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Factoids Yahoo Banks Excite Banks Banking News Bankstocks.com 2006 Updates Dec Nov Oct Sept Aug July Jun May Aprl Mar Feb Jan 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 |
ASBC's Q4-06 EPS $.57 vs. $.64 in Q4-05 PRNewswire 1-18 Associated Banc-Corp earned $0.57 per diluted share in Q4-06, compared to $0.64 in Q4-05. Net income for Q4-06 was $74.5 million, compared to $87.6 million for Q4-05. The fourth quarters of both years included certain items that impact comparability between the year-over-year quarters. Q4-06 included a $2.1 million market valuation loss on the transfer of $0.3 billion of residential mortgages to loans held for sale and $1.8 million of severance expense, while Q4-05 included a $5.3 million gain on the sale of $1.5 billion of its mortgage portfolio serviced for others. Excluding these items, as well as asset and investment sales gains (losses) from both quarters, earnings per share were essentially level on a comparable quarter basis. Associated earned $2.38 per diluted share in 2006, versus $2.43 in 2005. Net income for 2006 was $316.6 million, versus $320.2 million in 2005. ROA and ROE for 2006 were 1.50% and 13.89%, respectively. This compares to an ROA of 1.53% and an ROE of 15.24% in 2005. Book value per share rose to $17.44 at the end of Q4-06, compared to $17.15 a year earlier. Net Interest Income 166.064 million in Q4-06 compared to 175.595 million in Q4-05 (down 5.4%). Earning assets yield was 6.79% in 2006 compared to 5.84% in 2005. By quarter, earning assets yielded 6.95% in Q4-06, 6.89% in Q3-06, 6.74% in Q2-06, 6.38% in Q1-06 and 6.12% in Q4-05. Interest-bearing liabilities rate 3.71% in 2006 compared to 2.57% in 2005. By quarter, interest bearing liabilities rate was 3.93% in Q4-06, 3.84% in Q3-06, 3.65% in Q2-06, 3.37% in Q1-06 and 2.98% in Q4-05. Net interest margin for 2006 was 3.62% compared to 3.64% in 2005. By quarter, NIM was 3.64% in Q4-06, 3.63% in Q3-06, 3.59% in Q2-06, 3.48% in Q1-06, 3.59% in Q4-05. Total noninterest income $74.535 million in Q4-06 compared to $72.985 million in Q3-06 and $81.044 million in Q4-05. Total noninterest expense was $124.398 million in Q4-06 compared to $125.539 million in Q4-05. BBT's Q4-06 Net Income $.78 vs. $.78 in Q4-05 PRNewswire 1-18 BB&T reported Q4-06 net income totaled $250.8 million, or $.46 per diluted share, compared with $429.6 million, or $.78 per diluted share, earned during Q4-05. Q4 net income was negatively affected by a $139.1 million after-tax charge associated with providing additional tax reserves related to leveraged lease transactions, $46.9 million in after-tax losses resulting from a previously-announced restructuring of a portion of the securities portfolio, $5.6 million in net after-tax merger-related charges and $6.5 million in after-tax equity-based compensation. Excluding the impact of these items, operating earnings for Q4-06 totaled $448.9 million, or $.82 per diluted share, compared with Q4-05 operating earnings of $425.8 million, or $.78 per diluted share, which exclude $3.8 million in net after-tax merger-related credits. 2006 operating results reflect increases of 5.4% and 5.1%, respectively, compared to the same period last year. Returns on assets and shareholders' equity of 1.50% and 14.92% compared to prior year returns of 1.57% and 15.18%, respectively. Book value per share at the end of Q4-06 was $21.69 compared to $21.70 at the end of Q3-06 $20.79 in Q2, $20.48 in Q1 and $20.49 at the end of Q4-05. Q4-06 Net interest income was $955,619 million compared to 899,733 million in Q4-05, an increase of 6.2% increase. Net interest margin was 3.70% in Q4-06 compared to 3.68% in Q3-06 but down from 3.82% in Q4-05. Adoption of 1048 [on leases?] in Q1-06 will reduce NIM into the 3.50s and grow back into the mid 3.60s later in the year. Noninterest income, excluding securities gains and losses, increased $56.2 million, or 9.1%, during the fourth quarter of 2006 compared to 2005. These increases include higher revenues from BB&T's insurance operations and other nondeposit fees and commissions, as well as solid performances from BB&T's investment banking and brokerage operations and trust operations while revenues from service charges on deposit accounts and mortgage banking operations decreased slightly during the quarter. CRBC Q4-06 Net Income $.02 vs. $.44 in Q4-05 Press Release of 1-18 Citizens Republic Bancorp announced net income of $0.7 million for Q4-06, which includes