February 23, 2012, 12:58 AM EST
By William Selway and Martin Z. Braun
Feb. 23 (Bloomberg) — Shirley Kimber walked off the production line from her $17.56-an-hour job at a Birds Eye Foods plant in Fulton, New York, for the last time in November.
The new owners, Pinnacle Foods Group LLC, a company held by the private equity firm Blackstone Group LP, closed the factory and fired 270 workers. Kimber, 64, got eight weeks severance for her 12 years on the job and lives with her 37-year-old unemployed daughter in the rust-belt town of about 12,000, northwest of Syracuse.
“They just used us. That’s exactly what they did,” Kimber said. “And then they kicked us to the curb.”
While the closing killed union jobs, it may also help protect the retirement benefits that organized labor bargained for on behalf of public employees.
In addition to Blackstone, the world’s largest buyout firm, New York State’s two public employee pensions and four New York City pensions stand to gain from the drive for higher profits at Pinnacle foods. The retirement funds poured $920 million into the $20 billion Blackstone fund that owns Pinnacle, which took over Birds Eye in 2009.
Public pension funds — seeking to boost returns after failing to secure the 8 percent annual investment earnings needed to pay benefits for teachers, police officers and other civil servants — are the biggest source of cash for private equity firms.
Faster Pace
Companies owned by New York-based Blackstone added jobs at a faster pace than the U.S. economy for the past two years, said Peter Rose, a spokesman for the firm. Private equity’s investment returns “are one of the few ways that pension funds can help keep the promises that they have made to their retirees,” he said.
Pinnacle Foods closed the Fulton plant to cut transportation costs by moving operations closer to suppliers, said Michelle Weese, a spokeswoman for the company.
While firms such as Blackstone and Bain Capital LLC, co- founded by Republican presidential candidate Mitt Romney, have drawn scrutiny for their paring of jobs and the low tax rates enjoyed by executives, the role of taxpayer money in financing their acquisitions has received less notice.
By September 2011, public pensions with at least $1 billion in assets had an average of 11 percent of their money in private equity, more than triple their investments a decade earlier, according to Wilshire Associates, a Santa Monica, California- based consulting firm.
Rising Investment
Such funds have about $400 billion with private equity, 29 percent of the total, according to Prequin Ltd., a London-based private equity research firm. That’s more than twice what was put in by private pension funds, the next biggest investor.
Public pensions “have been the investors that have really fueled private equity’s rise,” said Steven Davidoff, a professor of law and finance at Ohio State University’s Moritz College of Law in Columbus, Ohio. “For those people who complain about private equity, the money is really coming from pension funds.”
Private equity firms buy companies and seek to trim costs, improve operations, boost profits and resell them. The takeovers are typically financed by debt taken on by the purchased companies.
The business has been drawn into the presidential contest as Romney parried attacks from Republican rivals who suggested he built a fortune of as much as $250 million with takeovers that cost workers their jobs. He has disputed this characterization.
Private equity executives, including Blackstone managing director and Pinnacle Foods director Prakash Melwani, have helped stock Romney’s campaign war chests. Melwani declined to comment.
Mayor Objects
Fulton Mayor Ronald Woodward, a Republican, said the Birds Eye takeover has devastated his town, adding that he is troubled to learn that New York pension money helped finance the acquisition.
“Isn’t that a slap in the face to the people in Fulton that are losing their jobs and paying the salaries of those union workers and they’re using their investments there,” Woodward said. “It’s like biting the hand that feeds you.”
Her severance exhausted, Kimber now lives off unemployment benefits of $1,620 a month, plus $100 a month in pension payments, she said. She pays 22 percent of that for health insurance. Her daughter, also named Shirley, has a biology degree but can’t find a job using that specialty. To make a few extra dollars, she babysits and sells books online.
Executive Compensation
Robert Gamgort is chief executive officer of Parsippany, New Jersey-based Pinnacle Foods, which also makes Dunkin Hines cake mix, Vlasic Pickles and Hungry Man frozen dinners.
Gamgort was awarded compensation valued at $5.5 million in 2010 and $11.6 million in 2009. Sara Genster Robling, head of the Birds Eye division, got pay packages worth $1.5 million in 2010 and $2.1 million the previous year. Most of the pay was in company stock. Gamgort and Robling weren’t available for comment, she said.
