Vermont Employers Find Benefit in Planned Daylight Savings Time Shift

first_imgEarlier this month President Bush signed the 1,745-page federal energy bill into law. One part of the law extends daylight savings time by a month. Starting in 2007, Americans will turn the clocks ahead three weeks earlier in the spring (around the end of the first week in March), and we will turn the clocks back one week later in the fall (around the end of the first week in November).The Vermont Chamber of Commerce surveyed member businesses for a seven-day period in mid-August to gauge Vermont business reaction to this anticipated change. The survey captured nearly 200 responses from businesses engaged in many different sectors. The majority (51%) of respondents are engaged in the travel and tourism industry, while another quarter represents the services/professional sector.A full 43% of Vermonts employers felt that their businesses will use less energy because of the extension of daylight savings time, although several bed & breakfast owners noted that they will likely use more energy because they will be preparing breakfast in springs darker early daytime hours. However, only 24% thought that having more daylight will save their businesses money in terms of employee productivity and other factors. Aside from ski areas and other recreation facilities, the great majority (94%) of the total respondents did not believe that they will change the hours that they are open for business. The majority of businesses were in favor of the shift. Comments from supporters of extended daylight savings highlighted a number of interesting perceptions, some of which include: skiers and other outdoor recreation enthusiasts will have an extra hour of daylight for most of March; it will be beneficial to have drivers making sales calls in longer daylight hours as well as make for a safer commute home; and an extra hour of daylight at the close of the day, at the tail end of winter, will have a positive physical and psychological impact on individuals. One bed & breakfast owner stated that their guests will experience a true sunrise over the mountains, and one farm noted that they can extend the hours of their carriage rides. In general, several businesses mentioned that longer daylight hours may provide an incentive for more travelers to visit the state during the traditionally low-traffic shoulder seasons.Employers who did not support the extension of daylight savings time were in the minority. A radio station reported that during the portion of the year that is under daylight savings time they are not able to use their enhanced wattage, which will negatively impact both their business revenue and listeners. Others believed that the change would have little or no impact, and that federal efforts to this end were not a productive use of time in light of more pressing national and global issues.###last_img read more

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BLUE CROSS AND BLUE SHIELD OF VERMONT ANNOUNCES DISTINGUISHED EMPLOYEE FOR OCTOBER 2006

first_imgBLUE CROSS AND BLUE SHIELD OF VERMONT ANNOUNCES DISTINGUISHED EMPLOYEE FOR OCTOBER 2006Berlin, VT Cheryl Bennett, a resident of Barre Town, VT, has been chosen as distinguished employee for the month of October 2006.Ms. Bennett is a policy analyst in the operations department and has been with Blue Cross and Blue Shield for over 20 years. She is cited for the excellent internal customer service she provides and for her organizational skills. A co-worker stated, Her ability to identify issues and then step up to solve them is a credit to her and a huge advantage for Blue Cross and Blue Shield of Vermont.Blue Cross and Blue Shield of Vermont employs about 350 Vermonters at its headquarters in Berlin and its branch office in Williston. A committee of employees recognizes an employee each month in honor of Carol L. Goodrich, the winner of the first-ever Employee of the Year award in 1992. This program awards individuals who demonstrate extraordinary effort above and beyond the scope of their current responsibilities. More information about Blue Cross and Blue Shield of Vermont is available on the Internet at www.bcbsvt.com(link is external). Blue Cross and Blue Shield of Vermont is an independent corporation operating under a license with the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield Plans. (End)last_img read more

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Vermont named KeyBank district of the year

first_imgVERMONT DISTRICT RISES TO THE TOP OF KEY IN 2006Green Mountain Team Earns KeyBank’s District of the Year Vermont may be the smallest state served by KeyBank but in 2006 it acted like the biggest.The Vermont District has been named the 2006 District of the Year among KeyBank NA’s 23 districts nationwide. The award recognizes the highest ranking district based on overall financial performance, service to clients and commitment to community. “Our employees are incredibly dedicated to our clients and the communities we serve,” said Scott Carpenter, president, Vermont District, KeyBank NA. “Our bankers provide strong financial solutions and advice, and the market has rewarded us with their business.”In addition to commercial, business and private banking services, KeyBank serves Vermont retail clients through its 13 branches.”Vermont’s performance exemplifies what Key’s Community Bank model is all about — local decision making and the exceptional delivery of the services of a top national bank,” said Thomas X. Geisel, president, Northeast Region, KeyBank N.A. KeyBank N.A. is one of Vermonts largest financial services companies. A strong proponent for local economic growth, Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day. # # # Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.last_img read more

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Stinehour Press Announces End of Operations

