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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20429 FORM 10-Q (Mark One)
For the quarterly period ended June 30, 2012 OR
For the transition period from to Commission file number 0-29709 HARLEYSVILLE SAVINGS FINANCIAL CORPORATION (Exact name of registrant as specified in its charter)
271 Main Street, Harleysville, Pennsylvania 19438 (Address of principal executive offices) (Zip Code) (215) 256-8828 (Registrants telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of large accelerated filer accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes x No Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: Common Stock, $.01 Par Value, 3,747,827 shares outstanding as of August 10, 2012. Table of ContentsHARLEYSVILLE SAVINGS FINANCIAL CORPORATION Index
Table of ContentsHarleysville Savings Financial Corporation Unaudited Consolidated Statements of Financial Condition
See notes to unaudited consolidated financial statements. page -1- Table of ContentsHarleysville Savings Financial Corporation Unaudited Consolidated Statements of Income
See notes to unaudited consolidated financial statements. page -2- Table of ContentsHarleysville Savings Financial Corporation Unaudited Consolidated Statements of Comprehensive Income
See notes to unaudited consolidated financial statements. page -3- Table of ContentsHarleysville Savings Financial Corporation Unaudited Consolidated Statements of Stockholders Equity
See notes to unaudited consolidated financial statements. page -4- Table of ContentsHarleysville Savings Financial Corporation Unaudited Consolidated Statements of Cash Flows
See notes to unaudited consolidated financial statements. page -5- Table of ContentsHarleysville Savings Financial Corporation Notes to Unaudited Consolidated Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited consolidated financial statements include the accounts of Harleysville Savings Financial Corporation (the Company) and its wholly owned subsidiary, Harleysville Savings Bank (the Bank). The accompanying consolidated financial statements include the accounts of the Company, the Bank, and the Banks wholly owned subsidiaries, HSB Inc, a Delaware corporation which was formed in order to hold certain assets, Freedom Financial LLC, a Pennsylvania limited liability Company that allows the Company to offer non deposit products, and HARL LLC, a limited liability Company that allows the Bank to invest in equity investments. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and therefore do not include information or footnotes necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. However, all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the consolidated financial statements have been included. The results of operations for the three and nine months ended June 30, 2012 are not necessarily indicative of the results which may be expected for the entire fiscal year ending September 30, 2012 or any other period. The financial information should be read in conjunction with the Companys Annual Report on Form 10-K for the period ended September 30, 2011. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The most significant of these estimates are the allowance for loan losses, the determination of other-than-temporary impairment on securities and the valuation of deferred tax assets. Actual results could differ from those estimates. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2012 for items that should potentially be recognized or disclosed in these financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. page -6- Table of ContentsRecent Accounting Pronouncements In April 2011, the FASB issued Accounting Standard Update (ASU) 2011-03 (Reconsideration of Effective Control for Repurchase Agreements). The FASB has issued this Update to clarify the accounting principles applied to repurchase agreements, as set forth by FASB ASC Topic 860, Transfers and Servicing. This update, entitled Reconsideration of Effective Control for Repurchase Agreements, amends one of three criteria used to determine whether or not a transfer of assets may be treated as a sale by the transferor. Under Topic 860, the transferor may not maintain effective control over the transferred assets in order to qualify as a sale. This Update eliminates the criteria under which the transferor must retain collateral sufficient to repurchase or redeem the collateral on substantially agreed upon terms as a method of maintaining effective control. This Update is effective for both public and nonpublic entities for interim and annual reporting periods beginning on or after December 31, 2011, and requires prospective application to transactions or modifications of transactions which occur on or after the effective date. Early adoption is not permitted. The adoption of this guidance did not have a material impact on the Companys consolidated financial statements. In May 2011, the FASB issued Accounting Standard Update (ASU) 2011-04 (Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs). This update amends FASB ASC Topic 820, Fair Value Measurements, to bring U.S. GAAP for fair value measurements in line with International Accounting Standards. The Update clarifies existing guidance for items such as: the application of the highest and best use concept to non-financial assets and liabilities; the application of fair value measurement to financial instruments classified in a reporting entitys stockholders equity; and disclosure requirements regarding quantitative information about unobservable inputs used in the fair value measurements of level 3 assets. The Update also creates an exception to Topic 820 for entities which carry financial instruments within a portfolio or group, under which the entity is now permitted to base the price used for fair valuation upon a price that would be received to sell the net asset position or transfer a net liability position in an orderly transaction. The Update also allows for the application of premiums and discounts in a fair value measurement if the financial instrument is categorized in level 2 or 3 of the fair value hierarchy. Lastly, the ASU contains new disclosure requirements regarding fair value amounts categorized as level 3 in the fair value hierarchy such as: disclosure of the valuation process used; effects of and relationships between unobservable inputs; usage of nonfinancial assets for purposes other than their highest and best use when that is the basis of the disclosed fair value; and categorization by level of items disclosed at fair value, but not measured at fair value for financial statement purposes. For public entities, this Update is effective for interim and annual periods beginning after December 15, 2011. The adoption of this guidance did not have a material impact on the Companys consolidated financial statements. page -7- Table of Contents2. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of the Companys securities gross unrealized gains and losses, as of June 30, 2012 and September 30, 2011 are as follows:
page -8- Table of ContentsAll the Companys mortgage-backed securities and collateralized mortgage obligations are secured by residential properties. At June 30, 2012, The Bank holds $16.1 million in Collateralized Mortgage Obligations (CMOs) of which $13.7 million are issued by Government Sponsored Enterprises and $2.4 million are privately-issued. These private label securities are adequately rated. A summary of securities with unrealized losses, aggregated by category, at June 30, 2012 is as follows:
At June 30, 2012, debt securities in a gross unrealized loss position consisted of 10 securities that at such date had an aggregate depreciation of 0.37% from the Companys amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent upon the movement in market interest rates. Management evaluated the length of time and the extent to which the fair value has been less than cost; the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer. The Company has the ability and intent to hold these securities until maturity and the Company does not believe it will be required to sell such securities prior to the recovery of the amortized cost basis. Management does not believe any individual unrealized loss as of June 30, 2012 represents an other-than-temporary impairment. As of June 30, 2012, there were two equity securities in an unrealized loss position. Management evaluated the length of time and the extent to which the market value has been less than cost; the financial condition and near term prospects of the issuer, including any specific events which may influence the operations of the issuer such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may effect the future earnings potential. The Company has the ability and intent to hold these securities until the anticipated recovery of fair value occurs. Management does not believe any individual unrealized loss of June 30, 2012 represents an other-than-temporary impairment. A summary of securities with unrealized losses, aggregated by category, at September 30, 2011 is as follows:
page -9- Table of ContentsThe following table sets forth the stated maturities of the investment and mortgage-backed securities at June 30, 2012. Money market funds and equity securities are not included in the table based on lack of maturity.
