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Factoids Large-Cap Banks Mid-Cap Banks Excite Daily #s Large-Cap Banks Mid-Cap Banks Banking News Bankstocks.com Prior Updates Sept 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 Feb 2006 Jan 2006 2005 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 2004 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 2003 Updates Dec Nov Oct |
BAC Reports EPS of $1.18 - Up from $0.95 in Q3-05 10-19 Bank of America reported that net income in Q3-06 rose 41% to $5.42 billion from $3.84 billion a year earlier. Per-share earnings were $1.18, up 24% from $0.95 a year earlier. ROE for Q3-06 was 16.64% compared to 15.09% in Q3-05. ROA was 1.43% in Q3-06 compared to 1.18% in Q3-05. Results for Q3-05 do not include MBNA, which was acquired in January. Net interest income on a fully taxable-equivalent basis was $8.89 billion, compared to $7.93 billion the previous year. Besides the addition of MBNA, the increase was driven by loan growth and increases in asset-liability management activity, partially offset by higher cost of funding due to lower deposit levels. The net interest yield decreased 5 basis points to 2.73% from 2.78% in Q3-05. Noninterest income was up 57% to $10.01 billion from $6.42 billion. Besides the addition of MBNA, which helped boost card income, these results were impacted by continued strength in service fee income and increases in trading account profits. Other income increased significantly due to a $720 million pre-tax gain on the sale of the bank's Brazilian operations. Net charge-offs were $1.28 billion, or 0.75% of average loans and leases. Net charge-offs were $1.02 billion, or 0.65%, in Q2-06 and $1.15 billion, or 0.84%, in Q3-05. Nonperforming assets were $1.66 billion, or 0.25% of total loans, leases and foreclosed properties, as of 9-30-06. This compared to $1.64 billion, or 0.25%, at 6-30-06 and $1.60 billion, or 0.29%, on 9-30-05. Citi Reports Net Income of $1.10 - Down from $1.38 in Q3-05 10-19 Citigroup reported net income for Q3-06 of $5.5 billion, or $1.10 per share, compared with net income of $7.14 billion, or $1.38 a share, in Q3-05. Earnings from continuing operations rose 6.3% to $5.30 billion, or $1.06 a share, from $4.99 billion, or 97 cents a share. Analysts surveyed by Thomson First Call expected Citigroup's third-quarter profit to be $1.03 a share, excluding any special items, on revenue of $21.63 billion. Return on common equity was 18.9% compared to 25.4 in Q3-05. Book Value Per Share at period end was $21.03 in Q1-05, $21.65 in Q2-05, $21.88 in Q3-05, $22.37 in Q4-05, $22.82 in Q1-06, $23.15 in Q2-06 and $23.78 in Q3-06. Net interest margin was 2.62% in Q3-06, 2.73% in Q2-06, 2.85% in Q1-06, 2.89% in Q4-05, 2.98% in Q3-05, and 3.09% in Q2-05. Where Citi did well - US consumer business - with revenue growth in US cards after years of low growth in this category. It is imperative to grow this and diversify away from this. Based on Q3, the trend is positive. Citi noted that it expects flat yield curve to last for a while. Smith Barney had a good quarter. GTS had good quarter. 103 branches opened in US - 277 globally - equal to same as the whole of 2004. C is on track to open 1000 branches in 2007. Where Citi needed to improve in three categories of revenue growth [1] cap markets and banking had poor perfomance. [2] alternative investments, which is a lumpy business, but an important business with exposure to high net worth individuals. [3] International consumer - 9% revenue growth, which is OK but Citi has done better. Citi received an improved Moody's triple-A rating. From the conference call: Andrew Collins of Pipier Jaffery asked what does triple A rating do to funding costs? Citi: "We have already been able to borrow very well - but rating did not change our credit spreads." Collins inquired about the pipeline in investment banking. Citi replied that the pipeline is up 20% from Q2 - but markets could turn unfriendly and change that. Guy McCowsky of Merril Lynch asked about international initiatives and Citi's acuisition of part of a bank in Turkey - Citi replied that the Turkey bank was attractive, but it was not available to buy 100% of the bank. Citi believes that it is better to buy small part of large and well functioning bank than to buy 100% of a smaller bank. This partnership could last quite a while. On Citi's US retail expansion, they are filling out of the existing footprint to get synergies of advertising. But Citi has treid two new markets - Boston and Philly - with more new market coming in 2007. Mike Mayo of Prudential noted that fee income from the US consumer segment was up $279 million, but spread revenues were down. Citi noted that one source of the revenue growth in consumer business was from the new branches - but those branches do not start to pay off in the first 90 days. If investments in those branches were not tracking according to plan, then Citi would cut back that expansion. But they are tracking well. If Citi did not invest, then Citi would not grow until the yield curve changes. Mike Holton of T. Rowe Price noted Q3 improvements in credit card expense control. Citi commented that some expense control was via reduced marketing costs, but higher advertising is expected in Q4. KeyCorp Reports EPS of $0.76 - Up from $0.67 in Q3-05 10-17 KeyCorp reported that its third-quarter earnings rose 12% to $312 million, or 76 cents a share, in the quarter ended Sept. 30, up from $278 million, or 67 cents a share, in the same quarter a year ago. On average, analysts surveyed by Thomson First Call expected earnings of 72 cents a share. Total revenue rose 2.9% to $1.29 billion from $1.26 billion. Return on average equity was 15.88% for Q3-06, compared to 14.84% for Q3-05 and 16.11% for Q2-06. Return on average total assets was 1.30% in Q3-06 compared to 1.32% in Q2-06 and 1.22% in Q3-05. Book value at period end was $19.73/share in Q3-06 compared to $19.21 in Q2-06 and 18.41% in Q3-05. Taxable-equivalent net interest income was $751 million for Q3-06, compared to $726 million for Q3-05. The positive effect of a 5% increase in average earning assets, due primarily to a 7% rise in commercial loans, more than offset the effect of a 4 basis point decline in the net interest margin to 3.63% from 3.69% in Q2-06 and 3.67% in Q3-05. Competitive pressure on loan and deposit pricing and the flat-to-inverted yield curve are expected to continue to put pressure on margins. Noninterest income was $543 million for the third quarter of 2006, compared to $531 million for the year-ago quarter. Noninterest expense was $808 million for the third quarter of 2006, compared to $781 million for Q3-05. Net loan charge-offs for the quarter totaled $43 million, or 0.25% of average loans, compared to $49 million, or 0.30%, for the same period last year and $34 million, or 0.21%, for the previous quarter. At September 30, 2006, Key's nonperforming loans totaled $223 million and represented 0.34% of period-end portfolio loans, compared to 0.55% at 9-30-05, and 0.41% at 6-30-06. JPMorgan Chase Reports Net Income of $0.92/Share - Up from $0.71 in Q3-05 10-18 JPMorgan Chase reported Q3-06 net income of $3.3 billion [$0.92/share] compared with net income of $2.5 billion [$0.71/share] for Q3-05. The prior-year quarter includes a special provision for credit losses related to Hurricane Katrina of $248 million after-tax, or $0.07 per share. Return on Equity was 18% on $21 billion of allocated capital. Mellon Reports Income of $0.53 - Up from $0.46 in Q3-05 10-18 Mellon Financial reported income from continuing operations of $220 million [53 cents/share] in Q3-06. This compares to income from continuing operations of $195 million [46 cents/share] in Q3-05, and $230 million [56 cents/share] in Q2-06. Net income, including discontinued operations, totaled $222 million [54 cents/share] in Q3-06, compared with $194 million [47 cents/share] in Q3-05, and $232 million [56 cents/share] in Q2-06. Return on equity was 20.2% in Q3-06 compared to 22.0% in Q2-06 and 18.8% in Q3-05. Book value per common share was $10.91 in Q3-06 compared to $10.31 in Q2-06 and $10.00 in Q3-05. Noninterest revenue in Q3-06 was $1,173 million compared to $1,175 million in Q2-06 and $1,036 million in Q3-05. Net interest revenue was $117 million in Q3-06 compared to $110 in Q2-06 and $109 million in Q3-05. Net interest margin in Q3-06 was 1.61% compared to 1.67% in Q2-266 and 1.76% in Q3-05. National City Reports Net Income of $0.90 - Up from $0.74 in Q3-05 10-17 National City Corporation reported net income of $551 million, or $.90/share, for Q3-06, compared with $473 million, or $.77 per diluted share, for Q2-06, and $478 million, or $.74/share, for Q3-05. For the nine month periods ending September 30, 2006 and 2005, net income was $1.5 billion, or $2.41 per diluted share, and $1.6 billion, or $2.45 per diluted share, respectively. ROE was 17.23% in Q3-06 compared to 15.08% in Q2-06 and 14.91% in Q1-06. ROA was 1.58% in Q3-06 compared to 1.35% in Q2-06 1.33% in Q1-06. Tax-equivalent net interest income was $1.2 billion for Q3-06, slightly below Q2-06 and Q3-05. Average portfolio loans were $97 billion for the third quarter of 2006, compared with $102 billion in the preceding quarter and $108 billion in the third quarter a year ago. Net interest margin was 3.73% for Q3-06, also 3.73% in Q2-06, 3.8% in Q1-06 and 3.72% in Q3-05. Fees and other income for Q3-06 were $916 million, up 17% compared with Q2-06, and up 22% compared with Q3-05. Noninterest expense for Q3-06 was $1.2 billion, about equal to Q2-06 and in Q3-05. Net charge-offs were $117 million in Q3-06, compared with $76 million in Q2 and $83 million in Q3-05. Nonperforming assets were $689 million at