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OSKA’s Emergence on the Los Angeles Scene: Not a Moment Too Soon

first_img Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Name (required)  Mail (required) (not be published)  Website  First Heatwave Expected Next Week Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Subscribe Make a comment Fashion & Style OSKA’s Emergence on the Los Angeles Scene: Not a Moment Too Soon From STAFF REPORTS Published on Tuesday, May 28, 2013 | 8:05 pm Community News Community News 5 recommended0 commentsShareShareTweetSharePin it More Cool Stuffcenter_img Top of the News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Herbeauty7 Tips To Rejuvenate Winter Dry, Chapped LipsHerbeautyHerbeautyHerbeauty10 Special Massage Techniques That Will Make You Return For MoreHerbeautyHerbeautyHerbeautyAmazing Sparks Of On-Screen Chemistry From The 90-sHerbeautyHerbeautyHerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeautyWho Was The Hollywood ‘It Girl’ The Year You Were Born?HerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeauty Business News OSKA’s emergence on the Los Angeles scene is not a moment too soon. The distinctive styling, and sophisticated fabrications are for the woman searching for unique style, who will not compromise on luxury. According to Stefanie Schmitz (Design), “I see the OSKA woman as a mature personality, who is individual and authentic in her attitude towards life. Humanity and a sense of culture make up her values. She has a vision of herself and her life, which she wants to express through her clothes.”[smooth=id:161;]“I’m thrilled to be opening our largest boutique here in the heart of Los Angeles. My experience with her citizens have truly helped me to understand the genuine American spirit. Everyone has been so lovely and friendly. The local neighborhoods fuel a strong community that differs from Europe; the people of Los Angeles are very special and I hope they appreciate us as much as I have grown to love them.” – Helmut Bayer, OwnerOSKA is fashion that is sustainable. To that end, OSKA respects the supplier, process, product, staff and client. Timeless design and pleasant feel are of utmost importance. OSKA focuses on natural fabrics: cotton, linen, silk, hemp and wool with a particular focus on Moessmer boiled wool for fall. Designer Stefanie Schmitz works very closely with the dye team to create a rich and layered concept every season. The fall season is where the use of saturated colors and textures truly shine. Materials are examined in all phases of development and production to ensure the best possible collection OSKA can provide.Since 1997, OSKA’s fully inclusive production process and trademark commitment to creative independence, quality and sustainability have driven the company to enjoy growth in the women’s fashion industry. OSKA’s teams are based in Munich, with two Czech subsidiaries producing the bulk of the line and a devoted dye factory crafting the individual OSKA palette, all in proximity and staffed with industry experts to maintain quality control.“Having spent many years in the Los Angeles area I truly appreciate the style and sensibility. I think the Beverly Hills / Pasadena cities and OSKA will make great partners. We have this fantastic opportunity to wrap our new clients up in one of the best Spring collections I’ve ever seen and I just can’t wait!” – Kelsey Farris, Managing Director OSKA-Beverly Hills | PasadenaOska Pasadena, 13 Douglas Alley, Pasadena, (626) 432-1729 or visit www.oska-pasadena.com.Oska Beverly Hills, 9693 Wilshire Boulevard, Beverly Hills, (310) 271 2806 or visit www.oska-beverlyhills.com faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Your email address will not be published. Required fields are marked *last_img read more

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Fitch Examines Top Servicers

