Wednesday, January 17, 2007
Headlines--- Correction: RW Professional sentencing ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------------- Correction: RW Professional sentencing In an earlier story on the sentencing of Barry Drayer, 67, of Wellesley, Massachusetts, in the RW Professional trial, January 12, 2007, Leasing News wrote: "The way the formula works, he has served five years ( house arrest ) and with good behavior, would get off in seven and a half years, so that means less years than perhaps Steven Barker (age 43, of Lake Forest, California) is going to receive." Leasing News also assumed after the sentencing, Drayer was going directly to jail from his "under house arrest" bail proceedings. In attempting to find the facts, lead US Attorney Linda A. Lacewell informed Leasing News: "He has not served 5 years in prison. He served approximately 14 days upon his arrest in this case; he will get credit for that. He will surrender in 60 days to prison. Good time credit, if earned, is 15 percent of total sentence -- so 20.7 months off at best, leaving 117.3 months (minus the 14 days credit). "Rochelle (Besser, Drayer's sister who was legally president of RW Professional Corporation and gave testimony in behalf of the prosecution. editor) will be sentenced on January 26. (Stephen) Barker was delayed for awhile because he got a new lawyer." Here is information on the others found guilty in this case: 9/20/2006 (4), Count(s) 1s. The defendant pleaded guilty to Count One (Nine Count Superseding Indictment). The defendant is hereby committed to the custody of the United States Bureau of Prisons to be imprisoned for a term of twenty-six (26) months. The Court makes the following recommendations to the United States Bureau of Prisons: That the defendant be given credit for time already served, if any. That the defendant serve his sentence in the North East Region. The defendant shall surrender to the United States Marshal for this district at 12:00 p.m. on 12/11/06 or to the Institution. Upon release from Imprisonment, the defendant shall be on Supervised Release for a term of three (3) years. Additional Supervised Released Terms: 1. That the defendant shall make arrangements to pay back the back taxes owed. 2. That the defendant shall pay Restitution in the sum of $31,413,687.00 joint and several with co-defendant. Upon his release from incarceration the defendant shall pay 10% of his gross monthly income to the Clerk of the Court, 100 Federal Plaza, Central Islip, NY 11722 until the full amount of Restitution is paid in full even after the term of Supervised Release has terminated. 8/11/2006 SUSAN COTTRELL (6) Count(s) 1s. The defendant pleaded guilty to Count(s) 1 (Nine Count Superseding Indictment). The defendant is hereby committed to the custody of the United States Bureau of Prisons to be imprisoned for a total term of twenty (20) months. The Court makes the following recommendations to the Bureau of Prisons: That the defendant be given credit for time already served, if any. That the defendant serve her sentence in a minimum security facility in the North East area such as Danbury CT. The defendant shall surrender to the United States Marshal upon release from imprisonment, the defendant shall be on Supervised Release for a term of three (3) years. Additional Supervised Release Terms: 1) The defendant shall pay Restitution in the sum of $29,071,547.01 to the Clerk of the Court, 100 Federal Plaza, Central Islip, NY 11722 jointly and severally with the co-defendants. Payments will commence sixty (60) days after the defendant's release from imprisonment and shall be paid at a rate of 10% of the defendant's gross monthly income until Restitution is paid in full even after her term of Supervised Release has terminated. 8/08/2006 ADAM DRAYER JUDGMENT as to (5), Count(s) 1ss. The defendant pleaded guilty to Count One (Misdemeanor Information). The defendant is hereby sentenced to probation for a term of two (2) years. Additional Probation Terms: 1) The defendant is to serve four (4) months Home Detention with electronic monitoring. The defendant shall pay the cost of electronic monitoring. The defendant is allowed to leave his home for work, religious, medical and to visit his lawyer only. 2) The defendant shall perform one hundred (100) hours of community service per year of his two (2) year term of Probation at the direction of the Probation Department. 3) The defendant shall file any income tax returns that have not been previously filed at the conclusion of his Probation term Payaddi Shivashankar Myrna Katz 12/04) Bank of New York pays $24 million fine in order to avoid criminal indictment for allegedly failing to report suspicious activity at a branch. "Bank of New York eats $24,000,000 for not handling the infamous "E" account properly. Previous stories: --------------------------------------------------------------- Classified ads
From George Booth, Blackrock Capital: In response to your request for pictures of other Pooches - please check our web site www.blackrockcapital.com under "our people" and view our VP-Security - Lady Guinness the Stout of Southport - a 7 year old Lab/German Shepard mix she comes to work with me every day and in addition to her security duties does her share of collection work. *
These job-wanted ads are free. We also recommend to both those seeking a position and those searching for a new hire to also go to other e-mail posting sites: To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: * “GUINNESS JANE BOOTH, Vice President - Security of Black Rock Capital, LLC joined BRC in March of 2000. Prior to joining BRC Ms. Booth ran household security at a private residence in Southport, Connecticut. “Ms. Booth is in charge of both internal and external security at BRC, and has instituted a "Visitor Arrival Awareness" policy which she vehemently enforces. “In addition to her responsibilities at BRC, Ms. Booth continues her work in the private sector.”