Certain of the Companys investment securities, totaling $18.2 million and $8.9 million at June 30, 2012 and September 30, 2011, respectively, were pledged as collateral to secure deposit sweep accounts and public deposits as required or permitted by law. Other securities, totaling $52.4 million and $52.8 million at June 30, 2012 and September 30, 2011, respectively, were pledged for long-term advances of $50 million as described in Note 8. 3. LOANS RECEIVABLE Loans receivable consists of the following:
The total amount of loans being serviced for the benefit of others was approximately $629,000 and $1.7 million at June 30, 2012 and September 30, 2011, respectively. page -10- Table of ContentsThe loans receivable portfolio is segmented into consumer and commercial loans. Consumer loans consist of the following classes: residential mortgage loans, home equity loans and consumer non-real estate loans. Commercial loans consist of the following classes: commercial mortgages and commercial business loans. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans including impaired loans generally is either applied against principal or reported as interest income, according to managements judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally nine months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. The allowance for loan losses represents managements estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Companys past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrowers ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. page -11- Table of ContentsResidential mortgage lending generally entails a lower risk of default than other types of lending. Other consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Companys policy to establish specific reserves for losses on delinquent consumer loans and commercial loans when it determines that losses are probable. An unallocated component is maintained to cover uncertainties that could affect managements estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrowers prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for loans by either the present value of expected future cash flows discounted at the loans effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Companys impaired loans are measured based on the estimated fair value of the loans collateral. Interest payments on impaired loans and non-accrual loans are applied to principal unless the ability to collect the principal amount is fully secured, in which case interest is recognized on the cash basis. For residential mortgage loans, home equity loans and commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial business loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrowers financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrowers overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans criticized special mention have potential weaknesses that deserve managements close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loan not classified are rated pass. page -12- Table of ContentsIn addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Companys allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on managements comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Companys internal risk rating system as of June 30, 2012 and September 30, 2011:
page -13- Table of ContentsThe following table summarizes information in regards to impaired loans by loan portfolio class as of June 30, 2012 and September 30, 2011:
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page -15- Table of ContentsThe performance and credit quality of the loan portfolio is also monitored by the analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2012 and September 30, 2011:
page -16- Table of ContentsThe following table provides the activity in the allowance for loan losses by loan class for three and nine-months ended June 30, 2012 and 2011. The balance in the allowance for loan losses at June 30, 2012 and June 30, 2011 disaggregated on the basis of the Companys impairment method by loan class along with the balance of loans receivable by class disaggregated on the basis of the Companys impairment methodology. Allowance for Loan Loss:
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page -20- Table of ContentsA troubled debt restructuring (TDR) is a formal restructure of a loan when the lender, for economic or legal reasons related to the borrowers financial difficulties, grants a concession to the borrower. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the loan balance or accrued interest, or extension of the maturity date. Troubled debt restructurings are comprised of three loans totaling $4.7 million at June 30, 2012, compared to no loans restructured at September 30, 2011. The following table summarizes information in regards to troubled debt restructurings for the nine months ended June 30, 2012 (dollars in thousands):
There were no troubled debt restructurings that subsequently defaulted. As indicated in the table above, the Company modified three commercial real estate loans during the nine months ended June 30, 2012. As a result of the modified terms of the new loans, the Company extended the maturity on one of the three modified loans and modified the interest rate on the remaining two modified loans. The effective interest rate of the new terms of the modified loans was reduced when compared to the weighted average interest rate of the original terms of the modified loans. The borrower has remained current since the modification. page -21- Table of ContentsThe following table presents nonaccrual loans by classes of the loan portfolio as of June 30, 2012 and September 30, 2011:
4. FEDERAL HOME LOAN BANK STOCK Federal law requires a member institution of the Federal Home Loan Bank (FHLB) to hold stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost. In December 2008, the FHLB of Pittsburgh notified member banks that it was suspending dividend payments and the repurchase of capital stock. During 2011 and 2012, the FHLB allowed certain redemptions. In February 2012, the FHLB of Pittsburgh reinstated the stock dividend at a rate of 0.10%. Managements determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. Management believes no impairment charge is necessary related to the FHLB restricted stock as of June 30, 2012. page -22- Table of Contents5. DEPOSITS Deposits are summarized as follows:
The aggregate amount of certificate accounts in denominations of $100,000 or more at June 30, 2012 and September 30, 2011 amounted to approximately $56.9 million and $61.5 million, respectively. 6. COMMITMENTS At June 30, 2012, the following commitments were outstanding:
Outstanding letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The majority of these standby letters of credit expire within the next twelve months. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current amount of the liability as of June 30, 2012 for guarantees under standby letters of credit issued is not material. page -23- Table of Contents7. EARNINGS PER SHARE The following shares were used for the computation of earnings per share:
The difference between the number of shares used for computation of basic earnings per share and diluted earnings per share represents the dilutive effect of stock options and unvested restricted stock grants. There were 168,334 stock options and 5,283 unvested restricted stock grants that were anti-dilutive for the three months and nine months ended June 30, 2012, respectively. There were 230,820 stock options and 2,822 unvested restricted stock grants that were anti-dilutive for the three month and nine months periods ended June 30, 2011, respectively. 8. LONG-TERM DEBT Advances consists of the following:
Federal Home Loan Bank (FHLB) advances are collateralized by Federal Home Loan Bank stock and substantially all first mortgage loans. The Company has a line of credit with the FHLB of which $0 out of $75.0 million was used at June 30, 2012 and September 30, 2011, respectively. Included in the table above at June 30, 2012 and September 30, 2011 are convertible advances whereby the FHLB has the option at a predetermined strike rate to convert the fixed interest rate to an adjustable rate tied to London Interbank Offered Rate (LIBOR). The Company then has the option to repay these advances if the FHLB converts the interest rate. These advances are included in the periods in which they mature. The Company has a total FHLB borrowing capacity of $329.1 million of which $153.8 million was used as of June 30, 2012. In addition, there are four long-term advances from other financial institutions totaling $50 million that are secured by investment and mortgage-backed securities. page -24- Table of Contents9. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Companys financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Banks assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Banks capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the table below) of total Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to assets (as defined). Management believes, as of June 30, 2012, that the Bank meets all capital adequacy requirements to which it is subject. As of June 30, 2012, the most recent notification from the Federal Deposit Insurance Corporation categorized the Company and Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Banks category. The Banks actual capital amounts and ratios at June 30, 2012 and September 30, 2011 are also presented in the table below. The Companys capital ratios are not significantly different than the Banks disclosed below.