After the collapse of 1990s Internet bubble left pensions reeling from investment losses, state and local government funds poured money into private equity firms. The financial crisis of 2008 and subsequent recession left U.S. state public pensions $694.2 billion short of having enough assets to pay future benefits by the end of their 2010 budget years, according to data compiled by Bloomberg.
Higher Returns
Private equity deals promised higher returns than stocks and bonds. The 15-year median return on stocks for public pension funds with more than $1 billion assets, before fees, is 5.5 percent annualized as of Dec. 31, 2011, while the median return for private equity in that time period is 9.8 percent, according to the Wilshire Trust Universe Comparison Service.
The deals have served pensions well. New York state’s teachers pension’s private equity investments delivered an annual rate of return of 11.8 percent as of June 30, 2011. New York City’s private equity investments in four of its five pension funds have returns ranging from 9.2 percent to 11.1 percent.
That helps save taxpayers money. For workers and the acquired companies, the benefits can be harder to discern.
A study led by the University of Chicago’s Steven Davis, based on 3,200 private equity deals from 1980 to 2005 and published in September, sought to quantify the impact. It found that employment at acquired companies dropped 6 percent in the next five years relative to stand-alone peers as they shuttered lagging businesses.
‘Creative Destruction’
Still, the companies also added workers by opening new business lines and through acquisitions. The study concluded that such deals accelerated the “creative destruction” of jobs, with a “modest” impact on total payrolls.
“Private equity investors are remorseless in their perspective on business,” said Robert Bruner, the dean of the University of Virginia’s Darden School of Business. “That is a manifestation of the rigors of the capitalist system,” he said. “It accelerates the process.”
Rose Pitcher, 50, experienced that first-hand. After working 25 years at the Birds Eye plant in Fulton, she wrapped up her last shift in November, with eight weeks severance, as Pinnacle moved the plant’s jobs to Wisconsin and Minnesota. Other employers in the area, like an apple-packing plant in Oswego, pay less than half the $17 an hour she was making overseeing the machine sealing packages of Voila! ready-made meals at Birds Eye.
“There just doesn’t seem to be anything out there,” she said.
Portfolio Companies
Blackstone says it has a record of boosting employment overall. In 2011, Blackstone’s portfolio companies added 4.6 percent to their payrolls by creating new jobs, rather than through acquisitions, and increased them 3 percent in 2010, said Rose, the company spokesman. That outpaced job growth in the economy, he said.
“Private equity is a vital source of capital to grow and strengthen companies where public capital cannot or is unwilling to invest,” said Rose.
New York Comptroller Thomas DiNapoli, the sole trustee of New York’s $140 billion retirement fund, declined to comment. New York City Comptroller John Liu declined to comment. John Cardillo, a spokesman for New York state’s Teachers’ Retirement System, declined to comment.
Drivers coming into Fulton are greeted by the red-brick Nestle chocolate factory, where for 103 years the company made condensed milk, semi-sweet morsels and Crunch Bars. It shut down in 2003.
The Nestle factory employed 1,500 people at its height. In 1994, Miller Brewing also shut down a plant just outside of town, putting 900 people out of work.
Taking Down Signs
A couple of years after Miller shut its operations, city officials took down signs on Routes 481, 48 and 3, the thoroughfares entering Fulton, that read: “City with a Future.”
It’s a far cry from the 1930s, when the New York Sun wrote a story about Fulton entitled “The Mystery of Fulton, N.Y., the City the Depression Missed.” Then, factories powered by electricity generated by the Oswego River, which bisects the town, churned out knives, textiles and shotguns. The Fort Stanwix Canning Co. opened a plant in Fulton in 1902. In 1938 it began packaging Birds Eye vegetables.
Two Decades
The Birds Eye plant had survived during the past two decades as it passed from General Foods Corp. to Philip Morris Cos. to Dean Foods Inc. In 1998, Dean Foods sold it to Agrilink Foods Inc. for $400 million. In 2002, Agrilink sold a majority stake in the company for $175 million to Vestar Capital Partners, a private equity firm where Melwani was a managing director. Melwani is now at Blackstone.
Vestar transformed the company. In 2006, it shifted focus to brand-named foods and developing new product lines. It announced that it would jettison most of its non-brand frozen food businesses, affecting five facilities, including three in western New York, that employed about 740. In 2007, Birds Eye borrowed money to pay Vestar and Agrilink a one-time $298.2 million dividend, according to corporate filings.