first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Fitch Ratings mortgage servicing Nonbank servicers RMBS Servicers Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Fitch Ratings mortgage servicing Nonbank servicers RMBS Servicers 2018-04-10 David Wharton About Author: David Wharton Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Fitch Examines Top Servicers Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Fitch Examines Top Servicers Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Journal, News, Secondary Market, Servicing April 10, 2018 8,230 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post According to the latest installment of Fitch’s U.S. RMBS servicer handbook, the American servicing landscape is undergoing significant shifts, much of it driven by merger and acquisition activity among servicers such as Mr. Cooper and Ocwen.’Strategic positioning and M&A activity are radically changing the mortgage servicing sector as we see it today,” said Fitch Managing Director Roelof Slump. “Perhaps most notable is one of the biggest names in the space in Nationstar Mortgage, LLC, (now rebranded as Mr. Cooper), which will be merging with WMIH Corporation in a transaction expected to close later this year. Meanwhile, Ocwen Financial (parent of Ocwen Loan Servicing, LLC) is working towards the acquisition of PHH Corporation, a residential mortgage servicer and originator.”Even with mergers in the works, both Mr. Cooper and Ocwen’s servicing portfolios continued to scale back between Q3 2017 and Q4 2017. Mr. Cooper’s servicing portfolio dropped from $493.8 billion to $470.7 billion during that period, whereas Ocwen saw a similar decline from $181.6 billion to $173.3 billion.JPMorgan Chase went from $821.8 billion in Q3 2017 to $816.4 billion in Q4 2017. On the other hand, Wells Fargo’s portfolio increased across the two quarters, rising from $1.46 trillion to $1.5 trillion. CitiMortgage, meanwhile, scaled back dramatically in Q4, shrinking its servicing portfolio from $172.6 billion to $137.5 billion. Flagstar Bank grew its servicing portfolio to $97.9 billion in Q4, up from $91.1 billion in Q3.Many smaller nonbank servicers moved to pick up the slack in Q4, however, according to Fitch. Caliber Home Loans increased its servicing portfolio to $134.9 billion in Q4, up from just shy of $102 billion in Q4 2016. LoanCare jumped its servicing portfolio from $217.8 billion in Q3 2017 to $228.9 billion in Q4. Rushmore Loan Management Servicers increased its servicing portfolio from $25.1 billion in Q3 to $30.3 billion in Q4. Specialized Loan Servicing, LLC, saw its portfolio hit $71.8 billion in Q4, up from $62.9 billion in Q3 and $54.9 billion in Q4 2016.Fitch also noted the addition of Planet Home Lending to the list of residential mortgage servicers it tracks and rates. Primarily involved in sub-servicing Ginnie Mae loans, Planet’s portfolio as of December 31, 2017, consisted of approximately 80,000 loans with a total unpaid principal balance of $12.7 billion. Previous: Assessing the State of the Market Next: Mulvaney: ‘The Bureau Is Not Designed to be Accountable’ Subscribelast_img read more

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Art for viewers’ sake

first_img Fresco gets refreshed Hensick looks at photos of the original mural. The fresco, which was created in 1933 and rediscovered during the renovation of the Harvard Art Museums, will be on display when the museum reopens in the fall. Teri Hensick indicates an area of the mural that was restored. Teri Hensick (from right), Dina Anchin, and Kate Smith work together on the mural by Lewis W. Rubenstein and Rico Lebrun. Photos by Stephanie Mitchell/Harvard Staff Photographer On a recent afternoon, three Harvard conservators perched on ladders and scaffolding to apply final touches to an artistic treasure that has been largely unseen for decades. Soon that will change.When the renovated and expanded Harvard Art Museums reopen this fall, the evocative 10- by 5-foot fresco will be displayed for all to see in a first-floor gallery.“To have the opportunity to tell the story of what is fresco — and this moment in art history, and this social statement — because we have a work like this … was important to us as a teaching museum,” said Mary Schneider Enriquez, Houghton Associate Curator of Modern and Contemporary Art, about the efforts to ensure that the piece secured a visible spot in the museum’s permanent collection.The work was created in 1933 by Harvard graduate and realist painter Lewis Rubenstein and his collaborator, Italian-born artist Rico Lebrun, as a teaching tool for students eager to observe firsthand the art of fresco painting. It was completed in a fourth-floor studio in the Fogg Museum. Once that space was turned into a conservation lab, the fresco received few admirers, aside from museum employees and the occasional curious student or instructor. The public could visit the mural, but only if they knew where to find it.Now art lovers will no longer have to search for the vivid work, an example of the true fresco technique — a delicate process of applying water-based paint to wet plaster — and a dramatic reflection