10. FAIR VALUE MEASUREMENTS AND DISCLOSURES The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with accounting guidance, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Companys various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. page -25- Table of ContentsThe fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An assets or liabilitys level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2012 and September 30, 2011 are as follows:
page -26- Table of ContentsThere were no transfers in and out of Level 1 and Level 2 fair value measurements for the quarter ended June 30, 2012. For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2012 and September 30, 2011 are as follows:
The following valuation techniques were used to measure fair value of the Companys financial instruments in the tables above and below: Cash and Cash Equivalents (Carried at Cost) The carrying amounts for cash and cash equivalents approximate those assets fair values. Securities The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities relationship to other benchmark quoted prices. Loans Receivable (Carried at Cost) The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. page -27- Table of ContentsImpaired loans are those loans which the Company has measured impairment generally based on the fair value of the loans collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Foreclosed real estate is real estate owned and is carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and managements best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and therefore foreclosed real estate are classified within level 3 of the fair value hierarchy. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Federal Home Loan Bank Stock (Carried at Cost) The carrying amount of this restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposit Liabilities (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of a aggregated expected monthly maturities on time deposits. Borrowings (Carried at Cost) Fair values of borrowings are estimated using discounted cash flow analysis, based on quoted prices for new advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Off-Balance Sheet Financial Instruments (Disclosed at Cost) Fair values for the Companys off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties credit standing. The fair value of these off-balance sheet financial instruments are not considered material as of June 30, 2012 and September 30, 2011. The estimated fair value amounts have been determined by the Company using available market information appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret the data to develop the estimates. page -28- Table of ContentsThe carrying amounts and estimated fair values of financial instruments as of June 30, 2012 and September 30, 2011 are as follows.
page -29- Table of ContentsLimitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Companys entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Companys financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been and have not been considered in the estimate. Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations This report contains certain forward-looking statements and information relating to the Company that are based on the beliefs of management as well as assumptions made by and information currently available to management. In addition, in those and other portions of this document, the words anticipate, believe, estimate, intend, should and similar expressions, or the negative thereof, as they relate to the Company or the Companys management, are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future-looking events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements. The Companys business consists of attracting deposits from the general public through a variety of deposit programs and investing such deposits principally in first mortgage loans secured by residential properties, commercial loans and commercial lines of credit in the Companys primary market area. The Company also originates a variety of consumer loans, predominately home equity loans and lines of credit also secured by residential properties in the Companys primary lending area. The Company serves its customers through its full-service branch network as well as through remote ATM locations, the internet and telephone banking. Critical Accounting Policies and Judgments The Companys consolidated financial statements are prepared based on the application of certain accounting policies. Certain of these policies require numerous estimates and strategic or economic assumptions that may prove inaccurate or subject to variations and may significantly affect the Companys reported results and financial position for the period or in future periods. Changes in underlying factors, assumptions, or estimates in any of these areas could have a material impact on the Companys future financial condition and results of operations. The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the consolidated financial statements: allowance for loan losses, other-than-temporary security impairment and deferred income taxes. Allowance for Loan Losses Analysis and Determination of the Allowance for Loan Losses The allowance for loan losses is a valuation allowance for probable losses inherent in the loan portfolio. The Company evaluates the need to establish allowances against losses on loans on a monthly basis. When additional allowances are necessary, a provision for loan losses is charged to earnings. page -30- Table of ContentsOur methodology for assessing the appropriateness of the allowance for loan losses consists of three key elements: (1) specific allowances for certain impaired loans; (2) a general valuation allowance on certain identified problem loans; and (3) a general valuation allowance on the remainder of the loan portfolio. Although we determine the amount of each element of the allowance separately, the entire allowance for loan losses is available for the entire portfolio. Specific Allowance Required for Certain Impaired Loans: We establish an allowance for certain impaired loans for the amounts by which the collateral value, present value of future cash flows or observable market price are lower than the carrying value of the loan. Under current accounting guidelines, a loan is defined as impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due under the contractual terms of the loan agreement. General Valuation Allowance on Certain Identified Problem Loans We also establish a general allowance for classified loans that do not have an individual allowance. We segregate these loans by loan category and assign allowance percentages to each category based on inherent losses associated with each type of lending and consideration that these loans, in the aggregate, represent an above-average credit risk and that more of these loans will prove to be uncollectible compared to loans in the general portfolio. General Valuation Allowance on the Remainder of the Loan Portfolio We establish another general allowance for loans that are not classified to recognize the inherent losses associated with lending activities, but which, unlike specific allowances, has not been allocated to particular problem assets. This general valuation allowance is determined by segregating the loans