Category: zaeyfkyd

People’s United reports earnings up for fourth quarter, down for year; additional share repurchase approved

first_img    charges totaling $58.9 million and $4.5 million for the twelve months ended Dec. 31, 2010 Borrowings: Net interest income (1)$            702.3$            580.2    Stockholders’ equity to total assets20.824.524.725.424.0  Non-interest-bearing$   3,320.4$        —   %    Close (end of period)14.0113.0913.5015.6216.70  Average Balances: Originated non-performing loans as a percentage of originated loans (3)1.68%1.77%1.56%1.36%1.19% (dollars in millions, except per share data)20102010201020102009 Yield/ 3.19% Net interest income/spread (3)  Stock price:  Non-interest expense (1)206.9194.2209.8200.3172.2 Other assets3,163.5  Net income (2, 4)32.024.116.013.624.9 Selected Statistical Data: NON-PERFORMING ASSETS AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1)  Return on average tangible assets (3)0.610.480.320.280.51  Return on average stockholders’ equity (3)2.41.81.21.02.0  Return on average tangible stockholders’ equity (3)3.72.71.71.52.8 (1)  Average balances and yields for securities available for sale are based on amortized cost. Dec. 31,Sept. 30,June 30,March 31,Dec. 31, SOURCE People’s United Financial, Inc.CONTACT: Investors, Peter Goulding, CFA, Investor Relations, +1-203-338-6799, peter.goulding@peoples.com(link sends e-mail), or Media, Brent DiGiorgio, Corporate Communications, +1-203-338-3135, brent.digiorgio@peoples.com(link sends e-mail) Web Site: http://www.peoples.com(link is external) Non-interest expense:     at People’s United Financial, Inc. People’s United Bank’s Dec. 31, 2010 total risk-based capital ratio is preliminary.  Net income (3,4)85.7101.2  Tangible book value (end of period) (4)9.3010.0710.1410.2510.68 Interest expense:  Provision for loan losses10.921.817.89.513.6    Low12.2012.5613.4915.0715.15 Other assets604.7559.1445.9 Three Months Ended  Merchant services expense5.35.85.34.85.2  Net security gains (losses)(1.0)22.0      been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement. Financial Results: Recoveries1.30.81.21.40.9      months ended Dec. 31, 2010, Sept. 30, 2010, June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively.      REO and repossessed assets (2)2.072.182.011.741.44 NET LOAN CHARGE-OFFS CONSOLIDATED STATEMENTS OF INCOME    Total funding liabilities16,263.2$ 129.80.80%15,237.6$ 190.01.25% (1) Fully taxable equivalent Other liabilities384.7 Add: Fair value adjustments(2.5)1.01.01.61.6    Operating earnings$            125.4$            104.3 (in millions, except per share data)20102010201020102009 16,550.4    Total assets22,96121,95521,87221,26021,132  Short-term investments0.60.81.51.71.8 (dollars in millions)20102009    Loans17,51815,21515,21515,31114,234 Selected Statistical Data: $ 190.73.76%  Consumer2,177.92,176.52,245.0 (4) See non-GAAP financial measures and reconciliation to GAAP.  Return on average stockholders’ equity1.62.0 (2)  The FTE adjustment was $3.3 million and $3.4 million for the twelve months     ended Dec. 31, 2010 and 2009, respectively. Less: Net security gains-22.0    Close (end of period)14.0116.70  Occupancy and equipment114.4109.8    Total non-interest expense811.2684.6  Other non-interest income16.915.014.511.010.6      June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively, less related income taxes.    and money market7,145.411.90.66 Securities (2)887.18.43.76    High17.0818.54 3.73%  Return on average tangible assets0.420.53  Residential mortgage111.8145.0    Deposits17,93315,67515,83415,39715,446 Total non-interest income75.975.976.870.671.7 Other assets2,969.9  Net gains on sales of residential mortgage loans4.22.42.72.83.0 (dollars in millions)BalanceInterestRateBalanceInterestRate    Operating earnings$              36.7$              27.7$              31.8$              29.2$              28.0    Stockholders’ equity5,2195,3655,4135,4795,101 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP (3) Annualized.      and Dec. 31, 2009, respectively.    Total earning assets19,79718,95618,95018,46918,582 (dollars in millions, except per share data)20102009 Three Months Ended  Trading account securities, at fair value83.583.575.7  376.6 million shares, 374.6 million shares and 348.2 million shares issued)3.73.73.5  Non-interest income75.975.976.870.671.7  Originated non-performing loans70.368.678.589.7102.2  Repurchase agreements501.3244.2144.1 TANGIBLE BOOK VALUE    Total liabilities17,625.6    Total interest on loans779.8727.1 (1) Includes securities purchased under agreements to resell. Stockholders’ equity5,368.3    Subordinated notes182183183182182 Liabilities and stockholders’ equity:    Average stockholders’ equity to average total assets23.224.625.024.824.2 Dec. 31, 2010Dec. 31, 2009 share are used to analyze the relative strength of People’s United Financial’s capital position. 15,616.1 Allowance for loan losses as a percentage of:    Total interest on loans206.3193.7196.1183.7177.1 As of and for the Three Months Ended Yield/  Merger-related expenses4.81.02.814.72.0 2,546.0    Stockholders’ equity5,3355,4045,4585,2755,106 NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued    Total deposits15,813.1112.80.7114,888.3173.41.16 Three Months Ended Financial Results: Yield/Average system conversion costs, and one-time charges related to executive-level management separation    Income before income tax expense47.935.723.020.433.4    In addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally  Securities43.532.4 real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable  Bank service charges126.3128.8    Total risk-based capital (3)14.816.416.616.314.1 Deposits:  Net gains on sales of residential mortgage loans12.113.9    Net loan charge-offs to  Dividend payout ratio172.5%230.4%352.0%376.2%204.7% 3.85% CONSOLIDATED STATEMENTS OF CONDITION Dec. 31,Sept. 30,Dec. 31,    Total liabilities and stockholders’ equity$ 21,132.1    Goodwill and other acquisition-related intangibles1,9621,7721,7781,7671,515 Three months endedAverage Tangible book value per share$              9.30$            10.07$            10.14$            10.25$            10.68  Weighted average diluted common shares (in millions)352.53354.99358.24344.82332.56 Dec. 31,Dec. 31,    Total earning assets18,581.8$ 188.34.05%    Borrowings1,011254141175159    Net interest income699.0576.8  Securities held to maturity, at amortized cost55.155.155.3 Short-term investments$   1,725.0$     4.60.27%$   2,386.5$     6.50.27% 3.69% Dec. 31, 2009    Operating earnings per share$              0.10$              0.08$              0.09$              0.08$              0.08    Total$            265.6$            254.2$            253.8$            233.6$            222.4    Net income$        85.7$      101.2    Total assets$ 25,037$ 21,897$ 21,950$ 21,588$ 21,257  Federal Home Loan Bank stock, at cost63.633.931.1 goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is  Equipment financing36.035.137.023.120.6 Goodwill and other acquisition-related intangibles1,962.01,772.31,515.2 Other liabilities390.0 Bank-owned life insurance291.8253.6250.5 378.5 Securities purchased under agreements to resell456.20.90.20421.10.80.19  Originated loans, REO and repossessed assets (3)2.072.182.011.741.44  Repurchase agreements350.00.50.54178.50.20.47 AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) Represents pre-tax merger-related expenses, core system conversion costs and one-time Interest and dividend income:    Total deposits17,933.115,674.915,445.6 (3) Operating earnings were $125.4 million and $104.3 million for the twelve months ended Dec. 31, 2010 (3) Total risk-based capital ratios are for People’s United Bank and, as such, do not reflect the additional capital residing Assets: Common stock ($0.01 par value; 1.95 billion shares authorized; Non-interest income: Other liabilities691.9421.1370.2 common shares classified as treasury shares and unallocated ESOP common shares). AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued  Commercial real estate6,054.385.95.675,464.776.35.59    Total liabilities19,817.816,532.816,156.5 equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of      includes an FDIC special assessment charge of $8.4 million for the twelve months ended