September 30, 2006, compared with $667 million at June 30, 2006 and $596 million at December 31, 2005. NFB Reports EPS of $0.44/share - Down from $0.50 in Q3-05 press release of 10-13 North Fork Bancorporation reported net income for Q3-06 was $203 million or $.44 diluted earnings per share compared to $237 million or $.50 diluted earnings per share forQ3-05. Net income for the nine-month period ended September 30, 2006 was $634 million [ $1.38/share] compared to $738 million [$1.55/share] for the comparable period in 2005. NFB's returns on average tangible equity and assets were 26.1% and 1.56%, respectively in the most recent quarter. For the quarter ended September 30, 2006, the net interest income and net interest margin were $406.9 million and 3.26%, respectively compared to $429.9 million and 3.53%, respectively for Q2-06. Capital One and North Fork expect the acquisition of North Fork by Capital One will close in the fourth quarter of 2006. Regions Reports Net Income of $0.77/share - Up from $0.55 in Q3-05 press release of 10-13 Regions Financial Corporation reported Q3-06 net income was $352 million, or 77 cents per diluted share, an increase from Q2-06's record 75 cents per diluted share and up sharply from Q3-05's 55 cents/share, including 6 cents of merger-related and other charges. For the first nine months of 2006, net income totaled $992 million, or $2.16/share compared to $1.60/share, including 18 cents of merger and other charges, reported in the first nine months of 2005. ROA in Q3-06 was 1.60% compared to 1.61% in Q2-06, 1.40% in Q1-06, 1.18% in Q4-05 and 1.19% in Q3-05. ROE in Q3-06 was 12.83% compared to 12.98% in Q2-06, 11.18% in Q1-06, 9.55%in Q4-05 and 9.52% in Q3-05. Equity/share was $24.27 at the end of Q3-06 compared to $23.56 at the end of Q2-06, $23.33 at the end of Q1-06, $23.26 at the end of Q3-05 and $23.23 at the end of Q3-05 Taxable equivalent net interest income increased $15 million in Q3 to $806 million vs. Q2's strong $791 million. Modest asset growth and an extra day in Q3 more than offset a three basis point dip in the net interest margin to 4.21%. Total Non-Interest Income was $465.949 million in Q3-06. Net loan charge-offs declined to $24 million, or an annualized 0.16% of average loans, from second quarter's $31 million (annualized 0.21% of average loans). Non-performing assets dropped $8 million linked quarter, or to $312 million at Sept. 30, 2006 - 0.52% of loans and foreclosed real estate. By comparison, non-performing assets were $441 million (0.75% of loans and foreclosed real estate) at 9-30-05. During Q3, Regions repurchased 1.4 million common shares at an average cost of $35.46/share. Year-to-date Sept. 30, buybacks totaled 8.7 million shares. SunTrust Reports EPS of $1.47 - Up from $1.40 in Q3-05 10-17 SunTrust Net income for Q3-06 rose 5% to $535.6 million, or $1.47 a share, from $510.8 million, or $1.40/share in Q3-05. Analysts surveyed by Thomson First Call forecast earnings of $1.46/share and revenue of $2.08 billion, on average. Return on average total assets was 1.18% in q3-06 compared to 1.21% in Q2-06 and 1.21% in Q3-05. Return on average common shareholders' equity was 12.10% in Q3-06 compared to 12.61% in Q2-06 and 12.64% in Q3-05. Fully taxable-equivalent net interest income was $1,173.9 million in Q3-06, nearly unchanged from Q3-05. The lack of growth was mainly the result of the flat to inverted yield curve, as well as the continued shift in deposit mix away from lower-cost deposit products to certificates of deposit. Net interest income decreased 5% in Q3-06 from Q2-06 for similar reasons. The net interest margin of 2.93% for Q3-06 was down 7 basis points from Q2-06. Total noninterest income was $858.9 million for Q3-06, up 3% from Q3-05. Total noninterest expense in Q3-06 was $1,205.5 million, up 2% from Q3-05. Net charge-offs were $36.1 million in Q3-06 compared to $29.1 million in Q2-06 and $76.7 million in Q3-05. Nonperforming assets were $633.8 million, or 0.52% of loans, other real estate owned and other repossessed assets as of 9-30-06 compared to $369.8 million, or 0.31% of loans, other real estate owned and other repossessed assets as of 6-30-06. State Street Reports EPS of $0.83 - Up from $0.43 in Q3-05 10-17 State Street reported that Q3 profit nearly doubled on continuing growth in servicing and management fee revenue. Q3 net income grew to $278 million, or 83 cents/share, from $143 million, or 43 cents/share, a year earlier. Revenue rose 9% to $1.52 billion from $1.39 billion last year, as servicing fees increased 10% to $685 million. Analysts surveyed by Thomson Financial expected EPS of 79 cents on revenue of $1.58 billion. ROE was 16.4%, compared to 15.9% from continuing operations in Q3-05. Net interest revenue on a fully taxable-equivalent basis is $275 million, an increase of $30 million, or 12% from $245 million a year ago. The increase in net interest revenue is due to a favorable mix in non-US deposits, an increase in non-U.S. rates, as well as growth in the balance sheet due to customer activity levels. Net interest margin increased to 1.22% from 1.10% a year ago. Servicing fees were up 10%, to $685 million from $620 million in last year's third quarter. Investment management fees, generated by State Street Global Advisors, are $238 million, up 27% from $188 million a year ago. Trading services revenue, which includes foreign exchange trading revenue and brokerage and other fees was $171 million for the quarter, down 3% from $176 million in an unusually strong quarter a year ago. Securities finance revenue was $87 million in the quarter, up 18% compared to $74 million in the year-ago quarter, reflecting an increase in volume and new business. Processing fees and other revenue were down 16%, or $12 million, at $65 million, compared to $77 million a year ago, primarily due to lower customer activity. USB Reports Net Income of $0.66 - Up from $0.62 in Q3-05 BusinessWire 10-17 USB reported net income of $1,203 million for Q3-06, compared with $1,154 million for Q3-05. Net income of $.66/share in Q3-06 was higher than Q3-05 by 6.5%, or $.04 per diluted common share. ROA and ROE were 2.23% and 23.6% for Q3-06, compared with returns of 2.23% and 22.8% for Q3-05. Q3 net interest income on a taxable-equivalent basis was $1,673 million, compared with $1,791 million recorded in the third quarter of 2005. Average earning assets for the period increased over the third quarter of 2005 by $6.7 billion (3.7%), primarily driven by an increase in total average loans. This was partially offset by a $2.0 billion (4.7%) decrease in average investment securities. The positive impact to net interest income from the growth in earning assets was more than offset by a lower net interest margin. Net interest margin was 3.56% in Q3-06 compared to 3.68% in Q2-06 and 3.95% in Q3-05. Q3 noninterest income was $1,748 million, an increase of $172 million (10.9%) from Q3-05 and $7 million (.4%) lower than Q2-06. The increase in noninterest income over Q3-05 was driven by favorable variances in the majority of fee income categories. Third quarter noninterest expense totaled $1,538 million, an increase of $65 million (4.4%) from Q3-05 and $8 million (.5%) from Q2-06. Total net charge-offs in Q3-06 were $135 million, compared with Q2-06 net charge-offs of $125 million and Q3-05 net charge-offs of $156 million. Nonperforming assets at 9-3 totaled $575 million, compared with $550 million at 6-30, and $644 million at 9-30-05. The ratio of nonperforming assets to loans and other real estate was .40% at 9-30, .39% at 6-30, and .47% at 9-30-05. Wachovia Reports Net Income of $1.17 - Up from $1.06 in Q3-05 10-17 Wachovia reported net income of $1.88 billion [$1.17/share] in Q3-06 compared with $1.66 billion [$1.06/share] in Q3-05. Excluding a charge of 2 cents/share for merger costs, earnings in the latest period were $1.19 a share, matching the average estimate of analysts surveyed by Thomson First Call. Revenue climbed 5.2% to $7.04 billion from $6.7 billion, but came in below the Wall Street target of $7.28 billion. ROE was 15.02% in Q3-06 compared to 15.52% in Q2-06 and 15.01% in Q1-06. ROA was 1.36% in Q3-06 compared to 1.40% in Q2-06 and 1.38% in Q1-06. FTE Net interest income was $3,578 million in Q3-06 compared to $3,675 million in Q2-06 and $3,539 million in Q1-06. Net interest margin was 3.03% in Q3-06 compared to 3.18% in Q2-06 and 3.21% in Q1-06 and 3.18% in Q3-05. Fee and other income 3,465 million in Q3-06 compared to $3,583 million in Q2-06 and $3,517 million in Q1-06. Net charge-offs as % of average loans was 0.16% in Q3-06, 0.08% in Q2-06 and 0.09% in Q1-06. Nonperforming assets as % of loans was 0.26% in Q3-06, 0.25% in Q2-06 and 0.28% in Q1-06. Wells Fargo Reports EPS of $0.64 - Up from $0.58 in Q3-05 10-17 Wells Fargo reported record diluted earnings per common share of $0.64 for Q3-06, up 10% from $0.58 in Q3-05. Third quarter results included $28 million of stock option expense that was not in past year's results. Average loans of $304.0 billion increased $8.4 billion, or 3 percent, from Q3-05. Average core deposits of $260.4 billion grew $13.2 billion [5%] from Q3-05. ROA was 1.76% in Q3-06 compared to 1.75% in Q3-05. ROE was 20.00% in Q3-06 compared to 19.72% in Q3-05. Book value per common share was $13.30 in Q3-06 compared to $11.86 in Q3-05. Net interest income increased 8% from a year ago and 5% (annualized) on a linked-quarter basis. Net interest margin increased 3 basis points to 4.79% from Q2-06. Noninterest income increased $60 million, or 2%, from Q3-05 and 9% (annualized) on a linked-quarter basis. Total nonperforming assets were $2.10 billion (0.68% of loans) at 9-30-06, compared with $1.92 billion (0.64%) at 6-30-06, and $1.49 