of the times. Soon after returning from Italy, where he had studied the painting method with Lebrun, Rubenstein took part in a hunger march on Washington in 1932. The mural’s stark images depict the plight of protesters who rallied to demand federal relief for workers and veterans during the Great Depression. The work also portrays the brutal police response.Next to an image of a truck with the words “On to Washington for jobless relief,” the fresco shows men huddling together on the ground for warmth. Nearby, two men lie side by side, struck by a stick in an anonymous hand. In another panel, a police officer on a horse holds tightly to his baton. Last week, the conservators were working with surgical precision. Conservation Fellow Dina Anchin wielded a small scalpel to gently clear a protective residue from the mural’s surface. Nearby, Kate Smith, projects painting conservator, injected a syringe containing sealant, a viscous liquid that quickly hardens and holds the crumbling plaster together, into a crack in the mural’s façade.Using a more traditional brush, Teri Hensick carefully “inpainted” small white dots on the horse’s tail with watercolor. The process, explained the museum’s conservator of paintings, is simply retouching areas that have suffered paint loss over time. “Our goal is only to fill what’s lost, not to cover any pigment that remains of the original … to make what’s left completely legible again.”Those finishing touches were some of the less complicated steps for conservators and museum staff who began work on the mural in 2010, when they had to decide how best to preserve the fresco during construction.Ultimately, they chose to extract the entire wall, including a structural beam, instead of using the riskier method of peeling the skin of the fresco away from the wall’s surface. “There are lots of different ways of moving a fresco,” said Hensick, “but we chose the least dangerous one for the work of art, which is to take the whole wall.”Preserving the delicate façade during the move was a separate matter. On the scaffolding, Hensick pointed to a shiny metal containing the organic compound cyclododecane. When heated, the crystalline material turns to a white, waxy mixture that can be then spread on a fresco’s surface.After the team members covered the fresco with cyclododecane, layers of cheesecloth, a marble seal consisting of Mylar and aluminum, and a coating of polyethylene foam, they sealed it in a plywood and steel casing. Workers then lifted the 5,000-pound wall by crane through the roof and placed it on a truck, where it was wheeled to Boston for safekeeping. In 2012, workers brought the mural wall back through the front door.When conservators removed the artwork from its casing, they watched as the cyclododecane slowly disappeared.“The really great thing about cyclododecane,” explained Hensick, “is that it sublimates away when it comes in contact with oxygen. You can’t tell that it was there, but there was a 3/8-inch layer on this for two years.”In addition to its vivid depiction of a critical time in U.S. history, the fresco is one of very few in this area, making it an important addition to the museum’s permanent display.“It’s an important, really interesting work, and for me it’s a fascinating work because it’s a fresco, and there are so few of them,” said Hensick. Although almost “no one knew it was there … now it’s completely accessible to the public.”last_img read more

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Arrow Financial of Glens Falls, NY, reports earnings of 46 cents per share

first_imgArrow Financial Corporation (Nasdaq: AROW) announced operating results for the three and nine-month periods ended September 30, 2009. Net income for the third quarter ended September 30, 2009 was $5.1 million, representing diluted earnings per share (EPS) of $.46, unchanged from the diluted earnings per share in the third quarter of 2008, when net income was $5.0 million. Net income for the first nine months of 2009 was $16.7 million, representing diluted EPS of $1.52, or 7.8% higher than the diluted per share amount of $1.41 earned in the first nine months of 2008, when net income was $15.4 million. The comparative results for the nine-month periods were affected by certain significant transactions, discussed further in this release. Cash dividends paid to shareholders in the first nine months of 2009 was $.73, or 2.8% higher than the $.71 dividend paid in the first nine months of 2008. All per share amounts have been adjusted to