Chittenden Corporation Reports Increased Earnings Per Share, and AnnouncesNew Share Repurchase PlanBurlington, VT Chittenden Corporation (NYSE:CHZ) Chairman, President and Chief ExecutiveOfficer, Paul A. Perrault, today announced higher earnings for the year ended December 31,2006 of $85.5 million or $1.83 per diluted share, compared to $82.0 million or $1.74 per dilutedshare a year ago. For the fourth quarter of 2006, net income was $22.5 million or $0.48 perdiluted share, compared to $21.8 million or $0.46 per diluted share earned in the fourth quarter of2005.In making the announcement, Perrault said, I am pleased to report to shareholders that yourCompanys discipline and strong strategic implementation continues to deliver solid resultsdespite the challenging environment . Chittenden also announced its quarterly dividend of $0.20per share, which will be paid on February 9, 2007, to shareholders of record on January 26,2007.Perrault also announced that the Board of Directors approved a new share repurchase plan onJanuary 17, 2007 for one million shares of the Corporations common stock. The repurchase ofthe common stock may be done in negotiated transactions or open market purchases over thenext two years.FOURTH QUARTER 2006 FINANCIAL HIGHLIGHTSÀ‰ Commercial loans increased 7% from the end of 2005.À‰ Average deposits for 2006 increased 4% from 2005 with solid growth in CMA/moneymarket deposits of over 4%.À‰ Net interest margin held steady for 2006 at 4.24% and the fourth quarter increased 6basis points to 4.29%.À‰ Nonperforming assets declined 22% from the third quarter of 2006.À‰ The efficiency ratio improved to 54.6% for the fourth quarter of 2006.À‰ The Company repurchased 762,500 common shares in the fourth quarter and thetangible capital ratio remained over 7.00% at year end.ASSETSThe Companys securities portfolio declined from both the prior year end and on a linked quarterbasis to $1.1 billion. The decrease in securities was primarily utilized to fund loan growth andreduce borrowings. Total loans increased by $210 million from the end of last year to $4.7 billionat December 31, 2006. The Company experienced solid loan growth in 2006 throughout all of itsmarkets with particularly strong increases in its multifamily real estate, commercial real estateand construction portfolios.LIABILITIESTotal deposits decreased $20 million from September 30, 2006 reflecting the start of the normalseasonal decline in deposits, which is primarily driven by the operating cycles of the Companysmunicipal and commercial customers. Borrowings at December 31, 2006, were $210 million, adecrease of $17 million from the end of last year due to lower FHLB advances.NET INTEREST INCOMETax-equivalent net interest income for the fourth quarter of 2006 was $64.0 million, compared to$63.7 million for the same quarter of 2005 and $63.5 million for the third quarter of 2006. Theincrease in net interest income from the same period a year ago was due to higher averageearning assets, which was partially offset by a slightly lower net interest margin. The Companysnet interest margin for the fourth quarter was 4.29%, an increase of 6 basis points from the thirdquarter of 2006 and a decline of 1 basis point from the same period a year ago. The increase innet interest margin from the third quarter of 2006 was attributable to higher interest recoveries onformer non-performing loans. The decline in the net interest margin from the fourth quarter of2005 was due to an increase in funding costs, which was partially offset by an increase in theyield on interest earning assets. The increase in funding costs was driven by strong competitionfor both commercial and consumer deposits as well as increases in the federal funds rate in2005 and 2006.NONINTEREST INCOMENoninterest income was $17.9 million for the fourth quarter of 2006, compared with $16.1 millionfor the third quarter and $17.4 million for the same period a year ago. The increase in noninterestincome was primarily attributable to higher investment management and trust fees and othernoninterest income, which was partially offset by lower gains on the sales of mortgage loans.The increase in other noninterest income from the fourth quarter of 2005 was primarily due to$1.1 million received in relation to the Companys interest in a mortgage insurance captive, whichwas partially offset by higher amortization on investments in low income housing limitedpartnerships.NONINTEREST EXPENSENoninterest expenses were $46.3 million for the fourth quarter of 2006, compared to $46.0million for the fourth quarter of 2005. The increase from the same quarter a year ago is primarilya result of higher salary expense which related to increased share-based compensation costsand new branch openings in 2006. The Company recognized $785,000 of share-basedcompensation in the fourth quarter of 2006 as compared to $4,000 in the same quarter a yearago.INCOME TAXESThe effective income tax rates for 2006 were 31.5% for