þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 04-3510455 | |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer Identification No.) | |
24 North Street, Pittsfield, Massachusetts | 01201 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of Exchange on which registered | |
Common stock, par value $0.01 per share | NASDAQ Stock Market LLC |
Large Accelerated Filer o | Accelerated Filer þ | Non-Accelerated Filer o | Smaller Reporting Company o |
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Table of Contents
Table of Contents
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Contractual Maturity
One Year
More than One
More Than
(In thousands)
or Less
to Five Years
Five Years
Total
$
9,479
$
12,424
$
$
21,903
63,835
46,868
110,703
111,718
41,931
32,395
186,044
$
185,032
$
101,223
$
32,395
$
318,650
Table of Contents
(Dollars in thousands)
2009
2008
2007
2006
2005
$
3,304
$
1,646
$
726
$
15
$
261
31,917
7,738
5,177
308
271
3,115
1,921
4,164
7,203
553
364
866
441
66
101
38,700
12,171
10,508
7,592
1,186
30
498
866
$
38,730
$
12,669
$
11,374
$
7,592
$
1,186
$
17,818
$
7,456
$
4,613
$
5,268
$
1,234
91
923
823
281
110
1.97
%
0.61
%
0.54
%
0.45
%
0.08
%
1.43
%
0.48
%
0.45
%
0.35
%
0.06
%
Table of Contents
Table of Contents
(Dollars in thousands)
2009
2008
2007
2006
2005
$
22,908
$
22,116
$
19,370
$
13,001
$
9,337
2,016
143
110
27
27,596
1,384
5,945
884
4,850
461
432
3,586
2,031
1,416
1,288
1,110
39,143
4,442
6,376
1,776
1,542
22
100
64
290
13
43
55
235
264
356
667
517
321
654
369
710
572
38,822
3,788
6,007
1,066
970
4,453
3,321
47,730
4,580
4,300
7,860
1,313
(425
)
$
31,816
$
22,908
$
22,116
$
19,370
$
13,001
1.96
%
0.19
%
0.34
%
0.07
%
0.08
%
0.82
14.72
5.79
39.98
37.09
1.62
1.14
1.14
1.14
0.92
82.21
188.22
210.47
255.14
1,096.21
2009
2008
2007
2006
2005
Percent of
Percent of
Percent of
Percent of
Percent of
Amount
Allocated
Amount
Allocated
Amount
Allocated
Amount
Allocated
Amount
Allocated
to Total
to Total
to Total
to Total
to Total
Amount
Loans in Each
Amount
Loans in Each
Amount
Loans in Each
Amount
Loans in Each
Amount
Loans in Each
(Dollars in thousands)
Allocated
Category
Allocated
Category
Allocated
Category
Allocated
Category
Allocated
Category
$
3,169
0.52
%
$
2,006
0.30
%
$
2,028
0.31
%
$
1,845
0.31
%
$
1,649
0.30
%
19,659
2.31
13,539
1.68
12,040
1.71
9,939
1.75
5,933
1.44
6,099
3.28
4,184
2.34
5,787
2.84
5,199
2.74
3,517
2.22
2,889
0.92
3,179
0.92
2,261
0.60
2,387
0.70
1,902
0.63
$
31,816
1.62
%
$
22,908
1.14
%
$
22,116
1.14
%
$
19,370
1.14
%
$
13,001
0.92
%
Table of Contents
2009
2008
2007
Amortized
Fair
Amortized
Fair
Amortized
Fair
(In thousands)
Cost
Value
Cost
Value
Cost
Value
$
73,277
$
74,784
$
76,843
$
75,414
$
74,223
$
75,186
192,597
197,276
174,896
176,824
103,387
104,518
51,707
49,722
24,341
21,043
15,601
15,265
2,679
2,563
1,177
1,099
793
952
$
320,260
$
324,345
$
277,257
$
274,380
$
194,004
$
195,921
$
14,737
$
14,737
$
9,892
$
9,892
$
9,017
$
9,017
42,572
43,515
15,002
15,862
27,791
28,043
173
173
172
172
173
173
139
142
806
803
2,475
2,456
$
57,621
$
58,567
$
25,872
$
26,729
$
39,456
$
39,689
$
15,000
$
15,880
$
15,000
$
18,144
$
$
$
23,120
$
23,120
$
23,120
$
23,120
$
23,120
$
23,120
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More than One
More than Five
One Year or Less
Year to Five Years
Years to Ten Years
More than Ten Years
Total
Weighted
Weighted
Weighted
Weighted
Weighted
Amortized
Average
Amortized
Average
Amortized
Average
Amortized
Average
Amortized
Average
(Dollars in millions)
Cost
Yield
Cost
Yield
Cost
Yield
Cost
Yield
Cost
Yield
$
13.3
1.84
%
$
5.2
3.62
%
$
50.8
3.98
%
$
61.5
4.53
%
$
130.8
4.01
%
10.3
0.67
21.7
1.88
35.4
3.66
125.4
4.30
192.7
3.72
18.1
3.62
23.8
3.08
0.0
8.16
9.7
3.30
51.7
3.31
$
41.7
2.33
%
$
50.7
2.62
%
$
86.2
3.85
%
$
196.6
4.32
%
$
375.2
3.76
%
2009
2008
2007
Percent
Percent
Percent
of Total
Weighted
of Total
Weighted
of Total
Weighted
Average
Average
Average
Average