reflect the effect of the 3% stock dividend distributed on September 29, 2009.Thomas L. Hoy, Chairman, President and CEO, stated, “We are pleased to report that our conservative business model has again produced solid earnings, especially in light of financial challenges confronting our national and regional economies as a result of the economic recession. Record period-end asset, deposit levels, and strong capital ratios highlight our operations in the first nine months of 2009. Furthermore, our asset quality remained high at quarter end. As of September 30, 2009, we had no ‘other real estate owned’ that is, acquired through foreclosure process and our nonperforming asset and charge-off levels remained very low.”As previously reported, certain significant transactions occurred in the first two quarters of 2009, as well as the comparable 2008 six-month period, which had a significant impact on earnings. Some of these transactions negatively affected earnings; some had a positive effect. In the second quarter of 2009, the Company’s subsidiary banks, like all FDIC insured financial institutions, were subjected to an FDIC special assessment to support the FDIC’s insurance fund. We expensed $475 thousand, net of tax, in the second quarter of 2009 for this assessment. Also during the second quarter of 2009, we received an unexpected court-ordered restitution payment of $272 thousand, net of tax, from a former customer of our now-dissolved Vermont subsidiary bank (the former Green Mountain Bank). In the first quarter of 2009, we transferred our merchant bank card processing to TransFirst LLC. The transfer generated an after-tax net gain of $1.79 million which was recognized in the first and second quarters of 2009. Taken together, these three significant transactions added $.14 to our EPS in the first nine months of 2009.Also in the first quarter of 2008, as we previously reported, after Visa completed an initial public offering (IPO) of its Class A common shares, Visa redeemed a portion of our holdings of Visa’s Class B common shares. This transaction resulted in net income to us of $637 thousand after-tax, adding $.06 to diluted earnings per share.Total assets at September 30, 2009 reached a record high of $1.836 billion, up $163.2 million, or 9.8%, over the September 30, 2008 balance of $1.673 billion. Deposit balances at September 30, 2009 were $1.432 billion, representing an increase of $160.5 million, or 12.6%, from the September 30, 2008 level of $1.272 billion.Average assets rose to $1.729 billion in the first nine months of 2009 versus $1.630 billion for the same period last year, an increase of 6.1%. The growth in average assets reflected an increase of $40.7 million in average loan balances, an increase of $31.3 million in average investment securities balances and an increase of $26.1 million in the average balance of short-term funds. However, loan balances outstanding at September 30, 2009 were $1.107 billion, essentially unchanged from both the balance at September 30, 2008 and at year-end 2008.Although the demand for consumer loans, primarily automobile, and business loans has been soft in recent periods due to the recession, we continue to lend to credit qualified businesses and individuals within our market area. Demand for residential financings and refinancings, however, has been robust during the first nine months of 2009. We closed $72.8 million of residential mortgages, an increase of $24.4 million, or 50.5%, from the origination volumes experienced during the first nine months of 2008. However, for interest rate risk management purposes, many of these low fixed rate residential mortgage loans originated late in 2008 and the first two quarters of 2009, were sold in the secondary market and as a result were not reflected in outstanding loan balances at period-end.Net interest income for the nine-month period was favorably impacted by an increase in average earning assets, which increased $104.1 million, or 6.7% to $1.657 billion for the 2009 nine-month period as compared with $1.553 billion to the same period in 2008. Net interest margin for the first nine months of 2009 was 3.79%, slightly below the 3.81% for the first nine months of 2008. During the first nine months of 2008, the targeted federal funds rate fell from 4.25% to 2.00%, while for all of the 2009 period the targeted federal funds rate ranged from 0% to .25%.Our capital ratios remain strong and increased from year-end 2008. Total shareholders’ equity rose $13.5 million since year-end 2008 to a