billion (0.50%) at 9-30*05. October Ratings Changes On 10-20 Prudential Equity Group downgraded shares of BBT to underweight from neutral and lowered the company to $40 from $44 a share. "The company is more plain vanilla than some of its more diversified peers and therefore gets hurt from the continued flat yield curve, which is likely to contribute to still lower margin," Prudential analysts Michael Mayo and Hunter Murchison said in a note to clients. "We would rather invest in companies that benefit more from a higher stock market and better capital markets, notwithstanding our long-term favorable view of BB&T's CEO." Regions, AmSouth Merger Approved AP 10-03-06 Bank Regions Financial Corp. and Southeast regional bank AmSouth Bancorp. said Tuesday their shareholders approved a nearly $10 billion merger of the two companies. The combination will create a bank holding company with $142 billion in assets, nearly $100 billion in deposits and around 2,000 branches in 16 states across the South, Midwest and Texas. The companies employ roughly 37,000 combined. The transaction is expected to close next month, subject to customary regulatory approvals. ASO Reports Net Income of $0.54 vs. $0.51 in Q3-05 BusinessWire 10-17 AmSouth Bancorporation reported earnings for Q3-06 of $.54/share, compared to $.51/share reported for Q3-05. Net income for Q3-06 was a record $187.7 million and resulted in a ROE of 20.3% and a ROA of 1.38%. Net interest income in the third quarter was $388.8 million, an increase of 3.7% compared with Q3-05. The net interest margin compressed to 3.19%. Noninterest revenue was $248.4 million. Noninterest expenses were $335.7 million. ASBC Reports Net Income of $0.58 vs. $0.63 in Q3-05 press release 10-19 Associated Banc-Corp earned $76.9 million [$.58/share] for Q3-06, compared to net income of $81.0 million [$.63/share] for Q3-05. For the nine months ended Q3, net income was $242.1 million, up 4% over $232.5 million for the comparable period in 2005. Earnings per diluted share were $1.81 and $1.79 for the first nine months of 2006 and 2005. For Q3-06 ROA was 1.46%, compared to 1.56% for Q3-05. ROE was 13.36% for Q3-06, versus 15.85% for Q3-05. Book value per share rose to $17.44 from 17.20 in Q2-06, 16.98 in Q1-06, 17.15 in q4-05 and 1 6.12 in Q3-05. Total interest income $324.573 million in Q3-06 compared to $273.391 million in Q3-05, up 18.7%. Net Interest Income was $168.217 million in Q3-06 compared to $164.078 million in Q3-05, up 2.5%. Net interest margin benefited from both the reduction in higher-costing wholesale funding and the increased percentage of loans to earning assets. The net interest margin for Q3-06 was 3.63% compared to 3.56% for Q3-05. Total noninterest income 72.985 million in Q3-06 compared to $76,965 million in Q3-05, down 5.2%. Total noninterest expense $123.686 million in Q3-06 compared to $117.348 million in Q3-05, up 5.4%. Net charge offs were at 10 basis points of average loans. Nonperforming loans increased to $129 million, representing 0.84% of total loans, compared to $111 million (or 0.78%) at 9-30-05. During Q3-06, Associated repurchased 2 million shares of its common stock at an average price of $31.43/share for a total cost of approximately $63 million, leaving approximately 3.3 million shares remaining available for repurchase under its outstanding authorization. Earning assets: [1] Commercial Loans $8,356,785 thousand at an average yield of 5.93% [2] Residential mortgage 2,865,319 thousand at an average yeild of 5.56% [3] Retail loans 2,853,809 thousand at an average yeild of 6.68% - Total of the 3 above types of loans 14,075,913 thousand at an average yeild of 6.01% [4] Investments and other 4,802,670 thousand at an average yield of 4.72% - Total earning assets $18,878,583 thousand at an average yeild of 5.68%. Interest-bearing liabilities: [1] Savings deposits $1,116,871 thousand at an average yeild of 0.37% [2] Interest-bearing demand deposits $2,380,397 thousand at an average yield of 1.10% [3] Money market deposits $2,140,763 thousand at an average yield of 1.78% [4] Time deposits, excluding Brokered CDs $3,996,324 thousand at an average yield of 2.90% -- Total interest-bearing deposits, excluding Brokered CDs $9,634,355 thousand at an average yield of 1.91% [5] Brokered CDs $364,381 thousand at an average yield of 3.10% -- Total interest-bearing deposits $9,998,736 thousand at an average yield of 1.95% [6] Wholesale funding $6,183,220 thousand at an average yield of 3.13% -- Total interest-bearing liabilities $16,181,956 thousand at an average yield of 2.40%. Note: Since Sept. 30, 2005, and after adjusting for a fourth quarter 2005 acquisition, wholesale funding has been reduced by $2.4 billion, through the use of investment cash flows and improved deposit flows. This initiative reduced the ratio of wholesale funding to total funding from 34% at Sept. 30, 2005, to 23% at Sept. 30, 2006. BXS Reports Net Income of $0.38 vs. $0.29 in Q3-05 PRNewswire 10-19 BancorpSouth's net income increased 34% for Q3-06 to $30.6 million from $22.9 million for Q3-05. Net income per diluted share for Q3-06 increased 31% to $0.38 from $0.29 for Q3-05. BXS' growth included a net pre-tax negative impact of $4.3 million related to changes in value of BXS' mortgage servicing asset. BXS' Q3-05 included a pre-tax negative impact of $12.8 million related to Hurricane Katrina. ROA in Q3-06 was 1.03% compared to 0.83% in Q3-05. ROE was 11.94% in Q3-06 compared to 9.70% in Q3-05. Book value per share was $13.03 at the end of Q3-06 compared to $12.76 at the end of Q2-06, $12.59 at the end of Q1-06, $12.34 at the end of Q4-05, $12.02 at the end of Q3-05, $11.96 at the end of Q2-05, $11.78 at the end of Q1-05 and $11.74 at the end of Q4-04. Interest revenue for Q3-06 increased 23.6% [$33.5 million] to $175.2 million from $141.8 million for Q3-05 and increased 4.7% from $167.4 million for Q2-06. Interest expense increased 47.8%, or $25.5 million, to $78.8 million for Q3-06 from $53.3 million for Q3-05 and 12.4% from $70.2 million for Q2-06. The average taxable equivalent yield on earning assets increased to 6.58% for Q3-06 from 5.74% for Q3-05 and 6.39% for Q2-06. The average rate paid on interest bearing liabilities was 3.49% for Q3-06, compared with 2.54% for Q3-05 and 3.17% for Q2-06. Net interest revenue increased 9% to $96.4 million for Q3-06 from $88.4 million for Q3-05 and declined 0.8% from $97.2 million for Q2-06. Net interest margin was 3.66% for Q3-06 compared with 3.61% for Q3-05 and 3.75% for Q2-06. Noninterest revenue increased 2.2% to $49.2 million for Q3-06 from $48.2 million for Q3-05. These results include the impact of a $4.3 million net decline in mortgage revenue related to changes in the value of BancorpSouth's mortgage servicing asset for Q3-06 compared with Q3-05. Excluding this decline, noninterest revenue expanded 11.4% for Q3-06 compared with Q3-05. Noninterest expense increased 10.2% to $98.7 million for Q3-06 from $89.5 million for Q3-05 and increased 0.3% from $98.3 million in Q2. Annualized actual net charge-offs were 0.07% of average loans and leases for Q3-06 compared with 0.27% for Q3-05 and 0.18% for Q2-06. Non-performing loans and leases increased 5.1% nominally to $25.1 million [0.32% of loans and leases] at 9-30, from $23.9 million [0.34% of loans and leases] at 9-30-05, and 2.9% from $24.4 million [0.32% of loans and leases] at 6-30. Assets : [1] Loans, loans held for sale, and leases net of unearned income $7,723,076 thousand at an average yield of 7.47% [2] Held-to-maturity securities: Taxable 1,521,496 thousand at an average yield of 4.20% [3] Tax-exempt 185,576 thousand at an average yield of 6.63% [4] Available-for-sale securities: Taxable 1,124,841 thousand at an average yield of 3.67% [5] Tax-exempt 102,493 thousand at an average yield of 7.24% [6] Short-term investments 61,872 thousand at an average yield of 5.79% - Total interest earning assets $10,719,354 thousand at an average yield of 6.58%. Liabilities : [1] Demand - interest bearing $2,771,419 thousand at an average yield of 2.22% [Demand deposits - noninterest bearing 1,698,871 thousand] [2] Savings 741,102 thousand at an average yield of 1.12% [3] Other time 4,236,396 thousand at an average yield of 4.25% [4] Short-term borrowings 922,735 thousand at an average yield of 4.70% [5] Junior subordinated debt 144,847 thousand at an average yield of 8.13% [6] Long-term debt 136,229 thousand at an average yield of 5.79% - Total interest bearing liabilities $8,952,728 thousand at an average yield of 3.49%. CBSS Reports EPS of $0.90 vs. $0.80 in Q3-05 press release 10-17 Compass Bancshares reported record earnings of $118.8 million for the third quarter of 2006, an 18% increase over the $100.7 million earned in Q3-05. For the same time period, earnings per share increased 13% to $0.90 from $0.80 in the prior year. Included in Q3-06 results are merger and integration expenses that amounted to approximately $0.01 per share. ROA and ROE for Q3-06 were 1.39% and 17.49%. Book value per common share was $21.19 at the end of Q3-06 compared to $20.15 at the end of Q2-06, $19.82 at the end of Q1-06 and $17.95 at the end of Q3-05. Earnings for the first nine months of 2006 increased 14% to $342 million compared to $299.7 million earned during the first nine months of 2005. Earnings per share for the first nine months of 2006 increased 11% to $2.63 from $2.37 in the prior year. ROA and ROE for the first nine months of 2006 were 1.40% and 18.04%. Net interest income was $286.576 million in Q3-06 compared to $247.111 in Q3-05. Solid balance sheet growth, coupled with a higher base of low-cost transaction accounts resulted in the net interest margin increasing to 3.68% from 3.58% in Q3-05, but