restructuring and merger-related expenses associated with the Republic Bancorp merger. This represents a decrease of $20.3 million from Q3-06 net income of $21.0 million and a decrease of $18.2 million from Q4-05 net income of $18.9 million. Diluted net income per share was $0.02, a decrease from $0.49 for Q3-06 and a decrease from $0.44 for Q4-05. Annualized ROA and ROE during Q4-06 were 0.04% and 0.40%, respectively, compared with 1.08% and 12.63% for Q3-06 and 0.97% and 11.46% for Q4-05. Book value at the end of Q4-06 was $20.58, $15.72 at the end of Q3-06, $15.15 at the end of Q2-06, $15.23 at the end of Q1-06 and $15.28 at the end of Q4-05. Net interest margin was 3.67% for the fourth quarter of 2006 compared with 3.78% for the third quarter of 2006 and 3.95% for the fourth quarter of 2005. The decreases were due to funds migrating within the deposit portfolio from lower cost savings and transaction accounts to higher cost savings and time deposits, continued pricing pressure on loans, the continued effects of the interest rate environment, and the aforementioned issuance of $150.0 million of enhanced trust preferred securities, which accounted for six basis points of the decline, partially offset by a shift in asset mix from investment securities to higher yielding commercial loans. The decrease in net interest margin compared with the fourth quarter of 2005 was partially offset by the full quarter effect of the restructuring of the investment portfolio and the pay down of short-term borrowings during the fourth quarter of 2005. For the year ended December 31, 2006, net interest margin declined to 3.81% compared with 3.94% for the same period of 2005 as a result of the aforementioned factors. Net interest income was $64.0 million in the fourth quarter of 2006 compared with $65.6 million in the third quarter of 2006 and $69.1 million in the fourth quarter of 2005. The decrease in net interest income compared with the third quarter of 2006 was driven by the decline in the net interest margin, partially offset by an increase in average earning assets of $36.2 million as growth in the commercial and commercial real estate portfolios was partially offset by declines in the investment securities, residential mortgage and consumer portfolios. The decrease in net interest income compared with the fourth quarter of 2005 resulted primarily from the decline in the net interest margin. Average earning assets decreased by $0.4 million from the fourth quarter of 2005 as declines in investment portfolio balances, loans held for sale, and residential mortgage and consumer loan portfolios, were substantially offset by growth in the commercial and commercial real estate loan portfolios. The decrease in the investment portfolio was the result of the fourth quarter of 2005 restructuring and maturing balances not being fully reinvested. Net interest income for the full year 2006 totaled $263.1 million, compared with $275.7 million for 2005. The decrease was due to the lower net interest margin and a decrease in average earning assets of $78.4 million. The decline in average earning assets resulted from declines in the investment, loans held for sale and consumer loan portfolios, partially offset by growth in the commercial, commercial real estate, and residential mortgage loan portfolios. The decrease in the investment portfolio was the result of the fourth quarter of 2005 repositioning and maturing balances not being fully reinvested. Noninterest income for the fourth quarter of 2006 was $17.8 million, a decrease of $5.8 million or 24.5% from Q3-06 and an increase of $6.8 million or 62.1% over Q4-05. The decrease from the third quarter of 2006 was the result of a net loss on investment securities, partially offset by increases in trust fees as well as mortgage and other loan income. The increase from the fourth quarter of 2005 was the result of increases in service charges on deposit accounts, mortgage and other loan income, a $3.6 million charge in the fourth quarter of 2005 associated with the accounting treatment for swaps hedging brokered certificates of deposit (CDs), and a lower net loss on the sales of securities, partially offset by decreases in trust fees and other income. Noninterest expense for the fourth quarter of 2006 was $78.8 million, an increase of $19.4 million or 32.6% over the third quarter of 2006 and an increase of $17.9 million or 29.4% over the fourth quarter of 2005. Commerce Bancorp Q4-06 Net Income $.40 vs. $.26 in Q4-05 PRNewswire 1-16 