by loan category and assigning allowance percentages based on our historical loss experience, delinquency trends and managements evaluation of the collectibility of the loan portfolio. The allowance may be adjusted for significant factors that, in managements judgment, affect the collectability of the portfolio as of the evaluation date. These significant factors may include changes in lending policies and procedures, changes in existing general economic and business conditions affecting our primary lending areas, credit quality trends, collateral value, loan volumes and concentrations, seasoning of the loan portfolio, recent loss experience in particular segments of the portfolio, duration of the current business cycle and bank regulatory examination results. The applied loss factors are reevaluated quarterly to ensure their relevance in the current economic environment. Other-than-Temporary Impairment of Investment Securities Securities are evaluated periodically to determine whether a decline in their value is other-than-temporary. Management utilizes criteria such as the magnitude and duration of the decline, in addition to the reasons underlying the decline, to determine whether the loss in value is other-than-temporary. The term other-than-temporary is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value are not necessarily favorable, or that there is a lack of evidence to support realizable value equal to or greater than the carrying value of the investment. Deferred Tax Assets In evaluating our ability to recover deferred tax assets, management considers all available positive and negative evidence, including our past operating results and our forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require us to make judgments about our future taxable income and are consistent with the plans and estimates we use to manage our business. Any reduction in estimated future taxable income may require us to record a valuation allowance against our deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. page -31- Table of ContentsChanges in Financial Position for the Nine-Month Period Ended June 30, 2012 Total assets at June 30, 2012 were $822.7 million, a decrease of $13.0 million or 1.6% for the nine-month period then ended. This was primarily due to decreases in loans receivable of $17.9 million, investments held to maturity of $24.3 million, and repurchase of Federal Home Loan Bank Stock of $1.9 million. The decrease was partially offset by the growth in cash and cash equivalents of approximately $10.3 million, investments available for sale of $10.6 million, and prepaid expense and other assets of $11.0 million. The increase in other assets of $11.0 million was due to the set up of a receivable for the non-receipt of $10.0 million in called securities over month end. Total deposits increased $25.3 million to $549.7 million or 4.8% during the nine-month period ended June 30, 2012. Advances from borrowers for taxes and insurance also increased by $4.2 million or 308.8% due to the timing of property tax payments. The increases were primarily offset by a decrease in borrowings of $46.4 million or 18.6% due to normal repayments for the period. Comparisons of Results of Operations for the Three-Month and Nine-Month Period Ended June 30, 2012 with the Three-Month and Nine-Month Period Ended June 30, 2011 Net Income Net income for the three-month period ended June 30, 2012 was $1.3 million compared to $2.0 million for the comparable period in 2011. Basic and diluted earnings per share for the three-month period ending June 30, 2012 was $0.35 and $0.34 compared to $0.53 and $0.53 for the 2011 period. Net income for the nine-month period ended June 30, 2012 was $3.9 million compared to $4.3 million for the comparable period in 2011. There was a onetime Bank Owned Life Insurance (BOLI), net death benefit claim, of $927,000 (net of $115,000 state income taxes), or $0.24 per diluted share due to the death of an officer during the comparable period in 2011. Basic and diluted earnings per share for the nine-month period ended June 30, 2012 was $1.04 and $1.03 compared to $1.16 and $1.15 for the comparable period in 2011. Net Interest Income Net interest income was $4.9 million for the three-month period ended June 30, 2012 compared to $4.8 million for the comparable period in 2011. Net interest income increased to $14.7 million for the nine-month period ended June 30, 2012 compared to $13.7 million for the nine-month period in 2011. Although our average balance of interest-earning assets and interest-bearing liabilities decreased our average interest rate spread increased from 2.03% to 2.26% in the respective nine-month periods ended June 30, 2011 and 2012 resulting in an overall increase of $1.0 million in net interest income when comparing the third quarter 2012 with the same period in 2011. Non-Interest Income Non-interest income decreased to $598,000 for the three-month period ended June 30, 2012 from $1.5 million for the comparable period in 2011. Non-interest income decreased to $1.6 million for the nine-months ended June 30, 2012 from $2.5 million for the comparable period in 2011. The decreases are primarily due to a onetime Bank Owned Life Insurance (BOLI) benefit of $1.0 million in 2011. The decrease was partially offset by an increase in other income of $159,000 due to ATM fees, growth in commercial loans, NSF fees and a gain on the sale of a REO property. page -32- Table of ContentsNon-Interest Expenses For the three-month period ended June 30, 2012, non-interest expenses decreased by $1,000 or 0.03% to $3.4 million compared to $3.4 million for the same period in 2011. For the nine month period ended June 30, 2012, non-interest expenses increased by $207,000 or 2.1% to $10.1 million compared to $9.9 million for the same period in 2011. Salary and employee benefits increased $22,000 to $2.0 million and $279,000 to $5.8 million for the three and nine month period ended June 30, 2012. These increases are primarily due to normal salary increases and additional employee benefits expenses. Occupancy and equipment increased $26,000 and $19,000 for the three and nine month period ended June 2012. FDIC insurance expense decreased to $140,000 and $410,000 for the three and nine month period ended June 30, 2012 compared to $234,000 and $724,000 for the same periods in 2011 due to the new deposit insurance assessment calculation using assets and tier one capital. Other expenses increased by $59,000 and $190,000 for the three and nine month period ended June 30, 2012. The increase was primarily due to the growth in commercial loans, ATM processing, advertising expenses, and Reo expenses. The annualized ratio of non-interest expenses to average assets for the three and nine month periods ended June 30, 2012 and 2011 were 1.63%, 1.64% and 1.54%, 1.58%, respectively. Income Taxes The Company made provisions for income taxes of $555,000 and $1.6 million for the three-month and nine-month periods ended June 30, 2012, compared to $739,000 and $1.5 million for the comparable periods in 2011. These provisions are based on the levels of pre-tax income, adjusted primarily for tax-exempt interest income on investments. Liquidity and Capital Recourses For a financial institution, liquidity is a measure of the ability to fund customers needs for loans and