Average
Average
Average
Average
Average
(Dollars in millions)
Balance
Deposits
Rate
Balance
Deposits
Rate
Balance
Deposits
Rate
$
256.4
13
%
%
$
225.2
12
%
%
$
190.4
12
%
%
188.2
10
0.43
200.1
11
0.75
157.9
10
1.46
499.6
26
1.28
464.9
25
2.15
339.2
21
3.60
212.3
11
0.33
216.4
12
0.74
201.6
13
1.09
777.1
40
3.18
725.4
40
3.94
714.1
44
4.75
$
1,933.6
100
%
1.69
%
$
1,832.0
100
%
2.28
%
$
1,603.2
100
%
3.16
%
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Weighted
Average
Maturity Period
Amount
Rate
(Dollars in thousands)
$
73,841
2.81
%
36,166
1.87
109,298
2.88
171,116
3.76
$
390,421
3.16
%
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Dividends
High
Low
Declared
$
31.39
$
18.46
$
0.16
26.99
19.87
0.16
24.88
19.92
0.16
22.85
18.05
0.16
$
26.29
$
19.50
$
0.15
27.10
22.25
0.16
32.00
20.67
0.16
31.01
22.48
0.16
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Total number of shares
Maximum number of
purchased as part of
shares that may yet
Total number of
Average price
publicly announced
be purchased under
Period
shares purchased
paid per share
plans or programs
the plans or programs
$
97,993
97,993
97,993
$
97,993
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Period Ending
Index
12/31/04
12/31/05
12/31/06
12/31/07
12/31/08
12/31/09
100.00
91.57
92.96
73.67
89.60
61.82
100.00
101.37
111.03
121.92
72.49
104.31
100.00
101.57
118.68
90.50
52.05
51.35
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At or For the Years Ended December 31,
(In thousands, except per share data)
2009
2008
2007
2006
2005
$
2,700,424
$
2,666,729
$
2,513,432
$
2,149,642
$
2,035,553
420,966
341,516
258,497
234,174
420,320
1,961,658
2,007,152
1,944,016
1,698,987
1,420,230
(31,816
)
(22,908
)
(22,116
)
(19,370
)
(13,001
)
176,100
178,830
182,452
121,341
99,616
1,986,762
1,829,580
1,822,563
1,521,938
1,371,218
306,668
374,621
349,938
360,469
412,917
384,581
408,425
326,837
258,161
246,066
$
115,476
$
133,211
$
131,944
$
118,051
$
87,732
45,880
57,471
68,019
57,811
36,115
69,596
75,740
63,925
60,240
51,617
28,181
30,334
26,654
13,539
9,373
808
1,261
(2,011
)
(1,491
)
5,550
98,585
107,335
88,568
72,288
66,540
47,730
4,580
4,300
7,860
1,313
78,571
71,699
65,494
48,868
48,998
(11,649
)
8,812
5,239
4,668
8,003
371
$
(16,067
)
$
22,244
$
13,535
$
11,263
$
8,226
1,030
2,954
$
(20,051
)
$
22,244
$
13,535
$
11,263
$
8,226
$
0.64
$
0.63
$
0.58
$
0.56
$
0.52
$
(1.52
)
$
2.08
$
1.47
$
1.32
$
1.16
$
(1.52
)
$
2.06
$
1.44
$
1.29
$
1.10
13,189
10,700
9,223
8,538
7,122
13,189
10,791
9,370
8,730
7,503
Table of Contents
At or For the Years Ended December 31,
2009
2008
2007
2006
2005
(0.60
)%
0.87
%
0.60
%
0.53
%
0.47
%
(3.90
)
6.47
4.69
4.40
4.19
2.61
3.06
2.79
2.81
3.00
3.00
3.44
3.26
3.24
3.33
29.41
29.44
27.82
16.67
22.43
2.93
2.81
2.90
2.31
2.81
N/M
30.58
40.28
42.92
45.06
(2.27
)
3.24
14.43
19.36
71.86
8.59
0.39
19.75
10.99
62.12
(8.15
)
21.19
22.52
8.64
38.28
7.86
9.34
7.97
7.69
7.79
10.71
12.28
10.40
10.27
11.12
14.24
15.32
13.00
12.01
12.09
8.26
7.75
6.22
6.75
7.56
1.97
0.61
0.54
0.45
0.08
1.43
0.48
0.45
0.35
0.06
1.96
0.19
0.34
0.07
0.08
1.62
1.14
1.14
1.14
0.92
0.82
x
1.88
x
2.10
x
2.55
x
10.96
x
$
27.64
$
30.33
$
31.15
$
29.63
$
28.81
$
20.68
$
30.86
$
26.00
$
33.46
$
33.50
N/M
(1)
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2009
2008
2007
Average
Average
Average
Average
Yield/
Average
Yield/
Average
Yield/
(Dollars in millions)
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
$
1,982.5
$
101.7
5.13
%
$
1,980.1
$
120.6
6.09
%
$
1,789.0
$
120.1
6.71
%
368.5
16.0
4.34
271.2
14.5
5.37
235.2
13.9
5.91
42.1
0.1
0.24
12.2
0.2
1.64
4.7
0.1
3.02
2,393.1
117.8
4.92
2,263.5
135.3
5.98
2,028.9
134.1
6.61
177.6
180.3
138.3
112.2
107.0
95.2
$
2,682.9
$
2,550.8
$
2,262.4
$
188.2
$
0.8
0.43
%
$
200.1
$
1.5
0.75
%
$
157.9
$
2.3
1.46
%
499.6
6.4
1.28
464.9
10.0
2.15
339.2
12.2
3.60
212.3
0.7
0.33
216.4
1.6
0.74
201.6
2.2
1.09
777.1
24.7
3.18
725.4
28.6
3.94
714.1
33.9
4.75