Dec. 31, 2009. Per Common Share Data:  Insurance revenue6.98.36.37.37.0 Originated non-performing loans: Financial Condition Data:    Total liabilities and stockholders’ equity$ 25,037.1$ 21,897.3$ 21,257.2 Stockholders’ equity5,334.9  Non-interest expense (2)811.2684.6  Residential mortgage2,529.7111.84.422,880.1145.05.04 $ 21,954.6 FINANCIAL HIGHLIGHTS – Continued Twelve months endedAverage  Commercial real estate$        85.9$        76.3$        75.6$     74.3$   74.1 (dollars in millions)20102010201020102009         Fair value adjustments0.80.80.80.80.8  Federal Home Loan Bank advances178.20.71.689.80.15.19 Twelve Months Ended  Securities13.612.69.28.18.4  Net loan charge-offs(10.9)(21.8)(17.8)(9.5)(13.6)    Tangible assets$          23,075$          20,125$          20,172$          19,821$          19,742 Acquired non-performing loans (2)$ 359.8$    59.4$   60.1$     51.7$        – Dec. 31,Dec. 31, calculated by dividing tangible stockholders’ equity by common shares (total common shares issued, less      one-time charges totaling $7.0 million, $5.3 million, $23.2 million, $23.4 million and Less: Goodwill and other    Total interest expense31.031.733.134.040.0 5,404.2 Provision for loan losses10.921.817.89.513.6         Fair value adjustments3.23.1    Total loans14,231.1177.95.00  Commercial real estate$   82.5$    85.0$   67.2$     65.8$   72.4  Weighted average diluted common shares (in millions)352.67333.17 (dollars in millions)BalanceInterestRate  Non-interest-bearing$   3,426.0$        —   %$   3,210.8$        —   %  Bank service charges30.731.532.931.232.2  Securities available for sale, at fair value2,831.12,305.0739.7 (dollars in millions)20102010201020102009  (9.0 million shares, 9.1 million shares and 9.4 million shares)(187.9)(189.7)(195.2) Other liabilities410.3 Financial generally considers an item of income or expense to be non-recurring if it is not similar to an item    Total non-interest income75.975.976.870.671.7 EFFICIENCY RATIO Charge-offs(12.2)(22.6)(19.0)(10.9)(14.5) Less: Amortization of other Net interest income/spread (3) People’s United Financial, Inc. Less: Common shares classified as treasury shares17.498.756.903.193.21  Merchant services income6.46.96.45.86.3  Other non-interest expense44.541.655.036.432.8 (dollars in millions)20102010201020102009  Securities purchased under agreements to resell0.30.40.10.10.2 Income tax expense15.911.67.06.88.5    Net income$        32.0$        24.1$        16.0$     13.6$   24.9 Securities (1)1,579.543.52.76934.232.43.47  Repurchase agreements146.30.20.49  Other non-interest expense177.5136.7    In light of diversity in presentation among financial institutions, the methodologies used by People’s United Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total interest and dividend income220.8207.5206.9193.6187.5  Compensation and benefits98.393.292.696.389.2  Commercial real estate$      312.1$      287.8  Subordinated notes3.33.83.83.83.7  Compensation and benefits380.4350.5  Consumer89.695.4 Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill Yield/Average People’s United Financial, Inc.  Securities purchased under agreements to resell0.90.8 Efficiency ratio73.3%73.5%  Stock price:    Total loans15,921.7207.25.2115,208.4194.55.12 Borrowings:  Investment management fees32.032.4 CONSOLIDATED STATEMENTS OF INCOME Premises and equipment325.1254.1264.5 Liabilities and stockholders’ equity: Accumulated other comprehensive loss(99.0)(59.4)(74.8) Loans: (1)  Average yields earned and rates paid are annualized.      average loans (annualized)0.28%0.57%0.46%0.26%0.38% Residential mortgage2.01.20.40.11.2 Deposits: Less: Amortization of other  Consumer22.122.222.522.823.5    Allowance for loan losses to:  Bank-owned life insurance6.78.4 accepted accounting principles (’GAAP’), management routinely supplements this evaluation with an  Commercial38.234.325.228.917.4        Net security losses1.0—0.1    Net interest income after provision for loan losses178.9154.0156.0150.1133.9 People’s United Financial, Inc. Short-term investments599.8478.13,092.0  Commercial real estate7,306.35,493.15,399.4    Total earning assets19,797.0$ 221.74.48%18,956.3$ 208.34.40% Dec. 31,Sept. 30,June 30,March 31,Dec. 31,  General: agreements, are generally also excluded when calculating the efficiency ratio.  Operating earnings per share November 30, 2010.  Accordingly, Smithtown’s and LSB’s results of operations are included beginning with the  Professional and outside service fees72.744.0  Borrowings1.20.30.30.50.4 Subordinated notes179.614.78.17181.215.18.35 Basic and diluted earnings per common share$        0.24$        0.30 Net interest margin    Securities3,0332,4781,787886902 (dollars in millions, except per share data)20102009  Net interest income$   699.0$   576.8  Bank-owned life insurance1.01.42.61.81.9  Commercial5,086.571.45.625,096.468.95.40 Balance at beginning of period$ 172.5$  172.5$ 172.5$   172.5$ 172.5  Consumer2,258.923.54.16  Brokerage commissions11.312.2 Securities purchased under    Securities2,4571,8561,097888887 Securities (2)2,456.713.62.221,855.912.62.72 other financial institutions. Dec. 31,Sept. 30,June 30,March 31,Dec. 31, $ 21,954.6  Residential mortgage2,611.427.84.272,463.227.14.41 Provision for loan losses60.057.0 (in millions, except per share data)20102009    Total deposits15,273.035.90.94      June 30, 2010, March 31, 2010 and Dec. 31, 2009, respectively. Net loan charge-offs to average loans (annualized)0.28%0.57%0.46%0.26%0.38%  Professional and outside service fees19.818.520.813.610.0  Time4,533.565.41.444,966.9125.22.52 Short-term investments$      814.7$     0.60.29%$   1,176.2$     0.80.28% Treasury stock, at cost (17.5 million shares, 8.8 million shares and 3.2 million shares)(248.9)(134.6)(58.6) Dec. 31, 2010Sept. 30, 2010    Total wealth management72.174.6         Other-1.9    Loans$ 15,922$ 15,208$ 15,319$ 14,680$ 14,231center_img      $4.5 million for the three months ended Dec. 31, 2010, Sept. 30, 2010, FINANCIAL HIGHLIGHTS – Continued    The tangible equity ratio is the ratio of (i) tangible stockholders’ equity (total stockholders’ equity less Less: Goodwill and other Three Months Ended    Total borrowings533.41.20.92191.00.30.71 book value per share, and operating earnings. Management believes these non-GAAP financial measures  Net interest income$   189.8$   175.8$   173.8$   159.6$   147.5  Residential mortgage27.827.128.328.631.4      Originated loans (2)1.181.211.231.221.21    Total liabilities and stockholders’ equity$ 22,016.2 analysis of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible People’s United Financial, Inc.  Other non-interest income57.536.5  Merchant services expense21.221.0    Total assets$ 21,132.1  Time5,162.74,367.64,608.7 People’s United Financial, Inc.  Return on average tangible stockholders’ equity2.42.8    Short-term investments (1)1,4181,8922,5342,9013,464 (4) See non-GAAP financial measures and reconciliation to GAAP. Consumer1.92.40.91.92.6  Net security losses(1.0)—(0.1)  Commercial266.3198.9 (3)  The FTE adjustment was $0.9 million, $0.8 million and $0.8 million for the three months ended Dec. 31. 2010, Sept. 30, 2010      and Dec. 31, 2009, respectively. (3)  The FTE adjustment was $0.9 million, $0.8 million and $0.8 million for the three     months ended Dec. 31. 2010, Sept. 30, 2010 and Dec. 31, 2009, respectively. Net interest margin (1) Includes a total of $7.0 million, $5.3 million, $23.2 million, $23.4 million and $4.5 million of merger-related expenses,  Non-interest-bearing$   3,872.6$   3,427.2$   3,509.0    Low12.2014.72 Total non-interest income299.2309.1 Assets: Short-term investments$   2,822.4$     1.80.26%    Total funding liabilities17,23616,17516,05215,57315,616 excluded from operating earnings, which include, but are not limited to, merger-related expenses, core (dollars in millions)BalanceInterestRateBalanceInterestRate Loans:  Commercial real estate5,352.074.15.53         Other—-0.3  Less allowance for loan losses(172.5)(172.5)(172.5) Assets: Real estate owned (“REO”)39.834.937.223.423.9 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, Further, the efficiency ratio and operating earnings are used by management in its assessment of financial    and money market8,249.011.50.567,929.612.00.61 $ 702.33.57%    Total non-interest income299.2309.1    Total$            738.5$            644.0 People’s United Financial, Inc.  