continued pressure from rising funding costs resulted in a decline from 3.80% in Q2-06. Noninterest income was $178.850 million in Q3-06 compared to $170.645 in Q3-05. Total noninterest expense $265.558 million in Q3-06 compared to $227.396 million in Q3-05. Nonperforming assets as a percentage of loans and other real estate were unchanged from second quarter levels at 0.28%, and down compared to 0.31% in Q3-05. Net charge-offs as a percentage of average loans increased slightly from second quarter levels to 0.35%, but were down compared to 0.55% in Q3-05. Interest bearing transaction accounts totaled $8,956,076,000 and Noninterest bearing demand deposits totaled 6,267,429,000. Average returns on Earning assets: [1] Loans $24,448,785 thousand with an average yield of 7.51%; [2] Investment securities held to maturity 2,088,941 thousand with an average yield of 4.76%; [3] Investment securities available for sale 4,503,985 thousand with an average yield of 4.69%; [4] Other earning assets 75,469 thousand with an average yield of 5.22%. Total earning assets: $31,117,180 thousand with an average yield of 6.91% vs. $30,487.576 thousand with an average yield of 6.75% in Q2-06. Average cost on Funds: [1] Interest bearing transaction accounts $8,956,076 thousand with an average yield of 2.33%; [2] Time deposits 3,584,547 thousand with an average yield of 4.68%; [3] Certificates of deposit of $100,000+ 3,861,461 thousand with an average yield of 4.88%; [4] Federal funds purchased and securities sold under agreement to repurchase 3,432,611 thousand with an average yield of 5.23%; [5] Other short-term borrowings 596,709 thousand with an average yield of 5.03%; [6] FHLB and other borrowings 3,997,676 thousand with an average yield of 5.72%. Total interest bearing liabilities $24,429,080 thousand with an average yield of 4.11% compared with $23,815.892 thousand with an average yield of 3.77% in Q2-06. CBCF Reports Net Income of $0.49 vs. $0.48 in Q3-05 PRNewswire 10-19 Citizens Banking Corporation announced Q3-06 diluted net income per share was $0.49, consistent with $0.49 for Q2-06, and an increase of 1.7% over the $0.48 for Q3-05. Annualized ROA and ROE during Q3-06 were 1.08% and 12.63%, respectively, compared with 1.09% and 12.96% for the second quarter of 2006 and 1.06% and 12.71% for Q3-05. Book value/share at the end of Q3-06 was $15.72, at the end of Q2-06 $15.15, at the end of Q1`-06 $15.23, at the end of Q4-05 $15.28, and at the end of Q3-05 $15.21. Net interest income was $65.6 million in Q3-06 compared with $66.0 million in Q2-06 and $69.6 million in Q3-05. Net interest margin was 3.78% for Q3-06 compared with 3.84% for Q2-06 and 3.93% for Q3-05. Noninterest income for the third quarter of 2006 was $23.5 million, a decrease of $0.2 million or 0.9% from Q2-06 and a decrease of $0.4 million or 1.7% from Q3-05. The decrease from the second quarter of 2006 was the result of lower trust fees and other income, partially offset by increases in mortgage and other loan income as well as brokerage and investment fees. Noninterest expense for Q3-06 was $59.4 million, a decrease of $0.7 million or 1.1% from Q2-06 and a decrease of $1.1 million or 1.9% from Q3-05. Net charge-offs increased to $2.7 million or 0.19% of average portfolio loans from the second quarter of 2006 level of $2.0 million or 0.14% of average portfolio loans. Nonperforming assets at September 30, 2006 totaled $40.0 million, an increase from $34.8 million at June 30, 2006, which represented the lowest level in four years. The ratio of nonperforming assets to portfolio loans plus other assets acquired increased to 0.69% from 0.61% at June 30, 2006. Assets: [1] Money market investments $ 2,048 thousand at an average yeild of 4.08% (0.45% in Q2-06 and 2.30% in Q3-05) Investment securities fall into the following four categories: [2] Taxable 1,115,959 thousand at an average yeild of 4.51% (4.51% in Q2-06 and 4.30% in Q3-05) [3] Tax-exempt 449,364 thousand at an average yeild of 7.23% (7.23% in Q2-06 and 7.34% in Q3-05) [4] Mortgage loans held for sale 16,743 thousand at an average yeild of 6.04% (5.62% in Q2-06 and 5.18% in Q3-05) Portfolio loans fall into the following 5 categories): [5] Commercial 1,740,592 thousand at an average yeild of 7.54% (7.26% in Q2-06 and 6.36% in Q3-05) [6] Commercial real estate 1,458,104 thousand at an average yeild of 7.26% (7.13% in Q2-06 and 6.43% in Q3-05) [7] Residential mortgage loans 545,907 thousand at an average yeild of 5.75% (5.75% in Q2-06 and 5.54% in Q3-05) [8] Direct consumer 1,093,724 thousand at an average yeild of 7.69% (7.49% in Q2-06 and 6.46% in Q3-05) [9] Indirect consumer 855,229 thousand at an average yeild of 6.66% (6.61% in Q2-06 and 6.58% in Q3-05) [10] Total portfolio loans 5,693,556 thousand at an average yeild of 7.20% (7.03% in Q2-06 and 6.36% in Q3-05) [11] Total earning assets 7,277,670 thousand at an average yeild of 6.78% (6.63% in Q2-06 and 6.02% in Q3-05). Liabilities: [1] Interest-bearing demand deposits $ 753,412 thousand at an average yeild of 0.64% (0.65% in Q2-06 and 0.67% in Q3-05) [2] Savings deposits 1,511,956 thousand at an average yeild of 2.81% (2.58% in Q2-06 and 1.55% in Q3-05) [3] Time deposits 2,489,653 thousand at an average yeild of 4.47% (4.13% in Q2-06 and 3.16% in Q3-05) [4] Short-term borrowings 321,140 thousand at an average yeild of 4.44% (4.44% in Q2-06 and 3.40% in Q3-05) [5] Long-term debt 980,584 thousand at an average yeild of 4.66% (4.36% in Q2-06 and 3.92% in Q3-05) Total interest-bearing liabilities 6,056,745 thousand at an average yeild of 3.61% (3.35% in Q2-06 and 2.51). CMA Reports EPS of $1.23 vs. $1.41 in Q3-05 press release 10-19 Comerica reported Q3-06 earnings of $200 million [$1.23/share] compared to $200 million [$1.22/share] for Q2-06 and $238 million [$1.41/share] for Q3-05. Return on average common shareholders' equity was 15.38% in Q3-06 compared to 15.50% in Q2-06 and 18.59% in Q3-05. FTE Net interest income fro Q3-06 was $332 million compared to $333 million in Q2-06 and $368 million in Q3-05. The net interest margin was 3.79 percent in the third quarter 2006, a decrease of 3 basis points from 3.82 percent in the second quarter 2006 and 4.15% in Q3-05. Noninterest income was $196 million for the third quarter 2006, compared to $205 million for the second quarter 2006 and $215 million for the third quarter 2005. The $9 million decrease in noninterest income in the third quarter 2006, compared to the second quarter 2006, reflected a $9 million decline in warrant income and a $7 million incremental loss recognized on the sale of the Mexican bank charter in the third quarter 2006. Noninterest expenses were $400 million for the third quarter 2006, compared to $391 million for the second quarter 2006 and $411 million for the third quarter 2005. Net loan charge-offs as a percent of average total loans were 11 basis points for the first nine months of 2006, down from 27 basis points in the same period in 2005. Nonperforming assets decreased 11 percent to $197 million at September 30, 2006, compared to $220 million at September 30, 2005. CNB Reports Net Income of $0.44 vs. $0.36 in Q3-05 PRNewswire 10-19 CNB reported record earnings for Q3-06 of $0.44 per diluted share, a 22% increase over the $0.36 per diluted share reported for the same period of the previous year. Net income for the quarter was $68 million, a 20% increase over the $56 million reported in Q3-05. Return on average assets was 1.19% in Q3-06 compared to 1.21% in Q2-06, 1.23% in Q1-06, 1.16% in Q4-05 and 1.05% in Q3-05. Return on average equity was 13.51% in Q3-06 compared to 13.58% in Q2-06, 13.44% in Q1-06, 12.75% in Q4-05 and 11.77% in Q3-05. Book value/share was $13.21 at the end of Q3-06 compared to $12.34 at the end of Q3-05 - a change of 7%. Net interest income was $190.552 million in Q3-06 compared to $185.266 million in Q3-05. Net interest margin was 3.64% in Q3-06 compared to 3.78% in Q3-05. Core noninterest income 45.806 million in Q3-06 compared to 46.398 million in Q3-05. Total noninterest expense 131.985 million in Q3-06 compared to $133.964 million in Q3-05. Annualized net charge-offs as a percentage of average loans were 0.06% for the quarter and 0.12% for the nine months ended September 30, 2006. Nonperforming assets were down $11.6 million, or 42%, from June 30, 2006 and $16.2 million, or 51%, from December 31, 2005. Assets: [1] Loans, excluding mortgage warehouse loans $15,166,655 thousand at an average yield of 7.76% (compared to 7.60% in Q2-06 and 6.80% in Q3-05) [2] Mortgage warehouse loans 338,819 thousand at an average yield of 7.15% (compared to 7.26% in Q2-06 and 5.71% in Q3-05) [3] Loans held for sale 1 ,679,498 thousand at an average yield of 6.81% (compared to 6.77% in Q2-06 and 5.65% in Q3-05) [4] Investment securities + securities available for sale 3,034,885 thousand at an average yield of 5.13% (compared to 5.04% in Q2-06 and 4.56% in Q3-05) [5] Securities purchased under agreements to resell 584,823 thousand at an average yield of 7.02% (compared to 6.74% in Q2-06 and 5.17% in Q3-05) [6] Other interest earning assets 80,852 thousand at an average yield of 5.11% (compared to 4.84% in Q2-06 and 3.53% in Q3-05) -- Total interest earning assets 20,885,532 thousand at an average yield of 7.26% (compared to 7.13% in Q2-06 and 6.27% in Q3-05). Liabilities: [1] Interest bearing non-time deposits $ 6,135,539 thousand at an average yield of 3.03% (compared to 2.66% in Q2-06 and 1.76% in Q3-05) (Noninterest bearing demand deposits 2 ,926,347 thousand) [2] Time deposits 6,837,604 thousand at an average yield of 4.55% (compared to 4.29% in Q2-06 and 3.46% in Q3-05) [3] Repurchase agreements 849,080 thousand at an average yield of 4.59% (compared to 4.29% in Q2-06 