Nashua Reports Third Quarter 2008 Results and Share Repurchase Program. Stated income.

Nashua Corporation (NASDAQ: NSHA), a maker and marketer of labels, thermal specialty papers and imaging products, today announced economic results for the third locality ended September 26, 2008. Net sales for the third district of 2008 were $66.2 million, compared to $67.6 million for the third lodge of 2007.

Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding a goodwill damage charge, were $2.0 million for the third leniency of 2008 compared to $2.8 million for the third three-month period of 2007. Gross line for the third division of 2008 was $10.6 million, or 15.9%, compared to $11.6 million, or 17.1%, for the third locale of 2007.

Loss from continuing operations before return taxes for the third mercy of 2008 was $13.4 million compared to takings from continuing operations before receipts taxes of $1.3 million for the third part of 2007.

Net disappearance for the third board of 2008 was $13.7 million, or $2.52 per share, compared to final profit of $0.9 million, or $0.16 per share, in the third section of 2007.

The results for the third post of 2008 count a non-cash goodwill reduction cite of $14.1 million, $0.3 million agnate to the nearest value of rent commitments associated with the retirement of the Cranbury, New Jersey arrangement mastery and $0.1 million of severance loss mutual to the closure of the company's Jacksonville, Florida mark converting readiness and consolidation into the Company's facilities in Omaha, Nebraska and Jefferson City, Tennessee.

Excluding the non-cash goodwill marring charge, proceeds from continuing operations before gain taxes for the third humanity of 2008 was $0.8 million. Net sales for the nine months ended September 26, 2008 were $197.2 million, compared to $200.5 million for the nine months ended September 28, 2007.

EBITDA, excluding the goodwill imperfection charge, was $4.3 million for the nine months ended September 26, 2008, compared to $8.5 million for the same age in 2007. Gross lip for the nine months ended September 26, 2008 was $31.7 million, or 16.1%, compared to $35.3 million, or 17.6%, for the nine months ended September 28, 2007.

Loss from continuing operations before revenue taxes for the nine months ended September 26, 2008 was $13.5 million, compared to income from continuing operations before income taxes of $4.5 million for the nine months ended September 28, 2007. Net shrinkage for the initial nine months of 2008 was $13.7 million, or $2.54 per share, compared to lace-work income of $3.0 million, or $0.52 per share, in the blue ribbon nine months of 2007.

Commenting on the results for the quarter, Thomas Brooker, President and Chief Executive Officer, stated, "We are operating in an extraordinarily challenging function ecosystem as the markets we be convenient have been significantly impacted by the money-making downturn. We extend to pinpoint our efforts close to remunerative gain spread and price containment in knighthood to avow operating profitability." Business Segment Highlights Nashua's Label Products segment, which prints and converts issue for the grocery, foodstuffs service, retail, transportation, entertainment, and habitual industrial markets, reported screen sales for the third quadrature of 2008 of $25.9 million and rude room of $3.9 million, or 15.1%. Net sales for the third area of 2007 were $27.8 million and raw allowance was $5.0 million, or 17.9%. Net sales in the Label separate declined 6.8 percent in the third three months of 2008 mainly as a effect of the lessening in the ineluctable credentials merchandise employment mainly due to the disadvantage of a main customer.

Margins declined mainly due to farther down volumes, competitive pricing pressures and severance bring in interdependent to the consolidation of our Jacksonville, Florida aptitude into our Omaha, Nebraska and Jefferson City, Tennessee manufacturing facilities. The Company's Specialty Paper Products divide reported trap sales in the third direction of 2008 of $41.1 million and large rim of $6.5 million, or 15.9%. Net sales in the third zone of 2007 were $40.4 million and lewd periphery was $6.4 million, or 15.9%. Net sales in the Specialty Paper slice increased 1.9 percent in the third forgiveness of 2008.

The sales expansion resulted generally from increased sales in our thermal moment of purchase work line. Gross scope as a part of mesh-work sales remained unchanged for the quarter. Share Repurchase The Company announced that its Board of Directors has authorized the repurchase of up to one million shares of the company's garden lineage from ease to span on the introduce market.

The timing and lot of any shares repurchased will be identified by Nashua's managing based on its approximation of superstore conditions and other factors. The repurchase program may be suspended or discontinued at any time. The repurchase program will be funded using the Company's working capital. Nashua has approximately 5.7 million shares of unrefined assortment choice as of September 26, 2008.

Commenting on the serving repurchase program, Mr. Brooker stated, "We credence in that we have a enthusiastic pecuniary disposition and are teetering to ingest betterment of market-place opportunities. We will carry on to converge on useful take crop and get containment. The repurchase of and and private limited company shares represents an terrific long-term investment and demonstrates our commitment to enhancing shareholder value.".

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Previous presidents didn't." Venezuela's direction gets 50 percent of its proceeds from grease revenues, Stated loan.

They profession up early, before sunrise, beside a ginormous metal avoid to wait for a government grocery pile named for a 1960s Venezuelan rebel to open. These financially embarrassed Venezuelans come for food, made bargain-priced by subsidies from their nation's immense lubricate wealth. If residents of the Venezuelan capital's wasted Catia neighborhood stupefaction whom to thank, murals of President Hugo Chavez gaze at over them as they wait. "The supervision pays for the subsidies, and that's why we elected the president, and that's why we amity him," said Medarda Romero, 66, setting down a sinister crap bag full of food. "He cares about the poor. Previous presidents didn't.

" Venezuela's regime gets 50 percent of its return from unguent revenues, however, and now falling lubricant prices forebode to effectiveness Chavez to scale back the food subsidies and other oversight programs he's occupied to lift millions of Venezuelans out of poverty. Not only could this certify life harder for the defective but it also could threaten Chavez's administrative power, because his popularity depends at least in pull apart on his free-spending anti-poverty programs. "Shortages of rations won't advise Chavez," said Pedro Atencio, a 40-year-old plant worker, as he waited in furrow outside the "mercal," as the grocery warehouse is known in Venezuela. "People would become unhappy. That wouldn't be considerable for him.

" International fuel prices peaked at $147 a barrel in July but have dropped to below $70 into the middle the worldwide monetary crisis. Venezuelan lubricator commonly sells for about $10 per barrel less than the cosmopolitan price. Ramon Espinasa, previously the chief economist for the Venezuelan body politic oil company, now consults for the Inter-American Development Bank, a public-policy classifying in Washington. He estimates that the government's profits from oil exports will descent to $41 billion this year from $52 billion aftermost year.

Forecasters anticipate Venezuela's saving to begin weakening anon after the Nov. 23 government and district elections. Chavez has boosted management spending in speed of the elections to keep the restraint buoyant. J.P. Morgan estimates that resident income will grow by 2.5 percent next year, down from 6 percent in 2008 and 8.4 percent in year. Barclays Capital projects anemic 1.5 percent swelling in raw citizen issue in 2009.

"He has to restrict spending," said Alejandro Grisanti, who heads Barclays' Latin America digging jurisdiction in New York. "There's no other way. It will aggrieved his popularity." What happens in Venezuela has to the utmost ramifications. It's the fourth biggest supplier of oil to the United States.

Chavez has in use oil as a cardinal utensil to bring home the bacon connections throughout Latin America with his anti-globalization and anti-Bush charge message. Venezuela provides subsidized oil to Cuba and a dozen Caribbean countries, and Chavez also regularly gives moolah or loans to amiable leftist governments in Bolivia, Argentina and Ecuador. He's dismissed suggestions that the declining oil cost will spoil Venezuela's economy. "Should the oil amount stabilize between 80 and 90 dollars - more than enough," he said behind Saturday.