Tangible book value (end of period) (4)9.3010.68  Efficiency ratio (4)73.373.5 Net income, as reported$              32.0$              24.1$              16.0$              13.6$              24.9  Commercial4,010.848.94.88  Net interest margin3.69%3.19% Yield/ $ 580.22.98% Net interest income (1)$            190.7$            176.6$            174.6$            160.4$            148.3 Subordinated notes181.73.78.32 Financial for determining the non-GAAP financial measures discussed above may differ from those used by Securities: of income or expense of a type incurred within the last two years and is not similar to an item of income or Add: Adjustments, net of tax (1)                39.7                  3.1 performance, including non-interest expense control, while the tangible equity ratio and tangible book value per  Tangible stockholders’ equity and allowance for loan losses8.828.297.476.375.47 Net interest income/spread (2) Net interest margin  Dividends paid per share0.61750.6075 EFFICIENCY RATIO  Savings, interest-bearing checking and money market8,897.87,880.17,327.9  Merger-related expenses23.32.0 People’s United Financial, Inc.    Total loans17,518.215,214.814,233.8  Dividend payout ratio254.5%201.1% People’s United Bank,People’s United Financial, Inc. (Nasdaq: PBCT) has announced net income of $32.0 million, or $0.09 per share, for the fourth quarter of 2010, compared to $24.1 million, or $0.07 per share, for the third quarter of 2010, and $24.9 million, or $0.07 per share, for the fourth quarter of 2009.  Included in each of these quarter’s results are pre-tax merger-related expenses and core system conversion costs totaling $7.0 million, $5.3 million and $4.5 million, respectively.  Excluding the effect of these items, net income would have been $36.7 million, or $0.10 per share, for the fourth quarter of 2010, $27.7 million, or $0.08 per share for the third quarter of 2010 and $28.0 million, or$0.08 per share, for the fourth quarter of 2009.For the year ended December 31, 2010, net income totaled $85.7 million, or $0.24 per share, compared to$101.2 million, or $0.30 per share, for 2009.  Included in both the 2010 and 2009 results are pre-tax merger-related expenses, core system conversion costs and one-time charges totaling $58.9 million and$4.5 million, respectively.  Excluding the effect of these items, net income would have been $125.4 million, or $0.35 per share, for 2010 and $104.3 million, or $0.31 per share, for 2009.As previously reported, People’s United Financial completed its acquisitions of Smithtown Bancorp, Inc. and LSB Corporation on November 30, 2010.  Accordingly, Smithtown’s and LSB’s results of operations are included as of the acquisition date, and prior period results have not been restated to include Smithtown and LSB.People’s United Financial announced today a definitive agreement to acquire Danvers Bancorp, Inc. based in Danvers, Massachusetts.  Further information regarding this acquisition is included in a separate release.People’s United Financial’s Board of Directors has authorized an additional repurchase of common stock.  Up to 5 percent of People’s United Financial’s then-outstanding common stock, or up to 17.5 million shares, can be repurchased, either directly or through agents, in the open market at prices and terms satisfactory to management.  Under the stock repurchase authorization announced in April 2008, 14.3 million shares out of a maximum of 17.3 million shares authorized for repurchase, at a total cost of $191.2 million, had been repurchased as of December 31, 2010.The Board of Directors of People’s United Financial declared a $0.1550 per share quarterly dividend, payable February 15, 2011 to shareholders of record on February 1, 2011.  Based on the closing stock price on January 19, 2011, the dividend yield on People’s United Financial common stock is 4.4 percent.”Our announcement today of the acquisition of Danvers Bancorp furthers our strategy of acquiring financial institutions in attractive markets and continues to build on what was an exciting and transformational 2010 for the bank,” stated Jack Barnes, President and Chief Executive Officer.  “The successful completion of our core system conversion and the rebranding of our branches throughout New England to People’s United Bank, in addition to closing four acquisitions during 2010, position us well for future growth.”Barnes added, “Our performance throughout 2010 continues to reflect the benefits from our focused commercial, wealth management and retail banking strategy.  Excluding acquired loans, our commercial banking portfolio increased 7 percent on an annualized basis this quarter, while our residential mortgage portfolio increased 14 percent, and we continue to strengthen our position in the critical Boston and New York markets.”Barnes concluded, “We operate from a position of competitive strength characterized by our strong business fundamentals, ability to further leverage our brand in attractive markets and our prospects for organic growth.  Furthermore, we have demonstrated our ability to prudently and effectively deploy capital through acquisitions, adherence to a strong dividend policy and share repurchases.””On an operating basis earnings were $37 million or 10 cents per share this quarter,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer.  “Significant drivers of the company’s performance in the fourth quarter were an improvement in the net interest margin and lower net loan charge-offs.  The net interest margin improved 12 basis points to 3.85 percent, primarily reflecting a reduction in our cost of deposits and the partial benefit from our two acquisitions completed during the fourth quarter.”Commenting on asset quality, Burner stated, “Our non-performing loans declined on a sequential quarter basis for the first time since September 2009, an indication of what we believe is stabilization across the loan portfolio.  In addition, net loan charge-offs this quarter were the lowest since the first quarter of 2010.”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 loan portfolio, representing all loans other than those acquired, non-performing loans totaled $245.2 million at December 31, 2010, and the ratio of originated non-performing loans to originated loans was 1.68 percent, compared to $251.4 millionand 1.77 percent, respectively, at September 30, 2010.  Non-performing loans in the acquired loan portfolios, which represent those 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 $359.8 million at December 31, 2010.Non-performing assets totaled $303.1 million at December 31, 2010, down from $312.0 million atSeptember 30, 2010.  Non-performing assets equaled 2.07 percent of originated loans, REO and repossessed assets at December 31, 2010 compared to 2.18 percent at September 30, 2010.  AtDecember 31, 2010, the allowance for loan losses as a percentage of originated loans was 1.18 percent and as a percentage of originated non-performing loans was 70 percent, compared to 1.21 percent and 69 percent, respectively, at September 30, 2010.Fourth quarter net loan charge-offs totaled $10.9 million compared to $21.8 million in the third quarter of 2010.  Net loan charge-offs as a percent of average loans on an annualized basis were 0.28 percent in the fourth quarter of 2010 compared to 0.57 percent in this year’s third quarter.  The level of the allowance for loan losses is unchanged from September 30, 2010.In the fourth quarter of 2010, return on average tangible assets was 0.61 percent and return on average tangible stockholders’ equity was 3.7 percent, compared to 0.48 percent and 2.7 percent, respectively, for the third quarter of 2010.  At December 31, 2010, People’s United Financial’s tangible equity ratio stood at 14.1 percent.Conference CallOn January 21, 2011, at 11 a.m., Eastern Time, People’s United Financial will host a conference call to discuss this earnings announcement and our acquisition announcement.  The call may be heard throughwww.