Nutty Season.

first_imgBy Brad HaireUniversity of GeorgiaIt was about as good as it could get last year. But this year, everything that could have gone wrong did. Georgia’s 2002 peanut crop will be about average, but a far cry worse than last year’s near-record crop.After battling late-season storms that kept them out of their fields, Georgia peanut farmers are finally at the end of harvest, almost a month behind schedule, said John Beasley, a University of Georgia peanut agronomist.Opposites”Last year, we had near-perfect conditions,” he said. “But this year and last year are two opposites.”Georgia’s 2002 peanut crop is estimated to be 1.35 million pounds, about 21 percent less than last year’s crop, which was the second-best peanut production year in Georgia’s history. Yields are expected to be around 2,600 pounds per acre, about 730 pounds less than last year, according to the Georgia Agricultural Statistics Service.Georgia usually averages around 2,700 pounds per acre each year.The Bad GuysEither together or separately, all of the top peanut villains showed up this year. Drought, disease and insects loomed over the crop, hurting potential yields. Then ironically, after a dry growing season, excessive rains kept farmers from harvesting what was left of their crop.”Around mid-October, we’re usually winding down harvest in Georgia,” Beasley said. A few farmers are still trying to finish their harvests.Diggin’ & Pickin’The peanut harvest takes place in two phases: First, the peanuts, which grow underground, are dug up to the surface. The peanuts then lie exposed on the surface for a few days to dry. Then, a peanut combine runs over the exposed dry peanuts, picking them from the vines.The rain kept farmers from digging peanuts and picking the peanuts that were dug in many cases, Beasley said. This hurt the quality of those peanuts.Hurts EverywhereThe total U.S. peanut production this year is estimated to be around 3.51 billion pounds, down 18 percent from the 2001 total. U.S. yields are expected to average 2,579 pounds, down 450 pounds from 2001. Wet field conditions delayed harvest throughout the three U.S. peanut-producing regions.Drought during the growing season hurt other peanut-growing states, too, particularly Virginia, North Carolina, South Carolina and Alabama. Disease and insects also damaged crops. Nine U.S. states grow peanuts.Georgia produces about 40 percent of the total U.S. production. About 75 percent of Georgia’s peanuts are used to make peanut butter. U.S. peanut butter consumption jumped 17 percent in 2001.Despite the bad growing season, U.S. domestic peanut supplies will hold steady. Carry-over supplies from last year are good. And industry officials say U.S. peanuts will have a hard time breaking into the export markets this year due to the new way peanuts are priced under the new farm bill. They say it prices U.S. peanuts out of the world markets.last_img read more

Fall garden fun

first_imgUniversity of Georgia Just because fall is looming, doesn’t mean there isn’t still plenty to do in the garden. On “Gardening in Georgia with Walter Reeves” Sept. 24 and 27, grow a fescue lawn, stake trees and share the beauty of angel trumpets.”Gardening in Georgia” airs on Georgia Public Broadcasting stations across Georgia each Wednesday at 7 p.m. and Saturday at 12:30 p.m. and 6:30 p.m. Fall is the best time to plant fescue lawns from seed. Host Walter Reeves will use an aerator to loosen the soil and then show how to spread seed and straw to get the fescue growing quickly.Young trees sometimes need to be staked to support them for a few months after planting. His favorite staking material is an old belt. If you don’t like the look of stakes, he’ll show how to hide them to anchor the root ball to the soil.Their spectacular, trumpet-shaped flowers are common in fall. They are so beautiful that friends and neighbors often want a piece of the plant to grow in their own landscapes. Reeves easily propagates an angel trumpet using just a bucket of water.Reeves will make a turntable that will make turning houseplants easy. In addition, they can be used to cover the soil under a plant to decorate it. “Gardening in Georgia” is coproduced by the University of Georgia College of Agricultural and Environmental Sciences and GPB with support from McCorkle Nurseries and the Georgia Urban Agriculture Council.More information and useful publications can be found at www.gardeningingeorgia.com.last_img read more

