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Huntington Bancshares Inc. (NASDAQ:HBAN)
Q1 2008 Earnings Call
April 16, 2008 10:00am ET
Tom Hoaglin - Chairman, President, and CEO
Don Kimble - Executive Vice President and Chief Financial Officer
Tim Barber - Senior Vice President of Credit Risk Management
Jay Gould - Director of Investor Relations
Mathew O' Connor - UBS
Scott Siefers
Brian Foran – Goldman Sachs
Terry Mcevoy - Oppenheimer & Co.
Tony Davis - Stifel Nicolaus
Bob Hughes - KBW
Jeff Davis – FTN Midwest
I would like to welcome everyone to the Huntington first quarter earnings conference call. (Operator Instructions) Mr. Gould, you may begin your conference.
Jay Gould
Thank you Ashley and welcome everybody. I'm Jay Gould, Director of Investor Relations for Huntington. Copies of the slides we will be reviewing can be found on our website huntington.com and this call as usual is being recorded and will be available as a rebroadcast starting about an hour from the close. Please call Investor Relations at 614-480-5676 for more information on how to access these recordings or playback or should you have difficulty getting a copy of the slides. Slides two and three note several aspects of the basis of today's presentation. I encourage you to read these.
So let me point out one key disclosure. This presentation contains both GAAP and non-GAAP financial measures where we believe it's helpful to understanding Huntington's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure as well as the reconciliation to the comparable GAAP financial measure can be found in the slide presentation in its appendix and the press release and in the quarterly finance review supplement to yesterday's earnings press release, all of which are also on our website.
Slide four, today's discussion including Q-and-A period may contain forward-looking statements. Such statements are based on information and assumptions available at this time and are subject to change, risks and uncertainties which may cause actual results to differ materially. We assume no obligation to update such statements. For a complete discussion of the risks and uncertainties, please refer to this slide and materials filed with the SEC including our most recent Form 10-K and 8-K filings.
Now, turning to today's presentation, as noted on slide five, participating today are Tom Hoaglin, Chairman, President, and CEO; Don Kimble, Executive Vice President and Chief Financial Officer; and Tim Barber, Senior Vice President of Credit Risk Management. Let's get started. Tom?
Thomas Hoaglin
Thank you Jay and welcome everyone.
Before beginning the presentation, I want to explain why we reported earnings today rather than at our previously announced date next week. Over the last few weeks, our stock price has been under unusual negative pressures. We believe our performance this quarter was really pretty decent particularly given the increased softness in the overall and regional economies. So we wanted to get that information into the marketplace as soon as possible, hence our decision to announce earnings today.
Now turning to slide six. I will begin with my usual assessment of first quarter events and performance. During this past quarter and given continued and some might argue increased economic uncertainties and market volatility, the issue of capital has become particularly topical. Yesterday we announced a 50% dividend reduction, not as a result of major credit challenges but rather to facilitate the issuance of capital. So, in addition to my usual assessment of first quarter results, I will comment on this decision and our views on capital.
The next topic will be credit quality. As such, Tim will follow me and spend some additional time this morning reviewing this for you. Don will then review the quarter's financial performance and our 2008 outlook and I will return with summary comments followed by Q-and-A. So let's get started.
Turning to slide seven. Reported earnings were $0.35 per share. This included a net recent positive impact from significant items which Don will detail for you. Credit quality performance was basically as advertised. Net charge-offs were 48 basis points, well below our full year estimate of 60 to 65 basis points which by the way remains unchanged. Non-accrual loans increased 18%, mostly in the middle market commercial real estate and middle market C&I portfolio. Non-performing assets increased 1%.
Given the environment, we built the absolute and relative level of our reserves with a provision that exceeded net charge-offs by $40.2 million. This was expected as our reserve methodology is designed to build reserves in anticipation of net charge-offs based on changes in the underlying current and anticipated creditworthiness of our borrowers.
Since the 2007 fourth quarter restructuring of our lending relationship with Franklin Credit Management Corporation, there has been a lot of speculation about how this credit would perform going forward. While one quarter does not make a trend, we are clearly off to a good start. There were no Franklin related net charge-offs or provision for credit losses in the quarter. Our exposure declined by $30 million or 3%.
As you know, as restructured, this relationship is more one of cash flow lending than collateral lending. Generating sufficient cash flow to support the debt is perhaps the issue of greatest investor significance regarding the performance of this lending relationship. As such and as Tim will detail, we are very pleased with the restructuring as having the desired effect. During the quarter, cash flow substantially exceeded that required for terms of the restructuring and in fact widened a bit more each successive month. We know investor comfort with this credit will take time, but we are off to a good start.
The last item I've noted in my summary of our performance is that the net interest margin compressed more than anticipated. That was the primary reason underlying earnings came in slightly below our expectations. The reductions in interest rates in this past quarter both in magnitude and speed were unprecedented.
Given the asset sensitive nature of our balance sheet in the short run, there was little we could do to minimize the margin squeeze. There our margin declined only 3 basis points. The quarter's margin of 3.23% was almost 10 basis points less than our expectations at the time of last quarter's call. And then we saw a good loan and deposit growth, the absolute level of net interest income nevertheless declined. I will let Don fill you in on the rest of the quarter's financial performance details later in the presentation.
Turning to slide eight, let me provide our views on capital, why we cut the dividend and summarize our 2008 outlook. Throughout the quarter, we saw increased economic and market uncertainty. There seem to be more negative news emerging every week and economic and market uncertainty skyrocketing. As a result, conserving capital took on new importance.
As discussed on last quarter's call, we anticipated issuing $250 million to $300 million or more of capital securities and we noted our intention that any issuance would be in the form of non-diluted securities. Unfortunately, the increased market uncertainty which was especially in the financial services issuers, made issuing such securities costs prohibited. We now anticipate issuing $500 million of capital in the form of convertible preferred securities. To accelerate the building of capital and lower the cost of issuing such convertible securities, the board announced yesterday a 50% reduction in our common stock dividend to $13.25 per share from $26.5 per share effective with the July 1 dividend payment.
We know this is painful for our shareholders. Even though we believe that our revised targeted level of 2008 earnings which I will cover in a moment to continue to support our previous dividend level the uncertainties of the current environment demand that we proceed cautiously and conservatively with capital. We look forward to resuming dividend increases if the market stabilizes and our performance improves. This dividend reduction is a prudent decision to make in these times.
Today we are reducing our 2008 full year earnings estimate to a $1.45 to $1.50 per share. This decline from our prior guidance primarily reflects about several factors. First, the fact that first quarter earnings came in a bit lower than expected. Second, a higher provision expense. Third, a lower net interest margin that assumed in our previous guidance but mostly the estimated dilutive impact of a planned capital issuance as noted earlier which we expect to be issued during the second quarter. With those initial comments let me turn the presentation over to Tim to talk about credit performance and trends.
Tim Barber
Thanks Tom. I would like to start with some additional discussion on the Franklin Credit relationship. As Tom noted earlier, the Franklin relationship performance was consistent with our expectations associated with the negotiated restructuring. Cash flows substantially exceeded the required debt payment and the loans continued to perform with interest accruing. The overall bank group debt was reduced by $50 million in the quarter with the Huntington debt reduced by $30 million. Certain provisions that being negotiated restructuring provides for a more rapid amortization on a certain participants portion of the debt. These provisions are expected to be satisfied early in the third quarter at which point all of the restructured debt thereafter will be repaid on a pro rata basis allowing the Huntington portion of the debt to begin to amortize more rapidly in the second half of the year. The restructured interest coverage governance was set at 1.25 times for the entire bank group debt based on a one month LIBOR rate of 4.5% with an average spread of 238. The bank group participated in an interest rate swap to Franklin under which the current interest rate on a significant portion of their debt has been locked at a level that at current market rates provides them approximately $25 million in lower interests cost this year.
Franklin in conjunction with the bank group is currently in the process of implementing a similar structure for an additional portion of the debt. These interest rate actions provide protection against rising interest rates in the future. As seen graphically on slide 9 Franklin generated cash flow at a consistent level over the course of the quarter. The principal and interest components have been relatively stable in each of the last three months. The principal repayment in particular has stabilized despite the continuing lack of available credit in the markets for sub prime and Alt-A borrowers. The OREO net proceeds show an upward trend as the pace of sales has increased in each of the last three months. I have noticed the fact that the cash flow generated on defaulted receivables for Huntington's definition of a 120 days past due contractually exceeded our expectations. This is generally a result of recency payments which we view as one of the indicators of continued solid servicing capabilities. Our original credit assumptions contemplated a lower level of recency payments than are currently being generated.
The sales of OREO properties are generating proceeds consistent with our expectations. Based on our ongoing assessment of the relationship Huntington continues to maintain a reserve of $115 million or 10% associated with the Franklin exposure. When viewed in the context of the trenches setup as part of the restructuring the reversed level represents 33% of trench B. Given our expectation of the orderly repayment of trench A over the next 4 to 5 years the coverage ratio associated with only trench B is more meaningful when assessing the adequacy of the reserve. As is our customary practice we will continue to evaluate the adequacy of the reserve quarterly. Regarding the performance of the underlying collateral please refer to the Franklin credit management Corporation 10K report.
Subsequent performance metrics over the course of the first quarter were consistent with our expectations for performance. Like all the earlier discussions around cash flow generated from borrowers over 120 days delinquent contractually. In summary the cash flows being generated by Franklin are more than sufficient to meet the debt service requirement. The loans are paying as agreed with all covenants met and the performance of Franklin servicing group continues to meet our expectations.
