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Berkshire Bancorp Inc. (BERK) filed Quarterly Report for the period ended 2011-03-31.
Berkshire Bancorp Inc. has a market cap of $39.6 million; its shares were traded at around $5.61 with and P/S ratio of 0.9.
This is the annual revenues and earnings per share of BERK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BERK.
Highlight of Business Operations:
Net Income (Loss) Allocated to Common Stockholders. Net income allocated to common stockholders for the three months ended March 31, 2011 was $280,000, or $.04 per common share, compared to a net loss allocated to common stockholders of $46,000, or $.01 per common share, for the three months ended March 31, 2010. The net income allocated to common stockholders for the three months ended March 31, 2011 includes the accrual of dividends on our Series A Preferred Stock of $1.2 million, or $.17 per common share, and a benefit for income taxes of $218,000, or $.03 per common share. The net loss allocated to common stockholders for the three months ended March 31, 2010 includes dividends on our Series A Preferred Stock of $1.2 million, or $.17 per common share, and a provision for income taxes of $676,000, or $.10 per common share.
For the quarter ended March 31, 2011, net interest income decreased by $0.5 million to $6.6 million from $7.1 million for the quarter ended March 31, 2010. The decrease in net interest income was due to the decrease in the average amounts of interest-earning assets to $794.7 million during the 2011 quarter from $842.7 million during the 2010 quarter, and the decrease in the average yields earned on interest-earning assets to 4.49% in the 2011 period from 4.93% in the 2010 period. The decrease in net interest income was partially offset by the decrease in the average amounts of interest-bearing liabilities to $676.2 million during the 2011 quarter from $745.2 million during the 2010 quarter and the decrease in the average rates paid on interest-bearing liabilities to 1.38% from 1.76% during the three months ended March 31, 2011 and 2010, respectively. The Company's interest-rate spread, the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities, was relatively flat at 3.11% and 3.17% during the three months ended March 31, 2011 and 2010, respectively.
Interest Income. Total interest income for the quarter ended March 31, 2011 decreased by $1.5 million to $8.9 million from $10.4 million for the quarter ended March 31, 2010. The decrease in total interest income was due to the decreases in both the overall average yield earned on and the average amounts of interest-earning assets.
At March 31, 2011, total non-performing loan assets were $3.4 million, comprised of $1.4 million of non-accrual loans and $2.0 million of accruing loans delinquent more than 90 days. At March 31, 2010, total non-performing loan assets were $15.5 million, comprised of $3.2 million of non-accrual loans and $12.3 million of foreclosed real estate. Additions to non-performing loan assets, were such additions to occur, would have an adverse effect on our results of operations. The effect of the decrease in non-accrual loans was a 3.5%, or 22 basis point, increase in the yield on the loan portfolio.
decreased by $1.0 million to $2.3 million from $3.3 million during the quarter ended March 31, 2010. The decrease in total interest expense was due to the decrease in the average amounts of interest-bearing liabilities, to $676.2 million during the 2011 quarter from $745.2 million during the 2010 quarter, and the decrease in the average rates paid on the average amounts of interest-bearing liabilities to 1.4% in the 2011 quarter from 1.8% in the 2010 quarter.
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