Category: hgnvtjyn

College’s fall play looks to document community experiences

first_imgThe Tectonic Theatre Project, famous for the “Laramie Project,” will be directing a play at Saint Mary’s to be performed Nov. 9 through Nov. 12.  Rather than having a single plot throughout the show, there will be multiple stories taken from interviews of students across campus. The interviews, which will tell the stories of Saint Mary’s students, will be modified into scripts to be performed by actors.At Saint Mary’s, they will be using methods similar to the “Laramie Project” by conducting interviews of students and how they see diversity at Saint Mary’s.Thespians Unplugged co-presidents Stephanie Johnson, a junior, and Makena Henell, a senior, explained that the project is “collecting stories from alumnae and students of all walks of life” and that the main objective of the production is to explore diversity on campus.“This is a very artistic show we’re covering, it’s not a show like ‘Romeo and Juliet’ where they are there throughout the play,” Henell said. “So we are going to have a lot of interviews and have an artistic take on them, so come with an open mind.” Johnson said an objective of the show is to open the eyes and minds of the numerous students on campus, especially freshman. “I want to see conversations and dialogue started outside the theater, how first years are impacted and see how the project interacts with our school,” said Johnson.Henell said it is good to accept diversity as an advantage, especially for the freshmen who are adjusting to a new environment.“I think people are a lot nicer here and I feel like it’s because you have to stay inside during winter,” Henell said. “Though I have heard a lot of stories about girls in the dining hall being nasty to the workers, or a girl who came out as lesbian and who was told to leave. Expectantly, there was an overwhelming response from others that told her “once a Belle, always a Belle.””Henell said through the stories, there is a hope to bring about a stronger bond between Saint Mary’s students, as the actors will be telling the stories of fellow Belles. “We want to know how people are represented or aren’t represented.” Henell said. “I want Saint Mary’s to really open their eyes and really understand people around them. I want us as a community to get together and not judge people on their skin color, orientation or economic status. I hope that people are more mindful to another’s situation, to their backgrounds and where they come from. The biggest thing: I want people to see the show and become more open and maybe take something from it.”Audition times will be in early September. Tags: Diversity, fall play, Romeo and Juliet, streetcar named desire, tectonic theatre projectlast_img read more

