybrid bearing headset, PressFit 86 BB, Reba fork with SLX/XT build on DT Swiss wheels and a Truvativ cockpit. New Prestige Disc is built with mechanical disc brakes in mind, but we see no reason why their Formula hydraulic kit can’t go on it…it’s already running Di2.The frame has mounts for cable stops, so you can run it with mechanical or electronic drivetrains.The C29 uses their lugged carbon construction as the C59 using a new “Master Type II” tubeset.It weighs in at 1150g (claimed). Headset is Tapered, though it looks almost like you could run a straight 1.5″ steerer in there.The downtube is rectangle-ish with concave rounded corners.Available at the end of the year in three sizes. The inline hose quick release lets you easily remove the handlebar for packing the bike. We’ve heard Shimano’s looking at a similar system, presumably to ease the transition to internally routed hydraulic lines on road bikes and make it easier for shops to build and service them.Above and below, two more color options for the C59. A couple of pro bikes were on display along with the Ferrari branded city and road bikes. In the background on the right is the K.Zero TT bike also covered in the link further up. It’ll come with a flat stem and one with 7cm of rise. Smaller adjustments can be made with spacers under the elbow rests. Colnago’s C59 Disc is now available with Campagnolo EPS in addition to the original Di2 version. Technically, it might be the only option for a while – word is Formula is reworking the shifters to work with Shimano’s newer E-tube wiring system introduced with Ultegra Di2 and now used on the latest Dura-Ace Di2 11-speed. And since those parts aren’t shipping yet, it might be a bit before they have the levers ready.Alternatively, the C59 is also sold as a frame if you want to build up a mechanical disc brake bike. If you want the Formula hydraulic/electronic system, you can buy the lever/brake combo for your preferred drivetrain to go with the frame. Pricing is TBD. Color options same as the regular C59 range.Rear spacing is 135mm. There’s now a quick release in the rear brake line to make packing a bike easier when you remove the handlebar. Check that out along with the EPS-ready levers and much more below…last_img read more

