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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Harvest Operations Corp. Announces Closing of U.S. $630 Million 2.125% Senior Note Offering and Redemption of the 7.50% Convertible Unsecured Subordinated Debentures Due May 2015

Category : World News

CALGARY, ALBERTA–(Marketwired – May 14, 2013) - Harvest Operations Corp. (“Harvest” or the “Company”) (TSX:HTE.DB.G) announced today that it has completed its offering of US$630 million aggregate principal amount of senior unsecured 2.125% notes due 2018 (the “Notes”).

See original here: Harvest Operations Corp. Announces Closing of U.S. $630 Million 2.125% Senior Note Offering and Redemption of the 7.50% Convertible Unsecured Subordinated Debentures Due May 2015

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BP withdraws some staff from Libya

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Oil giant BP withdraws some non-essential staff from operations in Libya following UK government advice about uncertainty in the country.

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Jobs to go in Nationwide shake-up

Category : World News

A total of 500 jobs are expected to go as Nationwide integrates three regional building societies into its main operations.

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Chicago Board Options Exchange resumes trading

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CBOE resumed operations at 1 p.m. ET after being closed for most of the day.

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Gale Force Petroleum Inc. (GFPMF: OTCQX International) | GALE FORCE CONCLUDES OKLAHOMA PROPERTY SALE, PROVIDES STRATEGY UPDATE

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Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the “Company” or “Gale Force”) today announced that it has concluded the sale of its Oklahoma Properties for $650,000, as part of a total $6.5 million property sales transaction, previously announced on March 15, 2013.

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Mindpix Corp. (MPIX: OTC Pink Current) | Mindpix Corporation Appoints Chief Operating Officer

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Mindpix Corporation Appoints Chief Operating Officer

PR Newswire

LAS VEGAS, April 11, 2013

LAS VEGAS, April 11, 2013 /PRNewswire/ — Mindpix Corporation,

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Kingfisher submits new revival plan

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India’s embattled Kingfisher Airlines submits a fresh revival plan to aviation authorities as it seeks permission to restart operations.

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Capitol Bancorp Limited (CBCRQ: OTCQB) | Capitol Bancorp Reports Year-End 2012 Results

Category : World News

< ?xml version="1.0" encoding="UTF-8"?>


Capitol Bancorp Reports Year-End 2012 Results

PR Newswire

LANSING, Mich., March 28, 2013

LANSING, Mich., March 28, 2013 /PRNewswire/ — A net loss of approximately $1.6 million, or ($0.04) per share, was reported for the fourth quarter of 2012, compared to a net loss of $6.5 million, or ($0.16) per share, for the corresponding period in 2011. Approximately $210,000 ($0.01 per share) of this 2012 quarterly net loss, or roughly 14 percent, is attributable to “reorganization items” expense directly associated with Capitol’s financial restructuring plan. The following contributed to the operating results for the fourth quarter, and were the key factors that favorably impacted performance.

  • After removing the impact of bank divestitures:
    • Continuing declines in both nonperforming loans and other nonperforming assets: down nearly 7 percent and 8 percent, respectively, linked-quarter and 40 percent and nearly 32 percent, respectively, from year-end 2011.
    • Margin improvement of one hundred nine basis points year-over-year.
    • Total operating expenses declined 21 percent year-over-year.
    • The provision for loan losses decreased 99 percent from the same quarter of 2011.
    • Employee compensation and benefits expense decreased 11 percent from the same period in 2011.

Consolidated assets declined nearly 27 percent to $1.6 billion at December 31, 2012 from the nearly $2.2 billion reported at December 31, 2011, and nearly 8 percent on a linked-quarter basis from $1.7 billion reported at September 30, 2012, as a result of bank divestitures and ongoing balance sheet deleveraging strategies. Eliminating the effect of bank divestitures, total portfolio loans decreased 20 percent to $1.2 billion at December 31, 2012, from $1.5 billion reported at December 31, 2011. Deposits reflected a nearly 16 percent decline to $1.5 billion at December 31, 2012 from $1.8 billion reported at December 31, 2011; however, the Corporation’s consistent focus on core funding sources resulted in an ongoing favorable improvement in deposit mix as noninterest-bearing deposits were nearly 21 percent of total deposits at December 31, 2012, compared to approximately 18 percent at December 31, 2011.

