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Biz Links Current Issue Q3-02 Index Q2-02 Index Q1-02 Index Q4-01 Index Q3-01 Index Q2-01 Index Q1-01 Index Prior Financial Services Updates Jan 2005 Dec 2004 Nov 2004 Oct 2004 Sept 2004 August 2004 July 2004 June 2004 May 2004 Feb 2004 Jan 2004 Dec 2003 Nov 2003 Oct 2003 |
NOTE: Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. The page is ment to be a supliment for those already getting monthly sector updates from their broker. It is the goal of this page to provide more timely data - and perhaps cover a wider array of stocks and different valuation metrics. Data entry errors sporadically happen. Monthly Sector Summary During April, the year-to-date sector price performance rose to a loss of 6.13% from March's loss of 7.30%. 05 EPS growth estimates ended April with a fall of to 2.27% vs March's fall of 2.39%. Yields fell 2 basis points to 3.59% from March's 3.61%. The ten year treasury ended the month at 4.20% [vs 4.50% on 3-31 - a fall of 30 basis points] after reaching a low of 4.17%. BAC Q1 EPS $1.14 vs. $0.91 for the Q1-04 press release of 4-19-05 Bank of America Corporation today reported that first quarter net income rose to $4.70 billion, or $1.14 per share (diluted), from $2.68 billion, or $0.91 per share, a year ago. Under purchase accounting rules, results reported for Q1-04 do not include the impact of FleetBoston Financial Corporation, which was acquired on April 1, 2004. Return on common equity in the first quarter was 19.30%. In addition to the impact of Fleet, net income increased due to strong results throughout the company's businesses, lower credit costs, increasing merger-related efficiencies and gains from the sales of securities. The integration of Fleet remained on schedule as several systems conversions were completed during the quarter and additional conversions were started. Direct cost savings achieved in the quarter totaled $437 million. First quarter earnings included merger and restructuring charges of $112 million pre-tax, which reduced net income by 2 cents per share. Business Highlights [1] Net new retail consumer checking accounts in Q1-05 were a record 610,000, surpassing the 602,000 new accounts in Q4-04. [2] Net new retail savings accounts in Q1-05 were a record 759,000, versus 742,000 new accounts in Q4-04. [3] Bank of America opened 1.3 million new consumer credit card accounts in Q1-05, as average managed outstandings for consumer credit card exceeded $58 billion. [4] Average loans grew 2% from Q4-04 to $525 billion, with strength in both consumer and commercial lending. Excluding residential mortgages, average loans grew 3% from Q4-04. BK Q1 EPS $.49 vs. $0.47 for the Q1-04 press release of 4-20-05 The Bank of New York reports first quarter net income of $379 million and diluted earnings per share of 49 cents, compared with net income of $351 million and diluted earnings per share of 45 cents Q4-04, and net income of $364 million and diluted earnings per share of 47 cents in Q1-04. In Q4-04, the Company recorded several gains and charges that in aggregate reduced reported earnings by 3 cents per share. First quarter 2005 highlights include solid performance in securities servicing, asset management, and foreign exchange and other trading, continued excellent credit performance, and good expense control. Securities servicing fees increased 1% sequentially from the seasonally robust fourth quarter to $751 million, reflecting strong growth in investor services and broker-dealer services. Private client services and asset management increased 5% sequentially, reflecting continued growth in Ivy Asset Management's international business. Foreign exchange and other trading revenues increased 7% sequentially, reflecting continued strong customer flows in foreign exchange and improved results in interest rate derivatives. Partially offsetting this revenue growth were lower capital markets related income, fewer securities gains, and lower other income. Additional highlights for the quarter include continued growth in net interest income of 2% sequentially and 10% year-over-year, reflecting widening spreads as interest rates continue to rise. Asset quality remains strong, as the provision improved to a credit of $10 million and NPA's declined by 10%. Total expenses declined by 2% from the fourth quarter. After adjusting for legal reserves taken in the fourth quarter, expense growth was 1%, reflecting the Company's expense control efforts. BBT Q1 EPS $0.71 vs. $0.60 for the Q1-04 press release of 4-19-05 BB&T Corporation reported today net income for Q1-05 totaling $395.4 million, or $.71 per diluted share. These results reflect increases of 20.4% and 18.3%, respectively, compared to net income of $328.5 million, or $.60 per diluted share, earned in Q1-04. BB&T's first quarter net income produced annualized returns on average assets and average shareholders' equity of 1.60% and 14.70%, respectively, compared to prior year returns of 1.43% and 12.93%, respectively. During the first quarter, Mergent named BB&T to its elite "2005 Dividend Achiever Index". On April 7, Moody's Investors Service announced that it had upgraded key ratings of BB&T Corporation and its subsidiary banks. Moody's cited BB&T's "good regional banking franchise, which is based on high quality customer service and successful cross sales" as well as BB&T's "very strong core profitability and sound credit culture" as the primary drivers of its decision. BBT's interest income for Q1 was $1,263,654 compared to $1,101,178 in Q1-04. Total noninterest income was $516.6 million for Q1-05, an increase of 8.7% compared with the same period in 2004. Higher revenues from mortgage banking and BB&T's insurance operations, as well as an increase in other nondeposit fees and commissions, were the primary components of this growth. Citi Q1 EPS $1.14 vs. $0.91 for the Q1-04 press release of 4-19-05 CitiGroup reported Q1-05 net income of $5.44 billion, or $1.04 a share, up from $5.27 billion, or $1.01 a share, a year earlier. Revenue rose 6.2% to $21.53 billion from $20.28 billion. The results exceeded analysts' average estimate of $1.02 a share. In North America retail banking, average deposits and loans grew 6% and 19%, respectively. Internationally, retail banking deposits and loans increased 17% and 43%, respectively. North America cards receivables increased 3% as sales growth was offset by higher payment rates. In international cards, sales increased 30% and receivables grew 23%. Smith Barney net client flows were the strongest in 12 quarters, at $13 billion, and private bank assets under management outside of Japan increased 13%. In transaction services, assets under custody rose 21% and liability balances increased 25%. Revenue growth of 6% reflected record revenues in retail banking, up 15%; fixed income markets, up 16%; and transactions services, up 21%. Growth in these businesses was offset by revenue declines in wealth management, down 6%, due to reduced client transaction volumes and the wind-down of the Japan private bank, and in North America cards, down 5%, due to net interest margin compression and higher payment rates. Lower credit costs in North America cards drove a 7% increase in net credit margin. CEO Charles Prince said the board had authorized $15 billion in additional