first_imgStinehour Press Announces End of Operations (Lunenburg, Vt.) Managing Director and CEO Warren Bingham announced Monday, April 7, 2008, that The Stinehour Press, an award-winning book design and printing firm, will be ending operations and liquidating its assets after more than 50 years of operation in northern Vermont. The company, which had several million dollars in sales last year, employed a staff of 21 highly skilled workers. Although its been lovingly cared for, our offset press equipment is more than 25 years old and lacks many of the digital time-saving devices and speed of newer presses; and were behind the technology curve by not yet having adopted fully digital pre-press capability, Bingham said. Our sales force estimates that the company had to forfeit several million dollars in business last year because of capacity constraints caused by our old equipment, and we would need to invest at least $3 million to be competitive. In todays economy, when added to what weve already invested in the company, its beyond what a small group of committed owners can do. Were heart-broken that what began with so much hope and represents the hard work and passionate commitment of so many is ending.Bingham met with employees on Monday to advise them of the closing. He said workers will be paid for any accrued vacation time and, if possible, will receive severance pay based on seniority as long as the workout plan enables the company to provide it. The company has contacted the Vermont Department of Labor to advise them of the closing, and intends to be proactive in assisting workers in finding new employment.Founded by the legendary book designer and printer, Rocky Stinehour, the Press operated as a family-owned business until 1998 when it was sold to an Irish multi-national corporation. Its customer list includes many of the countrys leading arts and cultural institutions and its alumni include an impressive list of some of the most noted book designers and technicians in the country. Clients include the Art Institute of Chicago, the San Francisco Fine Art Museums, the Museum of Modern Art, the Museum of Fine Art in Boston, the Norman Rockwell Museum, The Getty Museum, the Guggenheim, the Whitney and the Smithsonian. Publishers included Random House, Little-Brown and many university presses, including Harvard, Stanford, Yale, Princeton and Dartmouth. Several years after the initial sale, in 2001, the Irish parent company announced that it was leaving the printing business and planned to close the Press. The current owners, headed by Bingham, bought the business to forestall the closing and in hopes of restoring its prominent position in the book printing world. In addition to significant new capital investment, the new owners strengthened management and systems, rebuilt its sales force and restored its reputation for fine quality work. The company was recently described by the Washington Post as the premier book printer in the world and has won more than fifty prestigious awards for design and production quality over the past several years, including back-to-back awards as the SAAPI Printer of the Year of illustrated books in 2006 and 2007. In todays global economy it was not enough.The lines separating author, publisher, printer and distributor are blurring, and digital technology can make China or Reykjavik seem as close as Lunenburg, Bingham said. A new kind of book printing industry is evolving that is based on printing shorter runs of more titles including digital print-on-demand. This should bode well for Stinehour Press and our unique blend of art, craft and technology; but it arrives at the same time as we often see books projects from China for less than we can buy the paper. These are not good times for American manufacturers. I hope we know the full cost of what were buying as a society. When lowest cost is always the determining factor, it might be higher than we think.-30-last_img read more

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Central Vermont Medical Center seeking support for cancer center

first_imgCentral Vermont Medical Center Seeks Support of Communityfor New National Life Cancer Treatment CenterBerlin, Vt – Central Vermont Medical Center is seeking to raise $1 million towards its new National Life Cancer Treatment Center, which is projected to incur construction and equipment costs of $11.5 million.According to CVMC President and CEO Judy Tarr, “As a charitable organization that exists solely for the benefit of our community, we rely on the generous giving of businesses and private individuals in order to continue to meet the growing health care needs of residents of central Vermont.” Tarr emphasized that during fiscal year 2008 alone, CVMC provided $1,430,456 in free care to community members.One critical need that community members and physicians have been asking for, for many years is that CVMC provide radiation therapy within the central Vermont region. A centrally located treatment center will significantly reduce the hardship on patients and their families who must travel to existing service sites in Burlington, VT or Lebanon, NH.This ambitious fundraising campaign is reaching out to close to 45,000 residents in the 44 townships that will be served by the new Cancer Center. Mailings will begin to arrive in resident’s mailboxes the week of December 15th.CVMC has already received gifts of over $500,000 towards the Cancer Center, thanks to the generous contributions from CVMC’s existing donor base. Major gifts contributed so far include $250,000 from National Life Group; $100,000 from Vermont Mutual Insurance Company; $30,000 from Barry T. Chouinard; $25,000 from Blue Cross Blue Shield of Vermont; $25,000 from Chittenden Bank; $25,000 from The MacLeay Foundation; and $25,000 from Northfield Savings Bank.The Cancer Center is the result of a vision and the work of a partnership between Central Vermont Medical Center, Dartmouth Hitchcock’s Norris Cotton Cancer Center and Fletcher Allen Health Care. The new Cancer Center, slated to open in late summer of 2009, is conservatively projected to provide 6,960 radiation therapy treatments during its first year of operation, and 8,030 by the third year.###last_img read more

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New York bank to open office in Burlington