Capitol’s Chairman and CEO Joseph D. Reid said, “Another quarter of active management and resolution-oriented focus resulted in net loan charge-offs of $1.8 million for the fourth quarter of 2012, a significant decrease from $13.4 million for the corresponding period of 2011. In addition, for the fourth quarter of 2012, (excluding the effect of affiliate divestitures), total nonperforming loans have declined 7 percent and total nonperforming assets have fallen 8 percent on a linked-quarter basis (declining almost 40 percent and 32 percent, respectively, from year-end 2011 totals). This continued decline is encouraging and we perceive these trendlines as an indication of continued improving fundamentals and a validation of the assumptions underlying Capitol’s restructuring plan.”

Quarterly Performance

In the fourth quarter of 2012, consolidated net operating revenues from continuing operations decreased to $19.9 million from nearly $23.7 million for the corresponding period of 2011. Other noninterest income from continuing operations totaled $3.0 million, compared to nearly $8.4 million in the comparable 2011 period. The net interest margin for the three months ended December 31, 2012 was 3.99 percent, a 109 basis point increase from the 2.90 percent reported for the same period in 2011 and a 35 basis point increase from the 3.64 percent reported for the previous quarter, due mainly to the suspension of interest accrual on trust preferred securities. Cash and cash equivalents were approximately $327 million, or 20 percent of consolidated total assets, at December 31, 2012. Capitol continues to focus on liquidity to manage its balance sheet in the face of ongoing economic challenges and regulatory constraints, which has resulted in a lower net interest margin than would have resulted had Capitol been progressively expanding and growing its loan portfolio.

The Corporation continues to reduce operating expenses. Total noninterest expenses decreased in the recent quarter to approximately $21.6 million compared to $27.4 million for the three months ended December 31, 2011, after eliminating the impact of bank divestitures. Costs associated with foreclosed properties and other real estate owned decreased to $3.0 million in the fourth quarter of 2012, reflecting Capitol’s continued efforts to work through problem asset resolution, compared to nearly $5.5 million in the year-ago period. FDIC insurance premiums and other regulatory fees decreased from nearly $1.8 million in 2011′s fourth quarter to $1.5 million in the most recent three-month period, attributed largely to the decline in liabilities on which the assessment is based. Combined, these two expense areas totaled $4.5 million in the most recent quarter, a decrease from the combined $7.3 million level during the corresponding period of 2011. Further, on a core, controllable-expense basis, year-over-year compensation costs declined more than 11 percent, from $10.8 million in the 2011 period to $9.6 million in 2012′s fourth quarter.

The fourth quarter 2012 provision for loan losses decreased dramatically to $13,000 from nearly $3.0 million for the corresponding period of 2011, after the impact of bank divestitures. During the fourth quarter of 2012, net loan charge-offs totaled $1.8 million, a significant decrease from 2011′s corresponding level of $13.4 million and the linked-quarter level of approximately $7.5 million, as the Corporation continues to aggressively manage its exposure to nonperforming loans.

Ongoing loan foreclosure, real estate maintenance and other costs associated with problem asset resolution corporate-wide were a major reason for the core net operating loss in the most recent three-month period. However, Capitol is encouraged that aggregate levels of nonperforming loans reflected notable declines at December 31, 2012 when compared to year-end 2011 as follows: Arizona (down 26 percent), Michigan (down 37 percent) and Nevada (down 58 percent).

Results for 2012

Net operating revenues for 2012 decreased to nearly $74.8 million, compared to $100.5 million for the corresponding period of 2011, which included a $16.9 million gain on exchange of trust preferred securities. While continued divestiture activity and significant deleveraging of Capitol’s operations, coupled with measures designed to enhance liquidity levels, have contributed to the reduction in core operating revenues, ongoing system-wide management of asset mix and funding sources has helped mitigate the adverse impact of these declines. The provision for loan losses of approximately $1.5 million for the twelve months of 2012 was a significant decrease from the $35.6 million reported for the comparable 2011 period. The Corporation reported a net loss of approximately $25.5 million for the year ended December 31, 2012, a notable improvement from the $45.4 million loss reported for 2011. On a per share basis, the net loss for the year was $0.62, compared to a net loss of $1.17 reported for the corresponding period in 2011.