GEORGE K. BOOTH, a Founder, Managing Director and Chief Executive Officer of Black Rock Capital, LLC, Black Rock Capital (Ireland) Limited and Black Rock Capital (UK) Limited and a member of the Board of Directors, is based in the company’s headquarters in Bridgeport, Connecticut. (Send us pictures of your dog and we will print them.) ---------------------------------------------------------------
Broker/Lessor “A” list up-dated
“Broker/Lessor” List Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business A - City Business License | B- State License | C - Certified Leasing Professional |
-------------------------------------------------------------- CIT Declares Dividends for Fourth Quarter 2006
Reflects a 25% Increase in Quarterly Common Dividend NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading global provider of consumer and commercial finance solutions, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.25 per share on its outstanding common stock, a 25% increase over last quarter's dividend of $0.20 per share. The common stock dividend is payable on February 28, 2007 to shareholders of record on February 15, 2007. CIT also announced that its Board of Directors has declared quarterly cash dividends of $0.3968750 per share on the Company's Series A preferred stock and $1.2972500 per share on the Company's Series B preferred stock. The preferred stock dividends are payable on March 15, 2007 to holders of record on February 28, 2007. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $70 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 7,200 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. www.CIT.com . ### Press Release ########################### CIT Earning Results, Today, Wednesday, 11am, EST
Earnings results for the fourth quarter and year-ending December 31, 2006, before the market opens on Wednesday, January 17, 2007. CIT will hold a conference call and audio webcast to discuss the results at 11:00 AM EST. Call-in Number: Webcast: http://ir.cit.com/6 Please dial-in to the call or link to the webcast at least 10 minutes prior to register or download any necessary software. A replay of the call and webcast will be available until 11:59 PM EST on January 24, 2007. Replay Number: Webcast Replay: http://ir.cit.com/6 -------------------------------------------------------------- Reactions: Leasing News Person of the Year
From Nancy Pistorio, CLP, President “Although not knowing him personally, I would like to commend the choice of Paul Larkins as Leasing News Person of the Year for 2006. “While I have met him and heard him speak on several occasions, I have observed how proactive he is from Bob Otterbacher, President, NAELB: “Paul Larkins puts his words into action, making him an excellent choice for Leasing Person of the Year for 2006. “From what I know about him in the industry, he is a man of good character, very knowledgeable and experienced in leasing. What I like most is that he is dedicated to improving the leasing industry through education and higher ethical standards, the same that we subscribe to at NAELB. “Congratulations Paul and thank you for your support and service to the entire leasing industry.” Robert Otterbacher Bob Otterbacher -- from Karen A. Larson, President and COO, Global Vendor Services "Paul Larkins is an exemplary business, industry and community leader and an excellent choice for Leasing News Person of the Year. “Paul's impact on the success of the industry and on Key Equipment Finance is immeasurable, and I am honored to work with him each day.” ---- from Paul Menzel, CLP, last year's “Congratulations on Leasing News' choice for Person of the Year. By naming Larkins "Leasing Person of the Year" you not only confirmed "Paul" is the hottest surname of the decade, but you have elevated the stature of the award above that of the inaugural year. “Paul Larkin's accomplishments in our industry are very impressive. Aside from his day job, I witnessed Paul's amazing energy in tackling ELFA's recent challenges. He was very effective in two (among other) critical tasks in particular ... replacing Mike Fleming with a dynamic and talented successor and updating and advancing the Code of Fair Business Practices at a time when the Leasing industry has come under significant regulatory scrutiny. Both of these accomplishments will insure that our industry will continue to prosper and grow. “Many thanks to Paul for his leadership and to Leasing News for the recognition of such important service to our industry.” Best regards, Paul Paul J. Menzel, CLP --- from Valerie Jester, Chairperson, ELFA: “Paul led the association through a time of transition – both in infrastructure and in the political and regulatory environments. “Ray Croc once said ‘the quality of a leader is reflected in the standards they set for themselves.’ “Paul gave innumerable hours and worked with a dogged determination to inaugurate a new ELFA President, initiate a much revised Strategic Plan that included a name change for our association and a sweeping change to our Code of Fair Business Practices. ELFA is poised to take on the challenges of the years to come with more resource allocated to advocacy and communications than ever before. “We also have an expanded range of products and a new brand. All due to the vision Paul Larkins possessed for the next decade! “I am proud to have worked with Paul and feel honored to follow him as Chair of the ELFA.” valeriejester@brandywinecap.com --- from Kenneth Bentsen, president ELFA: “In a relatively short period of time of collaboration, I have found Paul Larkins to be one of the most dynamic leaders I have ever had the privilege to know and work with. His ability to grasp detail while understanding the big picture is incredible and his ability to lead unmatched. Those qualities, and the results they bring, have been recognized by his peers at Key Corp and in the industry, and it is only fitting that Leasing News would bestow upon him such a worthy honor.” kbentsen@ELAMAIL.COM Announcement of Ken Larkins as Leasing News Person of the Year http://www.leasingnews.org/archives/January%202007/01-03-07.htm#year
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Alexa Ranks Leasing Media Web Sites
David G. Mayer's Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing News has its own individual web site, it will be included in the Alexa survey. These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself. Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year. The Alexa tool bar works on most browsers. You may download their free tool bar A graph and analysis of the last three months are available. ( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. )
--------------------------------------------------------------- China Allows Commercial Banks to Set Up Financial Leasing Cos From the "Asia Pulse" China Banking Regulatory Commission (CBRC) is set to revise the Administration Rules on Financial Leasing Company, aiming at rectifying the 12 financial leasing companies and canceling the franchise rights of financing and interbank borrowing and lending to make them return to the main business of financing and leasing sector, an authoritative person disclosed. The rules will permit the commercial banks registered in China to directly set up financial leasing companies. This is the first time for supervision department to permit commercial banks to directly set up financial leasing companies since 1997 when commercial banks were required to withdraw from financial leasing companies. Commercial banks are taken as the first choice of the major investor of financial leasing company. This showed that the supervision department will break the mode of separated operation and separated supervision to push forward the mixed operation in financial sector. To be specific, commercial banks with total assets of not less than 80 billion yuan (US$10.3 billion) in the latest year can become the major investor of financial leasing company and have 50 per cent of the stake of financial leasing companies. At the same time, large-scale leasing companies, manufacturing enterprises and other financial institutions recognized by CSRC can also be the major investors of financial leasing companies with approval from CBRC. But, according to the revised rules, only commercial banks are qualified to be the initiators of founding financial leasing companies. CSRC stipulates that financial leasing companies must focus on major operating business, and are not allowed to engage in stock, high-interest deposits, and other illegal business. Commercial banks were formerly restricted by the policy to open financing leasing business directly. -------------------------------------------------------------- Healthcapital Closes Debt Facility with
HealthCapital, Inc., a Wilton, CT based healthcare finance company is pleased to announce that it has closed a $15 million credit facility with New World Equipment Funding, LLC, Lake Success, NY. HealthCapital, Inc. is an equity principal and currently manages three private investment funds exclusive to providing medical asset manufacturers value added financing structures for their products. “Finding a debt partner to match the specific investment structures of HealthCapital has been a goal of the company for the past year”, stated Gene Feher, President of HealthCapital. “New World met those criteria, on a rate and structure level, but even more importantly, in their ability to understand our business model and our needs as an equity participant with our vendors. We are extremely pleased with this outcome and feel that our ability to offer products to selected manufacturer clients is greatly enhanced as a result of this relationship with New World Equipment Funding.” John Martella, President of New World stated that “New World views this relationship as an indication of our ability to develop structured funding facilities which will enhance the market presence of our business partners.” Contacts: HealthCapital, Inc New World Equipment Funding, LLC ### Press Release ########################### ( Top Credit Information: VALLEY COTTAGE, N.Y.