CBH reported Q4-06 net income of $78.7 million for Q4-06, compared to net income of $46.9 million for Q4-05. On a diluted per share basis, net income for Q4-06 was $.40 compared to $.26 for Q4-05. For 2006, net income totaled $315.1 million, an 11% increase over net income of $282.9 million for 2005. ROE for Q4-06 was 11.34% compared to 8.67% in Q4-05. ROA was 0.71% in Q4-06 compared to 0.74% in Q4-05. Book value per share grew 15% to $14.28. During 2006, the Company opened 55 new stores, including 26 during Q4. In 2007, CBH expects to open a total of 65 stores, which will increase total stores to approximately 500. In a filing with the SEC, Commerce Bancorp said it is being investigated by the Office of the Comptroller of the Currency and the Federal Reserve System. The investigation includes transactions with its officers, directors and related parties. Net interest income for Q5 totaled $325.7 million, a 9% increase over the $298.8 million recorded a year ago, despite the impact of the inverted yield curve. For 2006, CBH recorded net interest income of $1.3 billion, a 10% increase over the $1.1 billion earned in 2005. The increase in net interest income during the quarter and year 2006 was due to volume increases in interest earning assets resulting from CBH's continued deposit growth. The net interest margin for Q4-06 decreased slightly to 3.25%, compared to 3.27% for Q3-06, and down 27 basis points from the 3.52% margin for Q4-05. Excluding net investment securities gains, non-interest income for Q4-06 increased to $163.9 million from $124.2 million a year ago, a 32% increase. Non-interest income for the year ended December 31, 2006 increased to $588.5 million from $456.8 million a year ago, a 29% increase. The increases in non-interest income are primarily attributable to the increases in deposit charges and service fees of 26% and 32% for Q4 and year ended December 31, 2006, respectively. CMA's Q4-06 Net Income $1.87 vs. $1.25 in Q4-05 PRNewswire 1-18 Comerica reported Q4-06 earnings of $299 million [$1.87/share] compared to $200 million [$1.23/share] for Q3-06 and $207 million [$1.25/share] for Q4-05. Fourth quarter 2006 results included an after-tax gain of $108 million [$0.68/share] from the sale of Comerica's stake in Munder Capital Management (Munder), income of $47 million [$31 million after-tax, or $0.19/share] from the settlement of a Financial Services Division-related lawsuit, and the net after-tax impact of a charge to tax and related interest reserves of $31 million [- $0.19/share]. ROE for Q4-06 was 22.63% compared to 15.38% in Q3-06 and 16.28% in Q4-05. ROA for Q4-06 was 2.07% compared to 1.41% in Q3-06 and 1.53% in Q4-05. Book value per share at the end of Q4-06 was $32.70, $ 3 2.79 at the end of Q3-06, $31.99 at the end of Q2-06, $31.39 at the end of Q1-06 and $ 31.11 at the end of Q4-05. Net interest income was $502 million in Q4-06, $502 million in Q3-06 and $500 million in Q4-05. Net interest margin was 3.75% in q4-06, 3.79% in Q3-06 and 4.00% in Q4-05. Noninterest income was $262 million for Q4-06 compared to $195 million for Q3-06 and $207 million for Q4-05. The $67 million increase in noninterest income in the fourth quarter 2006, compared to the third quarter 2006, reflected income of $47 million from the settlement of a Financial Services Division-related lawsuit. Noninterest expenses were $457 million for Q4-06 compared to $399 million Q3-06 and $469 million for Q4-05. The $58 million increase in noninterest expenses in the fourth quarter 2006, compared to the third quarter 2006, reflected higher salaries expense of $29 million. The increase in salaries expense was due to incentives tied to performance, including the gain on the sale of Munder, contract labor costs associated with technology-related projects and increased severance. On 1-23 Comerica increased the quarterly dividend for common stock by 8.5 percent to sixty-four cents ($0.64) per share. The dividend is payable April 1, 2007 to shareholders of record March 15, 2007. Fulton's Q4-06 Net Income $.27 vs. $.25 in Q4-05 Marketwire 1-16 Fulton Financial earned $185.5 million for the year ended December 31, 2006, an 11.7% increase over 2005. Diluted net income per share for the year increased to $1.06, a 6.0% increase over the $1.00 reported in 2005. Net income was $46.6 million for Q4-06, a 13.9% increase over Q4-05. Diluted net income per share for Q4-06 increased to 27 cents per share, an 8.0% increase over the 25 cents reported during Q4-05. ROA was 