BERKSHIRE BANCORP INC /DE/

CIK:0000759718|SEC Filings

Earnings Per Share

9 Months Ended

Sep. 30, 2013

Note 2. Earnings Per Share

Basic earnings per common share is calculated by dividing income available to common stockholders by the weighted average common stock outstanding, excluding stock options from the calculation. As of and for the three and nine-months ended September 30, 2013 and 2012, there were no potential dilutive shares. The following tables present the Company's calculation of earnings per common share:

	For The Three Months Ended September 30,
	2013						2012
	Earnings		Shares		Per share		Earnings		Shares		Per share
	(numerator)		(denominator)		amount		(numerator)		(denominator)		amount
	(In thousands, except per share data)
Basic earnings per common share
Net income	$	1,036					$	3,183
Net income available to common stockholders	$	1,036		14,416	$	0.07	$	3,183		14,416	$	0.22

	For The Nine Months Ended September 30,
	2013						2012
	Earnings		Shares		Per share		Earnings		Shares		Per share
	(numerator)		(denominator)		Amount		(numerator)		(denominator)		amount
	(In thousands, except per share data)
Basic earnings per common share
Net income	$	2,864					$	8,663
Net income available to common stockholders	$	2,864		14,416	$	0.20	$	8,663		14,416	$	0.60

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$ 2,864	$ 8,663
Adjustments to reconcile net income to net cash provided by operating activities:
Realized gains on investment securities	(338)	(169)
Net amortization of premiums of investment securities	1,252	1,833
Depreciation and amortization	362	373
Provision for loan losses	(865)	(4,193)
Decrease (increase) in accrued interest receivable	90	(190)
Decrease in other real estate owned	225	0
Decrease (increase) in other assets	9,155	(1,376)
Increase (decrease) in accrued interest payable and other liabilities	1,229	(4,908)
Net cash provided by operating activities	13,974	33
Cash flows from investing activities:
Purchases	(306,282)	(382,025)
Sales, maturities and calls	299,697	405,068
Investment securities held to maturity Payments	17	17
Decrease in FHLBNY stock	165	0
Net (increase) decrease in loans	(9,462)	8,119
Purchases of premises and equipment	(266)	(140)
Net cash (used in) provided by investing activities	(16,131)	31,039
Cash flows from financing activities:
Net increase in non interest bearing deposits	5,342	4,750
Net decrease in interest bearing deposits	(35,170)	(12,648)
Repayment of borrowings	(1,539)	(18,931)
Repayment of securities sold under repurchase agreements	(15,000)	0
Net cash used in financing activities	(46,367)	(26,829)
Net (decrease) increase in cash and cash equivalents	(48,524)	4,243
Cash and cash equivalents at beginning of period	149,154	101,036
Cash and cash equivalents at end of period	100,630	105,279
Supplemental disclosure of cash flow information:
Cash used to pay interest	4,126	10,565
Refund on income taxes, net of taxes paid	$ 6,680	$ 2

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and due from banks (including restricted cash of $4,264 and $4,082, respectively)	$ 7,881	$ 8,637
Interest bearing deposits	92,749	140,517
Total cash and cash equivalents	100,630	149,154
Investment Securities:
Available-for-sale, at fair value	342,639	355,114
Federal Home Loan Bank of New York stock	722	887
Held-to-maturity, fair value of $ 259 in 2013 and $283 in 2012	258	275
Total investment securities	343,619	356,276
Loans, net of unearned income	304,606	295,165
Less: allowance for loan losses	(10,122)	(11,008)
Net loans	294,484	284,157
Accrued interest receivable	3,009	3,099
Premises and equipment, net	6,976	7,113
Real estate owned	0	225
Deferred tax assets, net	22,989	16,392
Other assets	4,071	11,629
Total assets	775,778	828,045
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing	89,505	84,163
Interest bearing	523,137	558,307
Total deposits	612,642	642,470
Securities sold under agreements to repurchase	30,000	45,000
Borrowings	0	1,539
Accrued interest payable	1,382	1,699
Other liabilities	4,578	3,031
Total liabilities	648,602	693,739
Stockholders' equity
Preferred stock - $ .01 Par value: 2,000,000 shares authorized - none issued
Common stock - $.10 Par value Authorized-25,000,000 Shares Issued 14,416,198 shares Outstanding 14,416,198 shares	1,442	1,441
Additional paid-in capital	143,903	143,903
Accumulated Deficit	(4,999)	(8,061)
Accumulated other comprehensive loss, net	(13,170)	(2,977)
Total stockholders' equity	127,176	134,306
Total liabilities and stockholders' equity	$ 775,778	$ 828,045