In addition Franklin is actively pursuing ancillary servicing opportunities that could provide additional cash flow sources in the future. I want to use the next few slides to highlight credit quality trends and metrics as well as provide comments on some of the key portfolios. Slide 10 provides a high level review of some key credit quality performance trends. It is important to emphasize that from a regulatory reporting standpoint, Franklin is categorized as a performing loan. It is accruing interest like any other commercial loan.
The performing status as a result of the positive repayment capabilities associated with the restructure. In contrast for GAAP external reporting Franklin is categorized as a troubled debt restructuring and classified as part of non performing assets. This resulted in the significant increase in our reported non performing assets in the fourth quarter even though these loans are accruing interests. As shown here our reported NPA ratio declined slightly to 4.08% and our net charge off ratio with 48 basis points.
Due to the significant impact of both Franklin and the health for sale portfolio which are classified as non performing assets, we believe non accruing loan metrics provide better tracking of underlying trends and problem assets. As shown on the second line of this table our no accruing loan ratio with 92 basis points up from 80 basis points from the fourth quarter. This increase was driven primarily by activity in the middle market C&I and commercial real estate segment.
Our total net charge off ratio of 48 basis points was substantially below our full year expectation of 60 to 65 basis points. The middle market C NI and middle market CRE portfolio net charge offs were significantly lower than the full year expectations. In contrast the total consumer portfolio net charge offs were generally higher than expectations. We overdraft each of the portfolio first quarter performance compare with our 2008 folio targets on upcoming slides.
In a moment on slide 11 you will see that the increase in non accruing loans was primarily concentrated in the middle market, commercial real estate and middle market CNI portfolios. The middle market commercial real estate increase was driven by continued activity in the single family home builder portfolio which I will specifically address shortly. The residential mortgage results reflected increase in delinquency rates while the middle market CNI increase primarily related to smaller borrowers generally in the $1 million to $2 million exposure range with no particular geographic concentration.
As shown at the bottom of slide 10, both the allowance for loan and lease losses and the allowance for credit loss ratios have increased as a percentage of related out standings to 153 basis points and 167 basis points respectively. The decline in the non-accruing loan coverage ratio is a function of newly identified non-accruals not require any increases to the existing reserve calculations. The vast majority of the new non-accruals had previously been identified as sub-standard loans with an appropriate allowance or size. Despite the decline from the prior period levels, we believe that these coverage ratios continue to represent adequate levels of reserves.
Slide 11 details our non-accruing loans and shows the other categories that add up to the total non-performing asset levels.
On slide 12, our single family homebuilder portfolio at the end of the quarter totaled $1.7 billion. The $200 million increase from the amount reported at the end of the prior quarter reflected reclassifications from other commercial real estates segments. These reclassifications were primarily associated with smaller dollar former Sky borrowers following additional post system conversion review. This reclassification is part of our continuing assessment review and analysis of our exposure to this industry. It will continue to provide some asset quality matrix associated with the portfolio which we hope you find helpful.
The level of classified loans increased by $43 million in the quarter to $210 million or 12 .4% of the portfolio. The non-performing asset level also increased over the quarter to $78 million or 4.6%. The reserves held against the portfolio increased to 3.9%. Given the aggressive write-downs associated with loans in the non-performing asset category, the current reserve level is adequate given our expectations for 2008. For 2008, we are expecting single family homebuilder losses to be in the 150 basis point range. It is important to note that we expect the residential developer market to continue to be depressed and anticipate continued pressure on the single family homebuilder segment in the coming months.
Slide 13 is a new slide and provides similar disclosure for our exposure to retail commercial real estate projects and also expressed concern that this commercial real estate segment could be the next one to experience difficulty. As such, we thought detailing our exposure might be helpful. This $2.5 billion portfolio includes loans booked in both the middle market and business banking portfolios. We understand the exposure and potential risks associated with it. In sum, as shown by this matrix, it has performed well and we remain comfortable with the current and prospective performance of the portfolio.
I want to use slides 14 through 16 to review our exposure to residential secured loans, industry segments of keen investor interest and concern.
Slide 14 summarizes our residential mortgage portfolio. We were pleased that the first quarter net charge-off ratio remained below our expected full year targeted range. The segments of our portfolio defined as nontraditional mortgages include Alt-A and interest-only products. We have never originated any payment option ARMs. Our Alt-A exposure continues to decline and our interest-only products continue to perform well. Our exposure to ARM reset risk is mitigated by our updated bureau score distribution and the fact that we service our own portfolio. We have a proactive call-in effort to ensure that all of our borrowers are aware of the impact of the upcoming result and last mitigation strategies are helping us to dispose with payment difficulties.
Turning to the home equity lending portfolio as shown on slide 15, the net charge off ratio 80 basis points was higher than our 2008 forecast of 65 to 75 basis points. First quarter performance included a substantial amount of break downs based on our conservative valuation assumptions associated with delinquent borrowers. The housing market in our foot print remains stressed with relatively lower sales activity. This was the driving force behind our higher levels of net charge offs in the first quarter.
We continue to be comfortable that our policies and practices have positively differentiated us from the industry in this segment and believe our home equity net charge offs will peak this year and compare well to overall expected industry performance. As we have discussed in past presentations our decision to eliminate broker originated home equity loans beginning in 2005 is a major reason for our more positive view compared to what we are hearing to be general industry trends.
Slide 16 represents our home equity vintage charge which you saw it for the time last quarter. As stated then our vintage performance continues to be within fairly narrow bands and the more recent vintages showing better results than the older vintages. Slide 17 and 18 detail our expected net charge off outlook by portfolio. Our overall expectation of 60 to 65 basis points remains unchanged but we have fine tuned some of the individual portfolios assets. We reduced the middle market commercial real estate outlook by 10 basis point based on our first quarter performance and a detailed review of the rest of the portfolio.
The business banking outlook range was increased by 10 basis points reflecting an increased level of strakes in our smaller dollar segments. A higher than anticipated first quarter results in this segment was driven by activity in the under $100,000.00 aggregate exposure segment. We have implemented a number of steps to improve our ongoing management of these borrowers and to enhance our under writing processes.
The auto loan and lease portfolio of first quarter results was higher than expected. However during the quarter we saw good improvement in the 60 days and over delinquency buckets compared to the fourth quarter of 2007. A 20% decline as of March 31, with a declining trend allow us to remain comfortable with the full year outlook.
In sum even though our first quarter performances in some segments exceeded our full year targeted range, performance was below expectations in other segments and for other segments was within our targeted range. On balance we believe these will net out over the course of 2008 and remain comfortable with our full year targeted range of 60 to 65 basis points. That concludes that credit discussions.
Let me turn the presentation over to Don who will discuss our first quarter financial performance.
Don Kimble
Thanks Tim turning to slide 19 our reported net income was a $127.1 million or $0.35 per common share for the quarter. These results were impacted by 5 to a given high of first the aggregate impact of $37.5 million or $0.07 per share from the Visa IPO. This included $25.1 million of gain resulting from the proceeds of the IPO and $12.4 million from the reversals of about half the indemnification reserve established in the fourth quarter.
You can get today's market price for visa. We got approximately $44 million of unrecognized value in visa stocks and a $12.4 million reserve for future identification. Second a $11.1 million or $0.03 per share income tax benefit due to the reduction of the previously established capital loss carry forward valuation allowance which is also a result of the Visa IPO.
Third, we had $20 million or $0.04 per share of net market related losses consisting of three items; $18.8 million of negative impact from the revaluation of mortgage servicing rights net of hedging. This past quarter experienced extreme levels of volatility in the mortgage market including the significant expansion of credit spreads.
This volatility significantly increase the negative impact of holding mortgage servicing rights. Since the end of the quarter and going forward, we had engaged a third-party to provide the valuation, analytical tools and insight or additional insight for our MSR hedging strategies. We also had $2.7 million of equity investment losses which were offset by $1.4 million of net security gains.
Fourth, we had $11 million or $0.02 per share of asset impairment including a $5.9 million write-off of a venture capital investment in Skybus Airlines, a Columbus, Ohio-based discount airline that filed for bankruptcy in early April. Lastly, $7.1 million or $0.01 per share of merger costs.
Slide 20 provides a quick snapshot of the quarter's performance. As previously noted, our reported net income was $0.35 per share. Our net interest margin was 3.23%, down 3 basis points. We will cover this in more detail later. Average total commercial loans increased at a 6% annualized base and average total consumer loans were down slightly from the prior period. Average total core deposits were also down slightly reflecting seasonal productions in the commercial non-interest bearing balances.
We had mixed the income performance during the quarter as mortgage insurance fees were up 21% including the seasonal increase in insurance revenues. Mortgage origination income increased due to significant tick-up in the refinance activity reflecting low market interest rates. Deposit and service charge income reflected the normal seasonally downward trend and trust income was also down slightly due to lower market value of managed assets.
Expense levels were up slightly from the fourth quarter after adjusting for merger costs and the significant items noted before. This increase was related to seasonally higher employment taxes, occupancy costs due to snow removal utilities and automobile operating leases and oil losses. These increases were partially offset by the fact we have now realized 100% of our targeted $115 million of annualized expense efficiencies related to the Sky Financial acquisition.
As Tim noted earlier, our charge-off ratio of 48 basis points was below our full year expectation of 65 basis points. Our Tier 1 and total risk-based capital ratios increased slightly to 7.55% and 10.86% respectively despite a $500 million increase in our risk-weighted assets.