deposit withdrawals. The Bank regularly evaluates economic conditions in order to maintain a strong liquidity position. One of the most significant factors considered by management when evaluating liquidity requirements is the stability of the Banks core deposit base. In addition to cash, the Bank maintains a portfolio of short-term investments to meet its liquidity requirements. The Company also relies upon cash flow from operations and other financing activities, generally short-term and long-term debt. Liquidity is also provided by investing activities including the repayment and maturity of loans and investment securities as well as the management of asset sales when considered necessary. The Bank also has access to and sufficient assets to secure lines of credit and other borrowings in amounts adequate to fund any unexpected cash requirements. As of June 30, 2012, the Company had $75.0 million in commitments to fund loan originations, disburse loans in process and meet other obligations. Management anticipates that the majority of these commitments will be funded within the next nine months by means of normal cash flows and new deposits. The Company invests excess funds in overnight deposits and other short-term interest-earning assets, which provide liquidity to meet lending requirements. The Company also has available borrowings with the Federal Home Loan Bank of Pittsburgh up to the Companys maximum borrowing capacity, which was $329.1 million at June 30, 2012 of which $153.8 million was outstanding at June 30, 2012. The Banks net income for the nine-month period ended June 30, 2012 was $3.9 million compared to $4.3 million for the comparable period in 2011. This increased the Banks stockholders equity to $58.9 million or 7.16% of total assets. This amount is well in excess of the Banks minimum regulatory capital requirement. page -33- Table of ContentsItem 3. Quantitative and Qualitative Disclosures About Market Risk The Company has instituted programs designed to decrease the sensitivity of its earnings to material and prolonged increases in interest rates. The principal determinant of the exposure of the Companys earnings to interest rate risk is the timing difference between the repricing or maturity of the Companys interest-earning assets and the repricing or maturity of its interest-bearing liabilities. If the maturities of such assets and liabilities were perfectly matched, and if the interest rates borne by its assets and liabilities were equally flexible and moved concurrently, neither of which is the case, the impact on net interest income of rapid increases or decreases in interest rates would be minimized. The Companys asset and liability management policies seek to decrease the interest rate sensitivity by shortening the repricing intervals and the maturities of the Companys interest-earning assets. Although management of the Company believes that the steps taken have reduced the Companys overall vulnerability to increases in interest rates, the Company remains vulnerable to material and prolonged increases in interest rates during periods in which its interest rate sensitive liabilities exceed its interest rate sensitive assets. The authority and responsibility for interest rate management is vested in the Companys Board of Directors. The Chief Executive Officer implements the Board of Directors policies during the day-to-day operations of the Company. Each month, the Chief Financial Officer (CFO) presents the Board of Directors with a report, which outlines the Companys asset and liability gap position in various time periods. The gap is the difference between interest-earning assets and interest-bearing liabilities which mature or reprice over a given time period. The CFO also meets weekly with the Companys other senior officers to review and establish policies and strategies designed to regulate the Companys flow of funds and coordinate the sources, uses and pricing of such funds. The first priority in structuring and pricing the Companys assets and liabilities is to maintain an acceptable interest rate spread while reducing the effects of changes in interest rates and maintaining the quality of the Companys assets. The following table summarizes the amount of interest-earning assets and interest-bearing liabilities outstanding as of June 30, 2012, which are expected to mature, prepay or reprice in each of the future time periods shown. Except as stated below, the amounts of assets or liabilities shown which mature or reprice during a particular period were determined in accordance with the contractual terms of the asset or liability. Adjustable and floating-rate assets are included in the period in which interest rates are next scheduled to adjust rather than in the period in which they are due and fixed-rate loans and mortgage-backed securities are included in the periods in which they are anticipated to be repaid. The passbook accounts, negotiable order of withdrawal (NOW) accounts, interest bearing accounts, and money market deposit accounts, are included in the Over 5 Years categories based on managements beliefs that these funds are core deposits having significantly longer effective maturities based on the Companys retention of such deposits in changing interest rate environments. Generally, during a period of rising interest rates, a positive gap would result in an increase in net interest income while a negative gap would adversely affect net interest income. Conversely, during a period of falling interest rates, a positive gap would result in a decrease in net interest income while a negative gap would positively affect net interest income. However, the following table does not necessarily indicate the impact of general interest rate movements on the Companys net interest income because the repricing of certain categories of assets and liabilities is discretionary and is subject to competitive and other pressures. As a result, certain assets and liabilities indicated as repricing within a stated period may in fact reprice at different rate levels. page -34- Table of Contents
page -35- Table of ContentsItem 4. Controls and Procedures Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SECs rules and regulations and are operating in an effective manner. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
The Company is involved in various legal proceedings occurring in the ordinary course of business. It is the opinion of management that these matters will not materially affect the Companys consolidated financial position or results of operations.
Not applicable.


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Tag Archives: e
Dell Mini-Inspiron running Ubuntu in the wild
Engadget has posted up some leaked insider shots of the Dell Mini-Inspiron Netbook (still MIA, dammit) running Ubuntu Netbook. The slathering of Ubuntu on a netbook is satisfying in a peanut butter meets bacon sort of way, but the real … Continue reading
Dell E will cost $299 in August, prompts mini-notebook navel gazing
A mere three months ago, I was actually excited about mini-notebooks. I thought they were wonderful: a complete rejection by the laptop industry that a small, light weight yet still capable laptop should be priced, ounce-for-ounce, alongside Gallium. Now? I … Continue reading
Dell challenges the Eee with… the E?!?!