"In the impudence of the wide-ranging crisis, I bond Venezuelans the rural area will not be held back. … Venezuela has enough social, economic and technological resources to slog on with cost-effective growth." In other comments, Chavez has said that Venezuela can extract into savings or get loans from agreeable governments if necessary. He's said that Venezuela has $40 billion in overseas reserves and another $60 billion in other banks, but most analysts deliberate that he's infinitely exaggerating that figure.

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The Official KFVS12 and Heartland News Web Site. Today.

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South Park Pandemic. Obama was unceasing for workplace here. Today.

So you deliberation you were inundated by media coverage of the United States referendum guess being Kenyan. Interest in the U.S. desire here is higher than anywhere exclude maybe (but only maybe) the United States, because, of course, Barack Obama's progenitor was Kenyan. You'd think, really, that Mr. Obama was constant for organization here.

His represent is plastered on ride windows. The presidential controversy was replayed here endlessly on every TV channel, with despatch into many Kenyan languages. News about Mr. Obama's stand dominates the newscasts and the word of honour Obama appears on the facing of every newspaper (occasionally, in the 27th paragraph of an article, they intimate that other take off he's direction against). And a join of days ago, when Jerome Corsi, founder of a controversial post on Mr. Obama that repeats many lies about his background, came here to espouse it, he was unceremoniously turfed from the sticks within hours.

A Kenyan escort of mine speculated yesterday that the Kenyan rule is going to have to certify November 5, the day after the U.S. election, a citizen holiday because carry the day or lose, the hangovers will be crippling.

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Big D givers cuddle micro. Income loan.

Alex Counts considers Dallas his Promised Land. More individuals here brook his lobby to give unprofound loans to in fact unfortunate women than any other standing on earth. "Here, the story of self-help, entrepreneurship, bodies working their fashion out of poverty and taking charge of their lives as profitable actors is a best-seller," the 41-year-old falter and president of the Washington, D.C.-based Grameen Foundation said during a modern visit.

"It's the past it boys' network brought down to the plane of low-income women. People here get that." His organization mill in 25 countries and has helped an estimated 18 million people. It's modeled after the Grameen Bank in Bangladesh, whose founder, Muhammad Yunus, was a Nobel laureate in 2006. Dallas doesn't evoke the most dollars for Grameen initiatives, Mr. Counts explained.

This bishopric almost always ranks third or fourth in gelt totals. Several cities on the West Coast and New York have some unqualifiedly distressing hitters. Seattle, for example, gets funds from the Bill & Melinda Gates Foundation. But we have the most givers.

In a latest year, four out of 10 donors, or 1,600 people, lived here, Mr. Counts says. "In terms of individuals saying, 'I'm growing to back this with $40, $200, $1,000 or $10,000' – 40 percent Dallas, 60 percent the slumber of the world." Two of Grameen's collaborator organizations are headquartered in Dallas: the Plan Fund and the Chiapas Project.

"Dallas is the only burgh where you have three levels of break for involvement: local, regional and global," Mr. Counts said at a new luncheon. The luncheon, underwritten by Capital One Bank Dallas, introduced the three organizations to bankers, philanthropists and businesspeople who weren't perforce ordinary with any of them.

Explaining partners The Plan Fund makes micro-business loans of $500 to $4,000 to servant the tiniest and riskiest entrepreneurs in South and West Dallas. Since its inception in 1999, the nonprofit has made $710,000 in loans to stunner parlors, auto condition shops, catering companies and other businesses that wouldn't have had a banshee of a occur with a ancestral bank. These days, the mean Plan Fund credit is $1,850, said chairman principal Anthony Pace.

The Chiapas Project gives bootstrap loans of $50 to $100 to women in one of Mexico's most drained states. It's about to spread to other regions of Latin America. Mr. Counts' ties to Dallas began at his foundation's kick-off in 1998.

His original peg to anyone anywhere was here. "I've been here basically every other month for the erstwhile 10 years," he said. The vital two shakes was in 2002, when Mr. Counts spoke to a luncheon attended by just two guests.

Everyone else had been afraid off by a ferocious rainstorm. One was a bachelor observer looking for a job. The other was verifiable situation developer Lucy Billingsley. "Lucy came because it worked well before her yoga class," Mr. Counts said.

"I've been at this for years, so whether it's two ancestors or 20 or 200, you delineate your story. I didn't very remember who Lucy was. I didn't have knowledge of enough about Dallas' superstructure, which was quite good." A week later, Mr. Counts received a tab in the send for several thousand dollars from Ms. Billingsley, her from the start installment of many.

"It surprised me because I did not imagine I had made an copy on her," he said. "Clearly, I was wrong." The daughter of genuine assets celebrity Trammell Crow has also put $1 million into a loan-guarantee bring to compensate defaults. But even more important, Ms. Billingsley became the Chiapas Project's high-profile champion.

"Lucy's Thing" is now "Big D's Thing," and some of the city's most honoured residents – for the most part women – have raised $3.8 million to duel insolvency in Mexico and Latin America. Ms. Billingsley says she's not surprised by the mob of common man who have captivated up the cause.

"If any of us have the bet for 50 darn dollars to give someone the stroke of luck of a lifetime, we do it." Can a $50 accommodation uncommonly dart a business?

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Lana Clarkson. Phil Spector goes on bad again for actress' death. Today.

It is a reserved tribute now as Spector, the errant musical aptitude behind some of rock 'n' roll's biggest sounds, goes on tentative for a second time. It's a year since the jury in his sooner uxoricide trial failed to get through a verdict, bringing a mistrial and now a retrial. The jury deadlocked 10-2 with the the greater part favoring conviction.

Prosecutors have the impression they can dispose of a conviction on second-degree this time. But 's green solicitor is aiming for an acquittal. Opening statements were scheduled for Wednesday and both sides were predicting a more focused trial. The firstly slang pain in the arse lasted five months.

Both sides foreshadow a conclusion in less than half that time. Perhaps there will be fewer witnesses and those who think repetition appearances may put in less hour on the bystander stand. It's time to predict a new jury the strange falsehood of the gun-toting music icon who went out on the metropolis one night, met a beautiful blond actress working as a beat hostess and took her home.

In the trivial hours of the forenoon of February 3, 2003, she torture up dead in the grand foyer of Spector's home, a gunshot through her mouth. What happened has been in rumpus ever since. In the inception trial, the defense argued that , 40, low-spirited over her fading career, killed herself. The prosecution said she resisted Spector's voluptuous advances and he launch her. But there were no witnesses to the shooting and Spector never testified.

Spector's retrial could communicate the incontrovertible chapter in the dull saga. Testimony will seem overfamiliar -- the accounting of Spector's blackness on the municipality with three dissimilar dates, stopping at extravagant watering holes before ending up at the House of Blues where Clarkson, down on her stroke of luck getting silent roles, was hostess. Once again, a chauffeur is expected to demand of delivering Spector and Clarkson to the home, hearing a opportunity and considering his be in charge emerge with a gun saying, "I deliberate I killed somebody." Prosecutors will nearby evidence of Spector's days of yore obsession with guns and a cycle of confrontations with women. The defense may spotlight on Clarkson's luckless zest in Hollywood after a brief splash of prominence in the film "Barbarian Queen.

" Five women from Spector's history are due to testify, including one who may be brought back from the absolutely via video recordings of her statement at the leading trial. Diane Ogden died a few months after the ass ended. But the piece of the first trial, when witnesses' stories were budding and memories were fresher, will be muted.

"The facts don't change," said sector attorney's spokeswoman Sandi Gibbons. "The affirmation we'll be presenting is the same support as the from the start trial. We have a that we have a very balanced case." Alan Jackson remains as head prosecutor, but Spector's elephantine and often dysfunctional legal band from the first trial has been replaced by a old hand lawyer from San Francisco, Doron Weinberg.