Slide 21 provides a summary of many of the quarterly performance ratios. Most leads will be reviewed in more detail later, so let's move on. Slide 22 and 23 include trends for both revenues and expenses. For comparisons with the first quarter 2007, we provided an adjustment for the merger related impact of the acquisition of Sky Financial.
Starting with revenues on slide 22, non-merger related net interest income was down from the previous quarter and from year ago quarter. These declines reflected the impact our lower net interest margin resulting from declining interest rates and from the impact of the Franklin credit restructuring; more on this later.
Non-merger related fee income was up nicely over the previous year with good growth in deposit service charges, brokerage and insurance revenues and other service charge income. The changes in mortgage and other income categories reflected the impact of the significant items noted earlier including the net loss on hedging of MSR positions and the gain resulting from the Visa IPO. The linked quarter non-interest income comparisons reflected the normal seasonal declines for deposit of service charges as well as the impact of the significant items noted before.
Expense trends on slide 23 are also adjusted for the merger related impact of Sky Financial acquisition in the year-over-year comparison and for the impact of merger costs and both the year-over-year and linked quarter comparisons. Both periods show that non-merger related expenses decline on both a year-over-year basis and a linked quarter basis.
Looking at the linked quarter change, non-merger related non-interest expense was down $31.7 million. The significant items in both periods impacted most of this change including the Visa indemnification charge in the prior quarter and the third quarters of partial reversal of that charge. These significant items reduced the linked quarter expenses about $41.1 million. Offsetting this reduction, the $5.4 million in seasonally higher employment taxes, a $4 million increase in snow removal and utilities expense, $2.6 million in growth and automobile operating lease expenses, and $1.5 million in higher oil expenses.
Adjusting for these items, our non-merger related non-interest expense would have declined over $4 million. This decline was largely a result of the full realization of the merger expense efficiencies from the Sky Financial merger. We remain focused on expenses and are still identifying additional expense opportunities and are targeting lower levels of expense for the rest of the year.
Turning to slide 24, we have provided a summary of the loan trends. Looking at the linked quarter trends, loan balances increased an annualized 3% driven by growth in commercial loans. Contributing to growth was an increase in the middle market commercial real estate loans reflecting permanent funding in the retail, warehouse and multifamily segments. It was not related to increases in the single family homebuilder segment for funding of interest on existing construction loans.
The growth in middle market C&I was comprised primarily of new or increased loan facilities to existing borrowers. Consumer loans were relatively stable at the prior period of reflecting good growth in automobile loans offset by continued declines in auto leases and residential real estate loans. Comparisons with the first quarter 2007 were impacted by the acquisition of Sky Financial.
Slide 25 provides the trend for our deposit balances. Again, focusing on the linked quarter change, our deposit balances were up slightly with core deposits down slightly. The core deposit decline was due to the seasonal decline in non-interest bearing deposit accounts. These increase in other deposits primarily came from customer relationships as brokered deposits were up relatively stable with the prior quarter.
Turning to slide 26. During the quarter, our net interest margin came down by 3 basis points to 3.23%. This decline reflected the impact of three primary items; first, the fourth quarter included a 15 basis point hit from the non-accrual impact of the Franklin loans while they were being restructured. Second, as a result of the restructuring of the Franklin credit relationship, we had a $400 million lower commercial loan balance and are no longer accreting a purchase accounting discount into income. This had a permanent negative impact of 10 basis points for the quarter.
Finally, we were asset sensitive going into the quarter and the relative cost of national market funding increased significantly. These two issues negatively impacted our margin by 9 basis points. During the quarter, we added $2.5 billion of interest rate swaps to mitigate the impact of winning further rate cuts.
Our investment portfolio summary is provided on slide 27. $4.3 billion portfolio consists mainly of $2.2 billion of mortgage backed securities primarily agency securities and AAA rated sub-prime CMOs. It was at $751 million of asset backed securities including $502 million of AAA rated Alt-A mortgage backed assets, $247 million full trust preferred securities, and less than $3 million of net interest margin bonds which were the primary source of our impairment charges. We also had $716 million of municipal bonds.
Late in the quarter, credits spreads increased significantly on our prime CMOs in our asset backed portfolios. This increase resulted in a reduction in the market value of our portfolio of $125 million. We have reviewed the investments with a third party to verify conclusion of market decline were not reflected at lower expected future cash flows from the securities and are therefore not permanently impaired. However these prices were used to value the portfolio and resulted in a $70 million after-tax reduction to other comprehensive income from our component of equity.
Slide 28 show the trends in our capital ratios. Our risk-based capital ratio increased slightly from the end of the prior quarter reflecting the benefit of the earnings retained during the quarter partially offset by increase in our risk-weighted assets.
Our tangible equity ratio declined by 16 basis points during the quarter. 14 basis points of this change is related to the $70 million after-tax impact on the lower security values mentioned earlier.
Slide 29 provides additional color on our capital position; first, with our announced dividend reduction and as compared with our revised $1.45 to $1.50 earnings per share target, our run rate payout ratio is expected to decline to 35% to 37%. This is appropriate given the current environment and our need to build capital given the uncertain economic environments. Internal general capital generation rate grew to 5% to 6%. Shown next are regulatory capital ratios. Each regulatory capital ratio was well above the regulatory defined well capitalized levels. Finally, our planned $500 million capital issuance is expected to increase these capital ratios by approximately 100 basis points.
Turning to slide 30, we provided additional detail to help you analyze our earning guidance. As you now, when earnings guidance is given, it is our practice to do so on a GAAP basis unless otherwise noted. Such guidance include the expected results of all significant forecasted activities. However, guidance typically excludes selected items with the timing and the financial impact is uncertain until the impact can be reasonably forecast and it excludes any unusual or one-time items as well.
We are adjusting our 2008 earnings guidance to $1.45 to $1.50 per share. We anticipate that the economic environment will continue to be negatively impacted by weaknesses in residential real estate market. It continues to be our expectation that any impacts will be upgraded among our borrowers in our Eastern Michigan and Northern Ohio markets. And however interest rates may change, we expect to maintain a relatively neutral interest rate risk position. Given this backdrop, here are our outlook comments.
A full year net interest margin of around 320, full year average total loan growth in the mid and the low-single-digit range offers 2007 fourth quarter level with average commercial loan growth in the mid-single-digit range and average total consumer loans being relatively flat, reflecting continued softness in the residential mortgage and home equity loan growth.
Full year average core deposit growth in the low-single digit range off to 2007 fourth quarter level. Full year non-interest income growth in low-single-digit range from the annualized 2008 first quarter level adjusted for seasonal performance and the significant items noted on slide 19. Full year non-interest expense level that is flat to down from the annualized 2008 first quarter non-interest expense level, again adjusted for seasonal performance and other significant items.
Regarding credit quality performance, we anticipate full year next charge-offs to be in a 60 to 65 basis point range. Non-accrual loans on an absolute and relative basis are expected to increase modestly.
Lastly, we anticipate moderate increases from the long unreserved ratio from 1.53% level at March 31 through June 30 with modest increases thereafter throughout the end of the year. When considering our earning guidance keep in mind the seasonal impact of the various income statement items including our net interest income was down at about $4 million lower in the first quarter due to the day count. Our deposit service charges were $9 million lower due to seasonality and expenses were $9 million higher due to certain seasonal impacts including employment taxes and occupancy costs. Also our outlook for provision expense would assume modest to quarterly increases in the allowance throughout the year and not the $40 million increase recorded in the first quarter.
Regarding capital, we are assuming the capital insurance mentioned earlier and we are also assuming no share repurchase activity. Again all this resulted in a targeted reported EPS for 2008 earning of $1.45 to $1.50 per share.
Let me turn the presentation back over to Tom.
Tom Hoaglin
Thanks Don we have covered a lot of ground in a short period of time, so let me recap the key points that we feel are important that are investors understand.
Reported earnings of $0.35 per share included a net positive impact of $0.03 from significant items with underlying earnings therefore coming in just below expectations, mostly due to higher provision from credit losses and margin depression.
Second, we feel pretty good about our credit performance and the end prospects. Not a great deal has changed in our outlook after 3 months of actual results and a thorough look ahead through the remainder of 2008.
Third our Franklin relationship is doing just fine. We think that will continue to be the case.
Fourth our primary businesses are performing well. Lower deposit growth was reasonable as well as our fee income expense performance after having consideration to seasonal factors that generally lowered fees and raised expenses.
Going forward and consistent with our view at the beginning of the year we are not assuming any relief from the economic environment for the foreseeable of our future. This is going to be a tough year. Given this environment the dividend reduction was a hard but correct we feel decision.
Our reduced earnings estimate of $1.45 to $1.50 per share reflects the first quarter's performance and assumes continued margin pressure, higher provision expense and a negative impact from a planned issuance of diluted capital securities.
We know this new targeted range is above the current analyst's consensus. Never-the-less the primary assumption difference between our outlook and that of analysts seems to be in the area of credit quality performance expectations. Analysts are generally more bearish, never-the-less we firmly believe in our assumptions.
Lastly, we remain focused on delivery results rebuilding value for our shareholders. As I stated 3 months ago we know only by delivering results we will regain credibility with investors. Through hard work and focus on performance we are up to the task.
Operator we are ready to take questions.
Question-and-Answer Session
(Operator Instructions) And our first question comes from the line of Mathew O'Connor with UBS.
Mathew O' Connor - UBS
Two questions; first Don you mentioned on the expense management side that our expense was a trend down from here and you are looking for other ways to reduce costs. I just wondered if you could size that up. You've -- I think done on a pretty good job managing expenses so far and I am just wondering how much less there is.