record level of $139.3 million. Total shareholders equity increased by 11% and assets increased 10.3%. Our Tier 1 leverage ratio remained strong at 8.63%, above both the September 30, 2008 and year-end 2008 positions. The capital ratios of the Company and each subsidiary bank significantly exceeded the “well capitalized” regulatory standard.The continued stress in the real estate markets and increasing levels of unemployment nationally have continued to negatively impact many financial institutions, primarily as a result of their holdings of subprime or poor-quality mortgage loans, as well as investment securities backed by pools of such loans. We have never engaged in the origination of subprime or other non-traditional mortgage loans as a business line, nor do we hold mortgage-backed securities backed by such mortgages in our investment portfolio. Mortgage-backed securities held by the Company are comprised of pass-through securities backed by conventional residential mortgages and guaranteed by government agencies or government sponsored entities. The Company does not invest in any private-label mortgage-backed securities or securities backed by subprime, or other high risk non-traditional mortgage loans. Our commercial, residential real estate and indirect consumer loan portfolios experienced no significant deterioration at September 30, 2009, although the communities we serve, like all areas of the U.S., have been negatively impacted by the recession. However, if the economic downturn continues or worsens, we may be negatively impacted by the recession to a greater degree in the future.Our nonperforming loans were $4.6 million, at September 30, 2009 which represented .42% of period-end loans, up 7 basis points from the .35% ratio at December 31, 2008 and compares with a ratio of .26% one year earlier. Nonperforming assets were $4.7 million at September 30, 2009, representing .26% of period-end assets, down four basis points from the December 31, 2008 level but up 2 basis points from the September 30, 2008 level of .24%. Net loan losses for the 2009 nine-month period, expressed as an annualized percentage of average loans outstanding, were .09%, still low by industry averages but up from .05% for the comparable 2008 period. Arrow’s allowance for loan losses amounted to $13.8 million at September 30, 2009, which represented 1.25% of loans outstanding, an increase of five basis points from our year-end 2008 ratio.As of September 30, 2009, assets under trust administration and investment management were $836.4 million, a decrease of 3.0% from September 30, 2008. This decrease was the result of a general decline in equity markets from year-earlier levels and led to a $447 thousand decrease in fee income from fiduciary activities for the first nine months of 2009 compared to the first nine months of 2008. Included in assets under trust administration and investment management are our proprietary mutual funds, the North Country Funds, advised exclusively by our subsidiary, North Country Investment Advisers, Inc., with total assets of $204.6 million at September 30, 2009, an increase of 6.5% from the balance a year ago.In recent periods, many of our operating ratios have compared very favorably to our peer group, consisting of all U.S. bank holding companies having $1.0 to $3.0 billion in assets as identified in the Federal Reserve Bank’s “Bank Holding Company Performance Report” (FRB Report). The most current peer data available in the FRB Report is for June 30, 2009 in which our annualized year-to-date return on average equity (ROE) was 17.86%, as compared to a loss of 3.03% for our peer group. Our ratio of nonperforming loans to total loans was .32% as of June 30, 2009, compared to 3.33% for our peer group. We also have maintained a higher total risk-based capital ratio than the average for our peer group.Arrow Financial Corporation is a multi-bank holding company headquartered in Glens Falls, NY serving the financial needs of northeastern New York. Arrow is the parent of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company. Other subsidiaries include North Country Investment Advisers, Inc. and Capital Financial Group, Inc., an insurance agency specializing in the sale and servicing of group health plans.The information contained in this News Release may contain statements that are not historical in nature but rather are based on management’s beliefs, assumptions, expectations, estimates and projections about the future. These statements may