People’s United reports increased first quarter earnings of $52 million

first_img   Net interest income220.3189.8175.8173.8159.6  Professional and outside service fees15.919.818.520.813.6 (1) Income and expenses associated with merchant services and customer derivatives are presented net within  Borrowings2.51.20.30.30.5 (dollars in millions)20112010201020102010  Consumer2,151.220.93.882,169.522.14.07 Earnings Data:  Net interest income$          220.3$          189.8$          175.8$          173.8$          159.6 (in millions)201120102010  Non-interest income (1)74.668.168.069.764.2  Other consumer0.40.81.10.81.0        and March 31, 2010, respectively.  Net income51.732.024.116.013.6  Federal Home Loan Bank advances11.20.15.49  Merchant services income, net1.01.11.11.11.0  Net interest margin (4)4.16%3.87%3.74%3.69%3.49%  Return on average assets (4)0.840.560.440.290.26  Return on average tangible assets (4)0.910.610.480.320.28 (in millions, except per share data)20112010201020102010 People’s United Financial, Inc. 3.87%    Total wealth management income19.317.718.717.718.0 Three Months Ended Deposits: Tangible book value per share$            9.27$            9.30$          10.07$          10.14$          10.25 (2) Reported net of government guarantees totaling $10.0 million at March 31, 2011, $9.4 million at Dec. 31, 2010, $8.8 million at    Allowance for loan losses178173173173173       commercial real estate loans to commercial loans as of March 31, 2011. Securities purchased under Net interest income/spread (3)  Amortization of other acquisition-related intangibles5.96.16.14.84.7 NET LOAN CHARGE-OFFS    Total liabilities and stockholders’ equity$     24,622.5  Repurchase agreements164.60.20.45 Net income, as reported$            51.7$            32.0$            24.1$            16.0$            13.6      real estate owned and repossessed assets (2)1.962.092.192.021.75  Short-term investments0.60.60.81.51.7 Securities:  Bank-owned life insurance1.21.01.42.61.8  Residential mortgage2,707.929.34.332,459.927.14.41 People’s United Financial, Inc.    Total non-interest expense202.8199.1186.3202.7193.9 (3)  The FTE adjustment was $1.2 million, $0.9 million and $0.8 million for the three months ended March 31, 2011, Dec. 31. 2010 March 31,Dec. 31,Sept. 30,June 30,March 31, (dollars in millions)20112010201020102010 Commercial Banking:  Commercial (1)6,046.75,196.05,178.3 Other assets583.6706.7467.5    Goodwill and other acquisition-related intangibles1,9531,9621,7721,7781,767    Securities3,2033,0332,4781,787886    Total earning assets18,414.2$          194.44.22% Less: Common shares classified as treasury shares22.0117.498.756.903.19 Charge-offs(10.4)(12.2)(22.6)(19.0)(10.9)    Deposits18,11017,93315,67515,83415,397 Yield/ OPERATING EARNINGS People’s United Financial, Inc.    Non-performing assets (2)292303312285248 Three Months Ended (dollars in millions)BalanceInterestRate    Total originated non-performing loans (2)240.5245.2251.4219.7192.3  originated commercial banking loans1.611.611.661.711.73    Total assets$     21,259.6  Investment management fees8.27.97.68.67.9 (4) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing  Ratios:    Total liabilities and stockholders’ equity$     24,962.3$     25,037.1$     21,588.1 390.0 Premises and equipment326.0325.1258.2  General:  originated retail banking loans0.260.250.240.210.18 (2) Includes a total of $3.1 million, $7.0 million, $5.3 million, $23.2 million and $23.4 million of merger-related expenses,    Non-performing assets to originated loans,  Tangible stockholders’ equity and allowance for loan losses8.638.848.297.476.37 Other liabilities411.3    Loans17,52317,32815,12015,14015,253    Total borrowings1,157.91,010.6174.6    Total risk-based capital (4)14.914.516.416.616.3    Total deposits15,201.829.70.78 17,625.6  agreements to resell226.70.11.15 Accumulated other comprehensive loss(98.4)(99.0)(72.8) Net loan charge-offs to average loans (annualized)0.22%0.28%0.58%0.47%0.26% (3) See non-GAAP financial measures and reconciliation to GAAP beginning on page 12.  Basic and diluted earnings per share$            0.15$            0.09$            0.07$            0.04$            0.04    Total stockholders’ equity5,160.35,219.35,478.6 Total stockholders’ equity$          5,160$          5,219$          5,365$          5,413$          5,479 (dollars in millions)20112010201020102010 March 31,Dec. 31,March 31, 4.16%    Securities3,0892,4571,8561,097888 Cash and due from banks$          315.2$          354.7$          296.3    Net loan charge-offs9.610.921.817.89.5 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued Residential mortgage loans held for sale36.30.55.51  Compensation and benefits105.498.393.292.696.3 Deposits: (1) Represents pre-tax merger-related expenses, core system conversion costs and one-time charges totaling  Securities held to maturity, at amortized cost55.155.155.3  Federal Home Loan Bank stock, at cost59.563.631.1    Total cash and cash equivalents1,241.4954.52,823.6    Total liabilities19,802.019,817.816,109.5 Efficiency ratio66.2%71.1%71.2%72.2%75.2%  Residential mortgage loans held for sale0.70.70.60.60.5 3,263.3  Equipment financing1.23.01.63.70.9 Residential mortgage loans held for sale52.50.75.7851.70.75.74      Originated loans (2)1.191.191.221.231.22 Loans: NON-PERFORMING ASSETS Goodwill and other acquisition-related intangibles1,952.61,962.01,766.5 Tangible stockholders’ equity$          3,207$          3,257$          3,593$          3,635$          3,712 Bank-owned life insurance291.8291.8251.1    Tangible stockholders’ equity to tangible assets (3)13.914.117.818.018.7  Trading account securities, at fair value84.983.575.7 REO38.139.834.937.223.4 Deposits:    Total earning assets21,27419,69718,91518,91518,414 Loans:       $3.1 million, $7.0 million, $5.3 million, $23.2 million and $23.4 million for the three months ended March 31, 2011,  Subordinated notes and debentures3.43.33.83.83.8  Securities available for sale, at fair value3,003.82,831.1724.1    Allowance for loan losses to:  Savings, interest-bearing checking    Stockholders’ equity5,1855,3355,4045,4585,275 CONSOLIDATED STATEMENTS OF INCOME March 31, 2010 Repossessed assets13.518.125.727.631.8 Loans: (3) Represents acquired loans that meet People’s United’s definition of a non-performing loan but for which the risk of credit loss has  Other4.7-0.095.2-0.39 Three Months Ended      core system conversion costs and one-time charges for the three months ended March 31, 2011, Dec. 31, 2010, $          160.43.35%       Sept. 30, 2010, $6.8 million at June 30, 2010 and $7.3 million at March 31, 2010.       charged against the non-accretable difference established in purchase accounting and, as such, are not reported as charge-offs. (3) See non-GAAP financial measures and reconciliation to GAAP beginning on page 12.  (9.0 million shares, 9.1 million shares and 9.3 million shares)(186.1)(187.9)(193.3) People’s United Financial, Inc.  Operating earnings (3)53.836.727.731.829.2 Yield/  Home equity10.59.19.38.57.0  Originated non-performing loans73.870.368.678.589.7  Commercial4,545.358.95.18    Total loans17,523.117,327.715,252.6 Short-term investments926.2599.82,527.3 Provision for loan losses14.610.921.817.89.5 Total assets$        24,962$        25,037$        21,897$        21,950$        21,588  Commercial real estate$          101.6$            85.9$            76.3$            75.6$            74.3 Short-term investments$       2,673.5$              1.70.26% Tangible assets$        23,009$        23,075$        20,125$        20,172$        19,821 Conference CallOn April 20, 2011, at 5 p.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement.  The call may be heard through www.peoples.com(link is external) by selecting “Investor Relations” in the “About Us” section on the home page, and then selecting “Conference Calls” in the “News and Events” section.  Additional materials relating to the call may also be accessed at People’s United Bank’s web site.  The call will be archived on the web site and available for approximately 90 days.1Q 2011 Financial HighlightsSummaryNet income totaled $51.7 million, or $0.15 per share.Operating earnings were $53.8 million, or $0.15 per share.Net interest income totaled $220.3 million.Net interest margin increased 29 basis points from 4Q10 to 4.16%.Additional interest accretion on acquired loans of $9.0 million in 1Q11 contributed 16 basis points.The interest cost on deposits declined 5 basis points to 59 basis points from 4Q10.Provision for loan losses totaled $14.6 million.Net loan charge-offs totaled $9.6 million or 0.22% of average loans.Non-interest income totaled $74.6 million in 1Q11 compared to $68.1 million in 4Q10.1Q11 includes a full quarter of non-interest income from acquisitions completed onNovember 30, 2010 (approximately a $2.0 million increase in 1Q11).1Q11 includes $5.5 million of net gains on sales of acquired non-performing loans.Net gains on sales of residential mortgages declined $1.1 million from 4Q10.Other non-interest income includes a $2.2 million charge for other asset write-offs.Non-interest expense totaled $202.8 million in 1Q11 compared to $199.1 million in 4Q10.1Q11 and 4Q10 include a total of $3.1 million and $7.0 million, respectively, of merger-related expenses and core system conversion costs.1Q11 includes a full quarter of non-interest expense from acquisitions completed onNovember 30, 2010 (approximately a $7.2 million increase in 1Q11).Effective income tax rate was 33.3% in 1Q11 compared to 32.5% for 2010.1Q11 rate reflects a higher state effective income tax rate resulting from our further expansion into states with higher income tax rates.Commercial BankingExcluding acquired loans, commercial banking loans increased $277 million, or 11% annualized, from December 31, 2010.Approximately $875 million of loans secured, in part, by owner-occupied commercial properties were reclassified from commercial real estate loans to commercial and industrial loans as of March 31, 2011.Average commercial banking loans totaled $12.4 billion, a $1.3 billion increase from 4Q10.Non-performing commercial banking assets, excluding acquired non-performing loans, totaled$192.2 million at March 31, 2011, a slight decrease from December 31, 2010.The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.54% at March 31, 2011 compared to 1.56% at December 31, 2010.Net loan charge-offs totaled $6.8 million, or 0.22% annualized, of average commercial banking loans in 1Q11, compared to $7.0 million, or 0.25% annualized, in 4Q10.For the originated commercial banking portfolio, the allowance for loan losses as a percentage of loans was 1.61% at both March 31, 2011 and December 31, 2010.The commercial banking allowance for loan losses represented 104 percent of non-performing commercial banking loans at March 31, 2011.Retail and Business BankingExcluding acquired loans, residential mortgage loans increased $183 million, or 32% annualized, from December 31, 2010.Average residential mortgage loans totaled $2.7 billion, a $248 million increase from 4Q10.Net loan charge-offs totaled $1.6 million, or 0.23% annualized, of average residential mortgage loans in 1Q11, compared to $2.0 million, or 0.32% annualized, in 4Q10.