1,677.2
32.6
1.94
1,606.8
41.7
2.60
1,412.8
50.6
3.58
312.9
13.3
4.25
363.8
15.8
4.34
365.8
17.4
4.76
1,990.1
45.9
2.31
1,970.6
57.5
2.92
1,778.6
68.0
3.82
256.4
225.2
190.4
24.2
11.0
5.4
2,270.7
2,206.8
1,974.4
412.2
344.0
288.0
$
2,682.9
$
2,550.8
$
2,262.4
$
403.0
$
292.9
$
250.3
$
71.9
$
77.8
$
66.1
$
1,156.5
$
1,106.6
$
889.1
1,933.6
1,832.0
1,603.2
2.3
2.1
2.2
2.61
%
3.06
%
2.79
%
3.00
%
3.44
%
3.26
%
2.04
%
2.62
%
3.45
%
1.69
%
2.28
%
3.16
%
120.25
%
114.86
%
114.07
%
(1)
(2)
Table of Contents
2009 Compared with 2008
2008 Compared with 2007
Increase (Decrease) Due to
Increase (Decrease) Due to
(In thousands)
Rate
Volume
Net
Rate
Volume
Net
$
(19,031
)
$
143
$
(18,888
)
$
(11,686
)
$
12,194
$
508
(3,813
)
5,225
1,412
(1,362
)
1,979
617
(591
)
491
(100
)
(92
)
134
42
(23,436
)
5,859
(17,577
)
(13,140
)
14,307
1,167
(602
)
(90
)
(692
)
(1,318
)
506
(812
)
(4,347
)
747
(3,600
)
(5,874
)
3,654
(2,220
)
(870
)
(30
)
(900
)
(783
)
146
(637
)
(5,938
)
2,038
(3,900
)
(5,728
)
533
(5,195
)
(11,757
)
2,665
(9,092
)
(13,703
)
4,839
(8,864
)
(288
)
(2,212
)
(2,500
)
(1,587
)
(97
)
(1,684
)
(12,045
)
453
(11,592
)
(15,290
)
4,742
(10,548
)
$
(11,391
)
$
5,406
$
(5,985
)
$
2,150
$
9,565
$
11,715
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Less than One
One to Three
Three to Five
After Five
(In thousands)
Total
Year
Years
Years
Years
$
291,204
$
93,860
$
35,417
$
91,411
$
70,516
15,464
15,464
47,292
2,954
5,700
5,595
33,043
5,177
5,177
10,474
4,543
5,827
104
$
369,611
$
106,534
$
46,944
$
97,110
$
119,023
(1)
(2)
(3)
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Change in
Interest Rates-Basis
1- 12 Months
13- 24 Months
Points (Rate Ramp)
$ Change
% Change
$ Change
% Change
(Dollars in thousands)
$
1,748
2.39
%
$
7,531
10.62
%
1,059
1.44
5,116
7.22
986
1.35
3,982
5.62
(1,411
)
(1.93
)
(4,586
)
(6.47
)
$
2,207
3.07
%
$
7,065
10.24
%
1,587
2.21
5,283
7.66
869
1.21
2,778
4.03
(1,977
)
(2.75
)
(5,779
)
(8.38
)
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Table of Contents
/s/ Kevin P. Riley
Kevin P. Riley
Executive Vice President and Chief Financial Officer
March 12, 2010
Table of Contents
Berkshire Hills Bancorp, Inc.
March 12, 2010
Table of Contents
CONSOLIDATED BALANCE SHEETS
December 31,
(In thousands, except share data)
2009
2008
$
25,770
$
25,783
6,838
19,015
32,608
44,798
15,880
18,144
324,345
274,380
57,621
25,872
23,120
23,120
420,966
341,516
4,146
1,768
609,007
677,254
851,828
805,456
186,044
178,934
314,779
345,508
1,961,658
2,007,152
(31,816
)
(22,908
)
1,929,842
1,984,244
37,390
37,448
161,725
161,178
14,375
17,652
36,904
35,668
3,267
3,740
59,201
38,717
$
2,700,424
$
2,666,729
$
276,587
$
233,040
197,176
190,828
532,840
448,238
208,597
211,156
771,562
746,318
1,986,762
1,829,580
83,860
23,200
207,344
318,957
17,000
15,464
15,464
13,720
24,068
8,693
30,035
2,315,843
2,258,304
36,822
158
142
338,822
307,620
(1,318
)
(1,905
)
99,033
127,773
(2,968
)
(11,574
)
(49,146
)
(50,453
)
384,581
408,425
$
2,700,424
$
2,666,729
Table of Contents
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
(In thousands, except per share data)
2009
2008
2007
$
101,705
$
120,567
$
120,059
13,683
12,460
11,743
88
184
142
115,476
133,211
131,944
32,614
41,733
50,597
13,266
15,738
17,422
45,880
57,471
68,019
69,596
75,740
63,925
11,198
11,011
8,519
4,812
5,704
4,407
12,171
13,619
13,728
28,181
30,334
26,654
(4
)
(22
)
(591
)
(893
)
(3,130
)
1,705
1,283
1,710
28,989
31,595
24,643
98,585
107,335
88,568
47,730
4,580
4,300
38,280
38,282
34,018
11,614
11,238
9,945
10,674
7,741
8,413
4,544
761
185
601
683
2,956
3,277
3,830
3,058
9,581
8,905
6,919
78,571
71,699
65,494
(27,716
)
31,056
18,774
(11,649
)
8,812
5,239
$
(16,067
)
$
22,244
$
13,535
1,030
2,954
$
(20,051
)
$
22,244
$
13,535
$
(1.52
)
$
2.08
$
1.47
$
(1.52
)
$
2.06
$
1.44
13,189
10,700
9,223
13,189
10,791
9,370
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
Years Ended December 31, 2009, 2008 and 2007