first_imgNBT Bank, NA, of Norwich, NY, is planning to open a commercial lending office on Bank Street in Burlington. The office will be located in the former Vermont National Bank building, which more recently was used by Chittenden Bank. The bank’s parent company, NBT Bancorp, announced it was moving into Vermont yesterday during its annual shareholders’ meeting. The Binghamton (NY) Press & Sun-Bulletin quoted CEO Martin Dietrich as saying the office would open in either the second or third quarter of this year and could expand further into Vermont eventually. NBT Bancorp Inc is a $5.3 billion holding company operating under two nameplates, one in New York (NBT Bank) and another in Pennsylvania (Pennstar Bank), as well as providing other financial services. As of late Wednesday, shares of NBT were up 77 cents or 3.28 percent.NBT (NASDAQ: NBTB) previously reported that net income for the three months ended March 31, 2009 was $13.1 million, down $0.6 million, or 4.7%, from net income of $13.7 million reported for the same period in 2008. Net income per diluted share for the three months ended March 31, 2009 was $0.40 per share, compared with $0.43 per share for 2008. Return on average assets and return on average equity were 0.99% and 12.14%, respectively, for the three months ended March 31, 2009, compared with 1.07% and 13.68%, respectively, for 2008.NBT President and CEO Martin Dietrich said: “Our first quarter results were down slightly from the same period in 2008 primarily due to higher FDIC premiums which were imposed on all FDIC insured financial institutions. I am pleased with our performance as we were able to grow our net interest income over last year by more than 9% due to effective management of our earning assets and liabilities in this challenging economic environment. Compared with the first quarter of 2008, our noninterest income grew by more than 21%, which is important to our success. While these positive trends have been encouraging, we were negatively affected in a few areas, due in part to the recent struggles of the financial services industry and the economy in general. Most notably, our FDIC premiums increased by approximately $1.3 million in the first quarter of 2009, as compared with the first quarter of 2008, due to increased assessment rates. In addition, our pension expenses increased significantly in the first quarter due to the volatile marketplace and its impact on plan assets. On a positive note, in the beginning of the second quarter we were able to raise approximately $34 million in capital through an additional public offering of our common stock on favorable terms, while simultaneously being added to the Standard & Poor’s SmallCap 600 Index. Inclusion in this index is a very significant event for our Company, since it reinforces and recognizes our strong financial performance. While we anticipate that the rest of 2009 will be very challenging for the financial services industry, we are confident that we can continue to meet these challenges and deliver long-term value to our shareholders and customers.”Loan and Lease Quality and Provision for Loan and Lease LossesNonperforming loans at March 31, 2009 were $27.3 million or 0.75% of total loans and leases compared with $26.5 million or 0.73% at December 31, 2008. The allowance for loan and lease losses totaled $59.3 million at March 31, 2009, compared with $58.6 million at December 31, 2008. The Company recorded a provision for loan and lease losses of $6.5 million during the first quarter of 2009 compared with $6.5 million for the three months ending March 31, 2008. Net charge-offs totaled $5.7 million for the three-month period ended March 31, 2009, up from $4.2 million for the three months ended March 31, 2008. The increase in net charge-offs for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, was due primarily to increased charge-offs in the first quarter of 2009 related to indirect consumer loans and small business loans. The Company’s allowance for loan and lease losses was 1.63% of loans and leases at March 31, 2009, compared with 1.61% at March 31, 2008.Net Interest IncomeNet interest income was up 9.2% to $48.1 million for the three months ended March 31, 2009, compared with $44.1 million for the three months ended March 31, 2008. The Company’s fully taxable equivalent (FTE) net interest margin was 4.09% for the three months ended March 31, 2009, as compared with 3.84% for the three months ended March 31, 2008. In addition, the Company experienced a 3.0% growth in average earning assets for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, due primarily to an increase in average loans and leases.Although the yield on interest-earning assets decreased 57 basis points for the three months ended March 31, 2009, the yield on interest-bearing liabilities declined 98 basis points, which led to the increase in the net interest margin from the three months ended March 31, 2008. The yield on money market deposit accounts was 1.34% for the three months ended March 31, 2009, down from 2.37% for the three months ended March 31, 2008. The yield on time deposits decreased 124 basis points for the same period. The yield on short-term borrowings declined 270 basis points for the three months ended March 31, 2009, compared with the three months ended March 31, 2008, as a result of the 200 basis point drop in the Federal Reserve’s target for the federal funds rate from 2.25% at March 31, 2008 to 0.25% at March 31, 2009.Noninterest IncomeNoninterest income for the three months ended March 31, 2009 was $19.6 million, up $3.5 million or 21.7% from $16.1 million for the same period in 2008. The increase in noninterest income was due primarily to an increase in broker/dealer and insurance revenue of approximately $4.2 million for the three months ended March 31, 2009, primarily due to the acquisition of Mang Insurance Agency, LLC during the third quarter of 2008. This increase was partially offset by a decrease in trust administration income of $0.4 million for the three months ended March 31, 2009, compared with the same period in 2008. This decrease was primarily the result of a decline in the value of trust assets under administration.Noninterest Expense and Income Tax ExpenseNoninterest expense for the three months ended March 31, 2009 was $42.3 million, up from $34.0 million for the same period in 2008. Salaries and employee benefits increased $4.7 million, or 27.8%, for the three months ended March 31, 2009, compared with the same period in 2008. This increase was