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 2.84% at March 31, 2011 compared to 3.44% at December 31, 2010.Excluding acquired loans, home equity loans declined $38 million, or 8% annualized, fromDecember 31, 2010.Average home equity loans totaled $2.0 billion in 1Q11, unchanged from 4Q10.Net loan charge-offs totaled $0.8 million, or 0.16% annualized, of average home equity loans in 1Q11, compared to $1.1 million, or 0.23% annualized, in 4Q10.Wealth ManagementWealth Management income increased $1.6 million from 4Q10.Insurance revenue increased $1.0 million and investment management fees and brokerage commissions each increased $0.3 million.Assets under administration and those under full discretionary management, neither of which are reported as assets of People’s United Financial, totaled $12.7 billion and $4.3 billion, respectively.Certain statements contained in this release are forward-looking in nature. These include all statements about People’s United Financial’s plans, objectives, expectations and other statements that are not historical facts, and usually use words such as “expect,” “anticipate,” “believe” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People’s United Financial’s actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People’s United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; (10) the successful integration of acquired companies; and (11) possible changes in regulation resulting from or relating to recently enacted financial reform legislation. People’s United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Access Information About People’s United Financial at www.peoples.com(link is external) .People’s United Financial, Inc. FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS – Continued  Net loan charge-offs(9.6)(10.9)(21.8)(17.8)(9.5) Three months endedAverage    Income before income tax expense77.547.935.723.020.4    Total interest and dividend income252.8220.8207.5206.9193.6  Commercial real estate (1)6,565.77,306.35,442.1  Deposits26.626.527.629.029.7 March 31,Dec. 31,Sept. 30,June 30,March 31,  Time4,516.818.11.60    Total interest expense32.531.031.733.134.0  Commercial5,377.379.65.925,086.571.45.62    Close (end of period)12.5814.0113.0913.5015.62    Net interest income after provision for loan losses205.7178.9154.0156.0150.1 Non-interest income:  Dividends paid per share0.15500.15500.15500.15500.1525  Insurance revenue7.96.98.36.37.3  Brokerage commissions3.22.92.82.82.8  Efficiency ratio (3)66.271.171.272.275.2    Deposits17,94416,53115,80115,70415,202  Book value (end of period)$          14.92$          14.91$          15.04$          15.10$          15.12 March 31,Dec. 31,Sept. 30,June 30,March 31, Securities purchased under agreements to resell-520.0-  Commercial and industrial (1)48.938.234.325.228.9  Other non-interest income13.414.412.912.79.4 March 31,Dec. 31,Sept. 30,June 30,March 31, Tangible equity ratio13.9%14.1%17.8%18.0%18.7%    Total$          288.3$          259.7$          246.3$          246.7$          227.2    Total assets$        24,962$        25,037$        21,897$        21,950$        21,588 $     22,960.5    Total liabilities and stockholders’ equity$     21,259.6 TANGIBLE BOOK VALUE PER SHARE  Other non-interest expense39.442.039.553.234.8  Stock price:        Net security losses-1.0— Income tax expense25.815.911.67.06.8 Less: Amortization of other Basic and diluted earnings per common share$            0.15$            0.09$            0.07$            0.04$            0.04 $          190.73.78% (3)  The FTE adjustment was $1.2 million, $0.9 million and $0.8 million for the three months ended March 31, 2011, Dec. 31. 2010 (dollars in millions)20112010201020102010 Three months endedAverage  Net security gains (losses)0.1(1.0)— Provision for loan losses14.610.921.817.89.5 (dollars in millions)BalanceInterestRateBalanceInterestRate AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Other liabilities316.3 Three Months Ended  Less allowance for loan losses(177.5)(172.5)(172.5) Securities (2)3,088.521.22.752,456.713.62.22       Dec. 31, 2010, Sept. 30, 2010, June 30, 2010 and March 31, 2010, respectively, less related income taxes. Net interest income (1)$          221.5$          190.7$          176.6$          174.6$          160.4 5,334.9 Net interest margin (dollars in millions)20112010201020102010 Securities (2)888.38.13.65    Total loans17,289.7231.45.3515,770.2206.55.24center_img    Total loans14,589.4184.05.04 Other assets3,348.8 Assets:    Total assets$     24,622.5 Adjustments, net of tax (1)2.14.73.615.815.6 TANGIBLE EQUITY RATIO    High14.4914.1714.3516.7917.08 Retail Banking: Interest expense: (dollars in millions)20112010201020102010 Net interest margin    Total deposits17,944.026.60.5916,530.926.50.64 (1)  Average yields earned and rates paid are annualized. Borrowings: 3.49% As of and for the Three Months Ended    Total borrowings997.12.50.98533.41.20.92 Securities purchased under  Other13.60.25.06 (4) Annualized.         Merger-related expenses3.14.81.02.814.7 Three Months Ended Add: Fair value adjustments–1.01.01.6 Acquired non-performing loans (contractual amount) (3)$          324.4$          359.8$            59.4$            60.1$            51.7 (in millions, except per share data)20112010201020102010 Less: Goodwill and other Borrowings: Assets March 31,Dec. 31,Sept. 30,June 30,March 31, Assets:      average loans (annualized)0.22%0.28%0.58%0.47%0.26%  Commercial78.670.568.169.758.0    Total securities3,203.33,033.3886.2    Residential mortgage loans held for sale5252473836 (2)  Average balances and yields for securities available for sale are based on amortized cost. Liabilities and stockholders’ equity: People’s United Financial, Inc.  Commercial real estate$              3.3$              2.6$            13.5$              4.8$              5.8    and money market7,417.811.60.62    Average stockholders’ equity to average total assets21.123.224.625.024.8 Stockholders’ Equity    Net loan charge-offs to  Return on average stockholders’ equity (4)4.02.41.81.21.0         Fair value adjustments0.80.80.80.80.8 (1)  Average yields earned and rates paid are annualized.       Because acquired loans are initially recorded at an amount estimated to be collectible, losses on such loans, when incurred, are  Equipment financing38.636.035.137.023.1    Total liabilities15,984.5 March 31,Dec. 31,Sept. 30,June 30,March 31, (2) Excludes acquired loans.  Weighted average diluted common shares (in millions)346.01352.53354.99358.24344.82 Stockholders’ equity5,275.1         Other2.12.73.00.82.9  Consumer2,235.522.84.07 Allowance for loan losses as a percentage of:  Residential mortgage2,783.62,647.52,409.6 (1) Approximately $875 million of loans secured, in part, by owner-occupied commercial properties were reclassified from  Consumer20.922.122.222.522.8         Executive-level separation agreement—15.3-    Total funding liabilities19,12117,23616,17516,05215,573 Earnings per share, as reported$            0.15$            0.09$            0.07$            0.04$            0.04 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued    Loans$        17,290$        15,770$        15,120$        15,247$        14,589  Commercial and industrial2.31.43.18.00.8      Sept. 30, 2010, June 30, 2010 and March 31, 2010, respectively.    Total funding liabilities15,573.2$            34.00.87%  Dividend payout ratio104.9%172.5%230.4%352.0%376.2%       been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement.         acquisition-related intangibles5.96.16.14.84.7  Securities21.013.612.69.28.1 Originated non-performing loans as a percentage of originated loans1.62%1.70%1.77%1.57%1.36% People’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) today announced net income of $51.7 million, or $0.15 per share, for the first quarter of 2011, compared to $32 million, or $0.09 per share, for the fourth quarter of 2010, and $13.6 million, or $0.04 per share, for the first quarter of 2010. The company’s Board of Directors voted to increase the common stock dividend to an annual dividend rate of $0.63 per share. Based on the closing stock price on April 19, 2011, the dividend yield on People’s United Financial common stock is 4.9 percent. The quarterly dividend of$0.1575 per share is payable May 15, 2011 to shareholders of record on May 1, 2011. First quarter 2011 earnings were driven by higher net interest income and continued growth in fee-based businesses, partially offset by an increase in the provision for loan losses. In the first quarter of 2011, the return on average assets was 0.84 percent and the return on average tangible stockholders’ equity was 6.4 percent, compared to 0.56 percent and 3.7 percent, respectively, for the fourth quarter of 2010. At March 31, 2011, People’s United Financial’s tangible equity ratio stood at 13.9 percent.”Our performance this quarter reflects meaningful organic loan and deposit growth, encouraging trends in asset quality, as well as the benefit of acquisitions completed in 2010,” stated Jack Barnes, President and Chief Executive Officer. “In fact, on an annualized basis, both loans and deposits increased over 4 percent this quarter; our net interest margin reached its highest level since the end of 2007; and our non-performing assets ratio declined to under 2 percent.”Barnes added, “We continue to invest in our commercial, retail and business banking, and wealth management businesses throughout our franchise. Increases in our originated commercial banking and retail banking loan portfolios of $277 million, or 11 percent annualized, and $136 million, or 12 percent annualized, respectively, were effectively funded by growth in our retail deposits. The revenue increases in all of our wealth management product lines this quarter are further evidence of the progress we are making in this highly competitive area. In addition, our efforts with respect to both the Bank of Smithtown integration and Danversbank planning are well under way. We expect to close the Danversbank acquisition later in the second quarter, pending regulatory and shareholder approvals.”Barnes concluded, “We are pleased to reward our shareholders with a 19th consecutive annual dividend increase. Operating from a position of competitive strength, characterized by our strong business fundamentals, the ability to further leverage our brand in attractive markets and our prospects for organic growth, continues to set us apart from most in the industry. Furthermore, we have demonstrated our ability to prudently and effectively deploy capital through organic loan and deposit growth, adherence to a strong dividend policy, share repurchases and a thoughtful acquisition strategy.””The company’s performance this quarter reflects a solid improvement in the net interest margin and continued positive momentum in our fee businesses, which were partially offset by our decision to increase the allowance for loan losses in response to loan growth,” said Kirk W. Walters, Senior Executive Vice President and Chief Financial Officer.Walters continued, “The net interest margin improved 29 basis points to 4.16 percent, primarily reflecting the benefit of our two acquisitions completed during the fourth quarter of 2010, an increase in investment income, a reduction in our cost of deposits and additional interest accretion from the Financial Federal acquisition as a result of better than expected credit experience and slower than anticipated pre-payment activity. If credit experience within acquired loan portfolios continues to be better than originally expected, we will likely benefit from additional interest accretion over the remaining life of those loans.”Regarding asset quality, Walters stated, “While the overall level of non-performing loans is reflective of a period of prolonged economic weakness, we are pleased with the improvements noted over the past few quarters. In addition, the decline in acquired non-performing loans this quarter reflects our efforts to proactively reduce this portfolio through loan sales. During the first quarter, loans with a contractual balance of approximately $50 million (carrying amount of approximately $25 million) were sold at a gain