and 2.55% in Q3-05) [4] Fedl funds purchased + other short-term 1,509,855 thousand at an average yield of 5.34% (compared to 5.00% in Q2-06 and 3.53% in Q3-05) [5] Long-term debt 2,294,281 thousand at an average yield of 6.11% (compared to 6.08% in Q2-06 and 5.10% in Q3-05) -- Total interest bearing liabilities 17,626,359 thousand at an average yield of 4.30% (compared to 3.98% in Q2-06 and 2.99% in Q3-05). CYN Reports Net Income of $1.20 vs. $1.17 in Q3-05 PRNewswire 10-19 City National Corporation reported Q3-06 net income of $59.0 million [$1.20/share] compared with $59.8 million [$1.17/share] for Q3-05. Third-quarter earnings per share were 3 percent higher than they were during the same period last year. Return on Average Assets was 1.61% in Q3-06 compared to 1.66% in Q3-05. Return on Average Equity was 16.30% in q3-06 compared to 16.74% in Q3-05. Book value/share was $30.61 at the end of Q3-06 compared to $28.85 at the end of Q3-05 - a change of 6%. FTE net interest income was $152.0 million in the third quarter of 2006, down 5 percent from $159.3 million for the same period last year. Fully taxable-equivalent net interest income in the second quarter of 2006 was $157.3 million. CYN's Q3 net interest margin was 4.53%, compared with 4.80% during Q3-05 and 4.65% in Q2- 2006. The decline in the margin from the second quarter of this year is due to lower average balances in demand and money-market deposits as well as a 53-basis-point increase in the average cost of interest-bearing deposits. Noninterest income grew to $64.8 million, 21 percent higher than the third quarter of 2005 and 11 percent higher than the second quarter of this year, due primarily to the continuing growth of City National's wealth management and international services fee revenue. Third-quarter 2006 noninterest expense totaled $120.7 million, up 7 percent from the third quarter of 2005 and 1 percent from the second quarter of this year. Assets : [1] Loans Commercial $3,827 million at an average yield of 7.05% compared to 6.85% in Q2-06 [2] Commercial real estate mortgages 2,055 million at an average yield of 7.48% compared to 7.58% in Q2-06 [3] Residential mortgages 2,801 million at an average yield of 5.38% compared to 5.31% in Q2-06 [4] Real estate construction 761 million at an average yield of 9.37% compared to 9.14% in Q2-06 [5] Equity lines of credit 375 million at an average yield of 7.91% compared to 7.63% in Q2-06 [6] Installment 194 million at an average yield of 7.58% compared to 7.72% in Q2-06 -- Total loans 10,013 million at an average yield of 6.88 9,903 6.79% in Q2-06 [7] Due from banks - interest-bearing 61 million at an average yield of 2.55% compared to 2.31% in Q2-06 [8] Federal funds sold and securities purchased under resale agreements 3 million at an average yield of 7.13% compared to 4.77% in Q2-06 [9] Securities available-for-sale 3,191 million at an average yield of 4.63% compared to 4.55% in Q2-06 [10] Trading account securities 54 million at an average yield of 5.22% compared to 6.61% in Q2-06 -- Total interest-earning assets $13,322 million at an average yield of 6.30% compared to 6.19% in Q2-06. Liabilities : [1] Interest-bearing checking accounts $706 million at an average yield of 0.36% compared to 0.27% (Noninterest-bearing deposits 5,629 million) [2] Money market accounts 3,224 million at an average yield of 2.57 compared to 2.13% in Q2-06 [3] Savings deposits 163 million at an average yield of 0.41 compared to 0.37% in Q2-06 [4] Time deposits - under $100,000 - 184 million at an average yield of 3.87% compared to 3.00% in Q2-06 [5] Time deposits - $100,000 and over - 1,999 million at an average yield of 4.55 compared to 4.07% in Q2-06 -- Total interest-bearing deposits 6,276 million at an average yield of 2.93 compared to 2.40% in Q2-06 [6] Federal funds purchased and securities sold under repurchase agreements 401 million at an average yield of 5.26 compared to 4.93% in Q2-06 [7] Other borrowings 558 million at an average yield of 5.63% compared to 5.51% in Q2-06% - Total interest-bearing liabilities $7,235 million at an average yield of 3.27% compared to 2.86% in Q2-06. FHN Reports Net Income of $0.53 vs. $0.87 in Q3-05 PrimeZone 10-18 First Horizon National announced Q3-06 earnings of $67.1 million or $.53 per diluted share, which included the estimated settlement costs of $21.3 million for a class action lawsuit. In Q3-05 earnings were $112.9 million or $.87 per diluted share. ROE and ROA were 10.9% and .67% for Q3-06. ROE and ROA were 20.2% and 1.18% for Q3-05. Book Value at the end of Q3-06 was $ 20.06 compared to $19.59 at the end of Q2-06, $19.36 at the end of Q1-06, $18.46 at the end of Q4-06 and $18.06 at the end of Q3-05. In the Retail/Commercial Banking segment, net interest income increased 3% to $231.9 million in Q3-06 from $224.8 million in Q3-05 as earning assets grew 5%, or $1.0 billion. The Retail/Commercial Banking net interest margin was 4.21% in Q3-06 compared to 4.28% in Q3-05. In the Mortgage Banking segment, net interest income decreased 50% to $20.9 million in Q3-06 from $41.8 million in Q3-05. An inverted yield curve resulted in compression of the spread on the warehouse, which was 1.18% in Q3-06 compared to 2.33% for Q3-05. The consolidated net interest margin was 2.90% in Q3-06, 3.00% in q2-06 and 2.99% in Q1-06. Noninterest income increased 4% to $110.4 million in Q3-06 from $106.6 million in Q3-05. Noninterest expense was relatively stable, increasing 2% to $204.0 million in Q3-06 compared to $199.7 million last year. The net charge-off ratio increased to 30 basis points in third quarter 2006 from 20 basis points in 2005 as net charge-offs grew to $16.4 million from $9.2 million during a period of strong loan growth. Nonperforming assets were $118.0 million on September 30, 2006, compared to $79.0 million on September 30, 2005. The nonperforming assets ratio related to the loan portfolio increased to 49 basis points in third quarter 2006 from 35 basis points last year and 45 basis points in second quarter 2006. Assets: [1] Loans $21,799,396 thousand at a yield of 7.59% [2] Loans held for sale 4,201,949 thousand at a yield of 6.86% [3a] U.S. Treasuries 50,989 thousand at a yield of 4.92% [3b] U.S. gov't agencies 3,512,162 thousand at a yield of 5.72% [3c] States and munis 1,869 thousand at a yield of 1.28% [3d] Other 240,140 thousand at a yield of 5.02% - Total investment securities 3,805,160 thousand at a yield of 5.67% [4] Capital markets securities inventory 2,524,102 thousand at a yield of 5.41% [5] Mortgage banking trading securities 380,586 thousand at a yield of 11.31% [6a] Federal funds sold & securities purchased under agreements to resell 1,875,420 thousand at a yield of 5.16% [6b] Investment in bank time deposits 40,899 thousand at a yield of 5.27% - Total other assets 1,916,319 thousand at a yield of 5.17% Total earning assets 34,627,512 thousand at yield of 7.04%. Liabilities: [1a] Savings $ 264,932 thousand at a yield of .23% [1b] Checking interest and money market 4,827,837 thousand at yield of 2.59% [1c] Certificates of deposit under $100,000 2,873,451 thousand at yield of 4.43% - Total interest-bearing core deposits 7,966,220 thousand at yield of 3.17% [2] Certificates of deposit $100,000+: 9,694,677 thousand at yield of 5.36% [3] Fed funds purchased and securities sold under agreements to repurchase 4,650,930 thousand at yield of 4.83% [4] Capital markets trading liabilities 1,358,976 thousand at yield of 5.61% [5] Commercial paper & short-term borrowings 773,038 thousand at yield of 5.25% - Total long-term debt 5,538,323 thousand at a yield of 5.80% Total interest-bearing liabilities 29,982,164 thousand at yield of 4.79% FMER Reports Net Income of $0.39 vs. $0.44 in Q3-05 PRNewswire 10-19 FirstMerit announced Q3-06 net income of $31.2 million [$0.39/share] compared with $36.6 million [$0.44/share] for Q3-05. ROE and ROA for Q3-06 were 13.93% and 1.22%, compared with 14.90% and 1.41% for Q3-05. Book value/share at the end of Q3-06 was $11.28 compared to $10.88 at the end of Q2-06 and $10.91 at the end of Q3-05. FTE net interest income was $85.9 million for the third quarter 2006, a decline of $2.5 million, or 2.83%, compared with the year-ago quarter. During Q3-06 the net interest margin contracted 2 basis points to 3.68%, compared with Q3-05 net interest margin of 3.70% and contracted 10 basis points compared with Q2-06. Noninterest income excluding securities transactions totaled $49.3 million for the third quarter 2006, compared with $47.8 million for Q3-05, an increase of $1.5 million, or 3.12%. The primary drivers of this increase were in credit card fees, up $0.8 million, or 7.80%, and service charges on deposits, up $0.7 million, or 3.71%, due in part to new fee strategies. Non-interest expenses totaled $77.0 million for Q3-06 compared with $78.9 million for Q3-05, a decrease of $1.9 million, or 2.46%. Net charge-offs totaled $11.6 million in Q3-06, compared with $10.0 million for Q3-05, or 0.67% and 0.60% of average loans, respectively. As of September 30, 2006, nonperforming assets were $72.5 million, or 1.05%, of period-end loans plus other real estate, compared with $72.3 million, or 1.08%, at September 30, 2005. Assets: [1] Cash and due from banks $185,628 [2] Securities sold: U.S. Treasury & Gov't agency 1,993,447 thousand at an average yield 3.98% [3] Obligations of states and political subdivisions (tax exempt) 114,805 thousand at an average yield6.65% [4] Other securities and federal funds sold 252,242 thousand at an average yield6.17% - Total investment securities and federal funds sold 2,360,494 thousand at an average yield 4.35% [5] Loans held for sale 44,682 thousand at an average yield 7.21% Loans 6,844,593 129,111 7.48% - Total