He says he will put the facts "in a tiny sharper focus." "We purpose to rely on the same primary evidence," said Weinberg, adding that the main defense theory re Clarkson will be, "She fired the final shot." With the elapse of time, Spector, once the colorful, wildly coifed foremost of the court, seems to have faded into a supporting capacity to the peppy lawyers available to do battle.

He comes to court in long-coated suits with silk ties and sits quietly at the deliberation pigeon-hole while his young wife, Rachelle, waits in the observer section. When he rises from his presiding officer to beat it the courtroom, she comes forward to remove his arm, as if he would fall over without her support. "The bring into prominence of another trial is wearing on him," said Weinberg. "He's Pollyannaish but there is stress.

" During jury selection, only a few prospects remembered Spector's heyday as the inventor of the "Wall of Sound" recording know-how and creator of teen anthems including "To Know Him is to Love Him," the Ronettes' model "Be My Baby," The Crystals' "Da Doo Ron Ron" and the Righteous Brothers' "You've Lost that Lovin' Feelin."' He also produced Ike and Tina Turner's "River Deep-Mountain High" and worked on a Beatles album with John Lennon.

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SEB about a fifth of its operating a packet in the Baltics, where accommodation losses are rising as money-making growth stalls and the fortune market slumps. Income.

Oct. 23 (Bloomberg) -- , the second-largest bank in the Baltic region, said third-quarter of advantage slumped 51 percent after turbulence in monetary markets sad commission return and losses on severe loans in Estonia, Latvia and Lithuania rose. Net proceeds dropped to 1.51 billion kronor ($191 million), from 3.09 billion kronor a year earlier, the Stockholm-based lender said today in a statement. That missed the customary 1.72 billion-krona viewpoint of seven analysts surveyed by Bloomberg.

Loan losses jumped almost fourfold to 725 million kronor. SEB about a fifth of its operating further in the Baltics, where advance losses are rising as monetary flowering stalls and the quality hawk slumps. Estonia's principal bank expects unpunctual loans to almost paired to as much as 4 percent of total number praise as the country's briefness contracts through 2009 on slowing native requisition and weaker epidemic growth. ''SEB is surface an bad quarter,'' , an analyst at D. Carnegie & Co., wrote in an Oct. 16 note.

The target ''will be on talent distinction and any cost-cutting measures to moderate the cause of a weakening income,'' he added. Sweden's biggest banks would come through even if the hinterlands and the go of the world knowledge a ''deep'' recession, with loan losses rising to as much as 8 percent in the Baltics and to 2 percent in Sweden, the Swedish economic regulator said Oct. 15. While Swedish banks avoided the worst of the acknowledge crisis, the interbank lending bazaar dried up after the cave in of Lehman Brothers Holdings Inc. in September. That unnatural Sweden on Oct. 20 to bail as much as 1.5 trillion kronor to attest to interbank loans as responsibility of a wider stabilization plan.

It may also corrupt stakes in banks, if needed.

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Support grant, not loan. Income loan.

National chieftain John Key says the monetary strengthen plan to be unveiled this week would most acceptable be a grant, not a loan, to settle who lost their jobs in the recession and could not come together their mortgage payments. He indicated it would be a provisional measure and means-tested. The funding of it would not bumping on the deficit. That lends preponderance to the suggestion that the finance would be funded from the fees the Government is charging banks for the alluvium guarantee organization - expected to amount to about $100 million.

He said the plot would not oppose between people who lost their activity through incompetence or through the downturn. Green MP Sue Bradford, a old activist for idle workers, said the draft was "seriously flawed". It demonstrated Mr Key's shortage of sagacity of the practicalities of administering a national sociable security system.

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Boeing, society reach speculative deal to end strike. Today.

Do these vehicles overlook familiar? China's vigorous quest to become a global or slang motor empire is ruffling the feathers of Japanese, European and American automakers. An entrepreneur lures aspiring miners to an dated gold-rush town. Photographs by John Clark.

These guys cognizant of how to titter off the warrant market. © 2008 Cable News Network. A Time Warner Company. All Rights Reserved. under which this worship is provided to you.

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Watch Heroes Season Episode. And, FYI, when he mentions "that big-headed kid," he means MSNBC's Keith Olbermann: "So now, in an shot to conserve his campaign, they’re talking about coming back. Today.

As anyone within shouting footage of David Letterman knows, two weeks ago Republican presidential selectee Sen. John McCain ditched the "Late Show" herd in order, the senator said, to remedy instal the economic crisis. To the ecstasy of many viewers, and Democrats, Letterman.

This week, the New York Post that the two ci-devant friends could have an on-air cosmetics hearing next week, when McCain is in New York to deliberate Barack Obama for the at the rear time. But in tonight's "Late Show," Letterman once again spouted off about the feud. And in the course of action of scornfully recounting it -- "war hero," "economy," "rush back to Washington," "spent the evensong in New York," "Katie Couric," yadda, yadda -- he revealed details about the negotiations to invoke McCain back that … well, it's unfalteringly to believe that the McCain throw will fellow this. Here are excerpts of Letterman's remarks that we put on to you exclusively. And, FYI, when he mentions "that big-headed kid," he means MSNBC's Keith Olbermann: "So now, in an try on to scrimp his campaign, they’re talking about coming back.

You behold what I’m saying? So we said, 'Sure, we would brotherhood you to come back.' And even on the phone, he said, 'I’ll bring…Sarah.' But they’re being squirrely. Politicians can be squirrely. Because we have a stage picked. We do this show every afternoon at 5:30. He wants to do the show at 5.

So one –- we have no attest to he’s affluent to show up, period. And we’ve philanthropic of already rearranged our outline on his behalf to reserve the economy, right? By getting that big-headed kid in here to confabulation about the politics. You recognize what I’m driving at? I just don’t be informed if we can bank him.

And by the way, I don’t poverty to cause to remember you that the avenue to the White House runs prerogative through here." The highest reproduction of Letterman's flatulence is after the jump.

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Before granting a household mortgage, Wells Fargo examines several criteria of advance applicants: esteem score, Income.

Despite all the confab about the frozen attribution market, big-ticket loans are handy across the Las Vegas Valley - for those who can match the more stringent terms. "Nobody’s wealthy to give 100 percent financing," said Debbie Priebe, a adjoining ramify forewoman for U.S. Mortgage of Nevada.

"If they did, it would be 17 percent interest, at least." And if you want a credit to gain honest estate for a area today, you’ll be paying down a greater allowance than 12 months ago. Before granting a severely mortgage, Wells Fargo examines several criteria of accommodation applicants: attribute score, debt-to-income ratio, two years of W2 encumbrance forms, two months of bank statements and payroll stubs. "Just about anybody could get a allowance two years ago," said Jonathan Taylor, the regional overseer for Wells Fargo Home Mortgage. Today "we’re much more prudent.

" A unfortunate place one's faith number matchless can death applicants, even if they can put rhino down. A pre-eminent bank rejected a mortgage attention from Johnathon French, a mixing contractor at CityCenter, because his status resided in the 500s. Priebe’s standard at identified errors in his faith report, boosting his score to 650. That enabled him to condition for a Federal Housing Administration loan for a baby two-bedroom condo near Sam’s Town.

Meeting the unfamiliar thresholds is essential. Nevada Bank & Trust has charmed a "black-and-white" make to lending, said Robyn Schaefermeyer, the spin-off superintendent in Mesquite. "Credit is so stringy that even if the gink across the table is principled - we know him, he’s our colleague - we’re still making hard-line decisions.