Vestar turned Birds Eye into a smaller, profitable company. By 2009, Birds Eye earned $54 million on sales of $936 million, compared with a $131 million loss and sales of $1 billion in 2002. Its workforce had shrunk to 1,700 from 4,000, filings show.
In November 2009, Pinnacle Foods, owned by Blackstone, agreed to buy Birds Eye for $1.3 billion. The purchase was financed by $1.15 billion of debt. Blackstone contributed $260 million in equity. Carol Makovich, a Vestar spokeswoman, declined to comment.
$17 Million
Blackstone affiliates were paid $17 million in acquisition fees for arranging the Birds Eye deal. Pinnacle has also paid Blackstone at least $15.5 million in management fees since it was taken over by the firm in 2007, according to company filings.
Under Blackstone, Birds Eye’s sales and profits have risen. In the quarter that ended in September, sales were $248 million, an 11.2 percent increase from the year earlier. The growth was driven by expanded distribution and demand for new products, in addition to lower new product distribution expenses, the company said in a filing.
Charles Murphy, 66, had worked at the Birds Eye plant in Fulton through a series of owners for 22 years before retiring at the end of 2010. He said employees were optimistic that the factory would survive.
Schumer Press Conference
In January 2010, U.S. Senator Charles Schumer, the New York Democrat, held a press conference with workers in Fulton, saying he would keep pressuring the company until all the jobs were safe. Schumer said he called Stephen Schwarzman, Blackstone’s chairman and co-founder, and asked him to spare the factory.
“No one expected that place to close,” said Murphy.
Then Pinnacle started cutting jobs. In mid-2010, it began closing down the Rochester, New York headquarters where 200 worked. That December it announced the closure of a Tacoma, Washington, plant that employed 160 and would shift production to Iowa.
On April 13, 2011, a Wednesday, employees coming to work at the Fulton plant saw a makeshift sign taped to a window: A mandatory meeting for all employees would be held at the Fulton War Memorial, the town’s exhibition hall and gymnasium on the 15th.
A Birds Eye lawyer told those gathered that the company would close the Fulton plant and move some of the jobs to Wisconsin and Minnesota.
Paul Robinson, a 59 year-old who ran packing machines remembered asking managers, “What can we do to keep the plant open?”
‘Minds Made Up’
Nothing, he said Pinnacle managers replied. “They had their minds made up.”
Wisconsin had offered Pinnacle $1.3 million in incentives to shift production to the state. Worker’s compensation costs were also lower — an average of $1,100 per employee in Wisconsin compared with $12,000 in New York, Mayor Woodward said.
While new jobs were added elsewhere, the closures cut the Birds Eye’s payroll by about 300, or 17 percent, as it eliminated more jobs than were added elsewhere, according to Weese, the Pinnacle spokeswoman. She said such costs are common after corporate mergers.
“Synergies are true with every deal. It’s not unique to this particular deal,” Weese said. “It’s less expensive to run one company than two.”
Not all public pensions have stood by as a private equity firms managing their money announced job cuts.
Hugo Boss
In 2010, after hearing that clothing-company Hugo Boss AG was planning to close a factory in a Cleveland suburb where it manufactured suits, threatening the jobs of 300 workers, Ohio’s public employee pension fund contacted Hugo Boss’s owner, London-based private equity firm Permira Advisers LLP.
Ohio’s Public Employees Retirement System had invested $80 million in the Permira fund that owned Hugo Boss. After writing to Permira and not getting a response, the pension fund followed up with another letter saying it would “think long and hard” about investing any more money with Permira, said Hugh Quill, a former Ohio pension trustees. The plant was never closed.
“These guys could have cared less about a plant in Cleveland, Ohio, but they did care about not having institutional investors for their next $500 million offering,” Quill said. “I think it was the right thing to do, given the amount of pain and suffering that was going on in the state.”
The California Public Employees’ Retirement System and public pensions from Maryland and Pennsylvania, which invested in Permira, also lobbied the firm. So did New York City’s pension funds.
Liu’s Letter
“New York’s pension funds do not wish to be investing in job loss or in a global ‘race to the bottom,’” New York City Comptroller Liu wrote in a letter to Permira.