The sleek, whore-red Dell subnotebook Gizmodo spotted Michael Dell wandering around with at All Things D has been officially announced and named, and it's called the Dell E. I love it. It says everything about Dell: they put together pretty … Continue reading

subset: commoncrawl


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Indeed.com back fill
This new functionality back-fills unused job posting slots with search results from indeed.com (the jobs posted by the registered employers on the job site show up always first). The jobs from indeed.com are not imported, but instead, they are fetched from Indeed's XML API, and displayed on-the-fly. This functionality allows at the moment when you launch your website to have already thousands of jobs on your site (so your website won't look empty) with SEO links and pages looking as being part of the main site. |
Mobile version
The mobile version has more simplified interface and is especially designed for mobile devices with lower screen resolution. The mobile version is available on yoursite.com/mobile and users accessing the website with mobile devices with lower screen resolution are automatically redirected to it. |
LinkedIn integration
Similar to the Facebook connect functionality in the previous version, the new LinkedIn functionality allow the users to skip the registration and login with their LinkedIn username and password. |


text: Crown Park Inn Quick Specs Rates $74-$139Year Built 1974Year Renovated 2005 View Large Interactive Map Address Access HwyCaribou, ME 04736 Web http://www.crownparkinn.com Phone + 1 207-493-3311 Fax + 1 207-498-3990 Toll-free 888-493-3311 Email email@example.com OverviewMeeting SpecsPhotos & videos Description Modern - Business district.Year Built: 1974Year Renovated: 2005Check in Time: 1:00 PMCheck out Time: 11:00 AMNumber of Floors: 2Total Number of Rooms: 60Rates: $74-$104 GDS Hotel Reservation CodesAmadeus GDS: MS PQI123Galileo/Apollo GDS: MS 35874Sabre GDS: MS 029230WorldSpan GDS: MS MECRN Crown Park Inn Location & NeighborhoodIn Caribou. Business district. Crown Park Inn Rates & PoliciesCrown Park Inn rates are Daily in USDStandard: $74-$104 Suite: $139 (USD) Credit Cards Are AcceptedReservations must be guaranteed with a credit cardMeals: Continental PlanDeposit Policy: 1st night's depositCancellation Policy: Cancel 24 hr priorHotel Discounts offered: Group discountCorporate discountGovernment/ Military discountAARP discountTravel Agents Nearby AirportsPresque Isle (12 miles south)Fredericton Intl (99.25 miles southeast)Rimouski Mncpl (113 miles northwest)More Airports » Crown Park Inn Room AmentitiesCrown Park Inn amenities are in All rooms unless noted otherwiseAir ConditioningCoffeemaker (some)Daily Maid ServiceMicrowave Oven (some)Rooms for Non-smokersTelephoneRefrigeratorCable/Satellite TelevisionTelevisionInternet Access (Wireless) Guest ServicesComplimentary CoffeeLaundry RoomLaundry/Dry Cleaning ServiceMulti-lingual StaffFree Onsite ParkingWheelchair Access to Common/Public AreasCommon Area Internet Access (Wireless) Security ServicesSmoke Alarm in RoomsSprinkler in Rooms Pet ServicesPets Allowed On-Site RecreationHealth ClubNearby RecreationGolf CourseJogging TrailsPool (Outdoor Pool)Scuba DivingShopping Mall/AreaTennis (Outdoor Tennis) Crown Park Inn Meeting Rooms & Events1 Meeting Rooms holding 50 people.1Location: Floor 1Flooring: carpetCapacity: Theater- 80, Classroom- 80, Reception- 80, Banquet- 802Location: Floor 1Flooring: carpetCapacity: Theater- 80, Classroom- 80, Reception- 80, Banquet- 80 Crown Park Inn Business ServicesCopierFax Crown Park Inn Images, Videos, & Virtual Tours Photos & Videos Crown Park Inn ExteriorCrown Park Inn ExteriorCrown Park Inn RoomCrown Park Inn RoomCrown Park Inn RoomCrown Park Inn SuiteCrown Park Inn Health ClubCrown Park Inn RecreationCrown Park Inn Other Images Powered by VFM Leonardo Nearby Caribou Hotels More Nearby Hotels Presque Isle InnHampton Inn Hoteliers! Is your listing up to date? With over 130,000 hotels in our database, no other source compares to our depth of information. Click here to review and be sure the travel professional knows your hotel's latest details.


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Fatality Assessment and Control Evaluation (FACE) Program |
Unrestrained Custom Spray Applicator Died When Ejected From a Self-Propelled Sprayer After Sprayer Struck an Oncoming Semi-Truck Trailer |
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SummaryOn July 19, 2006, a 53-year-old male custom applicator for a farm cooperative died when he was ejected from a front-boom, self-propelled sprayer he was operating after the sprayer struck a semi-truck trailer at an intersection. The decedent was the driver of the sprayer and was not wearing a seat belt. The decedent was traveling westbound and ran a stop sign. A semi-truck traveling southbound had the right of way. The sprayer struck the trailer of the truck. After striking the trailer, the decedent was ejected from the sprayer and landed in a ditch by the side of the roads southbound lane. Emergency response was called and transported him to a local hospital where he died an hour later.
IntroductionOn July 19, 2006, a, a 53-year-old male custom spray applicator for a farm cooperative died when he was ejected from a front-boom, self-propelled sprayer he was operating after the sprayer struck a semi-truck trailer at an intersection. MIFACE learned of this incident from a newspaper clipping. On June 26, 2007, the MIFACE investigator interviewed the farm cooperative manager and drove to the incident site. During the writing of this report, the death certificate, medical examiner report and police report and pictures were reviewed. Figures 1, 2, 5, 6, and 7 are courtesy of the responding police departments forensic photographer that were taken at the time of the incident. Figure 3 and Figure 4 were taken by the MIFACE researcher at the time of the site visit. The company for whom the decedent worked bought, sold, and stored agricultural commodities as well as provided agronomy services. He had been employed by the cooperative for five years as a full time employee. There were 15 individuals employed at the cooperative. He was one of three commercial sprayers. The decedents work hours were 8:00 a.m. to 5:00 p.m., but his hours would vary during the agricultural growing seasons depending upon work to be performed. The cooperative did not have a formal training program for operating big equipment used at the cooperative, including the sprayer. All big equipment training was conducted on-the-job. The cooperative had a written health and safety program, a designated safety officer, and documented employee training. The cooperative gave the MIFACE researcher a copy of their written Safety Rules & Regulations Handbook. A disciplinary procedure was in place for violation of the cooperatives safety policies. Employees are required to sign a form at the end of the manual indicating that they have read, understood, and have had their questions answered to their satisfaction. The cooperative did not have a Health and Safety Committee. The cooperative held monthly safety meetings that were prepared by an outside safety contractor. The use of seat belts was not discussed. On a quarterly basis, the cooperative had a safety inspection. On an alternating quarterly basis, the cooperative was inspected by a different cooperatives branch manager and the outside safety consultant. Back to TopInvestigationThe decedent was driving a Walker Big Dog 1200 front-boom, self-propelled, high- clearance sprayer that had been purchased in new condition in 2001 or 2002. The sprayer had a gross vehicle weight rating of 19,260 pounds. The sprayers operating speed was 14 to 30 mph. According to the site manager, the sprayer was usually operated on the road at a speed of 25 mph. The cab had a wraparound wide-angle windshield, a radio, and a seatbelt/shoulder harness. The site manager indicated that the sprayer had required only routine maintenance. The sprayer had a hydrostatic drive transmission. To stop the sprayer, the operator would pull back on the lever. The decedent had arrived at work and obtained his work orders. He conducted a pre-trip inspection and drove the sprayer to the load pad for product. This was his first run of the day. The sprayer was half full. The decedent was familiar with the roadways.