----In its updated detailed study of business credit scoring and statistical modeling, the Credit Research Foundation for the first time found CreditRiskMonitor (OTCBB: CRMZ - News) among the top 4 choices of information services being used by Credit Managers. The leading vendors include: D&B, Experian, CreditRiskMonitor, and Equifax. Al Carmenini, CreditRiskMonitor Senior Vice President, commented, "We are pleased to be recognized in the Credit Research Foundation study along with such well-known brands as D&B, Experian and Equifax. This is another milestone for us in our efforts to gain brand recognition. It is also gratifying to see the B-to-B credit community is actively embracing innovations in scoring and statistical modeling. The CRF's leadership and active members should all take pride in its role as an agent of change." The study, Credit Scoring, The Future of Decisioning in the A/R Process, is based on a survey conducted in August and September, 2006. A total of 490 credit professionals responded to this survey. The full study is available (for purchase) at CRF at About CreditRiskMonitor CreditRiskMonitor (http://www.crmz.com) is an Internet-based financial information service, designed to save time for busy corporate credit professionals. The service provides comprehensive commercial credit reports covering public companies world-wide and includes detailed financial analysis, financial statements and trend reports, credit scores, company background information, Moody's and Standard & Poor's ratings, and peer analyses. Plus, it includes public record filings and trade payment data on millions of U.S. companies. The service also provides continuous news monitoring that keeps customers up-to-date on events affecting the credit worthiness of companies, including financial statement updates, SEC filings, S&P and Moody's rating changes, and credit-relevant news. Contact: ### Press Release ########################### IP Commerce Enters into Agreement with CIT to Provide Small Businesses Access to Financial Services from the Windows Vista(TM) Business Operating System Fortune 500 Company to Offer Online Financial Services to Windows Vista Business Users via a Single Service Provisioning System: IP Payments Framework DENVER----IP Commerce, Inc., a software company enabling open payments services between businesses, announced that CIT Group Inc. (NYSE: CIT - News), a leading global commercial and consumer finance company, has signed a license agreement to utilize the company's IP Payments Framework(TM) (IPPF). CIT will leverage IPPF to make its online financial services more readily available to small- and medium-size businesses (SMBs) as well as Independent Software Vendors (ISVs) who target that market. As a member of the PASS(TM) (Payments as a Secure Service) Consortium, CIT's online financial services will be made available to Windows Vista Business users when the new operating system is made available this month. The PASS Consortium is a group of leading financial institutions and payment service providers that are working together to promote secure and efficient open financial transactions by leveraging IPPF within the Windows Vista Business operating system. In addition to CIT, PASS Consortium members include BankServ, CashEdge, Chase Paymentech, ICC (NASDAQ: ICCA - News), and PayPal. By leveraging IPPF to extend its financial services to Windows Vista Business users, CIT customers will benefit from improved cash flow, best practice security measures that reduce fraud and identity theft, and the ability to extend greater flexibility of payment options to customers. Chip Kahn, CEO of IP Commerce, said, "CIT is a valued member of the PASS Consortium and an important strategic partner to IP Commerce. We eagerly anticipate the general availability of Windows Vista Business so SMBs and ISVs can leverage the power of our open payments network and begin to experience the flexibility and freedom of choice that has been lacking in the financial services industry for far too long." Thomas B. Hallman, CIT Vice Chairman, Specialty Finance, said, "We see the IP Payments Framework as a new avenue to deliver financial services to small- and medium-size businesses that adopt the Windows Vista Business operating system. Customers can easily discover CIT's financial solutions simply and securely from their desktop PC. We have been working closely with IP Commerce to harness the capabilities and delivery of IPPF and we believe this platform complements our view of a 21st century financial services delivery system." Dave