Merchants Bancshares, Inc. Announces 2004 Second Quarter ResultsSOUTH BURLINGTON, Vt., July 15 /PRNewswire-FirstCall/ — MerchantsBancshares, Inc. (NASDAQ:MBVT), the parent company of Merchants Bank,today announced net income of $2.84 million, or diluted earnings of 45cents per share, for the quarter ended June 30, 2004. This compares withnet income of $3.04 million, or diluted earnings per share of 49 cents forthe quarter ended June 30, 2003, and $2.82 million, or diluted earningsper share of 45 cents for the first quarter of 2004. Total assets grew to$1.03 billion from $970 million at December 31, 2003. The return onaverage assets was 1.15% and the return on average equity was 12.96% forthe second quarter of 2004, compared to 1.39% and 14.38%, respectively,for the second quarter of 2003. Merchants declared a dividend on July 15,2004, of 27 cents per share payable August 12, 2004, to shareholders ofrecord as of July 29, 2004.Merchants’ quarterly average total assets increased to $991.80 millionduring the quarter, a $26.55 million increase over fourth quarter 2003average total assets. Ending loan balances increased to $589.11 million,compared to $569.00 million at December 31, 2003. Quarterly average loansincreased to $579.98 million during the second quarter, an increase of$15.55 million over fourth quarter 2003 average balances. The overallgrowth in the loan portfolio was primarily a result of increasedcommercial loan activity. The net gains came primarily in the commercialloan and commercial real estate categories; ending balances in thesecategories increased $13.32 million to $298.51 million over year endbalances of $285.19 million. Residential mortgage activity decreasedduring the quarter due to the slight rise in mortgage rates; Merchants’home equity line of credit portfolio showed the greatest increase in theretail product category as consumers opted to hold onto previouslynegotiated low fixed rates on their first mortgage. Ending balances inthis portfolio increased $4.41 million to $35.48 million at June 30, 2004from $31.07 million at December 31, 2003.Deposits closed the quarter at $816.76 million, an increase of $8.67million over year end balances of $808.08 million. Quarterly averagedeposits increased $9.25 million to $813.94 million. Although sales ofMerchants’ marquee Free Checking for Life(R) product have moderated thisyear, totals in this product category increased $7.37 million to $131.23million.Merchants’ investment portfolio closed the quarter at $377.56 million, anincrease of $37.23 million over year end balances of $340.34 million. Thegrowth in the portfolio was primarily in the mortgage backed security andcollateralized mortgage obligation sectors. Merchants has funded much ofthe growth in its investment portfolio with advances from the Federal HomeLoan Bank (FHLB). Average short-term FHLB borrowings for the quartertotaled $40.26 million, at an average rate of 1.16%. Long-term debtincreased to $63.28 million, from $26.37 million for the quarter endedMarch 31, 2004, and $6.62 million for the quarter ended December 31, 2003,as Merchants locked in rates on a portion of its funding during thequarter. The long-term debt primarily consists of amortizing FHLBadvances with maturities from two to six years; the average rate paid onthe debt during the quarter was 2.16%.Merchants experienced some net interest margin erosion during the secondquarter, as the margin decreased from 4.23% for the fourth quarter of 2003and the first quarter of this year to 4.20% for the current quarter. Thiscompares to a net interest margin of 4.55% for the second quarter of 2003.However, balance sheet growth enabled Merchants to increase its netinterest income dollars $395 thousand or 4.2% for the second quarter and$977 thousand or 5.3% for the first six months of the year when comparedto the same period one year ago. The recent increase in short-term ratesby the Federal Reserve Board may create opportunities for Merchants tofurther increase its margin dollars.Nonperforming assets were $893 thousand or 0.09% of total assets at June30, 2004. This is a decrease of $3.43 million from the June 30, 2003balance of $4.32 million, and a decrease of $1.32 million from theDecember 31, 2003, balance of $2.21 million due to the resolution ofseveral large nonperforming loans. Asset quality measurements have shownconsistent improvement during the past fifteen months. Loan delinquencyrates, charge-offs and non-accrual loan balances are all at or nearhistorical lows.At June 30, 2004, the Allowance for Loan Losses (“Allowance”) stood at$8.00 million or 1.36% of total loans and 896% of nonperforming loans,compared to $7.89 million or 1.46% of total loans and 183% ofnonperforming