Don Kimble
Yeah, that we believe that our core level expenses, average making items in the first quarter of about $370 million that includes about $9 million worth of what we term to be seasonal issues associated employment taxes and seasonal snow removal. So we are assuming that that adjusted levels of expenses will be relatively flat to slightly down from that. We are continuing to focus on areas for additional efficiency improvements and taking a look a look at where our various components compared to either peers within Huntington or outside of Huntington and then continue to push on those opportunities.
Tom Hoaglin
Let met just talk, let me just say that we as a team recognize when revenues are under pressure and when charge-offs, credit costs in general are elevated, expenses need to cut down. So we are highly motivated inside the organization turning over all kinds of rocks. We have no interest in interfering with our ability to execute against our business model of a local bank with national resources and local decisioning for a value proposition of service and excellence, but given that there are still a lot of expense that the team understands can be taken out and we are squarely focused on accomplishing that and that's built into our earnings forecast for the balance of the year.
Mathew O' Connor - UBS
Okay, that's helpful. And then Tom, just a separate question here. They often get asked with respect to franchise value. I have spoken to two of your competitors in recent months here regarding your franchise that they do view as being very valuable and I'm just wondering how you think about things in light of the capital raise, dividend cuts, just more difficult environment overall. You are more open to consolidation now than in the past.
Tom Hoaglin
It's always nice to know that others share our point of view about the value of the franchise. So we appreciate the feedback there. Just as a reminder, while we certainly -- while we are quite comfortable with our own outlook for the rest of the year, we are nervous about what the future looks like on a macro basis, how much worse do the debt markets get or how long will they be in turmoil, how bad will the economic downturn be, etcetera. We have none of us has ever lived through any of these. So we are just trying to be as cautious as we can which brought us to the capital raise position. As it relates to the future, our feeling continues to be, we as a team has to demonstrate to our shareholders who certainly have not been extraordinarily rewarded to date that we were able to execute well and deliver value for them. We believe that's going to be the case. We believe that the first quarter and our outlook for the rest of the year in contrast to the experience of others would indicate that to be the case and we recognize people have to see the results before they buy into that. In the event that we are not able to execute against that, then we have to consider a wide variety of alternatives because our commitment is to shareholders. But we believe we are on the right track. We believe that there are better days ahead and we believe that the conviction we had underlying the purchase of Sky will remain, and that is we have got a slow growth market and value could be created for shareholders by combining, taking cost down and answering customer convenience rather than going to other parts of the country. So we hope to -- once this stage of the credit cycle passes to continue on that path.
Mathew O' Connor – UBS
Okay thank you,
Our next question comes from the line Scott Siefers.
Scott Siefers
Just had couple of questions on capital levels. What is -- I know you guys have a historical look at the annual common equity ratio. What -- I guess following the capital raise are the numbers that you are going to be looking at most heavily internally, regulatory ratios aside, where would this put you relative to those numbers and then I guess just in terms of the size of the capital raise I know it was much larger than you had suggested a couple of months ago, but by the same token I guess what led you to believe that the $500 million was the appropriate number I guess why not may be go up a little more than that even.
Tom Hoaglin
Scott this Tom. Let me handle the last part of your question and then we'll pass it on to being involved with the first part. I don't know that there is a science aspect of this. We just have been so frustrated about our inability to access markets for non-dilutive securities even at lower amounts and we felt like we were faced with the choice. We could issue this kind of security now where there is a demand we believe and end up having too much capital down the road if there aren't -- if conditions improve or we could wait and not do it and then hope that the markets open up for non-dilutive capital later and hope that we are able to access when the needs arise and we had felt that the far lesser risk was to move forward today. As far as the amount is concerned I mean we are trying very much to balance our caution with regard to just protecting ourselves for the future versus dilution to existing shareholders and we felt that the 500 million target got us to that relatively acceptable balance point, so I hope that helps.
Scott Siefers
Don Kimble
As far as the capital level as you mentioned before we previously focused on tangible common equity. Like I said, with this issuance and with the high equity content that it will provide will provide, it will probably focus a little bit more on tangible equity and so this issuance are going to be included in there and so our tangible equity ratio would increase by almost a 100 basis point without bringing us fairly close to the 6% tangible equity ratio. Take a look at the other factors that we will consider will be tier I until the capital ratios with the holding company. With this issuance would be north 1850 tier I ratio which we view as very, very strong and the total capital ratio would be very close to a 12% threshold and both those would be at or slightly above what our targeted ranges would be for those levels long term. Again as Tom said that we think it's probably more prudent to have extra capital then to be running the risk that we issue too little and wish we would issue more later.
Scott Siefers
Okay thank you.
Our next question comes from line it's Brian Foran with Goldman Sachs.
Don Kimble
Hi Brian.
Brian Foran – Goldman Sachs
Tim, the point about capital you just made. I mean is everyone regulators and rating agencies comfortable with kind of the chance of a prolonged period where you can have 8.5 tier I -- 6% trends were tangible equity, but tangible common could be 5% give or take for a couple of quarters here.
Tom Hoaglin
Brian this is Tom Hoaglin. Are you asking that the regulators signed off on this approach?
Brian Foran – Goldman Sachs
Yeah exactly. I mean is there any scenario where the tangible common ratio would need to be raised the access in the capital markets or is it basically a situation where we should just forget about tangible comment for a while and focus on tangible equity including preferred in tier I?
Tom Hoaglin
As far as the tangible comment that was more of an internal Huntington ratio that we focused on. If look at the regulator, they look at tier I in total and tier I leveraged ratio and we are very well positioned for that especially with this $500 million capital raise. As far as rated agencies they would have their own measures as far as capital adequacy. When we talked before -- previously we made an announcement to the raise $250 million to $300 million in capital. Those conversations were shared with the regulators and rating agencies with no more definitive plans or commitments beyond that and so we don't believe that it will have any negative reaction at all as far as capital and it should be positive as far as the impact with the capital raise and the actions we took as far as dividend would help support that capital level even more. To state the, what probably is the obvious I think in these times banking regulators are interested in more capital in the entire system. So there is nothing of a Huntington specific concern here at all. I think people are just appropriately nervous about what might happen. Somehow I'll be and will defined in the future in making sure that systemic capital levels are adequate.
Brian Foran – Goldman Sachs
Thank you and then I know auto isn't necessarily the biggest issue facing the company, but if you look at the losses, they are up in a quarter where they are seasonally usually down and then on page 28 you have got growth at 34% annualized with a foot note about an impact from loans sales. Can you just kind of give us more color on the credit and then does that -- is that foot note implied -- you tried to sell loans and weren't able to?
Tim Barber
No. They are -- let me go in order. The first quarter is not typically a seasonally down quarter. Fourth and first are high, second and third are low. It was a little higher than we thought it would be. I am not saying it wasn't, but we remain comfortable with our full year outlook for the other portfolio.
Tom Hoaglin
Yeah, let me just jump in there. As we reported a quarter ago fourth quarter auto charge offs were a bit elevated because of the impact of the sky -- bringing of the sky portfolio which was not what we would want it to be in the way of documentation completion and we had some prior charge offs as a result of that. Some of the impact in the first quarter continued to be filled from the sky portfolio. The delinquencies trends and the overall auto portfolio are very positive and we have a great deal of confidence that the charge off rates will fall considerably in the coming quarters. Tim?
Tim Barber
Yep, the comments on slide 28 about loan sales and prior years 2005 or 2006, we had a loan -- a flow sale program that we talked about publicly. When that program ended we were -- we maintained all of our production on our balance sheet. What we had been selling had a higher risk profile based on the based on the link so that's has an impact and so there is nothing to deal with. We tried to sell and couldn't. We think our loans would stack up pretty nicely compared to any of the activity that's going on in the market today actually.
Tom Hoaglin
Good point and we were selling off about half of our production and so that's what the comment of getting that so was not selling off that half of the production our balance will show a little bit artificial growth because we are retaining that on balance sheet as supposed to half balance sheet.
Brian Foran – Goldman Sachs
Okay thank you.
Our next question comes from the line Terry Mcevoy with Oppenheimer & Co.
Terry Mcevoy - Oppenheimer & Co.
Thanks good morning.
Don Kimble
Hi Terry.
Terry Mcevoy - Oppenheimer & Co.
Earlier in your discussion you talked about the reason why you're raising 500 versus the 250 and 300. It's and when just that increased economic and market uncertainty and so it is little surprise to see that you didn't raise your full year '08 guidance or outlook for net charge off seems to be one statement says that that number might be higher then you had felt in January when the first capital raise was announced. I guess the question is what gives you the confidence that charge offs are going to stay within that initial range provided three months ago.
Tom Hoaglin
This is Tom, Terry and again what we underscore that nothing about this capital raise is being done in anticipation of a deterioration in Huntington's credit in contrast of what's effecting a number of others. What gives us as much confidence as you could have in this kind of environment is a very thorough review portfolio by portfolio by portfolio on the commercial side names, values, exposures likely deterioration of the consumer side things like delinquencies trends, credit characteristic. Tim jump in here.
Tim Barber
Yeah on the consumer side we are looking at updated record scores, we are looking at where the current vintages are performing, these of the prior vintages, those kinds of things as we talked about in the credit discussion. Some of the portfolios were a little higher than our ranges, a couple were significantly below and a couple were right on top of it and an aggregate looking forward through 2008 we feel comfortable at 60 to 65.