Balance Sheet

Divestiture efforts and ongoing balance sheet deleveraging are focused on strengthening consolidated capital ratios, although the Corporation continues to be classified as “undercapitalized.” The challenges, and multiple efforts to address this capital-restoration priority, remain ongoing. As of December 31, 2012, Capitol had a $190.5 million valuation allowance related to deferred tax assets, which may be released upon a sustained return to profitability. In July 2011, Capitol announced that it had adopted a Tax Benefits Preservation Plan designed to preserve these substantial tax assets. This plan is similar to tax benefit preservation plans adopted by other public companies with significant tax attributes. The purpose of the plan is to protect Capitol’s ability to carry forward its net operating losses and certain other tax attributes for utilization in certain circumstances to offset future taxable income and reduce its federal income tax liability.

Net loan charge-offs of 0.60 percent of average loans (annualized) for the fourth quarter of 2012 represented a notable decrease from the 3.44 percent in the corresponding period of 2011 (excluding discontinued operations), and the 2.32 percent on a linked-quarter basis. Recent activity reflected encouragement in the trend of a declining level of nonperforming loans in the Arizona Region (an $8.5 million decline from the amount reported at December 31, 2011), the Great Lakes Region (a $39.7 million decline from the amount reported at December 31, 2011, exclusive of discontinued operations) and the Nevada Region (a $38.1 million decline from the amount reported at December 31, 2011). The consolidated coverage ratio of the allowance for loan losses in relation to nonperforming loans was 48.29 percent at December 31, 2012, continuing the trend of modest improvement quarter-to-quarter over the past year. The allowance for loan losses as a percentage of portfolio loans also remained relatively consistent with recent periods at 5.26 percent, compared to 5.15 percent linked-quarter, and 5.56 percent for the same period of 2011.

Financial Restructuring Plan

In June 2012, Capitol announced the commencement of a voluntary restructuring plan, designed to facilitate its objective of converting existing debt to equity, which will facilitate new equity investments in the Corporation, as well as to help restore Capitol’s capital ratios and ensure its affiliate banks are appropriately capitalized. The initiative includes the opportunity to preserve Capitol’s substantial deferred tax assets, which can benefit all shareholders going forward. The joint plan of reorganization provides for the restructuring of Capitol’s and its affiliate Financial Commerce Corporation’s (“FCC”, and collectively, the “Debtors”) liabilities in a manner designed to maximize recoveries to all creditors and to enhance the financial stability of the reorganized Debtors while simultaneously raising new capital from outside investors, which can be immediately deployed into the reorganized Debtor’s subsidiary banks, thus avoiding the significant adverse consequences that would result from the seizure of any subsidiary bank.

Existing debt holders were asked to exchange their debt securities for both preferred and common stock of the company (the “Exchange Offer”). Simultaneously, Capitol solicited votes from all debt and equity holders for a prepackaged Chapter 11 plan of reorganization (the “Standby Plan”) for Capitol and FCC to be commenced in the event the Exchange Offer was not successful or that Capitol believed the transactions contemplated by the Standby Plan are in the best interests of all stakeholders. The Standby Plan contemplates the conversion of all current trust preferred security holders, unsecured senior note holders, current preferred equity shareholders and current common equity shareholders into new classes of common stock which will retain approximately 53 percent of the voting control and value of the restructured company.

Capitol has also been actively seeking to identify external capital sources sufficient to restore all affiliate institutions to “well-capitalized” status in exchange for approximately 47 percent of the restructured company. The Standby Plan contemplates an equity infusion of at least $70 million and up to $115 million pursuant to a separate equity commitment agreement to be entered into by Capitol and certain third-party investors prior to the date on which the Standby Plan becomes effective.

The first segment of the restructuring plan, the exchange of Capitol’s outstanding trust preferred securities, unsecured capital notes and Series A preferred stock, expired on July 27, 2012. As the conditions for the Exchange Offers were not met, the Exchange Offer was terminated and the tendered securities were released into their original CUSIP numbers.

Holders of Capitol’s senior notes, trust preferred securities, Series A preferred and common stock overwhelmingly voted to accept the Standby Plan and as a result of the successful vote, Capitol’s board of directors approved proceeding with voluntary Chapter 11 filings for Capitol and FCC in the U.S. Bankruptcy Court for the Eastern District of Michigan (the “Court”), and Capitol is seeking confirmation of the approved Standby Plan by the Court. The Court granted Capitol certain “first-day motions” which allow it to continue its operations in the ordinary course during the plan confirmation process, and which include requests to continue the payment of wages, salaries and other employee benefits. Capitol has also been granted a motion by the Court restricting trading in Capitol’s senior notes, trust preferred securities, preferred stock and common stock in order to preserve certain of Capitol’s deferred tax assets.