Accumulated
Additional
Unearned
other comp-
Common stock
Preferred
paid-in
compen-
Retained
rehensive
Treasury
(In thousands)
Shares
Amount
stock
capital
sation
earnings
income (loss)
stock
Total
8,713
$
106
$
$
200,975
$
(1,896
)
$
105,731
$
92
$
(46,847
)
$
258,161
13,535
13,535
1,125
1,125
14,660
1,913
19
63,331
63,350
(5,398
)
(5,398
)
(290
)
(7,822
)
(7,822
)
(41
)
(36
)
(1,112
)
(1,148
)
132
(481
)
2,598
2,117
66
1,001
1,166
2,167
187
187
676
676
(113
)
(113
)
10,493
125
266,134
(2,009
)
113,387
1,217
(52,017
)
326,837
22,244
22,244
(12,791
)
(12,791
)
9,453
36,802
36,802
3,198
3,198
1,725
17
38,504
38,521
(6,837
)
(6,837
)
(200
)
(4,880
)
(4,880
)
(3
)
(5
)
70
(65
)
185
(1,206
)
4,714
3,508
68
(193
)
(1,546
)
1,739
55
1,580
1,635
(73
)
(73
)
(15
)
20
185
56
261
12,253
142
36,822
307,620
(1,905
)
127,773
(11,574
)
(50,453
)
408,425
(16,067
)
(16,067
)
8,606
8,606
(7,461
)
(37,046
)
(2,954
)
(40,000
)
224
(1,030
)
(806
)
(1,040
)
(1,040
)
1,610
16
32,349
32,365
(8,390
)
(8,390
)
(24
)
12
579
(591
)
23
(236
)
580
344
59
(136
)
(1,354
)
1,490
43
1,362
1,405
(5
)
(26
)
(63
)
(172
)
(261
)
13,916
$
158
$
$
338,822
$
(1,318
)
$
99,033
$
(2,968
)
$
(49,146
)
$
384,581
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2009, 2008 and 2007
(In thousands)
2009
2008
2007
$
(16,067
)
$
22,244
$
13,535
47,730
4,580
4,300
1,784
173
250
1,223
1,315
(1,070
)
3,859
3,835
3,404
1,405
1,635
1,604
73
(676
)
3,277
3,830
3,058
(1,236
)
(1,462
)
(1,078
)
4
22
591
(2,378
)
1,676
(3,444
)
1,950
(5,166
)
905
986
(10,053
)
2,807
(4,537
)
(10,401
)
(371
)
(2,191
)
3,557
13,610
39,442
22,430
(15,000
)
6,303
10,058
59,141
72,473
25,307
31,152
(143,458
)
(98,918
)
(45,810
)
15,438
30,065
14,850
(47,191
)
(16,481
)
(14,344
)
Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONCLUDED)
Years Ended December 31, 2009, 2008 and 2007
(In thousands)
2009
2008
2007
(3,197
)
(79
)
(1,139
)
5,659
(69,110
)
(75,539
)
55,612
(3,529
)
(2,477
)
(5,571
)
(1,090
)
(8,050
)
(97,502
)
(137,725
)
10,302
157,182
7,017
31,598
208,860
145,000
185,214
(276,813
)
(120,317
)
(231,127
)
32,365
38,521
(4,880
)
(7,822
)
344
3,508
4,284
(73
)
676
40,000
(40,000
)
(1,040
)
(806
)
(8,390
)
(6,837
)
(5,398
)
71,702
101,939
(22,575
)
(12,190
)
3,656
10,157
44,798
41,142
30,985
$
32,608
$
44,798
$
41,142
$
32,614
$
42,089
$
50,759
13,690
14,902
17,686
1,970
6,043
5,405
837
376,656
305,592
63,350
(19,895
)
19,895
Table of Contents
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Table of Contents
Table of Contents
Table of Contents
Table of Contents
Years Ended December 31,
(In thousands, except per share data)
2009
2008
2007
$
(16,067
)
$
22,244
$
13,535
1,030
2,954
$
(20,051
)
$
22,244
$
13,535
15,239
12,869
11,135
1,930
2,046
1,812
120
123
100
13,189
10,700
9,223
20
100
71
47
13,189
10,791
9,370
$
(1.52
)
$
2.08
$
1.47
$
(1.52
)
$
2.06
$
1.44
Table of Contents
Table of Contents
Table of Contents
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Table of Contents
Gross
Gross
Amortized
Unrealized
Unrealized
(In thousands)
Cost
Gains
Losses
Fair Value
$
73,277
$
1,836
$
(329
)
$
74,784
12,923
224
(116
)
13,031
179,674
4,714
(143
)
184,245
36,941
641
(245
)
37,337
9,285
(2,370
)
6,915
5,481
9
(20
)
5,470
317,581
7,424
(3,223
)
321,782
2,679
55
(171
)
2,563
320,260
7,479
(3,394
)
324,345
14,737
14,737
139
3
142
42,572
951
(8
)
43,515
173
173
57,621
954
(8
)
58,567
$
377,881
$
8,433
$
(3,402
)
$
382,912
$
76,843
$
401
$
(1,830
)
$
75,414
174,747
2,270
(193
)
176,824
14,810
170
(182
)
14,798
9,362
(3,414
)
5,948
318
5
(26
)
297
276,080
2,846
(5,645
)
273,281
1,177
32
(110
)
1,099
277,257
2,878
(5,755
)
274,380
9,892
9,892
806
1
(4
)
803
15,002
860
15,862
172
172
25,872
861
(4
)
26,729
$
303,129
$
3,739
$
(5,759
)
$
301,109
Table of Contents
Available for sale
Held to maturity
Amortized
Fair
Amortized
Fair
(In thousands)
Cost
Value
Cost
Value
$
19,737
$
20,033
$
11,800
$
11,800
27,353
27,612
1,600