Tom Hoaglin
We recognize that there is a -- not a broad acceptance of our charge off estimates for the year. There wasn't a quarter ago and we came in at 48 basis points. We haven't changed our overall full year and there may not be a broad acceptance of it today but with three months actual under a belt and with three months more review of what next 9 months looks like, we continue to be comfortable with that 60 to 65 basis points. All be it having gotten there shifting around as we said earlier some of the individual components in terms of charge off levels.
Terry Mcevoy - Oppenheimer & Co.
And just one more question. In order to preserve the franchise value that was brought up earlier what are you doing internally to just manage the disruption cutting the dividends and the stock price etc, to make sure that the people and the franchise remains intact and doesn't get distracted through this -- through all noise.
Tom Hoaglin
Well I think you think that there is been some internal disruption, we haven't seen any internal disruption and our people are enthusiastic, they are squarely focused. I mean they read in the media headlines about the industry just like anybody else and they have kind of natural anxieties that they get asked like by customers' questions about financial services sector in general and Huntington in particular, but I think they move forward with the kind of confidence that we feel. So believe it or not, we have not experienced any disruption internally at all. It doesn't mean that it's easy to execute. It's a tough environment but we haven't lost focus.
Terry Mcevoy - Oppenheimer & Co.
Appreciate it. Thank you.
Your next question comes from the line of Bob Hughes with KBW.
Don Kimble
Hi Bob.
Bob, your line is open. Our next question comes from the line of Tony Davis with Stifel Nicolaus.
Tony Davis - Stifel Nicolaus
Hi Don and good morning Tim.
Don Kimble
Good morning.
Tony Davis - Stifel Nicolaus
Don, you took a pretty big core margin hit from re-pricing here this last quarter. What percent of the loans right now are for LIBOR prime based and are you considering your steps here to mitigate that sensitivity?
Don Kimble
Yeah, we have already taken steps to mitigate that sensitivity that we were more asset sensitive going into the quarter that we don't like to be. We did increase our interest rate swap position by $2.5 billion to where we are now, extremely asset and liability neutral as far as re-pricing. Our loans are a little more than 50%, variable either a LIBOR or Prime based and we continue to model that out in the performance of those loans and the re-pricing characteristics compared to our deposit re-pricing assumptions.
Tony Davis - Stifel Nicolaus
Okay. And previously the evaluation on allowance adjustment, I wonder what's the size of the portfolio right now. What's the MSR as the percent of that servicing -- of the loan servicing? I guess a more broad question maybe for Tom on the sense of business you want to bring in long term.
Tom Hoaglin
Let me take, while we are looking for the numbers here, let me take the last part of that question. We as a bank that prides itself in being a local bank, we want to make sure that we offer first mortgage lending -- first mortgage borrowing opportunities to our customers in each of our markets and so, we value the continuing relationship with our customers that servicing represents. What we don't value so much is servicing for non-core banking customers and so from time to time as market conditions allow we pair the portion of our servicing portfolio that we consider to be not core and maybe that's the best answer I can give you.
Tony Davis - Stifel Nicolaus
Don Kimble
As far as the size of the mortgage servicing asset on our balance sheet is $192 million net value basis of loan service to others of $15.1 billion, which represents about 1.27% of the servicing portfolio.
Tony Davis - Stifel Nicolaus
Okay, Don. Tim and I can't let you get away here -- on question with the Michigan and the Ohio markets have deteriorated over the last year or so and yet [inaudible] the economic component of the loan loss reserve is unchanged and I just wonder if you could give us your thoughts on that.
Tim Barber
We continue -- we have used essentially the same methodology over the last couple of years and have been consistent in our factors. I think there has been some deterioration or some change in the economic component. So if you look over the course of third quarter, fourth quarter of '07 to first quarter '08, the economic reserve gone from 17 to 19 basis points. So that is an increase. I think that part of the issue is Ohio and Michigan have been lower economic growth states for quite a while certainly compared to the nation and so while the national numbers may be changing pretty dramatically, Ohio and Michigan were already at a relatively low level. So their numbers are not moving maybe as much as you might expect.
Tom Hoaglin
You don't think that -- if you are looking prior than the third quarter of '07, when we acquired Sky we basically took the unallocated reserve at that time and put it into our economic reserve and so the relative change may have influenced that analysis as well.
Tony Davis - Stifel Nicolaus
Our next question comes from the line Bob Hughes at KBW.
Bob Hughes - KBW
A question on some of your credit assumptions. I noticed in the text that you talked about moderating consumer charge-offs in the second half of the year particularly auto and home equity and I want to dig into both as a little bit. Number one, I think we have seen pretty consistent declines in used car values to be the Manheim Index and you indicated that you are seeing some signs that those are strengthening. I wonder if you could clarify a little bit where you are seeing that.
Tim Barber
There is a very consistent pattern on an annual basis associated with those values and typically you see an increase in values in the "spring selling season" or in anticipation of the spring selling season. That was clearly delayed this year. So in prior years, we start seeing the increases maybe in February. We did not see it and that's I think what you are referencing. What we are starting to see is maybe that becomes an April, May issue as opposed to historically a February issue.
Bob Hughes - KBW
Okay and is there a reason to believe that there are some temporary issues that cause that delay? In my mind with the -- increased stress in the consumer and skyrocketing oil prices is maybe premature to assume that used to be [inaudible] going to rebound.
Tim Barber
Well, rebound. I think they are going to improve. I think consumers are much more likely today to buy used cars than they were a couple of years ago. That's one factor that's out there and that's representative across the industry it is represented even what we do what were originating comparing today versus a couple of years ago, so I mean I think it will -- I think they will come up. I am not saying they are going to go up to levels that we saw a couple of years ago, but they are certainly not going to stay at the level they have been there is definitely a spring selling season Bob.
Tom Hoaglin
And part of our charge offs were auto. It is a pulse that are more based on the fact that we are seeing little more delinquencies as opposed to just based on these car values we as far their outlook for lower charge offs.
Tim Barber
Bob Hughes - KBW
Okay, but you would see seasonally you would see lower delinquencies is that right?
Tim Barber
That's correct.
Bob Hughes - KBW
But you would say that your delinquencies -- I know you reference your 60 plus delinquencies being down 20% or so from December 31, but how would that compare to prior yours of your portfolio?
Don Kimble
There is an absolutely a season decline probably a little stronger in this particular situation than in the past quarter comparisons.
Bob Hughes - KBW
Okay but you wouldn't necessarily say that you are assuming that loss of severity and auto eases over the course of this year then per say.
Tim Barber
It will ease compare to the severity of the fourth and the first quarter. It will not be all of a sudden dramatically lower than certainly what we were expecting.
Bob Hughes - KBW
Okay and then in home equity I notice that you talk about losses moderating the second half of the year. I guess in part owing to run off in the broker book, that's only about 10% and then the other piece is loss mitigation program, so I wondered if you could shed a little bit more light on what that program consists off.
Tim Barber
I will try. Certainly we have had lots of mitigation programs in place for quite a while. We became extremely focused on those activities in late fourth quarter and early first quarter 2008 and I think we are starting to see some real traction in those actions in the home equity world. It consist of a wide range of possibilities from working out repayments or different repayments strategies with individual borrowers taking short sales in the certain circumstances at an expense, completely restructuring loans and others wrapping the seconds into a restructured first given the current interest rate environment, all of the above and others are inflate today. It's not something that you could say "we well do a lot of work in the month of March and that will have immediate benefit" what we are working on today would be loans less theoretically, would be in line for charge offs in the third and fourth quarter and that's why we are talking about seeing a moderating number in the second half of the year.
Bob Hughes - KBW
Okay are you guys cutting home equity loans at all?
Tim Barber
That's one of the things that we are doing on a proactive basis for a portion of the portfolio that we being high risk based on performance, based on information we acquire about the consumers.
Bob Hughes - KBW
Okay, and then one final question if I may. The -- so the $0.35 in the first quarter of it to achieve your guidance that sort of assumes a run rate of $0.37 to $0.38 over the course of year. I guess in part, some of that is related to the assumption that provision expense will go down in the second half but to me it seems like still a little bit of a stretch just viewed in those simplistic, in those simplistic terms. What -- given the margin decline in your guidance 15 basis points accounts for about $0.13 differential, what's going to help you get there recognizing that you could see some higher provisioning cost at least in the second quarter. Is the -- so I guess your going to be pretty lumpy low in the second quarter and then considerably higher in the third and fourth based on your provisioning, is that how your envisioning.
Tom Hoaglin
Well Bob, keep in mind too as far as our earnings in the first quarter it is in fact by the seasonal items, but the day account cost is about $4 million as far as our net interest income, our deposit service charge is about $9 million lower in the first quarter than they are in any of the other quarters because of the seasonal issues and we also had about $9 million of higher expenses associated with the employment taxes and also occupancy costs, our snow removal cost alone were almost $3 million in the quarter and hopefully we won't get a whole lot of snow in the second through third quarter this year. So those three items represent about $0.04 a share and so from that you are right that we would expect our provision expense to be lower in the second half of the year than what we are expecting for the first half of the year and so there should be some improvement in the provision expense in that time period, but keep in mind to that our first quarter, our provision expense exceeded charge off by $40 million. Even if we would have had 60 basis points in charge offs instead of 48 that would only even out $12 million of that $40 million increase, so we still have some healthy build to our allowance which we would now view as something that would be recurring especially in the second half of the year.
Bob Hughes - KBW
Okay, all right guys thanks.
Jay Gould
Operator this is Jay Gould, we are running up against some time constraints, so we can take one more caller can we do that please?