due primarily to increases in full-time-equivalent employees during 2009, largely due to new branch activity and the aforementioned acquisition. In addition, the Company experienced increases of approximately $0.8 million and $0.4 million in pension and medical expenses, respectively, for the three months ended March 31, 2009 as compared with the same period in 2008. Occupancy, equipment and data processing and communications expenses were $9.5 million for the three months ended March 31, 2009, up $0.9 million, or 10.2%, from $8.6 million for the three months ended March 31, 2008. This increase was due primarily to an increase in expenses related to new branch activity during the past nine months. Professional fees and outside services decreased $0.4 million for the three months ended March 31, 2009, compared with the same period in 2008, due primarily to professional fees incurred in 2008 related to noninterest income initiatives. Amortization of intangible assets was $0.8 million for the three months ended March 31, 2009, up from $0.4 million for same period in 2008 due to the aforementioned acquisition. Other operating expenses were $4.1 million for the three months ended March 31, 2009, up $1.0 million from $3.1 million for the three months ended March 31, 2008. This increase resulted primarily from various nonrecurring recoveries in 2008. FDIC expenses increased approximately $1.3 million for the three months ended March 31, 2009, compared with the same period in 2008. Income tax expense for the three months ended March 31, 2009 and 2008 was $5.9 million. The effective rates were 31.0% and 30.2% for the three months ended March 31, 2009 and 2008, respectively.Balance SheetTotal assets were $5.4 billion at March 31, 2009, up $70.1 million or 1.3% from $5.3 billion at December 31, 2008. Loans and leases were $3.6 billion at March 31, 2009, down nominally from December 31, 2008. Total deposits were $4.1 billion at March 31, 2009, up $152.7 million or 3.9% from December 31, 2008. The increase from December 31, 2008 was due in large part to a $177.7 million, or 9.4%, increase in NOW, savings and money market accounts, partially offset by a $27.6 million decrease in time deposits. Stockholders’ equity was $442.6 million, representing a total equity-to-total assets ratio of 8.19% at March 31, 2009, compared with $431.8 million or a total equity-to-total assets ratio of 8.09% at December 31, 2008.Stock Repurchase ProgramThe Company made no purchases of its common stock securities during the quarter ended March 31, 2009. At March 31, 2009, there were 1,000,000 shares available for repurchase under a previously announced stock repurchase plan. This plan was authorized on January 28, 2008 in the amount of 1,000,000 shares and expires on December 31, 2009.Dividend DeclaredThe NBT Board of Directors declared a 2009 second-quarter cash dividend of $0.20 per share at a meeting held today. The dividend will be paid on June 15, 2009, to shareholders of record as of June 1, 2009.Corporate OverviewNBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $5.4 billion at March 31, 2009. The company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through two financial services companies. NBT Bank, N.A. has 122 locations, including 84 NBT Bank offices in upstate New York and 38 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Binghamton, NY, is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com,www.nbtbank.com(link is external), www.pennstarbank.com(link is external), www.epic1st.com(link is external) and www.manginsurance.com(link is external).Forward-Looking StatementsThis news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT Bancorp and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not undertake to update forward-looking statements to reflect subsequent circumstances or events. NBT Bancorp Inc. and Subsidiaries SELECTED FINANCIAL HIGHLIGHTS (unaudited) Net Percent 2009 2008 Change Change ———— ———— ———— ———— (dollars in thousands, except per share data)Three Months Ended March 31,Net Income $ 13,072 $ 13,716 ($ 644) -5%Diluted Earnings Per Share $ 0.40 $ 0.43 ($ 0.03) -7%Weighted Average Diluted Common Shares Outstanding 32,644,599 32,251,700 392,899 1%Return on Average Assets (1) 0.99% 1.07% -0.08% -7%Return on Average Equity (1) 12.14% 13.68% -1.54% -11%Net Interest Margin (2) 4.09% 3.84% 0.25% 7% ———— ———— ———— ————Asset Quality March 31, December 31, 2009 2008 ———— ————Nonaccrual Loans $ 24,747 $ 24,19190 Days Past Due and Still Accruing $ 2,537 $ 2,305Total Nonperforming Loans $ 27,284 $ 26,496Other Real Estate Owned $ 1,254 $ 665Total Nonperforming Assets $ 28,538 $ 27,161Past Due Loans $ 33,982 $ 33,098Allowance for Loan and Lease Losses $ 59,311 $ 58,564Year-to-Date (YTD) Net Charge-Offs $ 5,704 $ 22,800Allowance for Loan and Lease Losses to Total Loans and Leases 1.63% 1.60%Total Nonperforming Loans to Total Loans and Leases 0.75% 0.73%Total Nonperforming Assets to Total Assets 0.53% 0.51%Past Due Loans to Total Loans and Leases 0.93% 0.91%Allowance for Loan and Lease Losses to Total Nonperforming Loans 217.38% 221.03%Net Charge-Offs to YTD Average Loans and Leases 0.63% 0.64% ———— ————CapitalEquity to Assets 8.19% 8.09%Book Value Per Share $ 13.55 $ 13.24Tangible Book Value Per Share $ 9.34 $ 9.01Tier 1 Leverage Ratio 7.47% 7.17%Tier 1 Capital Ratio 10.11% 9.75%Total Risk-Based Capital Ratio 11.36% 11.00% ———— ————Quarterly Common Stock Price 2009 2008 2007Quarter End High Low High Low High Low —- — —- — —- —March 31 $28.37 $15.42 $23.65 $17.95 $25.81 $21.73June 30 25.00 20.33 23.45 21.80September 30 36.47 19.05 23.80 17.10December 31 30.83 21.71 25.00 20.58(1) Annualized(2) Calculated on a FTE basis NBT Bancorp Inc. and Subsidiaries SELECTED FINANCIAL HIGHLIGHTS (unaudited) March 31, December 31, Net Percent 2009 2008 Change Change ———– ———– ———- ———- (dollars in thousands, except per share data)Balance SheetLoans and Leases $ 3,648,384 $ 3,651,911 ($ 3,527) 0%Earning Assets $ 4,992,706 $ 4,933,099 $ 59,607 1%Total Assets $ 5,406,234 $ 5,336,088 $ 70,146 1%Deposits $ 4,075,919 $ 3,923,258 $ 152,661 4%Stockholders Equity $ 442,598 $ 431,845 $ 10,753 2% ———– ———– ———- ———- 2009 2008 ———– ———–Average Balances (dollars in thousands, except per share data)Three Months Ended March 31,Loans and Leases $ 3,658,682 $ 3,466,360 $ 192,322 6%Securities Available For Sale(excluding unrealized gains or losses) $ 1,089,512 $ 1,120,257 ($ 30,745) -3%Securities Held To Maturity $ 138,700 $ 152,860 ($ 14,160) -9%Regulatory Equity Investment $ 38,852 $ 