" Not too covet ago at some Southern Nevada banks, short businesses could have secured loans of 80 percent of the unconditional rate for commercial truthful estate acquisitions and development. At Desert Community Bank today, that count on now stands at about 75 percent for owner-occupied properties, 70 percent for investor-owned properties and 65 percent for specialty operations, including restaurants, according to first ascription appointee Gerald Buttaccio. It’s not just the banks that are playing it securely - or safer. A year or two ago, Lisa Merha would have strongly considered seeking a loan to set in motion a restaurant franchise. But with the stingy confidence in market, Merha and her preserve are financing their Red Brick Pizza dive in North Las Vegas themselves.

But the unheard of loan requirements - including a larger down pay - made her nervous. "The stringent requirements they’re putting on miserly businesses is a risk," said Merha, who is planning to get under way to Las Vegas from San Bernardino, Calif. More than a year ago, the Area Health Education Center of Southern Nevada, an outreach arm of the University of Nevada School of Medicine, unconditional to economics a $30 million complex with the mitigate of a developer, according to the center’s overseer of marketing and development, Amanda Gillespie.

That developer finally backed out, so the center opted to rip instead. Considering the slumped economy, the center doesn’t feel remorse for disappearing on the loan route. "I don’t be familiar with if it was a spoonful fortune-telling … or what, but I’m gratified we didn’t do a loan," Gillespie said.

Homes today can be bought with just 3 percent down for a Federal Housing Administration loan as the 30-year-old French did. (That character will soon heighten to 3.5 percent). FHA loans were worn in about 40 percent of single-family hospice sales in August, up from 2.2 percent the aforementioned August, according to the Greater Las Vegas Association of Realtors.

About 75 percent of the mortgages processed by Flagship Financial Group in the prior six weeks are FHA loans, mortgage professional Steve Schauer said. "FHA would be the loan of selection good now," Taylor said. For those who don’t chevy an FHA loan, many banks now ahead to down payments of at least 10 percent for homes bought for less than $417,000 - a repetition to the days before the explode when 30-year, fixed-rated mortgages with 10 percent down were the norm.

In declining protection markets, which cover Las Vegas and Phoenix, Bank of America requires down payments of at least 15 percent on non-FHA mortgages, spokesman Terry Francisco said. FHA loans typically demand put scores of 580 or above; stuffy mortgages exigency far higher scores, often in the 700s. At the peak of the accommodation boom, wheels dealerships had tiny strain approving financing for buyers with honour scores under 600.

Even those with faithfulness scores under 500 could once in a while get a deal struck with a small-scale down payment. "It employed to be, possibly five years ago, you just had to cause a judgment call out based on what you knew and didn’t know," said Steve Curtis, affairs chief at Findlay Chevrolet. Curtis estimates that two years ago, 90 percent of loan applicants at his dealership were approved.

Today, that appear is down to about 60 percent. He cites several obstacles for what it takes buyers: depend on score; a punishing depreciation of trucks and wear utility vehicles owners seek to buying and selling in, and the debt-to-income ratio. "You may honour every beak and have a honest dependability score, but if you’re living on have faith cards, (banks) espy that," Curtis said.

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U.S. Ag Department lowers piece rates for residence loans. Income loan.

MIDDLETOWN — The U.S. Department of Agriculture Rural Development instrumentality is reducing its scrutiny reproach on show digs loans to 5.375 percent. The replace is effective on November 1.

The counsel advance program provides government loans to very-low- and low-income buyers. Borrowers must be able to offer mortgage payments, including taxes and insurance, and have a proper commendation history. Direct loans are for 33 years, although 38-year terms are handy in some cases. Payment succour is elbow for many qualifying borrowers. For more information, call in 343-1872, ext. 4, or go to www.rurdev.usda.gov/ny.

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Global Financial Troubles Reaching Into Gulf States. Stated profit loan.

Published: Monday, October 27, 2008 at 5:17 a.m. Last Modified: Monday, October 27, 2008 at 5:17 a.m. The wide-ranging fiscal disaster extended its equal into the Persian Gulf states on Sunday, as Kuwait suspended trading in shares of a notable bank and the Saudi authorities announced a layout to serve citizens be informed credit.

The Central Bank of Kuwait halted trading in Gulf Bank, one of the country’s largest lenders, after a consumer defaulted on a derivatives contract. The inside bank said it would "strongly underwrite the bank’s monetary position" and cover depositors, to state the patrons that Gulf Bank’s profession would not be affected. Major oil-producing countries had seemed to be insulated from the catastrophe shaking the foundations of the worldwide economic system.

Oil prices rose during the in front half of 2008, giving such countries a jellied mitigate of cash. But a potent dab in lubricator prices has port side the fjord economies vulnerable. Many oil-rich governments became dependent on drugged prices. After reaching a curriculum vitae of more than $147 a barrel in July, prices have collapsed.

On Friday, lubricate futures settled in New York at $64.15 a barrel, falling $3.69 even after OPEC announced that it would mark down origination by 1.5 million barrels a day.

"This shows the split countries are not exempt to the overall problems in the pecuniary system," Olivier Jakob, an grease analyst at Petromatrix in Zug, Switzerland, said during an vetting Sunday. "If we get below $60 a barrel, some of these countries will suffer." Globally, banks have posted losses and write-downs totaling $681 billion since the set up of the impute crisis, according to Bloomberg News.

So far the destruction in the Middle East has been limited. But any big-hearted losses in the jurisdiction could ask governments to bail out their own lenders and hasten hopes that designated lordly affluence funds from the locality would be able to hand deliver troubled institutions in the West. In Saudi Arabia, always on warder against imminent unrest, King Abdullah said that 10 billion riyals, or $2.7 billion, would be placed in an report in the Saudi Bank of Credit and Saving to sanction the bank to support hundreds of thousands of citizens acquire loans for house needs, including marriages and snug harbor repairs.

On Saturday, invest in ministers from the Gulf Cooperation Council and prime bankers met in Riyadh, the Saudi capital, to consult on a more coordinated rejoinder to the crisis. In a statement, officials "underlined their aplomb in the determination of the fiscal arrangement in their countries," and said their economies should persevere to grow. In joining to Saudi Arabia, the Gulf Cooperation Council includes Bahrain, Qatar, Kuwait, Oman and United Arab Emirates.

In Kuwait, the essential bank also said it was emotional toward guaranteeing deposits at state banks. Many other countries have already charmed that step, putting lenders in countries with no bond at a disadvantage. Gulf Bank’s superior executive, Louis J. Myers, said the trouncing would have "no dominating crap on the soundness of the bank’s financial position, and will not feign its gift to sustain business.

" Fawzy al-Thunayan, a spokesman for Gulf Bank, said Sunday that the drubbing was incurred by a Kuwaiti cast on a "complicated currency derivative," essentially a play on the euro. "The arrange worsened in the up to date 10 days as the euro dived against the dollar," he added, but the bloke had been unfit or unwilling to get tiptop its losses. The bank will not opinion on the amount of the loss "until the slant is completely closed," he said, and trading in Gulf Bank will persevere suspended until the issue is settled. Ibrahim Dabdoub, main executive of the rival National Bank of Kuwait, told Al Arabiya box that the losses were as much as 200 million dinars, or nearly $750 million.

The calamity could burn the creek states in other ways. KPMG International, the accounting firm, warned persist week that financial craft in the area could kill into the billions of dollars a year. Colin Lobo, a KPMG partner, said the financial moment was creating an setting "where the jeopardy of subterfuge will increase as businesses come under pressure to show results.

Likewise, individuals will also be tempted where costs are rising and gain levels are flat." Stocks in the sphere are off about 40 percent this year.

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The world's biggest monetary firms have recorded losses of $657 billion tied to the international confidence crisis and raised $640 billion to restock capital. Income loan.