earning assets $9,249,769 thousand at an average yield 6.68% compared to 5.81% in Q3-05. Liabilities: [1] Deposits: Demand - non-interest bearing $1,407,653 [2] Demand - interest bearing 794,886 thousand at an average yield of 1.12% [3] Savings and money market accounts 2,246,386 thousand at an average yield 2.33% [4] Certificates and other time deposits 2,906,952 thousand at an average yield 4.49% -- Total deposits 7,355,877 thousand at an average yield 2.61% [5] Securities sold under agreements to repurchase 1,357,746 thousand at an average yield 4.64% [6] Wholesale borrowings 367,640 thousand at an average yield 6.20% - Total interest bearing liabilities 7,673,610 thousand at an average yield 3.62% compared to 1.76% in Q3-05. FNB Reports EPS of $0.29 vs. $0.32 in Q3-05 press release 10-19 FNB reported Q3-06 net income of $17.6 million, or $.29 per diluted share. These results compare to $16.6 million [$.28/share] for Q2-06 and $18.1 million [$.32/share] for Q3-05. The Q3-05 results were benefited from the resolution of a previously uncertain tax position totaling $1.0 million [$.02/share]. ROE for Q3-06 was 13.0% compared to 13.43% in Q2-06 and 15.54% in Q3-05, its return on tangible equity was 27.0% in Q3 compared to 26.62% in Q2 and 29.80% in Q3-05. ROA was 1.15% in Q3 compared to 1.15 in Q2 and 1.26% om Q3-05. Book value/share at the end of Q3-06 was $8.94 compared to $8.88 at the end of Q2-06 and $8.26 at the end of Q3-05. FTE Net interest income after was 46.920 million in Q3-06 compared to $45.151 million in Q2-06 and $44.370 million in Q3-05. In spite of the inverted yield curve, the yield on earning assets for the third quarter of 2006 increased 15 basis points compared to the previous quarter. Offsetting the increase in interest income was a 25 basis point increase in the cost of funds due to continued competitive pricing pressures related to rising short-term interest rates and a change in the mix of deposits due to customer preference. The net interest margin for the third quarter was 3.65%, a decrease of 8 basis points from the second quarter. Non-interest income for Q3-06 was $20.5 million, down 1.6% from the prior quarter but 6.3% higher than Q3-05. Non-interest expense for Q3-06 totaled $41.1 million, compared to $41.2 million in the previous quarter and $38.0 million for Q3-05. Annualized net charge-offs for Q3-06 were 23 basis points of average loans, better than the 27 basis points for Q2-06 and the 36 basis points for Q3-05. Non-performing loans to total loans were 69 basis points for Q3-06, improving from the 74 and 78 basis points in Q2-06 and Q3-05. Fulton Reports Net Income of $0.28 vs. $0.25 in Q3-05 MarketWire 10-17 Fulton Financial earned $48.3 million for Q3-06, a 14.8% increase over the same period in 2005. Diluted net income per share for the quarter increased to 28 cents, a 12.0% increase over the 25 cents reported in 2005. Diluted net income per share for the first nine months of 2006 increased to 80 cents, a 6.7% increase over the 75 cents reported in 2005. ROA was 1.31% in Q3-06 compared to 1.32% in Q2-06 and 1.37% in Q3-05. ROE was 13.26% in Q3-06 compared to 13.01% in Q2-06 and 13.06% in Q3-05. Book value was $8.63/share at the end of Q3-06 compared to $8.31 at the end of Q2-06 and $7.76 at the end of Q3-05. Net interest income for Q3-06 was $125.924 million compared to $106.485 million in Q3-05, up 18.3%, with approximately $14.4 million attributable to the Columbia acquisition. The increase from the second quarter of 2006 was $3.1 million, or 2.5%. Fulton Financial's net interest margin was 3.85% for Q3-06, 3.90% for Q2-06 and 3.91% for Q3-05. During the third quarter of 2006, $3.3 million of interest recoveries on loans added 10 basis points to net interest margin. Interest recoveries of $837,000 in Q2-06 and $578,000 in Q3-05 added two basis points to net interest margin in these periods, respectively. Other income for Q3-06 was $35.462 milion compared to $35.258 million in Q3-05. Nonperforming assets were 0.31% of total assets at September 30, 2006, compared to 0.29% at June 30, 2006 and 0.39% at September 30, 2005. For the nine months ended September 30, 2006, annualized net charge-offs were 0.01% of average total loans, compared to 0.02% for the same period in 2005. HBAN Reports Net Income of $0.46 vs. $0.47 in Q3-05 MarketWire 10-17 Huntington Bancshares reported Q3-06 earnings of $157.4 million [$0.65/share]. As previously announced, 2006 third quarter earnings included a $0.19 per common share net benefit related to a favorable resolution of a federal income tax audit, partially offset by the recognition of investment securities impairment. Results in the year-ago third quarter were $108.6 million [$0.47/share]. ROA in Q3-06 was 1.75% compared to 1.25% in Q2-06 and 1.32% in Q3-05. ROE was 21.0% in Q3-06 compared to 14.9% in Q2-06 and 16.5% in Q3-05. Book value per common share at end of Q3-06 was $13.15 compared to $12.38 at the end of Q2-06 and $11.45 and the end of Q3-05. FTE net interest income was $259.403 million in Q3-06 compared to $245.371 million in Q3-05, an increased of $14.0 million, or 6% ($17.7 million merger-related), from the year-ago quarter, reflecting the favorable impact of a $2.6 billion, or 9%, increase in average earning assets, as the fully taxable equivalent net interest margin declined 9 basis points to 3.22% [3.34% in Q2-06]. Total non-interest income in Q3-06 was $97910million compared to $160.740 million in Q3-05, a decreased $62.8 million from the year-ago quarter, including a $19.2 million decline in automobile operating lease income. Total earning assets had an average yield of 6.73% in Q3-06, 6 .55% in Q2-06, 6.21% in Q1-06, 6 .01% in q4-05 and 5.72% in Q3-05. Total interest bearing liabilities had an average yield of 4.02% in Q3-06, 3 .74% in Q2-06, 3.43% in Q1-06, 3 .12% in q4-05 and 2.82% in Q3-05. That portfolio continued to run off since no automobile operating leases have been originated since April 2002. Non-interest income before automobile operating lease income decreased $43.6 million, or 33%, reflecting: [1] $57.3 million of investment securities losses in the current quarter reflecting the $57.5 million investment securities impairment; [2] $23.3 million decline in mortgage banking income. While non-interest expense increased $9.4 million, or 4%, from the year- ago quarter, automobile operating lease expense declined $15.6 million as that portfolio continued to run off. As a result, non-interest expense before automobile operating lease expense increased $25.0 million, or 12%, from the year-ago quarter, with $18.1 million attributable to Unizan ($17.6 million merger-related plus $0.3 million of merger integration costs). Total net charge-offs for Q3-06 were $21.2 million, or an annualized 0.32% of average total loans and leases. Non-performing assets were $171.2 million at September 30, 2006, and represented 0.65% of related assets, which was essentially unchanged from June 30, 2006, but up $69.4 million from $101.8 million, or 0.42% of related assets, at the end of the year-ago quarter. Sky Reports Earnings of $0.32 vs. $0.28 in Q3-05 Primezone 10-31 Old National Bancorp reported earnings of $21.0 million [$.32/share] for Q3-06, up $.02 from the $.30/share earned in Q2-06. Old National had no discontinued operations to report for the third quarter. Earnings from continuing operations for Q3-05 were $18.9 million, or $.28 per share. Net income, which includes results from discontinued operations, for the third quarter of 2005 was $4.5 million, or $.07 per share. Discontinued operations during the third quarter of 2005 contain the impacts of the sales of the J.W. Terrill Insurance Agency (Terrill) and Fund Evaluation Group (FEG). At September 30, 2006, ROE and ROA were 13.40% and 1.04%, respectively, compared to the 12.82% and .97% for Q2-06. Total shareholders' equity at September 30, 2006, was $642.8 million compared to $614.7 million at June 30, 2006, and represented a book value of $9.68 per share for Q3 compared to $9.24 per share at the end of Q2. Net interest income during Q3-06 was $57.1 million and represented a net interest margin on total average earning assets of 3.15%. This compares to net interest income of $59.6 million and a margin of 3.18% for Q2-06. Total fees, service charges and other revenue for the third quarter of the year totaled $35.8 million and represent a slight decrease from the $36.3 million reported for the second quarter of 2006 and a $2.6 million decrease from the third quarter of 2005. Sky Reports Core Operating Earnings of $0.48 vs. $0.47 in Q3-05 PRNewswire 10-18 Sky Financial reported core operating earnings of $52.9 million for Q3-06 versus $50.4 million for Q3-05. Core operating earnings per diluted share for Q3-06 were $.48 versus $.47 for the third quarter of 2005. Core operating earnings reflect net income adjusted to exclude merger-related expenses and derivative gains and losses on swaps that are not representative of ongoing operations. For the 2006 third quarter, on a core operating earnings basis, annualized ROA and ROE were 1.33% and 13.06%, respectively, compared with 1.32% and 13.22%, respectively, for Q3-05. Net income for Q3-06 was $54.6 million [$.50/share] compared to $50.3 million [$.46/share] for Q3-05. Annualized return on assets and return on equity for the third quarter were 1.37% and 13.48%, respectively, compared with 1.31% and 13.20%, respectively, for the same period in 2005. The third quarter of 2006 was impacted by Sky Financial's breakage of certain derivative instruments, which resulted in a gain of $3.3 million ($2.1 million after tax) recorded as derivative gains on swaps. Net interest income for Q3-06 was $132.0 million, up 1.2% from $130.4 