37,509 $ 1,343 4%Short-Term Interest Bearing Accounts $ 2,684 $ 8,400 ($ 5,716) -68%Total Earning Assets $ 4,928,430 $ 4,785,386 $ 143,044 3%Total Assets $ 5,351,476 $ 5,164,344 $ 187,132 4%Interest Bearing Deposits $ 3,312,594 $ 3,232,999 $ 79,595 2%Non-Interest Bearing Deposits $ 680,835 $ 659,417 $ 21,418 3%Short-Term Borrowings $ 148,448 $ 303,576 ($ 155,128) -51%Long-Term Borrowings $ 706,660 $ 500,294 $ 206,366 41%Total Interest Bearing Liabilities $ 4,167,702 $ 4,036,869 $ 130,833 3%Stockholders Equity $ 436,685 $ 403,165 $ 33,520 8% ———– ———– ———- ———-NBT Bancorp Inc. and Subsidiaries March 31, December 31,Consolidated Balance Sheets (unaudited) 2009 2008 ———– ———–(in thousands)ASSETSCash and due from banks $ 98,753 $ 107,409Short term interest bearing accounts 80,580 2,987Securities available for sale, at fair value 1,111,372 1,119,665Securities held to maturity (fair value of $140,423 and $141,308 at March 31, 2009 and December 31, 2008, respectively) 139,195 140,209Trading securities 1,741 1,407Federal Reserve and Federal Home Loan Bank stock 37,920 39,045Loans and leases 3,648,384 3,651,911Less allowance for loan and lease losses 59,311 58,564 =========== =========== Net loans and leases 3,589,073 3,593,347Premises and equipment, net 64,951 65,241Goodwill 114,838 114,838Intangible assets, net 22,784 23,367Bank owned life insurance 72,111 72,276Other assets 72,916 56,297 ———– ———–TOTAL ASSETS $ 5,406,234 $ 5,336,088 =========== ===========LIABILITIES AND STOCKHOLDERS’ EQUITYDeposits: Demand (noninterest bearing) $ 688,116 $ 685,495 Savings, NOW, and money market 2,063,222 1,885,551 Time 1,324,581 1,352,212 ———– ———– Total deposits 4,075,919 3,923,258Short-term borrowings 127,187 206,492Long-term debt 616,078 632,209Trust preferred debentures 75,422 75,422Other liabilities 69,030 66,862 ———– ———– Total liabilities 4,963,636 4,904,243Total stockholders’ equity 442,598 431,845 =========== ===========TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 5,406,234 $ 5,336,088 =========== =========== Three months endedNBT Bancorp Inc. and Subsidiaries March 31,Consolidated Statements of Income (unaudited) 2009 2008 ——– ——–(in thousands, except per share data)Interest, fee and dividend income:Loans and leases $ 55,411 $ 58,617Securities available for sale 12,375 13,746Securities held to maturity 1,234 1,514Other 361 775 ——– ——– Total interest, fee and dividend income 69,381 74,652 ——– ——–Interest expense:Deposits 13,839 22,698Short-term borrowings 147 2,340Long-term debt 6,197 4,302Trust preferred debentures 1,086 1,247 ——– ——– Total interest expense 21,269 30,587 ——– ——–Net interest income 48,112 44,065Provision for loan and lease losses 6,451 6,478 ——– ——–Net interest income after provision for loan and lease losses 41,661 37,587 ——– ——–Noninterest income:Trust 1,409 1,774Service charges on deposit accounts 6,297 6,525ATM and debit card fees 2,182 2,097Broker/dealer and insurance revenue 5,338 1,107Net securities gains – 15Bank owned life insurance income 872 807Retirement plan administration fees 1,741 1,708Other 1,751 2,062 ——– ——– Total noninterest income 19,590 16,095 ——– ——–Noninterest expense:Salaries and employee benefits 21,427 16,770Office supplies and postage 1,530 1,339Occupancy 4,165 3,610Equipment 2,022 1,825Professional fees and outside services 2,722 3,099Data processing and communications 3,295 3,170Amortization of intangible assets 813 391Loan collection and other real estate owned 748 567FDIC expenses 1,529 188Other operating 4,054 3,075 ——– ——– Total noninterest expense 42,305 34,034 ——– ——–Income before income taxes 18,946 19,648Income taxes 5,874 5,932 ——– ——– Net income $ 13,072 $ 13,716 ——– ——–Earnings Per Share: Basic $ 0.40 $ 0.43 Diluted $ 0.40 $ 0.43 ======== ========NBT Bancorp Inc. and SubsidiariesQuarterly Consolidated Statements of Income 1Q 4Q 3Q 2Q 1Q (unaudited) 2009 2008 2008 2008 2008 ——— ——– ——— ——— ———(in thousands, except per share data)Interest, fee and dividend income:Loans and leases $ 55,411 $ 58,164 $ 58,154 $ 57,220 $ 58,617Securities available for sale 12,375 13,434 13,451 13,417 13,746Securities held to maturity 1,234 1,253 1,343 1,478 1,514Other 361 436 673 739 775 ——— ——– ——— ——— ——— Total interest, fee and dividend income 69,381 73,287 73,621 72,854 74,652 ——— ——– ——— ——— ———Interest expense:Deposits 13,839 16,371 18,351 18,712 22,698Short-term borrowings 147 382 763 1,362 2,340Long-term debt 6,197 6,401 6,310 5,629 4,302Trust preferred debentures 1,086 1,200 1,154 1,146 1,247 ——— ——– ——— ——— ——— Total interest expense 21,269 24,354 26,578 26,849 30,587 ——— ——– ——— ——— ———Net interest income 48,112 48,933 47,043 46,005 44,065Provision for loan and lease losses 6,451 7,721 7,179 5,803 6,478 ——— ——– ——— ——— ———Net interest income after provision for loan and lease losses 41,661 41,212 39,864 40,202 37,587 ——— ——– ——— ——— ———Noninterest income:Trust 1,409 1,685 1,720 2,099 1,774Service charges on deposit accounts 6,297 7,266 7,414 6,938 6,525ATM and debit card fees 2,182 2,176 2,334 2,225 2,097Broker/dealer and insurance fees 5,338 3,915 2,338 1,366 1,107Net securities (losses) gains – (8) 1,510 18 15Bank owned life insurance income 872 2,484 924 708 807Retirement plan administration fees 1,741 1,468 1,461 1,671 1,708Other 1,751 1,244 1,261 1,394 2,062 ——— ——– ——— ——— ——— Total noninterest income 19,590 20,230 18,962 16,419 16,095 ——— ——– ——— ——— ———Noninterest expense:Salaries and employee benefits 21,427 20,633 16,850 16,906 16,770Office supplies and postage 1,530 1,354 1,322 1,331 1,339Occupancy 4,165 3,385 3,359 3,427 3,610Equipment 2,022 1,944 1,908 1,862 1,825Professional fees and outside services 2,722 2,651 2,205 2,521 3,099Data processing and communications 3,295 3,254 3,155 3,115 3,170Amortization of intangible assets 813 874 462 378 391Loan collection and other real estate owned 748 692 505 730 567Impairment on lease residual assets – – 2,000 – -FDIC expenses 1,529 827 614 184 188Other operating 4,054 4,684 4,678 4,969 3,075 ——— ——– ——— ——— ——— Total noninterest expense 42,305 40,298 37,058 35,423 34,034 ——— ——– ——— ——— ———Income before income taxes 18,946 21,144 21,768 21,198 19,648Income taxes 5,874 6,247 6,685 6,541 5,932 ——— ——– ——— ——— ——— Net income $ 13,072 $ 14,897 $ 15,083 $ 14,657 $ 13,716 ========= ======== ========= ========= =========Earnings per share: Basic $ 0.40 $ 0.46 $ 0.47 $ 0.46 $ 0.43 Diluted $ 0.40 $ 0.45 $ 0.46 $ 0.45 $ 0.43 ========= ======== ========= ========= =========Source: NBT Q1 financial results. NORWICH, NY–(Marketwire – April 27, 2009) –last_img read more