Merchants reports Q3 2016 financial results ahead of acquisition

first_img% 0.49 9 (Dollars in thousands except share and per share data) Bank owned life insurance 0.21 2,301 548 September 30, 6,883,644 — 1,419,903 Other long-term debt 2015 All other loans 6,866,418 % 6,871,642 Period end common shares outstanding 6,866 3,911 % (0.01) 47,551 % 21.56 Diluted earnings per common share 10,456 13,831 Merchants Bancshares, Inc. Weighted average common shares outstanding % 12,210 $ 29,469 Earning assets 0.40 7.29 Provision for credit losses Bank owned life insurance $ $ % 19,422 Non-interest bearing deposits 21.80 1,453,330 12.86 90,672 Time deposits Accruing loans 31 to 90 days past due as a percent of total loans 28,380 % 1,507,276 157,796 Average yield of earning assets 931 % September 30, 661,962 52,795 34,172 32,478 13,624 0.28 12.78 % Bank owned life insurance % 1,207 110 % Compensation and benefits 1,075 $ — 2015 812 % $ 2,224 199 5,456 June 30, Net loans % 51,214 437 8.84 15,030 12,338 (72) Total assets 61 390 2,021,237 $ % 632,847 (315) 2015 111,070 6,886,253 61 2016 6,292 $ % 209,031 235,927 % September 30, % — % 1,453,507 % 731 22,000 (Dollars in thousands except share and per share data) 2,021,237 — 19 Real estate loans – residential Securities sold under agreement to repurchase, short-term 30,053 267,794 Credit Quality – Period End 3,673 % 282,083 1,694,216 3,997 45,312 Interest earning cash and other short-term investments 51 20,619 12,264 3,228 September 30, 1,097 280,078 2015 10,492 1,742,417 662,250 1,685,695 38,759 17,549 Total assets Total stockholders’ equity 4,290 Other liabilities % $ 5,784 55,210 Stockholders’ equity 1,470 Period Ended $ % $ % Provision for income taxes 20,619 — 1.89 % 9,276 14,930 % Investments-held to maturity, taxable — 26,684 250 126,549 Loans 184,920 $ FHLB stock 7,551 Allowance for loan losses 12,468 1,451,612 Loans 4,549 4,781 64.12 1,818,341 % 1,387,473 1,306,613 13,041 103 581,351 % $ 404 September 30, 2,050 Equipment expense 1.71 Total interest expense 31,166 1,959,396 Cash and due from banks % 13.02 110 Legal and professional fees 1,759,743 7,011 % Return on average assets $ 20,619 For the Three Months Ended 20,619 152 52,487 Merchants Bancshares, Inc 8.77 — 3,694 Trust division income Short-term borrowings Total deposits % 613,337 89,918 1,395,154 period presentation. 63,130 20,619 $ 11,055 192 $ 0.55 7,786 1,961 $ 89 1,432,167 Period End 429 Interest bearing liabilities 207 20,619 Long-term debt Stockholders’ equity Balance Sheets – Quarter-to-Date Averages 44,755 10,022 Time deposits Investments-held to maturity, taxable 6,887 60,590 260,167 1,503,840 Municipal loans Basic earnings per common share 1,036,324 2,329 3,985 905 0.85 Marketing expenses Fed funds sold 3.77 Net interest rate spread 2016 448,632 % 321 % 10,042 1,880,008 (Dollars in thousands except share and per share data) 2016 1,258 September 30, 1,195 $ 7.29 1,025 Total deposits — 5,008 1.80 Interest earning cash and other short-term investments 609,454 $ 111,190 473 Adjusted net income State franchise taxes 835 1,793,177 6,346 7.84 2016 6,019 1,819,205 1,289 1,218,067 390 156,293 FHLB stock 5,961 Other assets 3,797 35,121 10,395 September 30, 51,702 2,370 Junior subordinated debentures issued to unconsolidated subsidiary trust Tangible capital ratio 1,135,496 Stockholders’ equity 336 % % 666,433 0.89 Time deposits — 3,792 — 340 Interest on interest earning deposits with banks and other short-term investments September 30, 1,818,341 1,402,240 1,258 % 212,859 Nonperforming loans (“NPLs”) (2) 5,982 10,515 342 31 106 $ 577,006 7,640 6.94 1,805,574 1,608,647 113,403 Net interest income 127,876 1,207 $ 37,018 1,986,437 1,180,131 653 Ratios and Supplemental Information: 4,233 26,049 0.62 2016 Common Equity Tier 1 1,169,713 2015 1,653 2015 12,540 % December 31, $ 193 $ 108,423 $ Adjusted diluted earnings per common share % $ 363 6,899 Total Loans 7,011 Community Bank System, Inc. merger related expenses 1,551,439 September 30, 632,481 1,464,745 Total liabilities Allowance for loan losses (“ALL”) 106,681 222,782 Noninterest income 0.29 0.38 Tier I leverage ratio % 6,337,778 Period End 6,872 13,797 6,547 $ December 31, 1,052 24,906 % 8,872 3,856 15.77 FDIC insurance September 30, 450 Tangible capital ratio (1) 129,258 12,897 (112) 5,352 58 For the Nine Months Ended 296 1,439,144 10,680 $ 354 6,855,294 10,551 2,258 11,923 % 4,236 Allowance for loan losses 4,489 0.61 September 30, $ 1,477,285 15.91 Cash and due from banks 0.06 Adjustments, net of tax Adjusted basic earnings per common share 1,630,485 $ 20.93 $ 0.35 Investments-held to maturity, taxable Total liabilities Net loans 12,223 % % 1,477,285 427 $ 14,052 Balance Sheets – Period End 0.24 % 0.20 % 158,287 NPAs as a percent of total assets (2) 1,414,280 $ 4,236 476 Goodwill 20.93 0.88 1600 10,659 $ 0.85 Real estate loans – construction 15.59 7.55 Savings, interest bearing checking and money market accounts June 30, 2015 0.06 2015 % For the Nine Months Ended 763 % 0.05 % 2016 187 8 Average cost of interest bearing deposits 2016 Merchants Bancshares, Inc Other liabilities 1,753,967 153,822 $ Investment in real estate limited partnerships 11.36 $ 2,226 2016 150 10,115 237,451 — Interest and dividends on investments 268,530 — $ 1,869,402 0.63 1,799,986 207,067 763 191,757 — Goodwill 3,255 10.20 450,584 1.95 29,469 10,626 $ June 30, Investments-available for sale, taxable 558,004 3,449 1,414,280 0.57 Other assets 34,802 9.91 35,371 1.97 195,410 Net (charge-offs) recoveries to average loans 6,349 22.74 2.80 219,247 0.04 6,967 $ $ 13.83 0.80 Financial Highlights (unaudited) $ Book value per share 10,308 % 2.04 Balance Sheets – Year-to-Date Averages $ June 30, 17.10 13,631 9,854 3,131 148,054 73,630 0.62 $ 2015 1,994,655 Mobile & internet banking 1,898,710 610,499 18,801 132,646 43,022 Core deposit intangible 3.33 233,934 1,245,722 — % $ 3.74 3.79 — 1,401 407 2,012,910 2,265 0.64 1,047 Real estate loans – commercialcenter_img Ratios and Supplemental Information – Period End 148,054 1,736,523 $ 1.63 Tangible assets 586,773 1,395,393 1,019,656 Non-interest bearing deposits 584,392 Securities sold under agreement to repurchase, short-term $ Tangible stockholders’ equity 620,224 148,163 139,727 December 31, Financial Highlights (unaudited) Severance and retirement costs 345 1,382,973 $ 424 % 15,000 7,011 1,206,002 Operating Results 15 Loans 1,050 Investments-available for sale, taxable June 30, 2016 1,277 $ 424 29,324 12,040 2016 796 3,221 122,924 1,395,393 $ 13,058 1,207 450,673 $ 5,803 $ Total assets 30,221 0.90 886 1,818 12,065 2015 % 14,386 10,709 54 2015 3,571 % 4,378 298,973 % For the Nine Months Ended 1,108 $ 38,419 (1)  The efficiency ratio excludes amortization of intangibles, OREO expenses, gain/loss on sales of securities, state franchise taxes, and any significant nonrecurring items. 627,883 $ Time deposits 3,214 Loan Portfolios: $ 0.68 Telephone expense 379 1,891,143 September 30, Non-GAAP Financial Measures. In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, such as core net income, tangible capital ratio and fully taxable equivalent net interest income. Net interest income is presented on a fully taxable equivalent basis, specifically included in interest income was tax-exempt interest income from certain tax-exempt loans. An amount equal to the tax benefit derived from this tax exempt income is added back to the interest income total, to produce net interest income on a fully taxable equivalent basis. Merchants Bancshares believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Additionally, capital ratios as presented are preliminary and will not be finalized until the Company completes and files its regulatory reporting.Cautionary Note Regarding Forward-Looking StatementsCertain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe Merchants Bancshares’ future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. Actual results could differ materially from those projected in the forward-looking statements as a result of, among others ; costs or difficulties related to the integration of NUVO; weakness in general, national, regional or local economic conditions, the performance of the investment portfolio, quality of credits or the overall demand for services; changes in loan default and charge-off rates which could affect the allowance for credit losses; declines in the equity and financial markets; reductions in deposit levels which could necessitate increased and/or higher cost borrowing to fund loans and investments; declines in mortgage loan refinancing, equity loan and line of credit activity which could reduce net interest and non-interest income; changes in the domestic interest rate environment and inflation; changes in the carrying value of investment securities and other assets; misalignment of interest-bearing assets and liabilities; increases in loan repayment rates affecting interest income and the value of mortgage servicing rights; changing business, banking, or regulatory conditions or policies, or new legislation affecting the financial services industry that could lead to changes in the competitive balance among financial institutions, restrictions on bank activities, changes in costs (including deposit insurance premiums), increased regulatory scrutiny, declines in consumer confidence in depository institutions, or changes in the secondary market for bank loan and other products; changes in accounting rules, federal and state laws, IRS regulations, and other regulations and policies governing financial holding companies and their subsidiaries which may impact Merchants Bancshares’ ability to take appropriate action to protect financial interests in certain loan situations; the ability of the Company and Community Bank System, Inc. (“CBU”) to satisfy the conditions set forth in the Merger Agreement (as defined and discussed below), disruptions to the Company’s business during the pendency of the Merger (as defined and discussed below; and the proposed merger with CBU.You should not place undue reliance on forward-looking statements, and are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, which are included in more detail in the Annual Report on Form 10-K, as updated by Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission (“SEC”). Merchants Bancshares’ does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.Source:  SOUTH BURLINGTON, Vt., Oct. 27, 2016 /PRNewswire/ — Merchants Bank % 1,878,135 Interest earning cash and other short-term investments 0.52 10.75 % Short-term borrowings 500 % 476 % 5,785 726 107 665,623 6,338,158 Commercial, financial and agricultural 21,541 4,378 31 214 % 615,401 12,914 Total liabilities 1,133 2015 5,768 $ 156,293 % 3,911 — 1,898,710 283,454 399 276,083 620,142 21.59 15,559 7.55 158,287 2.95 June 30, Total assets Other long-term debt 13 215 Installment loans June 30, % 425 $ 2,545 2016 105,421 9,248 Total risk-based capital ratio 1,836,368 44 20,619 19,277 10,833 2,606 September 30, 399 1,036 Service charges on deposits 0.06 % $ 1,094 3.05 1,359,958 1,994,655 % 829 843 $ 8.77 153,773 15,746 268,614 1.62 Other noninterest income 6,865,598 2015 20,619 $ $ Community Bank System, Inc. merger costs 112,007 398 2,666 764 4,378 Nonperforming assets (“NPAs”) (2) Other liabilities 10,591 676 704 2,286 % % 575,492 2016 476 % Average yield on investments 6,333 651 % 3,856 Core deposit intangible 1,975 September 30, $ Financial Highlights (unaudited) 206,181 279,416 Other noninterest expense 1,195 Core / Item processing 1,233,638 6,872 2,847 Federal Home Loan Bank (“FHLB”) stock Interest bearing liabilities % Ratios and Supplemental Information Net, debit card income % 10,131 Other assets 10,924 NUVO Bank & Trust Company acquisition costs September 30, (1)  The tangible capital ratio is calculated by dividing tangible equity by tangible assets.  