Chris Davison, director of communications for Permira, declined to comment.
In Fulton, Charles Murphy’s wife, Donna, had been out on medical leave since October 2010 when the Birds Eye closure was announced. Still struggling with lung cancer, she lost her job when she couldn’t return to work for the factory’s last two months. That meant she didn’t get any severance pay. She worked there for 25 years.
Pinnacle’s Weese said details about medical leave and severance pay were worked out in negotiations with the employees’ union, Workers United Local 1822.
‘Devoting Your Life’
“You spend that many years devoting your life to the company, coming in to work every day, and they think nothing of you,” said Murphy, who lives in nearby Oswego. “This hurt a lot of people’s livelihoods.”
Fulton mayor Woodward, who was a maintenance supervisor with Nestle when the plant shut in 2003, said his story is another sign of the times.
“What you’re doing by doing that — you are systematically eliminating the middle class,” he said. “You’re going to be rich or you’re going to be poor. There’s no in between.”
–Editors: Jeffrey Taylor, Larry Edelman
To contact the reporters on this story: William Selway in Washington at wselway@bloomberg.net; Martin Braun in New York at mbraun6@bloomberg.net.
To contact the editor responsible for this story: Jeffrey Taylor at Jtaylor48@bloomberg.net
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2012年1月31日星期二
Trinity Bank 2011 Net Income up 13.8%
FORT WORTH, TX–(Marketwire -01/30/12)- Trinity Bank, N.A. (OTC.BB: TYBT.OB – News) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2011.
Results of Operations
Trinity Bank, N.A. reported Net Income After Taxes for the fourth quarter of $605,157.56, or $.54 per diluted common share, compared to $525,279, or $.46 per diluted common share for the fourth quarter of 2010, an increase of 17.4%.
For the year 2011, Net Income After Taxes amounted to $2,282,024, or $2.02 per diluted common share, compared to $2,004,875, or $1.74 per diluted common share for 2010, an increase of 16.1%.
Jeffrey M. Harp, President, stated, “Operating results for the fourth quarter of 2011 represent our 29th consecutive quarter of increased profit. We continue to improve the return on the bank’s assets and the return on the shareholder’s investment. While 2011 was a challenging year, 2012 is shaping up to be equally demanding. However, we look forward to maintaining our record of improving Trinity Bank‘s performance each year.”
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank’s business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank’s Registration Statement on Form SB-1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.
Results of Operations
Trinity Bank, N.A. reported Net Income After Taxes for the fourth quarter of $605,157.56, or $.54 per diluted common share, compared to $525,279, or $.46 per diluted common share for the fourth quarter of 2010, an increase of 17.4%.
For the year 2011, Net Income After Taxes amounted to $2,282,024, or $2.02 per diluted common share, compared to $2,004,875, or $1.74 per diluted common share for 2010, an increase of 16.1%.
Jeffrey M. Harp, President, stated, “Operating results for the fourth quarter of 2011 represent our 29th consecutive quarter of increased profit. We continue to improve the return on the bank’s assets and the return on the shareholder’s investment. While 2011 was a challenging year, 2012 is shaping up to be equally demanding. However, we look forward to maintaining our record of improving Trinity Bank‘s performance each year.”