Oct. 23 (Bloomberg) -- , Georgia's largest lender, posted a 26 percent reduction in third-quarter aid and said it may merchandise a stick to the U.S. government. Net profit obtainable to reciprocal shareholders was $307.3 million, or 88 cents a share, compared with $412.6 million, or $1.18, a year earlier, the Atlanta-based caller said today in a statement.

Earnings hammer the 58-cents-a-share of nine analysts surveyed by Bloomberg. SunTrust said it will make application to traffic in $1.6 billion to $4.9 billion in preferred shares to the U.S. Treasury, joining regional lenders including KeyCorp and Regions Financial Corp. that want to participate in the $250 billion program to recapitalize banks.

The world's biggest pecuniary firms have recorded losses of $657 billion tied to the far-reaching ascription chew and raised $640 billion to fill capital. ''We are in a placement of grit and we do not have a unfathomable indigence for this capital,'' Chief Executive Officer said during a colloquy bellow today. ''However, given the stage of fiscal uncertainty, it may be economic to dedicate oneself to this option, specifically since the preferred corny is attractively priced.'' SunTrust set aside $503.7 million for soured loans, more than understudy the $147 million set aside in the same duration a year ago.

Nonperforming loans increased to 2.6 percent of the amount as of Sept. 30, from 2.09 percent on June 30. Revenue rose 21 percent to $2.46 billion. 'Adequate Capital' Wells has been venomous costs by $500 million a year and reining in lending to insure rising defaults on loans to habitation builders and residential developers.

The bank has also announced plans to hutch its leash in to mitigate provide capital. ''SunTrust has middling wealth and should carry out to get its mode through the evolving assign cycle,'' Morgan Keegan & Co. analyst said in an Oct. 8 note. SunTrust $1.50 to $40.13 yesterday in New York Stock Exchange composite trading.

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Gaffigan. Will tonight's Gator Growl be hit or miss? Today.

Tonight, he'll be performing in cover-up of a flock expected to be more than six times that magnitude at the University of Florida's Gator Growl in Ben Hill Griffin Stadium. "Most comics have never done a venue this big," he said Thursday at a put through a mangle bull session for the event. Reep is known as the "That trend got a Hemi?" caricature in Dodge commercials and won the fifth mellow of TV's "Last Comic Standing.

" He'll run at Gator Growl along with the Steve Miller Band, which topped the charts in the 1970s with songs such as "The Joker" and "Fly Like an Eagle." Gator Growl bills itself as the largest student-run vim renewal in the country. Event creator Michael "MJ" Jordan, a elder effect governance vital at UF, said this year's acts were chosen for their girl appeal. "Gator Growl is for the whole world from ages 2 to 102," he said.

"We be placed a intentional deed to assay to gratify everybody." But the event's performers have not always been family-friendly. A raunchy Robin Williams in 1982 caused malignity mid alumni, which led to the batch of an aging Bob Hope in the next year.

The result has featured other edgy comedians in its report but has veered toward uncontaminated acts in the definitive few years. Some students have been serious of the comedians picked in that time. The dais of Student Government's Orange and Blue Party even called for more observer neglect of the affair to abort "fourth-tier performers" from being chosen.

"We'd get off on to move in fact getting performers that have been trendy in the former times two or three decades," said get-together leader Sam Miorelli. He spiked to Florida State University's PowWow homecoming show as an criterion of the comedians he'd as though to see. In the since three years, PowWow has featured Comedy Central hostess Stephen Colbert, litigious jocular Sarah Silverman and c whilom "Saturday Night Live" mould member Jimmy Fallon.

In those years, Gator Growl has featured funny man Jim Gaffigan, impersonator Frank Caliendo and now Reep. The occurrence is new than PowWow in the event that it looks to showcase up-and-coming comedians, Jordan said. "The objective of Gator Growl has been to judge the crowd that aren't as well-known" and give them a rostrum for greater exposure, he said. The outcome has only once in a while featured melodic acts over the years, including jazz pianist Herbie Hancock in 1984, their heels group Sugar Ray in 2003 and Southern toss bank Lynyrd Skynyrd in 2007.

Jordan said he deliberating ultimate year worked well and wanted to carry on the trend, but getting a strip meant spending much of the event's budget for performers. It costs about $750,000 to put on Gator Growl, assist the conclusion and hold the events on campus that first it, Jordan said. The Steve Miller Band get $160,000, and Reep fetch $25,000 to perform, he said. Jordan said he started with a muster of 40 comedians and tuneful acts before whittling down the bibliography based on availability and interest.

Before choosing Reep, he watched Reep about in Tampa during the summer. "As soon as he got on stage, I knew he'd be great for Gator Growl," he said. "His comedy is able to irritated the generations.

He's someone that every Tom can set forth to." Reep disputes the teaching that he needs to be sullied to sue to a younger crowd. He said he'll be talking about beer, football and other topics that attraction to both the unfledged and old. "You don't have to be feculent to purvey to students," he said.

But Reep's thrust discussion showed he won't diffident away from offending some people. When asked about his position in the Dodge commercials, he said he'd been given a communication for the work. "It came with a also evening in back," he joked. Nathan Crabbe may be reached at 338-3176 or.

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Park slips to 3Q failure on Florida write. Stated gain loan.

A write-down on the value of the Florida bank bought more than a year ago drove the bank to a more than $38 million third-quarter loss. The Newark-based bank told investors Monday after the markets closed that it vanished $38.4 million, or $2.75 a share, during the quarter. That's compared with a earn of $21.3 million, or $1.50 a share, in the same epoch go the distance year.

The third-quarter sacrifice includes a $55 million assess to the uneaten half of the non-cash, or goodwill, value of Panama City-based Park (AMEX:PRK) bought Vision for $171 million in March 2007 and in January hew down the bank's goodwill value in half, by $54 million. The bank told investors wear week that it slashed the bank's surviving goodwill value following a continuing worsening of its mortgage portfolio. Vision in the third house recorded a loan-loss term of $11.5 million, accounting for more than 70 percent of the $15.9 million Park set aside after neighbourhood to compensate for naughty loans.

"The weight of the decrease is ostensible in our short-term stated proceeds results, although it has no force on our regulatory capital, cash, or dividends," Park Chairman and Chief Executive Officer Daniel DeLawder said in a release. "We persevere well capitalized and are performing with zealous operating results through periods of unprecedented financial change." Absent the one-time charge, Park's third-quarter pay were down 22 percent at $16.6 million. Third-quarter grid-work captivate receipts increased 10 percent to $65.2 million from $59.4 million stand up year.

Noninterest profit from fees knock 10 percent to $17.1 million from $19.1 million. As a follow-up of the Vision write-down, year-to-date yield are down drastically at $2.76 million, or 20 cents a share, versus $65.9 million, or $4.61 a share, through September 2007.

Combined bring in investment and noninterest revenue through September was up 8 percent from a year ago at $247.7 million, versus $228.4 million persist year. Park has $6.8 billion in assets.

Park consists of 12 community banks, including Park National Bank, which has offices in Centerville and Springboro. BizPulse Survey: Would Obama or McCain be better for the economy? E-mail dayton@bizjournals.com. Call (937) 528-4400.

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William Weld. Republican late Mass. governor endorses Obama. Today.

Weld said he's never endorsed a Democrat for president before, but in the terminal six weeks or so, it became "close to a no-brainer." Obama has a depiction of bringing Democrats, Republicans and independents together and is the best superior at a control when America's perpetual in the Terra is at a sorrowful point, he said. "It's not often you get a dude with his union of qualities, superintendent surrounded by which I would say is the deep intuit of calm he displays, and I assume that's a product of his equally recondite intelligence," he said in a phone interview.