1,600
19,797
20,304
30,971
31,326
58,097
56,557
13,111
13,699
124,984
124,506
57,482
58,425
2,679
2,563
192,597
197,276
139
142
$
320,260
$
324,345
$
57,621
$
58,567
2009
2008
Amortized
Fair
Amortized
Fair
(In thousands)
Cost
Value
Cost
Value
$
22,563
$
23,314
$
9,844
$
10,032
10,882
11,297
8,257
8,480
2,428
2,518
3,219
3,221
$
35,873
$
37,129
$
21,320
$
21,733
(In thousands)
2009
2008
2007
$
82
$
62
$
88
86
84
679
$
(4
)
$
(22
)
$
(591
)
Table of Contents
Less Than Twelve Months
Over Twelve Months
Total
Gross
Gross
Gross
Unrealized
Fair
Unrealized
Fair
Unrealized
Fair
(In thousands)
Losses
Value
Losses
Value
Losses
Value
$
17
$
2,984
$
312
$
7,128
$
329
$
10,112
116
5,113
116
5,113
143
21,610
143
21,610
245
2,748
245
2,748
2,370
6,915
2,370
6,915
20
440
20
440
276
29,707
2,947
17,231
3,223
46,938
171
1,104
171
1,104
276
29,707
3,118
18,335
3,394
48,042
8
1,569
8
1,569
8
1,569
8
1,569
$
284
$
31,276
$
3,118
$
18,335
$
3,402
$
49,611
$
1,585
$
39,573
$
245
$
4,070
$
1,830
$
43,643
139
16,292
54
2,142
193
18,434
472
3,741
3,150
7,142
3,622
10,883
2,196
59,606
3,449
13,354
5,645
72,960
85
110
640
110
725
2,196
59,691
3,559
13,994
5,755
73,685
4
553
4
553
4
553
4
553
$
2,196
$
59,691
$
3,563
$
14,547
$
5,759
$
74,238
Table of Contents
Table of Contents
(In thousands)
2009
2008
$
587,104
$
642,733
21,903
34,521
609,007
677,254
110,703
129,704
80,624
69,964
660,501
605,788
851,828
805,456
186,044
178,934
76,861
134,846
237,918
210,662
314,779
345,508
$
1,961,658
$
2,007,152
(In thousands)
2009
2008
$
7,133
$
8,329
102
129
$
7,235
$
8,458
(In thousands)
2009
2008
2007
$
22,908
$
22,116
$
19,370
47,730
4,580
4,300
4,453
(39,143
)
(4,442
)
(6,376
)
321
654
369
$
31,816
$
22,908
$
22,116
Table of Contents
(In thousands)
2009
2008
2007
$
56,897
$
28,607
$
14,751
27,015
21,503
7,224
29,882
7,104
7,527
6,409
1,014
1,230
39,310
16,293
9,259
1,124
560
881
38,700
12,171
10,508
91
923
823
Estimated
(In thousands)
2009
2008
Useful Life
$
3,836
$
4,146
N/A
34,481
33,335
5 - 39 years
22,157
20,732
3 - 7 years
1,794
254
62,268
58,467
(24,878
)
(21,019
)
$
37,390
$
37,448
Table of Contents
(In thousands)
2009
2008
$
138,549
$
138,002
23,176
23,176
$
161,725
$
161,178
Gross
Net
Intangible
Accumulated
Intangible
(In thousands)
Assets
Amortization
Assets
$
16,978
$
(8,209
)
$
8,769
7,463
(2,444
)
5,019
1,037
(450
)
587
$
25,478
$
(11,103
)
$
14,375
$
16,978
$
(5,718
)
$
11,260
7,463
(1,708
)
5,755
2,318
(2,318
)
1,037
(400
)
637
$
27,796
$
(10,144
)
$
17,652
Table of Contents
(In thousands)
2009
2008
$
11,759
$
12,235
1,620
901
8,498
8,995
8,688
5,491
218
871
10,903
344
12,329
2,276
5,186
7,604
$
59,201
$
38,717
(In thousands)
2009
2008
2007
$
901
$
1,203
$
986
1,577
395
(144
)
(714
)
(302
)
(178
)
$
1,620
$
901
$
1,203
Table of Contents
(In thousands)
2009
2008
$
464,422
$
453,435
134,733
149,452
41,667
67,506
58,936
19,511
60,798
52,286
11,006
4,128
$
771,562
$
746,318
$
381,141
$
394,655
390,421
351,663
$
771,562
$
746,318
Table of Contents
2009
2008
Weighted
Weighted
(In thousands)
Amount
Average Rate
Amount
Average Rate
$
%
$
54,311
3.95
%
10,000
2.99
50,000
4.62
610
5.70
45,610
4.78
10,000
5.01
3,000
4.89
3,000
4.89
10,219
5.00
10,231
4.99
10,516
4.14
10,805
4.14
34,345
4.15
183,957
4.48
34,807
0.48
30,000
1.27
58,192
1.24
35,000
2.68
20,000
0.46
10,000
1.95
60,000
0.34
60,000
4.10
172,999
0.68
135,000
2.94
$
207,344
1.26
%
$
318,957
3.83
%
(In thousands)
2009
2008
$
$
19,895
8,693
10,140
$
8,693
$
30,035
Table of Contents
(In thousands)
2009
2008
2007
$
(6,578
)
$
4,993
$
2,924
95
2,914
1,329
(6,483
)
7,907
4,253
(4,661
)
1,327
677
(505
)
371
461
(5,166
)
1,698
1,138
(793
)
(152
)
$
(11,649
)
$
8,812
$
5,239
2009
2008
2007
(35.0
%)
35.0
%
35.0
%
1.0
6.9
6.2
(0.1
)
(0.1
)
(6.3
)
(5.5
)
(8.0
)
(1.6
)
(1.6
)
(2.0
)
(2.6
)
(0.8
)
(0.9
)
(2.0
)
(1.9
)
0.8
(1.7
)
(0.5
)
(42.0
%)
28.4
%
27.9
%
(In thousands)
2009
2008
$
12,997
$
9,358
1,283
1,270
2,489
8,131
(3,953
)
(3,594
)
(1,846