Yes sir. Our last question comes from line Jeff Davis with FPN Midwest.
Jeff Davis – FTN Midwest
Thanks but my questions have been covered.
Jay Gould
Great, okay. Operator?
Yes sir.
Jay Gould
I would like to thank everybody for participating. I know that there is still some people with questions, so please give me or Jack a call, we will do all we can to respond to those questions appreciate your forbearance with our having some time constraints this morning. Thank you so much. Bye.
And this concludes today's conference call. You may now disconnect.
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text:
Stuffed Breast of Veal
- 1 package onion soup mix
- 1/4 cup melted butter
- Paprika
- 1 (5 to 6 pound) breast of veal, with a deep pocket cut into it
- 1 loaf egg bread
- 1 large onion, diced and sauteed
- 4 eggs beaten
- Salt and pepper
- 1 packet sugar or artificial sweetener
Preheat oven to 375 degrees F.
Mix onion soup mix with melted butter and paprika. Then, rub mix into the inside and outside of the veal breast.
Shred egg bread into a colander and run hot water over bread to moisten. Drain well.
In large bowl, put drained bread, sauteed onion, eggs, salt, pepper, and sugar. Mix very well.
Stuff the bread mixture into veal breast and cover with foil. Place into oven for 2 1/2 hours. Remove foil and cook another 45 minute to 1 hour.
Recipe courtesy of Marlene Silverstein
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Cooking Tips
More Recipes and Ideas
Vitello Tonatto Fondue
Recipe courtesy of Michael Chiarello

subset: commoncrawl


text:
The result of many years of research and development, The Sublimator is unlike any other smoking device currently available. Made by a dedicated team of boffins in Quebec, Canada, the Sublimator is to all intents and purposes a super-charged vaporizer that works using sublimation as opposed to vaporization.+ Read More
While vaporization is a fairly simple scientific process involving the transition of a compound from liquid to gas, sublimation is a 3-part process involving thermal injection, radiation and induction. This complex bio-molecular gasification results in a dense gas, similar to vapour being produced, but because the gas particles are finer than conventional vapour, hits are smoother and more easily absorbed by the user. Sublimation also preserves essential oils and terpenes much better than vaporization, so flavours are more pronounced. The fully adjustable temperature controls on the Sublimator allow you to find the perfect setting to suit your own preference.
The Sublimator has won numerous prestigious industry awards in recent years, and remains the only product on the market that allows users to consume concentrates and dry herbs simultaneously. There are now a full range of Sublimators available, all with different attachments and set ups including glass chambers and dab-specific heating devices.
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Apollo XLR2.0 With Stainless Steel E-Nail | Sublimator£449.99
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XLR 2.0 With Titanium Nail | Sublimator£499.99
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V4 XLR 2.0 With Titanium E-Nail | Sublimator£509.99
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text:
The best home cinema of 2016: a round-up of 2016's best home cinema products from blu-ray systems to home cinema projectors.
Latest Epson Projector reviews.
14 March 2016
Can £500 buy you a decent home projector? Actually, yes it can
20 December 2015
This budget projector claims to do movies and presentations equally well. But does it really?
18 December 2015
It costs only £580, but is that all this LCD projector has going for it?
23 July 2015
This high-spec projector gives us another reason to be obsessed with lasers
12 January 2015
A cheap LCD home cinema projector. Supposedly
31 October 2014
A solid mid-range LCD projector that excels with 3D
27 January 2014
Epson's new top-end projector is here. And it's good.
15 January 2014
A great full HD home cinema projector for under two grand
17 October 2013
Take GTA to the next level with this gaming projector
03 June 2013
Epson gets back on track with this appealing budget 3D projector.
01 April 2013
Epson's most mainstream 3D projector isn't quite the affordable star we'd hoped for.
12 November 2012
return to the projection fray delivers outstanding value for money.
06 September 2012
Wireless video convenience meets strong performance in Epson's latest 3D LCD projector.
21 May 2012
Epson breaks the £1k barrier with its latest 3D projector.
22 March 2012
After the joys of Epson's TW9000W flagship 3D projector, we have high hopes for the brand's more affordable TW6000W model. But does it deliver?
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text:
Welcome to the Greenway Carousel, a one-of-a-kind carousel located at The Tiffany & Co. Foundation Grove. Take a spin on an animal native to Boston: lobster, cod, fox, squirrel, grasshopper, peregrine falcon, turtle, butterfly, skunk, oarfish, whale, rabbit, owl, and harbor seal. The Carousel was designed to be accessible to individuals with physical, cognitive, and sensory disabilities. Read about how we designed and built the carousel.
$3 per ride, Pack of 10 is $25. We accept cash, credit and debit cards.
Thanks to the Highland Street Foundation, in 2014 and 2015 we hosted free rides on one summer Friday. This year we'll be hosting Free Fun Friday on August 5, 2016 from 11am - 5pm. Read more about Free Fun Fridays here!
Please contact 888-239-7616 or email@example.com with any questions.
Hours are subject to weather conditions. Check @greenwycarousel, @hellogreenway, or our Facebook page for any updates.
Refer to the map on the right side of the page. We're located between Fanueil Hall Marketplace and Christopher Columbus Park.
Hold your birthday party or special event at the Carousel. All packages include:
Additional add-ons, ranging from entertainment packages, additional children, time, food, tables, chairs are available.
Basic packages start at $325. Info and reservations: 888-239-7616 or firstname.lastname@example.com
The Greenway has many food vendors who will be operating at the Carousel this season, including Chicken & Rice Guys, Cookie Monstah, and Stoked Pizza.
The closest restrooms are located on the 1st floor of the Marriott hotel and the lower level of the Central Market Building of Fanueil Hall Marketplace, as shown on the map above.


text:
"Electric communication will never be a substitute for the face of someone who with their soul encourages another person to be brave and true." – Charles Dickens
A few years ago, I ended a relationship with a long-time friend over an email. The email, a disparaging note about me, was accidentally forwarded to me by a mutual friend. Some of the accusations in the email were a surprise to me. However, I didn't end the relationship because of what she wrote; instead, I ended it because she didn't have the courage to tell me herself. She, in turn, stopped speaking with the mutual friend who forwarded me the note. More than 10 years of friendship gone over an email.
Recently, a Zenith Media supervisor was called out for sending an email request to the sales community requesting a food delivery the next morning to remedy expected hangovers. Clearly, the professionalism behind the request was in question, but the public hanging would not have been so brutal if this communication didn't occur over an email. The email itself was leaked and published on industry sites and each exclamation point was critiqued.
There's definitely a place for email in the workplace and in our personal affairs, but not to the degree that we use it today. Here are clear situations where email, or texts, instant messages, etc., are not good options.
- Expressing strong emotions. If you're frustrated, angry, or upset with someone, the last thing you should do is write an email. I have yet to read a coherent email written by someone in rage. There is nothing good that can come out of it. Also, we're much more likely to express (regretful) accusations and sentiments in email that we wouldn't say in-person. Instead, let's focus on the art of communication and conversation. How do we express frustration in a productive way? Also, once the feelings reside, you may not feel the same way. Why have a permanent reminder hanging around? Not to mention that email is easy to forward to HR. Cool off and, if necessary, address it in-person.
- An email you wouldn't want shared with others. Do not write anything in an email that you wouldn't want shared. I've seen people get added to email threads with good intentions, only for them to notice something snarky written about them in the original exchange. Not good for business or productivity. Most of us are dealing with hundreds of emails during the week and don't have the time to proof every word. Avoid uncomfortable situations with your mental checklist, "Would I be comfortable with this information getting shared?" If the answer is "no," then don't write it.
- An email that would embarrass someone. Be mindful of distribution lists. I've seen emails between colleagues with one correcting the other while clients are on the distribution list. Instead, privately let the person know that she spelled a word wrong or used a wrong formula. You don't look any wiser trying to correct her in public.
- An email that will disrupt someone's personal time. Have you ever had a nice relaxing weekend disrupted when you glance at your BlackBerry and see a subject line in all caps (which is basically someone shouting at you through email)? I understand the impulse to send difficult messages when you have downtime and when it's less likely that you will have to confront the individual in-person, but it's poor etiquette to do so. The email, in and of itself, is probably a bad idea, but infringing on someone's personal time and at a moment when it can't be resolved is cowardly and rude. Instead, set up time to meet with the person and discuss the issue at hand. Not only will you both get a better night's sleep, but it'll also give you time to sleep on it and decide if it even matters the next day.
Image on home page via Shutterstock.
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text:
United PV grabs 20MW in China
United Photovoltaics has purchased a 20MW solar project in western China.
The downstream PV investor has agreed to pay about 43 million yuan ($6.9m) to acquire Gonghe County Xinte Photovaltaic, which owns the project in Gonghe county, Qinghai province.
The plant was connected to the grid in late 2013, United PV said in a statement to the Hong Kong stock exchange.
Prior to the deal, EPC services provider TBEA Sun Oasis owned a 90% stake in the project owner, while Xinjiang Sang'ou Solar Equipment held the remaining 10% stake.
United PV, one of China's most aggressive solar project investors, also agreed to pay 215 million yuan to TBEA for EPC services.
The company, which changed its name from Goldpoly last February, will turn Gonghe County Xinte Photovaltaic into a wholly owned subsidiary.
In June, China Merchants New Energy (CMNE) increased its stake in United PV to 19.18%.
By the end of 2013, United PV owned and operated 531.7MW of solar capacity in China.