the fourth quarter and 32.1% for the fullyear compared with 34.2% and 34.5%, respectively, for the same periods in 2005. The lowereffective income tax rate was attributable to higher low-income housing and historic rehabilitationtax credits.CREDIT QUALITYThe provision for credit losses was $2.0 million for the fourth quarter of 2006 compared to $1.4million for the same quarter of 2005. The increase in the provision for credit losses from thecomparable period in 2005 was primarily due to higher net charge offs and nonperforming loans.Net charge-offs as a percentage of average loans were 4 basis points for the fourth quarter.hittenden Corporation of 2006, up from 2 basis points for the same quarter a year ago. The increase in net charge-offsprimarily relates to one commercial finance loan that was placed on non-accrual status in the firstquarter of 2006. The allowance for credit losses as a percentage of total loans excludingmunicipal loans was 1.39% at December 31, 2006 compared to 1.43% for the fourth quarter of2005.
OPENERS Marcus Harris and Travis Dean gave Victoria the perfect start in their push to complete a hat-trick of Sheffield Shield titles, setting up a strong first day with the bat for the Bushrangers.Harris scored his second century of the Shield season and Dean fell just short of doing the same, but their 224-run opening stand put Victoria on the path to a hefty total against South Australia.At stumps on the first day in Alice Springs, Victoria had moved along to 3 for 322, with Rob Quiney on 44 and Cameron White on 7.It brought an end to a tough day in the field for the Redbacks, who are searching for their first Shield title in more than two decades. However, they had brought some of the misery on themselves through a lacklustre fielding display, with both Harris and Dean given lives.Harris was first dropped on 54 when he edged Joe Mennie to first slip, where Daniel Worrall put down a sitter; Harris had another let-off on 59 when a drive off Chadd Sayers skewed to backward point, where Jake Lehmann dropped a harder opportunity. In between those two misses, Callum Ferguson at gully also grassed a chance to give Dean a reprieve.South Australia also missed a couple of run-out opportunities, and the Victorians made the Redbacks pay for their sloppy work, raising the second-highest opening stand of this Sheffield Shield summer. Harris brought up his hundred and in his first season for Victoria continued to build his reputation as a big-game player: in the 2014-15 final he had made 81 and 158* for Western Australia to be Man of the Match.The partnership ended only when Dean was bowled by a well-flighted delivery from Adam Zampa for 94, and Harris fell in the next over for 120 when he drove at Sayers and was caught by Mennie at gully, but Rob Quiney and Aaron Finch continued to frustrate the Redbacks with a 72-run stand that came to an end when Finch was lbw to Sayers for 38. But at stumps, Victoria remained firmly in control of the contest.(ESPN Cricinfo).
– escape with appliances, moneyA Zeelugt, East Bank Essequibo (EBE) family is now counting the losses suffered after bandits broke into their home and made off with several appliances and a quantity of cash. The incident occurred in the wee hours of Saturday after Denis Ferrier and his wife left their Phase Two, Zeelugt home to ply their trade at the Meadow Bank Wharf, Greater Georgetown.Guyana Times understands that the couple secured their home and ventured out just after midnight and upon their return around 08:00h on the day in question, they found their two-storey home broken into.“When we were leaving, we took off all the lights, but after returning home, we saw the lights on. Then when we came inside, the house was ransacked,” Ferrier related to this newspaper.He added that from checks made around the house, it was discovered that bandits entered the home after removing several louver panes from a window located at the back of the bottom flat.According to Ferrier, the perpetrators took off with his flat-screen television from the upper flat, two amplifiers and four gas bottles from the bottom flat. The couple are also missing $250,000One relative indicated that it appeared as though the perpetrators knew the victims’ movements as they broke into the house only after the couple left.Ferrier told this newspaper that he went to report the matter at the Leonora Police Station, and the ranks there took his statement and sent him away, promising to visit the house to process the scene. However, up to Saturday evening, no one had shown up.Efforts by this publication to contact senior officials from D Division (West Demerara) for a comment on the matter proved futile.Ferrier further related that this is the second time he has been robbed and he has received the same treatment from the Police.He noted that his vehicle was broken into and ‘cleaned out’ sometime back and the Police had shown no serious interest in investigating the matter.