Capitol officials emphasize that this initiative will not affect the operations or deposits of any of Capitol’s affiliate banks, which are continuing normal operations during the pendency of the cases. Capitol’s affiliated banks are regulated separately from the holding company and, like all other insured commercial banks, their deposits are insured by the Federal Deposit Insurance Corporation.

Capitol’s Chairman and CEO, Joseph D. Reid stated, “We remain hopeful that the restructuring plan will serve to provide resolution for our trust preferred securities and Capitol’s senior debt, while also facilitating additional equity investments in the Corporation. Additionally, successful completion of the plan will provide benefits to Capitol and all of its stakeholders, and will help to restore the Corporation’s capital ratios, as well as the capital ratios of our affiliate banks, providing a more stable platform for future growth and support. We appreciate the continued support from our many stakeholders as we work through this reorganization process.”

When the trust preferred securities were originally issued, and until recently, substantially all of those securities comprised a crucial element of Capitol’s compliance with regulatory capital requirements because they were a material component of regulatory capital. Because of Capitol’s weakened financial condition and changes to banking regulations affecting its ability (as well as that of other bank holding companies in the United States) to include any portion of these securities in regulatory capital computations, none of these securities are currently included in the Corporation’s regulatory capital measurements. The restructuring initiatives will facilitate the conversion of Capitol’s trust preferred securities to equity and represent an efficient opportunity to strengthen the composition of Capitol’s capital base by increasing its Tier 1 common and tangible common equity ratios, while also reducing the dividend and interest expense associated with these securities. By increasing its common equity component, and successfully completing the capital raise component of the plan, Capitol expects to have increased capital flexibility to continue to support its community banking platform, strategically take advantage of select market opportunities and implement its long-term strategies.

Affiliate Bank Divestitures

Capitol previously announced plans to sell its controlling interests in several affiliate banks. The sale of one of these banks in the Northwest region of the country was completed in November 2012 and Capitol has also entered into definitive agreements to sell its interests in two affiliates located in the Great Lakes region. These three transactions represent nearly $210 million of assets. The pending divestiture is anticipated to be completed in 2013, pending regulatory approval and other contingencies.

About Capitol Bancorp Limited

Capitol Bancorp Limited (OTCQB: CBCRQ), which was founded in 1988, is a community banking company that has a network of separately chartered banks in nine states and executive offices in Lansing, Michigan.

CAPITOL BANCORP LIMITED

(DEBTOR-IN-POSSESSION)

SUMMARY OF SELECTED FINANCIAL DATA

(in thousands, except share and per-share data)

Three Months Ended

Year Ended

December 31

December 31

2012

2011

2012

2011

Condensed consolidated results of operations:

Interest income

$ 18,252

$ 21,417

$ 77,626

$ 94,720

Interest expense

2,850

7,709

19,749

34,222

Net interest income

15,402

13,708

57,877

60,498

Provision for loan losses

13

2,986

1,452

35,630

Noninterest income

4,543

9,960

16,902

40,003

Noninterest expense

21,560

27,426

97,968

121,175

Loss from continuing operations before income

taxes

(1,838)

(6,744)

(27,597)

(56,304)

Income (loss) from discontinued operations

10

(64)

20

1,045

Net loss attributable to Capitol Bancorp Limited

$ (1,550)

$ (6,516)

$ (25,474)

$ (45,427)

Net loss attributable to Capitol Bancorp Limited

per common share

$ (0.04)

$ (0.16)

$ (0.62)

$ (1.17)

Book value (deficit) per common share at end of period

(3.37)

(2.76)

(3.37)

(2.76)

Common stock closing price at end of period

$ 0.05

$ 0.09

$ 0.05

$ 0.09

Common shares outstanding at end of period

41,177,000

41,040,000

41,177,000

41,040,000

Number of common shares used to compute net

loss per share:

Basic

41,169,000

41,019,000

41,070,000

38,817,000

Diluted

41,169,000

41,019,000

41,070,000

38,817,000

4th Quarter

3rd Quarter

2nd Quarter

1st Quarter

4th Quarter

2012

2012

2012

2012

2011

Condensed summary of consolidated financial position:

Total assets

$ 1,618,252

$ 1,749,457

$ 1,985,907

$ 2,058,739

$ 2,205,265

Portfolio loans(1)

1,206,667

1,261,741

1,353,836

1,424,504

1,515,200

Deposits(1)

1,543,868

1,632,053

1,700,088

1,753,568

1,830,202

Capitol Bancorp Limited stockholders’ equity (deficit)

(133,869)

(132,176)

(126,378)

(115,976)

(108,084)

Total capital

$ 7,180

$ 9,512

$ 17,294

$ 27,931

$ 40,509

Key performance ratios:

Net interest margin

3.99%

3.64%

3.20%

3.12%

2.90%

Efficiency ratio

108.10%

114.18%

158.99%

140.94%

113.16%

Asset quality ratios:

Allowance for loan losses / portfolio loans

5.26%

5.15%

5.32%

5.52%

5.56%

Total nonperforming loans / portfolio loans

10.89%

11.06%

11.78%

12.62%

13.45%

Total nonperforming assets / total assets

13.13%

13.25%

12.98%

14.79%

14.72%

Net charge-offs (annualized) / average portfolio loans

0.60%

2.32%

2.20%

1.74%

3.24%

Allowance for loan losses / nonperforming loans

48.29%

46.60%

45.19%

43.74%

41.33%

Capital ratios:

Capitol Bancorp Limited stockholders’ equity (deficit) / total assets

(8.27)%

(7.56)%

(6.36)%

(5.63)%

(4.90)%

Total equity / total assets

(8.91)%

(8.10)%

(6.64)%

(5.89)%

(4.93)%

(1) Amounts as previously reported have been adjusted to exclude amounts related to discontinued operations.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include expressions such as “expect,” “intend,” “believe,” “estimate,” “may,” “will,” “anticipate” and “should”

and similar expressions also identify forward-looking statements which are not necessarily statements of belief as to the expected outcomes

of future events. Actual results could materially differ from those presented due to a variety of internal and external factors. Actual results

could materially differ from those contained in, or implied by, such statements. Capitol Bancorp Limited undertakes no obligation to release

revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

Supplemental analyses follow providing additional detail regarding Capitol’s consolidated results of operations, financial position,

asset quality and other supplemental data.

CAPITOL BANCORP LIMITED

(DEBTOR-IN-POSSESSION)

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except per-share data)

Three Months Ended December 31

Year Ended December 31

2012

2011

2012

2011

INTEREST INCOME:

Portfolio loans (including fees)

$ 17,927

$ 21,053

$ 76,276

$ 93,239

Loans held for sale

2

26

41

58

Taxable investment securities

18

38

155

158

Federal funds sold

1

1

Other

305

299

1,154

1,264

Total interest income

18,252

21,417

77,626

94,720

INTEREST EXPENSE:

Deposits

2,714

4,626

12,953

22,312

Debt obligations and other

136

3,083

6,796

11,910

Total interest expense

2,850

7,709

19,749

34,222

Net interest income

15,402

13,708

57,877

60,498

PROVISION FOR LOAN LOSSES

13

2,986

1,452

35,630

Net interest income after provision

for loan losses

15,389

10,722

56,425

24,868

NONINTEREST INCOME:

Service charges on deposit accounts

599

668

2,543

2,704

Trust and wealth-management revenue

799

701

2,958

3,246

Fees from origination of non-portfolio residential

mortgage loans

127

129

630

464

Gain on sale of government-guaranteed loans

93

362

1,126

Gain on debt extinguishment

16,861

Realized loss on sale of investment securities available

for sale

(1)

(10)

(1)

(10)

Other

3,019

8,379

10,410

15,612

Total noninterest income

4,543

9,960

16,902

40,003

NONINTEREST EXPENSE:

Salaries and employee benefits

9,602

10,819

41,338

46,764

Occupancy

2,285

2,561

9,524

9,522

Equipment rent, depreciation and maintenance

1,305

1,563

5,465

7,198

Costs associated with foreclosed properties and other

real estate owned

3,006

5,465

17,000

28,336

FDIC insurance premiums and other regulatory fees

1,504

1,781

6,264

8,756

Other

3,858

5,237

18,377

20,599

Total noninterest expense

21,560

27,426

97,968

121,175

Loss before reorganization items and

income tax expense (benefit)