of approximately $6 million and we continue to evaluate loan sales from within the acquired loan portfolios. The increase in the allowance for loan losses this quarter was driven by loan growth and is not an indication of weakening asset quality.”Loans acquired in connection with acquisitions have been recorded at fair value, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses. As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolios.For the originated portfolio, representing all loans other than those acquired, non-performing loans totaled$240.5 million at March 31, 2011, or 1.62 percent of originated loans, compared to $245.2 million and 1.70 percent, respectively, at December 31, 2010. Non-performing loans in the acquired portfolios, which represent the contractual balances of loans acquired that meet our definition of non-performing but for which the risk of loss has already been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement, totaled $324.4 million at March 31, 2011compared to $359.8 million at December 31, 2010.Non-performing assets (excluding acquired non-performing loans) totaled $292.1 million at March 31, 2011, down from $303.1 million at December 31, 2010. Non-performing assets equaled 1.96 percent of originated loans, REO and repossessed assets at March 31, 2011 compared to 2.09 percent at December 31, 2010.First quarter net loan charge-offs totaled $9.6 million compared to $10.9 million in the fourth quarter of 2010. Net loan charge-offs as a percent of average loans on an annualized basis were 0.22 percent in the first quarter of 2011 compared to 0.28 percent in the prior year’s fourth quarter. The provision for loan losses in the first quarter of 2011 reflects a $5.0 million increase in the allowance for loan losses to $177.5 million at March 31, 2011 due to strong growth in the commercial and residential mortgage loan portfolios.At March 31, 2011, the allowance for loan losses as a percentage of originated loans was 1.19 percent and as a percentage of originated non-performing loans was 74 percent, compared to 1.19 percent and 70 percent, respectively, at December 31, 2010. For the originated commercial banking portfolio, the allowance for loan losses ratio was 1.61 percent at both March 31, 2011 and December 31, 2010. The commercial banking allowance for loan losses represented 104 percent of non-performing commercial banking loans at March 31, 2011.People’s United Financial, a diversified financial services company with $25 billion in assets, provides commercial banking, retail and business banking, and wealth management services through a network of 341 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts. Through its subsidiaries, People’s United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.  Repurchase agreements476.3501.3164.1  Return on average tangible stockholders’ equity (4)6.43.72.71.71.5 Balance at end of period$          177.5$          172.5$          172.5$          172.5$          172.5 Treasury stock, at cost (22.0 million shares, 17.5 million shares and 3.2 million shares)(307.6)(248.9)(58.2) March 31,Dec. 31,Sept. 30,June 30,March 31,  Income before income tax expense77.547.935.723.020.4 $     22,960.5  Repurchase agreements492.80.60.46350.00.50.54  Non-interest-bearing$       3,789.5$       3,872.6$       3,305.7  Savings, interest-bearing checking and money market9,255.78,897.87,649.1 Liabilities      Originated non-performing loans (2)73.870.368.678.589.7  Time5,131.514.51.134,648.415.01.29 Total non-interest income74.668.168.069.764.2  Residential mortgage1.62.01.20.40.1 $          221.54.10% Less: Goodwill and other  Federal funds purchased200.0–    and money market9,015.112.10.548,249.011.50.56 Subordinated notes and debentures179.73.47.61171.33.37.75 Net interest income/spread (3)  Non-interest-bearing$       3,797.4$                —   %$       3,633.5$                —   % Total non-interest expense$          202.8$          199.1$          186.3$          202.7$          193.9 Subordinated notes and debentures182.03.88.31  Net gains on sales of loans8.64.22.42.72.8  Bank service charges31.030.731.532.931.2  Residential mortgage29.327.126.527.728.1 (1) Fully taxable equivalent    Total non-performing assets$          292.1$          303.1$          312.0$          284.5$          247.5 Liabilities and stockholders’ equity:  Residential mortgage2,415.928.14.66         Unallocated ESOP common shares8.979.069.159.239.32    Short-term investments (1)8431,4181,8922,5332,901         acquisition-related intangibles1,9531,9621,7721,7781,767 (1) Non-performing commercial and industrial loans at March 31, 2011 include approximately $10.7 million of loans secured, in part,  Commercial real estate5,392.774.25.51 SOURCE People’s United Financial, Inc. BRIDGEPORT, Conn., April 20, 2011 /PRNewswire/ —    Total borrowings189.40.51.08        and March 31, 2010, respectively.    Total deposits18,110.117,933.115,397.4 Non-performing assets as a percentage of: Additional paid-in capital4,981.54,978.84,924.6 Per Common Share Data: Common stock ($0.01 par value; 1.95 billion shares authorized; March 31,Dec. 31,Sept. 30,June 30,March 31,  Federal Home Loan Bank advances481.6509.310.5         Net security gains0.1—-       by owner-occupied commercial properties that were previously classified as non-performing commercial real estate loans. Recoveries0.81.30.81.21.4 People’s United Financial, Inc.NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAPIn addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value per share, and operating earnings. Management believes these non-GAAP financial measures provide information useful to investors in understanding People’s United Financial’s underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio and operating earnings are used by management in its assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People’s United Financial’s capital position.The efficiency ratio, which represents an approximate measure of the cost required by People’s United Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of other acquisition-related intangibles and fair value adjustments, losses on real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of assets, other than residential mortgage loans, and non-recurring income) (the denominator). People’s United Financial generally considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.Operating earnings exclude from net income those items that management considers to be of such a non-recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United Financial’s results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to, merger-related expenses, core system conversion costs, and one-time charges related to executive-level management separation agreements, are generally also excluded when calculating the efficiency ratio.  Operating earnings per share is calculated by dividing operating earnings by the weighted average number of dilutive common shares outstanding for the respective period.The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders’ equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated ESOP common shares).In light of diversity in presentation among financial institutions, the methodologies used by People’s United Financial for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions.People’s United Financial, Inc.         acquisition-related intangibles1,9531,9621,7721,7781,767    Net income$            51.7$            32.0$            24.1$            16.0$            13.6  Common shares (end of period) (in millions)345.97350.07356.73358.51362.25  Originated loans1.19%1.19%1.22%1.23%1.22% People’s United Financial, Inc. Commercial banking allowance for loan losses as a percentage of CONSOLIDATED STATEMENTS OF CONDITION Retail banking allowance for loan losses as a percentage of Other assets2,845.4 Selected Statistical Data: Commercial Banking: Less: Fair value adjustments5.00.6— Borrowings: Retail Banking: Originated non-performing loans:  Residential mortgage70.478.887.080.966.7  Tangible book value (end of period) (3)9.279.3010.0710.1410.25    Total loans, net17,345.617,155.215,080.1    Low12.1712.2012.5613.4915.07  Home equity0.81.11.30.10.9 Yield/Average Retained earnings767.2772.6874.5  377.0 million shares, 376.6 million shares and 374.8 million shares issued)3.73.73.8 Balance at beginning of period$          172.5$          172.5$          172.5$          172.5$          172.5 (dollars in millions, except per share data)20112010201020102010 EFFICIENCY RATIO Subordinated notes and debentures176.3182.2182.2      non-interest income for all periods.    Total interest on loans230.4205.6193.1195.5183.2    Total funding liabilities19,120.8$            32.50.68%17,235.6$            31.00.72% Other liabilities357.7691.9355.3 People’s United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)       at People’s United Financial, Inc. People’s United Bank’s March 31, 2011 total risk-based capital ratio is preliminary.    Borrowings1,1581,011254141175 Adjustments-0.010.010.050.04 Financial Condition Data: Three Months Ended  Commercial real estate7,053.3101.65.766,054.385.95.67  agreements to resell110.60.10.17603.90.30.21    Total non-interest income74.668.168.069.764.2    Subordinated notes and debentures176182183183182  Consumer2,127.12,177.92,222.6  Savings, interest-bearing checking    Total assets24,62322,96121,95521,87221,260 March 31,Dec. 31,Sept. 30,June 30,March 31,         Other3.3—- Interest and dividend income:    Total$          190.9$          184.7$          175.4$          178.2$          170.8  Securities purchased under agreements to resell0.10.30.40.10.1    Stockholders’ equity to total assets20.720.824.524.725.4 (in millions, except per share data)20112010201020102010 PROVISION AND ALLOWANCE FOR LOAN LOSSES  Non-interest-bearing$       3,267.2$                —   %    Operating earnings$            53.8$            36.7$            27.7$            31.8$            29.2    Total earning assets21,273.7$          254.04.78%19,697.2$          221.74.50% March 31,Dec. 31,Sept. 30,June 30,March 31,    Operating earnings per share$            0.15$            0.10$            0.08$            0.09$            0.08 Tangible stockholders’ equity$          3,207$          3,257$          3,593$          3,635$          3,712  Originated loans, REO and repossessed assets1.962.092.192.021.75  Time5,064.95,162.74,442.6 (1) Includes securities purchased under agreements to resell. Residential mortgage loans held for sale18.088.554.9    Total liabilities19,437.1    Stockholders’ equity5,1605,2195,3655,4135,479    Short-term investments (1)9261,1201,2181,9442,527    Total assets$     24,962.3$     25,037.1$     21,588.1  Commercial real estate (1)$            71.7$            82.5$            85.0$            67.2$            65.8  Total$              9.6$            10.9$            21.8$            17.8$              9.5  Provision for loan losses14.610.921.817.89.5 Stockholders’ equity5,185.4        BOLI FTE adjustment (1)0.60.50.71.41.0  Non-interest expense (1), (2)202.8199.1186.3202.7193.9  Other consumer0.40.60.70.90.8 Non-interest expense:  Merger-related expenses3.14.81.02.814.7 Unallocated common stock of Employee Stock Ownership Plan, at cost Short-term investments$          732.4$              0.60.31%$          814.7$              0.60.29%  Federal Home Loan Bank advances499.61.91.49178.20.71.68 Common shares issued376.95376.62374.63374.64374.76 (2)  Average balances and yields for securities available for sale are based on amortized cost.  Average Balances: Common shares345.97350.07356.73358.51362.25  Occupancy and equipment33.128.128.028.529.8 March 31, 2011Dec. 31, 2010last_img read more