share buybacks over the next 18 months, adding to a remaining existing authorization of $1.3 billion, to provide management with "flexibility to achieve an appropriate balance between growth for our franchises and returning capital to shareholders through dividends and buybacks." He told analysts the move "expresses a real confidence in the strength of our businesses." FITB Q1 EPS $0.72 vs. $0.75 for the Q1-04 press release of 4-19-05 Fifth Third Bancorp's Q1-05 earnings per diluted share were $.72 compared to $.75 per diluted share for the same period in 2004. First quarter net income totaled $405 million, a 6% decrease from Q1-04's $430 million. First quarter earnings and balance sheet comparisons were impacted by the acquisition of First National Bankshares of Florida, including the recognition of $7 million of pre-tax acquisition related charges in Q1, or $.01 per diluted share. Excluding the impact of acquisition related charges, earnings per diluted share were $.73; a comparison being provided to supplement an understanding of fundamental earnings trends. First quarter return on average assets and return on average equity were 1.62% and 18.0%, respectively, compared to 1.88% and 19.7% in Q1-04. Compared to Q1-04, net interest income on a fully taxable equivalent basis was essentially flat despite eight percent growth in average earning assets due to a 22 basis point decline in the net interest margin. Compared to the fourth quarter of 2004, net interest income on a fully taxable equivalent basis increased four percent on an annualized sequential basis, or $7 million, due to a three bp increase in the net interest margin and good growth in average earning assets mitigated by day count comparisons. Noninterest Income: Fifth Third Processing Solutions, our electronic payment processing division, delivered a 13% increase in revenues over the same quarter last year. Comparisons to prior periods are impacted by the significant seasonal increases in transaction volumes typically seen in the fourth quarter and the sale of certain small merchant processing contracts in the second and third quarters of 2004. Excluding the $25 million revenue impact of sold contracts in the prior year period, first quarter revenues increased by 36% over the same period last year; a comparison being provided to supplement an understanding of the fundamental revenue trends. Total noninterest expense increased nine percent over the same quarter last year and decreased 25 percent compared to last quarter. Comparisons to prior periods are notably impacted by the following factors: the previously disclosed $247 million in charges related to the early retirement of approximately $2.8 billion of long-term debt in the fourth quarter of 2004 and increases across all expense captions due in part to the first quarter 2005 acquisition of First National, including $7 million in acquisition related expenses, a $4 million increase in marketing costs in Florida markets and $5 million in increased intangible amortization. JPM Q1 Net Income $0.63 vs. $0.92 for the Q1-04 press release of 4-19-05 JPMorgan Chase today reported Q1-05 net income of $2.3 billion, or $0.63 per share, compared to net income of $1.9 billion, or $0.92 per share, for Q1-04. Current period results include a $558 million (after-tax) litigation charge, or $0.15 per share, and $90 million (after-tax) of merger charges, or $0.03 per share, reflecting the merger with Bank One Corporation completed on July 1, 2004. Excluding these charges, operating earnings would have been $2.9 billion, or $0.81 per share. Prior-year reported results do not include Bank One. Return on equity was 27%, consistent with the prior year's first quarter. Highlights Include: [1] Checking accounts grew by 170,000 to 8.4 million, during the quarter. Heritage Chase branches contributed significantly, adding nearly 38,000 accounts, compared to 3,000 accounts in the first quarter of 2004. [2] Average core deposits of $149 billion were up 4% from the prior year and up 1% from the prior quarter. Average total deposits increased to $174 billion, up 2% from the prior year and up 1% from the prior quarter. [3] Mortgage loan originations of $26.6 billion were down 16% from the prior year and down 18% from the prior quarter. [4] Home equity loan originations of $11.9 billion were up 8% from the prior year and down 1% from the prior quarter. KEY Q1 EPS $0.64 vs. $0.59 for the Q1-04 press release of 4-19-05 KeyCorp today announced first quarter net income of $264 million, or $0.64 per diluted common share. These results compare with net income of $250 million, or $0.59 per share, for Q1-04. KEY expects earnings to range from $0.62 to $0.66 per share for Q2 and from $2.55 to $2.65 per share for the full year. Taxable-equivalent net interest income rose to $722 million for the first quarter of 2005 from $685 million for the year-ago quarter. The positive effect of a $5.8 billion increase in average earning assets, due primarily to increases in all major components of the commercial loan portfolio, more than offset the effect of a lower net interest margin, which decreased 8 basis points to 3.66%. The growth in earning assets was attributable in part to the acquisitions of EverTrust Bank and American Express Business Finance Corporation during the fourth quarter of 2004. Key's noninterest income was $454 million for the first quarter of 2005, compared with $431 million for the first three months of 2004. The principal driver of the increase was income from investment banking and capital markets activities, which grew by $21 million, due to higher revenue from dealer trading and derivatives. Of this amount, $11 million represented derivative income recorded in connection with the anticipated sale of the indirect automobile loan portfolio as part of a strategy announced last quarter to improve Key's risk profile and business mix. During the first quarter, Key completed the sale of the prime segment of this portfolio, resulting in a gain of $19 million. However, compared with the first quarter of 2004, net gains from loan securitizations and sales decreased by $6 million, due in part to a $9 million impairment charge in the education lending business recorded in the current year. NCC Q1 EPS $0.74 vs. $1.16 for the Q1-04 press release of 4-19-05 National City Corporation today reported Q1-05 net income of $484 million, or $.74 per diluted share, compared to $710 million, or $1.16 per diluted share, for the first quarter of 2004. Returns on average common equity and assets were 15.35% and 1.42%, respectively. Earnings per share comparisons to a year ago and the fourth quarter are distorted by large gains from mortgage hedging and divestitures, respectively. Mortgage-related activities, as expected, are now earning at more normal rates following the 2003-2004 period when we took advantage of the largest mortgage volumes in U.S. history. Tax-equivalent net interest income was $1.2 billion, down 5% from the fourth quarter, and up 15% from Q1-04. The year-over-year increase in tax-equivalent net interest income is a result of higher levels of earning assets from new business and recent acquisitions. Net interest margin was 3.85% in Q1-05 versus 4.09% in Q4 and 4.16% in Q1-04. The lower net interest margin reflects the effects of a flatter yield curve and