(1,628)

(6,744)

(24,641)

(56,304)

Reorganization items

210

-

2,956

-

Loss before income tax expense (benefit)

(1,838)

(6,744)

(27,597)

(56,304)

Income tax expense (benefit)

(156)

70

(152)

(3,333)

Loss from continuing operations

(1,682)

(6,814)

(27,445)

(52,971)

Discontinued operations:

Income (loss) from operations of bank subsidiaries sold

18

(609)

(26)

(2,126)

Gain (loss) on sale of bank subsidiaries

(12)

999

143

5,495

Less income tax expense (benefit)

(4)

454

97

2,324

Income (loss) from discontinued operations

10

(64)

20

1,045

NET LOSS

(1,672)

(6,878)

(27,425)

(51,926)

Net losses attributable to noncontrolling interests in

consolidated subsidiaries

122

362

1,951

6,499

NET LOSS ATTRIBUTABLE TO

CAPITOL BANCORP LIMITED

$ (1,550)

$ (6,516)

$ (25,474)

$ (45,427)

NET LOSS PER COMMON SHARE

ATTRIBUTABLE TO CAPITOL BANCORP

LIMITED (basic and diluted)

$ (0.04)

$ (0.16)

$ (0.62)

$ (1.17)

CAPITOL BANCORP LIMITED

(DEBTOR-IN-POSSESSION)

Condensed Consolidated Balance Sheets

(in thousands, except share and per-share data)

December 31

(Unaudited)

2012

2011

ASSETS

Cash and due from banks

$ 56,582

$ 37,162

Money market and interest-bearing deposits

270,265

315,205

Cash and cash equivalents

326,847

352,367

Loans held for sale

2,129

Investment securities:

Available for sale, carried at fair value

15,706

14,883

Held for long-term investment, carried at

amortized cost which approximates fair value

2,736

2,737

Total investment securities

18,442

17,620

Federal Home Loan Bank and Federal Reserve

Bank stock (carried on the basis of cost)

10,531

12,807

Portfolio loans:

Loans secured by real estate:

Commercial

756,970

893,644

Residential (including multi-family)

253,693

325,730

Construction, land development and other land

56,425

102,414

Total loans secured by real estate

1,067,088

1,321,788

Commercial and other business-purpose loans

128,096

178,417

Consumer

9,324

12,216

Other

2,159

2,779

Total portfolio loans

1,206,667

1,515,200

Less allowance for loan losses

(63,455)

(85,788)

Net portfolio loans

1,143,212

1,429,412

Premises and equipment

20,829

23,920

Accrued interest income

3,964

4,943

Other real estate owned

80,963

94,300

Other assets

13,464

14,249

Assets of discontinued operations

253,518

TOTAL ASSETS

$ 1,618,252

$ 2,205,265

LIABILITIES AND EQUITY

LIABILITIES:

Deposits:

Noninterest-bearing

$ 323,411

$ 325,607

Interest-bearing

1,220,457

1,504,595

Total deposits

1,543,868

1,830,202

Debt obligations:

Notes payable and short-term borrowings

8,428

50,445

Subordinated debentures

149,156

Total debt obligations

8,428

199,601

Accrued interest on deposits and other liabilities

9,779

49,406

Liabilities of discontinued operations

234,703

Liabilities subject to compromise

200,293

Total liabilities

1,762,368

2,313,912

EQUITY:

Capitol Bancorp Limited stockholders’ equity:

Preferred stock (Series A), 700,000 shares authorized

($100 liquidation preference per share); 50,980 shares

issued and outstanding

5,098

5,098

Preferred stock (for potential future issuance),

19,300,000 shares authorized; none issued and outstanding

Common stock, no par value, 1,500,000,000 shares authorized;

issued and outstanding:

2012 – 41,177,479 shares

2011 – 41,039,767 shares

292,092

292,135

Retained-earnings deficit

(430,590)

(404,846)

Undistributed common stock held by employee-benefit trust

(541)

(541)

Accumulated other comprehensive income

72

70

Total Capitol Bancorp Limited stockholders’ equity deficit

(133,869)

(108,084)

Noncontrolling interests in consolidated subsidiaries

(10,247)