loans at June 30, 2003. Merchants had very little activityin the Allowance during the first six months of 2004; charge-offs of $56thousand and recoveries of $101 thousand were recorded. There was noprovision for loan losses during the first six months of 2004 or 2003.Total noninterest income decreased $537 thousand to $2.21 million for thesecond quarter of 2004 from $2.75 million for the second quarter of 2003;and decreased $467 thousand for the first six months of 2004 to $4.36million from $4.83 million for the first six months of 2003. Merchantsrealized security losses totaling $67 thousand for the second quarter of2004 compared to gains of $626 thousand for the second quarter of lastyear, and a year-to-date loss of $4 thousand for the first six months of2004 compared to gains of $843 thousand for the first six months of theprior year. Absent the security gains and losses, noninterest incomeincreased $156 thousand, or 7.3%, to $2.28 million from $2.12 million forthe second quarter of 2004 compared to 2003; and $380 thousand, or 9.5% to$4.37 million from $3.99 million for the first six months of the currentyear compared to the prior year. This increase in noninterest income isdue in large part to the increased level of overdraft activity and toincreases in electronic transactions. Year-to-date overdraft fee incomeincreased 27.3% or $374 thousand to $1.74 million from $1.37 million whencomparing the first six months of the current year to the same period lastyear. ATM and debit card volumes for the first six months of 2004 are17.7% higher than the same period one year ago. Year-to-date net ATM anddebit card fees have increased 30.6% during the same period.Total noninterest expense increased $316 thousand to $8.13 million for thesecond quarter of 2004 from $7.82 million for the second quarter of 2003;total noninterest expense increased $922 thousand to $16.31 million from$15.39 million for the first six months of the current year compared to2003. One of Merchants’ largest expense categories is Salaries andEmployee Benefits. This category is virtually flat at $3.83 million whencomparing the second quarter of the current year to last year, andincreased 1.7% to $7.76 million from $7.63 million for the first sixmonths of the year. Merchants’ salary administration plan, an ongoingproject for the last two years, has worked its way through the entireorganization. Current expense increases are the result of normal payincreases.Occupancy and Equipment expenses for the second quarter increased $161thousand or 12.1%, when comparing 2004 to 2003; year-to-date increases inthis category were $379 thousand, or 14.4%. Approximately $187 thousandof the year-to-date increase is attributable to Merchants’ two de novobranches, $130 thousand to Merchants’ service center network serverinfrastructure and desktop computer upgrade completed in the fourthquarter of 2003, and $10 thousand to the branch infrastructure and desktopcomputer upgrade being implemented during 2004. The balance is a resultof increased software maintenance costs and normal increases in buildingmaintenance and rental expense. Legal and Professional fees increased $155thousand or 40.2%, for the second quarter of 2004 compared to 2003; and$267 thousand or 38.4%, for the first six months of the current yearcompared to the prior year. Merchants has decided to defer any furthermarket expansion through de novo branching until management is satisfiedthat the two de novo branches are self-supporting. As a result of thisdecision Merchants expensed $48 thousand this quarter in legal andprofessional fees related to the development of a third location. Thebalance of the increase is primarily attributable to professional feesassociated with the infrastructure project mentioned above, and increasedinvestment advisory fees.Mr. Joseph Boutin, President and Chief Executive Officer, Mr. MichaelTuttle, Chief Operating Officer and Ms. Janet Spitler, Chief FinancialOfficer, will host a conference call to discuss these earnings results at9:00 a.m. Eastern Time on Friday July 16, 2004. Interested parties mayparticipate in the conference call by dialing 800-230-1085; the title ofthe call is Earnings Release Conference Call for Merchants Bancshares,Inc. Participants are asked to call in a few minutes prior to the call inorder to register. A replay will be available through July 23, 2004. TheU.S. replay dial-in number is 800-475-6701 and the replay access code is717266.The mission of Merchants Bank is to provide best-in-class communitybanking services to Vermonters. This commitment is fulfilled through acommunity, branch-based, system that includes 35 bank offices throughoutthe state of Vermont, employees dedicated to quality customer service, andinnovative banking products such as Free Checking for Life(R),MoneyLYNX(R) money market accounts, and CommerceLYNX(R) business bankingproducts. Merchants Bank also includes a trust and investment division,known as Merchants Trust Company, serving individuals and institutions.Total assets of Merchants are $1.03 billion. For more information aboutMerchants Bank visit our website at http://www.mbvt.com/(link is external). Merchants’stock is traded on the NASDAQ National Market system under the symbolMBVT. Member FDIC.Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations,beliefs, projections, future plans and strategies, anticipated events ortrends and similar expressions concerning matters that are not historicalfacts. The forward-looking statements reflect Merchants’ current viewsabout future events and are subject to risks, uncertainties, assumptionsand changes in circumstances that may cause Merchants’ actual results todiffer significantly from those expressed in any forward-lookingstatement. Forward- looking statements involve known and unknown risks,uncertainties and other factors that are, in some cases, beyond Merchants’control and which could materially affect actual results. The factorsthat could cause actual results to differ materially from currentexpectations include changes in general economic conditions in Vermont,changes in interest rates, changes in competitive product and pricingpressures among financial institutions within Merchants’ markets, andchanges in the financial condition of Merchants’ borrowers. Theforward-looking statements contained herein represent Merchants’ judgmentas of the date of this report, and Merchants cautions readers not to placeundue reliance on such statements. For further information, please referto Merchants’ reports filed with the Securities and Exchange Commission.
Under Rule 2-9.3 (b) – (e), Rules Regulating The Florida Bar, active members of the Bar may file a specific objection to any legislative position adopted by the Board of Governors.Objections properly filed within 45 days of this News issue will be considered for a refund of that portion of mandatory membership fees applicable to the contested legislative position, within an additional 45 days. The Bar’s governing board has the option to grant the appropriate refund to an objector or to refer the matter to arbitration.The arbitration process will determine solely whether the legislative position is within those acceptable activities for which compulsory membership fees may be used under applicable constitutional law. The objecting member’s fees allocable to the contested legislative position will be escrowed promptly upon receipt of the objection, and any refund will bear legal interest.Any active member may provide written notice to the executive director of The Florida Bar, setting forth an objection to a particular legislative position. Failure to object within 45 days of this News issue will constitute a waiver of any right to object to a particular legislative position within this notice.The policy requires the Bar to notice such legislative positions in the next available News issue following their adoption.Pursuant to Standing Board Policy 9.20, on August 16, 2002, the Board of Governors approved the following positions of The Florida Bar:3. Opposes amendments to the Florida Constitution that would alter the authority of the Supreme Court of Florida to regulate the admission of persons to the practice of law or the discipline of persons admitted.4. Supports language in the Legislative Appropriations Act to permit the payment of government attorneys’ Florida Bar membership fees and continuing legal education costs from funds within budget entities.5. Opposes the Federal Trade Commission’s interpretation that law firms and attorneys who are “significantly engaged in financial activities” are subject to the customer notice provisions of the Gramm-Leach-Bliley Act of 1999 (also known as the Financial Industries Modernization Act) regarding the protection and disclosure of individually identifiable personal client information.6. Supports adequate funding for civil legal assistance to indigent persons through the Florida Access to Civil Legal Assistance Act.The Board of Governors also approved the following positions of the Code of Rules of Evidence Committee:1. Opposes any amendment of Chapter 90, Florida Statutes, to include voluntary intoxication as a defense to any criminal charge, because it is unrelated to evidentiary matters; otherwise, the committee has no position on the issue of voluntary intoxication.2. Opposes creation of an evidentiary privilege for parent-child communications.3. Opposes