For Year Ending
-------------------------------------------------------
2011 2010 2009 2008 2007
---------- ---------- ----- ----- ----
Return on Assets 1.46% 1.30% 1.12% 1.11% 0.96%
Return on Equity
(excluding unrealized gain 13.22% 12.57% 11.33% 10.80% 8.88%
on securities)
Average for Year Ending
12-31-11 12-31-10
---------- ----------
Loans $ 73,556 $ 72,786 1.1%
Deposits $ 137,086 $ 133,850 2.4%
Actual for Year Ending
Net Interest Income $ 5,034 $ 4,891 2.9%
Non-Interest Income $ 540 $ 585 (7.7%)
Non-Interest Expense $ 2,573 $ 2,522 2.0%
Loan Loss Provision $ 0 $ 285 -
Pre Tax Income $ 3,001 $ 2,669 12.4%
Income Tax $ 719 $ 664 8.3%
Net Income $ 2,282 $ 2,005 13.8%
Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank’s website: www.trinitybk.com click on “About Us” and then click on “Investor Information.” Financial information in regulatory reporting format is also available at www.fdic.gov.This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank’s business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank’s Registration Statement on Form SB-1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Quarter Ended Twelve Months Ended December 31 % December 31 % EARNINGS SUMMARY 2011 2010 Change 2011 2010 Change Interest income 1,509 1,516 -0.5% 5,879 6,081 -3.3% Interest expense 199 270 -26.3% 845 1,190 -29.0% Net Interest Income 1,310 1,246 5.1% 5,034 4,891 2.9% Provision for Loan Losses 0 150 N/A 0 285 N/A Service charges on deposits 37 34 8.8% 147 145 1.4% Net gain on securities available for sale 18 153 -88.2% 114 198 -42.4% Other income 55 55 0.0% 279 242 15.3% Total Non Interest Income 110 242 -54.5% 540 585 -7.7% Salaries and benefits expense 450 437 3.0% 1,419 1,384 2.5% Occupancy and equipment expense 81 75 8.0% 314 308 1.9% Other expense 90 136 -33.8% 840 830 1.2% Total Non Interest Expense 621 648 -4.2% 2,573 2,522 2.0% Earnings before income taxes 799 690 15.8% 3,001 2,669 12.4% Provision for income taxes 194 165 17.6% 719 664 8.3% Net Earnings 605 525 15.2% 2,282 2,005 13.8% Basic earnings per share 0.57 0.49 16.3% 2.15 1.83 17.3% Basic weighted average shares outstanding 1,059 1,079 1,063 1,098 Diluted earnings per share 0.54 0.46 17.4% 2.02 1.74 16.1% Diluted weighted average shares outstanding 1,122 1,135 1,127 1,154 Average for Quarter Average for Twelve Months Ending December 31 % Ending December 31 % BALANCE SHEET SUMMARY 2011 2010 Change 2011 2010 Change Total loans $ 76,426 $ 72,047 6.1% $ 73,556 $ 72,786 1.1% Total short term investments 26,760 23,496 13.9% 21,500 22,244 -3.3% Total investment securities 56,751 53,988 5.1% 54,003 50,802 6.3% Earning assets 159,937 149,531 7.0% 149,059 145,832 2.2% Total assets 166,392 155,868 6.8% 156,233 152,957 2.1% Noninterest bearing deposits 32,552 24,267 34.1% 28,743 23,217 23.8% Interest bearing deposits 113,758 112,540 1.1% 108,343 110,633 -2.1% Total deposits 146,310 136,807 6.9% 137,086 133,850 2.4% Fed Funds Purchased and Repurchase Agreements 584 733 -20.3% 503 880 -42.8% Shareholders' equity 18,690 17,382 7.5% 17,943 17,225 4.2% TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Average for Quarter Ending Dec 31, Sept. 30, June 30, March 31, Dec 31, BALANCE SHEET SUMMARY 2011 2011 2011 2011 2010 Total loans $ 76,426 $ 74,941 $ 71,676 $ 71,103 $ 72,047 Total short term investments 26,760 21,204 21,929 17,742 23,496 Total investment securities 56,751 51,908 50,714 56,684 53,988 Earning assets 159,937 148,053 144,319 145,529 149,531 Total assets 166,392 154,363 152,633 151,401 155,868 Noninterest bearing deposits 32,552 27,706 25,176 24,123 24,267 Interest bearing deposits 113,758 107,061 108,696 109,154 112,540 Total deposits 146,310 134,767 133,872 133,277 136,807 Fed Funds Purchased and Repurchase Agreements 584 411 438 582 733 Shareholders' equity 18,690 18,401 17,687 16,972 17,382 Quarter Ended Dec 31, Sept. 30, June 30, March 31, Dec 31, HISTORICAL EARNINGS SUMMARY 2011 2011 2011 2011 2010 Interest income 1,509 1,471 1,426 1,474 