narrower loan spreads. Fees and other income were $775 million, down from $1.1 billion in Q1-04 and $1.4 billion in the immediately preceding quarter. Q4-04 included $728 million of gains on the sales of National Processing and seven branches located in the Upper Peninsula of Michigan. Excluding these gains, Q1-05 fees and other income increased 9% compared to the preceding quarter. The year-over-year comparison of fees and other income was also affected by the sale of National Processing as first quarter 2004 results included $122 million of card processing revenue from National Processing. Noninterest expense was $1.2 billion, down 9% from the immediately preceding quarter and up 17% from the same quarter a year ago. Noninterest expense for Q1-05 included $19 million of acquisition integration costs, compared to $39 million of such costs in the preceding quarter. NFB Q1 EPS $0.55 vs. $0.45 for the Q1-04 press release of 4-19-05 North Fork Bancorporation continued to show exceptional performance for q1-05 following a year that included two strategically important, accretive acquisitions that transformed the company into a major regional banking franchise. Net income for the quarter ended March 31, 2005 was $259 million or $.55 diluted earnings per share as compared to $102.5 million or diluted earnings per share of $.45 for the comparable period in 2004, a 153% increase in earnings and 22% increase in diluted earnings per share. The Company's returns on average tangible equity and assets in the current quarter were 35.94% and 1.98%, respectively. Highlights in the current period include: [1] A 153% increase in earnings for the first quarter compared to 2004, with a 22% increase in diluted earnings per share. [2] A 20% annualized growth rate for total deposits, linked quarter. [3] Demand deposits, running counter to cyclical trends, grew at an annualized rate of 22%, linked quarter. [4] Mortgage loan originations from the Company's mortgage banking subsidiary were $10 billion in the current quarter compared to $8.2 billion in 2004. [5] The Company retained approximately 17% of the 2005 originations or $1.8 billion. A net interest income increase of 128% over 2004 to $471 million for the quarter. The net interest margin was 3.79% in the current quarter. For the quarter ended March 31, 2005, net interest income and net interest margin were $471.3 million and 3.79%, respectively, compared to $206.8 million and 4.33% for 2004. The decline period over period and linked quarter was caused principally by the 2004 acquisitions of GreenPoint and the Trust Company of New Jersey and by the flattening yield curve as short-term interest rates rose. Utilizing its strong liquidity position, the Company paid down $1.7 billion in short term borrowings in the quarter. Non-interest income, excluding securities gains, now constitutes 20% of total revenue compared to 11% for the prior year. The Company's mortgage banking segment was 18% of net income for the quarter. Residential loan originations are tracking last year's record level performance. PNC Q1 EPS $1.24 vs. $1.15 for the Q4-04 press release of 4-19-05 The PNC Financial Services Group today reported Q1-05 earnings of $354 million, or $1.24 per diluted share. Earnings a year ago were $328 million, or $1.15 per diluted share, and earnings for Q4-04 were $307 million, or $1.08 per diluted share. Earnings for Q1-05 included a previously announced benefit of $45 million, or $0.16 per diluted share, arising from the reversal of deferred tax liabilities related to the transfer of PNC's ownership of BlackRock from PNC Bank, N.A. to our intermediate bank holding company. Earnings for Q1-04 included an after-tax gain of $22 million, or $0.08 per diluted share, related to the sale of the corporation's modified coinsurance contracts. Q1 HIGHLIGHTS [1] Average loan balances increased $5.1 billion, or 13 percent, over the first quarter of 2004. The increase resulted from higher demand across commercial and consumer loan products. [2] Average total deposits increased $6.0 billion, or 13 percent, compared with a year ago, as our relationship-based strategy resulted in higher certificates of deposit and money market account balances, as well as higher noninterest bearing deposits. Time deposits increased as a result of higher Eurodollar borrowings. [3] Noninterest income, which is primarily fee-based revenue, increased to $973 million for the quarter, 8 percent higher than the fourth quarter of 2004, and represented 66 percent of total revenue. The increase was driven primarily by strong performance at BlackRock, including its successful acquisition of SSRM Holdings, Inc. [4] Noninterest expense was relatively unchanged compared with the sequential quarter excluding BlackRock's total expense of $184 million in the first quarter of 2005 and $132 million in the fourth quarter of 2004. BlackRock's expenses increased in the first quarter of 2005 primarily as a result of the SSRM acquisition. RF Q1 Net Income $0.51 vs. $0.50 for the Q4-04 press release of 4-15-05 Regions Financial Corporation reported Q1-05 net income was $242 million, or $0.51 per diluted share, including after-tax merger-related costs of $27 million ($0.06 per diluted share). This compares to Q4-04's $0.50 per diluted share, including $0.06 of merger-related and other costs. Accordingly, excluding special charges, per share earnings rose 2% from $0.56 in fourth quarter 2004 to $0.57 in first quarter 2005. Regions' July 1, 2004, merger with Union Planters Corp. was accounted for as a purchase, therefore, 2004 first and second quarter financial data are only for legacy Regions and do not include the former Union Planters. Taxable equivalent net interest income of $701 million increased $5.8 million compared to fourth quarter 2004. An 8 basis point rise in the net interest margin to 3.84% offset the effect of two fewer days in the first quarter. In connection with the recapture of $35 million in mortgage servicing rights impairment, $1.4 billion in bonds were sold at an approximate $34 million loss. During the first quarter, Regions repurchased 4.5 million shares. Management expects the full-year impact of share repurchases in 2005 to result in a reduction of 7 million to 10 million average shares outstanding compared to fourth quarter year 2004 levels. STI Q1 Net Income $0.51 vs. $0.50 for the Q4-04 press release of 4-15-05 SunTrust Banks today reported net income for Q1-05 of $492.3 million, up from $361.8 million in Q1-04. Net income per diluted share was $1.36, up 6% from the $1.28 per diluted share earned in the first quarter of 2004. Operating income per diluted share was $1.40, up 9% from the first quarter of 2004. Operating income does not include $16.0 million of after-tax merger charges incurred in the first quarter associated with SunTrust's acquisition of National Commerce Financial Corporation (NCF), which closed on October 1, 2004. For the quarter, reported return on average total assets was 1.24%, and return on average total equity was 12.39%. Excluding realized and unrealized securities gains and losses and dividends from The Coca-Cola Company, return on average total assets was 1.23% and return on average total realized equity was 13.23%. Operating ROA and ROE, which excludes merger charges, was 1.28% and 12.79%, respectively. Fully