The news media are all showcasing the detailed color-rendered X-ray tomographs of Cambrian worm embryos from China. Scientists were able to determine that these embryos, alleged to be 500 million years old, are very similar to those of modern, living priapulid worms. Despite their assumed age, some of the embryos were remarkably well preserved, displaying rows of teeth and other features in the sub-millimeter range. It’s really a report about an exciting new non-invasive imaging technology that is able to uncover exquisite detail in biological structures smaller than a grain of sand. Some news reporters, however, used the announcement to promote evolutionary stories:News@Nature said it has the “potential to help reconstruct the earliest steps in metazoan [animal] evolution.”MSNBC news calls it a “3-D vision of life’s dawn” and says the discoveries “could roll back the evolutionary history of arthropods like insects and spiders.” Actually, these fossil worms have nothing to do with arthropods except in evolutionary models, where they are assumed to precede a “split on the evolutionary tree that separated the unsegmented nematode worms and their segmented cousins from the gigantic arthropod phylum, which includes crustaceans, insects and spiders.” Science Daily said that the discovery “suggests that arthropod evolutionary history must be pushed further back in time than previously thought.”Ker Than at LiveScience echoed that thought and quoted one of the researchers claiming, “these fossils are the most precious of all because they contain information about the evolutionary changes that have occurred in embryos over the past 500 million years.”National Geographic, bless its heart, did not discuss the discoveries in the context of evolution, but stated without question that they are 500 million years old.What did the original paper in Nature say? Donoghue et al.1 spent most of the time discussing their revolutionary imaging technique, called SXRTM, and the details of the embryos they studied. They only made two brief references to evolution, both of which were tentative and actually problematical for evolutionary theory. First, they said that structures previously thought to be an outer layer of blastomeres looked more like modern arthropod yolk pyramids, “with the implication that arthropod evolutionary history is thereby pushed back in time.” In other words, if an innovation appears much earlier in the record than previously believed, its ancestry must be even earlier. No evidence for such a hypothetical ancestor was presented. The only other mention of evolution stressed the superiority of SXRTM over light-microscope imaging. This paragraph is too ambiguous about evolution to provide any support for the theory:It is clear from this study that scanning electron microscopy and light-microscopy of thin sections are insufficient to reveal fossil embryo structure. Analyses of internal and external structure in concert by means of SXRTM have allowed us to clarify the nature of diagenetic infills, to decide between opposing interpretations of cleavage modes, and to resolve the anatomy of the later-stage embryos of Pseudooides and Markuelia, helping to constrain their affinity and evolutionary significance. Perhaps more importantly, it has revealed aspects of the anatomy of these organisms that would never have otherwise been resolved.That’s it. The paper did not even mention that these embryos were Cambrian, or make any judgments about how old they were (except in the references). Only in their quotations to the press did the researchers speculate more openly about where these embryos fit in the evolutionary scheme of things.1Donoghue et al., “Synchrotron X-ray tomographic microscopy of fossil embryos,” Nature 442, 680-683 (10 August 2006) | doi:10.1038/nature04890; Received 21 February 2006; Accepted 10 May 2006.What they should have done is lamented the downfall of four props for evolution:Age: The presence of exquisitely-preserved soft embryos casts doubt on the claim they are 500 million years old. Preservation The discovery of delicate embryo fossils destroys the excuse that Precambrian ancestors of complex life that burst on the scene in the Cambrian (04/23/2006) were not preserved because they were soft-bodied. Abrupt Appearance: It shows that more advanced arthropod-style embryonic features were already present in these worms at the first appearance of complex multicellular organisms in the record. Stasis: The embryos resemble modern counterparts, indicating that there has been little (if any) evolution during the mythical 500 million years. In short, this is not a paper about evolution, it is a set of evidences challenging evolution! The deceitful practices of evolutionary reporters about hard evidence are like two things. (A) They are like junk-science health-pill claims, wherein manufacturers are not allowed to make health claims on the bottle, but in their ads, make wildly-unsupported promises about what the pills will cure. (B) They are like artisans who pick up the shells creationists lob into the Darwin Party Castle, then melt them down and recast them into idols of Charlie. Hopefully, enough smart people out there can see what is going on. Congratulations to the SXRTM team, anyway. We hope this great new imaging technique will continue to provide more evidence against evolution for another 500 million seconds.