Wascha, Director of Partners in Windows Client Marketing Communications, said, "We're excited about the tremendous support and enthusiasm our partners around the world are providing for the business availability of Windows Vista. Our partners play a vital role in encouraging the early adoption, development and delivery of Microsoft technologies. By working closely with valued partners like CIT we are helping to provide a high-quality product and an improved user experience, which ultimately benefits our mutual customers." About CIT Group CIT Group Inc., a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has more than $70 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has more than 7,200 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. www.cit.com About IP Commerce Based in Denver, Colorado, IP Commerce, Inc. is a software company enabling open payments that allow banks and service providers to deliver payments services seamlessly to any business. The company's IP Payments Framework(TM) (IPPF) provides an SOA-based infrastructure for the payments industry that can be utilized to host payments networks, as well as free toolkits to connect services, devices and applications to open payments. IPPF breaks down traditional barriers and connects banks, payment service providers, businesses, and software ecosystem participants together. For more information, visit www.ipcommerce.com. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. Windows Vista is either a registered trademark or trademark of Microsoft Corporation in the United States and/or other countries. Contact: ### Press Release ########################### Bank of Ozarks Best Loan/Lease Year (The Company's $307 million of loan and lease growth during 2006 was its largest ever annual loan and lease growth.) Bank of the Ozarks, Inc. Announces Fourth Quarter and Full Year 2006 Earnings LITTLE ROCK, Ark. Bank of the Ozarks, Inc. (NASDAQ: OZRK - News) today announced earnings for the fourth quarter and year ended December 31, 2006. Net income for 2006 totaled $31,693,000, a 0.6% increase over net income of $31,489,000 for 2005. Diluted earnings per share were $1.89 for 2006 compared to $1.88 for 2005, an increase of 0.5%. The Company's returns on average assets and average stockholders' equity for 2006 were 1.34% and 20.03%, respectively, compared to 1.65% and 22.95%, respectively, for 2005. Annualized returns on average assets and average stockholders' equity for the fourth quarter of 2006 were 1.17% and 16.97%, respectively, compared to 1.60% and 23.01%, respectively, for the fourth quarter of 2005. Loans and leases were $1.68 billion at December 31, 2006 compared to $1.37 billion at December 31, 2005, an increase of 22.4%. The Company's $307 million of loan and lease growth during 2006 was its largest ever annual loan and lease growth. This growth occurred in both the Company's more established markets and the four newer markets in which the Company expanded in 2006. As part of the Company's 2006 corporate growth initiative, the Company broadened its loan origination capabilities by developing new lending teams focused on professional and executive lending and commercial and industrial lending. Deposits were $2.05 billion at December 31, 2006 compared to $1.59 billion at December 31, 2005, an increase of 28.5%. The Company's $453 million of deposit growth in 2006 was its largest ever annual deposit growth. In addition the Company's number of deposit accounts grew by 85% more in 2006 than they grew in 2005. These results are due in large part to the deposit initiative which the Company pursued during 2006 in order to both grow and diversify its deposit sources. Total assets were $2.53 billion at December 31, 2006, an 18.5% increase from $2.13 billion at December 31, 2005. Stockholders' equity was $175 million at December 31, 2006 compared to $149 million at December 31, 2005, an increase of 16.9%. Book value per share was $10.43 at December 31, 2006 compared to $8.97 at December 31, 2005, a 16.3% increase. The Company's ratio of common equity to assets was 6.90% as of December 31, 2006 compared to 7.00% as of December 31, 2005, and its ratio of tangible common equity to tangible assets was 6.68% as of December 31, 2006 compared to 6.72% as of December 31, 2005. In commenting on these results, George Gleason, Chairman and Chief Executive Officer, stated, "Throughout 2006 we pursued three major initiatives intended to position us for continued long-term growth. These initiatives included a record number of new banking offices, significant development of corporate infrastructure and staff, and aggressive deposit growth. While these initiatives resulted in increased overhead and interest expense in 2006, we believe they also provide an excellent foundation for the future. In fact, much of what we did in 2006 was aimed at achieving long-term goals. With our 2006 initiatives