See Tangible Capital Ratio reconciliation below. 225,442 1,266 4,234 248 1,112 1.72 104,578 12,601 September 30, 50,788 % 2016 0.62 — NUVO Bank & Trust Company acquisition related expenses 5,238 Tangible Capital Ratio: Efficiency ratio (1) September 30, 41,245 11,767 12,073 215 — 279,995 — Interest income 1,360 1,065 6,872 867 ALL as a percent of total loans 25,066 11,420 213,853 % 413 0.33 609 6,886 0.33 — 5,687 1,946,950 15,019 Adjusted Net Income Total deposits 925 201,601 GAAP net income as reported 560,056 Average yield on loans 12,269 243,048 $ Total interest and dividend income Amounts reported for prior periods are reclassified, where necessary, to be consistent with the current period presentation. 2.82 2,099 $ For the Three Months Ended 8.93 137,176 254,572 % 1,426,966 3.29 2015 132,646 5,508 0.49 Interest and fees on loans 119,674 Weighted average common shares outstanding 6,877,536 1,975 12,249 154 637 2016 6,899,116 6,886,607 (67) 5,285 6,345,554 0.37 For the Three Months Ended 0.57 7,036 1.79 3.08 0.00 September 30, % Net income $ 2016 Cash and due from banks 0.35 % Other long-term debt Net interest income on a fully taxable equivalent basis 3,395 $ 1.71 NPLs as a percent of total loans (2) 0.32 459 September 30, Non-GAAP Reconciliation: 2016 % 1,988 % 0.38 % 0.68 1,873,183 % 40,748 672 $ 0.54 22,294 $ 79 (Dollars in thousands except share and per share data) 157 414 40,455 4,366 6,338 2.96 1,496,245 1,360 131,604 % % 3.73 Savings, interest bearing checking and money market accounts 210,527 For the Nine Months Ended 10,308 318 213 1.98 Net interest income after provision for credit losses 264,633 0.79 1,294,344 677 200 Savings, interest bearing checking and money market accounts % 3.69 70,000 3.19 Overdraft income Net interest margin 36,906 3.20 595 783 277 Noninterest expense 0.35 (2)  Non-performing loans have been updated to exclude accruing troubled debt-restructure loans.  Prior periods have been reclassified to be consistent with the current 31,079 1,245,861 0.61 September 30, Tangible book value per share % Average cost of borrowed funds 20,619 % $ 6,967 1,257,932 0.39 $ (51) 2.92 765 Investments-available for sale, taxable 10,153 25 20.38 7.84 Earning assets % 0.80 Core deposit intangible Tax effect 447 % 6,967 $ 274,990 10,626 $ Occupancy expense Interest expense 468,443 1.73 11.93 11,767 3.03 % 153 9,649 2.90 Goodwill 1,497,507 6,349,086 Vermont Business Magazine Merchants Bancshares, Inc (NASDAQ: MBVT), which revealed Tuesday that it will be acquired by Syracuse-based Community Bank System, Inc, (NYSE: CBU) next year, has announced net income of $3.9 million and $0.57 per diluted share for the third quarter of 2016 compared to net income of $4.4 million or $0.63 per diluted share in the second quarter of 2016 and $3.9 million in net income or $0.61 per diluted share in the third quarter of 2015. Excluding acquisition, merger, severance and retirement costs, net of tax, the Company’s adjusted net income was $4.3 million or $0.62 per diluted share for the third quarter of 2016. This compares to adjusted net income of $4.2 million or $0.61 per diluted share on a linked quarter basis and adjusted net income of $4.3 million or $0.68 per diluted share in the third quarter of 2015.For the nine months ended September 30, 2016, net income was $11.8 million, or $1.71 per diluted share, compared to net income of $10.3 million, or $1.62 per diluted share, for the same period in 2015. Excluding acquisition, merger, severance and retirement costs, net of tax, the company’s adjusted net income was $12.3 million or $1.79 per diluted share for the nine months of 2016. This compares to adjusted net income of $10.9 million or $1.72 per diluted share for the same period in 2015.The return on average assets was 0.80% for the three months ended September 30, 2016, compared to 0.90% in the linked quarter and 0.88% for the same period in 2015. The return on average equity was 9.91% for the three months ended September 30, 2016, compared to 11.36% in the linked quarter and 11.93% for the same period in 2015.The Company’s Board of Directors approved a dividend of $0.28 per share, payable November 23, 2016, to stockholders of record as of November 10, 2016. Based on the closing price of $32.39 per share on September 30, 2016 and the annual dividend payout of $1.12 per share, the dividend represents an annualized yield of 3.46%.Geoffrey Hesslink, Merchants Bancshares, Inc.’s President and Chief Executive Officer commented, “We look forward to becoming part of Community Bank System, Inc. as it enables us to further enhance the outstanding service and commitment that our customers and communities have come to expect from Merchants Bank. I thank our management team and talented employees for their continued focus on achieving our strategic priorities. We remain committed to delivering exceptional service to our customers.”Due to the pending transaction with Community Bank System, Inc, Merchants Bancshares will not have an earnings call for its third quarter results.RELATED: Community Bank System of NY to acquire Merchants for $304 millionThird Quarter 2016 Financial Highlights Balance Sheet:Total assets were $1.99 billion as of September 30, 2016, an increase of $95.9 million over the linked quarter and $176.3 million increase from the third quarter of 2015. The increase over the linked quarter was driven mainly by loan growth.Gross loans at September 30, 2016 totaled $1.48 