Golfing for science

first_imgGolfers can bid online now to tee up at the most exclusive golf courses in the Southeast and help fund turfgrass research while doing it.Through April 21, more than 650 golf courses, including 81 in Georgia, will take bids on foursomes online at Rounds4Research.com. The golf industry fundraiser supports research at the University of Georgia College of Agricultural and Environmental Sciences and turfgrass programs in South Carolina, North Carolina, Texas and Virginia.Unique approach“This is definitely a nontraditional way of getting funding which is essential during these times of extremely tight budget deficits,” said UGA CAES turfgrass specialist Clint Waltz. “This is a good example of just one partnership between academia and the industry. In this way, the public can directly help fund cutting-edge turfgrass research.”Last year, the auction generated $55,000 for turfgrass research at Clemson and North Carolina State. Then, mostly courses in the Carolinas participated in the project last year. This year’s auction features courses in Georgia, Texas and Virginia, as well as the Carolinas. “Obviously, with three new partner states, this year’s auction will be bigger and better in every sense,” said Paul Jett, certified golf course superintendent at Pinehurst No. 2 and Rounds4Rsearch chairman. Jett is a past–president of the Carolinas Golf Course Superintendents Association, which runs the auction. “Golfers will find bargains and they will find the keys to a lot of doors that would not otherwise be open to them,” he said.Exclusive courses open doorsParticipating Georgia courses include The Ford Plantation, the Capital City Club’s Crabapple course, East Lake Golf Club, home of the PGA Tour Championship, and Sugarloaf, a regular PGA Tour stop and a Tournament Players Club course.“This auction gives the average golfer opportunities they could only dream about,” said Anthony Williams, president of the Georgia Golf Course Superintendents Association. “At the same time they are helping the industry insure its future health, literally from the grassroots up by supporting turfgrass research.”GGCSA coordinates Georgia’s participation in the Rounds4Research project.In other states, PGA Tour stops like Sedgefield Country Club in North Carolina and Harbour Town Golf Links in South Carolina are donating tee times, too.Other exclusive private courses participating include some ranked by Golf Digest magazine among the 100 best in the country, like Sage Valley, Long Cove, Yeaman’s Hall, The Homestead’s Cascades Course and Eagle Point.The auction menu also includes Pinehurst No. 2, which hosts a third U.S. Open Championship in 2014; and the Ocean Course at Kiawah Island Resort, which hosted the 1991 Ryder Cup and will host the 2012 PGA Championship.Proceeds benefit research critical to the continued health of the golf industry and the billions of dollars in economic benefit it generates in each of the participating states’ economies. To register and view a complete list of courses and packages offered, go to the Web site www.Rounds4Research.com.last_img read more

FABricate Winners

first_imgThree University of Georgia students earned $5,000 to bring their sweet business plan to fruition thanks to the UGA College of Agricultural and Environmental Sciences’ FABricate entrepreneurship challenge. VTasteCakes, a company founded by food industry marketing and administration seniors Jasmyn Reddicks and Tatyana Clark and agricultural communication senior Ayodele Dare won first place in FABricate’s final pitch contest on March 29. All are students in the college.“This an impressive group of young entrepreneurs,” CAES Dean and Director Sam Pardue told the FABricate spectators. “We are certainly grateful for their ideas. We want to foster creativity and one of the ways we do that is through programs like FABricate.” Part of the college’s Food and Agribusiness Entrepreneurial Initiative, the FABricate competition provides students with a platform to expand their business and leadership skills. In the competition, students produce and market new products or services in the agriculture, business, technology or food production sectors. The final presentations were given in the style of “Shark Tank,” the reality TV show in which entrepreneurs pitch their businesses to investors.This year’s judges included Keith Kelly, owner of Farmview Market in Madison, Georgia; Laura Katz, director of the UGA Small Business Development Center’s Athens, Georgia-area office; and Jim Flannery, an instructor in the UGA Terry College of Business Entrepreneurship Program. VTasteCakes’ understanding of the growing market for vegan foods, along with their delicious cupcake recipes, sealed the deal for this year’s FABricate judges. Reddicks, the group’s head baker, based her vegan cupcake recipe on one of her grandmother’s cupcake recipes, then tweaked it to increase the vegetable content. They caught the judges’ attention with their products’ rich taste and their health-conscious marketing strategy. They made each cupcake without eggs or dairy products and used vegetable pulp to maintain a moist texture and to add extra nutrients. The team plans to use their prize money to expand their product line and to launch a pop-up shop that will serve cupcakes around the Athens community and the UGA campus. The competition’s second-place winners, Kona Kola, took home $2,500 to launch their line of cold-pressed and cold-bottled sugarcane juice. John Tarleton, who is pursuing a master’s degree in business administration, teamed up with his sister and brother-in-law, CAES graduate students Alyssa and Lane Flanders, to develop their concept.They pitched the drink as a natural, fiber-rich alternative to sodas sweetened with refined sugar. The third-place team, Wished Trees, founded by CAES agribusiness graduate students Rance Paxton and Mary Kate Bagwell, aimed to connect people who want to plant trees with companies that want to offset their carbon footprints by sponsoring reforestation projects. The teams have been honing their concepts since fall. “Since October of last year, each team has spent hundreds of hours perfecting their business ideas,” said Hannah Rull, contest coordinator and former contestant.Teams worked with Four Athens, an Athens-based entrepreneurship resource center, and hosted think-tank seminars with local entrepreneurs to work through their ideas.The prize money for this year’s competition was contributed by Kelly and Farmview Market; Caroline Bakker Hofland, president and CEO of CBH International; and the Terry College Entrepreneurship Program. For more information about the FABricate program, visit students.caes.uga.edu/current/fabricate.html.last_img read more

