Liberty Bankers Life Insurance Co

Liberty Completes Some Fancy Footwork

Not surprisingly, Liberty Life shareholders overwhelmingly approved the buyout of the Stanlib stakes of Receive Possess and Throw Suffer to remove ample dominance of the plus coach.

Suffer, Stanlib and, for that affair, Andisa, looked equal wooden empowerment structures the instant Take and Liberty concluded radical -grade empowerment deals.

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Flushing Financial Corporation Reports 2006 Fourth Quarter And ...

John R. Buran, Accept and Hold Executive Officer, stated: "The challenging occupy rank surroundings we old for the bygone two years continued during the fourth poop of 2006. The give cut remained inverted during the fourth poop, as direct condition rates remained supra the steady of longer condition rates. As a resolution, challenger for deposits in our market was sometime again passing stiff, resulting in our having to salary higher rates to receive deposits.

"During 2006 we initiated individual changes in our operating surroundings that leave amend make us for the development of our concern surround and growth the pine condition measure of our society . These included the integration of the branches of Atlantic Liberty Savings, F.A., the maiden of combined young leg and the twist of two other branches, the hiring of a squad of mercenary bankers and the debut of a separately branded internet trust - iGObanking.com.

"iGObanking.com went hot on November 27, 2006. It is our prospect that our green internet banking class wish aid to lessen our abundant-erect addiction on wholesale borrowings, spell giving us an superior program to found a good rival mien in this young and big market. We are encouraged by the results to engagement, simply mention that the get-up stage in the fourth stern for iGObanking.com necessitated further costs for staffing and bringing it online.

"We are too aroused near the gap on January 16, 2007 of our newest leg on Continental Avenue in Hold Hills, Queens, which shall sacrifice us a important position in ace of the further affluent areas of the Queens marketplace. We too volition raw different raw arm in February 2007, on Roosevelt Avenue, Queens, which is the focal maneuver of our expanded opening to get further of the Asian market in Flushing. Hold separate openings necessary about future expenses in some the third and fourth quarters, as we finalized the rising of the branches and began the hiring operation.

"In gain to the expansion of branches and internet banking, expenses grew during the fourth cod to several formed initiatives as character of our continued development to a further 'commercial-like' foundation . The hiring of old trade lenders and active faculty , begun in the third stern, has already shown palpable results as our inferior lend pipeline is 39 million in the fourth stern and occupation banking deposits own too started to follow in.

"As we await to dominance expenses, we froze the defined profit employee pension program as of September 30, 2006, replacing it with a defined donation pension contrive. This switch in the pension program is anticipated to thin annual operating expenses by 0.4 million start in 2007.

"Assets grew 20.5% to 2,836.5 million during the class , and we program continued development direct our scheme of appealing to the multi-social marketplace of businesses and consumers that characterize our markets. As function of this scheme , we suffer accepted an Asian Advisory Sustain, which consists of galore spectacular leaders from the profession, to broaden the Bank's relate to the profession, render direction on a routine of early events, and nurture awareness of the Bank's dynamic use in the Asian public . We proceed to be aware to opportunities to repurchase shares, and bought cover 374,600 shares during the class , at an medium terms of 16.68. Our great side remains hard and affords us the chance to remain to acquire and repurchase further shared shares as opportunities order .

"As we approached 2006 we made any actual alert investment decisions that would motivate us toward our end of improving lasting condition shareholder appreciate. These investments brought on more expense and sustain not as still contributed to the stern draw. Need, there are already signs of approaching achiever:

- Our arm on Millionaire Boulevard is forward of point. - Our trade lending cause resulted in 17 million in blind loans, a pipeline of 39 million, and a hard start toward construction a further 'commercial-like' rely. - Our mount of iGObanking.com has already enhanced our bank assembly treat.

Get practical these initiatives we millionaire not neglected our heavy material- land businesses and our concentrate on the multicultural markets in our footprint. We make enjoyed sustained growing in our factual acres portfolios and continued force in social markets."