He insisted his sanction was based on an assessment of Obama's strengths, not Republican John McCain's weaknesses. "John McCain is a very avail guy," he said. "I do expect the Republican Party has been playing on an increasingly trifling speciality in the latest connect of elections." Weld joined other main Republicans endorsing Obama over McCain in the campaign's irrevocable weeks, including one-time Secretary of State Colin Powell, recent Minnesota Gov.

Arne Carlson and Scott McClellan, prior stress secretary to President Bush. Weld announced his vouch for at a despatch colloquium at Obama's campaign office in Salem. Last year, he came to New Hampshire to struggle for another preceding Massachusetts governor, Republican Mitt Romney, who ended his tell for the presidential nomination in February. Weld was governor of Massachusetts from 1991 to 1997. Before that, he was U.S. attorney for Massachusetts under President Reagan and later led the malefactor segment of the U.S. Justice Department.

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Southern First Reports Results for Third Quarter 2008. Stated receipts loan.

Three Months Nine Months Ended September 30, Ended September 30, 200820072008 2007 (Dollars and shares in thousands, leave out per dividend data) Summary Results of Operations Data: Interest income$10,059 $10,280 $30,705 $28,984 Interest impairment 5,216 5,857 16,690 16,627 Net excite income4,843 4,423 14,015 12,357 Provision for credit losses650 4501,950 1,290 Net incline return after prearrangement for allowance losses 4,193 3,973 12,065 11,067 Noninterest proceeds (1,427)247 (741)989 Noninterest loss 3,041 2,7859,212 8,112 Income (loss) before taxes (275) 1,4352,112 3,944 Income pressurize detriment (benefit)(148)478 630 1,278 Net profit (loss) $(127) $957 $1,482 $2,666 Reconciliation of GAAP to Non-GAAP Measures Net revenue (loss), as reported (GAAP) $(127) $957 $1,482 $2,666 Non-operating items: Impairment dictate on FNMA stock, closing of gain tithe 1,198 -1,198 - Gain on estate held for sale, gain of takings try - --(210) Operating pay (net income, excluding non- operating items) $1,071$957 $2,680 $2,456 Per Share Data: Net income (loss), primary $ (0.04) $0.33$0.50 $0.91 Net income (loss), diluted$(0.04) $0.30$0.47 $0.82 Book value $12.48 $12.59 $12.48 $12.59 Weighted norm million of shares outstanding: Basic3,002 2,9462,985 2,941 Diluted 3,002 3,2363,175 3,241 SUMMARY OF CONSOLIDATED FINANCIAL DATA, CONTINUED Three Months Nine Months Ended September 30, Ended September 30, 20082007 2008 2007 Performance Ratios: Return on typical assets (1) (0.07)% 0.66 %0.29 %0.64 % Return on mediocre right-mindedness (1) (1.29)% 10.50 %5.02 % 10.07 % Net hold lip (1) 2.97 % 3.14 %2.94 %3.07 % Efficiency correlation (2)57.84 % 59.64 % 60.75 % 60.78 % Growth Ratios and Other Data: Percentage modulate in nett income (loss) from the same term of the one-time year (113.2)% (44.4)% Percentage swap in diluted concluding income (loss) per allowance from the same stretch of the above-mentioned year (113.3)% (42.7)% At September 30, 2008 2007 (Dollars in thousands) Summary Balance Sheet Data: Assets$696,566 $614,271 Investment securities 102,021107,029 Loans (3) 561,275483,698 Allowance for advance losses6,492 5,447 Deposits 477,828415,064 Federal Home Loan Bank Advances and mutual accountability 161,700143,500 Junior staff member debentures 13,403 13,403 Shareholders' equity37,648 37,092 Asset Quality Ratios: Nonperforming assets, lifetime due and restructured loans to come to loans (3)0.98 % 0.69 % Nonperforming assets, days beyond recall due and restructured loans to totality assets 0.79 % 0.54 % Net charge-offs year to entertain to so so tot up loans (3)(4) 0.30 % 0.24 % Allowance for accommodation losses to nonperforming loans 188.54 % 184.41 % Allowance for loan losses to unmitigated loans (3)1.16 % 1.13 % Capital Ratios: Average disinterestedness to common assets 5.81 % 6.31 % Leverage ratio7.73 % 8.66 % Tier 1 risk-based ripsnorting correspondence 9.30 %10.08 % Total risk-based prime proportion 10.43 %11.17 % Growth Ratios and Other Data: Percentage replacement in assets 13.40 % Percentage alteration in loans (3) 16.04 % Percentage silver in deposits15.12 % Percentage interchange in impartiality 1.49 % Loans to partial payment relationship (3) 117.46 % (1) Annualized for the three and nine month periods. (2) Computed by dividing noninterest sacrifice by the amount of end involve income, excluding the increase on vending and vitiation imputation on securities and physical place activity, and noninterest income. (3) Includes nonperforming loans. (4) Annualized for the nine month period.

FINANCIAL CONTACT: JIM AUSTIN 864-679-9070 MEDIA CONTACT: EDDIE TERRELL 864-679-9016 WEB SITE: www.southernfirst.com SOURCE Southern First Bancshares, Inc.

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Ah, stipulate the Obama people, you forget: Even those who payment no receipts taxes pay payroll taxes for Social Security. Stated.

Now we know: 95% of Americans will get a "tax cut" under Barack Obama after all. Those on the receiving end of a counter will cover the estimated 44% of Americans who will be beholden to no federal revenue taxes under his plan. AP In most parts of America, getting means back on taxes you haven't paid sounds a lot in the manner of welfare. Ah, contemplate the Obama people, you forget: Even those who pay off no profit taxes recompense payroll taxes for Social Security.

Under the Obama plan, they say, these Americans would get an takings customs honour up to $500 based on what they are paying into Social Security. Just two petite questions: If nation are present to get a rate refund based on what they get revenge on into Social Security, then we're not actually talking about return put a strain on relief, are we? And if what we're extremely talking about is payroll pressure relief, doesn't that connote billions of dollars in lost profits for a Social Security trust grant that is already badly underfinanced? Austan Goolsbee, the University of Chicago cost-effective professor who serves as one of Sen. Obama's stopper advisers, discussed these issues during a current illusion on Fox News. There he stated that the plea to the first call in is that these Americans are getting an income tax rebate.

And the rebutter to the second is that the rake-off would not actually come out of Social Security. "You can't just chop the payroll cess because that's what funds Social Security," Mr. Goolsbee told Fox's Shepard Smith. "So if you tried to do that, you would sap the Social Security Trust Fund.

" Now, if you have been following this so far, you have literate that bodies who castigate no gain demand will get an income tax refund. You have also trained that this check will act for relief for the payroll taxes these public do pay. And you have been assured that this percentage check won't actually come out of payroll taxes, lest we maltreat Social Security. You have to regard the audacity. With one smell of the Obama magic, what otherwise would be described as compelling money from Peter to produce Paul is now transformed into Paul's excise relief.

Where a charge cut for payroll taxes paid will not in deed come from payroll taxes. And where all these plans come together under the fustian shield of "Making Work Pay." Not Dick is persuaded. Andrew Biggs is a book-woman at the American Enterprise Institute and a prior Social Security Administration lawful who has written a great deal about Mr. Obama's plans on his blog ().

He notes that to be in sympathy the unintended consequences, it helps to keep in mind that while the crowd at the bottom honour a higher percentage of their income in payroll taxes, they are accruing benefits in residual of what they atone in. "It's captivating that Mr. Obama calls his script 'Making Work Pay,'" says Mr. Biggs, "because the incentives are just the opposite.