Groundbreaking for Moretown waste-to-energy facility Tuesday

first_imgGovernor Douglas Announces Landfill Gas To Energy Project at Moretown LandfillMoretown, Vt. September 9, 2008 – A new landfill gas to energy project that will provide renewable energy, create new jobs and enhance the environment began construction in Moretown today, announced Governor Douglas, Interstate Waste Corporation, PPL Renewable Energy and Green Mountain Power.Governor Douglas said the project, located at Interstate Waste Corporation’s (IWS) Moretown landfill, would generate 3.2 megawatts of electricity from methane, a gas that contributes to global warming. Methane is created when refuse in landfills decomposes and is currently being flared at the Moretown landfill.”The impact on the environment of a landfill gas to energy project this size is equal to reducing 21,600 tons of carbon dioxide emissions each year. It is also equal to removing 3,600 cars from the road or eliminating the need for 2.2 million gallons of gasoline,” Governor Douglas said.”The power generated by this innovative energy facility will power the equivalent of 2,600 homes, more than the town of Waterbury,” the Governor added.GMP has committed to purchase the project’s output for 15 years, at a fixed price. This will increase the stability of power supply costs, reducing exposure to future increases in electricity market prices, while giving the project a predictable revenue stream. It will supply between 1 and 1.5 percent of GMP’s annual energy needs.Anthony Farina, CEO of IWS said “With this project, IWS and our partners are committing to a greener Vermont and a brighter future for us all. I want to thank Governor Jim Douglas for his leadership on this issue and his administration’s support for this important project. We can all be very proud of our team and this project’s contribution to a more diverse, secure and affordable energy future.”Paul T. Champagne, President of PPL Development Company said “Methane-to-energy systems at landfills are really a win-win for the environment because they generate electricity from a renewable fuel while also eliminating emissions of methane, a gas that contributes to global warming. PPL is proud to be a part of this effort.”Mary Powell, President and CEO of GMP said, “Committing to purchase a significant amount of renewable electricity from an in-state renewable energy generator is an important way for us to keep a reliable and diverse energy portfolio. Our Company’s energy strategy relies heavily on encouraging the development of Vermont renewable energy resources like this plant, and we are thrilled that this new resource will be coming on-line.”The Moretown landfill has been operated by IWS since 1996.last_img read more