text:
Atlantic Quality Hotel4
Via Napo Torriani, 24, Milano, 20124
Price FromView Rooms
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About the hotel
Best Western Atlantic Hotel is situated just opposite Milan Central Station and the Airport Bus Terminal, and 50 metres from the Metro (lines 2 and 3). The train to MilanoFiera exhibition centre stops 400 metres away. It offers rooms with LCD TV and Mediaset Premium channels, an early breakfast, and free Wi-Fi throughout.
The private bathroom comes with hairdryer, and some have a spa bath. At this 4-star hotel you will found a lounge with a wide-screen TV and Mediaset Premium channels. There is also a bar and a breakfast room where a continental buffet breakfast is available from 06:30 until 10:30.
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- Air conditioning in rooms, 24 Hour Reception, Cots available, Smoking allowed in bedrooms, Safety Deposit Box, Tea/Coffee making facilities in each room, Hairdryer in each room, Minibar in each room, Telephone In Each Room, Limited Hours Room Service, Limited room service for hot food, Concierge, Laundry/Valet Service, Wake Up Call Available, Pets Allowed, Doctor on call, Porter, Lift to all floors, Public Air Conditioning
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Event date: 5/02/2016 - 7/02/2016 Export event
In the afterglow of Australia's 22-medal haul at Doha 2015, the International Paralympic Committee has confirmed that Canberra (ACT) will host the opening leg of the IPC Athletics Grand Prix Series on 6 February 2016.
Coinciding with the 2016 ACT Athletics Championships to deliver a bumper weekend of track and field in the nation's capital, the confirmation of the event ensures a return of world-class para-athletics to our shores after Brisbane (Qld) played host in 2015.
Australia's best para-athletes will compete, including Paralympic champion Evan O'Hanlon (ACT), world champions Scott Reardon (NSW), Isis Holt (Vic), Angela Ballard (NSW) and Madison de Rozario (WA), with the challenge for supremacy to come from a plethora of international starters from across the region.
Join us as we celebrate the countdown to the Rio 2016 Paralympic Games.
International Classification Dates: Wednesday 3rd – Thursday 4th February, 2016
Location: AIS Canberra, ACT Australia
All athletes intending on presenting will be required to be in Canberra by the evening of Tuesday 2nd February.
The classification schedule will be determined by the IPC, therefore we cannot take requests for preferred days/times to present.
The classification schedule will be communicated one week before the classification takes place.
All athletes who present for the International Classification will be required to stay in Canberra and compete in the IPC Grand Prix/ACT State Championships taking place from Friday 5th-Sunday 7th February 2016.
Australian athletes are able to compete in this competition without an International Classification, but they must have a National Classification prior to the event.
All International Athletes competing must have an International Classification to compete with an 'International Confirmed' status, or an 'International Review' status of 2017 or beyond.
Any athlete (Australian or International) with an International Classification status of 'Review 2016' or 'Review (with no date)' must present for International Classification prior to competition.
This opportunity will offer International Classification for athletes with a physical or an intellectual impairment (We will not be offering International Classifications for athletes with a visual impairment at this opportunity).
For enquiries relating to Classification, please contact Amy Hibbert at email@example.com.
For all other information regarding the event, please contact Belinda Bozin at firstname.lastname@example.com.
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Comprehensive DescriptionRead full entry
BiologySome specimens have been taken in surface tow nets and with nightlight and dipnets; others taken in a dredge sample (Ref. 5316). Ovoviviparous (Ref. 205). The male carries the eggs in a brood pouch which is found under the tail (Ref. 205). Found in sand, mud and coral bottoms in 2-45 m (Ref 90102).


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Use the form on the right to contact us.
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Fairview, PA, 16415
United States
The 2015 PA model is the ultimate trails frame. Made from the finest seamless Japanese 4130 chromoly tubing that you can buy. Stiff, light, and dimensioned for boost and speed! The 2015 features built-in chain tensioners, a true hourglass head tube, oval down tube, mid BB, 6mm drop outs, integrated head set, 990 brake mounts, and double head gussets. This one is made for the big ones that you can only find in Pennsylvania.
Head Angle - 74
Seat Angle - 71
Rear End Length - 14.125"
Top Tube - 21" or 21.5"
Drop Outs - 14mm
Colours: Stainless Steel or Translucent Black


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Posts Tagged with "mom fashions"
Sarah Michelle Gellar wears Wedge Sneakers MOM FASHION ASH
Santa Monica, CA – On Sunday, April 21st, actress Sarah Michelle Gellar was seen out with her family wearing a pair of Ash "Thelma†wedge sneakers in stone leather. This is the best picture I have seen in a while for a celebrity family photo.
I actually really liked Sarah Michelle Gellar's show that got cancelled although the name escapes me at the moment. Call it mommy brain. Anyhow, if you are looking for a great mom celebrity fashions idea, this one is quite good. These Ash Thelma sneakers are a great looking wedge sneaker that will give you height and keep you comfortable so you can run after your little ones on the weekends. I think it is a great look for a busy mom who wants to look hip without looking like a fashion victim. Wedge sneakers are hear to stay folks. Get them and wear them all season long into summer and fall. You won't regret this purchase.


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Dial in your position with Bontrager's Race X Lite Aerobar Ergo Bends. Made from full carbon, they're nice and light, so they won't slow you down.
Commitment to YouBicycle RentalsService & RepairBike Fitting ServicesPrivacy PolicyShipping InformationTrek TravelSHOP ONLINE 24/7Visit our online storeand shop anytime! Plus,get FREE shipping onorders of $100 or more!Shop Online NowOnline Shopping Help


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Viejas Arena Ticket Office sells discounted transit passes for unlimited rides on San Diego Transit buses and the Trolley. SDSU and San Diego Transit work together to provide you with extensive bus and trolley services.
A trolley extension project now connects east and west routes at SDSU. Trolley schedule and information may be found at the Metropolitan Transit System Web site. See also, public transportation safety tips.
The following bus routes serve SDSU: routes 11, 14, 115, 856, 936, and 955 and MTS Rapid Route 215.
See, Metropolitan Transit System for route schedules.
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Jamie Kastner
Jamie Kastner is a Toronto-based filmmaker and writer whose work has received international acclaim. His recently completed The Secret Disco Revolution a feature doc presold to Bravo!, ZDF/Arte, Canal D and Knowledge is distributed by Entertainment One. Recessionize! For Fun And Profit! a sell out hit at Hot Docs 2011 was made for TVO and has sold... See full bio »


text: The hugely-successful Retirement Show is the unique forum for all who are retired, semi-retired or who just aspire to retire. At each Retirement Show visitors can find out how to make the most of their retirement (or simply have a great day out!). Each event includes a wide variety of activities and features to appeal to all visitors, as well as free informative seminars and expert-panel sessions. The many exhibitors at each event will provide visitors with anything that could be needed during retirement.


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The name Aegyptus is a Greek baby name. In Greek the meaning of the name Aegyptus is: King of Egypt; father of the Danaides.
The name Aegyptus is a Latin baby name. In Latin the meaning of the name Aegyptus is: Brother of Daunus.
People with this name have a deep inner desire to serve humanity and to give to others by sharing money, knowledge and experience, or creative and artistic ability.Expression Number: 6
for harmony and balance in their lives, and respond positively to beautiful things.
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Pitfall: The Mayan Adventure Cheats & Codes
Check out our 5 cheats & codes for Pitfall: The Mayan Adventure.
5 Cheats
Submitted by:IGN_Cheats
Fly Around & 99 Ammo
To fly around in Pitfall you have to enter the level select code first. Then choose any level you want, hold select and move the control pad to fly around in and through walls. To get 99 ammo for each weapon you have to enter the level select code first. Then select a level of your choice. When the level starts hold A+B down at the same time for a few seconds. Then BAM you 99 ammo for each weapon.


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Savor a Scrumptious Easter Weekend Lunch at a 4-Star Hotel in Singapore
Peninsula Excelsior Hotel in Singapore offers its "Easter Sunday Lunch" promo, which will be served at Coleman's Cafe from April 18 to 20, 2014. Rates are at SGD48++ for adults and SGD28++ for children.
Following are the details of this deal:
Easter Sunday Lunch
A buffet spread of delectable meat and seafood dishes and other specialties, namely:
a. Meat lovers' delight: Roast Sirloin of Beef, Mini Beef Burger
b. Japanese fares: Sushi, Sashimi
c. Seafood courses: Oats Prawn, Dory Fillet with Herb Beurre Blanc
d. Added treats: Colorful chocolate eggs, free-flowing juice drinks
Validity: April 18 to 20, 2014
Rates: SGD48++ (adults) or SGD28++ (children)
More information about the 2014 Easter weekend lunch promo from Peninsula Excelsior Hotel and the long list of dining offerings from this 4-star Singapore accommodation is available at http://www.peninsulaexcelsior.com.sg/
When planning to grab this promo, guests may choose to simply stop by the restaurant for lunch. Or, they may take their visit a notch higher by actually booking a room. To do this, guests only have to reserve an accommodation using the direct-booking engine that is powered by DirectWithHotels and also accessible on its website. There, they only have to click "Check availability and prices", indicate their travel dates, select a guestroom, and provide the necessary personal information. No prepayment is required to make an online reservation. Also, instant confirmation is guaranteed. All transactions are protected by Trustwave and VeriSign.