taxable net interest income was $1,129.2 million in Q1-05, up from $863.9 million in the first quarter of 2004. On an estimated historical combined basis, fully taxable net interest income was up 7% from Q1-04. Factors driving the net interest income growth have been the improving net interest margin, strong loan growth particularly in residential real estate and home equity lending, and growth in low cost deposits. The net interest margin for the first quarter of 2005 was 3.25%, up four basis points from the fourth quarter of 2004 due to the difference in the number of days in the first quarter as compared to the fourth quarter. Total noninterest income was $753.8 million for Q1-05, up from $595.1 million for Q1-04. On an estimated historical combined basis, total noninterest income for the first quarter was up 5% from the first quarter of 2004. Noninterest income excluding securities gains and losses was $759.5 million for Q1-05, up from $590.2 million for Q1-04. On an estimated historical combined basis, noninterest income excluding securities gains and losses for the first quarter was up 9% from Q1-04. USB Q1 EPS $0.57 vs. $0.52 for the Q1-04 press release of 4-19-05 U.S. Bancorp today reported net income of $1,071 million for Q1-05, compared with $1,008 million for Q1-04. Net income of $.57 per diluted share in Q1-05 was higher than the same period of 2004 by $.05 (9.6%). Return on average assets and return on average equity were 2.21% and 21.9%, respectively, for the first quarter of 2005, compared with returns of 2.14% and 20.7%, respectively, for the first quarter of 2004. Total net revenue on a taxable-equivalent basis for Q1-05 was $36 million (1.2 percent) higher than Q1-04, primarily reflecting 9.3% growth in fee-based revenue across the majority of fee categories. The expansion of the Company's merchant acquiring business in Europe accounted for approximately 1.9% of the change in fee-based revenue year-over-year. Fee based revenue growth was offset somewhat by the unfavorable variances in securities gains (losses) and net interest income. Total noninterest expense in Q1-05 was $124 million (8.5 percent) lower than Q1-04, primarily reflecting the $163 million favorable change in the valuation of mortgage servicing rights and the $35 million debt prepayment expense that was taken in the first quarter of 2004. The expansion of the Company's merchant acquiring business in Europe added approximately $31 million of expense. In addition, expenses reflected incremental investments in in-store branches, middle-market and community bankers, marketing initiatives and higher pension costs from a year ago. WB Q1 Net Income $1.01 vs. $0.94 for the Q1-04 press release of 4-15-05 Wachovia today reported record net income of $1.62 billion, or $1.01 per share, in Q1-05 compared with $1.25 billion, or 94 cents per share, in Q1-04. Excluding after-tax net merger-related expenses of 2 cents per share in Q1-05 and 4 cents per share in Q1-04, Q1-05 earnings were $1.65 billion, or $1.03 cents per share, compared with $1.30 billion, or 98 cents per share, in Q1-04. Highlights: [1] Record net income was up 30% year over year and record results in all four major businesses. Results include the impact of the 11-1-04 acquisition of SouthTrust. [2] Revenue growth of 14% year over year more than double expense growth of 6%. [3] Merger savings and expense discipline drove a 456 basis point improvement in the overhead efficiency ratio to 59.86%. [4] Sales momentum continued in all four major businesses, although retail brokerage activity remained challenging in line with industry trends. [5] Exceptional credit quality with annualized net charge-offs of 0.08% of average loans and total nonperforming assets at 0.50% of loans, foreclosed properties and loans held for sale. [6] Customer satisfaction and loyalty scores continue to set records. WFC Q1 EPS $1.08 vs. $1.03 for the Q1-04 press release of 4-19-05 Wells Fargo reported record diluted earnings per common share of $1.08 for Q1-05, compared with $1.03 in Q1-04, up 5%. Net income was a record $1.86 billion, up 5% from $1.77 billion in Q1-04. Return on equity for Q1 was 19.6%. Net interest income increased 10 percent from a year ago and was essentially flat on a linked-quarter basis. "The double-digit year-over-year increase in net interest income was driven by a 12 percent increase in earning assets," said Atkins. "The impact on earning assets and net interest income from double-digit customer loan growth was moderated by the sale of $35 billion of our lowest-yielding, shorter duration ARMs and auto loans. During the past twelve months, we had unusually good market opportunities to improve asset yields and margins by selling our lowest-yielding loans. The note rates at which we are now beginning to replace these ARMs through new originations are 80-90 basis points higher than the note rates on the ARMs sold during the past twelve months." The yield on the Company's first mortgage portfolio increased to 6.0% at quarter end from 5.3% a year ago and 5.7% in Q4-04. At March 31, 2005, the Company had $930 million in unrealized gains on securities available for sale. Noninterest income increased $539 million, or 17%, from Q1-04. "The double-digit increase in fee income was broad based across our businesses, with growth particularly high in trust and investments, credit and debit cards, consumer loans and mortgage banking," said Atkins. Substantially all of the increase in trust and investment fees was due to the acquisition of assets under management from Strong Financial Corporation (Strong), which closed December 31, 2004. Mortgage banking results reflected higher income from both servicing and mortgage loan originations and sales compared with first quarter 2004. Net mortgage banking servicing fees were $456 million, up $290 million from $166 million in first quarter 2004. Servicing fees included $271 million from a mortgage servicing rights valuation reserve release and $85 million of net derivative gains from hedging mortgage servicing rights, compared with a $400 million provision expense which increased the mortgage servicing rights valuation reserve and $538 million of net derivative gains in Q1-04. The valuation allowance had a balance of $1.3 billion at March 31, 2005, and mortgage servicing rights were valued at 1.24% of loans serviced for others, up from 1.15% at December 31, 2004. April Ratings Changes On 4-8 Keefe Bruyette Initiated C at Outperform. On 4-21 Prudential Downgraded JPM from Neutral to Underweight. On 4-18 Banc of America Sec Upgraded JPM from Neutral to Buy. On 4-19 Keefe Bruyette Upgrade KEY from Underperform to Mkt Perform. On 4-22 Merrill Lynch Upgraded NCC from Sell to Neutral. On 4-11 Ryan, Beck Initiated NCC at Outperform. On 4-21 Prudential Upgraded PNC from Underweight to Neutral. On 4 FTN Midwest Initiated WFC at Buy. Monthly Mid-Cap Bank Sector Summary During April, the year-to-date sector prices fell to a loss of 8.85% [vs March's loss of 7.85%]. Year-to-date 05 EPS growth estimates fell to -4.61% [vs March's -2.99%]. Yields ended at 3.67% [vs March's 3.58% - a rise of 9 basis points. The ten year treasury ended the month at 4.20% [vs 4.50% on 3-31 - a fall of 30 basis points] after reaching a low of 4.17%. AmSouth Reports Record First Quarter 2005 Earnings press