Retailers expand gas savings Override program

first_imgOn Feb. 27, the gas savings program that has put more than $10 million back into the pockets of consumers throughout New England returns to participating Shaw’s Supermarkets, Dunkin’ Donuts locations and Irving Oil gas stations.Participating Shaw’s Supermarkets will once again be offering powerful gas savings to their customers, which can then be redeemed at Irving locations throughout Maine, New Hampshire, Massachusetts, and in select areas in Vermont and Rhode Island.To make Override even more convenient, customers using their Shaw’s Rewards Card when they shop for groceries can use that same card right at the pump to lower their price of gas. For the past year, people participating in the program were issued paper coupons, which meant having to go into the store to redeem the savings.Now, with paper coupons eliminated, everyone can lower their price of gas right at the pump, saving both time and money.What makes Override truly powerful for the consumer is that participants who make purchases at a participating Shaw’s, or at a participating Dunkin’ Donuts in Maine or New Hampshire by using their Dunkin’ Donuts Card, can combine those savings to lower their price of gas even further. These two cards can be linked at Override.com, where more information can also be found.“This is the right program at the right time. It’s not a gimmick, it’s not complicated, and Override does not make you buy anything you do not want in order to save,” said Override CEO Mike Crosby. “Best of all, Override will bring people real savings just when they need these savings the most.”The program is simple: A minimum purchase of groceries with a Shaw’s Rewards Card earns savings off each gallon of gas at Irving up to 20 gallons. The savings increase if the grocery purchase is larger. At Dunkin’ Donuts, purchases totaling $20 earns 5 cents off each gallon of Irving gas.“Override is an innovative program that offers our customers another way to save in this very tough economy,” said Larry Wahlstrom, President of Shaw’s Supermarkets. “We are always looking to provide quality products, a fresh shopping experience, and, most importantly, ways to provide maximum value for our customers’ hard-earned dollars. The gas savings program does just that. People will see a very real and positive impact on their wallets when they participate in Override.”Restrictions may apply. For more information, visit Override.com.About Shaw’s SupermarketsShaw’s, Osco and Star Market are a division of SUPERVALU INC. Throughout the six New England states, there about 200 store locations employing approximately 28,000 associates. SUPERVALU INC. is one of the largest companies in the United States grocery channel with estimated annual sales of $45 billion. SUPERVALU holds leading market share positions across the U.S. with approximately 2,500 retail grocery locations. Through SUPERVALU’s nationwide supply chain network, the company provides distribution and related logistics support services to more than 2,500 independent retailers and other grocery endpoints across the country. SUPERVALU has approximately 190,000 employees. For more information about SUPERVALU visit www.supervalu.com(link is external).About Dunkin’ DonutsFounded in 1950, today Dunkin’ Donuts is the number one retailer of coffee by the cup in America, selling 2.7 million cups a day, nearly one billion cups a year. Dunkin’ Donuts is also the largest coffee and baked goods chain in the world and sells more donuts, coffee and bagels than any other quick service restaurant in America. Dunkin’ Donuts has more than 6,700 shops in 29 countries worldwide. Based in Canton, Massachusetts, Dunkin’ Donuts is a subsidiary of Dunkin’ Brands, Inc. For more information, visit www.dunkindonuts.com(link is external).About Irving OilFounded in 1924, Irving Oil is a regional energy refining and marketing company serving customers in New England and Eastern Canada with a range of finished energy products and complimentary products and services. In 2003, Irving Oil became the first oil company to win a USEPA Clean Air Excellence award for its low sulfur gasoline. For more information, visit www.irvingoil.com(link is external).About OverrideOverride, created in July 2007, is a network of highly respected retail brands that provides consumers an opportunity to lower their individual price of gas at the pump. Consumers can earn gas savings at participating Shaw’s Supermarkets and Dunkin’ Donuts, and the opportunity to save is also offered to more than 9,000 L.L. Bean employees through the Override employee program. Gas savings are redeemable at 200 participating Irving fuel locations throughout New England. For more information, please visit www.override.com(link is external).last_img read more

Mount family expands Westaff holdings across New England

first_imgThe Mount Family Group Ltd. (MFG) headquartered in Burlington and operator of 9 Westaff offices in Vermont, New Hampshire and New York is pleased to announce the acquisition of three offices in Massachusetts and Rhode Island, bringing their total to 12 offices. The seller is the Koosharem Corporation, owner of Westaff and of Select and Remedy Staffing Services.The three offices are located in Leominster and Billerica, Mass. and Providence, RI. The Providence office has been branded as a Westaff office and the Massachusetts offices will continue to operate under the brand Select Remedy.Karen Mount, VP of Administration of MFG, said that it was the people in those offices that impressed the Mounts the most. “After all, as a service business, the people are the principal reason for any acquisition. We met with the managers and their staffs and were so impressed that we worked to make the deal happen.”“We wanted to offer our clients a region-wide service and now, we can service virtually all of New England and the adjacent parts of New York,” said James Mount, Chief Operating Officer. “It was a win-win for both us and the franchisor.” David Mount, Chairman of MFG added that this recessionary time is ideal for well positioned companies to make strategic acquisitions.Koosharem is the owner of the Westaff, Select and Remedy brands of staffing firms and has offices throughout the United States. The privately held company is one of the ten largest staffing firms in the United States.Mount Family Group Ltd. is a privately held company headquartered in Burlington and has annual sales in excess of $20 million. The company was founded by David and Fran Mount in 1982.last_img read more