(Visited 9 times, 1 visits today)FacebookTwitterPinterestSave分享0
Share Facebook Twitter Google + LinkedIn Pinterest Farmers are working hard to prepare for winter and those preparations should include revisiting crop insurance plans for 2018. The Ohio Ag Net’s Ty Higgins has more with Jason Alexander, Senior Vice President of Insurance Services with Farm Credit Mid-America.FCMA Jason Alexander 11.06.17For more financial tips, insights and perspectives from Farm Credit Mid-America, visit e-FarmCredit.com/insights
By Carol ChurchIn our first installment on this topic, we went over the definition of a side hustle and their pros and cons. In our second installment, we discussed finding the right side job, and do’s and don’ts for success. Today, we present a list of side job possibilities that might work for military spouses–some of which you may not have heard of.Of course, each job will have its pros and cons, and all require further research. If they will be operating a business out of military housing, spouses need to get advice on what is and isn’t permitted. And don’t forget about taxes, which can be complicated for ventures such as these.20 Military Spouse Side HustlesDog walker/pet sitterIt’s easier than ever to get into this due to new websites such as Rover and DogVacay, although companies like this also will take a cut of earnings. Those interested will want to consider their own expertise and comfort with animals of all size and type.Blogger (especially on a niche subject)While some bloggers are enormously successful, this is typically a low-profit business. However, those with specialized knowledge or marketing and media experience may be able to make this work. Visit ProBlogger for job listings and career advice.Virtual assistantThose with a variety of proven, useful skills may be able to do well working as a virtual assistant. Sites like Zirtual are for more professional responsibilities that an assistant would handle, such as bookkeeping and travel scheduling. Fiverr offers the chance to do almost anything (legal) one can think of for a “fiver” or more. Taskrabbit is more about local, in-person tasks, such as cleaning or deliveries.Photospin/Tom Baker“Social selling” companies, such as LulaRoe, Pampered Chef, Jamberry, Avon, etc.While not everyone is a fan of these systems, which typically involve reselling products to friends and acquaintances through parties or online, they definitely can and do work for some. It’s best to sell something one personally uses and feels passionate about. Take the time to research the particular company of interest, and remember that some of these systems also ask workers to “recruit” others.Perform assorted small tasks for pay on Mechanical TurkMechanical Turk offers a variety of small, short tasks (such as transcription, photo labeling, or completing surveys) available to do online. While most pay very little, the flexibility and ease of entry is nice, and those who know how to locate the highest-paying tasks sometimes are able to make a decent wage.Work for Uber or LyftBecoming a driver for one of these 21st century taxi services requires a clean record, ability to drive safely (there is a screening) and a car that meets their standards. The company will keep a certain percentage; drivers get to keep any tips. Note that location is a factor; those in populated areas will get more jobs.Fitness instructor, Zumba teacher, yoga instructor, or personal trainerThis opportunity may require investment in training or studio rental, but for some it is very lucrative.Start a house cleaning businessThis is a pretty easy business to start up (not a lot of costs) and run out of a home. Those interested can use their network by starting off offering services for people they know, then getting them to submit testimonials and make recommendations. Consider becoming bonded and insured.Tutoring studentsObviously, this is especially suited for those with a background in education, but others with solid knowledge in a subject and good people skills may be able to make this work as well. This business