billion, an increase of $81.9 million over the linked quarter and a $219.4 million increase from the third quarter of 2015. The linked quarter increase in ending and average loan balances since June 30, 2016 reflects growth in commercial real estate loans and normal seasonal increase in municipal loans. Municipal loans increased approximately $51.4 million from June 30, 2016. Total commercial loans, defined as commercial, commercial real estate and construction increased $37.1 million from June 30, 2016. The increase in loan balances from the third quarter of 2015 reflects organic growth and the addition of the acquired NUVO Bank & Trust Company (“NUVO”) loan portfolio.Total deposits were $1.50 billion for the third quarter of 2016, an increase of $50.5 million over the linked quarter and an increase of $116.4 million from the third quarter of 2015. The increase on a linked quarter basis was primarily attributable to growth in money market and demand deposit balances partially offset by planned decrease in higher-cost NUVO time deposits. The increase from the third quarter of 2015 was primarily due to the acquisition of NUVO during the fourth quarter of 2015.Total stockholders’ equity ended the quarter at $158.3 million. Tangible book value per share increased by $0.24 to $21.80 per share at September 30, 2016 from $21.56 per share at June 30, 2016. The increase over the linked quarter was due to growth of $0.57 per share in the net income, partially offset by dividends paid of $0.28 per share. Reported book value per share was $22.99 per share at September 30, 2016 as compared to $22.74 per share at June 30, 2016 and $20.93 per share at September 30, 2015.Income Statement:Taxable equivalent net interest income was $14.4 million for the three months ended September 30, 2016, which is consistent with the $14.4 million for the quarter ending June 30, 2016, but an increase from $12.6 million for the same period in 2015. GAAP net interest income in the third quarter of 2016 was $13.8 million, compared to $13.8 million in the linked quarter and $12.1 million in the third quarter of 2015. The increase in the net interest margin over the same period year ago is driven by the acquisition of NUVO.The taxable equivalent net interest margin for the three months ended September 30, 2016 was 3.03%, a decrease of 5 basis points on a linked quarter basis and an increase of 7 basis points from the third quarter of 2015. The linked quarter decrease reflected lower asset yields. Interest earning assets increased by $8.7 million over the linked quarter, mainly driven by the increase in average loan balances. The increase in the net interest margin from the same period in 2015 was driven by higher loan yields and changes in the loan mix.Provision for credit losses was $500 thousand in the third quarter of 2016, compared to $200 thousand in the linked quarter and $150 thousand in the third quarter of 2015. Provision expense was elevated in the third quarter mainly due to new loan growth.Noninterest income for the third quarter of 2016 was $3.1 million, a decrease of $90 thousand on a linked quarter basis and a decline of $318 thousand from the third quarter of 2015. The decrease on a linked quarter basis was attributable to lower debit card and other fee income. The decrease from the third quarter of 2015 was primarily due to a non-recurring miscellaneous income of $440 thousand in the same period year ago.Noninterest expense was $11.4 million for the third quarter of 2016, compared to $10.8 million in the second quarter of 2016 and $10.6 million in the third quarter of 2015. Noninterest expense increased by $587 thousand over the linked quarter primarily due to increase in compensation expense. Noninterest expense grew by $829 thousand over the third quarter of 2015 mainly due to the acquisition of NUVO in December 2015. Adjusted noninterest expense (excl. merger, acquisition, severance and retirements costs) was $10.9 million in the third quarter, compared to $11.0 million in the linked quarter and $10.0 million in the third quarter 2015.The effective tax rate was 24% for the nine months ended on September 30, 2016 compared to 20% for the corresponding period in 2015, mainly due to changes in business mix composition which increased the taxable portion of pre-tax income and related tax provision.Credit Quality and Capital Ratios:The allowance for loan losses (“ALL”) as of September 30, 2016 was $12.5 million, or 0.85% of gross loans, compared to $12.4 million, or 0.89% of gross loans, on a linked quarter basis and $12.2 million, or 0.97% of gross loans, as of September 30, 2015. ALL as a percentage of gross loans decreased on a linked quarter basis due to a charge-off on a purchased loan in the third quarter. ALL as a percentage of gross loans for the third quarter of 2016 has decreased from the third quarter in 2015 due to the addition of loan balances acquired from NUVO. These loans were acquired at fair value on the acquisition date, without carryover of any of NUVO’s allowance for loan losses as required by accounting standards.Nonperforming loans were $4.2 million, or 0.29% of total loans, at September 30, 2016, compared to 0.32% of total loans at June 30, 2016 and 0.06% of total loans at September 30, 2015. ALL as a percentage of nonperforming loans was 296% at September 30, 2016 compared to 1600% at September 30, 2015. Accruing loans past due 31-90 days were 0.06% for the third quarter of 2016 compared to 0.06% in the second quarter of 2016 and 0.01% in the third quarter of 2015. Merchants Bank continues to experience excellent credit quality.Estimated regulatory capital ratios at September 30, 2016:Common Equity Tier 1 – 12.78%Tier 1 Leverage – 8.84%Total Risk-Based Capital – 15.59%Tangible Capital – 7.55%Proposed Transaction with Community Bank System, Inc.On October 22, 2016, Merchants Bancshares and Community Bank System, Inc. (NYSE: CBU) entered into a definitive agreement under which Community Bank System, Inc. will acquire Merchants Bancshares in a cash and stock transaction for total consideration valued at approximately $304 million.  