$600,000 to be invested in Solar Energy Systems for state parks

first_imgThe Douglas Administration has announced that Vermont State Parks are going solar as part of the state’s strategy to fight back against the recession, create jobs and grow the economy. The Department of Forests, Parks and Recreation is planning to install solar hot water systems at its toilet buildings and bathhouses in state park campgrounds statewide.  The Department has designated $600,000 for these solar hot water conversions.“The potential to tap renewable energy in more locations throughout the park system is a high priority for my administration,” said Governor Jim Douglas. “This project puts people to work, helps the state parks save money and is another small smart step in addressing climate change.”As part of the 2010 capital bill, the Legislature approved the funds specifically for energy efficiency and alternative energy systems in the parks.Vermont State Parks has a 20-year history of using alternative energy, including solar heated hot water showers at Little River, Molly Stark and Smugglers Notch State Parks, as well as a unique water system at Underhill State Park that is powered by photo voltaic panels.FPR is seeking proposals and will contract with one or more firms or individuals who can coordinate and oversee the installation of these solar hot water systems. A request for proposals and submission requirements can be found online at www.vermontbidsystem.com(link is external). Source: Governor’s office. August 12, 2009###last_img read more

478 pairs of socks lends community support for Vermont Guard

first_imgThis month, 478 Vermont National Guardsmen will receive a free pair of Darn Tough Vermont socks thanks to overwhelming community support for a promotional program created by Darn Tough Vermont and Lenny’s Shoes & Apparel.In May, Darn Tough Vermont and Lenny’s Shoes & Apparel teamed up to raise socks for the Vermont National Guard. For every pair sold at Lenny’s stores in Williston, Barre, and Saint Albans, Darn Tough Vermont and Lenny’s donated a pair to the Guard. Their goal was to donate 300 pairs, but customers helped them far surpass that by purchasing well over 400 pairs, while many additional customers not only purchased a pair but also went ahead and donated that pair back into the program, doubling their individual donation.Darn Tough Vermont President Ric Cabot came to the Lenny’s store in Williston on Wednesday to personally deliver the socks before they are sent to the Guard and shipped overseas to troops in Iraq and Afghanistan. Cabot is well aware of the important role that community support played in the program. “People felt good about it,” he stated. “It’s a Vermont manufacturer, a Vermont retailer and the opportunity to donate to Vermont troops. There’s a very good, wholehearted, local feeling to it.”Darn Tough Vermont socks have supported soldiers for years and many units are already wearing them. According to Cabot, “Soldiers love our socks and we continue to get reorders. We’ve made investments in the company to continue to produce socks that meet the needs of our soldiers being deployed and on active duty.”Lenny’s owners Mark and Todd McCarthy were at the store on Wednesday to receive the socks from Cabot and they were also enthused with the success of the program. Mark McCarthy said in a statement, “Lenny’s was honored to be involved with this. We support the effort of our guardsmen and what they’re doing for us overseas, and obviously the ability to partner with not just an American-made but also a local Vermont company was a win-win for everybody. The response from the community and our customers in particular was just overwhelming and we were extremely pleased with how things went.”Darn Tough Vermont is a manufacturer of premium, all weather outdoors socks, with headquarters in Northfield, Vermont. Darn Tough offers products in six active wear categories: ski/ride, hike/trek, run/bike, lifestyle, hunt, and kid’s styles. In 2010, Darn Tough Vermont socks were approved by the Army for the FREE (Flame Resistant Environmental Ensemble) program and became the only US Army Team Soldier Certified sock. The company’s product is distinguished from industry competitors by: 100% USA manufacturing; small needle knitting which results in more stitches per inch and exceptional durability and cushioning; an exclusive blend of Coolmax® and ultra-fine merino wool for softness, fit, durability and moisture management; and a unique unlimited lifetime guarantee policy. For more information, visit: www.darntough.com(link is external).Source: Darn Tough. 6.10.2010last_img read more