)
(840
)
(3,340
)
(3,548
)
4,582
2,243
(453
)
(785
)
$
11,759
$
12,235
Table of Contents
Weighted
Estimated
Notional
Average
Weighted Average Rate
Fair Value
Amount
Maturity
Received
Paid
Asset (Liability)
(In thousands)
(In years)
(In thousands)
$
145,000
4.7
0.28
%
4.15
%
$
(8,874
)
15,000
4.4
2.12
5.54
(668
)
160,000
(9,542
)
15,000
19.9
0.60
5.09
(1,018
)
93,962
7.0
2.50
6.32
(2,887
)
93,962
7.0
6.32
2.50
2,962
202,924
(943
)
22,668
0.2
(273
)
22,668
0.2
305
45,336
32
$
408,260
$
(10,453
)
Table of Contents
Weighted
Estimated
Notional
Average
Weighted Average Rate
Fair Value
Amount
Maturity
Received
Paid
Gain (Loss)
(In thousands)
(In years)
(In thousands)
$
135,000
5.7
2.57
%
4.24
%
$
(15,657
)
15,000
5.4
4.00
5.54
(1,171
)
150,000
(16,828
)
15,000
20.9
2.27
5.09
(3,299
)
38,948
6.2
4.14
6.42
(3,941
)
38,948
6.2
6.42
4.14
3,740
92,896
(3,500
)
$
242,896
$
(20,328
)
Table of Contents
Year Ended
December 31,
(In thousands)
2009
$
7,462
(741
)
62
(2,601
)
503
(197
)
$
4,488
$
(4,587
)
$
(420
)
Table of Contents
Year Ended
December 31,
(In thousands)
2009
$
(665
)
2,281
(1,054
)
1,054
$
276
$
(630
)
$
769
Table of Contents
(In thousands)
2009
2008
$
78,800
$
63,108
115,493
70,156
177,118
197,343
61,004
66,135
28,503
41,402
5,177
1,299
$
466,095
$
439,443
Table of Contents
Minimum to be Well
Minimum
Capitalized Under
Capital
Prompt Corrective
Actual
Requirement
Action Provisions
(Dollars in thousands)
Amount
Ratio
Amount
Ratio
Amount
Ratio
$
224,594
10.71
%
$
167,804
8.00
%
$
209,754
10.00
%
198,305
9.45
83,902
4.00
125,853
6.00
198,305
7.86
100,974
4.00
126,217
5.00
$
250,729
12.28
%
$
163,314
8.00
%
$
204,142
10.00
%
227,821
11.16
81,657
4.00
122,485
6.00
227,821
9.34
97,602
4.00
122,002
5.00
(In thousands)
2009
2008
$
384,581
$
408,425
(40,845
)
(45,161
)
(2,675
)
1,778
5,149
9,046
(147,905
)
(146,267
)
198,305
227,821
26,289
22,908
$
224,594
$
250,729
Table of Contents
Table of Contents
(In thousands)
2009
2008
2007
$
6,958
$
(4,816
)
$
1,089
4
22
591
6,962
(4,794
)
1,680
7,286
(16,828
)
71
(5,642
)
8,831
(626
)
$
8,606
$
(12,791
)
$
1,125
(In thousands)
2009
2008
$
4,085
$
(2,877
)
(9,542
)
(16,828
)
2,489
8,131
$
(2,968
)
$
(11,574
)
Table of Contents
Non-vested Stock
Awards Outstanding
Stock Options Outstanding
Weighted-
Weighted-
Average
Average
Number of
Grant Date
Number of
Exercise
(Shares in thousands)
Shares
Fair Value
Shares
Price
123
$
27.40
453
$
23.00
59
23.10
(23
)
15.17
(59
)
29.16
(24
)
24.62
99
$
24.49
430
$
23.35
415
$
22.98
2007
1.85
%
6 years
19
%
4.68
%
$
7.67
Table of Contents
2009
Level 1
Level 2
Level 3
Total
(In thousands)
Inputs
Inputs
Inputs
Fair Value
$
$
$
15,880
$
15,880
74,784
74,784
13,031
13,031
184,245
184,245
37,337
37,337
6,051
864
6,915
5,470
5,470
1,411
1,152
2,563
3,267
3,267
13,447
273
13,720
2008
Level 1
Level 2
Level 3
Total
(In thousands)
Inputs
Inputs
Inputs
Fair Value
$
$
$
18,144
$
18,144
381
272,553
1,446
274,380
3,740
3,740
24,068
24,068
Table of Contents
Assets
Liabilities
Trading
Securities
Account
Available
Derivative
(In thousands)
Security
for Sale
Liabilities
$
18,144
$
1,446
$
(2,264
)
(273
)
570
$
15,880
$
2,016
$
(273
)
$
880
$
(1,913
)
$
Table of Contents
Table of Contents
2009
2008
Carrying
Fair
Carrying
Fair
(In thousands)
Amount
Value
Amount
Value
$
32,608
$
32,608
$
44,798
$
44,798
15,880
15,880
18,144
18,144
324,345
324,345
274,380
274,380
57,621
58,567
25,872
26,729
23,120
23,120
23,120
23,120
1,929,842
1,833,404
1,984,244
1,994,103
4,146
4,146
1,768
1,768
1,620
1,620
901
901
8,498
8,498
8,995
8,995
36,904
36,904
35,668
35,668
3,267
3,267
3,740
3,740
$
1,986,762
$
2,007,774
$
1,829,580
$
1,836,921
83,860
83,860
23,200
23,200
207,344
208,831
318,957
329,356
17,000
16,683
15,464
9,462
15,464
13,403
13,720
13,720
23,868
23,868
Table of Contents
Table of Contents
Total
(In thousands)
Banking
Insurance
Parent
Eliminations
Consolidated
$
70,673
$
$
13,911
$
(14,988
)
$
69,596
47,730
47,730