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.4Q 2010 Financial HighlightsSummaryNet income totaled $32.0 million, or $0.09 per share.Operating earnings were $36.7 million, or $0.10 per share.Net interest income totaled $189.8 million.Net interest margin increased 12 basis points from 3Q10 to 3.85%.The interest cost on deposits declined 6 basis points from 3Q10.Provision for loan losses totaled $10.9 million.Net loan charge-offs totaled $10.9 million in 4Q10.Non-interest income totaled $75.9 million in both 4Q10 and 3Q10.Non-interest expense totaled $206.9 million in 4Q10 compared to $194.2 million in 3Q10.4Q10 and 3Q10 include a total of $7.0 million and $5.3 million, respectively, of merger-related expenses and core system conversion costs.Effective income tax rate was 33.2% in 4Q10 and 32.5% in 2010.Excluding a $1.2 million non-taxable BOLI death benefit recorded in 2Q10, the income tax rate was 32.8% in 2010.Commercial BankingAverage commercial banking loans increased $580 million from 3Q10 to $11.1 billion.Excluding acquired loans, commercial banking loans increased $175 million fromSeptember 30, 2010.Non-performing commercial banking assets, excluding acquired non-performing loans, totaled$193.1 million at December 31, 2010, a $12.0 million decrease from September 30, 2010.The ratio of originated non-performing commercial banking loans to originated commercial banking loans was 1.57% at December 31, 2010 compared to 1.59% at September 30, 2010.Net loan charge-offs totaled $7.0 million, or 0.25% annualized, of average commercial banking loans in 4Q10, compared to $18.2 million, or 0.69% annualized, in 3Q10.Retail & Business BankingAverage residential mortgage loans totaled $2.6 billion, a $148 million increase from 3Q10.Excluding acquired loans, residential mortgage loans increased $98 million from September 30, 2010.Net loan charge-offs totaled $2.0 million, or 0.30% annualized, of average residential  mortgage loans.The ratio of originated non-performing residential mortgage loans to originated residential mortgage loans was 3.17% at December 31, 2010 compared to 3.68% at September 30, 2010.Average home equity loans totaled $2.0 billion, unchanged from 3Q10.Net loan charge-offs totaled $1.1 million, or 0.23% annualized, of average home equity loans.Wealth ManagementWealth Management income decreased $1.0 million from 3Q10.Investment management fees and brokerage commissions increased $0.3 million and $0.1 million, respectively, while insurance revenue decreased $1.4 million (reflecting the seasonal nature of insurance renewals).Assets managed and administered, which are not reported as assets of People’s United Financial, totaled $17.1 billion at both December 31, 2010 and September 30, 2010.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 nearly 340 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.Additional Information About the TransactionThe proposed transaction will be submitted to the stockholders of Danvers Bancorp for their consideration.  In connection with the proposed merger with Danvers Bancorp, Inc., People’s United Financial will file with the Securities and Exchange Commission (the ‘SEC’) a Registration Statement on Form S-4 that will include a proxy statement of Danvers Bancorp that also constitutes a prospectus of People’s United Financial. Danvers Bancorp will mail the proxy statement/prospectus to its stockholders.  Investors and security holders are urged to read the proxy statement/prospectus regarding the proposed merger when it becomes available, as well as other documents filed with the SEC, because they will contain important information.  You may obtain a free copy of the proxy statement/prospectus (when available) and other related documents filed by People’s United Financial and Danvers Bancorp with the SEC at the SEC’s website at www.sec.gov(link is external).  The proxy statement/prospectus (when it is available) and the other documents may also be obtained for free by accessing People’s United Financial’s web site at www.peoples.comunder(link is external) the tab ‘Investor Relations’ and then under the heading ‘Financial Information’ or by accessing Danvers Bancorp’s web site at www.danversbank.com(link is external) under the tab ‘Investor Relations’ and then under the heading ‘SEC Filings.’Participants in the TransactionsPeople’s United Financial, Danvers Bancorp and their respective directors, executive officers and certain other members of management and employees may be deemed ‘participants’ in the solicitation of proxies from Danvers Bancorp’s stockholders in favor of the merger with Danvers Bancorp. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Danvers Bancorp stockholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about the executive officers and directors of People’s United Financial in its Annual Report on Form 10-K for the year ended December 31, 2009 and in its definitive proxy statement filed with the SEC on March 23, 2010.  You can find information about Danvers Bancorp’s executive officers and directors in its Annual Report on Form 10-K for the year ended December 31, 2009 and in its definitive proxy statement filed with the SEC on April 16, 2010.This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.For additional factors that may affect future results, please see filings made by People’s United Financial and Danvers Bancorp with the SEC, including People’s United Financial’s Annual Report on Form 10-K for the year ended December 31, 2009 and Danvers Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2009.  People’s United Financial and Danvers Bancorp undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or other changes.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.BRIDGEPORT, Conn., Jan. 20, 2011 /PRNewswire/ — Access Information About People’s United Financial at www.peoples.com(link is external) .   Amortization of other acquisition-related intangibles21.720.6  Repurchase agreements211.71.00.49151.20.70.46 impairment charges, amortization of other acquisition-related intangibles and fair value adjustments, losses on  Investment management fees7.97.68.67.97.9 Income tax expense41.343.1 Liabilities    Non-performing assets (2)303312285248206    Operating earnings exclude from net income those items that management considers to be of such a  Dividends paid per share0.15500.15500.15500.15250.1525    Total borrowings1,010.6253.9158.9    Total deposits16,530.926.50.6415,801.127.60.70 Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total loans15,285.6783.15.1214,469.7730.55.05  Residential mortgage2,838.02,474.52,546.9        BOLI FTE adjustment (1)3.64.5 Commercial real estate2.613.54.85.81.5    Common shares350.07356.73358.51362.25335.63 $ 20,757.5  Deposits26.527.629.029.735.9 Deposits: Cash and due from banks$      354.7$      320.3$      326.0  Provision for loan losses60.057.0 Stockholders’ equity5,105.9 (2)  Average balances and yields for securities available for sale are based on amortized cost. Borrowings:  Savings, interest-bearing checking $ 148.33.02% Additional paid-in capital4,978.84,946.04,511.3     assets were 3.77%, 2.43%, 2.26% and 1.95% of total loans, REO and repossessed assets, respectively. 2,998.3  agreements to resell641.20.20.17 expense of a type reasonably expected to be incurred within the following two years.        Net security losses1.0-         Other47.816.9 Net income, as reported$              85.7$            101.2    Total interest and dividend income828.8766.8 Non-interest income:    Total non-interest expense206.9194.2209.8200.3172.2  Subordinated notes14.715.1  Common shares (end of period) (in millions) (4)350.07335.63 Liabilities and stockholders’ equity: provide information useful to investors in understanding People’s United Financial’s underlying operating Stockholders’ Equity Securities purchased under agreements to resell520.0740.0400.0    Income before income tax expense127.0144.3 Per Common Share Data: People’s United Financial, Inc. Twelve Months Ended    Net loan charge-offs10.921.817.89.513.6 (2) Includes a total of $58.9 million and $4.5 million of merger-related expenses, core system conversion Common shares issued376.62374.63374.64374.76348.25  Deposits112.8173.4 (1)  Average yields earned and rates paid are annualized. Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total cash and cash equivalents954.5798.43,418.0  Common shares (end of period) (in millions) (4)350.07356.73358.51362.25335.63  Consumer9.710.09.47.85.7  Commercial5,196.05,070.74,042.5    Allowance for loan losses173173173173173  Net interest margin (3)3.85%3.73%3.68%3.47%3.19%    Total non-performing assets$ 303.1$  312.0$ 284.5$   247.5$ 205.6  Consumer2,169.522.14.072,184.122.24.06 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, performance and trends, and facilitates comparisons with the performance of other banks and thrifts. equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable  Total$   10.9$    21.8$   17.8$       9.5$   13.6 PROVISION AND ALLOWANCE FOR LOAN LOSSE S    Total borrowings161.20.40.93 (2) Represents acquired loans that meet People’s United’s definition of a non-performing loan but for which the risk of credit loss has  Efficiency ratio (4)72.572.173.075.973.7    Total stockholders’ equity5,219.35,364.55,100.7     June 30, 2010 and March 31, 2010, non-performing loans were 3.45%, 2.04%, 1.84% and 1.59% of total loans, and non-performing Loans: (dollars in millions, except per share data)20102010201020102009 Three Months Ended Repossessed assets18.125.727.631.812.9 3.19%  Return on average assets0.390.49    Net interest income189.8175.8173.8159.6147.5  Commercial real estate5,594.8312.15.585,208.5287.85.52 Total non-interest expense$            811.2$            684.6 $ 20,757.5 Balance at end of period$ 172.5$  172.5$ 172.5$   172.5$ 172.5    Total wealth management income17.718.717.718.017.8  Originated loans1.18%1.21%1.23%1.22%1.21% Interest and dividend income: Dec. 31,Sept. 30,June 30,March 31,Dec. 31,    Total securities3,033.32,477.5901.8 Non-interest expense: (1) Fully taxable equivalent  Commercial70.568.169.758.048.1         acquisition-related intangibles1,9621,7721,7781,7671,515  Diluted earnings per share$     0.24$     0.30 Tangible equity ratio14.1%17.8%18.0%18.7%18.2% Three months endedAverage Subordinated notes182.2182.9181.8    Total assets$ 22,960.5 $ 176.63.62%    Total interest expense129.8190.0 (1) Reported net of government guarantees totaling $9.4 million at Dec. 31, 2010, $8.8 million at Sept. 30, 2010, $6.8 million    Total borrowings270.52.30.88168.11.50.90    Total loans, net17,345.715,042.314,061.3 375.6         Unallocated ESOP common shares9.069.159.239.329.41  Savings, interest-bearing checking and money market7,853.647.40.606,710.648.20.72 Other assets2,550.3 Subordinated notes171.33.37.75182.73.88.28 (2) Operating earnings were $36.7 million, $27.7 million, $31.8 million, $29.2 million and $28.0 million for the three    The efficiency ratio, which represents an approximate measure of the cost required by People’s United NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP – continued Add: Fair value adjustments1.16.5 Borrowings: Commercial1.43.18.00.84.3  Time4,807.224.02.00 acquisition date, and prior period results have not been restated to include Smithtown and LSB. Unallocated common stock of Employee Stock Ownership Plan, at cost  Federal Home Loan Bank advances509.39.714.8 People’s United Financial, Inc. is calculated by dividing operating earnings by the weighted average number of dilutive common shares    Short-term investments (1)1,1201,2181,9442,5273,492    Tangible stockholders’ equity$            3,257$            3,593$            3,635$            3,712$            3,586      costs and one-time charges for the twelve months ended Dec. 31, 2010 and 2009, respectively.  Also (dollars in millions)20102010201020102009 (1) Represents pre-tax merger-related expenses, core system conversion costs and non-recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United outstanding for the respective period. Deposits:    Tangible stockholders’ equity to tangible assets14.117.818.018.718.2  Residential mortgage2,609.431.44.81 Dec. 31,Sept. 30,June 30,March 31,Dec. 31, (2) Excludes acquired loans.  Borrowings2.31.5 Loans: People’s United Financial, Inc. People’s United Financial, Inc. (3) Calculations exclude acquired loans.  Including acquired loans and acquired non-performing loans at Dec. 31, 2010, Sept. 30, 2010, Retained earnings772.6798.5914.5 Twelve Months Ended    Total$         1,007.2$            876.4 People’s United Financial, Inc. Total non-interest expense$            206.9$            194.2$            209.8$            200.3$            172.2  Consumer2,199.289.64.072,264.495.44.21         acquisition-related intangibles6.16.14.84.75.0    Total originated non-performing loans (1)245.2251.4219.7192.3168.8  Merchant services income25.524.9    Total$            192.6$            183.4$            185.3$            177.2$            163.9  Insurance revenue28.830.0 Equipment financing$     3.0$      1.6$     3.7$       0.9$     4.0         acquisition-related intangibles21.720.6 5,141.4  Ratios: Less: Net security gains—– OPERATING EARNINGS  Brokerage commissions2.92.82.82.82.9 Provision for loan losses10.921.817.89.513.6  Book value (end of period)$   14.91$   15.20  Commercial4,961.9269.65.434,116.7202.34.91 Three Months Ended Dec. 31,Dec. 31,    Net interest income after provision for loan losses639.0519.8  Amortization of other acquisition-related intangibles6.16.14.84.75.0 Add: Adjustments, net of tax (1)4.73.615.815.63.1 Twelve Months Ended  Short-term investments4.66.5    Deposits16,53115,80115,70415,20215,273  Federal Home Loan Bank advances52.31.12.2214.80.85.28    Total assets$ 22,016.2    Total liabilities16,026.2      at June 30, 2010, $7.3 million at March 31, 2010 and $8.3 million at Dec. 31, 2009.        Originated non-performing loans (2)70.468.678.589.7102.2 (dollars in millions)20102010201020102009 Non-performing assets as a percentage of: Dec. 31,Dec. 31,    Non-performing assets to originated loans,  Income before income tax expense47.935.723.020.433.4  Occupancy and equipment28.128.028.529.828.0  Income before income tax expense127.0144.3 Securities purchased under    Total liabilities16,647.9  Diluted earnings per share$     0.09$     0.07$     0.04$     0.04$     0.07 assets, other than residential mortgage loans, and non-recurring income) (the denominator). People’s United  agreements to resell603.90.30.21715.80.40.21  Non-interest-bearing$   3,633.5$        —   %$   3,432.4$        —   %  Book value (end of period)$   14.91$   15.04$   15.10$   15.12$   15.20 People’s United Financial, Inc. TANGIBLE STOCKHOLDERS’ EQUITY Basic and diluted earnings per common share$        0.09$        0.07$        0.04$     0.04$   0.07    Total liabilities and stockholders’ equity$ 22,960.5 Assets    High14.1714.3516.7917.0817.16 OPERATING EARNINGS (dollars in millions)20102010201020102009 (1) Includes net security gains of $22.0 million for the twelve months ended Dec. 31, 2009.    Total assets$ 25,037.1$ 21,897.3$ 21,257.2  Other5.2-0.392.7– People’s United Financial completed its acquisitions of Smithtown Bancorp, Inc. and LSB Corporation on (in millions, except per share data)20102010201020102009    Operating earnings per share$              0.35$              0.31         Other7.43.918.917.62.5  Savings, interest-bearing checking     and 2009, respectively, less related income taxes. People’s United Financial, Inc. goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less      core system conversion costs and one-time charges for the three months ended Dec. 31, 2010, Sept. 30, 2010,         acquisition-related intangibles1,9621,7721,7781,7671,515  Time4,648.415.01.294,439.115.61.40 Total stockholders’ equity$            5,219$            5,365$            5,413$            5,479$            5,101  Non-interest income (1)299.2309.1  Residential mortgage78.887.080.966.752.7 Financial’s results can be measured and assessed on a more consistent basis from period to period. Items (2)  Average balances and yields for securities available for sale are based on amortized cost.  Other— Total assets$          25,037$          21,897$          21,950$          21,588$          21,257  Return on average assets (3)0.560.440.290.260.47    Total funding liabilities15,615.9$   40.01.03% Interest expense:    Total funding liabilities17,235.6$   31.00.72%16,174.8$   31.70.78%        BOLI FTE adjustment (1)0.50.71.41.01.0  Other  6.50.22.702.1-1.92 (in millions)201020102009    Total earning assets19,046.3$ 832.14.37%18,211.5$ 770.24.23%  Federal Home Loan Bank advances14.90.25.25 FINANCIAL HIGHLIGHTS Efficiency ratio72.5%72.1%73.0%75.9%73.7%last_img read more