1.25% in Q4-06 compared to 1.32% in Q4-05 while ROA for year 2006 was 1.30% compared to 1.41% in 2005. ROE was 12.29% in Q4-06 compared to 12.62% in Q4-05 while ROE for year 2006 was 12.84% vs. 13.24% in 2005. Book Value per Share was $8.73 at the end of Q4-06 compared to $7.78 at the end of Q4-05. Net interest income for Q4-06 increased $13.9 million, or 12.8%, compared to Q4-05, with approximately $14.8 million attributable to the Columbia acquisition. Net interest income decreased $4.2 million, or 3.3%, from Q3-06. Interest recoveries on nonaccrual loans decreased from $3.3 million in Q3 to $480,000 in Q4. Fulton Financial's net interest margin was 3.68% for Q4-06, 3.85% for Q3-06 and 3.92% for Q4-05. Other income, excluding investment securities gains, increased $5.5 million, or 16.6%, in Q4-06 compared to Q4-05. Columbia contributed $1.4 million to other income. The remaining $4.1 million increase resulted from gains on fixed asset sales and internal increases across all fee categories, with the exception of mortgage banking. Other expenses increased $12.0 million, or 14.5%, compared to Q4-05, to $94.8 million. Columbia added $10.0 million to other expense during the period. The remaining increase of $2.0 million resulted from increased salaries and employee benefits and occupancy expenses, partially offset by a $2.2 million expense recorded in Q4-05 related to the settlement of a previously disclosed lawsuit. Compared to Q4-06, other expenses increased $2.3 million, or 2.5%. Huntington's Q4-06 EPS $.37 vs. $.44 in Q4-05 PRNewswire 1-18 Huntington Bancshares reported Q4-06 earnings of $87.7 million, or $0.37 per common share. Results in the year-ago fourth quarter were $100.6 million, or $0.44 per common share. Earnings for full-year 2006 were $461.2 million, or $1.92 per common share, compared with $412.1 million, or $1.77 per common share, in 2005. Return on average assets was 0.98% in Q4-06 compared to 1.75% in Q3-06 and 1.22% in Q4-05. Return on average shareholders' equity was 11.3% in Q4-06 compared to 21.0% in Q3-06 and 15.5% in Q4-05. Book value per share at the end of Q4-06 was $12.80, $13.15 in Q3-06, $12.38 in Q2-06, $12.56 in Q1-06 and $11.41 at the end of Q4-05. Fully taxable equivalent net interest income increased $14.6 million, or 6% ($17.7 million merger-related), from the year-ago quarter, reflecting the favorable impact of a $2.3 billion, or 8%, increase in average earning assets, as the fully taxable equivalent net interest margin declined 6 basis points from Q4-05 to 3.28%. Non-interest income decreased $6.7 million from the year-ago quarter, including a $17.2 million decline in automobile operating lease income. That portfolio continued to run off since no automobile operating leases have been originated since April 2002. Huntington declared a dividend of $0.265/share, a 6.0% increase from the current quarterly dividend of $0.25/share, payable 4-02 to shareholders of 3-15. The 2007 EPS guidance is $1.87 to $1.92. Marshall & Ilsley Q4-06 Net Operating Income $.84 vs. $.74 in Q4-05 PRNewswire 1-16 Marshall & Ilsley reported 2006 fourth quarter core operating income of $218.4 million, or $0.84 per share, as compared to $177.5 million, or $0.74 per share, in Q4-05, an increase of 23.1%, or 13.5% on a per share basis. MI reported Q4-06 net income of $205.4 million, or $0.79 per share. The $0.05 per share difference between core operating income and net income as reported reflects the charge for the termination of certain interest rate swaps due to a change in the interpretation of certain accounting rules as announced in October. ROA based on core operating income for Q4 and full year of 2006 was 1.56%. ROA based on net income for Q4-05 and full year of 2005 was 1.56% and 1.63%, respectively. ROE based on core operating income was 14.27% this quarter, as compared to 15.06% for Q4-05. Book value per share was $24.24 at December 31, 2006, compared to $20.27 for the same date a year ago. Net Interest Income was $402.3 million in Q4-06 compared to $339.8 million in Q4-05. Net Interest Margin on avgerage earning assets was 3.25% in Q4-06 compared to 3.38% in Q4-05. Total Non-Interest Revenues (Core Operating) was 502.7 million in Q4-06 compared to 449.3 million in Q4-05. M&T Bank Corporation Q4-06 EPS $1.88 vs. $1.78 in Q4-05 PRNewswire 1-11 M&T's diluted earnings per share rose 10% to $7.37 in 2006 from $6.73 in 2005. On the same basis, net income in 2006 increased 7% to $839 million from $782 million in 2005. Net income for 2006 