1,516 Interest expense 199 203 217 226 270 Net Interest Income 1,310 1,268 1,209 1,248 1,246 Provision for Loan Losses 0 0 0 0 150 Service charges on deposits 37 35 29 37 34 Net gain on securities available for sale 18 40 28 29 153 Other income 55 92 78 63 55 Total Non Interest Income 110 167 135 129 242 Salaries and benefits expense 450 317 312 340 437 Occupancy and equipment expense 81 82 79 75 75 FDIC expense 45 45 45 45 45 Other expense 45 226 173 215 91 Total Non Interest Expense 621 670 609 675 648 Earnings before income taxes 799 765 735 702 690 Provision for income taxes 194 185 177 163 165 Net Earnings 605 580 558 539 525 TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Ending Balance Sept. March Dec 31, 30, June 30, 31, Dec 31, HISTORICAL BALANCE SHEET 2011 2011 2011 2011 2010 Total loans $ 81,272 $ 76,180 $ 74,822 $ 71,287 $ 72,460 Total short term investments 19,279 27,716 17,404 25,369 17,886 Total investment securities 58,540 53,370 51,982 53,497 58,583 Total earning assets 159,091 157,266 144,208 150,153 148,929 Allowance for loan losses (1,371) (1,371) (1,371) (1,371) (1,371) Premises and equipment 1,378 1,413 1,404 1,440 1,442 Other Assets 7,843 6,209 5,850 6,024 4,949 Total assets 166,941 163,517 150,091 156,246 153,949 Noninterest bearing deposits 34,203 33,733 24,208 27,747 26,844 Interest bearing deposits 112,163 109,722 106,761 110,161 109,100 Total deposits 146,366 143,455 130,969 137,908 135,944 Fed Funds Purchased and Repurchase Agreements 713 398 292 534 538 Other Liabilities 792 896 690 559 646 Total liabilities 147,871 144,749 131,951 139,001 137,128 Shareholders' Equity Actual 18,025 17,667 17,306 16,715 16,176 Unrealized Gain - AFS 1,045 1,100 834 530 645 Total Equity 19,070 18,767 18,140 17,245 16,821 Quarter Ending Sept. March Dec 31, 30, June 30, 31, Dec 31, NONPERFORMING ASSETS 2011 2011 2011 2011 2010 Nonaccrual loans $ 653 $ 735 $ 850 $ 488 $ 831 Restructured loans $ 0 $ 0 $ 0 $ 0 $ 0 Other real estate & foreclosed assets $ 0 $ 0 $ 0 $ 0 $ 0 Accruing loans past due 90 days or more $ 0 $ 0 $ 0 $ 0 $ 0 Total nonperforming assets $ 653 $ 735 $ 850 $ 488 $ 831 Accruing loans past due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0 Total nonperforming assets as a percentage of loans and foreclosed assets 0.80% 0.96% 1.12% 0.68% 1.15% TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Quarter Ending Sept. March ALLOWANCE FOR Dec 31, 30, June 30, 31, Dec 31, LOAN LOSSES 2011 2011 2011 2011 2010 Balance at beginning of period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,221 Loans charged off 0 0 0 0 0 Loan recoveries 0 0 0 0 0 Net (charge-offs) recoveries 0 0 0 0 0 Provision for loan losses 0 0 0 0 150 Balance at end of period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,371 Allowance for loan losses as a percentage of total loans 1.69% 1.80% 1.80% 1.92% 1.89% Allowance for loan losses as a percentage of nonperforming loans 209.95% 186.53% 186.53% 280.94% 164.98% Net charge-offs (recoveries) as a percentage of average loans N/A N/A N/A N/A N/A Provision for loan losses as a percentage of average loans N/A N/A N/A N/A 0.21% Quarter Ending Sept. March Dec 31, 30, June 30, 31, Dec 31, SELECTED RATIOS 2011 2011 2011 2011 2010 Return on average assets (annualized) 1.45% 1.50% 1.46% 1.42% 1.35% Return on average equity (annualized) 12.95% 12.61% 12.62% 12.70% 12.08% Return on average equity (excluding unrealized gain on investments) 13.62% 13.26% 13.11% 12.90% 12.91% Average shareholders' equity to average assets 11.23% 11.92% 11.59% 11.21% 11.15% Yield on earning assets (tax equivalent) 4.05% 4.26% 4.24% 4.27% 4.32% Cost of interest bearing funds 0.70% 0.76% 0.80% 0.82% 0.96% Net interest margin (tax equivalent) 3.56% 3.72% 3.64% 3.65% 3.49% Efficiency ratio (tax equivalent) 40.55 43.42 42.29 45.45 45.18 End of period book value per common share 18.05 17.60 17.51 16.16 15.59 End of period book value (excluding unrealized gain on investments) 17.07 16.57 16.48 15.67 14.99 End of period common shares outstanding 1,056 1,066 1,072 1,067 1,079