Going on a date with a prospective member

first_imgThe love of your life is right there. You know it’s time to make your move. You want to impress that special person, to get their attention. But how? There are so many people out there that are just like you!Method #1You offer the love of your life $400 to go on a date. How do they react? Most likely, you will be rejected because that’s weird. If they do accept, chances are, you will watch that special person walk away after the date without giving you a second thought.Method #2  You notice that your special person is struggling with homework at school, so you neatly prepare a study guide for them. That study guide helps them with their exam so much that they start noticing you! You grab lunch together, go out to movies, and bring them roses on their birthday. Slowly, they develop feelings for you.Which method will you choose in 2020? Most would say #2, because loyalty and love are not a transaction – they require time and attention. But in 2019, many financial institutions used promotions such as “Open a checking account and receive $400….” Is this the best way to start a relationship with a prospective member?Instead of giving them $400, what if you provide them with something more valuable? A study guide that helps them improve their financial wellness, perhaps?With Zogo’s financial literacy app, you can now take your prospective members on “a date,” share your story, and watch them slowly fall in love with your institution. Visit www.zogofinance.com to learn more. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bolun Li Bolun Li is a Junior at Duke University majoring in Economics. He is a serial entrepreneur and was awarded AACYF 30 under 30 in 2018 for his previous startup. Today, … Web: https://www.zogofinance.com Detailslast_img read more

Tribute ride honors Vietnam veterans

first_img“We wanted to find some way to honor the road and remind people what the road is and why it was named such,” so we started a motorcycle ride and here it is,” said ride organizer Harvey Baker. Organizers say it’s a way of reminding everyone where the name came from, while also paying tribute to two Medal of Honor recipients; Terrence Graves and Robert Stryker. Both Graves and Stryker lived along the route. OWEGO (WBNG) — Starting off at Owego Free Academy and ending at the American Legion in Hannibal, the 12th Annual Veterans Memorial Highway of Valor Tribute Ride cruised on Saturday.center_img The ride follows Route 38, which is named to honor veterans of the Vietnam War. The ride included more than two hundred participants, and added a stop in Groton. Participants were encouraged to wear masks and practice social distancing when not riding.last_img read more