expressed as a rate of return on average assets and average common stockholders' equity was 1.50% and 13.89%, respectively, compared with 1.44% and 13.49%, respectively, in 2005. Diluted earnings per share for 2006's fourth quarter of $1.88 were 6% higher than $1.78 in the year-earlier period. Net income for the recently completed quarter aggregated $213 million, up 4% from $205 million in the final quarter of 2005. Expressed as an annualized rate of return on average assets and average common stockholders' equity, GAAP-basis net income for the fourth quarter of 2006 was 1.50% and 13.55%, respectively, compared with 1.48% and 13.85%, respectively, in the corresponding period of 2005. Taxable-equivalent net interest income was $1.84 billion in 2006, up 1% from $1.81 billion in 2005. Net interest margin fell to 3.70% in 2006 from 3.77% in 2005. During Q4-06, net interest income was $472 million, 4% higher than $454 million in Q3-05. Net interest margin in Q4-06 was 3.73%, improved from 3.68% in Q3 and 3.66% in Q2-06. Noninterest income rose 10% to $1.05 billion in 2006, from $950 million in 2005. Higher mortgage banking revenues, service charges on deposit accounts, trust income, brokerage services income, and other revenues contributed to that improvement. Noninterest expense in 2006 totaled $1.55 billion, a 4% increase from $1.49 billion in 2005. Noninterest income of $256 million in Q4-06 was up 3% from $249 million in Q4-05. Noninterest expense in Q4-06 totaled $384 million, compared with $369 million in Q4-05. NCC's Q4-06 Net Income $1.36 vs. $.64 in Q4-05 PRNewswire 1-23 National City Corporation reported Q4-06 net income was $842 million, or $1.36 per diluted share, and full year 2006 net income was $2.3 billion, or $3.72 per diluted share. Q4-05 net income was $398 million, or $.64 per diluted share, and full year 2005 net income was $2.0 billion, or $3.09 per diluted share. Results for Q4-06 include a gain on the sale of the First Franklin nonconforming mortgage origination and servicing platform of $622 million after-tax, or $1.00 per diluted share. Q4-06 results also include after-tax charges of $172 million, or $.28 per diluted share, for credit losses on the First Franklin run-off portfolio, realized losses on sales of former First Franklin portfolio loans and fair value writedowns on such loans held for sale. ROA was 2.44% in Q4-06, 1.51% in Q3-06, 1.35% in Q2-06 and 1.33% in Q1-06. ROE was 24.93% in Q4-06, 16.45% in Q3-06, 15.08% in Q2-06 and 14.91% in Q1-06. Book value at the end of Q4-06 was $23.06, $21.44 at the end of Q3-06, $20.84 at the end of Q2 and $20.69 at the end of Q1-06. Tax-equivalent net interest income was $1.1 billion for Q4-06, about equal to the preceding quarter and down approximately 5% from Q4-05. Net interest margin was 3.73% in Q4-06, virtually unchanged from the preceding quarter and the fourth quarter a year ago. Average earning assets for the fourth quarter were essentially unchanged from the third quarter but down about 5% from the fourth quarter a year ago. The decrease was due to a lower average portfolio loan balance resulting from the decision to begin selling all non-footprint, broker-based consumer loan production, as well as certain portfolio loan sales. For 2006, net interest income was $4.6 billion, about equal to 2005. Net interest margin was 3.75% in 2006 and 3.74% in 2005. Fees and other income were $1.7 billion for Q4-06, inclusive of a $984 million gain on the sale of the First Franklin origination and servicing platform. Excluding this transaction, Q4-06 fees and other income were $731 million, a decrease of $146 million compared with Q3-06 and $37 million compared with Q4-05. Noninterest expense was $1.2 billion for Q4-06, relatively unchanged from the preceding quarter and down approximately 5% compared to the fourth quarter a year ago. ONB's Q4-06 EPS $.27 vs. $.28 in Q4-05 Prime Newswire 1-29 Old National Bancorp reported earnings of $17.5 million [$.27/share] for Q4-06 compared with earnings of $21.0 million [$.32/share] in Q3-06 and $19.5 million [$.28/share] in Q4-05. For 2006 both earnings from continuing operations and net income were $79.4 million [$1.20/share] as Old National had no discontinued operations to report for 2006. Full-year 2005 earnings from continuing operations were $78.6 million [$1.15/share]. Net income for 2005, which included results from discontinued operations, was $63.8 million [$.93/share]. Discontinued operations during 2005 contain the impacts of the sales of