15,764
12,255
(29,290
)
30,260
28,989
67,167
10,165
1,241
(2
)
78,571
(28,460
)
2,090
(16,620
)
15,274
(27,716
)
(12,015
)
919
(553
)
(11,649
)
$
(16,445
)
$
1,171
$
(16,067
)
$
15,274
$
(16,067
)
$
2,647
$
33
$
385
$
(397
)
$
2,683
Total
(In thousands)
Banking
Insurance
Parent
Eliminations
Consolidated
$
77,486
$
$
18,722
$
(20,468
)
$
75,740
4,580
4,580
17,906
13,694
3,277
(3,282
)
31,595
60,448
10,450
801
71,699
30,364
3,244
21,198
(23,750
)
31,056
8,528
1,330
(1,046
)
8,812
$
21,836
$
1,914
$
22,244
$
(23,750
)
$
22,244
$
2,515
$
32
$
340
$
(336
)
$
2,551
Total
(In thousands)
Banking
Insurance
Parent
Eliminations
Consolidated
$
66,115
$
$
6,265
$
(8,455
)
$
63,925
4,300
4,300
11,010
13,954
6,981
(7,302
)
24,643
55,198
9,919
775
(398
)
65,494
17,627
4,035
12,471
(15,359
)
18,774
4,746
1,557
(1,064
)
5,239
$
12,881
$
2,478
$
13,535
$
(15,359
)
$
13,535
$
2,229
$
31
$
378
$
(376
)
$
2,262
Table of Contents
December 31,
( In thousands)
2009
2008
$
23,607
$
46,529
370,011
389,982
7,256
5,745
$
400,874
$
442,256
$
829
$
1,367
17,000
15,464
15,464
384,581
408,425
$
400,874
$
442,256
Years Ended December 31,
(In thousands)
2009
2008
2007
$
15,000
$
20,500
$
8,445
984
27
113
15,984
20,527
8,558
1,089
1,778
2,227
1,241
801
775
2,330
2,579
3,002
13,654
17,948
5,556
(553
)
(1,046
)
(1,064
)
14,207
18,994
6,620
(30,274
)
3,250
6,915
$
(16,067
)
$
22,244
$
13,535
Table of Contents
Years Ended December 31,
(In thousands)
2009
2008
2007
$
(16,067
)
$
22,244
$
13,535
30,274
(3,250
)
(6,915
)
(678
)
(781
)
(1,615
)
13,529
18,213
5,005
(1,400
)
(32,500
)
(12,665
)
(524
)
(300
)
(120
)
(1,924
)
(32,800
)
(12,785
)
20,000
(17,000
)
(18,000
)
40,000
(41,040
)
32,365
38,521
344
3,508
4,284
(4,880
)
(7,822
)
(806
)
(8,390
)
(6,837
)
(5,398
)
(34,527
)
52,312
11,064
(22,922
)
37,725
3,284
46,529
8,804
5,520
$
23,607
$
46,529
$
8,804
Table of Contents
2009
2008
Fourth
Third
Second
First
Fourth
Third
Second
First
(In thousands, except per share data)
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
$
28,371
$
28,460
$
28,765
$
29,880
$
32,762
$
33,092
$
32,834
$
34,523
10,375
11,295
12,041
12,169
13,292
13,763
14,187
16,229
17,996
17,165
16,724
17,711
19,470
19,329
18,647
18,294
4,652
7,260
8,405
8,672
6,377
7,235
8,511
9,472
22,648
24,425
25,129
26,383
25,847
26,564
27,158
27,766
38,730
4,300
2,200
2,500
1,400
1,250
1,105
825
21,196
18,944
19,978
18,453
17,256
17,737
18,632
18,074
(37,278
)
1,181
2,951
5,430
7,191
7,577
7,421
8,867
(13,075
)
(741
)
620
1,547
1,985
2,301
1,708
2,818
$
(24,203
)
$
1,922
$
2,331
$
3,883
$
5,206
$
5,276
$
5,713
$
6,049
393
637
2,954
$
(24,203
)
$
1,922
$
(1,016
)
$
3,246
$
5,206
$
5,276
$
5,713
$
6,049
13,817
13,857
12,946
12,247
11,892
10,400
10,384
10,457
$
(1.75
)
$
0.14
$
(0.08
)
$
0.27
$
0.44
$
0.51
$
0.55
$
0.58
$
(1.75
)
$
0.14
$
(0.08
)
$
0.27
$
0.44
$
0.51
$
0.55
$
0.58
Table of Contents
Name
Age
Position
48
President and Chief Executive Officer
50
Executive Vice President and Chief Financial Officer
51
Executive Vice President of Commercial Banking
51
Executive Vice President, Chief Risk Officer
54
Executive Vice President of Integrated Services
33
Senior Vice President of Retail Banking
Table of Contents
Table of Contents
(a)
(b)
(c)
(d)
Number of securities
Number of securities
remaining available for
to be issued upon
Weighted-average
future issuance under
exercise of
exercise price of
equity compensation plans
outstanding options,
outstanding options,
(excluding securities
Plan category
warrants and rights
warrants and rights
reflected in the first column)
430,000
$
23.35
226,000
430,000
$
23.35
226,000
Table of Contents
Table of Contents
(a)
[1]
[2]
[3]
3.1
3.2
3.3
4.1
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
Table of Contents
10.11
10.12
10.13
10.14
10.15
10.16
10.17
10.18
10.19
11.0
21.0
23.0
31.1
31.2
32.1
32.2
*
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
Table of Contents
Berkshire Hills Bancorp, Inc.