amendment of §90.610, Florida Statutes, that would allow evidence of certain adjudications of delinquency to impeach a person under 24 years of age.4. Opposes any amendment to §316.066, Florida Statutes, that would abrogate the evidentiary privilege relating to accident reports.5. Opposes amendment to §90.404, Florida Statutes, to allow introduction of evidence of prior acts of “child molestation” in criminal cases, without such evidence meeting the requirements of §90.404 and §90.403, Florida Statutes.6. Opposes amendment of §90.803, Florida Statutes, to create a hearsay exception for elderly persons and mentally disabled persons.7. Opposes amendment of §90.404, Florida Statutes, that would provide for admissibility of prior acts of domestic violence where such amendment: does not clarify when admission would be proper; invades the judicial function; or is in internal conflict with other sections of §90.404 or other provisions of the Evidence Code.8. Supports amendment of §§90.803(6)(a), 90.803(6)(c), and 90.902(11), Florida Statutes, to conform with language in the Federal Evidence Code relating to certifications and declarations.9. Opposes the amendment §90.504, Florida Statutes, to eliminate the husband-wife privilege in capital felony cases.10. Supports the amendment of §90.104, Florida Statutes, to conform with the Federal Rules of Evidence, to eliminate the need for an objection at trial, in order to preserve an evidentiary issue for appeal, where there has been a definitive ruling on a motion in limine before trial.11. Supports amending §90.803 and §90.902, Florida Statutes, to create a business records certification procedure similar to that within the Federal Rules of Evidence, by which a proponent of documentary evidence may offer such evidence at trial without the need for a records custodian unless objected to pretrial.12. Opposes the creation of §90.959, Florida Statutes, to exempt from application of the exclusionary rule any evidence related to an arrest based upon reliance on information obtained from records of the Department of Highway Safety and Motor Vehicle records. September 15, 2002 Notices Notice: Legislative Action Notice: Legislative Action
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 51-year-old Bellmore man was fatally hit by a minivan while riding a bicycle across Sunrise Highway in Wantagh on Halloween.Nassau County police said the victim, whose identity wasn’t immediately released, was crossing Route 27 west of Old Mill Road when he was hit by a westbound Dodge Caravan at 9:15 p.m. Saturday.The victim was taken to a local hospital, where he was pronounced dead. A passenger in the vehicle was treated for minor glass injuries and traumatic stress.Homicide Squad detectives impounded the minivan and are continuing the investigation.
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Bay Federal Credit Union($1.1B, Capitola, CA) is four years into a new digital presence that it continually upgrades by listening to the Voice of the Member.That’s the name of the program the Silicon Valley cooperative uses to gauge how members feel about their cooperative’s website and mobile apps.Chief experience officer Ryan Cash says the new platform “rose from the ashes” of its old system in an effort called Project Phoenix, which replaced separate software deployments for money movement, account aggregation, and budgeting tools.Cash joined the credit union not long after the new platform went live. He’s been overseeing the member experience since as Bay Federal grows functionality and adoption.
SANTA ANITA OFFERS FANS A RAINBOW PICK SIX JACKPOT CARRYOVER OF $161,455 ON FRIDAY; FIRST POST TIME FOR A NINE-RACE CARD IS AT 12 NOONFREE CLUBHOUSE & GENERAL ADMISSION, AS WELL AS FREE PARKING OFFERED AS WELL ARCADIA, Calif. (Jan. 1, 2020)–Santa Anita Park will reopen for live racing on Friday and fans will be greeted by a nine-race program that will include a 20 cent Rainbow Pick Six Jackpot carryover of $161,455.First post time on Friday is at 12 noon and Santa Anita will offer free Club House and General Admission, as well as free General Parking. Fans 21 and over can buy Two Dollar Draft Beers and Six Dollar Specialty Cocktails as well.Friday’s Rainbow Six will start with race four, which has an assigned post time of 1:36 p.m. PT.Today’s Rainbow Six, which offered a carryover of $117,616, attracted $191,479 in new money, for a total Jackpot pool of $309,095.Santa Anita will be open for simulcast wagering on tracks across North America on Thursday, with free admission to the Grandstand Paddock Room. Admission gates open on Thursday and Friday at 10 a.m.For additional information, please visit santaanita.com or call (626) 574-RACE.