the J.W. Terrill Insurance Agency and the Fund Evaluation Group. ROA was .87% in Q4-06 compared to .92% in Q4-05. ROE was 10.87% in Q4-06 compared to 11.69% in Q4-05. Book Value per share was $9.66 at the end of Q4-06 compared to $9.68 at the end of Q4-05. For Q4-06 net interest income was $56.0 million and represented a net interest margin of 3.09%. This compares to net interest income of $57.1 million and corresponding net interest margin of 3.15% in the third quarter of 2006. For the full year, net interest income was $232.2 million producing a margin of 3.15% compared to net interest income of $240.7 million and a margin of 3.09% for 2005. For Q4-06, total fees, service charges and other revenue amounted to $37.2 million compared to $35.8 million reported for Q3-06 and $50.0 million in Q4-05. Q4-05 contained a $14.6 million gain from the sale of the Company's Clarksville, Tennessee financial centers. SUSQ's Q4-06 Net Income $0.41 vs. $.59 in Q4-05 Businesswire 1-23 Susquehanna Bancshares announced net income for the year ended December 31, 2006 was $83.6 million, or $1.66 per diluted share, compared to $79.6 million, or $1.70 per diluted share, earned in 2005. Net income for the fourth quarter of 2006 was $21.4 million, or $0.41 per share, compared to $27.7 million for the fourth quarter of 2005, or $0.59 per diluted share. ROA for Q4-06 was 1.05% and 1.47% in Q4-05. For 2006 the ROA was 1.05% compared to 1.07% in 2005. ROE for Q4-06 was 9.09% amd 14.26% in Q4-05. For 2006 the ROE was 9.56% compared to 10.52% in 2005. Book Value per Share at the end of Q4-06 was $17.98 compared to $16.66 at the end of Q4-05. Net interest income was $63.792 million in Q4-06 compared to $62.225 million in Q4-05. Net interest margin in Q4-06 was 3.67% compared to 3.79% in Q4-05. Noninterest income was $35.303 million in Q4-06 compared to $39.708 million in Q4-05. Noninterest expense was $66.631 million in Q4-06 compared to $61.884 million in Q4-05. SNV's Q4-06 Net Income $0.54 vs. $.59 in Q4-05 Businesswire 1-17 Synovus' fourth quarter net income grew 27.9% over the fourth quarter 2005 to $175.5 million, which represented earnings per share growth of 22.9% to $.54 per share. For the full year, net income grew 19.5% and earnings per share increased 16.0% over 2005. Return on assets was 2.22% and return on equity was 19.03% for the fourth quarter 2006, compared to 2.00% and 18.74%, respectively, in the same period last year. For the full year, ROA was 2.07% and ROE was 18.31% compared to 1.96% and 18.45%, respectively, in 2005. Book value per share at the end of Q4-06 was: $11.38 compared to $10.97 at the end of Q3-06 and $9.43 at the end of Q4-05. Net Interest Income for Q4-06 was $293.090 milion compared to $294.011 million in Q3-06 and $261.661 million in Q4-05. Net interest income grew 11.6% over the fourth quarter last year as total loans grew 15.2%. The net interest margin was 4.20%, compared to 4.32% in the fourth quarter last year and 4.30% last quarter. Total Non-Interest Income was $599.263 milion compared to $527.940 million in Q3-06 and $501.702 million in Q4-05. Total Non-Interest Expense was $572.810 million compared to $554.905 million in Q3-06 and $513.130 million in Q4-05. SKYF's Q4-06 Net Income $0.35 vs. $.49 in Q4-05 Businesswire 1-17 Sky Financial Group reported net income for Q4-06 of $40.1 million [$.35/share] compared to $53.7 million [$.49/share] for Q4-05. Annualized ROA and ROE for Q4-06 were 0.90% and 8.72% compared with 1.39% and 13.89% for Q4-05. Net income for Q4-05 included income from discontinued operations of $0.4 million. Sky Financial's results of operations for Q4-06 were impacted by several items that management has determined are not indicative of ongoing operations. There was a balance sheet restructuring that resulted in net after-tax charges of $9.9 million [$.09/share]. Also there was an after-tax merger, integration and restructuring expenses of $3.3 million ($5.1 million before tax) [$.03/share] associated with the acquisition of Union Federal Bank of Indianapolis and Perpetual Savings Bank. Book value per share $16.05 at the end of Q4-06, 1 5.10 at the end of Q3-06, 14.47 at the end of Q2-06, 14.41 at the end of Q1-06 and 1 4.35 at the end of Q4-05. Net interest income for Q4-06 was $143.5 million, up 8.5% from $132.2 million in Q4-05. The net interest margin for Q4-06 was 3.59%, down 6 basis points from Q3-06 and 17 basis points from Q3-05. The decrease in the net interest margin performance was primarily the result