million in Q3-05. The net interest margin for Q2-06 was 3.65%, down 10 basis points from Q2-06 and Q3-05. Non-interest revenues, which included $3.6 million of derivative gains and losses on swaps, were $60.9 million, up from $52.2 million in Q3-05. Non-interest expenses for Q3, which included $0.9 million of merger, integration and restructuring expenses related to the pending acquisition of Union Federal Bank were $101.9 million compared to $97.4 million in Q3-05. Excluding the merger, integration and restructuring expenses, the Q3 non-interest expenses were up 3.7% or $3.6 million over Q3-05. Net credit losses for the quarter were $9.9 million, or .35% annualized to average total loans, compared to $8.0 million, or .29%, for the third quarter of 2005. At September 30, 2006, non- performing loans to total loans was 1.13% versus 1.11% at June 30, 2006 and 1.16% at September 30, 2005. Total non-performing loans at September 30, 2006, were $127.3 million, an increase of $2.5 million from $124.8 million at June 30, 2006 and an increase of $0.7 million from $126.6 million at September 30, 2005. SUSQ Reports Net Income of $0.49 vs. $0.38 in Q3-05 BusinessWire 10-24 Susquehanna announced net income for Q3-06 of $25.2 million [$0.49/share] compared to $17.8 million [$0.38/share] for Q3-05. Net income for the first nine months of 06 was $62.3 million [$1.25] compared to $51.9 million [$1.11] for the first nine months of 2005. ROE for Q3-06 was 10.99% compared to 9.29% in Q3-05. ROA for Q3-06 was 1.21% compared to Q3-05 with 0.95%. Book Value/share at the end of Q3-06 was $17.92 compared to $16.40 at the end of Q3-05. Total interest income for Q3-06 was $123.790 million compared to $98.938 million in Q3-05. Net interest margin was 3.76% compared to 3.74% in Q3-05. Total noninterest income for Q3-06 was $39.080 million compared to $27.176 million in Q3-05. Total noninterest expenses for Q3-06 was $66.851 million compared to $58.548 million in Q3-05. Assets : [1] Short-term investments $78,232 thousand at an average yield of 4.90% compared to 3.04% in Q3-05. [2] Investment securities: 1,292,224 thousand at an average yield of 4.30% compared to 3.67% in Q3-05. [3] Loans and leases: 5,785,675 thousand at an average yield of 7.51% compared to 6.65% in Q3-05. -- Total interest-earning assets $7,156,131 thousand at an average yield of 6.90% compared to 6.08% in Q3-05. Liabilities : [1] Interest-bearing demand deposits $1,866,568 thousand at an average yield of 2.93% compared to 1.81% in Q3-05. [2] Savings deposits 517,312 thousand at an average yield of 1.19% compared to 0.42% in Q3-05. [3] Time deposits 2,518,686 thousand at an average yield of 4.25% compared to 3.27% in Q3-05. [4] Short-term borrowings 373,462 thousand at an average yield of 4.53% compared to 2.83% in Q3-05. [5] FHLB borrowings 648,835 thousand at an average yield of 4.16% compared to 4.17% in Q3-05. [6] Long-term debt 222,509 thousand at an average yield of 5.83% compared to 5.66% in Q3-05. -- Total interest- bearing liabilities $6,147,372 thousand at an average yield of 3.66% compared to 2.72% in Q3-05. Synovus Report Net Income of $0.47 vs. $0.43 in Q3-05 BusinessWire 10-18 Synovus' third quarter earnings grew 15.0% over the third quarter 2005 to $154.1 million, which represented earnings per share growth of 10.9% to $.47/share. ROA for the quarter was 2.00% and ROE was 17.63% for Q3-06, compared to 2.01% and 18.77%, respectively, in the same period last year. Book value/share at the end of Q3-06 was $10.91, $9.43 at the end of Q4-05 and $9.21 at the end of Q3-05. Financial Services' net income was up 15.6 % over Q3-05. Net interest income [$292.150 million] grew 19.2% over the third quarter last year as total loans grew 15.7% and the net interest margin was 4.30%, compared to 4.18% in Q3-05 and down from last quarter's excellent 4.39% level. Financial Services' non-interest income [$29.862 million] was up 2.4% over Q3-05 with increases in bankcard fees of 17.3% and brokerage and investment banking revenue of 12.1%. Mortgage banking revenue was up 2.0%, service charges on deposit accounts were up 4.4%, and fiduciary and asset management fees were up 6.3%, compared to the third quarter last year. Financial Services' non-interest expense [$113.842 million] was up 18.7% compared to Q3-05, due primarily to the $4.4 million impact of stock-based compensation expense. The net charge-off ratio was 0.20% compared to 0.17% last quarter and 0.26% in the third quarter of last year. The ratio of nonperforming assets to loans and other real estate was 0.52%, compared to 0.48% last quarter and 0.49% in Q3-05. Interest Earning Assets: [1] Taxable Investment Securities $3,025,507 thousand at a yield of 4.39% [vs. 4.21% in Q2-06] [2] Tax-Exempt Investment Securities $197,024 thousand at a yield of 6.70% [vs. 6.73% in Q2-06] [3] Trading Account Assets $53,181 thousand at a yield of 5.30% [vs. 5.72% in Q2-06] [4] Commercial Loans $20,430,469 thousand at a yield of 8.22% [vs. 7.98% in Q2-06] [5] Consumer Loans $ 906,634 thousand at a yield of 8.17% [vs. 8.09% in Q2-06] [6] Mortgage Loans $ 1,091,425 thousand at a yield of 6.93% [vs. 6.82% in Q2-06] [7] Credit Card Loans $265,120 thousand at a yield of 10.86% [vs. 10.81% in Q2-06] [8] Home Equity Loans $1,252,802 thousand at a yield of 7.97% [vs. 7.69% in Q2-06] [9] Loans, Net $23,628,256 thousand at a yield of 8.29% [vs. 8.06% in Q2-06] [10] Mortgage Loans Held for Sale $130,196 thousand at a yield of 6.51% [vs. 7.08% in Q2-06] [11] Federal Funds Sold and Time Deposits with Banks $155,201 thousand at a yield of 5.32% [vs. 5.07% in Q2-06] - Total Interest Earning Assets $27,189,364 thousand at a yield of 7.81% TCB Reported EPS of $0.51 vs. $0.50 in Q3-05 BusinessWire 10-18 TCF Financial [TCB] reported EPS of 51 cents for Q3-06, compared with 50 cents for Q3-05. Net income for Q3-06 was $65.9 million, up from $65.5 million for Q3-05. The Q3-06 includes $1.3 million in pre-tax gains on sales of fixed assets [ less than one cent/share]. The Q3-05 included $4.9 million in pre-tax gains on sales of fixed assets and mortgage-backed securities for an after-tax impact of three cents/diluted share. For Q3-06, ROA was 1.86% and ROE was 26.44%, compared with 2.07% and 27.41% for Q3-05. Book value/share at the end of Q3-06 was $7.88 compared to $7.23 at the end of Q3-05. TCF's net interest income in Q3-06 was $135 million, up $7 million, or 5.4%, from Q3-05 and was essentially flat with Q2-06. Net interest margin in Q3-06 was 4.11%, compared with 4.43% for Q3-05 and 4.22% for Q2-06. The increase in net interest income was primarily attributable to a $1.6 billion, or 13.7%, increase in average interest-earning assets, partially offset by the 32 basis point reduction in margin. The decrease in margin was primarily due to the continued customer preference for lower-yielding fixed-rate loans and higher-cost market-rate deposits due to the flat or inverted yield curve and higher borrowing costs. Total non-interest income was $129.5 million for Q3-06, up $5.9 million, or 4.8%, from Q3-05. Non-interest expense totaled $164.8 million for Q3-06, up $10.8 million, or 7%, from $153.9 million for Q3-05, primarily due to branch expansion totaling $5.6 million and a $1.8 million increase in operating lease depreciation. Total non-interest bearing deposits 2,309,135 thousand. Total interest-bearing deposits 7,197,306 thousand. Net loan and lease charge-offs in the third quarter of 2006 were $2.5 million, or .09% (annualized) of average loans and leases, compared with net charge-offs of $20.8 million, or .85% (annualized) for the same 2005 period. Total non-performing assets were $55.1 million, or .39% of total assets, at September 30, 2006, up from $47.4 million, or .35%, at 12-31-05, primarily due to an increase in commercial real estate. Average returns on Earning assets: [1] Investments $72,393 thousand at a yield of 4.74% [2] Securities available for sale 1,829,917 thousand at a yield of 5.35% [3] Education loans held for sale 190,724 thousand at a yield of 7.15% [4] consumer loans 5,650,145 thousand at a yield of 7.46% [5] commercial real estate 2,409,237 thousand at a yield of 6.78% [6] commercial business 545,363 thousand at a yield of 7.27% [7] Leasing and equipment finance 1,707,045 thousand at a yield of 7.54% - Total interest-earning assets $13,081,278 thousand at a yield of 6.94%. Average cost on Funds: [1] Total interest-bearing deposits 7,197,306 thousand at a yield of 2.93% [2] Total borrowings 3,400,215 thousand at a yield of 4.67% - Total deposits and borrowings $12,906,656 thousand at a yield of 2.87% UB Reports EPS of $1.20 vs. $1.26 in Q3-05 press release 10-17 UnionBanCal reported Q3-06 net income of $170.7 million, or $1.20 per diluted common share, compared with $1.26/share a year earlier. Income from continuing operations was $171.9 million [$1.21/share] compared with $1.36/share a year earlier. Income from continuing operations for Q3-05 included a $10 million [$0.04/share] negative loan loss provision associated with the sale of the international correspondent banking business and $9 million [$0.06/share] in income tax adjustments. ROE was 17.19% in Q3-06 compared with 16.16% in Q2-06 and 14.79% in Q3-05. ROA was 1.52% in Q3-06 compared to 1.49% in Q2-06 and 1.33% in Q3-05. Book value at the end of Q3-06 was $30.07 compared to $32.34 at the end of Q2-06 and $33.17 at the end of Q3-05. Net interest income was $461 million in Q3-06, down $5 million [1.0%] from Q3-05, primarily due to a deposit mix shift from noninterest bearing and low-cost deposits into higher-cost deposits, partially offset by solid growth in loans and higher yields on earning assets. Average earning assets increased $2.5 billion [5.7%] compared to last