Company Notebook

NUVO Announces Third-quarter Results
SPRINGFIELD — NUVO Bank & Trust Co. recently announced net income of $2,268,000, or 96 cents per basic share and 95 cents per fully diluted share, for the nine months ended Sept. 30, 2013, compared to $514,000, or 28 cents per basic and fully diluted share for the nine months ended Sept. 30, 2012. Net income was $100,000, or 4 cents per basic share and 3 cents per fully diluted share for the three months ended Sept. 30, 2013, compared to $207,000, or 11 cents per basic and fully diluted share for the three months ended Sept. 30, 2012. The bank’s book value per share increased from $4.72 per share at Dec. 31, 2012 to $5.17 per share at Sept. 30, 2013. The $107,000 decrease in net income from $207,000 for the quarter ended Sept. 30, 2012 to $100,000 for the third quarter ended Sept. 30, 2013 primarily reflects the fact that the bank was fully taxable in the third quarter of 2013 with a tax provision of $67,000, while in the third quarter of 2012, the bank recognized a tax benefit of $53,000 when it was able to utilize a portion of its deferred tax benefit for federal tax purposes. Pre-tax income during the quarter ended Sept. 30, 2013 was $167,000, as compared to $154,000 for the quarter ended Sept. 30, 2012. In addition, non-interest expense increased to $885,000 from $742,000, primarily due to increased personnel expense relating to new hires since Sept. 30, 2012 to service the bank’s growth. The $1,754,000 increase in net income, from $514,000 for the nine months ended Sept. 30, 2012 to $2,268,000 for the nine months ended Sept. 30, 2013, primarily reflects the bank’s recognition of its full $2,084,000 deferred tax asset during the nine months ended Sept. 30, 2013 in view of its continuous quarterly profitability and its successful capital raise completed April 30, 2013. As a result, the net income-tax benefit for the nine months ended Sept. 30, 2013 was $1,869,000 compared to a net tax benefit of $101,000 for the nine months ended Sept. 30, 2012. Pre-tax income for the nine months ended Sept. 30, 2013 was $399,000, as compared to $413,000 for the nine months ended Sept. 30, 2012. In May 2012, the bank was paid off in full on one non-accrual loan including $87,000 of past-due interest, which is reflected in the pre-tax income for the nine months ended Sept. 30, 2012. The decrease in pre-tax income reflects an increase in non-interest expense to $2.7 million from $2.2 million, which was primarily due to an increase in personnel expense in the nine months ended Sept. 30, 2013 related to new hires, performance bonuses, and expenses related to its equity incentive plan. Total assets at Sept. 30, 2013 were $133.1 million, compared to $110.9 million at Dec. 31, 2012, which is an increase of $22.2 million (20%). Cash and cash equivalents increased $3.1 million (39.8%) to $10.8 million at Sept. 30, 2013, from $7.7 million at Dec. 31, 2012. Investment securities increased $2.2 million (50%) to $6.7 million at Sept. 30, 2013, from $4.5 million at Dec. 31, 2012. Total loans increased $14.9 million (15.4%) to $111.6 million at Sept. 30, 2013, from $96.7 million at Dec. 31, 2012. Deposits increased $14.2 million (14.3%) to $114.0 million at Sept. 30, 2013, from $99.8 million at Dec. 31, 2012. Total borrowings increased to $4.0 million at Sept. 30, 2013, from $2.0 million at Dec. 31, 2012. Stockholders’ equity increased $5.9 million (69.9%) to $14.5 million at Sept. 30, 2013, from $8.5 million at Dec. 31, 2012.

Big Y Completes Renovations at Two Stores
SPRINGFIELD — Big Y Foods Inc. announced the completion of renovations at two stores in Northern Berkshire County. Big Y recently invested more than $1.4 million in its stores at 45 Veterans Memorial Ave. in North Adams and at 1 Myrtle St. in Adams. Both stores have been serving their communities as Big Y supermarkets since 1984. This dual renovation effort began last September and included renovations in every department. In addition, in North Adams, customers have been enjoying the new pizza and sandwich shop along with many more meals to go, both hot and cold. There is a new café seating area along with a new organic section, expanded gluten-free foods, along with new areas in meat, seafood, delicatessen, fruits and vegetables, floral, dairy, olive bar, Stonewall Kitchen products, and in-store bakery, breads, and muffins. Lastly, new paint, fixtures, signage, aisle markers, and other equipment add to the new look of the market. The 27,786-square-foot Adams Big Y’s renovations include expanded deli, seafood, meat, bakery, and organic foods, along with extra space in produce to offer more fresh greens and organic items.

Skoler, Abbott & Presser Honored by Publication
SPRINGFIELD — Skoler, Abbott & Presser, P.C., a Springfield-based labor and employment law firm with offices in Worcester and Meriden, Conn., has been awarded a Tier 1 Metropolitan ranking in the 2014 Edition of U.S. News – Best Lawyers “Best Law Firms” in five areas of practice: arbitration, employment law (management), labor law (management), litigation (labor), and employment and mediation. “We are so honored to be a part of this prestigious list of firms,” said Ralph Abbott Jr., partner and attorney. “Best Lawyers is well-respected by the legal community as a valuable resource of best-in-class practices, and recognition in five areas is quite an achievement for us.” The U.S. News – Best Lawyers “Best Law Firms” rankings are derived from a rigorous evaluation process consisting of collected client and lawyer evaluations, a peer review from leading attorneys in the firm’s field, and a review of additional information provided by law firms. A firm’s eligibility for a ranking is contingent on having at least one lawyer listed in the 19th edition of the Best Lawyers in America list for that particular location and specialty, which recognizes the top 4% of practicing attorneys in the U.S.