The combination will provide natural market extension for both companies, joining two high-quality, low-risk franchises with long histories of service to their customers and communities.Under the terms of the agreement, shareholders of Merchants Bancshares will have the option to receive, at their election, consideration per share equal to (i) 0.963 shares of Community Bank System, Inc. common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System, Inc. common stock and $12.00 in cash, subject to an overall proration to 70% stock and 30% cash. The cash and stock consideration would be equivalent to $44.02 for each share of Merchants Bancshares common stock based upon the closing price of Community Bank System, Inc. common stock as of October 21, 2016. The merger is expected to close in the second quarter of 2017 and is subject to customary closing conditions, including approval by the shareholders of Merchants Bancshares and required regulatory approvals. Additional information about the transaction can be found in the joint press release issued on October 24, 2016, which is available on the Investor Relations section of the Company’s website at www.mbvt.com(link is external).ADDITIONAL INFORMATION AND WHERE TO FIND ITIn connection with the proposed merger with CBU, CBU will file with the SEC a registration statement on Form S-4 that will include a proxy statement of the Company and a prospectus of CBU, as well as other relevant documents concerning the proposed merger.  Investors and stockholders are urged to read the registration statement and the proxy statement/prospectus and the other relevant materials filed with the SEC when they become available, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the proxy statement/prospectus, when available, as well as other filings containing information about the Company and CBU, may be obtained at the SEC’s Internet site (http://www.sec.gov(link is external)).  You will also be able to obtain these documents, when available, free of charge from the Company at http://www.mbvt.com/(link is external) under the heading “Investor Relations” and then “SEC Filings” or from CBU by accessing its website at www.communitybankna.com(link is external) under the heading of “Investor Relations” and then “SEC Filings & Annual Report.”  Copies of the proxy statement/prospectus can also be obtained, free of charge and when available, by directing a request to Merchants Bancshares, Inc., P.O. Box 1009, Burlington, Vermont 05402, Attention: Investor Relations, Telephone: (900) 322-5222 or to Community Bank System, Inc., 5790 Widewaters Parkway, DeWitt, New York 13214, Attention: Investor Relations, Telephone: (315) 445-2282.PARTICIPANTS IN SOLICITATIONThe Company and CBU and certain of their respective directors and executive officers may be deemed to participate in the solicitation of proxies from the stockholders of the Company in connection with the proposed merger.  Information about the directors and executive officers of the Company and their ownership of the Company common stock is set forth in the proxy statement for its 2016 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 15, 2016 and the definitive additional proxy soliciting materials for the Company’s 2016 annual meeting of stockholders, as filed with the SEC on May 3, 2016.  Information about the directors and executive officers of CBU and their ownership of CBU common stock is set forth in the proxy statement for its 2016 annual meeting of stockholders, as filed with the SEC on Schedule 14A on April 1, 2016.  Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed merger when it becomes available.  Free copies of this document when available may be obtained as described in the preceding paragraph. % 6.94 Return on average stockholders’ equity 50,695 1,173,701 14,371 4,844 Net loans $ Securities sold under agreement to repurchase, short-term September 30, 302 % 571 206 Securities sold under agreement to repurchase, short-term $ 0.00 (Dollars in thousands except share and per share data) 61.24 (0.06) — 3,048 (7) 1,414,717 148 $ Merchants Bancshares, Inc $ (43) 1,670,727 606,200 20,619 % % 59.80 Total noninterest expense 59.72 $ $ % $ $ % September 30, 0.01 3,047 7,629 2015 3,680 Bank premises and equipment, net Short-term borrowings Total noninterest income 1,257,932 December 31, % 595 2016 0.61 % Total deposits $ 4,366 123,929 22.99 285,723 1,957,782 1,394 (133) Core deposit intangible amortization ALL as a percent of NPLs (2) 286,639 13,297 (72) 40,879 64.09 363 319 $ % 3.30 975 1,264 (226) 132,646 41,360 $ 665,271 281 667 Weighted average diluted shares outstanding Junior subordinated debentures issued to unconsolidated subsidiary trust Merchants Bancshares, Inc. Income before provision for income taxes % 6,332,663 1,890,580 51 631,244 616 % 456,132 476 Non-interest bearing deposits Savings, interest bearing checking and money market accounts 7,972 2016 102,868 968 Net (charge-offs) recoveries (0.03) % 4,303 $ 12,420 $ 1,360 — 6,878 30,605 734 6,866 Junior subordinated debentures issued to unconsolidated subsidiary trust Weighted average diluted shares outstanding % 195,044 % 1,818,341 2.95 $ 42,400 Financial Highlights (unaudited) 1,327 Average cost of interest bearing liabilities 7,388 % 0.97 1,258 $ 150,069 Short-term borrowings 4,196 $ $ Financial Highlights (unaudited) $ 196 $ 14,943 577 218 186last_img read more