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Vermont farmer wins as DHS agrees to close Morses Line border crossing

first_imgUS Senator Patrick Leahy announced Thursday that Homeland Security Secretary Janet Napolitano has agreed with his request to close the border crossing at Morses Line, Vermont.  The closure process will involve a public comment period, extensive consultations with stakeholders, and further assessments on safety and traffic patterns — steps that Secretary Napolitano estimates will likely take a year to complete.In a letter to Napolitano after a DHS public meeting on May 23 requested by Leahy, the Vermont senator noted that public comments at the meeting were against building a new port of entry facility at the U.S.-Canada crossing in Franklin County, which would have meant the forced purchase of farm property from a Vermont farm family that opposes the project.Leahy said, “Maintaining an entry port at Morses Line was far less complicated in an earlier era, but the security needs of today would require many improvements.  Meeting today’s security standards for this port, which handles very little traffic, would cost more than $5 million and require the forced taking of a farmer’s property.  The decision to close it is an appropriate conclusion to this process.  Closing this seldom-used crossing solves that dilemma, saves taxpayers’ money and protects the Rainville family’s farmland.”“I appreciate Secretary Napolitano’s leadership and responsiveness,” Leahy continued.  “She agreed to my request to hold a public meeting in Vermont on this proposal, she agreed to listen to Vermonters, and she agreed to promptly make an informed decision.  She kept her word.”Source: Leahy’s office. (THURSDAY, June 3, 2010)last_img read more