Record 25.3GW of windpower capacity under construction across U.S.—AWEA

first_imgRecord 25.3GW of windpower capacity under construction across U.S.—AWEA FacebookTwitterLinkedInEmailPrint分享Windpower Monthly:The US wind industry installed 2.5GW of new capacity in the second quarter of 2020, a record for Q2 additions, despite delays caused by the pandemic. The 2.5GW installed was more than three times the 736MW added in Q2 2019, stated the American Wind Energy Association (AWEA) in its latest Wind Powers America quarterly report.The increase brought total US wind capacity to nearly 110GW.The US is currently experiencing a boom in installations prompted by the looming expiration of the $0.0015/kWh production tax credit (PTC), the primary federal incentive available to the wind industry. It expires at the end of the year.Construction activity reached another new record in the second quarter, with more than 25.3GW under construction nationally. Another 18.3GW is in advanced development, with a power purchase agreement (PPA), a firm turbine order, or having been given the go-ahead by a utility owner.AWEA’s report highlighted continuing advancement of offshore wind. Installation of the two turbines at the US’s first wind project in federal waters – the pilot 12MW Coastal Virginia Offshore Wind project owned by Dominion Energy – was completed in June. The project is expected to start operations later in 2020. Only one offshore project, the 30MW Block Island in state waters off Rhode Island, is operating.According to AWEA, offshore wind now represents 21% of the US’s total wind pipeline at more than 9GW.[Ros Davidson]More: U.S. wind booms as tax credit cut-off loomslast_img read more