release of 4-19-05 AmSouth Bancorporation today reported record earnings for the first quarter ended March 31, 2005, of $.50 per diluted share, compared to $.45 per diluted share reported for the first quarter of 2004. Net income for the first quarter of 2005 was $178.6 million versus $160.1 million for the same period in 2004, an increase of 11.6%. This first quarter performance resulted in an increased return on average equity of 20.5%, a higher return on average assets of 1.44%, and an improved efficiency ratio of 52.7%. Net interest income was $379.7 million in the first quarter, a 5.6 percent increase compared with the same quarter in 2004. The net interest margin in the first quarter was 3.45 percent, which is an 11 basis point decline compared with the same period in 2004, but it has been stable for the past four quarters. The increase in net interest income reflects strong growth in average loans of $3.5 billion, an 11.8 percent increase over the same quarter in 2004. Average deposits grew by $4.2 billion, or 13.9 percent during the same period, led by the low cost category, which grew by $3.6 billion, or 17.9 percent. Noninterest revenue, which includes earnings from service charges, trust, investment management services, securities gains and other sources of fee income, was $215.4 million for the quarter. Interchange income increased 29.9% compared with Q1-04, and trust income rose 5.1% compared with the previous year. Loan sales and a variety of other items also contributed to noninterest revenues during the quarter. Disciplined expense control resulted in noninterest expenses in the first quarter of $319.5 million, a decline of 0.9% compared with the previous year. AmSouth announced on 4-11 that it sees 2005 earnings at $2-$2.06 per share. Associated Banc-Corp Q1 Earnings 59 Cents up 11% press release of 4-21-05 Associated Banc-Corp earned 59 cents per diluted share in the first quarter of 2005, up 11% from 53 cents earned in Q1-04. Net income for the first quarter was $77.5 million, up 30$ compared to Q1-04 of $59.6 million. In comparison, diluted earnings per share and net income for Q4-04 were 57 cents and $70.9 million, respectively. Associated's acquisition of First Federal Capital, a $4 billion thrift, on Oct. 29, 2004, affects comparisons to past periods. Additionally, the acquisition of Jabas Group, Inc., an employee benefits firm, on April 1, 2004 affects the comparison of retail commission income and noninterest expenses between first quarter periods. For Q1-05, return on average assets was 1.54%, compared to 1.49% and 1.57% for fourth and first quarters of 2004, respectively. Return on average equity for Q1-05 was 15.52%, compared to 15.46% for the previous quarter and 17.37% for the year-earlier quarter. Comparably, return on average tangible equity (which is a non-GAAP measure that excludes average goodwill and other intangible assets from average equity) was 24.13 percent, 22.47% and 21.13% for the same respective quarter periods. Book value per share rose to $15.61 as of March 31, 2005, up 23% compared to a year earlier. Associated's net interest income for Q1-05 was $165.9 million, compared to $158.5 million for Q4-04 and $129.1 million in the year-earlier quarter. The increase is due predominantly to higher average balance sheet volumes. Net interest margin was 3.68%, compared to 3.74% and 3.80% for fourth and first quarters of 2004, respectively. The flattening of the yield curve and competitive pricing pressures have substantially offset the benefits to the margin from interest rate increases that began in the second half of 2004 and continue into 2005. Noninterest income was strong at $71.4 million for Q1-05, up $12.3 million (21%) over Q4-04 and up $25.2 million (55%) over Q1-04. Excluding a non-recurring gain from the dissolution of stock in a regional ATM network of approximately $4 million, recorded in other income during first quarter 2005, noninterest income was up 14% and 46% over fourth and first quarters of 2004, respectively. BancorpSouth Q1 EPS $0.40 vs. $0.35 for the Q1-04 press release of 4-19-05 BancorpSouth today announced that for the first quarter of 2005, net income increased 16.9% to $31.7 million from $27.2 million forQ1-04. Basic and diluted net income per share for the first quarter increased 17.1% and 14.3% to $0.41 and $0.40, respectively, from basic and diluted net income per share for the comparable prior-year quarter of $0.35. Net interest revenue increased 4.4% to $87.1 million for Q1-05 from $83.5 million for Q1-04 and 4.1% from $83.7 million for Q4-04. Net interest margin rose to 3.64% for Q1-05 from 3.57% for Q1-04 and 3.51% for Q4-04. Noninterest revenue increased 17.1% to $53.9 million for Q1-05 from $46.0 million for Q1-04 and 23.3% from $43.7 million for Q4-04. Noninterest revenue for the first quarter of 2005 included a net positive impact of $4.2 million from a reversal of previously recorded impairment charges against the Company's mortgage servicing asset and net securities gains. Noninterest revenue for Q1-04 included a net negative impact of $1.7 million from an impairment of the Company's mortgage servicing asset and net securities gains. Citizens Q1 EPS $0.46 vs. $0.40 for the Q1-04 press release of 4-19-05 Citizens Banking announced net income of $20.1 million for Q1-05. This represents an increase of $2.7 million or 15.1% over the net income of $17.4 million in the first quarter of 2004 and a decrease of $0.2 million or 1.0% over the net income of $20.3 million for Q4-04. Diluted net income per share was $0.46, compared with $0.40 for the same quarter of last year and $0.46 for Q4-04. Annualized returns on average assets and average equity during Q1-05 were 1.05% and 12.54%, respectively, compared with 0.92% and 10.89% for Q1-04 and 1.05% and 12.43% for Q4-04. Net interest margin decreased to 3.96% inQ1-05 compared with 4.01% in Q1-04 and 3.97% in Q4-04. The decrease in net interest margin compared with the first quarter of 2004 resulted from an increase in the cost of funds that outpaced the increase in the earning asset yield. The earning asset yield was slowed by residential mortgage loan yield and commercial loan pricing spread declines as Citizens continued to underwrite higher quality commercial loans with normal spreads replacing lower quality commercial loans with higher spreads. The decrease in net interest margin compared with the fourth quarter of 2004 was due to growth in higher yielding deposit products and pricing compression in commercial loans. Net interest income was $68.2 million in Q1-05 compared with $68.3 million in Q1-04 and $68.5 million in Q4-04. The decrease in net interest income compared with Q1-04 was driven by a lower net interest margin, which was partially offset by growth in average earning assets. The decrease resulted from a lower net interest margin, which was partially offset by an increase in average earning assets of $75.4 million caused by the growth in the commercial and commercial real estate loan portfolios. Noninterest income for Q1-05 remained essentially unchanged from Q1-04 at $22.5 million. Increases in deposit service charges, trust fees, and mortgage fees were offset by decreases in brokerage and investment fees and other income. Compared with Q4-04, noninterest income decreased $1.2 million or 5.0% as a