Date: March 16, 2010
By:
/s/ Michael P. Daly
Michael P. Daly
President and Chief Executive Officer
President and Chief Executive Officer
(principal
executive officer)
March 16, 2010
Executive Vice President and Chief Financial Officer
(principal
financial and accounting officer)
March 16, 2010
Non-Executive Chairman
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
Director
March 16, 2010
2
3
4
(a) |
basic earnings per Share;
|
(b) |
basic cash earnings per Share;
|
(c) |
diluted earnings per Share;
|
(d) |
core earnings per Share;
|
(e) |
diluted cash earnings per Share;
|
(f) |
net income;
|
(g) |
cash earnings;
|
(h) |
net interest income;
|
(i) |
non-interest income;
|
(j) |
general and administrative expense to average assets ratio;
|
(k) |
cash general and administrative expense to average assets
ratio;
|
(l) |
efficiency ratio;
|
(m) |
cash efficiency ratio;
|
(n) |
return on average assets;
|
(o) |
cash return on average assets;
|
5
(p) |
return on average stockholders equity;
|
(q) |
cash return on average stockholders equity;
|
(r) |
core return on equity
|
(s) |
return on average tangible stockholders equity;
|
(t) |
cash return on average tangible stockholders equity;
|
(u) |
core earnings;
|
(v) |
operating income;
|
(w) |
operating efficiency ratio;
|
(x) |
net interest margin;
|
(y) |
growth in assets, loans (including home equity lines of
credit), or deposits;
|
(z) |
loan production volume;
|
(aa) |
non-performing loans;
|
||
(bb) |
cash flow;
|
||
(cc) |
capital preservation (core or risk-based);
|
||
(dd) |
interest rate risk exposure net portfolio value;
|
||
(ee) |
interest rate risk sensitivity;
|
||
(ff) |
liquidity parameters;
|
(gg) |
strategic business objectives, consisting of one or more
objectives based upon meeting specified cost targets, business expansion
goals, and goals relating to acquisitions or divestitures, or goals relating
to capital raising and capital management;
|
(hh) |
stock price (including, but not limited to, growth measures
and total shareholder return); or
|
(ii) |
core operating expense as a percentage of average assets;
|
||
(jj) |
core deposits as a percentage of total deposits;
|
||
(kk) |
net charge-off percentage;
|
||
(ll) |
average percentage past due;
|
||
(mm) |
classified assets to total assets;
|
6
(nn) |
compliance/audit exam findings;
|
||
(oo) |
capital ratio;
|
||
(pp) |
management achievement of strategic plan goals;
|
||
(qq) |
system knowledge & utilization of core applications;
|
||
(rr) |
customer service survey; or
|
||
(ss) |
any combination of the foregoing.
|
7
8
9
2
3
4
5
6
7
8
ATTEST: | BERKSHIRE HILLS BANCORP, INC. | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ Michael P. Daly
|
||||||
Wm. Gordon Prescott, VP/General Counsel
|
Michael P. Daly, President and CEO | |||||||
|
||||||||
ATTEST: | BERKSHIRE BANK | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ Michael P. Daly
|
||||||
Wm. Gordon Prescott, VP/General Counsel
|
Michael P. Daly, President and CEO | |||||||
|
||||||||
WITNESS: | EXECUTIVE | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ David B. Farrell
|
||||||
|
David B. Farrell |
9
2
3
4
5
6
7
8
ATTEST: | BERKSHIRE HILLS BANCORP, INC. | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ Michael P. Daly
|
||||||
Wm. Gordon Prescott, VP/General Counsel
|
Michael P. Daly, President and CEO | |||||||
|
||||||||
ATTEST: | BERKSHIRE BANK | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ Michael P. Daly
|
||||||
Wm. Gordon Prescott, VP/General Counsel
|
Michael P. Daly, President and CEO | |||||||
|
||||||||
WITNESS: | EXECUTIVE | |||||||
|
||||||||
/s/ Wm. Gordon Prescott
|
By: |
/s/ Richard M. Marrotta
|
||||||
|
Richard M. Marotta |
9
1. |
I have reviewed this annual report on Form 10-K of Berkshire Hills Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
|
4. |
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15)(e) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant have:
|
a) |
Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrants internal control
over financial reporting that occurred during the registrants most recent fiscal
quarter (the registrants fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and
|
5. |
The registrants other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of registrants board of directors (or persons performing
the equivalent functions):
|
a) |
All significant deficiencies and material weakness in the design or
operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrants ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal control over
financial reporting.
|
Date: March 16, 2010 | /s/ Michael P. Daly | |||
Michael P. Daly | ||||
President and Chief Executive Officer |
1. |
I have reviewed this annual report on Form 10-K of Berkshire Hills Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
|
4. |
The registrants other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15)(e) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant have:
|
a) |
Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this annual report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrants disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrants internal control
over financial reporting that occurred during the registrants most recent fiscal
quarter (the registrants fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting; and
|
5. |
The registrants other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrants
auditors and the audit committee of registrants board of directors (or persons performing
the equivalent functions):
|
a) |
All significant deficiencies and material weakness in the design or
operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrants ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal control over
financial reporting.
|
Date: March 16, 2010 | /s/ Kevin P. Riley | |||
Kevin P. Riley | ||||
Executive Vice President and
Chief Financial Officer |
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
|
2. |
The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company as of and
for the period covered by the Report.
|
/s/ Michael P. Daly | ||||
Michael P. Daly | ||||
President and Chief Executive Officer |
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
|
2. |
The information contained in the Report fairly presents, in all material
respects, the financial condition and
results of operations of the Company as of and for the period covered by the Report.
|
/s/ Kevin P. Riley | ||||
Kevin P. Riley | ||||
Executive Vice President and Chief Financial Officer |