Charles Lindbergh: Long Island’s Lucky Loner

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Given the rush of merchants trying to cash in on Charles Lindbergh’s historic flight from New York to Paris on May 20, 1927, it’s fitting that the spot where the famous aviator took off is the biggest mall on Long Island today.“Slim” Lindbergh, as he was known in St. Louis among his pilot pals and his business backers, spawned “Spirit of St. Louis” letter openers (named after his plane), ladies’ hats dubbed the “Lucky Lindy Lid” (gray felt with black trim, side flaps and a little propeller on the front), patent leather shoes with his photograph inserted on the top, boys’ britches, and even loaves of “Lucky Lindy Bread.”“Lindbergh became kind of a marketing phenomenon—from coloring books to games to toys to you name it!” says Andrew Parton, executive director of the Cradle of Aviation Museum in Garden City.It has the first plane the famous aviator ever owned, a Curtiss JN4-D—a Jenny—which Lindbergh bought in Georgia for $500 in 1923. Later it was fully restored in the 1970s by George Dade, an LI aviation buff who first met Lindbergh in the 1930s. The museum also has one of three Spirit of St. Louis models that the Ryan Aeronautics Company in San Diego built to Lindbergh’s demanding specifications: no front window in the cockpit, just a periscope and two side windows plus enough tank storage to hold 400 gallons of fuel. Jimmy Stewart used this sister ship to portray Lindbergh in Billy Wilder’s 1957 classic biopic.“The legend is that Charles Lindbergh flew this plane on Long Island in the early ’60s and said it handled the same way,” Parton says. “So we go with the legend!”Nassau County was bustling with aviation activity long before Lindbergh climbed into the cockpit. Where the museum is today was Aviation Field No. 2, the military airstrip renamed Mitchell Field after John Mitchell, the second youngest mayor of New York City, who had joined the Army Air Corps after failing to get re-elected. He died in a training accident in World War I.The other two airstrips then in operation were both civilian. Roosevelt Field was named after President Theodore Roosevelt’s son Quentin, who died in flight combat over France in 1918.Curtiss Field was named after Glenn Curtiss, the first pilot to take off from the Hempstead Plains in 1909. The flat, windy topography was ideal for flying—and the wealth of Manhattan was perfect for financing flights of derring-do. Starting in 1919, Manhattan hotel owner Raymond Orteig, who was born in France, had offered a $25,000 prize to the first aviator to fly nonstop from New York to Paris. Years later, Lindbergh wrote that he was “much more interested in the flight than in the prize… [but he didn’t] mean to imply that the prize was not of definite interest, too.”“Knowing that the money was in New York, all the early aviators gravitated to Long Island,” says Parton. “That’s why it became the cradle of aviation.”So, on the morning of May 20, having gotten no sleep the night before at the Garden City Hotel, Lindbergh had the Spirit of St. Louis towed from its hangar at Curtiss Field, where the Roosevelt Field Mall is today, to the larger and longer runway at Roosevelt Field, which Admiral Richard Byrd had graded in preparation for his own trans-Atlantic flight. That’s where The Source Mall is today. A gully, about where the Meadowbrook State Parkway is now, separated the two air strips. A crowd had gathered in the early light to see him off. Lindbergh later noted that it all felt “more like a funeral procession than the beginning of a flight to Paris.”Charles Lindbergh preparing to leave Long Island for Paris (Photo courtesy Cradle of Aviation)FLY BOYGo to the Roosevelt Field Mall today and on the upper level by the south entrance is a large, airy mural honoring Curtiss Field’s contribution to aviation when it was “the world’s premier airport.” The smiling faces of Lindbergh and Amelia Earhart lofting among the clouds pale in comparison to the striking image of Nikki Minaj in a yellow one-piece bathing suit floating on a turquoise pool surrounded by purple gloss lipsticks, an advertisement for the MAC cosmetics store nearby.On the concourse level outside the mall management office is a plaque telling passersby that Curtiss Field was renamed Roosevelt Field in 1920. Lindbergh only referred to it as Curtiss in his accounts. A more prominent plaque, installed in 1967 by Nassau County and the New York State Education Department on the mall’s main level, proclaims in bright gold letters that “Lindbergh took off from here in the ‘Spirit of St. Louis.’” It can be found underneath an escalator near Tourneau, the pricey watch store. Thirteen clocks mounted in a row above the shop windows tell the time in cities like London, Cairo, Moscow and Seoul, but not Paris—Lindbergh’s destination that took him 33½ hours to reach.About a mile away, at The Source, now in bankruptcy, is an impressive bas-relief sculpture chiseled out of granite by Chris Pelletieri and funded by the Fortunoff family. It supposedly marks the second “bounce,” where Lindbergh’s heavily laden plane finally had enough thrust to get off the ground and barely clear the telephone wires on what’s now Merrick Avenue by about 20 feet. This monument is on a grassy knoll at the intersection of Source Mall Drive and Transverse Drive.On May 20, timed for the anniversary of Lindbergh’s takeoff, Rep. Carolyn McCarthy (D-Mineola) plans to reintroduce a bill called the Long Island Aviation History Act, which would authorize the Department of the Interior to conduct a feasibility study about incorporating parts of the area—the stone monument at The Source in particular—into “a unit of the National Park System,” a process that could take years. The notion was the inspiration of Adam Sackowitz, a Hostra University American studies major. Meanwhile, Hempstead Supervisor Kate Murray and Hempstead Town Councilwoman Dorothy Goosby are “fully on board” with getting the sculpture and its small grassy knoll a landmark designation, a spokesman tells the Press. “We are absolutely committed to it.”Shoppers might know this historical marker because it’s near where the now-defunct Circuit City used to be. Shoplifters might have seen the monument because it’s within sight of Nassau Police’s 3rd Precinct “satellite” substation, where some 1,500 mall arrests are reportedly processed a year.When Lindbergh returned triumphant to the States, he had to steal time for himself. Everyone wanted something from him, especially his publisher George Putnam, to whom he’d promised a book recounting his inspiring journey. Fortunately for Lindbergh, Harry Guggenheim, whose father had established a Fund for the Promotion of Aeronautics, befriended him and took him under his wing.At Falaise, Harry Guggenheim’s palatial Gold Coast estate, Lindbergh cranked out “We” in three weeks, working at a polished desk in an upstairs bedroom or at a secluded table on the grounds to churn out almost 40,000 words and meet his deadline before he would embark on a three-month tour taking the Spirit of St. Louis to all 48 states.The publishers knew they had a hit if they could just get the work into the public’s hands.Lindbergh’s book came out the end of July in 1927 and by June 1928 it was already in its 31st printing. To call it a best-seller is an understatement. The prose, however, is almost child-like in its simplicity.“His writing got a lot better over the years,” says Josh Stoff, the curator at the Cradle of Aviation Museum. “He wrote a better book, “The Spirit of St. Louis,” in the Fifties, which won a Pulitzer Prize….That’s a much better book.” Wilder used it for his movie starring Jimmy Stewart.In his own words, Lindbergh painfully described how he felt after flying for 17 hours and being awake for almost 40:“My back is stiff; my shoulders ache; my face burns, my eyes smart,” he wrote. “It seems impossible to go on longer. All I want in life is to throw myself down flat, stretch out—and sleep.”Decades later, Lindbergh admitted that after flying for 24 hours, he had visions: “vaguely outlined forms, transparent, moving, riding weightless with me in the plane.” They were benign, these misty humanlike shapes, and they spoke to him above the roar of his engine, providing him “messages of importance unattainable in ordinary life.”Soon they left him alone, and then he saw another vision that turned out to be real: fishing boats. Lindbergh circled one of them, came in about 50 feet above the waves, leaned out his window and asked a fisherman, “Which way is Ireland?” He got no reply. The next people he spoke to were in Paris.Lindbergh’s plane on the runway (Photo courtesy Cradle of Aviation)ABOVE AND BELOW“If you look at aviation before Lindbergh and then after his flight, it really changed the world,” says Stoff, the Cradle’s curator. “Commercial aviation really didn’t exist before Lindbergh’s flight because people were afraid to fly in airplanes…. But when Lindbergh made his flight, he showed that one person in a little airplane can fly the ocean safely and get to exactly where he was going on time and on schedule.”Understanding fully the man who made this solo achievement remains elusive, decades after his flight.In his invaluable 1998 book, “Lindbergh,” prize-winning biographer A. Scott Berg says the celebrated aviator was “raised in virtual isolation.” America’s most famous flyer, Berg observes, “was born with a deeply private nature and bred according to the principles of self-reliance—nonconformity and the innate understanding that greatness came at the inevitable price of being misunderstood.”This explanation sheds some insight into other crucial events in Lindbergh’s life: his complex marriage to Anne Morrow, an ambassador’s daughter, and the tragic, fatal kidnapping of their baby from their New Jersey home in 1932; his acceptance of a medal in 1938 from the Nazi leader Hermann Goering “by order of der Fuhrer” in Berlin, and his apparent lack of sympathy for the Jews’ plight and his antipathy toward Britain that led him to support the America First movement. (Lindbergh’s father had been a radical Minnesota Congressman who’d railed against the “Money Trust” keeping America in the “Great War.”) In 1941 President Franklin Roosevelt’s top aide Harold Ickes wrote FDR that “I ardently hope that this convinced fascist will not be given the opportunity to wear the uniform of the United States.”After Pearl Harbor, Lindbergh did want to go to war. He volunteered at the Mayo Clinic in 1942 to test the effects of altitude on pilots, and later he unofficially flew on 50 bombing missions in the South Pacific, according to Berg.Had Lindbergh not had an irreparable falling out with Roosevelt, he might have been made a general, says Stoff. Despite what was happening on the ground, the airman always managed to keep his eyes on the stars up above, and he proved instrumental in getting Guggenheim to invest in Robert Goddard, considered the father of modern rocket propulsion.So, in that sense, the history of modern aviation does owe a debt of thanks to the man who once used Long Island as his launching pad.“You’ve got everything from Lindbergh to going to the moon,” says Andrew Parton, the Cradle’s director, “and it’s all connected here.”A sculpture at The Source Mall marks the spot where Lindbergh’s plane finally got off the ground for good.(Spencer Rumsey/Long Island Press)last_img read more