result of declines in deposit service charges, trust fees, mortgage and other loan income, and brokerage and investment fees. Compass Bancshares Reports Record Q1 Earnings up 15% press release of 4-15-05 Compass Bancshares today reported record earnings of $98.8 million for Q1-05, a 15% increase over the $86.2 million earned in Q1-04. For the same time period, earnings per share increased 13 percent to $0.78 from $0.69 in the prior year. Return on average assets and return on average shareholders' equity for Q1-05 were 1.40% and 19.22%, respectively. During the first quarter CBSS registered a $13.4 million increase in net interest income compared to a year ago - to 236,276,000. Noninterest income increased 11% [to 154,561,000] as most of our fee-based businesses generated strong results. At the same time, noninterest expense growth was well contained at six percent including the impact of newly opened banking offices and fee-based business acquisitions." Comerica Earnings $1.16 in Q1 vs $1.12 in Q4 press release of 4-20-05 Comerica today reported Q1-05 earnings of $199 million, or $1.16 per diluted share, compared to $207 million, or $1.21 per diluted share, for Q4-04 and $162 million, or $0.92 per diluted share, for Q1-04. Q1 return on equity was 15.73% compared to 16.39% in Q4-04 and 12.71% in Q1-04. Net interest income was $460 million for the first quarter 2005, compared to $466 million for the fourth quarter 2004 and $445 million for the first quarter 2004. The $6 million decline in net interest income from the fourth quarter 2004 was impacted by two less days in the first quarter 2005. Average earning assets of $46.6 billion for the first quarter 2005 decreased $373 million from the fourth quarter 2004, or one percent, primarily as a result of a $1.1 billion decrease in short-term investments, partially offset by a $1 billion increase in average loans to $42.2 billion for the first quarter 2005. Average deposits of $39.8 billion for the first quarter 2005 decreased $545 million, or one percent, from the fourth quarter 2004. The net interest margin increased four basis points from the fourth quarter 2004 to 4.00 percent in the first quarter 2005, due primarily to a greater contribution from noninterest-bearing deposits and the effects of the change in earning asset mix from short-term investments to loans. Noninterest income was $210 million for the first quarter 2005, compared to $203 million for the fourth quarter 2004 and $220 million for the first quarter 2004. Included in other noninterest income in the first quarter 2005 were risk management hedge ineffectiveness losses of $5 million, compared to $3 million of losses in the fourth quarter 2004. FNB Q1 EPS .28 vs .34 in Q1-04 press release of 4-15-05 FNB today reported Q1-05 net income of $14.9 million, or $.28 per diluted share. These results compare to $16.2 million, or $.34 per diluted share, for the same period last year. In Q1-05 the Corporation recorded $485 thousand after tax, or $.01 per diluted share, in merger-related costs due to the acquisition of NSD Bancorp (NSD). Reported net income in the same period last year included a gain on sale of branches equaling $2.7 million and $369 thousand in income from Sun Bancorp, which was acquired by Omega Financial Corporation in 2004. These items contributed $3.1 million, or $.06 per diluted share, in the first quarter of 2004. The Corporation's return on equity for the first quarter of 2005 was 15.8%, and its return on assets was 1.15%. Fully tax equivalent net interest income for Q1-05 was up 9.1% over the same period last year, reflecting increased levels of earning assets and interest bearing liabilities as a result of the Slippery Rock and NSD acquisitions. The net interest margin in Q1-05 was 3.96%, slightly narrower than the 4.04% in same period last year and 9 basis points ahead of the 3.87% of the previous quarter. Non-interest income for Q1-05 was $18.4 million compared to $20.8 million in the same period last year. The first quarter of 2004 included a $4.1 million pretax gain on sale of branches as well as $567 thousand in income from Sun Bancorp that terminated when it was acquired. In addition, insurance commissions and fees increased $1.4 million, or 56.7%, due to the addition of the Morrell, Butz and Junker Insurance Agency at mid- year 2004. The acquisitions of Slippery Rock and NSD also contributed to the $1.0 million dollar, or 12.4%, increase in fee income from service charges on loans and deposits. FHN EPS .85 vs .92 in Q1-04 press release of 4-21-05 First Horizon National announced earnings of $109.2 million, or $.85 diluted earnings per share for first quarter 2005. This compares to 2004's first quarter earnings of $119.3 million, or $.92 diluted earnings per share. Return on average shareholders' equity and return on average assets were 21.8 percent and 1.30 percent, respectively for Q1-05 compared to 25.6% and 1.93% for Q1-04. Net interest income increased 25 percent to $197.9 million in Q1-05 from $158.1 million in Q1-04. The increase in 2005's net interest income is primarily attributable to 19% loan growth which consisted of 26% or $1.6 billion growth in commercial loans and 14% or $1.1 billion growth in retail loans. This growth reflects FHN's national expansion strategies, which leverage cross-sell opportunities in markets where we have a substantial mortgage presence and expansion of the sales force. Loan growth was partially funded by an increase in core deposits of 11 percent. Retail/Commercial Banking's net interest margin for first quarter 2005 was stable compared to first quarter 2004, and the margin increased 5 basis points compared to fourth quarter 2004. Noninterest income increased 5 percent in Q1-05 to $121.4 million compared to $116.0 million in Q1-04. The increase in noninterest income in first quarter 2005 included $10.4 million net gains from whole-loan sales of approximately $440 million of real estate residential loans. Included in first quarter 2004 are $5.0 million net gains from the securitization of approximately $300 million of real estate residential loans. Also impacting growth in noninterest income is a 22% increase in merchant processing income reflecting increased volume from existing customers as well as an expanded customer base. FMER EPS .36 vs .15 in Q1-04 press release of 4-21-05 FirstMerit Corporation today announced Q1-05 net income of $30.1 million, or $0.36 per diluted share. This compares with $12.7 million, or $0.15 per diluted share, forQ1-04. The increase in earnings was primarily attributable to the Company lowering its loan loss provision $28.8 million compared with first quarter of 2004. Annualized return on average common equity ("ROE") and average assets ("ROA") for the quarter were 12.48% and 1.19%, respectively, compared with 5.10% and 0.49% for the first quarter of 2004. Total revenue, defined as net interest income on a fully tax-equivalent ("FTE") basis plus non-interest income net of securities transactions, totaled $129.8 million for Q1-05, compared with $134.7 million for Q1-04. FTE net interest income in the quarter declined 3.35% year-over-year, to $86.7 million from $89.7 million. FTE net interest income after the provision for loan loss in the first quarter of 2005 increased $25.8 million, or 52.27%, from the first quarter of 2004, primarily