The incident occurred at the intersection of two 2-lane gravel roads with un-posted speed limits of 55 mph (Figures 3 and 4). The day was clear and the road conditions were dry. Crop fields and ditches bordered both roads. At the northeast corner of the intersection was a building that the police report indicated did not contribute as an obstruction at the intersection. The incident occurred at 9:00 a.m. A semi tractor-trailer, which was hauling grain, was traveling southbound. The semi tractor-trailer had the right of way. The north-south road did not have a stop sign regulating traffic at the intersection. The decedent was traveling westbound and had a stop sign at the intersection.
The police report indicated that the semi driver, upon seeing that the decedent was not going to stop at the stop sign, accelerated his vehicle in an attempt to take evasive action to avoid the collision with the sprayer. The decedent did not stop at the intersection corner and proceeded to enter the intersection and struck the drivers side of the semi trailer. The sprayer was dragged southbound for several yards, then rolled, and slid to a stop. The decedent was ejected to the southeast and came to rest in a drainage ditch along the east edge of the roadway. The semi came to a controlled stop to the south of the intersection. The police noted that there was no pre-impact braking from either vehicle. Emergency response was called and the decedent was transported to a local hospital where he died Back to TopCause of DeathThe cause of death as stated on the death certificate was blunt force chest trauma. Autopsy results were negative for alcohol and illicit drugs. Back to TopRecommendations/DiscussionEmployers should require employees to wear seat belts or seatbelt/shoulder harness restraints when the equipment is equipped with these personal restraint systems.The site manager indicated that employees knew that seat belts must be worn as required by Michigan law when driving a vehicle on public roadways. For this reason, the cooperative did not address seat belt use when employees operated one of the companys implements of husbandry that was equipped with seat belts on public roads. Management may have assumed that because Michigan law requires the use of seat belts when driving on the road, employees would naturally extend the seat belt requirement to implements of husbandry operated on the road. When an implement of husbandry such as a sprayer is driven on public roads, the Michigan Motor Vehicle Code Rule 257.717(2) requires that a person operating an implement of husbandry follow all traffic regulations. Rule 257.710e(3) of the Michigan Motor Vehicle Code requires that each driver and front seat passenger of a motor vehicle operated on a street or highway in this state shall wear a properly adjusted and fastened safety belt when the equipment is so equipped.
Many pieces of equipment used at a cooperative, such as forklifts, front-end loaders, and sprayers are equipped with either a seat belt or a seatbelt/shoulder harness safety restraint system. Employers should require, regardless of on-road or off-road use, that employees use the safety restraint system supplied by the equipment manufacturer at all times while operating the equipment. Employers should ensure such restraints are in place and in good working condition. Employers should include the seat belt use requirement in their safety manual and safety training programs.The cooperatives Safety Rules & Regulations Handbook did not have a written statement regarding the required use of a seatbelt or seatbelt/shoulder harness for equipment equipped with such restraints. The cooperatives safety manual should be revised to reflect that management requires employees to wear the safety restraints provided by the manufacturer. The cooperative should train all employees about the use of safety belt/harness training that includes information about wearing lap and shoulder belts. The initial instruction should be a part of employee orientation and driver training and should include information about the importance of and reasons for using safety belts. U.S. Department of Transportation, Federal Motor Carrier Safety Division (FMCSD) has in partnership with safety engineers, trucking companies, safety alliances and insurance companies developed a manual, Increasing Safety Belt Use in Your Company. Although the FMCSD manual is aimed at over the road trucking companies, many agricultural employers can benefit from the information contained in the manual. Topics include:
Michigan Case Reports | ||||||||||||||||||


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Reed College Health and Counseling (HCC) services are available to evaluate, maintain, and promote general student health so that students may make the most of their education. The counseling staff includes psychologists, a psychiatrist, a mental health nurse practitioner, and psychology, psychiatry, and psychiatric nurse practitioner interns and residents. The medical staff includes physicians, nurse practitioners, and registered nurses. The clinic also supports wellness with complementary care (acupuncture) and a variety of student promoted wellness activities.
Diversity Mission Statement
The HCC embraces the inherent value of diversity and endeavors to promote a safe environment that respects and upholds the dignity and civil rights of all persons. We acknowledge the injustice and profound impact of discrimination and marginalization of individuals and groups. We strive to promote students' ongoing academic, personal, and multicultural growth. We welcome dialogue of varying perspectives as we continue to expand our self-awareness and understanding of how diversity influences concepts of a holistic health and wellness practice.
Welcome from Kate Smith, Director of Health and Counseling Services
Welcome to the Reed College Health and Counseling Center (HCC)!
I'm pleased to welcome new and returning students to academic year 2014-2015. This year at the HCC we'll continue to offer counseling, medication consultation and management, primary care medical services, and an array of wellness services that include acupuncture and the Mind Spa (come check it out!). New this year is biofeedback instruction and consultation for stress management. Community Wellness programming continues with the Peer Health Advocate (PHA) and Night Owl programs, providing a variety of student-initiated activities and ventures.
The HCC will open for the year in late August. Our hours are 9:00 am to 5:00 pm, Monday through Friday, with extended clinic hours (until 7:00 pm) on Tuesdays. Walk-in/urgent meetings will be available August 26 through 29, and regular, scheduled appointments will resume on September 2nd. Extended Tuesday hours will begin on September 9th.
All of the staff at the HCC wish you a healthy and successful year and encourage you to let us know if we can help you along the way.