South African rookie Binder wins Czech MotoGP on ‘insane’ bike

first_imgBrad Binder created a series of firsts as he won the Czech MotoGP on Sunday to make come true “a day I dreamed about since I was a little boy”. It was the 24-year-old Binder’s first MotoGP win in only his third race in the elite division, it was also a first victory at this level by a South African and for the KTM team.Binder opened his MotoGP account at the main expense of Italian Franco Morbidelli on Yamaha’s satellite SRT bike and Frenchman Johan Zarco on a Ducati-Avintia who came third. Topics : “My team put an absolutely insane motorbike underneath me this weekend,” said Binder.”I had no idea we were capable of winning but I had a feeling it could be good.”Behind closed doors on a hot and sunny afternoon, Frenchman Fabio Quartararo (Yamaha-SRT), winner of the first two rounds of the season and world championship leader, finished seventh to increase his lead in the riders’ standings to 17 points over Spaniard Maverick Vinales (Yamaha) who was only 14th in the GP.With reigning champion Marc Marquez still absent nursing a broken arm, Binder followed Quartararo in grabbing his chance.center_img Binder was the first rookie MotoGP winner since Marquez in 2013 and he was followed home by two more surprising front-runners.For Morbidelli it was a first podium finish.”It was a nice race overall, I started well, I did what was in my plan, to make my rhythm and don’t overcook the tyres,” he said.Afer Binder overtook him on lap 13 and pulled clear, Morbidelli concentrated on preserving his first podium finish.”I won’t do anything silly and try to bring the bike to the end and catch my first podium.”Zarco started from pole but dropped down the field with a poor start. He held on to third despite disintegrating tyres and a penalty imposed for a collision with Pol Esparago which put the Spanish KTM man out of the race.”He went wide. I was in, keeping the line and when we touch,” said Zarco. “I did not expect it and I think that he crashed.”The officials judged the Frenchman was at fault and he had to ride a ‘long lap’ which meant following an outside lane on the big seventh turn.”When I did the long lap, I expected three riders to overtake me. No one overtook and at that moment, I said, OK that can be good,” Zarco said.While it was Zarco’s seventh podium it was a first for Avintia the team he joined after he struggled with KTM last season.In Moto2, Italian Enea Bastianini of Kalex led from start to finish to claim a second straight victory and climb to the top of the world championships.Britain’s Sam Lowes was second while Joe Roberts of the United States third.Another Italian, Dennis Foggia of Honda, won his first Grand Prix in the third tier Moto3 level earlier, while second placed Albert Arenas extended his world championship lead.A second Honda rider, the Japanese Ai Ogura, came third for his second podium of the season. The motorcycling caravan heads to Austria for two events  at the Red Bull Ring in Spielberg on August 16 and 23. The MotoGP field will again be without the recuperating Marquez as well as Italian Francesco Bagnaia (Ducati-Pramac), who fell in practice at Brno on Friday and broke a leg.last_img read more

Season opener draws 93 cars to Kossuth County

first_imgBy Greg GrabianowskiALGONA, Iowa (May 5) – Mother Nature derailed the opening night by one week but that did not stop 93 cars to visit the Kossuth County Speedway in Algona for the 2016 season opener on Thurs­day.“We had to wait a week to get started with the rain and cold last week but it was worth the wait as the drivers put on a good show,” said track manager Ron Reefer. “Things went well. We had a decent car count and track was smooth and fast.  Overall, it was a good evening of racing.”The Xtreme Motor Sports IMCA Modified feature saw Tad Reutzel grab the early lead but a flat front right tire ended his night and Ricky Thornton Jr. took over the lead.Thornton’s time out front lasted only three laps as he dropped his drive shaft on the back straight­way and Dustin Smith took over the lead. Once out in clean air, Smith was never challenged and cruised to the victory.Kelly Shryock finished second and Mike Jergens was third.Kevin Opheim took the lead early from his outside pole position in the IMCA Sunoco Stock Car feature, never gave it up and held off a big challenge from Derek Green to win.Ben Schultz held the outside pole position in the 24-car Karl Chevrolet Northern SportMod feature and once the green flag flew, Schultze dominated.The 21-car IMCA Sunoco Hobby Stock feature went green, white, checkered as Chanse Hollatz grabbed the lead early and went on to the victory after starting inside row two.Jay DeVries drew the pole for the Mach-1 Sport Compact feature and held that for the entire race.last_img read more