BLOG: Pennsylvania State Capitol Police Join Efforts to Combat Heroin Epidemic

first_imgBLOG: Pennsylvania State Capitol Police Join Efforts to Combat Heroin Epidemic Substance Use Disorder,  The Blog Since Governor Wolf was inaugurated, his administration has been working hard to fight the addiction and overdose epidemic in our state.The governor’s cabinet has worked to develop the ABC-MAP prescription drug monitoring program, created an interagency Heroin Task Force, pushed for the use of naloxone at schools across the Commonwealth, and stocked all Pennsylvania State Police cars with the naloxone drug.In addition, in October, the governor announced a statewide standing order for naloxone, a medication that can reverse an overdose that is caused by an opioid drug.Today, we are announcing the equipment of the Capitol Police Force with naloxone.Pennsylvania’s Act 139, the “Controlled Substance, Drug, Device, and Cosmetic Act,” granted first responders — including law enforcement, firefighters, EMS, or other organizations — the ability to administer a medication known as “naloxone,” a lifesaving opioid reversal medication, to individuals experiencing an opioid overdoses.This fall, the Pennsylvania State Capitol Police Force entered into an agreement with the local Emergency Medical Services provider for permission to obtain and use a supply of naloxone, as well.In November, all officers took the half-hour mandatory online training provided by the Pennsylvania Chiefs of Police to administer naloxone.Beginning on November 16, Capitol Police officers began training to allow officers to carry and administer the EVZIO auto-injector unit of naloxone. The unit administers a dose of naloxone to reverse the effects of heroin and other opioids, especially in the event of an overdose. The training consisted of 45-minutes of classroom instruction, which included the use of the EVZIO trainer unit to simulate the administration of a dose of naloxone. All of the Capitol Police officers have completed the training thus far, and as new officers are brought on-board, they too will receive training to carry naloxone.This is a significant enhancement to the capabilities of PA Capitol Police officers.The PA Capitol Police officers are often called upon to assist local law enforcement agencies and are the first responders on scene. In a situation such as a drug overdose, the ability to administer naloxone in a timely manner can be the difference between life and death.In 2014, there was one medical emergency the PA Capitol Police responded to one heroin overdose. In 2015, the PA Capitol Police responded to 21 medical emergencies involving drug overdoses. Of those 21 emergencies, 12 were the result of suspected heroin overdoses.The local Harrisburg Police Department also just recently began training for its officers to use Naloxone in November 2015.This initiative will allow our officers to continue to protect the well-being and safety of those who visit, work, and live in the areas of the PA Capitol Police jurisdiction and the surrounding areas. I am proud to announce this step by my department to continue the Wolf Administration’s fight against the heroin epidemic in Pennsylvania. By: Curt Topper, Secretary of General Services SHARE Email Facebook Twittercenter_img December 02, 2015 Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolflast_img read more

Bellot says he won’t retract 80% inefficiency within public service statement

first_img Sharing is caring! Share Share LocalNews Bellot says he won’t retract 80% inefficiency within public service statement by: – February 9, 2012 9 Views   no discussionscenter_img Share Tweet Parry Bellot. Government’s Productivity Consultant Parry Bellot has said “I don’t know what is there to retract” regarding his recent claim that 80% of public servants are unproductive and a demand by the Public Service Union to apologize for the said statement. Bellot who made the much criticized statements at a press conference earlier this month said however that the Union representing employees has gone overboard with the statement.He said he has not received any order by his employee for any retraction. “I gave my opinion. In my report to government, there is no mention about percentage. I was asked the question at a press conference from a keen reporter and gave my personal assessment. I stressed that there are some very good public servants but overall a high percentage are not as productive as they should be. A lot of them are just not doing what they are supposed to be doing. But a lot of them are not performing because it’s not their fault. Either their equipment is not working as it should, their resources are limited…” he said.Bellot said everybody must understand that the public service productivity is very low.“The Union has gone overboard in their reaction. The point is productivity is low and something must be done about it,” he added.Prime Minister Roosevelt Skerrit said at a press conference last week that he would not accept that 80% of public servants are unproductive without any empirical data to corroborate the claim. Dominica Vibes Newslast_img read more

Bruce defends Wenger record

first_imgHull manager Steve Bruce is staggered by the idea that Arsenal counterpart Arsene Wenger could be under pressure for his job at the end of the season and rates the Frenchman as ”one of the greats”. Bruce has two chances to increase the scrutiny on the Barclays Premier League’s longest serving boss, with the Gunners needing victory at the KC Stadium on Sunday to keep their top-four push on course and the teams meeting again in next month’s FA Cup final. Should Arsenal miss out on the Champions League and fail to end a nine-year trophy drought at Wembley, Wenger would find himself in the weakest position since arriving at the club in 1996. But Bruce believes any talk of his time in north London being up is misguided. A penalty shootout success over Wigan in the cup semi-final followed by a victory from behind against West Ham in the past week may not go down as two of the club’s finest hours, but Bruce believes they offer proof that Wenger’s influence is not on the wane. ”Just when they needed a big couple of results they got them. You give great credit to the manager,” he said. ”It doesn’t matter how they got them, they might not have played the ‘Arsenal way’ against Wigan last week or against West Ham but they’ve turned it around and won back-to-back games when they’ve needed to. ”Just when they needed a couple of results they’ve got them and how often has Mr Wenger done that? ”For me, the manager gets unfair criticism. The guy has done an amazing job for the last 17 years…16 of those in the top four is a remarkable achievement considering he hasn’t had the funds all the other big clubs have had. ”He’s not everybody’s cup of tea but the one thing you must say is his teams play a fantastic way and he’s proved to be one of the greats as far as I’m concerned. ”He’s not had the spending power of the big, huge clubs in Europe but he’s always been competing – semi-finals, finals, the final of the Champions League. ”With his record how we’re even questioning him baffles me.” Wenger believes his squad deserve great credit for coming out of what was a tough period after a string of poor performances again saw their character called into question. ”What is satisfying for me is that we do as well as we can until the end of the season, that you can turn and think ‘this team has behaved really like a top-level professional team’, with all the ups and the downs,” he said. ”Because that is what you want from your team, to feel that the team has given as much as they could. After that, you leave the judgement to other people. ”We want to come out of the season and think we have given absolutely everything, and I must say this team has been absolutely focused since the start of the season. ”We had our downs, and big downs for some periods, but the behaviour was always focused.” Arsenal could have record signing Mesut Ozil back from a hamstring injury for the trip to the KC Stadium. Midfielder Mathieu Flamini returns from a two-match suspension, while full-back Nacho Monreal is on course to have recovered from the dead leg suffered against Wigan. Defender Kieran Gibbs (hamstring) is out, while midfielder Serge Gnabry (knee) and England international Jack Wilshere (foot) are still recovering, along with Abou Diaby and Theo Walcott (both knee). Hull strikers Shane Long and Nikica Jelavic were cup-tied for the FA Cup semi-final against Sheffield United, but can expect to return to the side with Yannick Sagbo and George Boyd vulnerable. Bruce may also consider moving to a back three against the Gunners, bringing central defender Alex Bruce into contention for a recall. Press Associationlast_img read more