be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, involving a degree of uncertainty and attendant risk. In the case of all forward-looking statements, actual outcomes and results may differ materially from what the statements predict or forecast, explicitly or by implication. The Company undertakes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated events. This News Release should be read in conjunction with the Company’s public reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. Arrow Financial Corporation Consolidated Financial Information ($ in thousands, except per share amounts) Unaudited Three Months Nine Months Ended September 30, Ended September 30, 2009 2008 2009 2008 —- —- —- —- Income Statement Interest and Dividend Income $21,664 $22,592 $64,688 $66,789 Interest Expense 6,462 7,690 19,970 24,736 Net Interest Income 15,202 14,902 44,718 42,053 Provision for Loan Losses 427 253 1,348 791 Net Interest Income After Provision for Loan Losses 14,775 14,649 43,370 41,262 Net Gain on Transfer of Merchant Bank Card Processing — — 2,966 — Net Gains (Losses) on Securities Transactions 48 6 329 (29) Other-Than-Temporary Impairment Write- down on Securities — (1,210) — (1,210) Gain on Visa Stock Redemption — — — 749 Net Gain on Sales of Loans 16 14 326 55 Income From Restitution Payment — — 450 — Gain on Sale of Premises — — — 115 Income From Fiduciary Activities 1,200 1,349 3,737 4,184 Fees for Other Services to Customers 1,956 2,242 5,937 6,318 Insurance Commissions 727 528 1,822 1,575 Other Operating Income 29 160 220 360 Total Noninterest Income 3,976 3,089 15,787 12,117 Salaries and Employee Benefits 6,727 5,883 19,920 17,911 Occupancy Expenses of Premises, Net 789 841 2,616 2,616 Furniture and Equipment Expense 819 820 2,493 2,385 Amortization of Intangible Assets 79 89 247 271 FDIC Special Assessment — — 787 — FDIC Assessments 438 203 1,320 450 Reversal of Visa Related Litigation Exposure — — — (306) Other Operating Expense 2,549 2,696 7,510 7,793 Total Noninterest Expense 11,401 10,532 34,893 31,120 Income Before Taxes 7,350 7,206 24,264 22,259 Provision for Income Taxes 2,288 2,198 7,589 6,834 Net Income $ 5,062 $ 5,008 $16,675 $15,425 Share and Per Share Data Period-End Shares Outstanding 10,916 10,825 10,916 10,825 Basic Average Shares Outstanding 10,912 10,812 10,902 10,896 Diluted Average Shares Outstanding 10,982 10,876 10,951 10,954 Basic Earnings Per Share $ 0.46 $ 0.46 $ 1.53 $ 1.42 Diluted Earnings Per Share 0.46 0.46 1.52 1.41 Cash Dividends 0.24 0.24 0.73 0.71 Book Value 12.76 11.58 12.76 11.58 Tangible Book Value (1) 11.26 10.06 11.26 10.06 Key Earnings Ratios Return on Average Assets 1.13% 1.20% 1.29% 1.26% Return on Average Equity 14.72 15.99 16.77 16.46 Return on Tangible Equity 1 16.74 18.43 19.14 18.97 Net Interest Margin (2) 3.73 3.93 3.79 3.81 (1) Tangible Book Value per share is the ratio of Total Equity less Intangible Assets to Period-End Shares Outstanding. (2) Net Interest Margin includes a tax equivalent upward adjustment of 19 and 18 basis points for the respective 2009 and 2008 quarterly periods and 19 basis points for both 2009 and 2008 nine-month periods. Arrow Financial Corporation Consolidated Financial Information ($ in thousands) Unaudited September 30, 2009 —————— Third Year-to- Period Quarter Date End Average Average —— ——- ——– Balance Sheet Cash and Due From Banks $ 37,970 $ 28,208 $ 28,034 Federal Funds Sold — — — Interest-Bearing Bank Balances 79,375 62,301 55,929 Securities Available-for- Sale 412,798 383,013 354,013 Securities Held-to- Maturity 162,197 161,491 148,016 Loans 1,106,657 1,099,821 1,099,153 Allowance for Loan Losses (13,841) (13,721) (13,523) Net Loans 1,092,816 1,086,100 1,085,630 Premises and Equipment, Net 18,102 17,851 17,616 Goodwill and Intangible Assets, Net 16,353 16,405 16,429 Other Assets 16,672 23,524 23,267 Total Assets $1,836,283 $1,778,893 $1,728,934 Demand Deposits $ 197,987 $ 199,611 $ 188,938 Nonmaturity Interest- Bearing Deposits 818,025 754,832 739,483 Time Deposits of $100,000 or More 163,337 167,681 155,308 Other Time Deposits 253,133 253,359 249,953 Total Deposits 1,432,482 1,375,483 1,333,682 Federal Funds Purchased and Securities 60,592 60,175 56,354 Sold Under Agreements to Repurchase Short-Term Borrowings 1,601 1,171 1,189 Federal Home Loan Bank Advances 160,000 160,000 160,000 Other Long-Term Debt 20,000 20,000 20,000 Other Liabilities 22,304 25,667 24,806 Total Liabilities 1,696,979 1,642,496 1,596,031 Common Stock 15,170 14,901 14,787 Surplus 177,248 169,434 165,689 Undivided Profits 