Sherwood’s message: Rudy’s an asset

first_img It marked Gestede’s 20th headed goal since the start of 2013-14 campaign – five greater than any other player has managed in England’s top four leagues. “I don’t think our centre-backs are too happy defending against him every day in training,” said Sherwood of the 26-year-old striker. “He attacks the ball for his life and throws everything at it. He flies in, he hurts people if they get in his way, but he seems to get up himself. “He terrorises defenders – he doesn’t give them a minute – but he is more than just a battering ram. He is very accurate with his heading and his hold-up play is very good. He gives us another dimension.” Sherwood had already described Gestede’s arrival as a “bargain” following his switch from Ewood Park. However, the Villa manager admitted he was reluctant to blood his new signing, who scored 30 goals in 62 appearances for Blackburn, following a lack of pre-season action. Sherwood added: “Everyone worked hard to get Rudy in – we tracked him for a long time – well I certainly have, and I mentioned him to the scouting department. The reports were very good so everyone was in agreement that he would be a good acquisition . “His mentality is excellent, his training and work ethic is fantastic, so I am delighted for him today because he has got no right to be playing. He has only played 45 minutes of football in pre-season. Aston Villa manager Tim Sherwood hailed Rudy Gestede’s instant arrival in the Barclays Premier League after his second-half header ensured there would be no fairytale start to life in the top flight for Bournemouth. Press Association Gestede, who signed from Blackburn in a £6million move earlier this month, came off the bench after an hour and opened his account inside 13 minutes of his debut. The imposing six foot four inch French striker rose above the rest of the Bournemouth defence from an Ashley Westwood corner to score the game’s winner. “I asked him if he could do a job and he wanted to start – he was disappointed not to – but we need to protect these players as much as we can.” Gestede provided the spark for the visitors in a game which Bournemouth never looked in danger of losing. Indeed it was the Cherries, playing their first match in England’s top division, who had the best chances to record a historic win. The hosts, roared on by a euphoric crowd, had more shots, more corners and more possession than their established opponents. But they spurned a number of golden opportunities – most notably in the closing 10 minutes of the opening half – to leave a sun-drenched Vitality Stadium with nothing to show from their impressive display. “I thought we were outstanding in the first half and very pleased with the display,” said manager Eddie Howe. “I think we have learned today what the Premier League is about – how difficult it is going to be if you are not clinical. “There were plenty of positives from my perspective, but also a lot to work on.” last_img read more

Gary Rowett: Demarai Gray can make big impact for Leicester

first_img The winger joined the Foxes from Blues on Monday after they activated his £3.75million release clause and he could make his debut in Sunday’s FA Cup trip to Tottenham. Leicester are second in the Barclays Premier League and Rowett believes Gray, who will battle Riyad Mahrez and Marc Albrighton for a place, could prove a star for Claudio Ranieri. “He has certainly got the quality,” said Rowett, who played for the Foxes between 2000 and 2002. “I think he is going to have to add things to his game, which you would hope Leicester can do, and the experience of someone like Claudio Ranieri would be able to add to his game. “It’s going to be a tough challenge. He is an eye-catching player. If he starts games or if he comes off the bench for 20 minutes I am sure he can have a very big impact for them. “It is a very different challenge. A lot of game intelligence is required to work out different ways to beat players, different ways to gain a little bit of space. You have to work a little bit harder.” Gray, 19, came through the ranks at St Andrew’s and made 78 appearances, scoring eight goals, and Rowett is reportedly eyeing Sunderland’s Will Buckley as a replacement. He also confirmed he wants to bring James Vaughan back to St Andrew’s after the striker’s loan spell from Huddersfield ended. “Vaughany is one we have said quite openly we would like to try and do something with,” he added. “He is Huddersfield’s player so whatever Huddersfield want to do that’s their prerogative.” Birmingham boss Gary Rowett has backed Demarai Gray to make an impact in Leicester’s shock title charge.center_img Press Associationlast_img read more

UNICAL, UAM Set for HiFL 2018 Final

first_imgHiFL_Action between UNICAL Malabites and UNILORIN Warriors The Stanbic IBTC Man of the match in the UAM Tillers versus OAU Giants game, Ebuka David, showed why he is presently the highest scorer in the tournament, with eight goals under his belt, as he scored again in the 42nd minute.Two more goals from Abata Terkuma in the 3rd minute and Anthony Elaigwu in the 48th minute completed the rout on the OAU Giants.Similarly, goals from Prince Umoh in the 9th minute and Osas Paul in the 18th minute were enough to give the UNICAL Malabites a comfortable 2-0 win over the UNILORIN Warriors despite a spirited effort from the Ilorin boys.Commenting on the matches, the Director, PACE Sports and Entertainment Marketing Limited, Mr. Sola Fijabi said “we now have our four finalists who will play the finals to determine the first, second and third place winners. We appreciate all the schools that participated in the 2018 HIFL because they are all winners.“They have all demonstrated good sportsmanship as they displayed fantastic football artistry. We also thank our sponsors for their support, looking forward to the next season”.The 2018 HiFL commenced on August 1 with teams from the Sahel and Atlantic conferences. The top 16 universities from 79 NUGA-member institutions played in 30 games over a period of 14 weeks in a return leg elimination format.Selected players from the 2018 HiFL will represent Nigeria at the upcoming International University Sports Federation (FISU) Games, the world’s largest collegiate sports competition.The HiFL is organised by Pace Sports and Entertainment Marketing in partnership with the Nigerian Universities Games Association (NUGA).Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram University of Calabar (UNICAL Malabites) and University of Agriculture Makurdi (UAM Tillers) are set to slug it out at the final of the 2018 Higher Institution Football League (HiFL) scheduled to hold at the Agege Stadium, Lagos on November 3, 2018.In an exciting encounter at the University of Agriculture Makurdi Stadium, the UAM Tillers turned over a two-goal deficit to defeat the Obafemi Awolowo University (OAU Giants) by 3-0 wining on a 6-5 aggregate score line.The UNICAL Malabites also canceled the 1-0 deficit from their first leg match played in Ilorin with a 2-0 home win against the UNILORIN Warriors in Calabar.last_img read more

Munster looking to hold on to top spot in Pro12

first_imgThe centre has been out injured since before Christmas.And staying with Pro12 team news Jared Payne is on the bench for Ulster’s meeting with Zebre on Sunday.The Ireland international has been out since November with a kidney injury. The Reds – with Tipperary’s Dave Foley and Tommy O’Donnell in their starting line-up – take on the Scarlets at Thomond Park at 7.35pm.Leinster could go top if Rassie Erasmus’s side slip up – they’re away to the Dragons at 7.30pm.Meanwhile, Bundee Aki is back in the Connacht side for Sunday’s clash away to Treviso.last_img read more