People’s United reports Q2 earnings of $16 million or $0.04 per share

first_imgPeople’s United Financial, Inc.(PBCT 14.00, -0.15, -1.06%) today announced net income of $16.0 million, or $0.04 per share, for the second quarter of 2010, compared to $13.6 million, or $0.04 per share, for the first quarter of 2010, and $25.3 million, or $0.08 per share, for the second quarter of 2009. Included in both this quarter’s and first quarter’s results are pre-tax merger-related, system conversion and one-time expenses totaling $23.2 million and $23.4 million, respectively. Excluding the effect of these items, net income would have been $31.8 million, or $0.09 per share, for the second quarter of 2010 and $29.2 million, or $0.08 per share, for the first quarter of 2010. People’s United is the parent company of the former Chittenden Bank.As previously reported, People’s United Financial completed its acquisitions of Financial Federal Corporation on February 19, 2010 and Butler Bank on April 16, 2010. Accordingly, Financial Federal’s and Butler Bank’s results of operations are included as of the respective acquisition dates, and prior period results have not been restated to include Financial Federal and Butler Bank.The Board of Directors of People’s United Financial declared a $0.1550 per share quarterly dividend, payable August 15, 2010 to shareholders of record on August 1, 2010. Based on the closing stock price on July 14, 2010, the dividend yield on People’s United Financial common stock is 4.4 percent.People’s United Financial also announced today definitive agreements to acquire Smithtown Bancorp, Inc. based in Hauppauge, New York, and LSB Corporation based in North Andover, Massachusetts. Further information regarding these acquisitions is included in a separate release.”The announcement today of the acquisition of two financial institutions within markets contiguous to our existing footprint, while at the same time reporting another solid quarter of operating results, is a testament to the strong financial position of People’s United Financial,” stated Jack Barnes, interim President and Chief Executive Officer. “The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet remains funded almost entirely by deposits and stockholders’ equity, continue to set us apart from most in the industry.”Barnes added, “While we continue to evaluate potential acquisition opportunities, we are actively pursuing other capital deployment activities. In this regard, we plan to open two new branches in downtown Boston – one in the Prudential Center and one in the Financial District – before year end, thereby providing an important extension to our growing footprint in the greater Boston area. Further, during the second quarter we repurchased 3.7 million shares of our common stock for approximately $52 million.”Barnes concluded, “In connection with the final phase of our core systems conversion, which is scheduled to be completed this weekend, we have begun the process of rebranding our branches in Vermont, New Hampshire, Massachusetts and Maine to People’s United Bank. We are pleased to have reached this milestone, which will provide all of our customers with the added convenience of being able to bank seamlessly at any of our nearly 300 branches along with the instant recognition of the People’s United Bank name on branches from Bangor, Maine to Scarsdale, New York.””On an operating basis, excluding merger-related, system conversion and one-time expenses, earnings were $31.8 million, or 9 cents per share this quarter,” said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer. “Significant drivers of the company’s performance this quarter were an improvement in the net interest margin and modest loan growth across our strategic lending businesses, partially offset by higher net loan charge-offs. The net interest margin improved 21 basis points to 3.68 percent, primarily reflecting the benefit of a full quarter of Financial Federal. A single non-performing commercial loan accounted for $6.0 million, or 72 percent, of the quarterly increase in net loan charge-offs.”Commenting on asset quality, Burner continued, “Loans acquired in connection with the Financial Federal and Butler Bank acquisitions have been recorded at fair value, including a reduction for estimated credit losses, and without carryover of the respective portfolio’s historical allowance for loan losses. As such, selected asset quality metrics have been highlighted to distinguish between the ‘originated’ portfolio and the ‘acquired’ portfolios. For the originated loan portfolio, representing all loans other than those acquired in the Financial Federal and Butler Bank transactions, non-performing loans totaled $219.7 million at June 30, 2010, and the ratio of non-performing loans to originated loans was 1.56 percent, compared to $192.3 million and 1.36 percent, respectively, at March 31, 2010. Non-performing loans in the acquired loan portfolios, which represent those loans acquired in the Financial Federal and Butler Bank transactions that meet our definition of non-performing but for which the risk of loss has already been considered by virtue of our estimate of acquisition-date fair value and/or the existence of an FDIC loss-share agreement, totaled $60.1 million at June 30, 2010.”Non-performing assets totaled $284.5 million at June 30, 2010, a $37.0 million increase from March 31, 2010, of which $13.1 million is attributable to REO acquired in connection with the Butler Bank acquisition. Non-performing assets equaled 2.01 percent of originated loans, REO and repossessed assets at June 30, 2010 compared to 1.74 percent at March 31, 2010. At June 30, 2010, the allowance for loan losses as a percentage of originated loans was 1.23 percent and as a percentage of non-performing originated loans was 79 percent, compared to 1.22 percent and 90 percent, respectively, at March 31, 2010.Second quarter net loan charge-offs totaled $17.8 million compared to $9.5 million in the first quarter of 2010. Net loan charge-offs as a percent of average loans on an annualized basis were 0.46 percent in the second quarter of 2010 compared to 0.26 percent in this year’s first quarter. The level of the allowance for loan losses is unchanged from March 31, 2010.In the second quarter of 2010, return on average tangible assets was 0.32 percent and return on average tangible stockholders’ equity was 1.7 percent, compared to 0.28 percent and 1.5 percent, respectively, for the first quarter of 2010. At June 30, 2010, People’s United Financial’s tangible equity ratio stood at 18.0 percent.Source: BRIDGEPORT, Conn., July 15, 2010 /PRNewswire via COMTEX/ —last_img read more