typically takes places at odd hours and may require a lot of travel time and gas money. Startup costs are low.Start a catering business, or work for an established catererMany caterers need servers, bartenders and assistants for short-term work, and the pay can be fairly good. Night and evening work is the norm, however.Starting a catering business is certainly more complex and requires knowledge of and possibly certification in food safety, but those with a knack for cooking and economical food purchasing can do well.Start a gardening or yard work businessThis is another one where people may be able to start off working for those they know and parlay that into a business through referrals and recommendations. The startup costs here are high, since workers typically will need mowers, leaf blowers, hedge trimmers, and even a trailer.Selling baked goods, jam, or other prepared foods at farmers’ markets or other eventsIt’s possible to make a good profit selling prepared foods at events, local businesses, or through the Internet. There are food safety and “cottage industry” laws that affect this business, so those interested need to do their homework ahead of time.Making and selling jewelry, soaps, bath items, candles, or other crafts and selling on Etsy or at local marketsPhotospin/Mykola LunovA wealth of articles cover the pros and cons of this business idea. Marketing is generally key, as is creating an attractive and well-priced product. Workers need to be careful not to undersell their time with this option.Bartending freelance for eventsThose who are willing to go to bartending school can market themselves as qualified for this and earn money at private events. Personal safety may be a factor here.Babysit or start an in-home child care servicePart-time babysitting for friends and acquaintances is another low-startup business that can pay well. One can also consider working for a site like SitterCity. If the interest is more serious, workers can consider starting a business in their home, which will require vetting for safety and purchasing materials. All caregivers should be certified in CPR and first aid, and those with an in-home business may need state certification.On-site photo booth operatorThough there is a substantial investment, this business can be profitable in the right market and does not require a high degree of technical skill once one has learned the ropes. On the downside, work is typically on nights and weekends.PhotographyThough there’s a lot of competition in the market for family and wedding photographers and/or freelance photography, some will may be able to make it if they market well.Short-term positions from the “gigs” section of CraigslistThere are typically many scams in this section, so workers need to beware. However, some report being able to put together multiple part-time legitimate gigs.Sign up with a temp agencyTemping can be an easy and low-commitment way to earn money, though employees have to remember that the agency gets a substantial cut. New online temp marketplaces like Wonolo are an interesting option.Reselling antiques, used clothes, used books, etc. on eBayThose who are great shoppers or thrifters with an eye for a deal may succeed here. Photography skills and the ability write a detailed description are important, as is the ability to monitor auctions.This is really just the tip of the iceberg for unconventional “side hustles,” but it’s a starting place. What’s really important is knowing that there are many ways to get around the limitations of the military lifestyle and to contribute to family financial security.
In this exclusive video tutorial you’ll discover how to create realistic rain in Cinema 4D.Particle generators play an extremely important role in motion graphics. From rain to stars, particles have a way of adding in extra detail that will take your design to the next level, without having to keyframe or add movement to each shape. Did you know you can create particles in C4D without any third party plugins?In the exclusive video tutorial below we’ll use a particle generator to create slow motion rain. The Cinema 4D fundamentals covered include:Working with presetsTexturing Rain DropsCreating Particle EmittersUsing the Editor as a ProxyChanging Gravity RotationEven if you normally use After Effects to create rain this method is extremely helpful. Namely, because this method uses no 3rd party plug-ins. To get a similar looking effect in After Effects you would have to use a 3D particle generator like Trapcode Particular, which can be a bit costly.Enjoyed this tutorial? Watch more in the Cinema 4D section of our blog!Have any tips for creating rain in Cinema 4D? Need any questions answered? Share in the comments below