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
12 Months Ending
December 31, 2011
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment 21,500 130 0.60% 0.60%
Investment securities 18,758 828 4.41% 4.41%
Tax Free securities 35,245 981 2.78% 4.01%
Loans 73,556 3,940 5.36% 5.36%
Total Interest Earning Assets 149,059 5,879 3.94% 4.23%
Noninterest Earning Assets:
Cash and due from banks 4,344
Other assets 4,201
Allowance for loan losses (1,371)
Total Noninterest Earning
Assets 7,174
Total Assets $ 156,233
Interest Bearing Liabilities:
Transaction and Money Market
accounts 79,916 549 0.69% 0.69%
Certificates and other time
deposits 29,762 294 0.99% 0.99%
Other borrowings 503 2 0.40% 0.40%
Total Interest Bearing
Liabilities 110,181 845 0.77% 0.77%
Noninterest Bearing Liabilities
Demand deposits 27,408
Other liabilities 701
Shareholders' Equity 17,943
Total Liabilities and
Shareholders Equity $ 156,233
Net Interest Income and Spread 5,034 3.18% 3.47%
Net Interest Margin 3.38% 3.67%
12 Months Ending
December 31, 2010
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment 22,244 259 1.16% 1.16%
Investment securities 25,694 1,116 4.34% 4.34%
Tax Free securities 25,108 788 3.14% 4.52%
Loans 72,786 3,918 5.38% 5.38%
Total Interest Earning Assets 145,832 6,081 4.17% 4.42%
Noninterest Earning Assets:
Cash and due from banks 3,127
Other assets 5,194
Allowance for loan losses (1,196)
Total Noninterest Earning
Assets 7,125
Total Assets $ 152,957
Interest Bearing Liabilities:
Transaction and Money Market
accounts 78,624 734 0.93% 0.93%
Certificates and other time
deposits 32,009 450 1.41% 1.41%
Other borrowings 880 6 0.68% 0.68%
Total Interest Bearing
Liabilities 111,513 1,190 1.07% 1.07%
Noninterest Bearing Liabilities
Demand deposits 23,217
Other liabilities 1,002
Shareholders' Equity 17,225
Total Liabilities and
Shareholders Equity $ 152,957
Net Interest Income and Spread 4,891 3.10% 3.35%
Net Interest Margin 3.35% 3.60%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
December 31 December 31
2011 % 2010 %
LOAN PORTFOLIO
Commercial and industrial 40,359 49.66% 35,155 48.52%
Real estate:
Commercial 13,112 16.13% 14,939 20.62%
Residential 16,400 20.18% 12,680 17.50%
Construction and
development 8,947 11.01% 7,839 10.82%
Consumer 2,454 3.02% 1,847 2.55%
Total loans (gross) 81,272 100.00% 72,460 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 81,272 100.00% 72,460 100.00%
December 31 December 31
2011 2010
REGULATORY CAPITAL DATA
Tier 1 Capital $ 18,025 $ 16,176
Total Capital (Tier 1 +
Tier 2) $ 19,333 $ 17,443
Total Risk-Adjusted Assets $ 104,570 $ 101,272
Tier 1 Ratio 17.24% 15.97%
Total Capital Ratio 18.49% 17.22%
Tier 1 Leverage Ratio 10.86% 10.40%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 14 14
Stock Price Range
(For the Three Months
Ended):
High $ 27.00 $ 25.50
Low $ 24.10 $ 21.00
Close $ 26.50 $ 24.10
2012年1月3日星期二
OPIC Records Net Income of $269 Million in FY2011, Helping Reduce U.S. Budget Deficit for 34th Consecutive Year
WASHINGTON–(BUSINESS WIRE)– The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, generated net income of $269 million in Fiscal Year 2011, helping to reduce the federal budget deficit for the 34th consecutive year.
In addition to generating revenue for the U.S. taxpayer, OPIC recorded a three-fold increase in the amount of capital the agency’s financing mobilized, rising to $4.4 billion.
In fiscal year 2011, OPIC committed $3.2 billion to companies expanding into emerging markets and supported 92 new investment projects in the power sector, hotels and housing, telecommunications and other infrastructure, as well as many other sectors like agriculture, education and microfinance. Consistent with its focus on supporting U.S. small and medium-sized enterprises, in FY2011, 78 percent of OPIC’s projects, representing nearly $1 billion in commitments, involved American small and medium-sized businesses.