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Value of construction contracts falls

first_imgVermont and New Hampshire have seen the value of construction contracts diminish as federal stimulus money has been mostly spent. This is most evident with road and bridge construction, which was at a very high level a year ago. In Vermont, commercial building has suffered significantly as well, down 81 percent for the month of May and 87 percent for the year-to-date. Meanwhile, somewhat surprisingly, Vermont residential construction has rebounded, up 27 percent for May and 37 percent for the year. The total value of Vermont construction contracts for the year, which is a reflection of future building, was $208,287,000, down 61 percent from last year’s $535,994,000.New Hampshire has seen most of its numbers in total also go down, but it is showing more strength than Vermont in both commercial (up 66 percent) and residential (up 48 percent) for the year. The New Hampshire total for the year was $658,526,000, down 36 percentlast_img read more

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Coldwell Banker Hickok & Boardman Realty reports homes sales up for summer

first_imgColdwell Banker Hickok & Boardman Realty has released a real estate market report for Chittenden, Franklin, Grand Isle, and Addison counties reflecting home sales for the summer real estate season, May through August, as well as a year to date comparison. The report analyzes the data for each county, town, and within Chittenden County provides a unique analysis by school district.”As a Realtor,” said Tom Shampnois, “I often say real estate is a local business with trends varying by town and within each community. With that in mind, we have formatted this report and presented the data in a similar way that a home buyer may search for a home- by property type, location, or within a specific school district. In addition, the report summarizes trends in northwest Vermont’s luxury market, as well as multi-family investment properties.”Overall the sales volume from May through August, demonstrates the stability of Northwest Vermont’s property trends during the summer real estate season. Sales across Chittenden, Franklin, Grand Isle and Addison counties rose 6.4% throughout the summer real-estate season. For the year-to-date, however, sales rose just 3%, crimped by comparison against 2010 home sales boosted by the first-time homebuyer’s tax credit. CLICK HERE FOR REPORTMarket-Wide TrendsWhile many U.S. communities continue to struggle with weak pricing and demand, Northwest Vermont has recently proven to be a relatively stable region for many real estate buyers and sellers.Helping maintain demand for properties across Chittenden, Franklin, Grand Isle and Addison counties are several key local and national drivers. Record low interest rates, while available across the country, have helped propel Vermont sales of single-family homes and condos. On a local level, Burlington and South Burlington were recently cited as boasting the second-lowest foreclosure rates across 206 metro areas, according to RealtyTrac.Northwest Vermont has also been helped by demographic strength: Burlington ‘ Vermont’s biggest city and the central hub of Chittenden County ‘ has witnessed 9% population growth in the first decade of this century, according to the U.S. Census. That’s more than triple the 2.8% population growth reported for Vermont as a whole during the same period.On the employment front, Vermont is also outshining the national average. The state’s unemployment rate hovered at 5.9% in August, below the U.S. average of 9.1%.The result: Northwest Vermont and Addison County have continued to demonstrate overall steady real estate trends during the summer of 2011. The number of sold listings increased 6.4% during the summer-selling period of May through August, traditionally the busiest period for real-estate transactions. On a dollar basis, the volume of sold property rose 5.1% to $224.6 million during the period.While the average selling price for property across the four counties declined 1.1% to $263,335, it represents a moderate dip when compared against the 5.1% August price decline reported across U.S. residential properties by the National Association of Realtors.Across the region, Chittenden represented the biggest share of market, as shown in the chart below:Yet while the number of sold properties improved, the region demonstrated slight weaknesses in average residential sale price, as noted above, and average days on the market.Homeowners seeking a sale in the summer of 2011 required more time to market their properties, with the average property selling in 112 days, up from 104 days in summer 2010The average selling price for residential property across Chittenden, Franklin and Grand Isle counties ‘ including single-family homes, condominiums and mobile homes ‘ declined 1.4% to $264,924.As shown in the chart below, Chittenden County recorded the region’s highest average sale price during summer 2011 at $286,383.*Average of Chittenden, Franklin and Grand Isle CountiesSingle-family home sales represented three-quarters of all property sales, with an average price of $284,429 across Chittenden, Franklin and Grand Isle properties. That marks a decline of 1.6% from the year-earlier period.Condominiums, representing 24% of Northwest Vermont’s summer transactions, posted an average sale price of $223,982, a decline of 1.8% from a year earlier. Mobile homes, less than 1% of the summer market, posted an average sales price of $71,822, marking a doubling of pricing although this represents a small number of transactions,With demand for apartments from young professionals and students attending the region’s many colleges, investors responded, helping drive up sales of multi-family homes by 19%.On a dollar basis, the volume of sold listings from May to August among multi-family properties jumped 39%, with the average sale price increasing by 16% to $275,106. Average days on the market also improved, with a typical multi-family home selling in81 days, compared with 98 a year earlier.Chittenden CountyChittenden County, home to Vermont’s largest city, Burlington, captured the lion’s share of Northwest Vermont’s real estate activity between May and August, traditionally the busiest months for property transactions.With $165.2 million in residential sales, Chittenden County represented 84% of Northwest Vermont’s transactions. Click here for details on Addison County.Sold listings rose 4.8% to 746, while the average residential sale price was little changed at $286,383. Average number of days on the market lengthened slightly, shifting up to 89 days from 83 a year earlier.The volume of multi-family sales, on a dollar basis, rose 34% to $7.5 million, while the average sale price for such properties in Chittenden County jumped 17% to $314,017.With 24 multi-family property sales from May through August, Chittenden County captured 77% of Northwest Vermont’s property sales in this category. Two-thirds of Chittenden County’s multi-family transactions were located in Burlington.Single-family homes marked 72% of residential transactions, while condominium sales represented 27% of residential sales. Mobile-home sales were less than 1% of transactions.The average sale price for a home in Chittenden County averaged $321,360, a less than 1% increase from a year earlier. Condominium prices were also little changed, with the average condo sale closing at $226,120, down 1.5% from summer 2010. The average price of a mobile home more than tripled to $94,600, although the summer months included just five mobile-home sales.Prices often vary dramatically from town to town within Chittenden County, underscoring the importance for buyers and sellers of understanding the trends driving specific markets.Chittenden South, comprising Williston, Shelburne, Charlotte and Hinesburg, boasted Chittenden County’s highest average residential sale pricing. As noted in the luxury report, several transactions valued at more than $1 million were recorded in Chittenden South. Winooski had the lowest average residential sale price, as seen in the chart below.* Reflects average residential sale price in the towns of:Chittenden South = Charlotte, Shelburne, Williston, HinesburgChittenden East = Bolton, Richmond, Jericho, Huntington, UnderhillChittenden Central = Essex, Essex Junction, WestfordFranklin CountyLocated to the north of Chittenden County, Franklin County was the second most-active real estate market between May and August among Northwest Vermont’s three counties.With $26.7 million in property transactions, Franklin County captured 13% of the region’s summer transactions. That volume represented a 6% increase from the year-earlier period, although the average selling price declined by 8.2% to $180,751.Sold listings jumped 15% to 142 during from May through August, with both single-family homes and condominium sales showing increased transactions.Single-family home sales represented 92% of the county’s residential transactions during the period, while condominium sales made up 7% of the summer’s transactions. Mobile home sales represented less than 1% of sold listings.Yet while Franklin County ‘ home to historic Vermont towns such as St. Albans and Fairfax ‘ witnessed a boost in number of transactions, the average sale price of single-family homes slipped 9% from a year-earlier. Sellers also required more time to market their properties, with the average days on market stretching to 172 from 108 a year earlier.Condominiums showed a steadier picture. The average sale price rose less than 1% to $181,225, while average days on the market were reduced to 61 days from 169 a year earlier.Four mobile-home sales occurred from May to August, with an average sale price of $43,350, or a decline of 1.8% from a year earlier.Franklin County recorded 11 land transactions from May to August, with the average sale price declining 21% to $66,581.Seven multi-family properties sold during the period, with the average sale price jumping 32% to $141,700.Grand IsleGrand Isle County, the state’s smallest county by area, also ranked as Northwest Vermont’s smallest in terms of real estate transactions during the months of May through August 2011.The county, which comprises the four islands in Lake Champlain as well as the peninsula of Alburgh, recorded 27 sold listings from May to August, little changed from 29 sales in the year-earlier period.The volume of sold listings slipped 1.3% to $6.7 million, although the average sale price for residential properties increased 6% to $249,074.Single-family home sales represented all of Grand Isle County’s residential sales, with no condominium or mobile home transactions noted during the summer selling months of 2011 or 2010.Home sellers required more time to market their properties, with average days on the market extending to 175 from 128 in the year-earlier period.Addison CountyAddison County, home to classic Vermont towns such as Middlebury, recorded $27 million in residential sales from May through August 2011, representing a 21% increase from the same period a year earlier.The county attracts commuters to Burlington and vice versa.The county witnessed a 19% increase in sold listings, with 107 residential transactions occurring between May through August, compared with 90 a year earlier. The average residential sale price also saw improvement, with single-family homes, condominiums and mobile homes gaining 2.1% in pricing as a whole.About 94% of the county’s summer transactions were represented by single-family homes, while condominium sales marked another 5.2% of the county’s residential sales. Mobile-home sales represented less than 1% of the area’s transactions.The average sale price for a single-family home in Addison County averaged $272,638, representing a 6% gain from $256,808 in the year-earlier period. Days on the market shortened, with home sellers needing an average of 155 days to market their properties, down from 213 a year earlier.Condominiums saw lower sale prices, with the average condo selling for $178,525, or 32% less than in the same period in 2010. Lower prices may have helped shorten the time needed to market condominiums, since days on the market halved to 130 days.Six mobile homes sold from May to August, with the average sale price increasing 6.5% to $34,483.The largely rural county recorded 11 sold land listings from May to August. The average sale price rose 14.8% to $127,336, although average days on the market lengthened to 301 in the summer of 2011 from 178 a year earlier.Northwest Vermont: Luxury SalesLuxury sales in Northwest Vermont are defined as property sales in the $1 million or higher range. Through August this year, the region’s top eight luxury sales recorded an average price of $1.38 million.A common theme emerges when looking at 2011’s top property transactions: five of the properties, or more than half, represent sales of waterfront properties, ranging from luxury homes from Grand Isle to Ferrisburgh.Chittenden County represented the largest concentration of luxury sales, with three Shelburne properties and one Charlotte home selling for more than $1 million. The $1.78 million sale of a property on Shelburne’s secluded Harbor Road marks a high point for luxury sales so far in 2011.Addison County followed with two luxury sales, with properties ranging from a waterfront home in Ferrisburgh to $1-million-plus sale in New Haven.Grand Isle County attracted two luxury buyers, with sales of waterfront property in the towns of Grand Isle and South Hero.Multi-Family PropertiesNorthwest Vermont has a history of attracting investors to multi-family properties, ranging from duplexes to apartment buildings.The region’s low vacancy rate and high demand for rental apartments from families, young professionals and students have often created steady past returns for real estate investors.With Burlington attracting more long-term residents and its colleges admitting more students, the demand for rental housing has continued to be strong. The city’s vacancy rates typically range between 1% to 2%; by comparison, the recent national vacancy rate has hovered around 10%. As a result, that’s driving investor demand for the region’s multi-family properties.Demand for multi-family properties remained high from May to August, with the number of sold listings jumping 19% to 31 properties during the period. All of those transactions were located in either Chittenden or Franklin counties.The average sale price for multi-family properties jumped 16% to $275,106, and sellers required fewer days to market their properties, with just 78 days needed in 2011 compared with 97 days a year earlier.Franklin County’s multi-family properties illustrated the bigger price jump on a percentage basis, although its average sale price was markedly lower than those in Chittenden:Among Chittenden County’s towns, Burlington grabbed the biggest portion of multi-family transactions, with 16 of the county’s 24 such transactions.  South Burlington recorded three multi-family transactions; Milton recorded two; and Winooski, Colchester and Richmond each reported one multi-family sale.Within Burlington’s market for multi-family properties, the number of sold listings jumped 60% to 16 from May to August, while sales volume on a dollar basis surged 76% to $5.1 million.Pricing also rose, with the average Burlington multi-family property selling for $315,682, a 10% increase from summer 2010’s average of $286,630.Source: Coldwell Banker Hickok & Boardman Realty. 10.13.2011last_img read more