year, primarily due to a $3.8 billion [11.8%] increase in average loans. Average consumer noninterest bearing deposits decreased $311 million [9.6%] and they represented 41.9% of average total deposits in Q3-06. Compared to third quarter 2005, average interest bearing deposits increased $2.7 billion [12.8%] while average noninterest bearing deposits decreased $2.4 billion [12.4%]. The decline in noninterest bearing deposits was primarily due to a $1.1 billion [8.2%] decrease in average other commercial noninterest bearing deposits and a $1.0 billion [29.8%] decrease in average title and escrow deposits. The annualized average all-in cost of funds was 2.11%, reflecting UB's strong average core deposit-to-loan ratio of 94% and the high proportion of noninterest bearing deposits to total deposits. The average yield on earning assets of $45.9 billion was 6.06%, up 85 basis points over Q3-05, with the average loan yield increasing 66 basis points. The average rate on interest bearing liabilities of $27.7 billion was 3.41%, up 165 basis points compared with Q3-05, reflecting higher short-term interest rates, an unfavorable change in deposit mix, and heightened competition for deposits. Average interest bearing deposits were $23.6 billion and the weighted average rate was 3.07%. Average core deposits funded 73.9% of average earning assets in Q3. The net interest margin in Q3-06 was 4.00%, compared with 4.27% in Q3-05. In Q3-06, noninterest income was $217 million, up $5 million [2.4%] from Q3-05. Noninterest expense for Q3-06 was $417 million, an increase of $20 million [5.1%] over Q3-05. Nonperforming assets at 9-30 were $48 million [0.09% of total assets]. This compares with $36 million [0.07% of total assets] at 6-30-06, and $38 million [0.07% of total assets] at 9-30-05. In Q3-06, net charge-offs were $2 million, compared with net charge-offs of $10 million in Q2-06, and net charge-offs of $16 million in third quarter 2005. During Q3-06, UB repurchased 2.3 million shares of common stock at a total price of $143 million, or an average of $61.04 per repurchased share. For the first nine months of 2006, UB repurchased 5.3 million shares of common stock at a total price of $344 million, or an average of $65.29 per repurchased share. At 9-30-06, UB had remaining repurchase authority of $259 million with common shares outstanding of 140.3 million, a decrease of 4.3 million shares, or 2.9%, from one year earlier. Assets : [1] Loans (11) $32,177,816 thousand at an average yield of 5.71% [2] Securities - taxable 9,971,085 thousand at an average yield 3.88% [3] Securities - tax-exempt 65,800 thousand at an average yield 8.21% Interest bearing deposits in banks 57,042 thousand at an average yield 2.11% [4] Federal funds sold and securities purchased under resale agreements 770,116 thousand at an average yield 3.49% [5] Trading account assets 329,318 thousand at an average yield 1.34% - Total earning assets 43,371,177 thousand at an average yield 5.21% Liabilities : [1] Interest bearing $13,157,103 thousand at an average yield 1.34% [Noninterest bearing deposits 19,387,786] [2] Savings and consumer time 4,642,782 thousand at an average yield 1.34% [3] Large time 3,105,857 thousand at an average yield 2.91% - Total interest bearing deposits 20,905,742 thousand at an average yield 1.57% VLY Reports Net Income of $0.37 vs. $0.36 in Q3-05 PRNewswire 10-18 Valley National Bancorp announced Net income for Q3-06 was $43.9 million compared to $41.9 million for Q3-05, an increase of 4.6%. Fully diluted earnings per common share were $0.37 for Q3-06, compared to $0.36/share in Q3-05. Valley's annualized ROE was 18.43% and 18.20% for the Q3-06 and Q3-05. Valley's annualized ROA was 1.42% and 1.37% for the Q3-06 and Q3-05. Tangible book value at the end of Q3-06 was $6.57 compared to $5.99 at the end of Q3-05. FTE Net interest income was $99.2 million for Q3-06, a $5.4 million decrease from Q3-05 and a decrease of $807 thousand from Q2-06. The decrease was mainly a result of an increase in funding costs of $7.6 million, or 29 basis points, from Q2-06. The net interest margin on a tax equivalent basis was 3.44% for Q3-06, a decline of four basis points from Q2-06. The yield on average total loans continued to improve as the Q3-06 yield equaled 6.76%, an increase of 62 basis points from the same period a year ago and a 27 basis point increase from the second quarter of 2006. Valley's cost of total deposits remained relatively low by industry standards at 2.43% for Q3-06 compared to 2.11% for Q2-06. Non-interest income declined $6.0 million from Q2-06, totaling approximately $13.4 million for Q3-06. The decline is mainly due to net losses on securities transactions of $4.7 million for Q3-06 compared to net gains on securities transactions of $553 thousand for Q2-06. Non-interest expense increased $3.7 million, or 5.9% to $65.6 million for Q3-06 from $61.9 million for Q2-06. Salary and employee benefits increased $2.3 million due to increased accruals for health care insurance, incentive compensation, and pension costs. Net loan charge-offs for Q3-06 were $2.0 million compared to $1.0 million for Q3-05, and $3.3 million for Q2-06. Total non-performing assets totaled $34.7 million, or 0.42% of loans at 9-30-06 up from $31.7 million or 0.38% at 6-30-06. Assets : [1] Loans $8,307,228 thousand at an average yield of 6.76% (6.49% in Q2) [2] Taxable investments 2,830,076 thousand at an average yield of 5.17% (5.08% in Q2) [3] Tax-exempt investments 285,387 thousand at an average yield of 6.31% (6.25% in Q2) [4] Federal funds sold and other interest bearing deposits 99,987 thousand at an average yield of 5.25% (5.06% in Q2) [5] Total interest earning assets 11,522,678 thousand at an average yield of 6.35% (6.12% in Q2). Liabilities: [1] Savings, NOW and money market deposits $ 3,666,485 thousand at an average yield of 2.17% (1.96% in Q2) [2] Time deposits 2,900,781 thousand at an average yield of 4.35% (3.89% in Q2) [3] Short-term borrowings 386,034 thousand at an average yield of 4.47% (3.99% in Q2) [4] Long-term borrowings 2,492,702 thousand at an average yield of 4.47% (4.46% in Q2) [5] Total interest bearing liabilities 9,446,002 thousand with an average yield of 3.54% (3.25% in Q2) WL Reports EPS of $0.07/share BusinessWire 10-19 Wilmington Trust reported net income for the 2006 third quarter was $5.2 million and earnings per share (on a diluted basis) were $0.07 per share. The company recorded a non-cash charge of $72.3 million during the quarter against its valuation of affiliate money manager Roxbury Capital Management (RCM). This non-cash charge reduced operating net income by $41.7 million and reduced earnings per share (on a diluted basis) by $0.60 per share. On an annualized basis, Q3-06 results produced a ROA of 0.20% and a ROE of 1.91%. Excluding the non-cash charge for RCM, ROA would have been 1.77% and ROE would have been 17.23%. The corresponding returns for Q3-05 were 1.70% and 17.65%, respectively. Book value at end of Q3-06 was $15.55 compared to $14.34 at the end of Q3-05. Net interest income $ 93.0 million in Q3-06 compared to $ 83.7 million in Q3-05. FTE Net interest margin was 3.83% in Q3-06 compared to 3.66% in Q3-05. Total earning assets had an average yield of 7.15% in Q3-06, 6.90% in Q2-06, 6.58% in Q1-06, 6.22% in Q4-05 and 5.87% in Q3-05. Total interest-bearing deposits 3.43% in Q3-06, 3.15% in Q2-06, 2.86% in Q1-06, 2.55% in Q4-05 and 2.26% in Q3-05. Total funds used to support earning assets 3.32% in Q3-06, 3.10% in Q2-06, 2.81% in Q1-06, 2.48% in Q4-05 and 2.21% in Q3-05. The net charge-off ratio for Q3-06 was 9 basis points. This brought the net charge-off ratio on an annualized basis to 22 basis points, still below historical levels. The percentage of loans outstanding with pass ratings from the internal risk rating analysis exceeded 97% for the fourth consecutive quarter, and was higher year-over-year and on a linked-quarter basis. October Dividend Changes Susquehanna declared a fourth quarter dividend of $0.25 per share on its common stock, payable on November 17, 2006, to shareholders of record November 1, 2006. This represents a 4.2% increase from the third quarter dividend of $0.24 per share. October Ratings Changes On 10-20 AG Edwards analyst David C. Stumpf downgraded UB to "Sell" from "Hold." On 10-23 AG Edwards Downgraded FMER from Buy to Hold. On 10-23 Keefe Bruyette Upgraded WL from Market Perform to Outperform. On 10-23 Cohen Bros Upgraded FNB from Hold to Buy. On 10-31 Prudential Downgraded CMA from Neutral to Underweight. On 10-23 Fitch Ratings said it revised its rating outlook for financial services provider FirstMerit and its subsidiary, FirstMerit Bank NA, to "Negative" from "Stable." Fitch said its outlook revision reflects the company's credit quality and operating performance, which continue to compare unfavorably with similarly rated peers. The ratings agency said that in spite of FirstMerit's ongoing efforts to improve credit quality, nonperforming assets and net charge-off levels have not significantly improved. On a positive note, Fitch said FirstMerit maintains solid tangible capital, a strong liquidity position and fairly diversified revenue sources, which support the rating affirmation. On 9-08 Rochdale Securities Downgraded CYN from Buy to Hold. On 9-26 Boenning & Scattergood Initiated covereage of FNB at Market Perform. On 9-28 Piper Jaffray cut bank holding company Synovus Financial Corp (SNV) to market perform from outperform, saying residential construction growth, which provided good tailwind for the company over the pas year, could slow going forward, while cost of deposits should continue to increase given intense pricing competition. Home Page Factoids Previous Update |