In the midst of the endless urban energy gleaming around the city, the 4-star Peninsula Excelsior Hotel offers a calming and homey accommodation for business and leisure travelers. In its 2 towers that house 600 luxurious rooms and suites, guests are sure to experience utmost relaxation and convenience. Elegant wooden furniture accentuates the warmth of the spaces, as rich amenities complete a fine set-up. To offer a more satisfying stay, this hotel in Singapore also has a business center, function rooms, and the Sky Lounge where guests revel in a breathtaking view of the Singapore skyline. Furthermore, it is just minutes from major business offices, shopping centers, the City Hall, international airport, Marina Bay Sands, Singapore Flyer, and Universal Studios.
Peninsula Excelsior Hotel
5 Coleman Street
Singapore 179805
Phone Number: (65) 6337 2200
Website: http://www.peninsulaexcelsior.com.sg/
About DirectWithHotels
DirectWithHotels is in the business of making selling online simple and more profitable for hotels. Since 2005, we've helped over 1000 Hotel Partners (and counting) in 50 countries worldwide increase their direct bookings online. We attract visitors and drive traffic direct to their hotel websites with tactical online marketing, convert these visitors into bookers with a top-performing booking engine, and manage increasing reservations with an easy-to-use web interface. All this at a fixed, performance-
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Posted Wednesday 29th April 2015 – This Summer will see a group of cyclists circumnavigating Great Britain by bicycle, starting and finishing from Holyhead on Anglesey in a 64-day, 6,800-kilometre challenge. Starting on Saturday 4th July, the day the world's greatest bike race the Tour de France starts, and finishing on Saturday 5th September, the eve … Continue reading "Countrywide Great Tour Week 1 Route Revealed"
St George's Sportive Ride For Lezyne Prices
Posted Wednesday 15th April 2015 – The closest Sunday to St George's Day means the St George's Sportive – and next Sunday (26th April) this perennial early season favourite returns for a 9th time. Starting from Princes Risborough, in the heart of the Chiltern Hills it has about as quintessentially an English setting as you … Continue reading "St George's Sportive Ride For Lezyne Prices"
New Ladies Only Surrey Sportive
Posted Tuesday 14th April 2015 – Becky Russell, Race Manager at aat-events has something new for all you female cyclists out there. A Ladies-Only cycle sportive this summer starting and finishing at the state-of-the-art Surrey Sports Park and taking in stunning scenery and the best roads, only known to experienced local cyclists. Below she answers … Continue reading "New Ladies Only Surrey Sportive"
Santini Cotswold Autumn Classic Entry Opens Today
Posted Friday 10th April 2015 – Following the sell-out success of Monday's Santini Cotswold Spring Classic, it's time to look forward to the other end of the season and the annual season closer – the Santini Cotswold Autumn Classic. Taking place on 4th October, the Autumn Classic is fast becoming a favourite with riders wanting … Continue reading "Santini Cotswold Autumn Classic Entry Opens Today"
RIDE 100 New Spring Prices
Posted Thursday 2nd April 2015 – Action Medical Research has announced new Spring Prices on all of their RIDE100 events. Fundraising entries now start at £25 and direct entries at £38. The award winning RIDE100 series contains 10 events spread across the country from the hills of Yorkshire and Scotland to the coastal lanes of Suffolk. The series … Continue reading "RIDE 100 New Spring Prices"
Extra Mitie London Revolution Spaces Released
Posted Thursday 2nd April 2015 – 150 more spaces have been released for those wanting to take on the full 2 day, 185 mile, Mitie London Revolution and enjoy the experience of the basecamp at Ascot. The event takes place on the 16th and 17th May and is the largest multi-day sportive in the UK. … Continue reading "Extra Mitie London Revolution Spaces Released"
The Countrywide Great Tour Launched
Posted Thursday 2nd April 2015 – This Summer will see a group of cyclists circumnavigating Great Britain by bicycle, starting and finishing from Holyhead on Anglesey in a 64-day, 6,800-kilometre challenge. Starting on Saturday 4th July, the day the world's greatest bike race the Tour de France starts, and finishing on Saturday 5th September, the … Continue reading "The Countrywide Great Tour Launched"
Ex-Pro To Ride The Good Friday Sportive
Posted Thursday 2nd April 2015 – Making the journey from Belgium to Folkestone for The Good Friday Sportive will be former pro rider Tommy van de Gehuchte and his "Aalter Vooruit" team. Tommy rode professionally for Jong Vlaanderen 2016 and Flanders-iTeamnova and was a former team mate of Philippe Gilbert and raced for many years … Continue reading "Ex-Pro To Ride The Good Friday Sportive"
Review: dhb Professional ASV Jersey and Shorts
Posted Wednesday 1st April 2015, items reviewed by Chris Baillie – Over the last month we've had in a set of Wiggle's dhb Professional ASV Short Sleeve Cycle Jersey and dhb Professional ASV Bib Shorts for review. Unfortunately the recent weather hasn't been ideal for riding in short sleeved jerseys and bib shorts but we paired them up with some … Continue reading "Review: dhb Professional ASV Jersey and Shorts"
aat Events Announce Two Surrey Sportives
Posted Wednesday 25th March 2015 – aat events have announced two Surrey based sportives for this summer, the first ride on 28th June is just for ladies, whilst boys and girls are invited to take part in the 16th August sportive event. Starting and finishing at the Surrey Sports Park means there will be plentiful parking, changing facilities, … Continue reading "aat Events Announce Two Surrey Sportives"


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Real news. Real funny.
Real news. Real funny.
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The Socio-economic Sciences and Humanities (SSH) Programme aims to provide a strong evidence base for policies that address the complex and interrelated social, economic and cultural challenges that face Europe. Seven pillars represent the main research targets for the SSH Programme within the European Commission's Seventh Framework Programme (FP7). Projects funded under these activities will provide the information to fuel the policies that determine the new directions and strategies that will benefit Europe and its citizens.
EU publications giving an overview of recently funded research projects in SSH in thematic areas
Aim: to develop and integrate research on the issues affecting growth, socio-economic stability, employment, and competitiveness.
Topics include:
Aim: to address two key and highly interrelated issues - the continuing evolution of European socio-economic models, and economic, social and regional cohesion in an enlarged European Union.
Topics include:
Aim: to gauge the foremost developments in society and understand the current and future impacts these will have on Europe and its citizens.
Topics include:
Aim: to understand the changing interactions, cross cultural relations and interdependencies between world regions.
Topics include:
Aim: to address the issues related to achieving a sense of democratic 'ownership' and active participation by Europe's citizens, in the context of the future development of the enlarged European Union.
Topics include:
Aim: to use indicators in policy, as well as in the implementation and monitoring of policy.
Topics include:
Aim: a Forward looking exercise is not a purely theoretical exercise. It has a practical scope and is part of the evidence-based policy-making. It involves both experts and potential users.
Forward looking activities (including "Foresight" and "Forecast") allow:
In the field of research policy, Forward looking exercises may include one or more (depending on the need) of the three main types of activities. In a nutshell, Forward looking activities aim:
Aim: to deal with horizontal and strategic actions of research in Socio-economic Sciences and Humanities
Topics include:


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Results 1 to 9 of 9
- 06-03-2012, 02:53 AM Thread Author #1
- Posts
- 87 Posts
Facebook upload on notification bar
I tried uploading a picture using Facebook (not Facebook for HTC) and its stuck on 0%. Is there a way to cancel it? Tried rebooting but it didn't work. Tried clearing it from the notification bar but that did not work either.
Sent from my EVO using Tapatalk 2
- 06-03-2012, 09:43 AM Thread Author #5
- 06-03-2012, 03:56 PM #7Mayor of Awesometown
- Posts
- 290 Posts
- Global Posts
- 352 Global Posts
Re: Facebook upload on notification bar
This is happening to me all the time. I'm getting double notifications on uploads, notifications "sticking" like they're not done but they have in fact uploaded, the same picture uploading multiple times (even though I only posted from the phone once) and pictures never uploading at all. I tried uninstalling, disabling the internal FB app and Facebook for HTC Sense and then reinstalling, but the same issues keep happening.
This is really driving me crazy, nothing like going to your FB page and seeing the same photo uploaded 4 times. Anyone else having this problem, or have other ideas on how to fix it?
Edit: Also I forgot to mention if I try to use the Facebook for HTC Sense (the HTC Media Uploader) I usually get a notification that the upload starts and gets like 2% - 12% done and then it's "waiting". Doesn't say waiting for what. Nothing ever happens at that point and I have to click into it and cancel the upload. Worthless.
It's worth noting that both Google+ and Dropbox automatic uploading of photos works fine, no issues there. This is something very specific to Facebook and, I believe, Sense.
- 06-06-2012, 12:29 AM #8Mayor of Awesometown
- Posts
- 290 Posts
- Global Posts
- 352 Global Posts
Re: Facebook upload on notification bar
So I did a factory reset on the phone to try and resolve this and some other weird problems with not being able to open the camera from the lock screen, and so far it seems to have resolved it. Hopefully it stays this way.
- Posts
- 834 Posts
Re: Facebook upload on notification bar
I cleared data and force closed and my pictures will not upload to facebook. Usually it goes to so many percent and stops and it's never in task manager anymore to end. Also it would usually work in FB for HTC Sense and not regular FB but I don't even have HTC Sense one anymore since JellyBean update. I can't get my pics to upload. Occasionally one will but I have 50 to upload now and I just hit share FB and it did like 5 and froze and quit and then I tried it again and it did nothing. I hit share FB and checked all to share and saw nothing in notifications. I wanted to use HTC Sense one and make a folder and it's never in my list anymore. I even went to add accounts and FB for HTC Sense isn't in my list to add.