Amer Sports brings on new Executive Board members

first_img Related In line with new strategic priorities to strengthen commercial fundamentals and get closer to the local consumer, Amer Sports has appointed the regional general managers of its sales and channel management to become members of the Amer Sports Executive Board, starting on 15 October 2010.All of Amer Sports’ operations develop and manufacture technically advanced products that improve the performance of active sports participants. The company is one of the world’s leading sports equipment players with internationally recognised brands including Salomon, Wilson, Precor, Atomic, Suunto, Mavic and Arc’teryx.The new Executive Board members are Michael White, General Manager EMEA; Mike Dowse, General Manager Americas; and Matt Gold, General Manager Asia Pacific.White, Dowse and Gold will all report to Amer Sports’ President and CEO Heikki Takala.According to the company, appointing the regional general managers as Executive Board members further emphasises the importance of strengthening commercial fundamentals and expanding Amer Sports’ distribution footprint both in developed and emerging markets.As part of the reorganisation, SVP Sales and Channel Management Thomas Ehrnrooth will leave the company on 15 October 2010.In September 2010, Amer Sports announced new strategic priorities. The recently laid out strategy defines internal financial as well as synergy and scale targets for each unit in the group portfolio.The strategy emphasises ‘faster growth in apparel and footwear, excellence in consumer-centric product creation and brand marketing, and strengthening commercial fundamentals through sales and channel management. Operational excellence continues to be a key cornerstone.’www.amersports.comlast_img read more

County commissioners pass county budget with tax hike to pay for libraries, parks, transit

first_imgThe Johnson County Board of County Commissions on Thursday approved a budget for fiscal year 2016 that includes the county’s first property tax hike since 2006.The total property tax increase will be 3.3 mills, which translates to $99.12 over the course of a year for the owner of a $261,000 home, the average home value in Johnson County.Commissioners Ron Shaffer, Jim Allen and Steve Klika joined chair Ed Eilert in voting for the budget. Commissioners Jason Osterjaus, Michael Ashcroft and John Toplikar voted against it.The tax increase is broken down into four categories, with funds set aside for specific purposes:1.622 mills of the 3.3 increase will go to maintain existing county services, helping fill the hole left by in part by the state’s elimination of the mortgage registration fee..75 mills will go toward the implementation of the parks and recreation 15-year master plan, which will fund the development of existing but unused park land, the construction of 30 miles of streamway trails and upgrades to existing parks..75 mills will go toward implementation of the 20-year library master plan, which initially had called for the redevelopment of the Corinth and Cedar Roe libraries, but may be altered due to reduced funding..178 mills will go toward expansion of para transit options as part of the county’s public transportation system.The Kansas Policy Institute had organized a show of opposition to the proposed tax increase. The new tax levels will go into effect January 1.last_img read more