Teen allegedly shot by stepfather for refusing to shelter in place

first_imgPolice in Atlanta are reporting that a 16-year-old boy was shot to death by his stepfather after the teen refused to obey their orders to shelter in place and left the home.The incident occurred just after 8 p.m. on Wednesday night.Authorities says they received a call about a teen who had been shot and arrived to the home to find 16-year-old De’ onte Roberts suffering from a fatal gunshot wound.Roberts was rushed to Grady Memorial Hospital where he ultimately died from his injuries.Roberts’ mother told authorities that the incident began earlier in the day as an argument because the teen wanted to go out despite the county’s orders to remain at home.  The teen left the home anyway and when he returned later that day, he kicked down the door of the home to regain entry.That’s when he and the stepfather, 43-year-old Bernie Hargrove got into a physical altercation. Hargrove then pulled a gun and shot the teen.Hargrove has since been arrested and charged with felony murder. He was denied bond during his court hearing on Thursday is currently being held at the Fulton County Jail.last_img read more

Dates change for three Digicel Regional 4-day matches

first_imgST. JOHN’S, Antigua – The West Indies Cricket Board has announced that it has approved a change of dates for three upcoming matches in the Digicel Regional 4-Day Tournament, due to a clash of dates with international fixtures.The sixth round match between Barbados Pride and Leeward Islands Hurricanes will now start a day later, from Saturday, March 11 to Tuesday, March 14 at Kensington Oval in Bridgetown, Barbados.This is due to the staging of the third ONEINDIG One-day International between West Indies and England on Thursday, March 9, at the same venue.Also, the eighth round match between Barbados Pride and Trinidad & Tobago Red Force will be played over a five-day period at Kensington Oval.The two sides will contest the first three days from Thursday, March 23 to Saturday, March 25, before taking a rest day on Sunday, March 26, to accommodate the first Twenty20 International between West Indies and Pakistan at the same venue, and returning to conclude the match on Monday, March 27.Finally, the ninth round match between Guyana Jaguars and Leeward Islands Hurricanes has now been moved to Friday, April 21 to Monday, April 24, but will still be played at the Guyana National Stadium.This is due to the staging of three One-day Internationals between West Indies and Pakistan on April 7, 9 and 11 at the same venue.A revised schedule of the matches is below.REMAINING MATCHES(Start times in brackets)Round 6 – March 10 to 13Volcanoes vs Red Force – National Cricket Stadium, Grenada (10 am)Scorpions vs Jaguars – Sabina Park (10 am)Round 6 – March 11 to 14Pride vs Hurricanes – Kensington Oval, Barbados (10 am)Round 7 – March 17 to 20Pride vs Volcanoes – Kensington Oval (10 am)Red Force vs Jaguars – Queen’s Park Oval (10 am)Scorpions vs Hurricanes – Sabina Park (3 pm)Round 8 – March 23 to 25 & 27Pride vs Jaguars – Kensington Oval (10 am)Round 8 – March 24 to 27Hurricanes vs Volcanoes – Warner Park (10 am)Red Force vs Scorpions – Queen’s Park Oval (10 am)***LATE SEASON BREAK***Round 9 – April 7 to 10Volcanoes vs Scorpions – Arnos Vale Sports Complex, St. Vincent (10 am)Pride vs Red Force – Kensington Oval (3 pm)Round 9 – April 21 to 24Jaguars vs Hurricanes – Guyana National Stadium (10 am)Round 10 – April 15 to 18Jaguars vs Volcanoes – Guyana National Stadium (10 am)Hurricanes vs Red Force – Warner Park (10 am)Pride vs Scorpions – Kensington Oval (10 am)last_img read more

FIFA could move age limit for men’s football tournament to 24

first_imgFIFA could move the age limit for the men’s football tournament at next summer’s rearranged Olympic Games in Tokyo to 24 from 23.The sport’s governing body has recommended moving the limit to accommodate players eligible for this year’s Games, which were postponed because of the coronavirus pandemic.Players born on or after January 1 1997 will be allowed to play. It is yet to be approved by the FIFA Bureau.The Bureau is a reduced version of FIFA’s decision-making Council.The tournament is due to start before the opening ceremony on July 23, 2021.Three allocated over-aged players will still be allowed to be selected for each nation.The women’s competition at next year’s Games has no age limit. Meanwhile, FIFA has also recommended calling off all men’s and women’s international games scheduled for June 2020 because of the ongoing crisis. (BBC Sport)last_img read more

Golf Caddies Association Formed in Nigeria

first_imgOlawale Ajimotokan in AbujaA new page in the management of golf caddies in the country has been turned following the formation of the National Association of Caddies in Nigeria.The association, with a new committee, was inspired on Monday night in Abuja by the Chairman of Golf Garden Waterfront, Otunba Olusegun Runsewe, at the prize giving ceremony of Staff and Caddies Tournament held at IBB International Golf and Country Club.The Chairman of IBB Club Board of Trustees, Gen. Ibrahim Haruna (Rtd), the club’s pioneer Lady Captain, Mrs Agatha Nnaji, former Vice President Nigeria Golf Federation (NGF), Chief Samuel Anyamele, and current Lady Captain, Mrs Lamin Ahmed, rallied in support of the caddies’ cause. Runsewe, who supported the new caddy committee with N100,000 advised other clubs nationwide to take a cue from Abuja by supporting caddy associations.He lamented the poor treatment of caddies in Nigeria and many parts of Africa, adding that Steve Williams, who once caddied for world’s greatest golfer, Tiger Woods, was the richest sportsman in New Zealand.Runsewe promised to import one of the world’s biggest caddies in the world towards the training of Nigerian caddies.Gen. Haruna said the formation of the caddies association is a journey that will go a long way and called on the bag carriers to be a part of the process of the entrenchment of civilisation.Anyamele, who described caddies as golf administrators, donated N2m towards the 2017 IBB Club Caddies Tournament, while Mrs Nnaji donated an unspecified amount on behalf of her family. The Vice Captain, S.I. Ameh (SAN) also gave financial reward to go with prizes to the winners of the tournament.Gabriel Adejumo overcame insomnia to churn out a personal best round of 77 on IBB course, beating the field led by Sunday Dere and Sunny Abba by six strokes.Though his putter let him down, Adejumo, who majors in Urban and Regional Planning at Kogi State Polytechnic, Lokoja, birdied hole 4 and hit 14 out of 18 greens in regulation.He lamented the lack of sponsorship for his inability to emerge from the last PGA Qualifying School in Kaduna in 2014, saying that he is capable of turning the tide if sponsored to the next Q-school that holds next year.About 70 golfers, who advanced from the qualifiers held two weeks ago, competed on the rain softened course for some of the attractive prizes on offer by the planning committee.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more