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Berkshire Bancorp Inc. Reports Operating Results (10-K)

March 31, 2012 | About:

Berkshire Bancorp Inc. (BERK) filed Annual Report for the period ended 2011-12-31.

Berkshire Bcp has a market cap of $103.4 million; its shares were traded at around $6.91 with a P/E ratio of 2 and P/S ratio of 2.5.

Highlight of Business Operations:

As of December 31, 2011 and 2010, we had approximately $415.5 million and $341.9 million in available for sale and held to maturity investment securities, respectively. We may be required to record OTTI charges on our investment securities if they suffer a decline in value that is related to the credit quality of the issue. Numerous factors, including lack of liquidity for re-sales of certain investment securities, absence of reliable pricing information for investment securities, adverse changes in business climate, adverse actions by regulators, or unanticipated changes in the competitive environment, could have a negative effect on our investment portfolio in future periods. During 2010, we recorded approximately $1.2 million of OTTI charges. While no such OTTI charges were recorded in 2011, there can be no assurances that additional OTTI charges will not be necessary in the future.

Gross gains realized on the sales of investment securities for the years ended December 31, 2011 and 2010 were approximately $7,637,000 and $1,224,000, respectively. Gross losses were approximately $6,558,000 and $222,000 for the years ended December 31, 2011 and 2010, respectively. During the year ended December 31, 2011, we sold single issuer trust preferred securities, pooled trust CDO’s, auction rate securities and certain corporate notes. During the year ended December 31, 2010, we sold money center bank auction rate securities and certain corporate notes.

Read the The complete Report

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