as a result of lower credit-related charges due to the Company's improved asset quality and the strengthening of the allowance for loan losses during the first quarter of 2004. Non-interest income excluding securities transactions for Q1-05 totaled $43.1 million, compared with $45.0 million for Q1-04. For the same period, credit card and ATM service fees increased $0.7 million, and $0.2 million, for respective increases of 8.62% and 7.68%. Offsetting those increases were loan sales and servicing income that declined $0.9 million, or 45.48%, and investment services and insurance fees that decreased $1.0 million, or 25.42%. Fulton Financial EPS .33 vs .31 in Q1-04 press release of 4-13-05 Fulton Financial Corporation earned $41.5 million in Q1-05, a 15.9% increase over $35.8 million for the same period in 2004. Diluted net income per share increased to 33 cents, a 6.5% increase over the 31 cents reported for Q1-04. Annualized return on average assets was 1.50 percent for the quarter. Annualized return on average equity was 13.48% and annualized return on tangible equity was 19.56%. Net interest income for the quarter increased $15.3 million, or 18.4 percent, compared to the first quarter of 2004. Fulton Financial's net interest margin was 3.95% for the first quarter of 2005, compared to 3.92% for the fourth quarter of 2004 and 3.79% for the first quarter of 2004. The improvement in net interest margin reflects the impact of a series of recent increases in short-term interest rates by the Federal Reserve. Other income increased $6.3 million, or 24.1 percent, to $32.5 million in the first quarter of 2005, largely due to mortgage banking income. Approximately $4.2 million of the total increase resulted from the addition of Resource Bank and its mortgage banking and title insurance businesses. Hudson EPS .66 vs .69 in Q1-04 press release of 4-21-05 Hudson United Bancorp today reported net income of $29.7 million, or $0.66 per diluted share, for the quarter ended March 31, 2005, compared to the $0.69 per diluted share reported for the comparable quarter in 2004. Several factors impacted the first quarter results. Net interest margin was reduced as the Company experienced significant interest rate competition for branch and public sector deposits. Net interest margin was 3.78% for the first quarter of 2005 as compared to 4.25% in Q1-04. The Company's return on average equity was 22.59% and return on average assets was 1.34% for Q1-05. The net interest margin was 3.78% and noninterest income as a percent of net revenue was 29% for Q1-05. The Company's return on average equity was 26.51% and return on average assets was 1.54% for Q1-04. The net interest margin was 4.25% for Q1-04. Net interest income for Q1-05 was $77.3 million and the net interest margin was 3.78%. Net interest income for Q1-04 was $77.9 million and the net interest margin was 4.25%. Net interest income decreased by $0.6 million in the first quarter of 2005 compared to the first quarter of 2004. Net interest margin was reduced by lower yields on investment securities and increased yields on borrowings and public sector deposits. Noninterest income was $31.6 million in Q1-05 and $35.6 million in Q1-04. Noninterest income for Q1-05 decreased by $4.0 million, or 11.3%, compared to the first quarter of 2004. The decrease was due mainly to decreases in retail service fees and lower security gains. During the fourth quarter of 2004 the Company sold its merchant processing business. Loan fees for Q1-04 include $1.4 million of merchant processing fees. HBAN EPS .41 vs .45 in Q1-04 press release of 4-25-05 Huntington Bancshares reported Q1-05 earnings of $96.5 million, or $0.41 per common share. This compares with $104.2 million, or $0.45 per common share, in the year-ago quarter and $91.1 million, or $0.39 per common share, in Q4-04. "First quarter earnings per share performance was slightly below our expectations," said Thomas E. Hoaglin, chairman, president, and chief executive officer. "We were pleased with loan and deposit growth, our stable net interest margin and expense performance but disappointed with the weakness in fee revenue and a significant commercial loan net charge-off. Nevertheless, there was sufficient progress in a number of key performance indicators that we are comfortable reaffirming our previous guidance for 2005." HBAN gave EPS guidance of $1.78 - $1.83 for 2005. Fully taxable equivalent net interest income increased $12.4 million [to $235,198,000], or 5%, from the year-ago quarter, reflecting the favorable impact of an 8% increase in average earning assets, partially offset by a 5 basis point, or an effective 1%, decline in the net interest margin. The fully taxable equivalent net interest margin decreased to 3.31% from 3.36% in the year-ago quarter. The decline from the year-ago quarter reflected the impact of the strategic repositioning of portfolios to reduce automobile loans and increase the relative proportion of lower-rate, lower-risk, residential real estate- related loans. Compared with the 2004 fourth quarter, fully taxable equivalent net interest income decreased $3.9 million, or 2%, reflecting a 7 basis point decrease in the net interest margin to 3.31% from 3.38% in the 2004 fourth quarter, partially offset by the favorable impact of a 2% increase in average earning assets. Non-interest income decreased $59.6 million [to 168,050,000], or 26%, from the year-ago quarter. Comparisons with prior-period results were heavily influenced by the decline in operating leases and related operating lease income. Since all automobile leases originated since April 2002 are direct financing leases, the decline in operating leases and related income is expected to continue such that the impact of operating lease income trends on total non-interest income trends is expected to be diminished meaningfully by year-end 2005. Reflecting the run-off of the operating lease portfolio, operating lease income declined $42.1 million, or 47%, from the 2004 first quarter. ONB Old National Reports $.28 Earnings Per Share From Continuing Operations: Up 7.7% press release of 4-21-05 Old National Bancorp announced today Q1 earnings from continuing operations were $19.4 million, or $.28 per share. These results represent a 7.7% increase in earnings per share over the $.26 earned in Q4-04 and a 3.7% increase over the $.27 earned Q1-04. The reduction in the asset size of the company over the last 12 months has been entirely in the loan portfolio. This reduction was primarily the result of the sale of $405.6 million in residential mortgage loans and $43.1 million of non-performing commercial and commercial real estate loans in the second and fourth quarters of 2004, respectively. Total shareholders' equity at March 31, 2005, was $670.6 million compared to $740.9 million at March 31, 2004, and represented a book value of $9.76 per share compared to $10.62 per share at the same date last year. Net interest income during the first quarter of 2005 was $64.2 million and represented a net interest margin on total average earning assets of 3.22%, compared to 3.21% for the fourth quarter of 2004. The reduction in net interest income from the $65.3 million earned during the fourth quarter of 2004 was primarily attributable to the reduction in loans and investments. This reduction in