By expanding benefits for masses whose benefits top their taxes, you're increasing their disincentive for work. And you're doing the same at the first-rate of the proceeds scale, where you are raising their taxes so you can deal the interest to others." Even more exciting is what Mr. Obama's "tax cuts" do to Social Security financing. As Mr. Biggs notes, had Mr. Obama proposed to be advantageous for payroll burden liberation out of, well, payroll taxes, his diagram would never have a endanger in Congress.

Most members would face at a contemplate that defunded a care pay for that seniors are counting on for their retirement as national suicide. And that leads us to the boldness of this problem. If the government is flourishing to give tax cuts to 44% of American based on their Social Security taxes -- without really refunding to them the currency they are paying into Social Security -- Mr. Obama will have to get the funds elsewhere.

And this is where "general revenues" turns out to be a more satisfactory advance of saying "Other People's Money." When asked about his priorities during the espouse presidential debate, Mr. Obama said that rectification of programs feel favourably impressed by Social Security would have to go on the back burner for two years or so. "We're not universal to clarify Social Security and Medicare unless we interpret the be placed of our levy policies," he said. The senator is right.

But you have to understand the satisfactory silk screen of his encumber cuts to grasp why. Write to Please tot your comments to the.

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Fulton Financial 3Q good falls 13.4 percent. Income loan.

LANCASTER, Pa. - Shares of Fulton Financial Corp. prostrate precipitately on Wednesday after the bank holding fellowship reported a 13.4 percent run out of gas in trellis-work proceeds for the third quarter, felled by charges kin to impaired investments and a nearly six-fold burgeon in its measures for credit losses.

After the market closed on Tuesday, Fulton reported gain profit of $29.1 million, or 17 cents per share, compared with $33.6 million, or 19 cents per share, in the disposed to span a year ago.

Analysts polled by Thomson Reuters on so so expected a be advantageous of 23 cents per share. Shares of Fulton slid $1.14, or 10 percent, to $10.19 in matutinal trading. "We do not watch recuperation in our resource je ne sais quoi metrics until we begin to meditate ponderable signs of remunerative recovery," R. Scott Smith Jr., Fulton's chairman, governor official and president said in a statement.

"Many households and businesses are currently struggling." During the September quarter, Lancaster, Pa.-based Fulton recorded $10.8 million in pretax charges connected to bank stocks and assured accountability securities whose values have decreased. Fulton also expanded its arrangement for advance losses to $26.7 million from $4.6 million.

Non-performing assets increased as a piece of add up to assets to 1.15 percent, or $186.4 million, from 0.69 percent, or $107 million, a year ago.

Fulton blamed the lame frugality for the distend in the army of these loans, which seized most types of lending. The enterprise operates more than 265 banks in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. Annualized after deductions charge-offs in the put up - sinful loans less what the bank was able to health - were 0.38 percent of come to loans, up from 0.08 percent wear year. Total loans increased by 7.6 percent to $11.82 billion, driven mainly by commercial mortgages but repay by a fall in construction loans and consumer lending, since Fulton sold its attribute playing-card portfolio in the backer quarter. Total deposits demolish by 3.6 percent to $9.92 billion in the quarter. Net move receipts increased by 9.5 percent to $134 million, while absolute other takings cut by 16.7 percent to $30.6 million. Copyright 2008 The Associated Press. All rights reserved.

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Developed circle must tackle proceeds inequality: OECD. Stated.

The cram looks at the 30 OECD colleague nations, a heap that includes Canada's major European allies, the U.S., Mexico, Australia, New Zealand and Japan. "Growing difference is divisive.

It polarizes societies, it divides regions within countries, and it carves up the globe between splendid and poor," said Angel Gurria, secretary-general of the Paris-based OECD. "Greater takings injustice stifles upward mobility between generations, making it harder for expert and hard-working commoners to get the rewards they deserve. Ignoring increasing inconsistency is not an option." The OECD says one contributing circumstance to increased discrepancy in many countries, including Canada, is the increased bunch of single-parent families and colonize living alone. Canadian governments also offer the unacceptable with fewer unemployment and sexually transmitted benefit benefits compared to most OECD countries.

"Partly as a result, taxes and transfers (in Canada) do not lose weight inequity by as much as in many other countries. Furthermore, their purpose on partiality has been declining over time," the appear said. The information attributes the growing return division to each OECD countries to decreased blue-collar worker unionization, the heightened focus on technological skills in the workforce, and authority system changes. Governments, for instance, have been funnelling more collective program expenditures into strength care and pensions in recent years, a style that coincides with less money being targeted at the pitiful and unemployed.

Gurria said popular program spending has had predetermined success and called on all governments to upgrade education and training to improve the fortunes of low-skilled workers. "Increasing retaining is the best course of reducing poverty," he said in a statement.

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Assets 91.02 90.94 90.38 Allowance for Loan Losses as % of Total Loans 1.14 1.05.99 Net Charge Off's as % of Average Loans (Annualized). Income.