21,701 28,177 28,823 Unallocated ESOP Shares (2,204) (2,204) (2,247) Accumulated Other Comprehensive Loss (5,724) (7,310) (8,009) Treasury Stock (66,887) (66,601) (66,140) Total Shareholders’ Equity 139,304 136,397 132,903 Total Liabilities and Shareholders’ Equity $1,836,283 $1,778,893 $1,728,934 Assets Under Trust Administration $836,438 and Investment Management Capital Ratios Tier 1 Leverage Ratio 8.63% Tier 1 Risk-Based Capital Ratio 14.12 Total Risk-Based Capital Ratio 15.37 September 30, 2008 —————— Third Year-to- Period Quarter Date End Average Average —— ——- ——– Balance Sheet Cash and Due From Banks $ 38,325 $ 35,673 $ 33,967 Federal Funds Sold — 10,158 23,186 Interest-Bearing Bank Balances — 929 672 Securities Available-for- Sale 350,526 363,889 354,180 Securities Held-to- Maturity 131,438 122,141 116,582 Loans 1,106,506 1,083,291 1,058,426 Allowance for Loan Losses (12,785) (12,732) (12,571) Net Loans 1,093,721 1,070,559 1,045,855 Premises and Equipment, Net 17,398 16,951 16,610 Goodwill and Intangible Assets, Net 16,457 16,500 16,555 Other Assets 25,186 20,866 22,112 Total Assets $1,673,051 $1,657,666 $1,629,719 Demand Deposits $ 190,452 $ 200,193 $ 190,456 Nonmaturity Interest- Bearing Deposits 675,219 641,478 633,908 Time Deposits of $100,000 or More 166,124 178,041 174,181 Other Time Deposits 240,181 242,069 242,942 Total Deposits 1,271,976 1,261,781 1,241,487 Federal Funds Purchased and Securities 69,547 62,787 56,477 Sold Under Agreements to Repurchase Short-Term Borrowings 1,517 411 472 Federal Home Loan Bank Advances 160,000 163,405 161,791 Other Long-Term Debt 20,000 20,000 20,000 Other Liabilities 24,614 24,681 24,337 Total Liabilities 1,547,654 1,533,065 1,504,564 Common Stock 14,729 14,729 14,729 Surplus 162,478 162,129 161,942 Undivided Profits 23,066 22,120 19,283 Unallocated ESOP Shares (2,572) (2,572) (2,095) Accumulated Other Comprehensive Loss (6,649) (6,446) (4,854) Treasury Stock (65,655) (65,359) (63,850) Total Shareholders’ Equity 125,397 124,601 125,155 Total Liabilities and Shareholders’ Equity $1,673,051 $1,657,666 $1,629,719 Assets Under Trust Administration $862,601 and Investment Management Capital Ratios Tier 1 Leverage Ratio 8.40% Tier 1 Risk-Based Capital Ratio 12.63 Total Risk-Based Capital Ratio 13.79 Arrow Financial Corporation Consolidated Financial Information ($ in thousands) Unaudited September 30, 2009 2008 —- —- Third Quarter Ended September 30: ——————————— Loan Portfolio Commercial, Financial and Agricultural $ 88,299 $ 95,892 Real Estate – Commercial 202,561 199,240 Real Estate – Residential 477,268 454,753 Indirect and Other Consumer Loans 338,529 356,621 Total Loans $1,106,657 $1,106,506 Allowance for Loan Losses, Third Quarter Allowance for Loan Losses, Beginning of Quarter $13,626 $12,725 Loans Charged-off, Quarter-to-Date $(315) $(263) Recoveries of Loans Previously Charged- off, Quarter-to-Date 103 70 Net Loans Charged-off, Quarter-to-Date (212) (193) Provision for Loan Losses, Quarter-to-Date 427 253 Allowance for Loan Losses, End of Quarter $13,841 $12,785 Nonperforming Assets Nonaccrual Loans $3,905 $2,424 Loans Past Due 90 or More Days and Accruing 723 455 ——– ——— Total Nonperforming Loans 4,628 2,879 Nonaccrual Investments — 800 Repossessed Assets 73 61 Other Real Estate Owned — 270 Total Nonperforming Assets $4,701 $4,010 Key Asset Quality Ratios Allowance for Loan Losses to Period-End Loans 1.25% 1.16% Allowance for Loan Losses to Period- End Nonperforming Loans 299.07 444.08 Nonperforming Loans to Period-End Loans 0.42 0.26 Nonperforming Assets to Period-End Assets 0.26 0.24 Net Loans Charged-off to Average Loans, Three Months Annualized 0.08 0.07 Provision for Loan Losses to Average Loans, Three Months Annualized 0.15 0.09 Nine-Month Period Ended September 30: ————————————- Allowance for Loan Losses, Nine Months Allowance for Loan Losses, Beginning of Year $13,272 $12,401 Loans Charged-off, Year-to-Date (1,054) (825) Recoveries of Loans Previously Charged-off, Year-to-Date 275 418 Net Loans Charged-off, Year-to-Date (779) (407) Provision for Loan Losses, Year-to-Date 1,348 791 Allowance for Loan Losses, End of Year $13,841 $12,785 Key Asset Quality Ratios Net Loans Charged-off to Average Loans, Nine Months Annualized 0.09% 0.05% Provision for Loan Losses to Average Loans, Nine Months Annualized 0.16 0.10SOURCE Arrow Financial Corporation. GLENS FALLS, N.Y., Oct. 19, 2009 /PRNewswire-FirstCall/ —last_img read more

Start reading Arrow Financial of Glens Falls, NY, reports earnings of 46 cents per share