accomplished, our priorities for 2007 will include goals to accelerate our rate of revenue growth and decelerate our rate of overhead growth." NET INTEREST INCOME Net interest income for 2006 increased 3.1% to $70,720,000 compared to $68,576,000 for 2005. Net interest margin, on a fully taxable equivalent basis, was 3.49% in 2006 compared to 4.18% in 2005, a decrease of 69 basis points. Net interest income for the fourth quarter of 2006 decreased 1.8% to $17,523,000 compared to $17,845,000 for the fourth quarter of 2005. The Company's net interest margin, on a fully taxable equivalent basis, was 3.22% in the fourth quarter of 2006, compared to 4.02% in the fourth quarter of 2005, a decrease of 80 basis points. The yield curve between short-term and long-term interest rates was essentially flat or inverted throughout 2006. This situation, along with challenging competitive conditions and the Company's decision to aggressively pursue and price deposits in 2006, contributed to the decline in the Company's net interest margin in 2006. The Company experienced strong growth in earning assets in 2006, as loans increased 22.4% and investment securities increased 8.0% from year-end 2005 to year-end 2006. The impact on net interest income from this substantial growth in earning assets was largely offset by the decline in net interest margin, resulting in net interest income increasing only 3.1% in 2006 compared to 2005. Mr. Gleason stated, "Despite the continuing inversion of the yield curve between short-term and long-term interest rates and intense competitive conditions, we are cautiously optimistic that in 2007 our net interest margin will stabilize at or near the level achieved in the fourth quarter of 2006 and may improve as 2007 progresses. One of our goals in 2007 is to continue to achieve strong growth in earning assets, primarily loans and leases." NON-INTEREST INCOME Non-interest income for 2006 was $23,231,000 compared with $19,252,000 for 2005, a 20.7% increase. Non-interest income for the fourth quarter of 2006 was $6,434,000 compared with $4,804,000 for the fourth quarter of 2005, a 33.9% increase. Service charges on deposit accounts are traditionally the Company's largest source of non-interest income and increased 3.5% to an annual record of $10,217,000 in 2006 compared to $9,875,000 in 2005. For the fourth quarter of 2006, service charges on deposit accounts were a quarterly record of $2,768,000, a 9.1% increase compared to $2,537,000 in the fourth quarter of 2005. Mortgage lending income decreased 3.8% to $2,918,000 in 2006 compared to $3,034,000 in 2005. For the fourth quarter of 2006, mortgage lending income was $744,000, a 2.5% decrease compared to $763,000 in the fourth quarter of 2005. Trust income for 2006 was an annual record of $1,947,000, a 16.4% increase from $1,673,000 in 2005. For the fourth quarter of 2006, trust income was a quarterly record of $550,000, a 24.4% increase compared to $442,000 in the fourth quarter of 2005. Net gains from sales of investment securities and other assets were $3,827,000 in 2006 compared to $780,000 in 2005. For the fourth quarter of 2006, net gains from sales of investment securities and other assets were $1,196,000 compared to $71,000 in the fourth quarter of 2005. The Company's investment securities portfolio has traditionally been both a strong contributor of earning assets and a source of collateral for customer repurchase agreements and trust and public funds deposits. In 2006 gains from sales of investment securities also provided a significant contribution to the Company's non-interest income. NON-INTEREST EXPENSE Non-interest expense for 2006 was $46,390,000 compared to $40,080,000 for 2005, an increase of 15.7%. The Company's efficiency ratio for 2006 was 47.1% compared to 43.4% for 2005. Non-interest expense for the fourth quarter of 2006 was $12,506,000 compared to $10,306,000 for the fourth quarter of 2005, an increase of 21.3%. The Company's efficiency ratio for the fourth quarter of 2006 was 50.3% compared to 42.9% for the fourth quarter of 2005. A number of factors contributed to the Company's growth in non-interest expense in the fourth quarter and full year of 2006 compared to the fourth quarter and full year of 2005. The most significant were the Company's initiatives to open a record number of new banking offices and to develop corporate infrastructure and staff to prepare for future growth. During 2006 the Company continued to pursue its growth and de novo branching strategy, resulting in the addition of a record 11 new banking offices. Additionally, the Company replaced one temporary office and one of its oldest offices with new banking facilities and established a loan production office in Tulsa, Oklahoma. Four of these new banking offices and one of the replacement banking offices were opened during the fourth quarter of 2006. The 11 new banking offices added in 2006 