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Vermont oil distributor settles Clean Water Act violations

first_imgA Milton, Vermont, oil distributor has settled a Clean Water Act violation with the US Environmental Protection Agency. According to the settlement announced October 11, Rowley Fuels failed to take adequate precautions meant to prevent and contain oil spills.Specifically, EPA alleged that Rowley Fuels failed to adequately prepare and maintain a Spill Prevention, Control, and Countermeasure plan, known as an SPCC plan, at the company’s Alburgh, Vt. facility. The complaint was based on an inspection by EPA staff. Because of the facility’s proximity to surface waters and a municipal stormwater drain system, which both drain into Lake Champlain, a fuel-oil spill at the facility could result in fuel-oil being discharged into Lake Champlain. The company has since come into compliance with SPCC requirements.Every year, thousands of gallons of oil are spilled from oil storage facilities, polluting New England waters. Even small oil spills can cumulatively have an adverse effect on aquatic life and on public and private property. Because discharges from these facilities are often to small streams and rivers that have little to no dilution capabilities, the harm can be great. SPCC plans are critical to ensuring that such spills are prevented and, if they do occur, are adequately addressed.Federal law requires facilities that have the potential for spills take every step possible to prevent, before they occur, oil discharges to the nation’s rivers, lakes and oceans through putting in place SPCC plans. Any facility with more than 1,320 gallons of above-ground oil storage capacity and meeting certain other criteria must develop and put in place SPCC plans to prevent and contain spills, including installing non-porous containment around storage tanks.The law recognizes that it is equally important that facilities know how to minimize environmental damage when spills do occur, and therefore requires response planning and spill preparation. To ensure that a facility can adequately respond to a spill, it must have adequate employee training and spill response equipment.More information: SPCC Requirements (http://www.epa.gov/emergencies/content/spcc/index.htm(link is external))  EPA 10/11/2011last_img read more

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