Be well,


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Use this college GPA calculator Excel template to monitor and track your GPA! Add your classes and grades to see your semester and cumulative GPA for the semester and year. Download this Excel college GPA calculator today!
Download: College GPA Calculator Excel
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Tags: college gpa calculator, college gpa calculator spreadsheet, college search
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7 Comments
Great spreadsheet. How can I add extra semesters and keep the formula formatting and expand the viewing area to include the additional semesters?
You can copy & paste the sections but the formulas will have to be updated….The formatting will have to b updated as well if this happens…Need more details to implement this change…
Will you be able to make this into a 5 year spread sheet as many students need to go 5 years in order to complete their degree.
I will add this in my upcoming templates! Thanks for the suggestion!
I like it the only suggestion I would have is a formula to recognize if a Class is retaken. If a student takes for example Eng Comp 1 In Fall and gets an F and in the Spring takes again and get an A their GPA would be a 4.0 not a 2.0
We will consider this in future edits!
This is the best one I have found!! Thank you for sharing!
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By the numbers, the last flu season took its toll on workers, parents and children in terms of lost workdays, lost wages and missed school days, among other effects, according to a new report from Walgreen Co.
Retail News Breaks Archives
DEERFIELD, Ill. – By the numbers, the last flu season took its toll on workers, parents and children in terms of lost workdays, lost wages and missed school days, among other effects, according to a new report from Walgreen Co.
The drug store chain said Wednesday that the Walgreens Flu Impact Report, which surveyed 1,200 U.S. adults, found that last flu season resulted in 100 million lost workdays, almost $7 billion in lost wages and 32 million in missed school days.
In the first findings of the two-part study, which spotlights the ramifications that flu and ill-timed illness can have beyond people's health, Walgreens noted that for workers with the flu the question boils down to whether "to go or not to go" to work. Beside the 100 million workdays lost because of flu-related illness last season, over a third of those days would have been uncompensated with the costs borne by the employee, resulting in $6.8 billion in lost wages.
What's more, roughly two-thirds of the total missed workdays would have been employer-paid, a cost of more than $10 billion to companies' bottom lines due to lost productivity, the Walgreens report found. In addition, about 2 million business trips were canceled last season, based on survey projections.
And though some ill workers followed doctor recommendations to stay home, nearly 80% of respondents who got the flu last season said they still went to work at some point, and 60% expressed "worker's remorse," saying they were at least fairly concerned they would expose others to illness.
For some working parents, the estimated 32 million flu-related missed school days can also translate to missed workdays and other challenges, according to the report. More than a third of respondents with children said they need to make alternative child care arrangements when their kids are sick, and 40% would need to take time off from work to care for a sick child.
Tallying the lost workdays, missed vacation time, child care expenses, doctor visits and other related costs, the report estimated that about a third of respondents spent between $251 and $1,000 on treating the flu last season.
"When it comes to the flu and your own personal calendar, there's no planning for the many things it could impact," Kermit Crawford, president of pharmacy, health and wellness at Walgreens, said in a statement. "Immunization rates have climbed, and last season more than 40% of the U.S. population received flu shots. This report helps to reinforce the importance of getting a flu shot and how that small step toward protection can provide peace of mind when it comes to other important aspects of our lives."
Walgreens reported that according to the Centers for Disease Control and Prevention (CDC), on average 13% of the U.S. population gets the flu every year, with active flu seasons seeing closer to 20%, or more than 62 million Americans.
However, there has been progress on the immunization front. At a news conference Wednesday in Washington, the nonprofit National Foundation for Infectious Diseases (NFID) said the latest data on U.S. immunization rates and the results of a national consumer survey indicate positive trends in flu protection.
Last flu season, an estimated 130.9 million people, or 43% of the U.S. population, received the flu vaccine, representing a steady increase over the last several years. While big strides in immunizing residents have been made in some states — such as Maryland and South Carolina, which increased vaccine coverage last year by 6% and 7% — others have not. Children ages 6 months to 17 years have seen the greatest rise in flu vaccination rates of all age groups, and signs of initial increases are also being seen in adults ages 18 to 49, likely fueled in part by last season's first-ever inclusion of all healthy adults in the vaccination recommendations, according to NFID.
Because of a long-standing recommendation, the age group most likely to get immunized for flu is people age 65 and older, who achieved a 67% vaccination rate last year versus 41% for all adults. The immunization rate for pregnant women was 49% during the 2010-11 flu season, in line with projection but well below public health goals of 80%, NFID noted.
"Vaccination is the single most effective way to protect yourself, your family and your community against influenza," CDC director Thomas Frieden stated at the conference. "For most people, the flu makes them sick for a few days, but for others — especially children, the elderly and people with underlying health conditions — it can be life-threatening. I am getting vaccinated, and I hope everyone over 6 months of age will get vaccinated, too."
This year, the nation is well-equipped to protect more Americans from flu this year, according to Frieden, who cited increases in vaccine supply, new vaccine options and a more immunization venues for the 2011-12 season.
Over 85 million doses of influenza vaccine are already available in doctors' offices, public health clinics, pharmacies and retail stores, among other venues, and more doses are slated to be available throughout the season than ever before, NFID reported. The foundation also noted that all 50 states now allow pharmacists to administer flu vaccines.
And for the first time, there are four flu vaccine options: a nasal spray, the traditional intramuscular injected vaccine, a high-dose injection for people age 65 and older, and a new intradermal vaccine that features a smaller needle.
A consumer survey from NFID found that health care professionals are increasingly recommending flu vaccination to patients, and a rising number of patients are following that advice. The percentage of adults who report this year that a health professional recommended the flu vaccine is up to 68%, a 10% gain from 2010 and a 30% jump from 2008 levels.
Overall, the consumer poll revealed that 63% of adults plan to get a flu vaccine this year. Of the 36% who don't intend to be vaccinated this season, 69% said they could be motivated to change their mind. Leading motivating factors included the belief they might infect others who could become seriously ill (cited by 54% of respondents), a family member's or friend's flu experience (37%), a recommendation from a health care provider (34%), reassurance of vaccine safety (31%), and a recommendation from an employer (21%).