(563)

Total equity deficit

(144,116)

(108,647)

TOTAL LIABILITIES AND EQUITY

$ 1,618,252

$ 2,205,265

CAPITOL BANCORP LIMITED

(DEBTOR-IN-POSSESSION)

Allowance for Loan Losses Activity

ALLOWANCE FOR LOAN LOSSES ACTIVITY (in thousands):

Periods Ended December 31

Three Month Period

Year Ended

2012

2011(1)

2012

2011(1)

Allowance for loan losses at beginning of period

$ 65,289

$ 96,249

$ 85,788

$ 124,955

Allowance for loan losses of previously-discontinued

bank subsidiary

2,380

Loans charged-off:

Loans secured by real estate:

Commercial

(3,154)

(7,600)

(19,298)

(33,609)

Residential (including multi-family)

(1,090)

(3,511)

(11,536)

(19,709)

Construction, land development and other land

(1,201)

(3,613)

(5,705)

(20,753)

Total loans secured by real estate

(5,445)

(14,724)

(36,539)

(74,071)

Commercial and other business-purpose loans

(693)

(1,675)

(7,911)

(17,339)

Consumer

(469)

(304)

(989)

(1,033)

Other

(2)

(656)

(2)

Total charge-offs

(6,607)

(16,705)

(46,095)

(92,445)

Recoveries:

Loans secured by real estate:

Commercial

1,162

1,759

6,947

4,709

Residential (including multi-family)

924

404

5,334

2,881

Construction, land development and other land

1,526

303

3,166

3,768

Total loans secured by real estate

3,612

2,466

15,447

11,358

Commercial and other business-purpose loans

1,094

708

6,316

3,667

Consumer

25

82

448

237

Other

29

2

99

6

Total recoveries

4,760

3,258

22,310

15,268

Net charge-offs

(1,847)

(13,447)

(23,785)

(77,177)

Additions to allowance charged to expense (provision

for loan losses)

13

2,986

1,452

35,630

Allowance for loan losses at end of period

$ 63,455

$ 85,788

$ 63,455

$ 85,788

Average total portfolio loans for the period

$ 1,224,881

$ 1,565,656

$ 1,333,237

$ 1,731,864

Ratio of net charge-offs (annualized) to average portfolio loans outstanding

0.60%

3.44%

1.78%

4.46%

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Rainmaker Entertainment Announces Fiscal 2012 and 4th Quarter 2012 Results

Category : Stocks, World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 28, 2013) – Rainmaker Entertainment Inc. (TSX:RNK) announces that it has filed on SEDAR (www.sedar.com) its audited consolidated financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2012 as well as its 2012 Annual Information Form.

$thousands, except per share amounts Q4 2012 Q4 2011 2012 2011
Revenue 3,178 5,124 14,205 18,827
Loss from operations (611 ) (2,689 ) (3,698 ) (2,845 )
Gain on sale and equity income from Base 10 - 4,468 - 5,719
Earnings (loss) from continuing operations (611 ) 1,779 (3,698 ) 2,874
Gain on sale of discontinued operations 84 379 124 473
Earnings (loss) and total comprehensive income (527 ) 2,158 (3,574 ) 3,347
Earnings from continuing operations per share
- basic and diluted $ (0.03 ) $ 0.10 $ (0.21 ) $ 0.16
Earnings (loss) per share
- basic and diluted $ (0.03 ) $ 0.12 $ (0.20 ) $ 0.19

Rainmaker reported a loss of $3.6 million ($0.20 per share) for the year ended December 31, 2012 compared with earnings of $3.3 million ($0.19 per share) for 2011. For the fourth quarter ending December 31, 2012 the Company reported a loss of $0.5 million ($0.03 per share) compared with income of $2.1 million ($0.10 per share) for the fourth quarter of 2011. The fiscal 2011 earnings include a gain on sale and equity income from the Company’s investment in Base 10 Group Inc. (“Base 10″) totaling $5.7 million and the fourth quarter of 2011 results include $4.5 million related to Base 10.

Continued here: Rainmaker Entertainment Announces Fiscal 2012 and 4th Quarter 2012 Results

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US firm win search and rescue role

Category : World News

The US-based Bristow Group is to take over UK helicopter search and rescue operations, including those of the RAF and Royal Navy.

Originally posted here: US firm win search and rescue role

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