expanded the Company's presence in four important new markets. These markets include northwest Arkansas (Benton and Washington counties); Hot Springs in Garland County, Arkansas; the Texarkana market (both Bowie County, Texas and Miller County, Arkansas); and Frisco, Texas. The Company expects to continue its growth and de novo branching strategy, although at a much slower pace in 2007. The Company has reduced its previous plans for 2007 office additions, and now expects to replace one temporary banking office with a new permanent facility and open approximately five new banking offices in 2007. One of these new banking offices is expected to replace its current Oklahoma loan production office. Opening new offices and replacing existing temporary offices with permanent facilities are subject to availability of suitable sites, designing, constructing, equipping and staffing such offices, obtaining regulatory and other approvals, and many other conditions and contingencies that the Company cannot accurately predict with certainty. ASSET QUALITY, CHARGE-OFFS AND RESERVES Nonperforming loans and leases as a percent of total loans and leases were 0.34% at year-end 2006 compared to 0.25% as of year-end 2005. Nonperforming assets as a percent of total assets were 0.24% as of year-end 2006 compared to 0.18% as of year-end 2005. The Company's ratio of loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases, was 0.60% at year-end 2006 compared to 0.39% at year-end 2005. The Company's net charge-off ratio for 2006 was 0.12% compared to 0.11% in 2005. Its annualized net charge-off ratio for the fourth quarter of 2006 was 0.13% compared to 0.12% for the fourth quarter of 2005. The Company's allowance for loan and lease losses increased to $17.7 million at December 31, 2006, or 1.06% of total loans and leases, from $17.0 million, or 1.24% of total loans and leases, at December 31, 2005. The $0.7 million increase in the allowance for loan and lease losses in 2006 is primarily a result of growth in the Company's loan and lease portfolio. As of December 31, 2006, the Company's allowance for loan and lease losses equaled 310% of its total nonperforming loans and leases. ### Press Release ###########################
News Briefs---- Fitch Takes Rating Actions on 38 Equipment Leasing ABS Transactions U.S. Bancorp Reports Record 2006 Net Income Euro has displaced the US dollar as the world's pre-eminent currency Intel's 4Q06 revenues reach (US)$9.7 billion Growers' losses could hit $1 billion -- governor declares state of emergency Cold weather threatens So. Cal. agriculture, avocado crop Denzel Washington: America's Favorite Movie Star Netflix looks to future with Internet delivery
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Heavier, not bigger, lemons produce more juice. http://www.gianteagle.com/healthnotes/Food_Guide/Lemons.htm
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Today's Top Event in History 1938-The first jazz concert at Carnegie Hall in New York City took place when Benny Goodman and his Orchestra played with guest performers Jess Stacy, Count Basie, and members of the Basie and Duke Ellington orchestra. The record album available on Columbia is considered a jazz classic. [headlines]
This Day in American History 1706- Birthday of Benjamin Franklin, "Elder statesman of the American Revolution," oldest signer of both the Declaration of Independence and the Constitution, scientist, diplomat, author, printer, publisher, philosopher, philanthropist and self-made, self-educated man. Author, printer and publisher of Poor Richard's Almanack (1733-58). Born at Boston, MA, Franklin died at Philadelphia, PA, Apr 17, 1790. His birthday is commemorated each year by the Poor Richard Club of Philadelphia with graveside observance. In 1728 Franklin wrote a premature epitaph for himself. It first appeared in print in Ames's 1771 almanac: "The Body of BENJAMIN FRANKLIN/Printer/Like a Covering of an old Book/Its contents torn out/And stript of its Lettering and Gilding,/Lies here, Food for Worms;/But the work shall not be lost,/It will (as he believ'd) appear once more/In a New and more beautiful Edition/Corrected and amended/By the Author." Super Bow Champions This Date 1971 Baltimore Colts --------------------------------------------------------------
American Football Poem Born To Win R.G. Graham When you were in your crib tiny and small, Grandma and grandpa and mom and dad too, And now you’re getting older probably past two, You’re kind to your neighbors and all your friends too, So when you go to school and see children that are sad. -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm |
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| Cartoons Leasing 102 --- by Mr. Terry Winders, CLP Leasing News Advisors Pictures from the Past Placards Sales Make it Happen Why I Became a CLP |
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