OPIC responded quickly to the events of the Arab Spring, targeting up to $3 billion in financial support for investment and job creation in the Middle East and North Africa. Since setting that goal, the agency has already approved $657 million in transactions for the region, mainly to support investments in small business.
This year, OPIC also lent powerful support to U.S. companies seeking investment opportunities in the high growth renewable resources sector in emerging markets. Its commitment of $1.1 billion in financing and insurance to the sector in FY2011 represented a roughly three-fold increase over last year’s figure. Financing was provided to companies investing in a wide range of projects and regions: solar projects in Peru, India and Thailand, hydropower in Georgia, geothermal in Kenya and biomass in Liberia, among many others. Projects supported by OPIC in FY2011 will generate nearly 728 megawatts of electricity from renewable energy sources, more than a ten-fold increase from FY2010, and help avoid nearly one million tons of CO₂ emissions annually.
“OPIC generated net income and contributed to the reduction of the budget deficit for the 34th consecutive year,” said OPIC President and CEO Elizabeth Littlefield. “We did this while out performing on our core mission of mobilizing U.S. private capital to catalyze markets and support development in developing countries. OPIC’s work tangibly and profitably advances both U.S. interests and economic development abroad.”
“OPIC projects delivered important economic, environmental and developmental benefits to local populations that will make both the partner countries and the United States more secure and prosperous,” Ms. Littlefield said.
OPIC’s earnings were generated through financing and insurance provided to support U.S. private investment overseas, as well as interest earned on reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. national security, and support growth in U.S. jobs and exports.
OPIC’s financial statements were audited by an independent accounting firm in accordance with Generally Accepted Accounting Principles (GAAP) as well as government audit standards specified by the Comptroller General of the United States and the Office of Management and Budget.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.
http://tourism9.com/
In addition to generating revenue for the U.S. taxpayer, OPIC recorded a three-fold increase in the amount of capital the agency’s financing mobilized, rising to $4.4 billion.
In fiscal year 2011, OPIC committed $3.2 billion to companies expanding into emerging markets and supported 92 new investment projects in the power sector, hotels and housing, telecommunications and other infrastructure, as well as many other sectors like agriculture, education and microfinance. Consistent with its focus on supporting U.S. small and medium-sized enterprises, in FY2011, 78 percent of OPIC’s projects, representing nearly $1 billion in commitments, involved American small and medium-sized businesses.
OPIC responded quickly to the events of the Arab Spring, targeting up to $3 billion in financial support for investment and job creation in the Middle East and North Africa. Since setting that goal, the agency has already approved $657 million in transactions for the region, mainly to support investments in small business.
This year, OPIC also lent powerful support to U.S. companies seeking investment opportunities in the high growth renewable resources sector in emerging markets. Its commitment of $1.1 billion in financing and insurance to the sector in FY2011 represented a roughly three-fold increase over last year’s figure. Financing was provided to companies investing in a wide range of projects and regions: solar projects in Peru, India and Thailand, hydropower in Georgia, geothermal in Kenya and biomass in Liberia, among many others. Projects supported by OPIC in FY2011 will generate nearly 728 megawatts of electricity from renewable energy sources, more than a ten-fold increase from FY2010, and help avoid nearly one million tons of CO₂ emissions annually.
“OPIC generated net income and contributed to the reduction of the budget deficit for the 34th consecutive year,” said OPIC President and CEO Elizabeth Littlefield. “We did this while out performing on our core mission of mobilizing U.S. private capital to catalyze markets and support development in developing countries. OPIC’s work tangibly and profitably advances both U.S. interests and economic development abroad.”
“OPIC projects delivered important economic, environmental and developmental benefits to local populations that will make both the partner countries and the United States more secure and prosperous,” Ms. Littlefield said.
OPIC’s earnings were generated through financing and insurance provided to support U.S. private investment overseas, as well as interest earned on reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. national security, and support growth in U.S. jobs and exports.
OPIC’s financial statements were audited by an independent accounting firm in accordance with Generally Accepted Accounting Principles (GAAP) as well as government audit standards specified by the Comptroller General of the United States and the Office of Management and Budget.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.
http://tourism9.com/
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