of the early fourth quarter acquisition of Union Federal Bank, which had a lower net interest margin, partially offset by an improved net interest margin as a result of the mid-fourth quarter balance sheet restructuring activities. Non-interest revenues on a core-operating basis, excluding non-core operating adjustments recorded during the quarter, were $66.0 million, up 17.4% from $56.2 million in the fourth quarter of 2005. The fourth quarter non-interest expenses on a core operating basis, excluding the non-core operating adjustments recorded during the quarter, were $117.7 million, up 17.1% or $17.2 million from $100.5 million in Q4-05. U.S. Bancorp Q4-06 Net Income $.66 vs. $.62 in Q4-05 Businesswire 1-16 U.S. Bancorp reported net income of $1,194 million for Q4-06, compared with $1,143 million for Q4-05. Net income of $.66 per diluted common share in Q4-06 was higher than Q4-05 by 6.5%, or $.04 per diluted common share. ROA and ROE were 2.18% and 23.2%, respectively, for Q4-06, compared with returns of 2.18% and 22.6%, respectively, for Q4-05. Net income for 2006 increased to $4.8 billion, or $2.61 per diluted common share, compared with $4.5 billion, or $2.42 per diluted common share in 2005. Book value per common share was $11.44 at the end of Q4-06 compared to $11.30 in Q3-06 and $11.07 at the end of Q4-05. Fourth quarter net interest income on a taxable-equivalent basis was $1,695 million, compared with $1,785 million recorded in Q4-05. Average earning assets for the period increased over Q4-05 by $6.6 billion (3.6%), primarily driven by an increase in total average loans. This increase was partially offset by a $1.2 billion (3.0%) 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. The net interest margin in Q4-06 was 3.56%, compared with 3.88% in Q4-05. The decline in the net interest margin reflected the competitive lending environment and the impact of changes in the yield curve from a year ago. Since the fourth quarter of 2005, credit spreads have tightened by approximately 15 basis points across most lending products due to competitive pricing and a change in mix reflecting growth in lower-spread, fixed-rate credit products and noninterest-bearing corporate and purchasing card balances. The net interest margin also declined due to funding incremental asset growth with higher cost wholesale funding, share repurchases and asset/liability decisions designed to minimize USB's rate sensitivity position. Fourth quarter noninterest income was $1,729 million, an increase of $183 million (11.8%) from Q4-05 and $19 million (1.1%) lower than Q3-06. The increase in noninterest income over Q4-05 was driven by favorable variances in the majority of fee income categories and a favorable variance of $60 million on net securities gains (losses). Strong growth in fee-based revenue was partially offset by the accounting impact of SFAS 156 on mortgage banking revenue. VLY's Q4-06 EPS $.33 vs. $.38 in Q4-05 PRNewswire 1-17 Valley National Bancorp announced that net income for Q4-06 was $38.1 million compared to $44.2 million for Q4-05. Fully diluted earnings per common share were $0.33 for Q4-06, compared to $0.38/share in Q4-05. Net income for 2006 was $163.7 million compared to $163.4 million for 2005. Fully diluted earnings per common share were $1.40 for 2006 compared to $1.42/share for 2005. Valley's ROE was 15.89% in Q4-06 compared to 19.16% for Q4-05. Yearly ROE was 17.24% in 2006 and 19.17% in 2005. ROA was 1.24% in Q4-06 compared to 1.43% for Q4-05. Yearly ROA was 1.33% in 2006 and 1.39% in 2005. Book value for Q4-06's end was $8.23 compared to $7.97 at the end of Q4-05. Net interest income on a tax equivalent basis was $98.3 million for Q4-06, a $4.5 million decrease from Q4-05 and a decrease of $879 thousand from Q3-06. The decrease during the quarter was mainly a result of an increase in funding costs of $3.2 million, or 15 basis points from Q3-06. The net interest margin on a tax equivalent basis was 3.42% for Q4-06, a decline of two basis points from the linked quarter ended September 30, 2006. The yield on average total loans continued to improve as the fourth quarter of 2006 yield equaled 6.86%, an increase of 59 basis points from the same period a year ago and a 10 basis point increase from Q3-06. Valley's cost of total deposits remained relatively low by industry standards at 2.52% for Q4-06 compared to 2.43% for Q3-06. The increase of nine basis points was within management's expectations given the competitive rate