both net interest income and net interest margin reflects the smaller portfolio of earning assets. Total average earnings assets during Q1-05 were $497.7 million, or 5.9%, lower than during the comparable period in 2004. Total fees and service charge revenues duringQ1-05 were $36.2 million, a $1.1 million increase over Q4-04 and 2.0% ahead of the $35.5 million recorded in Q1-04. When compared to Q4-04, strong performance of the insurance agency operations along with a combination of other income items more than offset the seasonal decline in revenue generated from service charges on deposit accounts. SKYF EPS .29 vs .62 in Q1-04 press release of 4-20-05 Sky Financial today reported first quarter net income of $31.5 million, or $.29 per diluted share, compared to $58.7 million, or $.62 per diluted share for Q1-04. Consistent with Sky's previous announcement, the first quarter of 2005 included an increased provision for credit losses, which totaled $30.8 million compared to $6.7 million in the first quarter 2004. In addition, the first quarter last year included income from discontinued operations of $18.7 million, or $.20 per diluted share, due to a gain from Sky's sale of its dental finance unit, Sky Financial Solutions (SFS). Annualized return on assets and return on equity for the first quarter were 0.86% and 8.72%, respectively, compared with 1.83% and 22.83%, respectively, for the same period in 2004. Net interest income for Q1-05 was $124.0 million, up 21.8% from $101.8 million in Q1-04. The net interest margin for the first quarter was 3.69%, up 1 basis point from both the Q4 and Q1-04. The net interest margin performance reflects the benefits from rising short-term interest rates despite the effects of increasingly competitive markets. Non-interest revenues were $51.5 million for Q1, up 18.6% from $43.4 million in Q1-04. Excluding mortgage banking and net securities transactions, non-interest revenues were up 23.1% in total and 9.1% excluding acquisitions with strong increases in several fee-based revenue sources compared to the same quarter in 2004. Trust services income was up 31.9%, service charges on deposits were up 26.2% and brokerage and insurance commissions were up 16.2%. Compared to the prior year quarter, mortgage banking revenues were up 5.7% mainly due to higher servicing income and the recapture of impairment reserves. Non-interest expenses for the first quarter were $98.3 million compared to $78.5 million in the first quarter of 2004, which included $346 thousand of merger, integration and restructuring expenses. SNV EPS .37 vs .62 in Q1-04 press release of 4-20-05 Synovus' first quarter earnings grew 12.1% over the first quarter 2004 to $116.7 million, which represented earnings per share growth of 9.6% to $.37 per share, Synovus' CEO James Blanchard announced today. Return on assets for Q1 was 1.86% and return on equity was 17.52% for Q1-05, compared to 1.91% and 18.00%, respectively, in the same period last year. Shareholders' equity at March 31, 2005, was $2.70 billion, which represented a very strong 10.44% of quarter-end assets. Total assets ended the quarter at $25.9 billion, an increase of 16.0% from the same period last year. Blanchard said "As a result of the first quarter performance, we are increasing our expectations of earnings per share growth from 12 - 15 % to 13 - 16% for 2005. Stable credit quality and margin, continued strong loan growth, and continuing expense control encourage us to believe the Financial Services segment will continue to perform at the very top of the peer group." Net interest income grew 11.9% [to $332,927,000] over last year as total loans grew 17.9% (15.8% excluding acquisitions). The net interest margin before fees was 3.98%, the same as last quarter, and up from 3.91% in the first quarter of last year. The net interest margin after fees for the first quarter was 4.11% down from 4.24% in the same period last year. This decrease was primarily due to the change in methodology for loan origination fees and costs that was implemented in the fourth quarter of last year. Non-interest revenues were $205,163,000 for Q1, up from $197,129,000 in Q4-04. SUSQ EPS .33 vs .40 in Q1-04 press release of 4-26-05 Susquehanna Bancshares today announced net income for Q1-05 was $15.4 million, or $0.33 per diluted share, compared to the $15.9 million, or $0.40 per diluted share, for Q1-04. Return on average assets and average equity for the first quarter of 2005 finished at 0.83% and 8.35%, respectively. This compared to the first quarter of 2004 with 1.08% and 11.64%, for the same measurements, respectively. SUSQ maintained 2005 fully diluted EPS guidance range of $1.70 to $1.80. TCF EPS .47 vs .44 in Q1-04 press release of 4-20-05 TCF Financial Corporation today reported diluted earnings per share of 47 cents for Q1-05, up from 44 cents for the same period in 2004. Net income for the first quarter of 2005 was $63.5 million, up from $60.7 million for the same period in 2004. For Q1-05, return on average assets was 2.03 percent and return on average common equity was 27.18 percent, compared with 2.11 percent and 25.90 percent, respectively, for Q1-04. TCF's net interest income in Q1-05 was $129.1 million, up $10.6 million, or 9%, from Q1-04. Net interest margin in the first quarter of 2005 was 4.56 percent, compared with 4.52 percent last year and 4.56 percent in the fourth quarter of 2004. Total non-interest income was $112.1 million for Q1-05, compared with $115.2 million for Q1-04. Banking fees and other revenue increased $649 thousand, or .7 percent, over Q1-04. WL EPS .59 vs .54 in Q1-04 press release of 4-20-05 Wilmington Trust reported that net income for Q1-05 was $40.1 million. This was 12.3% higher than net income for Q1-04, and 13.3% more than for Q4-04. Earnings per share for Q1-05, on a diluted basis, were $0.59. This was an 11.3% increase fromQ1-04, and a 13.5% increase from Q4-04. On an annualized basis, first quarter 2005 results generated a return on average assets of 1.72% and a return on average stockholders' equity of 17.80%. The corresponding returns for the first quarter of 2004 were 1.61% and 17.69%, respectively. In consideration of the continued growth in net income and stockholders' equity, the Board of Directors raised the quarterly cash dividend by 5.3%, from $0.285 to $0.30 per share. On an annualized basis, this raised the dividend from $1.14 to $1.20. The quarterly dividend will be paid on May 16, 2005, to stockholders of record on May 2, 2005. Today's action marked the 24th consecutive year of increases in the cash dividend. According to Mergent, Inc.'s Dividend Achievers, fewer than 3% of the dividend-paying companies that trade on U.S. exchanges can match this record. April Ratings Changes On 4-21 Keefe Bruyette Upgraded BSX from Underperform to Mkt Perform. On 4-25 Hibernia Southcoast Capital Upgraded CNB from Sell to Hold. On 4-22 Keefe Bruyette Upgraded FHN from Underperform to Mkt Perform. On 4-22 KeyBanc Capital Mkts / McDonald Downgraded FMER from Buy to Hold. On 4-15 Friedman Billings Downgraded HU from Mkt Perform to Underperform. On 4-15 Moors & Cabot downgraded HU from Hold to Sell. On 4-26 Ryan, Beck Upgraded HBAN from Underperform to Mkt Perform. On 4-26 Smith Barney Citigroup Downgraded TCB from Buy to Hold. Home Page Factoids Previous Update |