Prairie Village council advances measure to raise tobacco, e-cigarette sale age to 21

first_imgE-cigarettes would fall under the new age restrictions as well.The Prairie Village City Council on Monday approved draft language for an ordinance that would make it illegal to sell tobacco products or e-cigarettes to anyone under 21 years old.Should the council approve the revised ordinance when it comes before them for a final vote in the coming weeks, Prairie Village would become the first northeast Johnson County city to heed the Shawnee Mission School District’s plea for its patron cities to join the Tobacco 21 initiative.Councilors on Monday asked city attorney Katie Logan a number of questions about the changes proposed to the city’s existing tobacco sales ordinance. Under the new ordinance, it would still be legal for persons between the ages of 18 and 20 to possess tobacco and e-cigarettes in the city. It would no longer be legal, however, for the city’s eight licensed cigarette retailers to sell to those under 21.Retailers who broke the new rules would be subject to a fine of between $25 and $100 dollars, just as they are with the current ordinance restricting sales to those over 18. Persons between the age of 18 and 20 who purchased tobacco products in the city in violation of the new ordinance would not face any punishment.The new ordinance language explicitly includes “liquid nicotine” products that are used in e-cigarettes.Olathe is currently the only city in Johnson County that has signed on to the Tobacco 21 iniitiative.last_img read more

Sorry, You Can’t Speed Read

first_imgThe New York Times:OUR favorite Woody Allen joke is the one about taking a speed-reading course. “I read ‘War and Peace’ in 20 minutes,” he says. “It’s about Russia.”The promise of speed reading — to absorb text several times faster than normal, without any significant loss of comprehension — can indeed seem too good to be true. Nonetheless, it has long been an aspiration for many readers, as well as the entrepreneurs seeking to serve them. And as the production rate for new reading matter has increased, and people read on a growing array of devices, the lure of speed reading has only grown stronger.…Unfortunately, the scientific consensus suggests that such enterprises should be viewed with suspicion. In a recent article in Psychological Science in the Public Interest, one of us (Professor Treiman) and colleagues reviewed the empirical literature on reading and concluded that it’s extremely unlikely you can greatly improve your reading speed without missing out on a lot of meaning.Read the whole story: The New York Times More of our Members in the Media >last_img read more

Study finds a woman’s marital surname choice influences perceptions of her husband

first_imgShare on Twitter Share on Facebook LinkedIn Share Pinterestcenter_img Email The pending nuptials of Prince Harry and Meghan Markle have royal watchers brushing up on royal naming practices and asking ‘what’s in a name?’A new study led by a UNLV psychology professor shows that a wife’s choice of surnames may influence perceptions of her husband’s personality and the distribution of power in the marriage.In a three-part study conducted in the U.S. and the U.K., Rachael Robnett and her coauthors concluded that men whose wives retain their own surnames after marriage are seen as submissive and less powerful in the relationship. The study, published on Nov. 21, is the first to examine whether perceptions of a man’s personality vary depending on whether his wife takes his name or retains her own.“The marital surname tradition is more than just a tradition. It reflects subtle gender-role norms and ideologies that often remain unquestioned despite privileging men,” said Robnett, an assistant professor of psychology at UNLV.Using a variety of research methods, researchers found a connection between gender-typed personality traits and perceived power dynamics. Traditionally, instrumentality or aggressive and dominant traits are associated with higher status and power and are often ascribed to men. Expressivity or more loving and nurturing traits tend to be associated with lower status and power and are often ascribed to women. However, findings in Robnett’s study show perceptions of these gender norms change based on a woman’s surname choices.“Our findings indicate that people extrapolate from marital surname choices to make more general inferences about a couple’s gender-typed personality traits,” she said.In study 1, the researchers surveyed U.S. undergraduates and asked them to characterize a man whose wife retains her surname after marriage. Respondents described the man using expressive traits and commented that he was “caring,” “understanding,” “timid,” and “submissive.”In study 2, participants in southeast England read a vignette about a fictional engaged couple and took a survey about their perceptions of the woman’s surname choices. Respondents perceived the man as higher in expressive traits and lower in instrumental traits when the woman retained her own surname.In study 3, also conducted with U.S. undergraduates, the researchers examined whether hostile sexism, or an antagonistic attitude toward women, helps to explain individual differences in participants’ responses to questions of power in a fictional marriage. Respondents who held firmly to traditional gender roles and can be described as hostile sexists perceived a man whose wife retained her surname as being disempowered.“We know from prior research that people high in hostile sexism respond negatively to women who violate traditional gender roles,” Robnett said. “Our findings show that they also apply stereotypes to nontraditional women’s husbands.”last_img read more

Linde to build ethane cracking units

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

Pfeiffer Vacuum releases new leak detector

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