CONSOLIDATED STATEMENTS OF INCOME September 30, June 30, March 31, (in thousands, excuse allotment data) 2008 2008 2008 Loans receivable Taxable $49,828 $49,023 $51,101 Tax exempted 321 178 165 Investment securities Taxable 2,943 2,947 3,249 Tax free 1,379 1,452 1,513 Federal funds sold 10 3 8 Deposits with fiscal institutions 146 133 282 Federal Reserve and Federal Home Loan Bank lineage 351 370 335 ------------ ------- -------- Total concern gain 54,978 54,106 56,653 ------------ ------- -------- Interest sacrifice Deposits 16,213 16,297 19,433 Federal funds purchased 502 577 669 Securities sold under repurchase agreements 650 632 816 Federal Home Loan Bank advances 2,724 2,825 3,036 Subordinated debentures, revolving solvency lines and designation loans 1,635 1,602 1,890 ------------ ------- -------- Total percentage destruction 21,724 21,933 25,844 ------------ ------- -------- Net enlist revenue 33,254 32,173 30,809 Provision for allowance losses 7,094 7,070 3,823 ------------ ------- -------- Net incline return After requirement for credit losses 26,160 25,103 26,986 Other proceeds Service charges on lees accounts 3,568 3,157 2,931 Fiduciary activities 1,932 2,126 2,142 Other buyer fees 1,696 1,767 1,679 Commission takings 1,457 1,427 1,669 Earnings on specie concede value of brio security 519 606 738 Net gains and fees on sales of loans 648 668 643 Net realized gains (losses) on sales of available-for-sale securities (1,255) 13 73 Other profit 655 570 652 ------------ ------- -------- Total other receipts 9,220 10,334 10,527 ------------ ------- -------- Other expenses Salaries and staff member benefits 15,330 15,698 16,098 Net occupancy 1,857 1,750 1,805 Equipment 1,649 1,643 1,654 Marketing 605 612 484 Outside text processing fees 1,068 1,009 882 Printing and obligation supplies 281 291 281 Core down payment amortization 809 808 790 Other expenses 5,516 4,593 4,279 ------------ ------- -------- Total other expenses 27,115 26,404 26,273 ------------ ------- -------- Income before income impose 8,265 9,033 11,240 Income duty impairment 2,516 2,491 3,114 ------------ ------- -------- Net income $5,749 $6,542 $8,126 ============ ======= ======== Per Share Data Basic Net Income.32.37.45 Diluted Net Income.32.36.45 Cash Dividends Paid.23.23.23 Average Diluted Shares Outstanding (in thousands) 18,196 18,159 18,055 FINANCIAL RATIOS Return on Average Assets.60%.69%.86% Return on Average Stockholders' Equity 6.58 7.46 9.43 Avg. Earning Assets to Avg. Assets 91.02 90.94 90.38 Allowance for Loan Losses as % of Total Loans 1.14 1.05.99 Net Charge Off's as % of Average Loans (Annualized).49.61.41 Dividend Payout Ratio 72.80 63.85 51.10 Average Stockholders' Equity to Average Assets 9.09 9.30 9.17 Tax Equivalent Yield on Earning Assets 6.39 6.41 6.78 Cost of Supporting Liabilities 2.48 2.56 3.04 Net Interest Margin (FTE) on Earning Assets 3.91 3.85 3.74 December 31, September 30, (in thousands, leave out percentage data) 2007 2007 Loans receivable Taxable $53,338 $53,081 Tax off the hook 302 368 Investment securities Taxable 3,487 3,581 Tax released 1,623 1,613 Federal funds sold 39 41 Deposits with economic institutions 194 145 Federal Reserve and Federal Home Loan Bank sheep 344 328 ----------- ------------ Total provoke income 59,327 59,157 ----------- ------------ Interest ruin Deposits 22,398 23,327 Federal funds purchased 692 996 Securities sold under repurchase agreements 1,182 1,195 Federal Home Loan Bank advances 3,250 3,302 Subordinated debentures, revolving belief lines and incumbency loans 1,910 1,802 ----------- ------------ Total incite detriment 29,432 30,622 ----------- ------------ Net prevail upon income 29,895 28,535 Provision for advance losses 2,450 2,810 ----------- ------------ Net kindle income After qualification for accommodation losses 27,445 25,725 Other income Service charges on place accounts 3,206 3,241 Fiduciary activities 2,094 1,985 Other purchaser fees 1,686 1,767 Commission income 1,031 1,175 Earnings on hard cash throw in the sponge value of obsession guarantee 1,186 998 Net gains and fees on sales of loans 546 749 Net realized gains (losses) on sales of available-for-sale securities 1 Other income 383 933 ----------- ------------ Total other income 10,133 10,848 ----------- ------------ Other expenses Salaries and wage-earner benefits 14,738 14,583 Net occupancy 1,619 1,818 Equipment 1,619 1,645 Marketing 505 560 Outside matter processing fees 872 972 Printing and service supplies 329 394 Core set amortization 789 789 Other expenses 4,776 4,241 ----------- ------------ Total other expenses 25,247 25,002 ----------- ------------ Income before income encumber 12,331 11,571 Income pressurize loss 3,021 3,221 ----------- ------------ Net income $9,310 $8,350 =========== ============ Per Share Data Basic Net Income.51.46 Diluted Net Income.51.46 Cash Dividends Paid.23.23 Average Diluted Shares Outstanding (in thousands) 18,138 18,276 FINANCIAL RATIOS Return on Average Assets 1.00%.90% Return on Average Stockholders' Equity 11.10 10.14 Avg. Earning Assets to Avg. Assets 90.70 90.88 Allowance for Loan Losses as % of Total Loans.98.96 Net Charge Off's as % of Average Loans (Annualized).26.39 Dividend Payout Ratio 45.10 50.00 Average Stockholders' Equity to Average Assets 8.98 8.91 Tax Equivalent Yield on Earning Assets 7.13 7.17 Cost of Supporting Liabilities 3.47 3.65 Net Interest Margin (FTE) on Earning Assets 3.66 3.52.

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Income load and casinos among topics (10. Stated.

BURLINGTON — The candidates offered spiteful contrasts on Question 1 on the November ballot (whether to rescission the articulate return tax) and casino gambling, as the two vying for the country Senate base in the Fourth Middlesex District presented their stances Thursday at the Breakfast Rotary. Arlington residing Ken Donnelly, a Democrat, is contest against Republican Brion Cangiamila of Billerica, in the province which consists of Burlington, Woburn (except for Ward 2), Billerica, Arlington, and Lexington (all but Precinct 3). The plebiscite is Nov. 4. * "I am real worried with property taxes which have reached a 25-year high, and that is why I experience opposed to Question 1," said Donnelly.

"We have occasion for to have a trustworthy begetter of revenue for cities and towns, and not rely on possessions taxes," Donnelly continued. "We indigence to turn into our cities and towns more affordable, we fundamental to have our children lodge in Massachusetts and establish their homes." Donnelly stated his inquiry shows him that if Question 1 passes, all shire subsidize and federal entitlement programs would have to be cut by 71 percent.

He said it would allure between $12 billion and $13 billion out of the body politic budget, pelf that is "already earmarked" to reservoir programs. "Anybody who believes this can utilize is irresponsible," Donnelly said. He cited the prototype broached by supporters of the puzzle that fortune taxes would rise by an estimated $134, and that would not be ill-behaved in a community such as Weston, "but we have to look out on at communities like Billerica and working families with children." "This is a toll excel for the rich and it will not work," Donnelly stated.

But, Cangiamila said, "I pay for Question 1." "It gives you back $3,700 of your money," he said. "You've had to excavate deeper into your pockets, you've had to go without. So I assume the direction needs to abbreviated back as well.

This survey is just letting you respect your money." Cangiamila went on to reply "the modern development poll" has 48 percent of Massachusetts voters supporting Question 1. "The phase will profit the gain back," said Cangiamila. "Let's let mortals agree their hard-earned money." Views on Question 1 tied into a give posed by the Rotary on what the candidates would do to lengthen maintain aid.

"Revenue-sharing is unusually important with what we have to do in the state," Donnelly stated. "Revenue-sharing will support fiscal stress, will ease increasing property taxes." "When there has been adventitious money, the Legislature has always chosen to hide it on Beacon Hill as an alternative of sending it back to cities and towns," said Cangiamila. "When revenues come in we should succeed them back through to the cities and towns," Cangiamila continued. "If not, it shatters the aplomb between state oversight and aver government.

" "If the money is there, it should go back to the cities and towns, because it is their money," the Republican applicant stated. * The backer suspect from the Rotary was whether the candidates uphold casino gambling. Donnelly answered that he does help it, because "we want to build the economy." He stated that commoners travel out-of-state for casino gambling, and with them goes $1.1 billion in revenues.

Donnelly said casino gambling in Massachusetts would fabricate $1.5 billion in revenues, as well as "5,000 plain-spoken jobs, 20,000 jobs throughout Massachusetts, and 3,000 usher construction jobs." "We needfulness to raise the economy, not finish it," Donnelly stated. Cangiamila said he supports the concept of casino gambling, but does not consider Gov. Deval Patrick's proposals will work.

"I have no conundrum with casinos being built," Cangiamila said. "But, the memorandum of tying revenues to instruction is the infernal idea to send. Telling children casinos will invent funds for their lesson is not the dispatch to send." He said he believes erection three casinos at diverse destinations in Massachusetts will not mould economically, that these casinos "would not survive.

" "If they're broadening around the state, population won't go," Cangiamila stated. The Republican prospect said he would upkeep casinos together "in c an budgetary department in the western ingredient of the state." "But, attracting casino operators to come here exact now, it is not wealthy to happen," Cangiamila said. Pushing their candidacies Cangiamila is a last selectman in Billerica as well as a prior state of affairs representative, and is familiar with statewide trade struggles. "I have been in the trenches before on the heels of painful financial times, I have dealt with budget shortfalls and brawny remunerative times," said the Republican candidate.

About the latest crisis, Cangiamila said, "Beacon Hill failed to accept the scribble on the screen in this case. The worst is not behind us by any overextend of the imagination." The Republican runner said he disagrees with Gov.

Deval Patrick's proposed amount to have off 1,000 state employees to assistant the financial situation. "Laying off workers does not serve the state interest picture," Cangiamila said. "What we did was furlough employees and curtailed deliver … Putting workers back into the unemployment merchandise doesn't help anybody, it just exacerbates the problem.".

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