environment. Non-interest income increased $6.3 million, or 46.6 percent, from the third quarter of 2006, totaling approximately $19.8 million for Q4-06. Other income increased $4.0 million primarily due to a $3.8 million gain on the sale of the Manhattan office building during Q4-06. Net losses on securities transactions were $2.5 million lower in Q4-06 compared to Q3-06 primarily due to Valley's recognition of a $4.7 million impairment loss on certain mortgage-backed and equity securities held available for sale during Q3-06. Comparatively, Valley incurred $2.3 million in investment securities losses during Q4 primarily due to $67.6 million of investment securities called for redemption prior to their scheduled maturity date. Non-interest expense decreased $3.6 million, or 5.5% to $62.0 million for Q4-06 from $65.6 million for Q3-06. Professional and legal fees decreased $1.3 million from the linked quarter mainly due to tax planning fees recognized during Q3-06. Salary and employee benefits also declined $1.1 million in Q4 when compared to Q3-06 due to higher accruals for health care insurance, incentive compensation, and pension costs during the third quarter. WL's Q4-06 Net Income $0.68 vs. $.xx in Q4-05 Businesswire 1-19 Wilmington Trust Corporation reported that net income for Q4-06 was $47.5 million and earnings per share were $0.68. For the 2006 full year, net income totaled $143.8 million and earnings per share (diluted) were $2.06. Results for 2006 were dampened by the non-cash goodwill impairment write-down the company recorded during the third quarter against its investment in affiliate money manager Roxbury Capital Management (RCM). This charge reduced net income by $41.7 million and earnings per share (diluted) by $0.60 per share. Absent this charge, operating net income for 2006 would have been $185.5 million, 11% higher than for 2005. Earnings per share (diluted) would have been $2.66 per share, a 9% increase. Q4-06 results produced a ROA of 1.73% and a ROE of 17.66%. The corresponding returns for Q4-05 were 1.82% and 18.77%, respectively. For the 2006 full year, the ROA was 1.37% and the ROE was 13.58%. Excluding the non-cash charge for RCM, the full-year ROAs would have been 1.76% and the ROE would have been 17.34%. The corresponding returns for 2005 were 1.70% and 17.59%, respectively. Book value at the end of Q4-06 was $15.47 compared to $14.99 at the end of Q4-05. Net interest income for Q4-06 was $92.4 million compared to $87.5 million in Q4-05, an increase of 5.6%. The net interest margin for Q4-06 was 3.65%. This was 9 basis points lower than for the year-ago fourth quarter and 18 basis points lower than Q3-06. Noninterest income for Q4-06 was $92.5 million compared to $79.8 million in Q4-05, an increase of 15.9%. Noninterest expense for Q4-06 was $104.9 million compared to $94.5 million in Q4-05, an increase of 11.0%. Ratings & Dividend Changes On 1-03 Sandler O'Neill Downgraded USB from Buy to Hold. On 1-03 AG Edwards Upgraded WL from Hold to Buy. On 1-03 RBC Capital Markets Initiated coverage of CRBC - the former CBCF at Sector Perform. On 1-04 Oppenheimer Upgraded ASBC from Neutral to Buy. On 1-04 Credit Suisse Downgraded BBT from Neutral to Underperform. [Analysts said shares in BB&T currently trade at a premium to similar banks despite what the analysts called weak earnings-per-share growth and a lack of revenue diversification. The analysts also said there is a risk that BB&T, which is in the acquisition market, will overpay for a deal. The analysts said they do not expect BB&T to sell itself to another bank soon.] On 1-05 Piper Jaffray Upgraded NTRS from Market Perform to Outperform. On 1-11 Morgan Keegan Initiated coverage of MI at Outperform. On 1-25 Friedman Billings Upgraded NCC from Underperform to Market Perform. On 1-26 Oppenheimer Upgraded CBH from Neutral to Buy. Commerce Bancorp [CBH] declared an 8% increase in its annual cash dividend rate from $.48 per share to $.52 per share of common stock, payable January 19, 2007 to shareholders of record January 5, 2007. On 1-25 ONB announced a quarterly dividend of $.22/share, which represents a 4.8% increase over the $.21 paid to shareholders in 2006. The dividend is payable March 15, 2007, to shareholders of record March 1, 2007. On 1-23 Comerica [CMA] increased the quarterly cash dividend for common stock by 8.5 percent to sixty-four cents ($0.64) per share. The dividend is payable April 1, 2007 to shareholders of record March 15, 2007. Home Page Factoids Previous Update |