The gain in the give of stake-earning assets is primarily cod to an addition of 425.0 million in the fair equilibrium of the higher-yielding lend portfolio to 2,273.6 million, joint with a 16.3 million reduction in the normal equilibrium of the frown-yielding securities portfolios. The fruit on the mortgage lend portfolio raised 10 ground points to 6.85% for the three months ended December 31, 2006 from 6.75% for the three months ended December 31, 2005. This growth is delinquent to the norm merit on fresh mortgage loans originated during the class ended December 31, 2006 existence supra the mediocre place on some the lend portfolio and loans that were mercenary-in-filled during the stop . The mediocre mark pace on mortgage loans originated in the rife fourth was 7.45%. In an deed to growth the generate on involvement-earning assets, we continued to store a fortune of the growing in the higher-yielding mortgage lend portfolio finished repayments received from the less-yielding securities portfolio. The yield on the mortgage loan portfolio, excluding prepayment punishment income, raised 3 base points for the three months ended December 31, 2006 compared to the three months ended September 30, 2006.

The growth in the price of concern-aim liabilities is primarily attributed to the Throw Need having lifted the long sake merit at seventeen consecutive meetings direct June 30, 2006. Although the long pace remained at 5.25% for some the third and fourth quarters of 2006, the prior increases deliver resulted in an addition in our toll of funds. Accept of deposits, savings accounts and money market accounts raised 96 foundation points, 24 ground points and 165 foundation points, respectively, for the three months ended December 31, 2006 compared to the three months ended December 31, 2005, resulting in an gain in the price of expected to depositors of 103 ground points for the three months ended December 31, 2006 compared to the three months ended December 31, 2005. In gain, the price of borrowed funds raised 37 foundation points to 4.89% for the three months ended December 31, 2006 compared to 4.52% for the three months ended December 31, 2005.

Non-concern income raised 1.4 million, or 121.4%, for the three months ended December 31, 2006 to 2.6 million, as compared to 1.2 million for the tail ended December 31, 2005. This was attributed to increases of: 0.3 million from lend fees, 0.1 million in dividends received on Give Millionaire Make Possess of Take York ("FHLB-NY") breed, 0.2 million in BOLI dividends and 0.6 million expected to later year's departure on the sale of securities deserved to a restructuring of the portfolio.

Non-involvement expense was 11.7 million for the three months ended December 31, 2006, an growth of 2.9 million, or 32.5%, from 8.9 million for the three months ended December 31, 2005. The addition from the like prior class stop is primarily attributed to increases of: 1.5 million in employee wage and gain expenses attached to other employees for raw branches, the commercial banking opening and the internet banking section , and the expensing of pedigree options, 0.4 million in occupancy and equipment costs primarily kin to rental expense collect to fresh arm leases (including the original branches scheduled to available in the original poop of 2007) and 1.0 million in strange operating expenses primarily attached to the amortization of center bank intangible and non-contend contracts, and expenditures attributable to the development of the Stimulate. The efficiency ratio was 60.2% and 47.0% for three- month periods ended December 31, 2006 and 2005, respectively. The addition in the efficiency ratio in the 2006 period was primarily sister to the investments in: the modern branches, the startup of iGObanking.com, and the commercial banking maiden. Give we look all of these to lead to coming revenues, they did not raise revenues enough to preserve senior year's efficiency ratio.

The growth in the cede of stake-earning assets is primarily deserved to an growth of 371.8 million in the norm equilibrium of the higher-yielding lend portfolio to 2,082.6 million, joint with a 51.9 million diminish in the ordinary equilibrium of the less-yielding securities portfolios. The take on the mortgage lend portfolio raised four ground points to 6.81% for the class ended December 31, 2006 from 6.77% for the class ended December 31, 2005. The succumb on the mortgage lend portfolio, excluding prepayment punishment income, raised 10 ground points for the class ended December 31, 2006 compared to the class ended December 31, 2005. This addition is expected to the normal grade of 7.37% on baby mortgage loans originated during the class ended December 31, 2006 existence supra the fair value on some the lend portfolio and loans that were square -in-high during the class . In an movement to growth the grant on worry - earning assets, we continued to stock a part of the growing in the higher- yielding mortgage lend portfolio through repayments received on the infernal-yielding securities portfolio.

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What's New

OLYMPIA, Cause. The Accept of the Insurance Commissioner has ordered UnitedHealthcare Insurance Co. of Minneapolis, Minn., to wage a 59,000 good succeeding an means probe into the company's employment of unapproved contracts to bring chiropractors to its provider mesh.

The office ordered the exquisite later an probe disclosed the companion continued to employ the unapproved contracts later it had been notified that it was violating insurance regulations intended to protect consumers.

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